Okay. Welcome everybody. Thanks for joining us. I am thrilled to welcome McCorm ick & Company back to what has become an annual tradition. Brendan Foley, Chairman, President, and Chief Executive Offic er, and Marcos Gabriel, Executive Vice President and Chief Financial Officer. Thank you both for joining us here at the Deutsche Bank Conference. It's an annual tradition, but this is a unique conversation. There's a lot going on, and a lot has transpired over the past year. We'll just jump right into the Q&A. Brendan, I'll start with you. As I mentioned, a lot has evolved and transpired over the past year. I guess, when you think about the context of the demand backdrop, but also the pending acquisition with Unilever Foods, how would you frame the next chapter for McCormick from here? Maybe what are two, three, four things that you think investors should be most focused on as they think about McCormick's journey over the next year or two? Thanks for the question, Steve. I almost feel like that's a little bit of sort of describing where we've been and where we're going. Kind of. For the last two years, we've really been focused on driving overall volume-driven performance in our business, and especially in the context of a slower consumer packaged goods environment. I think we're really pleased with our results over the last two years. We've had seven quarters of just consecutive volume-driven growth in our consumer business, and we're outpacing our peers. Also, we're making progress too on growing our flavor solutions margin in our portfolio, and so making good progress on that. Most recently, we reported our first quarter, and it was largely on plan In terms of what we would've expected. As we look ahead, we really remain focused on balancing volume growth and profitability across our business, and that's sort of a key theme, I think, for us in 2026. We continue to invest behind our brands and really help drive innovation across the business. We recently did a transaction with McCormick de Mexico, and that was important obviously. It kind of really gave us a strong geographic presence in a key market, which is Mexico. Based on what we know today, we remain comfortable with our outlook for 2026. That's where we are and where we've been overall. Sort of where we're going, I think, is another way to look at this. I think the two to three things for investors that I would love to share, just in terms of where we're going, is that McCormick, if those who know us and those who are just getting to know us, think of us as just being intentionally focused on building a global flavor company. A company in the food industry focused on flavor, and we're doing that through M&A, we're doing that through R&D, we're doing that through geographic expansion. We feel like we've made a lot of good progress, but this Unilever Foods transaction really accelerates that long-term vision that we have for the company, and it creates an even more vibrant company focused on flavor at a global level. Both businesses are really well-positioned in the marketplace. What this does is it creates a combined company that's expected to have faster volume-driven growth across channels and geographies that are more diversified in the marketplace, best-in-class operating margin compared to the rest of the industry overall, and that's before we really realize any anticipated synergies. That's kind of a little bit shortly how we view this right now. This combination's expected on a top-line basis, at least by year three, to sort of drive 3%-5% top-line growth, but also adjusted operating margins of 23%-25%. These are two businesses that have really strong cash flow, and so the operating cash flow generation, I think, is something that we can lean into to obviously fund organic growth, but also fund the dividend that we currently pay, but also on the top of that, funding debt. We believe that cash flow really supports that story nicely. Achieving this portfolio as well as this geographic presence would've taken us more than a decade to do. What this really has is sort of accelerated our ability to get to that vision of who we view ourselves in terms of our role within the food industry. I think the final point is a recognition that this deal is of greater scale than what we've done before. We've done big acquisitions before in the context of McCormick's size, but this certainly is bigger. Having said that, we believe that the complexity is certainly identifiable, it's manageable, and we're off to a really good start, and I'm sure I'll get a chance through other questions here today, but to describe sort of where we think we are right now in that process. Yeah. Well, you and I have talked a couple of times in the last month or two. I know that there's been a lot of integration planning. Yeah. That's already taken place. Maybe provide an update on that planning and maybe give folks a sense of what it looks like, what the structure of integration management looks like, if there's an integration office that's been set up, key work streams. Just what is going on behind the scenes as we stand here today? There is a lot of great sort of activity, and I would say it's well underway. We were started well over a month ago. We've