Mccormick & Company, Incorporated · NYSE:MKC
Mccormick & — Q3 2026 Earnings Presentation
23 slides from Mccormick &'s earnings presentation, Oct 1, 2026
Slide 1: Business Update, Financial Results, and Outlook
Business Update, Financial Results, and Outlook 3Q 2026 I October 1, 2026 McCormick & Company, Inc. The following slides accompany an October 1, 2026 earnings release conference call. This information should be read in conjunction with the press release issued on that date.
Slide 2: Forward-looking Information
Forward-looking Information Certain information contained in this presentation, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges, including transaction and integration expenses, mergers, acquisitions, dive
Slide 3: Brendan Foley, Chairman, President and CEO
Brendan Foley Chairman, President and Chief Executive Officer
Slide 4: Third Quarter Performance
Third Quarter Performance Demonstrates the Resilience of Our Flavor-Centric Business Model Solid base business performance and ongoing benefit from McCormick de Mexico Organic sales growth of 2% across Consumer and Flavor Solutions McCormick de Mexico accretion and base business productivity driving
Slide 5: Third Quarter 2026 Sales Growth
Third Quarter 2026 Sales Growth Areas of Success Areas of Pressure Consumer Consumer Continued momentum in EMEA and APAC Soft U.S. consumption within select segments Improving trends in U.S. Herbs, Spices and Seasonings Continued pressure in certain Recipe Mix segments Share gains in Herbs, Spices a
Slide 6: Executing on Growth Plans
Executing on Growth Plans Supports Confidence in Delivering on 2026 Outlook and Improving Volume Performance Consumer Flavor Solutions Near-term Expectations: Near-term Expectations: Categories remain fundamentally healthy Americas and EMEA QSR pressures persist Americas consumption & volume improve
Slide 7: Significant Progress in Proposed Unilever Foods Combination Planning
Significant Progress in Proposed Unilever Foods Combination Planning Highlights Future leadership team and operating model selected Dedicated Integration Management Office mobilized Cross-functional integration teams activated Global Transition Service Agreements advanced Detailed bottom-up planning
Slide 8: Marcos Gabriel, EVP and Chief Financial Officer
Marcos Gabriel Executive Vice President and Chief Financial Officer
Slide 9: Solid Constant Currency Sales Growth
Solid Constant Currency Sales Growth 3Q 2026 Total McCormick Total Constant Volume Price M&A Organic Currency (0.3%) 2.2% 1.9% 14.6% 16.5% Consumer Flavor Solutions 24.3% 6.4% Volume Price M&A Volume Price M&A (1.1%) 2.2% 23.2% 0.8% 2.2% 3.4% Organic sales is a Non-GAAP financial measure. See the ac
Slide 10: Sales Results: Consumer Segment
Sales Results: Consumer Segment Volume Price Total Organic M&A Constant Currency (1.1%) 2.2% 1.1% 23.2% 24.3% 3Q 2026 Consumer by Region Total Constant Volume Price M&A Organic Currency Americas (2.5%) 2.2% (0.3%) 32.1% 31.8% Volume pressured by the macro environment EMEA 2.0% 3.0% 5.0% - 5.0% Susta
Slide 11: Sales Results: Flavor Solutions Segment
Sales Results: Flavor Solutions Segment Volume Price Total Organic M&A Constant Currency 0.8% 2.2% 3.0% 3.4% 6.4% 3Q 2026 Flavor Solutions by Region Total Constant Volume Price M&A Organic Currency Americas (0.1%) 2.8% 2.7% 4.9% 7.6% Volume impacted by softer trends with QSR and CPG customers EMEA (
Slide 12: Third Quarter 2026 Results
Third Quarter 2026 Results v. 3Q 2025 Fav/(Unfav) Total McCormick 3Q As Constant (in millions) 2026 Reported Currency Net Sales $2,024.8 17.4% 16.5% Adjusted Gross Profit 794.9 23.0% % of Net Sales 39.3% 180 bps SG&A 436.4 (23.8%) % of Net Sales 21.6% (110 bps) Adjusted Operating Income $358.5 22.1%
Slide 13: Segment Results
Segment Results v. 3Q 2025 Fav/(Unfav) Consumer 3Q As Constant (in millions) 2026 Reported Currency Net Sales $1,215.4 24.9% 24.3% Adjusted Operating Income $241.1 24.4% 23.8% % of Net Sales 19.8% (10 bps) v. 3Q 2025 Fav/(Unfav) Flavor Solutions 3Q As Constant (in millions) 2026 Reported Currency Ne
Slide 14: Third Quarter 2026 Adjusted Earnings Per Share
Third Quarter 2026 Adjusted Earnings Per Share 3Q 2026 v. PY Fav/(Unfav) $0.20 $0.85 ($0.10) $0.86 ($0.07) ($0.02) 3Q 2025 Adj Operating Unconsolidated & Tax Other 3Q 2026 Adj. EPS Income Non-Controlling Rate Adj. EPS Minority Interest Financial measures which we refer to as “adjusted” are Non-GAAP
Slide 15: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Cash Flow Year-To-Date Balanced Use of Cash From Operations • $387M of cash returned to shareholders through dividends • Capital expenditures of $131M year-to-date • Reduced leverage ratio as planned since the first quarter $599M • Positioned to reduce leverage ratio ahea
Slide 16: 2026 Outlook
2026 Outlook Reported Constant Currency Net sales growth 13% to 17% 12% to 16% Contribution from acquisition of McCormick de Mexico 11% to 13% 11% to 13% Organic sales growth1 1% to 3% Adjusted operating income growth 16% to 20% 15% to 19% Cost inflation 6% to 7% increase2 Adjusted gross profit marg
Slide 17: Key Takeaways
Key Takeaways Leveraging a Resilient Flavor-Centric Business Model • Flavor-focused portfolio and global footprint drive resilience • Results reflect base business strength, McCormick de Mexico, and cost discipline Investing to Rebuild Momentum • Managing demand variability while reinvesting for top
Slide 18: Non-GAAP Reconciliations
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures The following tables include financial measures of organic net sales, adjusted gross profit, adjusted gross profit margin, adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income, and adjusted
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures 1. Gross profit margin, impact of special charges, and adjusted gross profit margin are calculated as gross profit, impact of special charges, and adjusted gross profit as a percentage of net sales for each period presented. The impact of special charges included in cost
Slide 21: Non-GAAP Financial Measures
Non-GAAP Financial Measures Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes can be volatile. The exclusion of the effects of foreign currency exchange, or what we refer to as a
Slide 22: Non-GAAP Financial Measures
Non-GAAP Financial Measures To present the percentage change in projected 2026 net sales, adjusted operating income, and adjusted earnings per share (diluted) on a constant currency basis, the projected 2026 results for entities reporting in currencies other than the U.S. dollar are translated into
Slide 23: Forward-looking Information
Forward-looking Information Certain information contained in this presentation, including statements concerning expected performance such as those relating to the anticipated benefits and timing of, and our plans, strategies and objectives relating to, the pending transaction with Unilever Foods, in