McCormick & Company Inc (MKC) 2025 Q3 法說會逐字稿

Good morning. Good morning, this is Faten Freiha, VP of Investor Relations. Thank you for joining today's third quarter earnings call. To accompany this call we've posted a set of slides on our IR website, ir.mccormick.com.

早安.早安，我是投資者關係副總裁 Faten Freiha。感謝您參加今天的第三季財報電話會議。為了配合此次電話會議，我們在我們的 IR 網站 ir.mccormick.com 上發布了一組幻燈片。

With me this morning are Brendan Foley, Chairman, President, and CEO; and Marcos Gabriel, Executive Vice President and CFO. During this call we will refer to certain non-GAAP financial measures, the nature of those non-GAAP financial measures, and the related reconciliations to the GAAP results are included in this morning's press release and slides.

今天早上與我一起的有董事長、總裁兼執行長 Brendan Foley 和執行副總裁兼財務長 Marcos Gabriel。在本次電話會議中，我們將參考某些非 GAAP 財務指標，這些非 GAAP 財務指標的性質以及與 GAAP 結果的相關對帳都包含在今天早上的新聞稿和幻燈片中。

In our comments, certain percentages are rounded. Please refer to our presentation for complete information. Today's presentation contains projections and other forward-looking statements. Actual results could differ materially from those projected. The company undertakes no obligation to update or revise publicly any forward-looking statement, whether because of new information, future events, or other factors. Please refer to our forward-looking statement on slide 2 for more information.

在我們的評論中，某些百分比是四捨五入的。請參閱我們的簡報以獲取完整資訊。今天的演示包含預測和其他前瞻性陳述。實際結果可能與預測結果有重大差異。無論是由於新資訊、未來事件或其他因素，本公司均不承擔更新或公開修改任何前瞻性聲明的義務。請參閱投影片 2 上的前瞻性聲明以取得更多資訊。

I'll now turn the discussion over to Brendan.

現在我將討論交給布倫丹。

Good morning, everyone, and thank you for joining us. Third quarter top-line performance was strong and marked our fifth consecutive quarter of volume-led growth, reflecting our differentiation and the benefit of continued investments in our brands, expanded distribution, and innovation. Due to the dynamic global trade environment, our gross margin was further pressured by rising costs.

大家早安，感謝大家的收看。第三季營收表現強勁，標誌著我們連續第五個季度實現銷售驅動的成長，反映了我們的差異化以及持續投資於品牌、擴大分銷和創新所帶來的好處。由於全球貿易環境的動態變化，我們的毛利率因成本上升而進一步承壓。

However, our effective execution on efficiency initiatives drove continued operating profit growth. We are executing with discipline on the actions within our control, while adapting quickly to the dynamics in the external environment, and at the same time positioning McCormick for sustained long-term growth.

然而，我們對效率措施的有效執行推動了營業利潤的持續成長。我們正在嚴格執行我們控制範圍內的行動，同時快速適應外部環境的動態，並為 McCormick 的長期持續成長做好準備。

This morning, I will begin my remarks with an overview of our third quarter results, focusing mostly on top-line drivers. Next, I will review how McCormick is positioned relative to an evolving consumer landscape for the remainder of this year and into 2026. Then, I will highlight some areas of success and the areas we continue to work on, as well as our growth plans. Marcos will then go into more depth and review our 2025 outlook, including an update on our tariff exposure and mitigation plans. And finally, before your questions, I will have some closing comments.

今天上午，我將首先概述我們的第三季業績，主要關注營收驅動因素。接下來，我將回顧 McCormick 在今年剩餘時間和 2026 年不斷變化的消費者格局中的定位。然後，我將重點介紹一些成功的領域和我們繼續努力的領域，以及我們的成長計劃。隨後，馬可斯將更深入回顧我們的 2025 年展望，包括更新我們的關稅風險和緩解計畫。最後，在你們提問之前，我想說幾句結束語。

Turning now to our results on slide 4. In the third quarter, total organic sales increased by 2%, driven by volume growth, primarily in the consumer segment, in line with our expectations. In global consumer, organic sales growth was volume-led and demonstrated continued momentum across key markets and core categories in the Americas and EMEA.

現在就來看看投影片 4 上的結果。第三季度，總有機銷售額成長了 2%，主要得益於消費領域的銷售成長，符合我們的預期。在全球消費領域，有機銷售成長以銷售為主導，並在美洲和歐洲、中東和非洲地區的主要市場和核心類別中表現出持續的勢頭。

In Asia-Pacific, our China retail business continued to deliver growth. However, our food service business, which is reported within China consumer, faced softer demand due to slower consumption in certain channels, such as high-end dining. Despite this unforeseen headwind, we remain confident in a gradual full-year recovery in China consumer for 2025.

在亞太地區，我們的中國零售業務持續成長。然而，我們的餐飲服務業務（報告顯示其在中國消費者中佔有重要地位）由於某些管道（如高端餐飲）的消費放緩而面臨需求疲軟的情況。儘管面臨這種不可預見的逆風，我們仍然對 2025 年中國消費將全年逐步復甦充滿信心。

In global labor solutions, despite soft industry trends, we grew underlying volumes as we lapped favorable growth related to the timing of customer activities in the prior year in the Americas. Softness in large CPG and branded food service customers' volumes was also more than offset by QSR growth in both Americas and Asia-Pacific.

在全球勞動力解決方案方面，儘管行業趨勢疲軟，但由於我們去年在美洲實現了與客戶活動時機相關的有利增長，我們的基礎業務量仍然有所增長。大型 CPG 和品牌食品服務客戶銷售的疲軟也被美洲和亞太地區的 QSR 成長所抵消。

Also, we are increasingly benefiting from continued momentum in health and wellness categories, driven by both high-growth innovators and private label customers. Lastly, in EMEA, QSR trends began to stabilize, marking an improvement relative to recent periods.

此外，在高成長創新者和自有品牌客戶的推動下，我們越來越多地受益於健康和保健領域的持續發展勢頭。最後，在歐洲、中東和非洲地區，QSR 趨勢開始穩定，相對於近期有所改善。

Let me now share our current view on the state of the consumer and considerations for 2026. The environment remains challenging across our key markets, with market dynamics pointing to continued pressure into 2026. Consumers, especially low- to middle-income households, are adapting to the economic environment by adjusting how they shop, making more frequent trips with fewer items per basket, choosing larger pack sizes to maximize value, and stretching meals across a number of occasions.

現在，讓我分享一下我們對當前消費者狀況的看法以及對 2026 年的考慮。我們的主要市場環境仍充滿挑戰，市場動態顯示壓力將持續到 2026 年。消費者，尤其是中低收入家庭，正在透過調整購物方式來適應經濟環境，他們更頻繁地購物，減少每次購物的商品數量，選擇更大包裝以最大化價值，並延長用餐時間以適應不同的場合。

In addition, they continue to cook at home more often and shop the perimeter for fresh foods to help lower overall meal costs. These behaviors reinforce the demand for flavor, particularly in our core categories, with herbs and spices continuing to lead center-of-store unit consumption.

此外，他們繼續更頻繁地在家做飯，並在周邊購買新鮮食品，以幫助降低整體餐飲成本。這些行為強化了對風味的需求，特別是在我們的核心類別中，草藥和香料繼續引領商店中心單位消費。

Health and wellness trends continue to gain momentum. Consumers are preparing healthier, more affordable meals at home while exploring new flavors and culinary creativity. High-protein and healthy claims are driving purchase trends across retail and food service, alongside growth in functional foods that deliver great taste with added benefits such as protein, fiber, hydration, energy, and better sleep.

