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Zebra lowers FY25 adjusted EPS view to $13.75-$14.75 from $14.75-$15.25

Consensus is for FY25 EPS $15.22. Reaffirms FY25 revenue view of growth 3%-7% vs. last year. This expectation includes a net neutral impact from recent acquisitions and foreign currency translation. Sees FY25 adjusted EBITDA margin 20%-21%, which includes the impact of approximately $70M U.S. import tariff expense, net of mitigating actions, assuming no changes to the current rates and all exemptions. Sees FY25 adjusted effective tax rate of approximately 17%; and Free Cash Flow greater $700M.

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