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McCormick & Company, Inc. Barclays Global Consumer Conference September 9, 2026
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2 Barclays Global Consumer Conference 2026 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, brand marketing support, volume and product mix, income tax expense, tariff-related matters, and the impact of foreign currency rates are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use of words such as “may,” “will,” “expect,” “should,” “anticipate,” “intend,” “believe,” “plan,” and similar expressions. These statements may relate to: general economic and industry conditions, including consumer spending rates, recessions, interest rates, and availability of capital; expectations regarding sales growth potential in various geographies and markets, including the impact of brand marketing support, product innovation, and customer, channel, category, heat platform, and e-commerce expansion; the expected results of operations of businesses acquired, including the additional 25% ownership interest in McCormick de Mexico; expected trends in net sales, earnings performance, and other financial measures; the expected impact of pricing actions on the Company's results of operations, including our sales volume and mix as well as gross margins; the expected impact of the inflationary cost environment on our business; the anticipated effects of factors affecting our supply chain, including the availability and prices of commodities and other supply chain resources such as raw materials, packaging, labor, and transportation; the potential impact of trade policies, including tariffs; the potential impact of legal challenges to U.S. tariffs, tariff refunds, and the timing and anticipated benefits thereof; the expected impact of productivity improvements, including those associated with our CCI program and the Global Business Services operating model initiative; the ability to identify, attract, hire, retain, and develop qualified personnel and the next generation of leaders; the impact of ongoing or future geopolitical conflicts, including those between Russia and Ukraine and the war/conflict in the Middle East, including the potential for broader economic disruption, in particular related to fuel and freight prices; expected working capital improvements; the anticipated timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning (ERP) system; the expected impact of accounting pronouncements; expectations regarding pension and postretirement plan contributions and anticipated charges associated with those plans; the holding period and market risks associated with financial instruments; the impact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing; the anticipated sufficiency of future cash flows to enable payments of interest, repayment of short- and long-term debt, working capital needs, planned capital expenditures, quarterly dividends, and our ability to obtain additional short- and long-term financing or issue additional debt securities; and expectations regarding purchasing shares of McCormick's common stock under the existing repurchase authorization. These and other forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by factors such as: the Company's ability to drive revenue growth; the Company's ability to increase pricing to offset, or partially offset, inflationary pressures on the cost of our products; damage to the Company's reputation or brand name; loss of brand relevance; increased private label use; the Company's ability to offset cost pressures or business impacts related to trade policies such as tariffs, including relating to tariff refunds; the Company's ability to drive productivity improvements, including those related to our CCI program and other streamlining actions; product quality, labeling, or safety concerns; negative publicity about our products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preference and demand; business interruptions due to natural disasters, unexpected events or public health crises; issues affecting the Company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging materials; labor shortage, turnover and labor cost increases; the impact of changing political and geopolitical conditions, including the ongoing conflicts between Russia and Ukraine and the war/conflict in the Middle East, including the potential for broader economic disruption; government regulation, and changes in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses; global economic and financial conditions generally, availability of financing, interest and inflation rates, and the imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of our amount of outstanding indebtedness and related level of debt service as well as the effects that such debt service may have on the Company's ability to borrow or the cost of any such additional borrowing, our credit rating, and our ability to react to certain economic and industry conditions; impairments of indefinite-lived intangible assets; assumptions we have made regarding the investment return on retirement plan assets, and the costs associated with pension obligations; the stability of credit and capital markets; risks associated with the Company's information technology systems, including the threat of data breaches and cyber-attacks; the Company's inability to successfully implement our business transformation initiative; fundamental changes in tax laws; including interpretations and assumptions we have made, and guidance that may be issued, and volatility in our effective tax rate; climate change; Environmental, Social and Governance (ESG) matters; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the Company's inability to achieve expected and/or needed cost savings or margin improvements; negative employee relations; and other risks described in the Company's filings with the Securities and Exchange Commission. Actual results could differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. See additional Forward-Looking disclaimer in Appendix.