健康和保健趨勢持續增強。消費者正在家中準備更健康、更實惠的飯菜，同時探索新的口味和烹飪創意。高蛋白和健康宣稱正在推動零售和食品服務領域的購買趨勢，同時，功能性食品也不斷增長，這些食品不僅味道鮮美，還具有蛋白質、纖維、水分、能量和改善睡眠等附加益處。

Convenience, paired with flavor exploration, remains an area where consumers are willing to pay more, and e-commerce growth continues to accelerate across our core categories. These trends are fundamental, long-lasting, and support the continued demand for flavor, benefiting both the consumer and flavor solution segments.

便利性加上口味探索仍然是消費者願意支付更多費用的領域，而我們核心類別的電子商務成長持續加速。這些趨勢是根本性的、持久的，並支持對風味的持續需求，使消費者和風味解決方案領域都受益。

With our broad global reach, strong local brands, ongoing innovation, and strategic pricing, we're well positioned to meet the needs of consumers and continue to deliver value through flavor. As we address immediate priorities in today's rising cost environment, it's important to reiterate that our strategy remains consistent. We remain committed to delivering volume growth and investing in our brands, technology, and digital transformation.

憑藉我們廣泛的全球影響力、強大的本地品牌、持續的創新和策略定價，我們完全有能力滿足消費者的需求並繼續透過風味提供價值。當我們在當今成本上升的環境中解決當務之急時，必須重申我們的策略保持一致。我們將繼續致力於實現銷售成長並投資於我們的品牌、技術和數位轉型。

As we continue to reinforce the structural advantages that will drive our future success. We are balancing volume and profitability, and this year, we expect to offset rising commodity costs and tariffs as much as we can. Our global manufacturing location strategy, resilient supply chain, global sourcing capabilities, and collaborative efforts across the organization continue to be competitive advantages, enabling us to mitigate the impact of tariff and tariff-related costs, and maintain business momentum.

我們將繼續加強推動我們未來成功的結構優勢。我們正在平衡產量和獲利能力，今年，我們希望盡可能抵消不斷上漲的商品成本和關稅。我們的全球製造地點策略、有彈性的供應鏈、全球採購能力以及整個組織的協作努力繼續成為我們的競爭優勢，使我們能夠減輕關稅和關稅相關成本的影響，並保持業務發展勢頭。

We are absorbing some incremental costs this year, which has a near-term impact on our profitability. This approach enables us to maintain our volume momentum and sustain investment in our growth initiatives, while still delivering operating profit growth for the year. As a result, we reaffirmed our volume-led sales growth and expect to deliver at least the midpoint of the range.

我們今年正在吸收一些增量成本，這將對我們的獲利能力產生短期影響。這種方法使我們能夠保持銷量成長動能並維持對成長計畫的投資，同時仍實現全年營業利潤成長。因此，我們重申了以銷售量為主導的銷售成長，並預計至少能達到該範圍的中間點。

In addition, we revised our profitability outlook to the low end of the range provided in January. This reflects the updated net impact of rising commodity costs and tariffs since our second quarter call. As we look ahead to 2026 and beyond, we will remain consumer-centric, committed to delivering value, flavor, and quality, while maintaining our volumes and protecting our profitability.

此外，我們將獲利預期修正至 1 月給出的區間低階。這反映了自我們第二季電話會議以來商品成本和關稅上漲的最新淨影響。展望 2026 年及以後，我們將繼續以消費者為中心，致力於提供價值、風味和質量，同時保持產量並保護獲利能力。

Let's move to slide 5, and let me highlight for the quarter some of the key areas of success. Across the global consumer segment, we continue to successfully execute on our plans. We have held steady or improved share across many core categories in key markets for the last five quarters. McCormick-branded unit consumption growth continues to outpace the broader edible category in the US. In EMEA, unit and dollar consumption are outpacing branded and private-label fast-moving consumer goods, or FMCG food.

讓我們轉到第 5 張投影片，讓我重點介紹本季的一些關鍵成功領域。在全球消費領域，我們繼續成功執行我們的計劃。在過去五個季度，我們在主要市場的許多核心類別中保持了穩定或提高了份額。在美國，McCormick 品牌的單位消費量成長速度持續超過更廣泛的食用類別。在歐洲、中東和非洲地區，單位消費量和美元消費量超過了品牌和自有品牌快速消費品或快速消費品食品。

Let me provide some additional color. Starting with spices and seasonings, we drove strong volume growth across all regions. In the US, volume growth continued to outpace private-label for the fifth consecutive quarter. In Canada, we continue to grow overall share. In France and Poland, share gains in spices and seasonings are contributing meaningfully to EMEA's gains.

讓我提供一些額外的顏色。從香料和調味品開始，我們推動了所有地區的銷售強勁成長。在美國，銷售成長連續第五個季度超過自有品牌。在加拿大，我們的整體份額持續成長。在法國和波蘭，香料和調味品的市場份額成長對歐洲、中東和非洲地區的成長做出了重大貢獻。

This quarter, the strong performance in our grilling portfolio was supported by the rollout of our new consumer-preferred packaging for Grill Mates, as well as increased Frank's RedHot promotions and innovation. In mustard, we are pleased to see that our plans are continuing to drive great results. For the third quarter in a row, we drove dollar, unit, and volume share gains in the Americas. In EMEA, we drove unit and dollar share gains in mustard for the last two quarters.

本季度，我們燒烤產品組合的強勁表現得益於我們為 Grill Mates 推出的全新消費者喜愛的包裝，以及 Frank's RedHot 促銷和創新的增加。在芥末方面，我們很高興地看到我們的計劃正在繼續取得巨大的成果。連續第三個季度，我們在美洲地區實現了美元、單位和銷售份額的成長。在歐洲、中東和非洲地區，我們在過去兩個季度推動了芥末的單位和美元份額的成長。

In hot sauce, we continue to achieve good results. In the US, we continue to drive unit share gains fueled by expanded distribution, as well as investments in differentiated brand marketing and innovation. In the UK, we accelerated unit consumption, leading to dollar share gains. We continue to make progress on total distribution points, or TDPs. In the Americas, we expanded TDPs across spices and seasonings, recipe mixes, hot sauce, and mustard.

在辣醬方面，我們繼續取得良好的業績。在美國，我們繼續透過擴大分銷以及對差異化品牌行銷和創新的投資來推動單位份額的成長。在英國，我們加速了單位消費，導緻美元份額增加。我們在總分佈點（TDP）方面繼續取得進展。在美洲，我們將 TDP 擴展到香料和調味料、配方混合物、辣醬和芥末。

In the Americas and EMEA, we continue to gain distribution in high-growth channels, like e-commerce. In flavor solutions, we continue to see strength in our technically insulated high-margin product category, flavors. In flavors in the Americas, we continue to diversify our customer base by winning new customers and gaining share, increasingly benefiting from both high-growth innovators and private label customers. In addition, we are seeing an increase in reformulation projects, particularly with larger customers.

在美洲和歐洲、中東和非洲地區，我們繼續在電子商務等高成長通路中獲得分銷。在調味品解決方案方面，我們繼續看到技術上絕緣的高利潤產品類別—調味品的實力。在美洲的口味方面，我們繼續透過贏得新客戶和獲得市場份額來實現客戶群的多樣化，並越來越多地受益於高成長創新者和自有品牌客戶。此外，我們看到重新配方項目正在增加，特別是針對較大的客戶。

Lastly, we outperformed the industry across many end categories, including nutrition bars, alcoholic and non-alcoholic beverages, and we continue to win business across snack seasonings in better-for-you categories.

