“Emerson will continue these high return investments to support our 4% to 7% growth framework.”

In context

“spenTech transaction related headwinds of approximately $200 million. Including these headwinds, free cash flow margin is expected to be approximately 17%. For the third quarter, we expect underlying sales to be up 3.5% to 4.5% and FX to be favorable approximately 1 point. Our growth reflects the continued positive environment for our Process and Hybrid businesses and a return to growth in our discrete businesses. We expect adjusted segment EBITDA margin of approximately 27% and adjusted EPS between $1.48 and $1.52. Please turn to slide 12. Emerson has remained committed to disciplined capital allocation through the portfolio transformation, and we will continue to have four primary capital allocation priorities. The first remains reinvestment in the business to foster organic growth, and Emerson will continue these high return investments to support our 4% to 7% growth framework. We are in our 69th year of increased dividends per share and expect to distribute $1.2 billion to shareholders through dividend in 2025. The dividend will continue to be a priority. Our A2A credit ratings are also a priority for Emerson and influence how we manage our balance sheet and capital allocation decisions. The decision to retain the S&P business makes debt paydown a priority over the next two years. We have updated our guidance for fiscal '25 share repurchase to $1.1 billion which was completed in the first half. As we look beyond 2025, we expect to have available approximately $2.5 billion of free cash flow over the next two years to allocate to share repurchase and strategic bolt on M&A. With this plan, we expect to bring our net debt to adjusted EBITDA back to approximately tw”