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3 Barclays Global Consumer Conference 2026 Building on a Strong Flavor-Centric Foundation Expanding Flavor Focus and Growth Opportunities Preparing for Integration and Synergy Capture Supporting Value Creation and Deleveraging Making Strong Progress and Building Momentum
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4 Barclays Global Consumer Conference 2026 + Making Life More Flavorful for Nearly 140 Years And the Most Trusted Source of Flavor Across Food & Beverage A Global Leader in Flavor + $7.7B FY25 Net Sales1 2 Segments Consumer & Flavor Solutions >150 Countries & Territories In & Away From Home Every Format & Application Every Cuisine & Flavor Trend 1. FY25 reflects McCormick’s pro forma net sales including McCormick de Mexico.
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5 Barclays Global Consumer Conference 2026 Source: McCormick Global Pulse Survey Dec 2025 (U.S., Canada, Mexico, U.K., France, Spain, Italy, Poland, China and Australia). Others Compete for Calories… We Flavor Them Gen Z over-indexes to flavor consumption Aligned with health and wellness Taste is #1 purchase driver in and out of home Flavor is a Structurally Attractive Category Within Food
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6 Barclays Global Consumer Conference 2026 Delivering a Proven Track Record Enduring leadership in flavor Broad, flavor-focused global portfolio across two segments Unmatched connectivity to the consumer Increased focus on profitable categories Proven productivity program (CCI) Targeted high-return investments McCormick is Differentiated in Flavor and Performance Industry-leading performance Strong foundation and long-term fundamentals System of competitive advantages McCormick is Flavor-Focused + Driving Robust Growth +
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7 Barclays Global Consumer Conference 2026 Building a Preeminent Global Flavor Company Proven Integration Playbook Across a Decade RB Foods Highlights Ability to Integrate Large Acquisitions Cholula and FONA Demonstrate a Repeatable Strategy Across Segments Track Record of Successful M&A, Grounded in Strategic Rationale and Synergy Delivery Herbs, Spices & Seasonings Scaled Move into Condiments & Sauces Expanding Flavor Solutions Acquisitions Delivered Growth, Synergy and Earnings Accretion Acquisitions Contributed +2% on Top of a +4% Organic Sales CAGR Over 10 Years1 1. In constant currency.
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8 Barclays Global Consumer Conference 2026 Sources: Euromonitor, 2025; Circana Scan Panel, L52 Weeks Ending 11/30/25; Berenberg Notes: Unilever Foods' sales and other metrics are based on management estimates. 1. Combined sales figure represents McCormick’s net sales for the fiscal year ended November 30, 2025, and Unilever Foods net sales based on 2025 preliminary carve-out financial information, prepared under IFRS and translated from EUR to USD at the Unilever 2025 average rate of ($1.124:€1.00). 2. FY25 reflects McCormick’s business including McCormick de Mexico and Unilever Foods’ business excluding business in India, Nepal and Portugal; its Lifestyle & Nutrition business; its Buavita business; and its Lipton Ready-to-Drink business (together, “Excluded Businesses”). Unilever Foods' sales and other metrics are based on management estimates. See “Non-GAAP and Other Financial Information” for discussion of inclusion of McCormick de Mexico earnings. $20B1 Combined Company FY25 Net Sales2 Global Iconic Brands High Growth Potential Brands Local Favorite Brands Building a Preeminent Global Flavor Company Brings together highly complementary businesses with focused scale and strong strategic fit Increases exposure to advantaged categories, supported by industry-leading brand investments Enhances geographic balance and global distribution reach Expands growth opportunities, enabling margin expansion and continued reinvestment Provides a clear path to realizable synergies, significant earnings accretion, and shareholder value Compelling Strategic Rationale Proposed Combination with Unilever Foods