最後，我們在許多終端類別中的表現都優於行業，包括營養棒、酒精和非酒精飲料，我們繼續在對您更有益的零食調味品類別中贏得業務。

QSR performance remains strong in both the Americas and Asia-Pacific, and volumes have stabilized in EMEA relative to recent trends. In the Americas, performance was driven by innovation, customer growth, and continued share gains. In China and Southeast Asia, our customers' new products and promotions continue to drive strong volume growth.

美洲和亞太地區的 QSR 業績依然強勁，而歐洲、中東和非洲地區的銷量相對於近期趨勢而言已經趨於穩定。在美洲，業績的推動力來自於創新、客戶成長和持續的市場份額成長。在中國和東南亞，我們客戶的新產品和促銷活動持續推動強勁的銷售成長。

Let me now touch on some areas where we are seeing some pressure, starting with global consumer. In recipe mixes, we continue to demonstrate underlying strength in our base business and strong consumer loyalty. We saw growth across many product lines. However, total growth was pressured by increased competition in the US, particularly within the Mexican flavor category. We expect these trends to improve as we launch new innovation, gain distribution, leverage our authentic Mexican brands like Cholula, and invest behind our brand marketing initiatives.

現在讓我來談談我們看到一些壓力的一些領域，首先是全球消費者。在配方混合方面，我們持續展現基礎業務的潛在實力和強大的消費者忠誠度。我們看到許多產品線都在成長。然而，整體成長受到美國競爭加劇的壓力，尤其是墨西哥風味類別。我們預計，隨著我們推出新的創新、獲得分銷、利用像 Cholula 這樣的正宗墨西哥品牌以及投資我們的品牌行銷計劃，這些趨勢將會改善。

In Asia-Pacific consumer, as I mentioned, the food service business faced softer demand in certain channels. Looking ahead to the fourth quarter, we continue to diversify into high-growth channels and expand our distribution. As a result, we remain confident in a gradual full-year recovery in China consumer for 2025.

正如我所提到的，在亞太消費者市場，食品服務業務在某些管道面臨需求疲軟的情況。展望第四季度，我們將繼續向高成長通路多元化發展並擴大分銷。因此，我們仍然對2025年中國消費將全年逐步復甦充滿信心。

Moving to flavor solutions, in the Americas and in EMEA, within flavors, some of our large CPG customers continue to experience softness and volumes within their own businesses. We continue to work on offsetting these trends through innovation and collaboration and by winning new customers.

轉向風味解決方案，在美洲和歐洲、中東和非洲地區，在風味領域，我們的一些大型 CPG 客戶繼續在其自身業務中感受到疲軟和數量下降。我們將繼續致力於透過創新和協作以及贏得新客戶來抵消這些趨勢。

In branded food service, foot traffic remains soft, which continues to impact our customers' volumes. We are seeing sequential improvement in our underlying business performance, driven by non-commercial customers. This includes places of employment, hospitals, and colleges and universities.

在品牌食品服務中，客流量仍然疲軟，這繼續影響著我們的顧客數量。在非商業客戶的推動下，我們的基礎業務表現持續改善。其中包括工作場所、醫院以及學院和大學。

As outlined on slide 6, our growth levers remain consistent to drive growth through category management, brand marketing, new products, proprietary technologies, and our differentiated customer engagement. These levers are supported and enhanced through data and analytics as we continue to accelerate our digital transformation.

如同投影片 6 所述，我們的成長槓桿保持一致，透過品類管理、品牌行銷、新產品、專有技術和差異化客戶參與來推動成長。隨著我們不斷加速數位轉型，這些槓桿透過數據和分析得到支持和增強。

The strength of our base business continues across major markets and core categories. And, we have a number of initiatives in flight that will continue to support our performance for the fourth quarter. I am excited about the growth opportunities ahead.

我們的基礎業務在主要市場和核心類別中繼續保持強勁勢頭。而且，我們正在實施一系列舉措，這些舉措將繼續支持我們第四季的業績。我對未來的發展機會感到興奮。

In the consumer segment, our investments to drive volume growth remain in place, including increased brand marketing, innovation, and revenue management initiatives. They have driven strong and differentiated performance over the last six quarters. We continue to see strong consumption trends and expect continued volume growth for the fourth quarter. We expect distribution growth, accelerated innovation and renovation across the portfolio, and brand marketing investments to drive increased purchase interest and velocity, and support volume performance.

在消費者領域，我們持續進行推動銷售成長的投資，包括增加品牌行銷、創新和收入管理措施。在過去的六個季度中，他們取得了強勁且差異化的業績。我們繼續看到強勁的消費趨勢，並預計第四季度銷售將繼續成長。我們預計分銷成長、整個產品組合的加速創新和革新以及品牌行銷投資將推動購買興趣和速度的提高，並支持銷售表現。

Let me provide a couple of examples. We are seeing great early results from the relaunch of our McCormick Gourmet line, with countertop-worthy new packaging, including a vibrant gold cap that seals in freshness, provides a modern look, and highlights that we only use the best raw materials.

讓我舉幾個例子。我們重新推出的 McCormick Gourmet 系列產品取得了顯著的早期成果，其新包裝適合放在檯面上使用，包括一個鮮豔的金色瓶蓋，可以鎖住新鮮度，提供現代外觀，並強調我們只使用最好的原材料。

In addition, we secured incremental distribution, which will support strong growth in the fourth quarter. In terms of new products, the Cholula line of cremosas and cooking sauces, in addition to our new McCormick finishing sugars that were launched for the holiday season, are also yielding great results.

此外，我們獲得了增量分銷，這將支持第四季度的強勁成長。在新產品方面，Cholula 系列奶油薩和烹飪醬料以及我們為假日季節推出的新款 McCormick 精製糖也取得了良好的表現。

Shifting to EMEA, Schwartz air fryer seasonings continue to be successful, addressing consumers' increased appetite for air fryer-focused seasonings. In addition, our new all-purpose seasonings are performing well with younger consumers, meeting demand for enhanced flavor without being specific to one type of meal.

轉向歐洲、中東和非洲地區後，Schwartz 氣炸鍋調味料持續成功，滿足了消費者對氣炸鍋調味料日益增長的需求。此外，我們的新型多用途調味料在年輕消費者中很受歡迎，滿足了消費者對增強風味的需求，而不局限於某一類餐點。

Lastly, we are excited about the holiday season, and are well-positioned with our promotion and innovation plans. We are increasing our merchandising levels, supporting our portfolio with holiday brand marketing campaigns, and are expecting a strong holiday season.

最後，我們對假期感到興奮，我們的促銷和創新計劃已經做好了充分的準備。我們正在提高商品銷售水平，透過假日品牌行銷活動支持我們的產品組合，並期待一個強勁的假期季節。

Moving now to the flavor solution segment. Starting with branded food service, we are leveraging our iconic brands in the food away from home channel. For example, driving strong growth in Cholula hot sauce in the front of the house, and increasingly in back of the house, leading to share gains. French's mustard continues to perform well, with share gains across regional and national chains for the last four quarters.

