“The softer demand dynamics mentioned earlier results in an approximately $0.10 headwind for the year, while the impact of the change in our FX expectation provides approximately $0.05 of upside relative to the February guide.”

In context

“e pricing actions we are taking to mitigate tariffs to add an incremental point of price. So we now expect total price of approximately 3% in the year. This is offset by pockets of reduced outlook for demand, including muted expectations in China, a slower recovery in factory automation and weakened demand and safety and productivity from continued softness in construction markets. We now expect FX to be flat for the year versus the February expectation of 1.5 points of unfavorable FX. Turning to EPS, we are raising the midpoint of our adjusted EPS guide and now expect to land the year between $5.90 and $6.05. We have an $0.08 benefit from the outstanding operational performance in the second quarter. And as Ram outlined, we expect completely offset the earnings impact of tariffs in 2025. The softer demand dynamics mentioned earlier results in an approximately $0.10 headwind for the year, while the impact of the change in our FX expectation provides approximately $0.05 of upside relative to the February guide. Please turn to slide 11 for additional details on our third quarter and full year 2025 guidance. We expect our Process and Hybrid businesses to grow mid-single digits for the year, supported by healthy backlog and pace of business. As discussed, discrete orders have turned positive and will benefit from easier sales comps resulting in a meaningful second half recovery and low single digit full year growth in our discrete businesses. Adjusted segment EBITDA margin for the year is expected to be approximately 27%, up 100 basis points over the prior year, but lower than the first half of the year due to the effect of tariffs and segment mix. Free cash flow guidance is now $3.1 billion $3.2 billion as we have rolled in the impact of the AspenTech acquisition. Strong operational performance in”