established a separation committee, also an integration management office, and we've got 20 functional teams across both companies really resourced up against planning this integration to deliver a very smooth one without disruption to the business overall. The integration management office is led by Andrew Foust, who was formerly the President of the Americas region. I think what's important there is knowing Andrew's a strong sort of leader within our business. Also, Andrew has previously led and helped lead the integration of Reckitt Benckiser Foods, Cholula, and also our FONA acquisition into our business. A ton of experience there. Then backing him up, we have an interim President for the Americas region, who already was reporting to Andrew in that role overall. On the Unilever side, we have equal level of dedication across their organization to this, and there's been a lot of already constant dialogue between both teams. Right now this week, all those teams are in Baltimore. I'll be there tomorrow. Okay. They're all there in Baltimore continuing the blueprinting work that we have to do. That backs up a meeting they had four weeks ago in London to do the very same thing. The amount of engagement is very deep, very strong. Overall, think about this as more than 200 people combined between both companies dedicated to really executing this integration and planning for it. That includes every function and business process that we're looking at right now. I think second, it's important to really define sort of the complexity that we're looking at, across this transaction. From a carve-out perspective, think about this business coming away from the whole Unilever company. The Unilever Foods business, about 80% of it operates standalone. That's your sales organization, its R&D, its supply chain, effectively how they execute and really execute and market. That gives us a lot of confidence being able to sort of think about the difficulty of separating it out from the Unilever Foods organization. About 20% is coming through what is their One Unilever part of their organization. That's going to take us a little bit more work just to make sure that we figure that out. Just to provide other context, we're really making progress on mapping market by market where we see this integration moving. Right now, 75% of the sales of the combined company come from 10 markets. The top six are the United States, China, U.K., France, Mexico, Canada. Those six, we already operate directly, both of us do, at scale. That's going to get a lot of attention in terms of how we think about the integration in those top six markets and how we'll execute that. The other four, Brazil, the Philippines, Indonesia, and Germany, we don't really have a direct presence. That's going to really acquire a different approach and sort of be more of a lift-and-shift type thinking and mentality. Also, those are markets where we don't have real McCormick brand presence, too. We'll also have a lot of planning going on to think about what is the right way to kind of launch those plants into the market. TSA agreements will be in place, and then when we look at other three work streams I think are critically important, obviously synergies. What you'll hear from us at the end of the third quarter, is we're going to provide more detail on how we're looking at synergies overall. We're already now into the second phase of that planning, and our level of confidence is rising on that. From a growth standpoint, we're having similar work going on. At the end of the third quarter, we'll be providing more context around that, too. Again, that's really important work that we want to kind of really have advanced work on before we hit close. Yeah. Lastly, we have a culture work stream, which I think is very important because cultural alignment, as many of you know, is really critical in any big combination. That work is important. We're starting from a standpoint of a lot of commonality. I've already myself been in front of the Unilever organization in some rather large settings. Last week on Thursday, we were in Rotterdam and spoke to about 5,000 Unilever employees. Really shared with them kind of our ways of working, the way we would describe our culture. I think it really put a little bit of comfort in the minds of employees in terms of, okay, who is this McCormick team and how do they operate, and how do they think about the food business. How do they think about driving the business overall? We did a similar thing in New Jersey three weeks ago. Spoke to the whole U.S. organization. We're getting out there, we're getting a chance to meet the organization, and I really am excited about this culture work stream, too. Okay. I'm excited about the 3Q call now. Yes. You mentioned the 3%-5% targeted growth as you think out a couple of years. When you think about all the different levers to unlock incremental growth, what are the top call-outs for you? There's a lot to be excited about. I'm going to start maybe to provide context around this, just with sort of a summary way of me thinking about it, and then I'll unpack it a little bit. This is a portfolio with very strong brands who are operating in categories with really good global growth. Those