現在轉到風味解決方案部分。從品牌食品服務開始，我們在外出用餐通路中充分利用我們的標誌性品牌。例如，推動了 Cholula 辣醬在餐廳前部的強勁增長，餐廳後部的銷售也日益增加，從而帶來了市場份額的增長。French's 芥末醬持續表現良好，過去四個季度在區域和全國連鎖店的市佔率均有所成長。

Furthermore, we are fueling growth with operator-relevant non-trend innovation, with products like McCormick Blackened and Korean BBQ seasonings, and our flavor of the year, Aji Amarillo, as well as Cattlemen's Memphis Sweet BBQ dip. Lastly, we are expanding distribution in growing channels including cash and carry, non-commercial, and e-commerce, where we are seeing good momentum.

此外，我們還透過與營運商相關的非趨勢創新來推動成長，推出 McCormick Blackened 和韓國燒烤調味料等產品，以及我們今年的風味 Aji Amarillo 以及 Cattlemen's Memphis Sweet BBQ 蘸醬。最後，我們正在擴大包括現購自運、非商業和電子商務在內的成長管道的分銷，我們看到這些管道的發展勢頭良好。

Shifting to flavors, we are leveraging our culinary heritage, regulatory, research and innovation, and product development expertise to support customers in navigating evolving regulatory environment, and meeting consumer needs for health and wellness with innovation. We are seeing an increase in reformulation projects, particularly with large CPG customers. Momentum is building, and the execution and impact are expected to materialize over time. This is due to extended validation and launch timelines of these projects.

轉向口味，我們利用我們的烹飪傳統、監管、研究和創新以及產品開發專業知識來支持客戶應對不斷變化的監管環境，並透過創新滿足消費者對健康和保健的需求。我們看到重新配方項目正在增加，特別是針對大型 CPG 客戶。勢頭正在增強，預計其執行力和影響將隨著時間的推移而顯現。這是因為這些項目的驗證和啟動時間延長了。

In terms of innovation, we are collaborating with large and emerging brands to flavor energy, hydration, protein-based beverages, protein or fiber snacks, and zero-sugar drinks. We are increasingly benefiting from growth in health and wellness categories, driven by high-growth innovator customers with emerging brands, and private label customers.

在創新方面，我們正在與大型和新興品牌合作，為能量、保濕、蛋白質飲料、蛋白質或纖維零食和零糖飲料增添風味。我們越來越多地受益於健康和保健類別的成長，這得益於擁有新興品牌的高成長創新客戶和自有品牌客戶。

In addition, we are leveraging our expertise in functional ingredients and our technologies to help customers mask off-notes or enhance flavors as they add protein across categories, like protein-based snacks. Our win rate in health and wellness-related briefs is strong across our regions, and we continue to dedicate resources to where we have the right to win.

此外，我們還利用我們在功能性成分和技術方面的專業知識，幫助客戶在跨類別產品（如蛋白質類零食）中添加蛋白質時掩蓋異味或增強風味。我們在各個地區與健康和保健相關的案件中的勝訴率都很高，我們將繼續把資源投入到我們有權獲勝的領域。

To wrap up our growth plans, and specifically our view for the remainder of the year, we remain confident in the long-term health of our business, our fundamentals, and in delivering on our plans to continue to drive industry-leading differentiated performance.

總結我們的成長計劃，特別是我們對今年剩餘時間的展望，我們仍然對我們業務的長期健康狀況、我們的基本面以及繼續推動行業領先的差異化業績的計劃充滿信心。

Now, over to Marcos.

現在，輪到馬科斯了。

Thank you, Brendan, and good morning, everyone. Let's start on slide 8. Total organic sales grew 2% for the quarter, driven by volume and mix. This reflects total volume-led growth for the last five quarters and underscores our differentiation and ability to drive growth, even in a consumer backdrop that remains challenging overall.

謝謝你，布倫丹，大家早安。我們從第 8 張投影片開始。受銷量和產品組合的推動，本季有機總銷售額成長了 2%。這反映了過去五個季度的整體銷售驅動的成長，並強調了我們的差異化和推動成長的能力，即使在整體消費環境仍然充滿挑戰的情況下也是如此。

Moving to our consumer segment on slide 9. Organic sales increased 3%, driven primarily by volume and mix, with minimal benefit from pricing. Consumer organic sales in the Americas grew 3%, with 3% volume growth and flat pricing. Volume growth was strong across our core categories and was driven by our investments in brand marketing, innovation, and category management.

前往投影片 9 上的消費者部分。有機銷售成長 3%，主要受銷售量和產品組合的推動，定價帶來的好處微乎其微。美洲的消費者有機產品銷售額成長了 3%，銷量成長了 3%，價格維持不變。我們的核心產品類別的銷售成長強勁，這得益於我們在品牌行銷、創新和產品類別管理方面的投資。

In the media, we grew consumer organic sales 4%, driven by a 1% increase in volume and 3% increase in price, related to targeted actions taken as a result of increased commodity costs. We're pleased with the sustained volume growth in EMEA, despite price increases. Consumer organic sales in the Asia-Pacific region decreased by 1%. This decline was driven primarily by softness in the food service business in China that Brendan mentioned earlier.

在媒體領域，我們的消費者有機銷售額成長了 4%，這得益於銷量成長 1% 和價格上漲 3%，這與針對商品成本上漲而採取的有針對性的措施有關。儘管價格上漲，但我們對歐洲、中東和非洲地區的銷售持續成長感到滿意。亞太地區的消費者有機銷售額下降了1%。這一下降主要是由於布倫丹之前提到的中國食品服務業的疲軟。

Turning to our flavor solution segment on slide 10. Third quarter organic sales were up 1%, driven by price contributions of 1% and flat volume and mix. The volumes for the quarter were impacted by unfavorable comparisons related to the timing of customers' activities in the prior year. Underlying volume was positive for the quarter.

前往幻燈片 10 上的風味解決方案部分。第三季有機銷售額成長 1%，受價格貢獻 1% 以及銷售量和產品組合持平的推動。本季的銷售量受到與上一年客戶活動時間相關的不利比較的影響。本季基礎交易量為正。

In the Americas, flavor solutions organic sales increased 1%, reflecting a 2% price contribution, partially offset by a 1% decline in volume. Our results include the unfavorable comparison I mentioned earlier and reflect strong performance with faster-growing flavor customers and continued QSR growth, partially offset by softness in CPG customers' volumes. The price contribution is primarily related to currency in Latin America.

在美洲，調味解決方案有機銷售額成長 1%，反映出 2% 的價格貢獻，但被 1% 的銷售下降部分抵消。我們的結果包括我之前提到的不利的比較，並反映了快速成長的風味客戶的強勁表現和持續的 QSR 成長，但部分被 CPG 客戶數量的疲軟所抵消。價格貢獻主要與拉丁美洲的貨幣有關。

In EMEA, organic sales decreased by 3%, including a 2% decline from price and a 1% impact of lower volume, reflecting soft CPG customers' volumes. We're pleased to see that volumes have stabilized in EMEA relative to recent trends. In the Asia-Pacific region, flavor solutions organic sales increased 6%, with volume growth of 9%, driven by QSR customer promotions and limited-time offers, partially offset by price of 3%.

在歐洲、中東和非洲地區，有機銷售額下降了 3%，其中包括價格下降 2% 和銷量下降 1%，反映了 CPG 客戶銷量疲軟。我們很高興看到，相對於近期趨勢，歐洲、中東和非洲地區的交易量已經趨於穩定。在亞太地區，受 QSR 客戶促銷和限時優惠的推動，調味解決方案有機銷售額增長 6%，銷量增長 9%，但價格上漲 3% 部分抵消了這一增長。

Moving to slide 11. Adjusted gross profit margin was down 120 basis points in the third quarter due to higher commodity costs, tariffs, and costs to support increased capacity for future growth partially offset by savings from our Comprehensive Continuous Improvement Program, or CCI.

