Guidance

Full-Year 2026 Outlook

Our guidance for full-year 2026 is provided in the table below. We expect another year of good organic growth, a further margin increase, and high single-digit growth in diluted adjusted EPS in constant currencies. We expect the full-year adjusted operating profit margin to increase while we simultaneously increase annual product development spending to 12-13% of revenues in 2026 to further advance our AI strategy. Our outlook assumes print will decline at a similar rate to prior year.

Full-Year 2026 Outlook

Performance Indicators 2026 Guidance 2025 Actual
Adjusted operating profit margin* Approximately 28.0% 27.5%
Adjusted free cash flow**  €1,300-€1,350 million €1,348 million
ROIC* 18%-19% 18.0%
Diluted adjusted EPS** High single-digit growth 9%

*Guidance for adjusted operating profit margin and ROIC is in reporting currency and assumes an average EUR/USD rate in 2026 of €/$ 1.175. ** Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.13). Guidance reflects share repurchases of up to €1 billion in 2026. 

For definitions of the above performance indicators, please consult the Glossary 

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