categories really benefit from structural consumer trends. You combine that with a best-in-class go-to-market footprint at both a global level and a channel level, you combine that together, we see a lot of incremental growth opportunities overall. I think what's first important to unpack is just really the categories in which we operate in. From the McCormick side, we're bringing in a lot of expertise in herb, spices, and seasonings, hot sauce, mustard, and we've demonstrated a lot of growth in those categories, certainly over time. Unilever's bringing in a real expertise in mayonnaise and bouillon and other cooking aids, and they're really seeing a lot of growth from their portfolio and category. As I've been meeting with investors, I think it's important to sort of just double-click a little bit on mayonnaise and bouillon and the categories that Unilever's bringing to this combined portfolio. Mayonnaise is a very healthy category at a global level. It's been experiencing really strong growth. It also has projected strong growth. What I think is really important is it's growing not only in the core and mainstream varieties of the category. It's also growing because you're looking at some of those areas where the health and wellness cues that consumers are looking for, like a different kind of oil or lower in fat. Both of those together are driving volume growth. We also see younger consumers are really expanding the usage of mayonnaise, too. It's very relevant with younger generations. Bouillon, are also seeing a lot of other aspects of what really drives, I think, the trends behind that part of the category, too. This is something which is seeing a lot of strong global trends. It's really, I think, driven by the fact that we see a lot of urbanization right now. Sort of more participation in the workforce, particularly in markets like in Latin America and Asia. Those time-saving convenience needs of how you kind of put a meal on the table, especially ones that require low simmer cooking, these are shortcuts, and they're really value-added, and they're really a great value. We're seeing a lot of growth there, too. Overall, I think that the trends in the marketplace really do support this category that we're combining with McCormick, and I think that's quite exciting. On the channel side and the geographic side, that whole go-to-market footprint that I've been talking about, it just is a really great balance between developed and emerging market exposure. It certainly changes McCormick's view from a concentration standpoint. 60% of our business today comes from North America. In the future, it's going to be a third, and the rest of that comes from a more balanced geography. We have a lot of great channel presence, both in the consumer and food service channels. I would say in food service, everyone, I think, really has an appreciation for our presentation and our presence in consumer. The one that I think probably needs more airtime is almost food service. Both companies have genuine strengths in their go-to-market models there. When you bring those together, there's a lot of cross-selling opportunity, a lot of geographic expansion opportunity also in food service. Lastly, I'll just wrap up. It's our brands. We have very strong global brands in Hellmann's, McCormick, Knorr, and those brands have proven to be relevant with younger households. We have a strong global marketing organization in both companies, and when we bring that together, I think our ability to really drive relevance with new consumer households is really important. On top of that, there are at least a handful of brands that we believe have real potential at a global level. A brand like Maille or Cholula or Frank's RedHot have a lot of upside growth, but they just need investment to keep growing and kind of getting introduced to new markets. Yeah. Okay. Marcos, Brendan mentioned the evolving geographic footprint, more emerging markets. With that comes better prospects for normalized organic growth. I've also heard a little bit of concern from McCormick shareholders that, wow, this is going to increase our exposure to a lot of volatility. Volatility in consumer trends, volatility in FX. How do you think about that balance? This is another exciting part of the combination, which is expanding into emerging markets, which is an attractive growth potential for McCormick. Expanding in emerging market has always been our intention since when we announced Investor Day back in 2024. This transaction actually accelerates that plan. It provides immediate scale and distribution that otherwise would take decades as brand [animation] to achieve. Unilever brand building capacity over the years in those emerging markets have been great. Markets like Philippines, Indonesia, other markets, but there are still opportunities within Latin America, Asia, and Middle East. We believe that this is very attractive from a growing population perspective as well, and rising middle classes in those markets. We see higher long-term demand environment building across emerging markets. If you think about Knorr as a global brand, $5 billion global brand with high consumer awareness and high growth margin, and emerging market exposure, that