移至投影片 11。第三季調整後的毛利率下降了 120 個基點，原因是商品成本、關稅以及支持未來成長能力的成本增加，但被我們綜合持續改善計畫 (CCI) 的節省部分抵消。

Overall, gross margins came in below our expectations as we're seeing incremental cost pressures due to the global trade environment. In the fourth quarter, more of our mitigation efforts will come through, leading to gross margin improvement.

整體而言，由於全球貿易環境導致成本壓力增加，毛利率低於我們的預期。第四季度，我們更多的緩解措施將會落實，從而提高毛利率。

Selling, general and administrative expenses, or SG&A, decreased 100 basis points relative to the third quarter of last year, driven by lower employee-related benefits expenses as well as CCI savings, including our SG&A streamlining initiatives, partially offset by continued investments in brand marketing and technology.

銷售、一般及行政開支（SG&A）較去年第三季下降 100 個基點，這得益於員工相關福利開支的降低以及 CCI 節省（包括我們的 SG&A 精簡舉措），但對品牌營銷和技術的持續投資部分抵消了這一影響。

For the quarter, adjusted operating income increased by 2% with minimal impact from currency. This increase was driven by improved SG&A, partially offset by gross margin and increased investments to drive growth. Our third quarter adjusted effective tax rate was 16% and comparable with the year ago period rate of 17%. Our tax rate in both periods benefited from favorable discrete tax items. Our income from unconsolidated operations in the third quarter decreased 6% as the strong operational performance from our largest joint venture, McCormick de Mexico was more than offset by the strengthening of the US dollar against the Mexican peso.

本季度，調整後的營業收入成長了 2%，受貨幣影響很小。這一增長是由銷售、一般及行政費用的改善所推動的，但被毛利率和推動增長的投資增加部分抵消。我們第三季的調整後有效稅率為 16%，與去年同期的 17% 相當。我們在這兩個時期的稅率都受益於有利的單項稅項目。第三季度，我們非合併業務的營收下降了 6%，原因是我們最大的合資企業 McCormick de Mexico 的強勁營運業績被美元兌墨西哥比索的走強所抵銷。

Turning to segment operational results on slide 12. Adjusted operating income in the Consumer segment increased 4% or 3% in constant currency. The increase was driven by sales growth and improved SG&A, partially offset by increased tariffs and commodity costs. In Flavor Solutions, adjusted operating income declined by 2%, with minimal impact from currency as we lapped a strong quarter in the prior year and faced increased tariff and commodity costs. These headwinds were partially offset by pricing and improved SG&A.

轉到第 12 張投影片上的分部營運結果。消費者部門的調整後營業收入成長了 4%，以固定匯率計算成長了 3%。這一增長是由銷售額增長和銷售、一般及行政費用改善所推動的，但被關稅和商品成本的增加部分抵消。在風味解決方案方面，調整後的營業收入下降了 2%，受貨幣影響很小，因為我們在上一年的一個季度表現強勁，並且面臨關稅和商品成本上漲的問題。這些不利因素被定價和銷售、一般及行政費用的改善部分抵銷。

Year-to-date, Flavor Solutions adjusted operating income increased by 10% or 12% in constant currency, in line with our expectations. We continue to make progress in expanding our Flavor Solutions operating margin and expect our total adjusted operating margin expansion for the year to be led by this segment.

年初至今，香精解決方案調整後的營業收入成長了 10%，以固定匯率計算成長了 12%，符合我們的預期。我們在擴大風味解決方案營業利潤率方面繼續取得進展，並預計今年我們調整後的總營業利潤率成長將由該部門引領。

At the bottom line, as shown on slide 13, third quarter 2025 adjusted earnings per share was $0.85, an increase of 2% compared to the year ago period, driven primarily by increased adjusted operating income.

重點是，如幻燈片 13 所示，2025 年第三季調整後每股收益為 0.85 美元，較去年同期成長 2%，主要得益於調整後營業收入的增加。

On slide 14, we've summarized highlights for cash flow and balance sheet. Our cash flow from operations for the third quarter of 2025 was $420 million compared to $463 million in 2024. The decrease was driven by higher cash used due to the timing of working capital. We returned $362 million of cash to shareholders through dividends and used $138 million for capital expenditure. The timing of capital expenditure depends on the phasing of initiatives, including projects to increase capacity and capabilities to meet growing demand, advance our digital transformation and optimize our costs structure.

在投影片 14 上，我們總結了現金流量和資產負債表的亮點。我們 2025 年第三季的經營現金流為 4.2 億美元，而 2024 年為 4.63 億美元。下降的原因是營運資金的時間安排導致現金使用量增加。我們透過股息向股東返還了 3.62 億美元現金，並使用 1.38 億美元用於資本支出。資本支出的時間取決於各項措施的分階段實施，包括提高產能和能力以滿足不斷增長的需求、推動數位轉型和優化成本結構的專案。

Our priority remains to have a balance use of cash. This means funding investments to drive growth, returning a significant portion of cash to our shareholders through dividends and maintaining a strong balance sheet. We remain committed to a strong investment-grade rating and expect to continue to deliver strong cash flow in 2025, driven by profit and working capital initiatives.

我們的首要任務仍然是平衡使用現金。這意味著透過投資來推動成長，透過股息向股東返還大量現金，並維持強勁的資產負債表。我們仍然致力於保持強勁的投資等級評級，並預計在利潤和營運資本計畫的推動下，到 2025 年將繼續實現強勁的現金流。

Before turning to our outlook, let me provide an update on our tariff exposure and mitigation plans on slide 15. Since our last earnings call, new and higher tariff rates have been introduced. As this situation remains fluid, it's important to call out that our views reflect tariffs as they currently stand. As you can see on the slide, our current gross tariff costs for 2025 are now expected to be approximately $70 million compared to the $50 million we provided on our last call. Our total gross annualized tariff exposure is now approximately $140 million compared to $90 million we provided previously.

在談到我們的展望之前，請允許我在第 15 張投影片上提供有關我們的關稅風險和緩解計劃的最新資訊。自從我們上次財報電話會議以來，我們引入了新的更高的關稅稅率。由於情況仍在不斷變化，我們必須指出，我們的觀點反映了目前的關稅狀況​​。正如您在幻燈片上看到的，我們目前預計 2025 年的總關稅成本約為 7000 萬美元，而上次電話會議中我們提供的是 5000 萬美元。我們現在的年度總關稅風險約為 1.4 億美元，而之前我們所提供的總額為 9,000 萬美元。

For 2025, we continue to expect to offset most of the tariff impact. But it's worth noting that not all of our mitigation efforts are permanent, and this will need to be addressed next year. As we look ahead to 2026, we plan to offset as much of the incremental impact as we can with productivity savings across the P&L, alternative sourcing, supply chain initiatives and, of course, leverage our revenue management capabilities, including pricing.

到 2025 年，我們仍預計將抵消大部分關稅影響。但值得注意的是，我們的緩解措施並非都是永久性的，這個問題需要在明年解決。展望 2026 年，我們計劃透過損益表中的生產力節約、替代採購、供應鏈計劃以及當然利用我們的收入管理能力（包括定價）來盡可能多地抵消增量影響。

As you know, this is an evolving situation, and we'll continue to monitor how policies impact rates and therefore, our costs. We expect to provide more color on this when we report our fourth quarter results in January and share our outlook for 2026. It's worth noting that we have begun implementing targeted tariff pricing, and we'll be monitoring elasticities to help inform our plans for 2026. As we said, we're taking a very surgical approach to pricing and leveraging robust analytics and planning tools to ensure we maintain volume growth and continue to meet consumers and customers' needs for both value and flavor.

