Welcome to our pre-close catch-up for Q3 fiscal year 2025, which was recorded on June 26, 2025. In this podcast, we sum up and repeat relevant topics which were communicated in public as potentially relevant for the upcoming quarter. With this Q3 episode of our pre-close catch-up, we aim at having everyone on the same page regarding our Q3 fiscal year 2025 before we go into sign-in period. Obviously, we are before closing and therefore have no indications on final Q3 actuals. Before we start with this episode, let me remind you of the safe harbor statement on our website for this recording. Let us begin, as usual, with a short statement on currencies. We have seen quite some volatility in currencies throughout the quarter, particularly a roughly 5% devaluation of the US dollar.
Therefore, we expect negative translational effects from foreign exchange on the revenue line for the full quarter, meaning growth, XFX, would be above nominal growth. Let me now quote our CFO in our Q2 analyst call talking about Q3. Quote start. "In line with our unchanged growth guide, we would also expect the group in Q3 to be in line with our guidance range of 5-6% for revenue growth, and growth of the segments to be in line with the respective assumptions as of last Q4. Maybe a bit stronger in Imaging and Advanced Therapies as last year's Q3 was not particularly strong in these two segments, particularly not in Advanced Therapies. Regarding margins, with a quickly changing environment, the best assumption as of now would be to model for Q3 flat margins year over year for all segments." Quote end.
In general, we have mentioned that we see our fundamentals intact and expect growth to continue. What should you have in mind going through segment by segment? For Imaging, as fundamentals are expected to remain intact, we outlined that we continue to expect Q3 growth to be a bit stronger than the respective assumptions as of last Q4, especially as last year's Q3 was not particularly strong. For Imaging margin in Q3, we flagged that with a quickly changing environment, the best assumption would be to model for Q3 flat margins year over year. As a reminder, Q3 2024 Imaging margin was 20%. For Varian growth in Q3, there was also no additional color mentioned in the course of the quarter.
We said that it would be fair to assume the segment to be in line with the respective assumptions communicated with Q4 reporting last November, which implies high single-digit revenue growth. In light of the volatile environment, similar as for Imaging, we flagged that margin in Q3 would best be assumed to be flat year over year. As a reminder, Q3 2024 margin for Varian was 16.6%. This also means that a recovery compared to the held back margin of Q2 is expected, which we already pointed to in our Q2 communication. In Diagnostics, we have been highlighting that some headwinds from volume-based procurement in China are expected to impact the growth and margin expansion more in the second half of the fiscal year. Hence, it is not surprising that we also flagged flat margins for Diagnostics in Q3. As a reminder, Q3 margin 2024 was at 7.4%.
For Advanced Therapies, the dynamics are often similar to Imaging. Also in our smallest segment, Advanced Therapies, we said that we would expect Q3 growth to be a bit stronger than the respective assumptions as of last Q4, especially as last year's Q3 was not particularly strong. Also for the AT margin in Q3, we flagged that the best assumption would be to model for flat margins in Q3 year over year with a quickly changing environment. Summarizing again for the group, in terms of the intensity of growth for the group, based on intact fundamentals and expecting growth to continue, it would be fair to assume growth in Q3 for the group to be in line with our guidance range of 5-6% for revenue growth. Let me now move down the P&L.
On the line item tax and financial income net, there was nothing extraordinary discussed related to Q3. From a modeling point of view, we flagged that it may be best to assume for Q3 the respective midpoints and run rates from the underlying assumptions for fiscal year 2025 as disclosed in last Q4. Let me use this opportunity also to quote our CFO on tariffs, as here our color did not change throughout the quarter. Quote start. "We expect the net effect of tariffs on adjusted EBIT, including mitigation, to range between around EUR 200 million and around EUR 300 million pre-tax for the second half, based on the current tariff environment and our most realistic estimate based on what we know today." Quote end. In order to complete the picture when it comes to guidance for tariffs for assessing the 2026 impact, our CFO said, "Quote start.
If you wanted to create a very conservative case, multiplying the around EUR 200 million-EUR 300 million pre-tax by two would probably serve the purpose. Quote end. A remark from our side. Included in that outlook are all tariffs imposed as of so-called Liberation Day, including pre-pause levels. The changes of China-U.S. tariffs after Liberation Day have no material impact since the China-U.S. and U.S.-China exposure is limited for us. With this final note, I shall close our pre-close catch-up. If anything remains unclear, the Investor Relations Team and I are happy to help as long as we have not entered into quiet period, which starts on the 3rd of July. Stay safe and stay healthy. Bye-bye.