is an awesome brand for us to have. Now, we do have both decades of experience both companies, decades of experience in managing emerging markets. McCormick has been in emerging markets. Right now, not at the same scale as Unilever. A big part of my career has been operating in emerging markets as well. From the standpoint of managing the risks, and I would think about the currency risks and the inflationary risks that comes by managing those markets. First, we'll be doing this for a long time, managing those risks. I would describe that the transaction exposure risk is one that the combined company likely to have a more of a natural hedge. As a significant portion of our operations, we manufacture where we sell, so we're going to see that from the FX perspective. From the inflation perspective, we'll continue to leverage our playbook, which is revenue growth management, price pack architecture designed for local usage, the simplification of a portfolio, which is essential, especially when you are selling through traditional trade in those markets. Then obviously our CCI program. One of the things that I learned over the years in managing these markets is about speed and agility. They are essential in getting in front of those impacts and be able to mitigate them. In addition to that, I would say that Unilever Foods bringing a lot of talent and expertise in those markets. They will be part of our larger organization and bringing that expertise in. Overall, I would say, emerging markets moving from 25% today to 40% in the future. Yep. Actually, it's a growth opportunity for us without taking excessive risk. I think it mitigates an excessive risk. Yeah. Okay. To go after all those growth opportunities, you've been clear that there's a good amount of synergy, but there's a good amount of reinvestment. How should we all think about the balance between margin expansion and reinvestment as priorities in the first couple of years post-integration? Both Unilever and McCormick, especially over the last few years, have been very consistent in terms of using the playbook of margin expansion and invest back in terms of brand marketing to drive top-line growth and operating margin expansion. Put simply, we're not going to compromise growth at the expense of margin expansion. We are going to continue to invest in organic growth and brand marketing. Over the last three years, Unilever has been investing about 8% of net sales on a comparable basis to our 7% of our consumer segment, and we'll continue to do that. At least that is the baseline to work from and likely to continue to invest more in the future. Unilever Foods achieved their operating margin profile by historically expanding gross margin and again, investing back in those brands, especially those big brands, Knorr and Hellmann's, over the years. Okay. Over the first couple of years, the plan will remain consistent. We plan to gradually expand operating margins while continuing to invest behind our brands to drive the long-term growth. The margins will come from volume growth, revenue growth management, and cost synergies. Those are the kind of the three elements that will help us enable gross margin expansion and then invest back in brand marketing. Great. You talked about EPS accretion from the deal. Brendan mentioned the promise of a pretty powerful free cash flow. Maybe ground us in sort of your base case expectations on both those fronts, and then what are the key variables to keep in mind as you think about upside or potential risk around those fronts? When we think about sensitivities, the way that I look at this is there is two key aspects of sensitivities within the financial model. One is growth, and the other one is around the speed of achieving savings or the synergies. In terms of top-line growth, what supports the year three projections is the continued growth of the categories in which we are in, plus our track record of driving growth. If you think about our financial model, the financial model works for us in the range of 3%-4% the financial model work for us. Right. On synergies, we expect to realize the $600 million synergies, as we said before. That puts us in the middle of the range of 23%-25% operating margin, so about 24% operating margin. Okay. The sensitivity around synergies is really the speed in which we'll be delivering the synergies. At this time, we said that about 2/3 of the synergies to be realized by year two and the remaining by year three. EPS accretion, we talked about it as a consequence of the P&L. EPS accretion we said to be in the mid to high teens in year three, post synergies. First full year to be mid to high single digits. We continue to feel confident about those numbers. That's the P&L. Moving into the cash component, I think is important as well to talk about, and the capital allocation. CAPEX, we talked about 3% of net sales or above $700 million of investments. We intend to maintain and grow our dividends policies that we have been doing within McCormick. That is going to be the case going forward. We have a very focused mindset to delever from the at or below 4x at close to 3x within two years. To unpack a little bit about the deleveraging plans, I think that's important to talk