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9 Barclays Global Consumer Conference 2026 % of FY25 Revenue1 Division Characteristics Growth Opportunity 37% Attractive flavor categories, including herbs, spices, seasonings, bouillon, condiments, and sauces Leveraging the right brands and capabilities in the right categories to win in each region 32% 19% Away-from-home channels, with a highly complementary combination of expertise and footprint Bringing together complementary food service expertise 12% Customized specialty flavors, seasonings, condiments, and coatings to CPG manufacturers and restaurants Strategically important for fulfilling the end-to-end flavor model that drives global share growth GLOBAL FLAVOR GLOBAL FOOD SERVICE 1. Combined sales figure represents McCormick's net sales for the fiscal year ended November 30, 2025, and Unilever Foods net sales based on 2025 preliminary carve-out financial information, prepared under IFRS and translated from EUR to USD at the Unilever 2025 average rate of ($1.124:€1.00). FY25 reflects McCormick's business including McCormick de Mexico and Unilever Foods' business excluding business in India, Nepal and Portugal; its Lifestyle & Nutrition business; its Buavita business; and its Lipton Ready-to-Drink business (together, "Excluded Businesses"). Unilever Foods' sales and other metrics are based on management estimates. Future Consumer and Customer Centric Operating Model CONSUMER AMERICAS CONSUMER INTERNATIONAL
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10 Barclays Global Consumer Conference 2026 Experienced Future Global Executive Team Leverages top talent from across both organizations Current McCormick Leader Current Unilever Foods Leader BRENDAN M. FOLEY Chairman, President and Chief Executive Officer JEFF SCHWARTZ EVP, Chief Legal Officer GUY PERI EVP, Chief Information & Digital Officer SARAH PIPER EVP, Chief Human Resources Officer SUZANNE ROY EVP, President Global Flavor JENNIFER HAN EVP, Chief Supply Chain Officer NURIA HERNANDEZ EVP, President Global Food Service HEIKO SCHIPPER EVP, President International Consumer HEIKE STEILING EVP, Chief R&D Officer MARCOS GABRIEL Executive Vice President and Chief Financial Officer ANDREW FOUST EVP, President Americas Consumer TABATA GOMEZ EVP, Chief Growth & Global Marketing Officer
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11 Barclays Global Consumer Conference 2026 Combination Accelerates Flavor Growth Shape High Flavor Demand with Strong Insights Innovate to Win Across Leading Categories Amplify & Expand Winning Brands Maximize Growth Across Geographies and Channels Reinvest in the Business with Best-in-Class Brand Support Scaled Flavor Platform Combines scale, insights, and innovation across global, local, and high growth brands Creates a future-fit portfolio aligned to evolving consumer and food industry trends Broadens channel reach and captures whitespace through expansion of high growth brands Delivers ability to reinvest in the business to sustain industry leading brand support Combination Benefits
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12 Barclays Global Consumer Conference 2026 Bring our Brands to More Homes Globally Win Where We Lead Shape the Future of Flavor Be the Food Service Flavor Partner Turn emerging tastes into scalable innovation Scale brands where we have a right to win Kitchen ingredient to table condiment, one flavor partner Be the Food Industry’s Flavor Partner World-class R&D behind customer innovation Distinct Levers to Capture Growth Synergies DISCIPLINED POST-CLOSE EXECUTION YEAR 4 -5 Build the Future YEAR 1: Strengthen Core YEAR 1 Strengthen Core YEAR 2 -3 Deploy & Drive Performance Commercial engine driving growth in attractive categories Core Growth Opportunity Whitespace Opportunity Cross-Selling Opportunity Innovation Opportunity Insight Opportunity
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13 Barclays Global Consumer Conference 2026 Global Footprint Creates New Growth Opportunities Unlocks meaningful Emerging Market (EM) exposure and creates a globally diversified business Adds more scale across Europe, Latin America, and Asia Pacific Enhanced long-term growth profile from exposure to above-category growth in EM Stronger global footprint is accretive to profits with an enhanced cash flow profile Pre-Transaction Go-Forward Developed Markets 75% Emerging Markets 25% Developed Markets 59% Emerging Markets 41% North America – 59% Europe – 13% Other Developed – 3% North America – 36% Europe – 20% Other Developed – 3% % Sales Exposure1 1. Combined sales figure represents McCormick's net sales for the fiscal year ended November 30, 2025, and Unilever Foods net sales based on 2025 preliminary carve-out financial information, prepared under IFRS and translated from EUR to USD at the Unilever 2025 average rate of ($1.124:€1.00). FY25 reflects McCormick's business including McCormick de Mexico and Unilever Foods' business excluding business in India, Nepal and Portugal; its Lifestyle & Nutrition business; its Buavita business; and its Lipton Ready-to-Drink business (together, "Excluded Businesses"). Unilever Foods' sales and other metrics are based on management estimates.