如您所知，情況正在不斷變化，我們將繼續監控政策如何影響利率以及我們的成本。我們預計在 1 月份報告第四季度業績並分享 2026 年展望時對此提供更多說明。值得注意的是，我們已經開始實施有針對性的關稅定價，並且我們將監控彈性以幫助制定 2026 年的計劃。正如我們所說，我們採取非常精準的定價方法，並利用強大的分析和規劃工具來確保我們保持銷售成長，並繼續滿足消費者和客戶對價值和口味的需求。

We're staying agile with mitigation plans across all lines of the P&L to protect our profitability. In summary, we see tariffs as a discrete headwind to work through. However, we remain committed to our strategic priorities to continue to drive a healthy top line, invest in the business and maximize our profitability.

我們正在對所有損益表項目採取靈活的緩解計劃，以保護我們的獲利能力。總而言之，我們認為關稅是一個需要克服的獨立阻力。然而，我們仍然致力於我們的策略重點，繼續推動健康的營收成長，投資業務並最大化我們的獲利能力。

Now let's turn to our updated 2025 financial outlook on slide 16. We're maintaining our net sales and revising adjusted operating income and adjusted earnings per share guidance for the year to reflect our updated estimates on the impact of higher commodity costs and tariffs. Overall, in terms of currency, our assumptions remain about the same.

現在讓我們來看看投影片 16 上更新的 2025 年財務展望。我們維持淨銷售額不變，並修改本年度調整後的營業收入和調整後的每股盈餘指引，以反映我們對商品成本和關稅上漲影響的最新估計。總體而言，就貨幣而言，我們的假設保持不變。

At the top line, we continue to expect organic net sales growth to range between 1% and 3% and expect to achieve at least the midpoint of our guidance range. Growth remains volume-led and primarily driven by our Consumer segment, with Flavor Solutions continuing to be flat for the year. In terms of price, we continue to expect a contribution primarily through the Flavor Solutions segment and tariff-related pricing will mostly come through in the fourth quarter.

在營收方面，我們繼續預期有機淨銷售額成長率將在 1% 至 3% 之間，並預期至少達到我們指導範圍的中點。成長仍然以銷售為主導，主要由我們的消費者部門推動，而風味解決方案部門全年繼續保持穩定。在價格方面，我們繼續預計主要透過風味解決方案部門做出貢獻，並且與關稅相關的定價將主要在第四季度實現。

For China, our outlook continues to assume a gradual recovery, and we expect China consumer sales to improve slightly year-over-year. We saw this come through in the year-to-date period, and we expect it to continue for the rest of the year. In terms of inflation, excluding the impact of tariffs, our estimate has changed for the year to low to mid-single digits compared to low single digits in our prior outlook.

對於中國，我們的前景繼續假設經濟將逐步復甦，我們預計中國消費銷售額將比去年同期略有改善。我們看到這種情況在今年迄今為止已經出現，我們預計這種情況將在今年剩餘時間內持續下去。就通貨膨脹而言，排除關稅的影響，我們對今年的預測已從先前的低個位數變為低至中等個位數。

Our 2025 gross margin is now projected to be flat for the year compared to our prior guidance of flat to 50 basis points. This reflects elevated costs of commodities and tariffs coming in higher than we had planned. As we look ahead to the fourth quarter, we expect gross margins to improve as more of our mitigation efforts will be in place.

我們目前預計 2025 年的毛利率將與先前預測的持平至 50 個基點相比持平。這反映出商品成本上漲和關稅高於我們的計劃。展望第四季度，我們預計隨著更多緩解措施的實施，毛利率將會提高。

On SG&A, we expect CCI savings, inclusive of our streamlining initiatives to be offset by investments in technology as well as brand marketing to drive volume growth. We continue to invest in brand marketing in line with our guidance, and we're driving more efficiencies through the use of technology as well as our CCI program.

在銷售、一般和行政費用方面，我們預計包括精簡舉措在內的 CCI 節省將透過對技術和品牌行銷的投資來抵消，從而推動銷售成長。我們將繼續按照指導方針投資品牌行銷，並透過使用技術和 CCI 計劃來提高效率。

Adjusted operating income growth is now expected to be 3% to 5% in constant currency compared to a prior range of 4% to 6%. The decrease of 1 point represents the incremental increase in tariff and commodity costs. It's worth noting that our revised range brackets the low end of our prior guidance, which was set back in January of this year prior to the changes in the global trade environment.

調整後的營業收入成長率預計為 3% 至 5%（以固定匯率計算），而先前的預期為 4% 至 6%。每減少1個點，代表關稅和商品成本的增加。值得注意的是，我們修改後的範圍處於我們先前指導的低端，該指導是在今年 1 月全球貿易環境發生變化之前設定的。

In addition, we want to maintain a balanced outlook that gives us the flexibility to continue to invest in the business, while growing adjusted operating income. In terms of tax, we expect our tax rate to be approximately 22% for the year compared to 20.5% in 2024, where we benefit from a number of discrete tax items that are not expected to repeat in 2025.

此外，我們希望保持平衡的前景，使我們能夠靈活地繼續投資業務，同時增加調整後的營業收入。在稅收方面，我們預計今年的稅率約為 22%，而 2024 年為 20.5%，我們將受益於一些預計在 2025 年不會重複的單獨稅項。

Our income from unconsolidated operations is expected to decline in the high single-digit range in 2025, reflecting the strengthening of the US dollar against the Mexican peso, which is impacting the strong results of our largest joint venture, McCormick de Mexico. The business continues to perform well and is contributing to our net income and operating cash flow results. We continue to expect to close the McCormick de Mexico transaction early in 2026.

預計到 2025 年，我們的非合併業務收入將出現高個位數下降，這反映了美元兌墨西哥比索的走強，這將影響我們最大的合資企業 McCormick de Mexico 的強勁業績。該業務繼續表現良好，並為我們的淨收入和經營現金流做出貢獻。我們仍然預計將於 2026 年初完成 McCormick de Mexico 交易。

In the meantime, we're developing plans to support our integration efforts, and we look forward to providing an update on our fourth quarter call. In summary, our 2025 adjusted earnings per share projection is now $3 to $3.05 compared to our prior guidance of $3.03 to $3.08 on a reported dollar basis, reflecting the impact of our updated adjusted operating income outlook.

同時，我們正在製定計劃來支持我們的整合工作，並期待在第四季度電話會議上提供最新消息。總而言之，我們對 2025 年調整後每股收益的預測現在為 3 美元至 3.05 美元，而我們先前的預測為 3.03 美元至 3.08 美元（以報告美元計算），這反映了我們更新後的調整後營業收入前景的影響。

Year-over-year, adjusted EPS growth is impacted by currency headwinds and increased tax rate compared to the prior year. On a constant currency basis, adjusted EPS is expected to grow between 4% and 6% compared to our prior guidance of 5% to 7%.