about. I would say, first, both companies start from a position of strength, both in terms of profit and cash flow generations, even though navigating difficult environments as we have been. The combined company expect to have operating margins of 21% and working capital benefits that drives 100% of free cash flow conversion to net income, which is very solid. Right from the start. Right from the start. Yeah. Right. Post-close, we expect to invest in the business and drive margin expansion. Our year three delevering projections are based on the low end of the operating margin range that we gave. After all the investments, you think about brand investments, cost to achieve synergies, dividends, we anticipate having $1.5 billion-$2 billion of cash to pay down debt within the first two years. It is a very solid P&L, a very solid cash flow generation, allow us to pay dividends, allow us to invest in CAPEX, and we still have $1.5 billion-$2 billion of cash left to pay down debt and get to 3x at year two. Okay, perfect. Brendan, I think every time you've spoken since the deal, we've learned more, including today. I think the disclosure has been pretty continuous. You teased the 3 Q updates as well. When we think about the path to roundabout mid-2027 close, how should we think about the milestones of further disclosure as we march toward that end goal? The timeline until close on this transaction is really driven by the legal and regulatory processes for the carve-out and also the combination. Yep. We see that as pretty typical for this type of structure and transaction and scale of it overall. We will use that time to our advantage to just really complete very rigorous planning overall, and we're moving with intent on all of those areas. I think in terms of milestones, what I think is important to share is kind of let's set the expectations as follows. By the end of July we'll be able to share a location of the secondary listing. Okay. We'll be able to do that. I think it'll be important for investors to know what that will be, and so we'll obviously make sure that we share that as quickly as we can. By the end of the third quarter, there are four things we want to be able to share more detail on. The first is the combined company's target operating model. Hmm-mm. Think about how's this company going to run? How's it choosing to operate? What will be the leadership roles within that top structure? We'll be able to share that, and I think that's also important to frame how we're viewing how we're running the business. The second area is providing more color on cost synergies and the implementation plan, so we'll be able to do more of that. As I said, we're already in our second phase, and we feel like our confidence is increasing on at least hitting the numbers that we talked about overall. The fourth thing is we'll have a refined view of how we're looking at growth synergies. I've already shared a lot today. Great color, but maybe we can provide a little bit more substance on how we're seeing it, maybe even down to a market level. Then lastly, the fourth thing we'll share is more of a defined scope on the TSA plans. Yep. That'll be specifically around IT distribution, go to market. Work streams are fully underway to do both supporting the carve-out financials as well as the regulatory filings. Those are working in parallel. We'll be able to share more context around that timing when we get to the end of the third quarter. Okay. Those are type of the long lead items that we've got overall. Depending on Unilever's carve-out timeline and those financials, that will then sort of dictate when we do shareholder vote, and then that'll probably be much closer to close overall. Okay. I think our goal is to really continue building investor confidence by sharing regularly updates and more details in terms of how we're looking at our planning. The point is to show the sort of the match to what we said, right? Really sort of make sure we generate confidence there. At the same time, it's really about operating our current business and achieving our goals for 2026. Okay, perfect. The secondary listing, Marcos, one thing that has been a kind of a perpetual question or concern is just flow back dynamics. Yeah. In terms of certain U.K.-based or European investors being forced to sell post-close, how are you thinking about that technical item? Right. Yeah, right. Yeah, that's what we heard as well from investors. Yeah. I mean, the focus often on flow back. The way that we frame this is it's important to remember that McCormick is going to be three times the size as it is today. With 50% of capital is being managed in U.S., being managed by index and ETF funds, there should also be a sizable index buying demand on closing as McCormick becomes a larger constituent of U.S. indices. We believe that the flow back is expected to more than offset any risks of any selling U.K. or European index trading funds at closing. Potential mandate-driven selling based on our analysis is very limited and to a small portion of some U.K. European investors. We believe that net net, the flow forward is going to more than offset the flow back, based on what we know today. Many active managers will have the flexibility to