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14 Barclays Global Consumer Conference 2026 Herbs and Spices Expansion into New Markets Spotlight on Key Growth Opportunities – Consumer Bouillon and Cooking Aids Combine Knorr’s global scale and local capabilities with McCormick’s flavor expertise ~6% US cube & powder value CAGR Cube and powder outgrowing liquid aligned with Knorr’s strengths ~$2.5B +6-15% CAGR in key whitespace countries Opportunity in large H&S markets Route-to-market into high growth whitespace countries with minimal McCormick presence through established Unilever footprint Affordable Flavor At Scale Category size $15B +4% 10-year Revenue CAGR 4-6% Long-Term Category Growth A Key Growth Driver for Knorr Overweight the Growth Segment $1.8B ~50% of Knorr consumer revenues Knorr consumer Bouillon revenues Source: Euromonitor 2025 A Category with Enduring Tailwinds Category Size $18B +5% 10-year Revenue CAGR At-Home cooking Gen-Z demand for flavor Higher flavor per bite Price-pack architecture +5% 5-Year Outlook Innovation opportunity aligned with health and wellness
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15 Barclays Global Consumer Conference 2026 Mayonnaise Compelling growth profile of the Mayonnaise category Strong household and flavor trends driving growth Positive mix and attractive profitability 71% for Gen Z (+6pp since 2019) High household penetration Flavored Mayo is outgrowing the category Trade up through formats and variants A truly global brand with attractive margins that allow for reinvestment Spotlight on Key Growth Opportunities – Consumer Category size $14B +5% 5-Year Outlook Source: Euromonitor 2025 +4% 10-year Revenue CAGR Hot Sauce Growing household penetration and expansion into new markets A category bringing long-term heat Category Size $6B +6% 10-year Revenue CAGR Travelling globallyMillennial & Gen-Z demand +4% Long-term Outlook Access to 86 attractive markets where Frank's and Cholula are underrepresented today Identified Hot Sauce International Opportunity$1.2B Sustainable flavor profile 67.5% (+10pp since 2019) US HH penetration
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16 Barclays Global Consumer Conference 2026 Food Service Distributor relationships Operator relationships Flavor capabilities Geographic reach 75 Countries with established Unilever Food Solutions McCormick has limited or no Food Service presence in 51 of these countries Expand presence in attractive food service markets New geographies offer sizeable growth pools Addressable Food Service opportunity1~$23B ~6% CAGR of addressable opportunity Complementary Strengths 1. Across Unilever-only markets in categories where McCormick has relevant capabilities (Herbs & Spices, Sauces, Condiments and Bouillon). Spotlight on Key Growth Opportunities McCormick's platform and retail relationships provide opportunities to expand Unilever's underpenetrated portfolio Unlocking the US Opportunity for Unilever Foods Accelerating McCormick's European Growth Unilever's European footprint and route-to- market accelerate McCormick’s brand and flavor expansion across Europe Expanding McCormick’s China Platform Unilever Food’s scale in China adds food service reach to an already established McCormick Branded Food Service presence
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17 Barclays Global Consumer Conference 2026 Building on a Strong Flavor-Centric Foundation Expanding Flavor Focus and Growth Opportunities Preparing for Integration and Synergy Capture Supporting Value Creation and Deleveraging
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18 Barclays Global Consumer Conference 2026 Strong 1H Performance Supports 2026 Outlook 1H Financial Performance Strategic Progress Solid organic sales growth Enhanced margins enabling continued investments in an inflationary environment Robust cash flow supports capital allocation priorities McCormick de Mexico delivering against sales, margin, and cash-conversion goals Integration substantially complete for McCormick de Mexico North America ERP planning progressing well for early 2027 implementation Strong progress made by dedicated team supporting Unilever Foods integration plans Detailed action plans identified to support run-rate cost synergy targets Remain Confident in Delivering our 2026 Outlook
