“Adjusted CapEx of approximately $1 billion will be in line with depreciation and amortization.”

In context

“pproximately 100%, all on an adjusted basis. We expect all business groups to grow low-single digits, which is in line with or above macro. We expect this higher-growth trajectory to be supported by a focus on commercial excellence, improvement in service levels, and new product launches. We have largely moved past product portfolio prioritization headwinds and the small amount that remains is incorporated into our guidance and won't be specifically called out going forward. Our EPS growth is anchored by margin expansion in the range of 130 basis points to 190 basis points which reflects our relentless focus on operational excellence. Adjusted free cash flow conversion is expected to be approximately 100%, driven by strong operating income growth and a focus on working capital management. Adjusted CapEx of approximately $1 billion will be in line with depreciation and amortization. Let me take a minute to walk through the EPS drivers for 2025 on Slide 10. We expect EPS growth of 4% to 8%, driven by operational performance that is partially offset by non-operational headwinds. We are confident that our focus on operational excellence will contribute $0.70 to $1 or 10% to 14% to adjusted EPS growth. This growth will come from volume, restructuring, and net productivity, more than offsetting growth investments and stranded costs. We expect non-op headwinds of approximately $0.40, half from FX due to recent strengthening of the U.S. dollar and the other half from below the line items, including pension expense, net interest, and tax, partially offset by share buyback. We plan for our gross share repurchase program in '25 to be approximately $1.5 billion. Putting all thi”