continue holding McCormick shares at closing. As we said today, as we mentioned today, Brendan mentioned it, the secondary European listing will also be confirmed by the end of July. Which should also help support flows and create broader liquidity. In addition to engaging with McCormick shareholders, Brendan and I have been engaging with Unilever shareholders and European-based active shareholders to make sure that they recognize the merits of this transaction and the combined company. We are very confident in the long-term benefits of this transaction and what provides to all shareholders. At the same time, we believe that the world's largest capital markets will be able to absorb the flows of this transaction, and we have grounds to believe the flow back will be manageable. Manageable. Yeah. Okay. Brendan, you talked about the importance of staying focused and delivering on fiscal 2026. I actually think in recent weeks that's been the bigger concern of investors is can McCormick adhere to guidance which you've affirmed? What milestones should we be watching for to gain more confidence that those 2026 goals are achievable and the company's not being distracted? Yeah, I think, I'll talk about from a McCormick perspective and even make a comment from a Unilever perspective. From a McCormick perspective, I think investors should look for continued organic sales growth margin expansion, continuing to invest in the business. Those three things are key themes for us in 2026. As we look at it, we continue to really drive investment in the business too, I think you'll continue to see us investing, sorry, balancing both volume and profitability, and we're not trying to sacrifice either. I think in that context, it's important that we're really committed to doing that. As we get through the year, we still see an ability to do that. We're focused on driving long-term healthy trends in our business overall and doing that across both segments that we've got. We feel pretty confident about being able to do that throughout the entire year, and we'll always be remaining focused on sort of creating that balance right now. I think it's important in the marketplace. When I think about our key themes for 2026, I still feel like we're going to try and deliver on most of those. Interestingly, it's the very same key themes for Unilever. Yep. Overall, I have a lot of confidence after talking with their teams, too, because it's a recurring point, which is strengthening and continuing to execute on the base business. That gives us confidence, too, and we expect them to continue their performance and track record. Having said this, both companies are doing this in the context of just continuing disruption that's coming into the marketplace especially through inflationary pressures, and we're finding a way to work through that which I think is kind of the most important point. On the context or the idea of distraction. Overall, I think that what I would tell you is that I observe tremendous organizational and operational clarity right now. We get that because we really have dedicated the resources to work the integration. When they go to a meeting throughout the day, they're not trying to work on both. Yeah. They're working on one. The same is true with the rest of the team. Obviously, the lion's share of our organization, working on the existing business, and there's just a lot of clarity and focus around that. We're not conflating the two, and we're making sure that we don't. I think that discipline is something that we're good at overall, but it's also important to be said. That's how we're going to carry ourselves through the rest of the year. Okay. Yeah, the external environment's not making life easier on anybody. I guess, maybe if you step back, what is your perspective on the state of the consumer, both in the U.S. and more broadly, overseas? I guess what implications for your categories and for your business are you seeing in evolving trends? If I step back and think about the way we've been talking about this the last several quarters, we've been talking about a pressured consumer. You see that expressed as more frequent trips to the grocery store, buying fewer items, greater demand for value, and taking a look at that. At the same time, searching for health and wellness at shelf. What's interesting is they're not compromising on health and wellness, even though they're looking for more value, they're trying to find both. Right now, what we're seeing is even a little bit more noise in the data, which would take me to this point of this idea of a resilient consumer that we've been talking about now for many quarters. Feels like it's weakening a little bit in the context of rising gas prices. I think it's difficult to identify how long we think that will be the case. It's something that we're really taking a close look at overall. Having said all of that, we've been through similar environments in the past, and we know how to navigate them, and I think Unilever does, too. This is an environment where we have to manage margin and also volume growth, and we'll have to balance those two, I think, in this environment. Also, in these environments, our categories still continue to grow in demand. I