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19 Barclays Global Consumer Conference 2026 Cost Synergy Sources $600M Targeted Run-Rate Cost Synergies Net of Growth Reinvestments & Potential Dis-Synergies Expect to Capture 2/3 of Run-Rate Cost Synergies by Year 2 and the Remaining by Year 3 Synergy Breakdown Manufacturing & Logistics Manufacturing efficiencies and network optimization Procurement Ingredients and packaging purchasing efficiencies SG&A Go-to-market efficiencies and back-office optimization • Realization of scale benefits across raw materials and packaging • Standardization of packaging and formats • Align formulas and specifications • Economies of scale and improved efficiency across global platform • Operational efficiency across functions and countries • Indirect spend including media • Targeted factory and warehouse overlap opportunities • Streamlining logistics and distribution • Leveraging new footprint to reduce third party manufacturing 10% 40% 50%
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20 Barclays Global Consumer Conference 2026 Procurement Levers Opportunities How we capture them Commercial Optimization Buy same quantities and types of goods at better unit prices • Spend fragmented regionally • ~50% overlap of Top 100 supplier spend • Inefficient long tail spend Global and Regional RFPs and targeted negotiations Rationalize and improve tail spend Technical Optimization Buy same quantities at optimized specifications / SLAs • Spec proliferation across direct materials and packaging • Meaningful variation in spec count and spend between companies Harmonize like-for-like specs Align formulas while maintaining quality Cost Synergies in Action – Procurement Procurement Cost Synergies ~$240M Targeted Run-Rate Packaging Case Study Plastic Bottles Direct Materials Case Study Starches & Derivatives
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21 Barclays Global Consumer Conference 2026 Well-Defined Roadmap for Integration Support-function continuity secured via TSAs covering 70% of total processes Transition costs fully reflected in announced deal economics Centralized contracting keeps critical third- party relationships intact Fully standalone within 2 years, services to be phased out in waves Successfully supported integrations of RB Foods, Cholula, and FONA 20 functional teams to support seamless transition 200+ team members across McCormick and Unilever mobilized to prepare for post-closing integration Led by Andrew Foust Chief Integration Officer Dedicated Integration Management Office TSA Considerations
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22 Barclays Global Consumer Conference 2026 A Phased Approach Creates a Clear Path to Full Integration Key Focus Areas • Unilever Foods: complete shift to 100% standalone • Retain key talent • Stand up the interim operating model for Day 1 • Establish TSAs 1 between Unilever & Unilever Foods • Joint leadership team to begin operations • Onboard Unilever Foods employees to McCormick • Activate go to market teams to drive growth • Begin capturing planned cost synergies • Continuation of services already being provided from separation • Select shifts to fully- integrated model • Harmonize and optimize systems and data • Begin phased, geographic exit of TSAs • Drive growth, innovate, and strengthen portfolio • Capture two thirds of cost synergies • Complete rollout of fully integrated model • Fully maximize growth synergies • Realize full run-rate cost synergies • Exit all TSAs via wave-based approach Separation 60-90 days prior to close Close By Mid-2027 Integration Within 2 years post-close Fully Integrated Post Year 2 Responsibility Owns Business and Drives the Separation Supports Integration with TSAs Owns and Integrates Combined Business Full Integration 1 Transition Service Agreements