與去年同期相比，調整後的每股盈餘成長受到貨幣逆風和稅率上升的影響。以固定匯率計算，調整後的每股盈餘預計將成長 4% 至 6%，而我們先前的預期為 5% 至 7%。

In closing, we remain on track to deliver volume-led constant currency top line growth. Despite higher costs, we're investing strategically, executing with discipline and driving efficiencies, enabling us to deliver operating profit growth and sustain our differentiation. We're confident in our ability to deliver on our updated 2025 outlook and long-term objectives.

最後，我們仍有望實現以交易量為主導的固定匯率營業收入成長。儘管成本較高，我們仍進行策略性投資，嚴格執行並提高效率，從而實現營業利潤成長並保持差異化。我們有信心實現最新的 2025 年展望和長期目標。

Thank you, Marcos. Before moving to Q&A, I would like to close with our key takeaways on slide 17. We expect to continue to execute our proven strategies in alignment with consumer trends and with speed and agility. The long-term trends that fuel our attractive categories, consumer interest in healthy, flavorful cooking, flavor exploration and trusted brands are enduring trends. We continue to drive differentiated volume-led top line growth and share gains across our core categories. Our results demonstrate that we are investing in the areas that drive the most value, and we expect to maintain this momentum.

謝謝你，馬科斯。在進入問答環節之前，我想先以投影片 17 上的要點作為結束。我們希望繼續按照消費者趨勢快速、靈活地執行我們行之有效的策略。推動我們吸引人的類別的長期趨勢、消費者對健康、美味烹飪、風味探索和值得信賴的品牌的興趣是持久的趨勢。我們將繼續推動以差異化銷售為主導的營收成長以及核心產品類別的份額成長。我們的結果表明，我們正在投資那些能夠帶來最大價值的領域，並且我們期望保持這種勢頭。

Similar to many of our peers, we are facing rising costs due to the global trade environment, and we are leveraging our competitive advantages and cost savings initiatives to lessen the impact of these costs, maintain our volume momentum, fuel our investments and drive profitable growth.

與許多同行一樣，由於全球貿易環境，我們面臨著成本上升的問題，我們正在利用我們的競爭優勢和成本節約舉措來減輕這些成本的影響，保持我們的銷量增長勢頭，推動我們的投資並推動盈利增長。

Importantly, we view tariffs as a discrete headwind to work through. However, we remain committed to our strategic priorities, sustaining a healthy top line, investing in the business and maximizing profitability. Ultimately, we believe the execution of our growth plans will be a win for consumers, customers, our categories and McCormick, which will continue to differentiate and strengthen our leadership.

重要的是，我們將關稅視為需要克服的獨立障礙。然而，我們仍然致力於我們的策略重點，保持健康的營收，投資業務並實現利潤最大化。最終，我們相信，我們成長計畫的實施將為消費者、客戶、我們的產品類別和 McCormick 帶來雙贏，這將繼續使我們脫穎而出並加強我們的領導地位。

Finally, I want to recognize all McCormick employees for their dedication and contributions and reiterate my confidence that together, we will continue to drive differentiated results and shareholder value.

最後，我要感謝所有 McCormick 員工的奉獻和貢獻，並重申我的信心，我們將共同努力，繼續推動差異化績效和股東價值。

Now for your questions.

現在回答你的問題。

(Operator Instructions) Andrew Lazar, Barclays.

（操作員指示）巴克萊銀行的安德魯·拉扎爾。

Great, thanks so much. Good morning, Brendon and Marcos.

太好了，非常感謝。早上好，布蘭登和馬科斯。

Good morning.

早安.

Brendan, you reiterated again today, your expectation for positive volume in the Consumer segment in your fiscal fourth quarter. Volume in Consumer was again positive in 3Q, but did decelerate sequentially from 2Q, and we see that a bit in the recent data, too.

布倫丹，您今天再次重申了對第四財季消費品市場銷售量為正的預期。第三季消費者交易量再次呈正成長，但與第二季相比有所下降，我們在最近的數據中也看到了這一點。

I guess now that you'll have some incremental pricing flowing through in the fourth quarter, I guess, what's your visibility to a positive volume outcome given potential elasticity? And what are you seeing in the quarter so far around elasticities given that you're kind of more than a month in?

我想現在你們會在第四季有一些增量定價，那麼考慮到潛在的彈性，你對正面銷售結果的預見性如何？考慮到本季已經過去一個多月了，您認為本季的彈性如何？

Well, thanks for the question, Andrew. This is another strong quarter of sales growth for us, and our Consumer business continues to drive differentiated performance really driven by volume. And so is our Flavor Solutions business, too, and we can talk more about that, if necessary.

好吧，謝謝你的提問，安德魯。這是我們又一個銷售成長強勁的季度，我們的消費者業務持續以銷售量為驅動力實現差異化業績。我們的風味解決方案業務也是如此，如果有必要，我們可以進一步討論這一點。

But when I think about any deceleration that you might have noted, I think that's a function, first, just of overall food unit growth was down in the quarter, like almost a full percent. So that's going to impact us a little bit in terms of some element of deceleration. I see that less about our -- the consequence of our plans and our activity, but more about what's just going on broadly in grocery and food in the industry, we definitely saw a deceleration overall in the third quarter.

但是，當我想到您可能已經注意到的任何減速時，我認為這首先是由於本季整體食品單位成長下降了近一個百分點。因此，這會對我們在減速方面產生一些影響。我認為這與我們的計劃和活動的結果關係不大，而與食品雜貨業和食品行業的整體情況有關，我們確實看到第三季度整體增速放緩。

Now having said that, though, we're working with our customers to identify the appropriate offset for the impact of tariffs. And as we've been talking about pricing, in Consumer, we're focused on maintaining our volume momentum and ensuring that we have the right price at shelf that meets the consumer demand for value. So we're pleased with the way those conversations have gone. It also demonstrates just broad consumer -- customer alignment with our approach.

儘管如此，我們正在與客戶合作，尋找適當的方法來抵消關稅的影響。正如我們一直在談論的定價一樣，在消費者方面，我們專注於保持銷售成長勢頭，並確保我們在貨架上有合適的價格，以滿足消費者對價值的需求。因此，我們對這些對話的進展感到滿意。這也顯示廣大消費者——客戶與我們的方法一致。

And I think both of us are committed to making sure that we maintain consumer affordability in our category. So that's kind of an underlying element, I think, with regard to our consumer base. So in the fourth quarter, the levers that remain in place will be continued increased investment in A&P. It will be messaging that resonates and is targeted and digitally enabled. We'll continue to benefit from innovation launched in 2024.

我認為我們雙方都致力於確保我們的產品能夠維持消費者的可負擔能力。所以我認為，就我們的消費者群體而言，這是一種潛在因素。因此，在第四季度，剩下的槓桿將是繼續增加對 A&P 的投資。這將是具有共鳴、有針對性且數位化的訊息。我們將繼續受益於 2024 年推出的創新。

And that's items like Frank's squeeze bottles of new flavors of Frank's RedHot, Cholula Extra Hot is out there also on shelf. It's going to get some benefit year-over-year. And price gap management remains part of our baseline overall. What's been incremental to that has just expanded core distribution across our categories. As you heard on the prepared remarks, we continue to see growth in [Thai].

而像 Frank's RedHot、Cholula Extra Hot 等新口味擠壓瓶裝飲料等商品也上架。它將逐年獲得一些好處。價格差距管理仍然是我們整體基準的一部分。對此的增量只是擴大了我們各個類別的核心分佈。正如你們在準備好的發言中所聽到的，我們繼續看到[泰國]。

Innovation and renovation launches are looking also quite strong. And we're expecting strong and good growth from expanding Cholula in the US. We're expanding that into Cremosas and cooking sauces. We have launched another year of McCormick Finishing Sugars and people start to see that in stores right now. And we've also started the relaunch of McCormick Gourmet with that countertop-worthy packaging, and that's starting to appear on shelf right now, too.

