Revenue of CHF 93B (-1.5% Y/Y). Organic growth reached 7.2%, with pricing of 7.5% and real internal growth of -0.3%.
The Group’s ROIC was 13.9%, up by 170 basis points.
Free cash flow was CHF 10.4 billion, an increase of CHF 3.8 billion following a significant reduction in working capital.
2024 outlook: we expect organic sales growth around 4% and a moderate increase in the underlying trading operating profit margin. Underlying earnings per share in constant currency is expected to increase between 6% and 10%.
2025 mid-term targets fully confirmed: mid single-digit organic sales growth and an underlying trading operating profit margin range of 17.5% to 18.5% by 2025. Underlying earnings per share in constant currency to increase between 6% and 10%.