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23 Barclays Global Consumer Conference 2026 TSAs Ensure Business Continuity and Transition Readiness Finance Reporting and Governance Finance, ESG, and data provisioning People, Workplace and Corporate Services Payroll, recruitment operations, travel, data management, and office space Technology, Operations, & Technical Enablement Support across IT, Global Business Solutions, R&D, and Supply Chain Key TSA Focus Areas TSA Structure Focused on Support Functions; Expect Minimal Disruption to Commercial Operations
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24 Barclays Global Consumer Conference 2026 Positioned for Long-Term Growth & Sustained Profitability Sales Growth 1 3-5% Adjusted Operating Margin 1,2 23-25% Best-in-Class Financial Profile Meaningfully accretive to growth operating margin and earnings Continued reinvestment in brands and innovation Attractive combination of growth and synergy realization Year 3 Sources: Company information. Unilever Foods' sales and other metrics are based on management estimates. Notes: 1. Reflects 3 years post close for the combined company. 5% assumes favorable market conditions 2. Reflects estimated $600M run-rate cost synergies. Synergy estimates reflect management projections; actual synergies achieved may differ materially. 3. Earnings per share accretion includes the impact of a step-up in amortization of customer intangibles. Expected Adjusted EPS Accretion3: Mid- to High-Single-Digits in Year 1, Mid- to High-Teens in Year 3
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25 Barclays Global Consumer Conference 2026 81% 92% 100% FY24 FY25 FY26E Post-Close 100% 3.3x 3.0x < 2.9x FY24 FY25 FY26E* Supporting Dividend and Reinforcing Clear Path to Rapid Deleveraging Sources: Company information, FactSet. *McCormick 2026E CapEx, Free Cash Flow, and Net Leverage figures are based on analyst consensus estimates. Notes: Free cash flow is defined as net cash provided by operating activities less capital expenditures. Net Leverage is defined as net debt (which is defined as total debt, net of total cash) to Adjusted EBITDA. Unilever Foods' sales and other metrics are base d on management estimates 1. Including D&A and SBC 2. Free cash flow minus expected dividend. Also reflects projected cash available at the beginning of Year 2 3. Reflects McCormick’s business including McCormick de Mexico; excludes Unilever Foods’ “Excluded Businesses.” See “Non -GAAP and Other Financial Information” for discussion of inclusion of McCormick de Mexico earnings < 2.9x ≤ 4.0x 3.0x 2.0x to 3.0X FY26E* LTM at Close Two Years Post-Close Ongoing Strong Cash Flow and Disciplined Capital Allocation Improving McCormick Standalone Net Leverage Projected Combined Company Net Leverage3 Net Income Non-Cash Addbacks1 Net Change in Working Capital CapEx @ ~3% of Net Sales Free Cash Flow Combined Free Cash Flow Profile to Strengthen Post-Close… Illustrative: Projected Year 2 Cash Flow 100%+ of Net Income Free Cash Flow Conversion Cash Available for Debt Paydown2 by Year 2 $1.5B - $2.0B Continued Reinvestment and Dividend Growth
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26 Barclays Global Consumer Conference 2026 Strong Integration Planning Progress to Date with Milestones Ahead Transaction Announcement March 2026 July 2026 Announced secondary listing in London, planned new operating model, and future combined company executive leadership team Operating Model, Leadership, and Secondary Listing September 2026 Announce further details on expected cost and growth synergies and the scope of TSAs Synergies and TSAs Calendar Q4 2026 – Q1 2027 Workstreams running in parallel with shareholder vote close to close Unilever Food Carveout, S-4 Filing, Regulatory Clearance, and MKC Shareholder Vote Mid-2027 Anticipated Transaction Close Today
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27 Barclays Global Consumer Conference 2026 Building on a Strong Flavor-Centric Foundation Expanding Flavor Focus and Growth Opportunities Preparing for Integration and Synergy Capture Supporting Value Creation and Deleveraging Making Strong Progress and Building Momentum
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McCormick & Company, Inc. Barclays Global Consumer Conference September 9, 2026