Balanced capital allocation strategy
2025 – 2028 capital allocation targets*
~35% organic investments
Organic investments •
Continued investment to support demand (backlog and visibility) and technology advancements
Dividend and repurchases
45-55% growth
• Consistent dividend growth and disciplined share buybacks grow shareholder return
~15% debt repayment
~10-20% M&A
Inorganic investments
30-40% Return of capital
• Programmatic M&A for inorganic growth
~20-30% repurchase shares
~10% dividends
* Proportion of cash flow from operations plus investment in research and development.
Balanced approach to drive long-term shareholder returns
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