mean, flavor's still on trend. We have a lot to be thankful for in terms of our categories being healthy. Also, we have to think about how we navigate now that we have different factors going on overall. Having said that, we're always prepared to really kind of keep driving, I think, performance in the marketplace. For the rest of the year, what you'll see from us is continued growth in distribution, continued focus on revenue growth management plans being implemented in the marketplace. We'll still get the benefit of a lot of launches that we did in 2025, like our McCormick Gourmet renovation overall. Then we think about the innovation that we're launching this year, pretty exciting stuff. Our French's Mustard business, we've done a promotional partnership with the release of the new Minions movie. Are you a fan? Of course. Okay. It's actually kind of exciting. We're turning the color of mustard green b ecause of the key character in the movie. It's all natural colors, by the way. That's kind of an exciting element of just bringing fun to the category overall. We're relaunching our Seasoning Blends line, and what I'm really excited about, yes, there's new flavors, it's the price pack architecture changes that we're driving to create maybe more value at shelf. I'm excited about that. We're taking some of our new platforms and just launching them with really strong promotional ties, like Bridgerton or Harry Potter. These are fun, exciting things that we're doing over the summer. I'm a fan of those two. What? I'm a fan of those two. I'll get you some green mustard. Good. I guess, Marcos, from your perspective, what are the most acute cost or demand pressures as you think about 2026, and I guess what gives you the confidence that you can? Yeah. Fight through them? Yeah, we're in a quiet period right now, so we cannot share a lot of information, and we'll be able to share more information as part of our close earnings call at the end of June. Okay. Based on what we know today, we remain on track with our outlook for 2026. Sure. Overall, Brendan talked about the perspective on the consumer environment. I'm going to cover the cost piece. Yes, from a cost perspective, we are seeing cost increase. We do plan to mitigate the vast majority of those cost pressures through CCI programs, supply chain initiatives, as well as, obviously, leveraging revenue management capabilities that we have been doing over the last couple of months. In periods of cost pressures, we're trying to balance the idea of margin management with top-line growth as much as best as we can. Meet the consumers where they are with innovation, with convenience and price. That has been really the focus of the management team, is how do we protect the margins as well as drive the volume as much as we can in terms of finding that balance. Overall, we believe that the costs are rising, but we have elements in place and our toolbox in place to really offset those during the year Okay. We're closing in on the end of time. To close, I guess if there was one message or one strategy, maybe one message on execution, one message on strategy that you would leave investors with in terms of this is what investors should be focused on, this is what we're focused on, what would it be? Strategically, I think the headline for me would be McCormick is the right home for this Unilever Foods portfolio. It is the vision of how we view ourselves operating in flavor. We're intentionally focused on it, our technology, our talent, our brands. That's all we're focused on. We see a lot of growth in that part of the marketplace. We're creating global scale in these attractive categories by combining these two businesses. Just like I said before, we're enabling ourselves to accomplish something that would take decades to do for either company, actually. It creates a very unique proposition in the industry to have this really focused portfolio with scale, and I think that's quite exciting overall, and it's ultimately what's going to really amplify things that already make McCormick a great company. From an execution standpoint, I think the most important is, obviously, we're doing two things right now. We're running the existing business, and we're preparing an integration plan for the business. They're both receiving that very dedicated attention and focus that you would want them to have. All of our executional attention is on the clarity, organizationally and operationally on needing to do both, dedicating the resources to make that happen. I feel pretty confident about our ability to execute that. That's without dismissing an investor concern about the scale or the complexity. I would argue there's always complexity in integrations. We just have to really buckle down and make sure that we think it through and do a good job of executing that. We have a track record of doing that overall. Execution is definitely on our mind right now to make sure that we get through the year by accomplishing both, and we're off to a very good start, we think. Okay. With that, we'll wrap it up. I wish you a good trip back to Baltimore so you can participate in those meetings tomorrow. Yeah. Thanks for joining us. Thank you. Thanks to all of you for joining us as well.