“All of these elements have historically contributed 4% to 6% EPS growth, and I feel confident this will continue for the years to come.”

In context

“tant to note that our backlog definition is unique in industry as it only includes incremental growth from contractually committed customers with fixed payment elements and termination provisions to ensure a minimum return on capital. While no other company follows the strict interpretation, it certainly provides [indiscernible] greater certainty of backlog EPS contribution in any environment. Similarly, the majority of acquisitions are justified on cost synergies only and therefore, provide a high degree of confidence on capital return and thus EPS generation. Finally, share repurchases offer an attractive and flexible use of excess free cash flow, as project start-up and acquisition cadence were ebb and flow, enabling a highly consistent EPS contribution from overall capital allocation. All of these elements have historically contributed 4% to 6% EPS growth, and I feel confident this will continue for the years to come. Management actions represent the daily self-help initiatives our employees undertake to ensure growth regardless of the macro climate. Digital solutions and AI are increasingly supporting productivity, price and cost management, which are controllable initiatives deeply embedded into a culture and operating rhythm. And which allow us to grow earnings regardless of the economy. History has proven for these to be the largest compound value generators as they are not directly correlated to overall economic activity. This combination of capital allocation and management actions is expected to deliver 10-plus percent EPS growth each year with margin expansion, and 2025 is no exception. The pre or post merger, these two components have been the dominant drivers of our long-term double-digit EPS”