“We are updating our organic revenue growth guidance to approximately 2% and expect all 3 business groups to grow low single digits for the year with a similar profile to the first half.”

In context

“11%. Before providing the details of our updated guidance, let me start with a reminder of how we framed it in April, which is the middle column on Slide 7. On organic sales growth due to the soft macro we indicated that we were trending to the lower end of our 2% to 3% range. Our first quarter productivity gains were very strong. But given the dynamic environment, we did not flow through this outperformance into our guidance and maintain the EPS range at $7.60 to $7.90. Given that the tariff situation was uncertain, we kept tariffs out of the guidance range at the time, but estimated a gross impact of $0.60 or a net impact of $0.20 to $0.40 after mitigating actions. We have now updated the guidance to reflect our strong first half performance and have also incorporated the tariff impact. We are updating our organic revenue growth guidance to approximately 2% and expect all 3 business groups to grow low single digits for the year with a similar profile to the first half. On the back of a strong first half performance, we now expect margin expansion of 150 to 200 basis points and are increasing both the lower and higher end of our EPS range, which is a [ $0.33 ] increase at the midpoint, $0.23 of that coming from operational performance offset by $0.10 of FX and tariff impact. We now expect our free cash flow conversion to be higher than 100%, building on strong first half performance, efficient CapEx and second half improvement in working capital providing us with further optionality on capital deployment. Let me walk you through the drivers of the EPS guidance updated on Slide 8. First, we are flowing through $0.23 of operational improvements which include actions to offset the tariff impacts. This is driven by $0.16 of productivity, which includes the G”