創新和革新措施也顯得相當強勁。我們預計 Cholula 在美國的擴張將帶來強勁而良好的成長。我們正在將其擴展到 Cremosas 和烹飪醬料中。我們又推出了一年的 McCormick Finishing Sugars，人們現在就開始在商店裡看到它了。我們也開始重新推出 McCormick Gourmet，採用適合櫃檯使用的包裝，現在也開始出現在貨架上。

And even across -- in markets like in EMEA, we're seeing growth on things like Air Fryer seasonings and all-purpose seasonings that are new to the market, if you look at this fourth quarter over last year. We also have a strong holiday merchandising plan overall.

甚至在整個歐洲、中東和非洲地區等市場，如果將今年第四季與去年同期進行比較，我們可以看到氣炸鍋調味料和多用途調味料等新產品的市場表現都在成長。總體而言，我們還有一個強大的假日行銷計劃。

So we have confidence in our plans broadly that we'll continue to deliver value to the consumers, which also means we're going to drive positive volume growth in the quarter. But a lot of those price gap management efforts do remain in place. We've been very surgical and strategic as to how we've looked at pricing.

因此，我們對我們的計劃充滿信心，我們將繼續為消費者提供價值，這也意味著我們將在本季推動銷售的正成長。但許多價格差距管理措施確實仍然存在。我們在定價方面非常謹慎且具策略性。

And we're using the same sort of very robust and disciplined analytics led by our revenue growth management team to make sure that we drive this offset as much as we can from a tariff standpoint in the areas where we think we can -- certainly, the elasticities can support it overall. But we like our progress so far this year, and we keep running the same place, and that's what's been driving, I think, a lot of our growth.

我們正在使用由我們的收入成長管理團隊領導的同樣非常強大和嚴謹的分析，以確保我們從關稅的角度在我們認為可以的領域盡可能地推動這種抵消——當然，彈性可以總體上支持它。但我們對今年迄今為止的進展感到滿意，並且我們將繼續在同一個地方運營，我認為這就是推動我們實現很大成長的動力。

Thanks for that. I appreciate it. And then I know it's way too early to get specific on fiscal '26. But obviously, you would seem you'll still have some underlying inflation to deal with as well as incremental tariffs. I guess at this stage, how do we think about the magnitude of potential further mitigation opportunities in both CCI and RGM levers as we all sort of work through whether or not in an algorithm here is reasonable to expect in fiscal '26? And because Marcos, I think you mentioned some of your current mitigation efforts are not permanent.

謝謝。我很感激。我知道現在就具體討論 26 財年還為時過早。但顯然，您似乎仍需要應對一些潛在的通貨膨脹以及增量關稅。我想，在這個階段，當我們都在研究這裡的演算法是否合理地預期 26 財年的情況時，我們如何看待 CCI 和 RGM 槓桿中潛在的進一步緩解機會的規模？因為馬可斯，我認為你提到你目前的一些緩解措施並不是永久性的。

And so you have to kind of keep generating, I guess, incremental ones as you go forward.

所以我想，你必須在前進的過程中不斷創造增量。

Marcos?

馬科斯？

Yes, that's right, Andrew. So yes, it is a little bit early to predict what the exact impact of tariffs for 2026. We wanted to provide an updated view of the growth number. That is $140 million now versus the $90 million that we provided before due to the new tariffs that were in place as of August. We'll continue to -- there's a lot of factors that we have to take it into account as we think about next year.

是的，沒錯，安德魯。所以，現在預測 2026 年關稅的具體影響還為時過早。我們希望提供成長數字的最新視圖。由於 8 月實施的新關稅，我們之前提供的金額為 9,000 萬美元，而現在已達到 1.4 億美元。我們將繼續——在考慮明年時，我們必須考慮許多因素。

One is obviously closing the year, continue to monitoring the tariff rates and the situation around that. There could be potential changes there. Our own mitigation plans, we have very solid mitigation plans in place right now, as you saw, around productivity savings, alternative sourcing as well as surgical pricing coming through. We've been relatively successful this year, offsetting most of the impact in 2025. Those will continue. We're going to scale them up into next year. They will continue with the objective is really to lessen the impact as much as we can going into next year.

顯然，今年即將結束，我們要繼續監測關稅稅率及其相關情況。那裡可能會發生潛在的變化。我們自己的緩解計劃，如您所見，我們現在已經制定了非常可靠的緩解計劃，包括生產力節約、替代採購以及手術定價。我們今年取得了相對成功，抵消了2025年的大部分影響。這些將會繼續。我們將在明年擴大這些規模。他們將繼續努力，目標是在明年盡可能減少影響。

So as I said before, we're pulling all the levers that we can across the P&L to minimize all these impacts. We'll continue to monitor the plans that we have now in place, some pricing now coming in Q4. We do have robust analytics, as Brendan mentioned, in terms of elasticity, but we're going to continue to monitor elasticity. That will also help us refine the plans as we go into 2026. But I would say we are confident that we are going to be able to lessen the impact as we move into 2026.

因此，正如我之前所說，我們正在盡一切努力來減少所有這些影響。我們將繼續監控我們目前實施的計劃，一些定價將在第四季度公佈。正如布倫丹所提到的，就彈性而言，我們確實擁有強大的分析能力，但我們將繼續監測彈性。這也將有助於我們在邁入 2026 年時完善計劃。但我想說，我們有信心，到 2026 年，我們將能夠減輕影響。

Yes. One thing to add to Marcos' remarks there, Andrew, is we meet on this weekly. So -- and we see changes every week as we continue to go through this and identify new opportunities and breakthroughs in terms of how we can think about next year.

是的。安德魯，關於馬可斯的言論，還有一點需要補充，那就是我們每週都會舉行一次這樣的會議。因此，隨著我們繼續經歷這個過程並在如何考慮明年的問題上發現新的機會和突破，我們每週都會看到變化。

So this is something that I think we'll continue to build over the next few months just to make sure that we have the best approach towards 2026 regarding sort of the incremental tariff impact.

因此，我認為我們將在接下來的幾個月繼續推進這項工作，以確保我們在應對 2026 年增量關稅影響方面採取最佳方法。

Thank you.

謝謝。

Peter Galbo, Bank of America.

美國銀行的彼得‧加爾博 (Peter Galbo)。

Hey, good morning, guys. Thanks for the questions. Marcos, I was hoping to start -- you took the cost inflation guidance for the year up even excluding the tariff in '25. So maybe you can just unpack a bit of what actually accelerated through the quarter? What's kind of driving that change again, given that it seems like it's not solely tied to the increase in the tariff rate.

嘿，大家早安。謝謝你的提問。馬科斯，我希望開始——你提高了今年的成本通膨指導，甚至不包括 25 年的關稅。那麼，您能否簡單解釋一下本季實際加速的情況？鑑於這似乎不僅與關稅稅率的提高有關，那麼是什麼再次推動了這項改變？

Yes, Peter. No, thanks for the question. I mean in Q3, just to take a step back in Q3, our gross margin was down 120 basis points versus last year. A couple of buckets, I would say. The bucket number one is around increased commodity costs and existing and new tariffs that were in place, existing from April, new tariffs as of August.

是的，彼得。不，謝謝你的提問。我的意思是，在第三季度，回顧第三季度，我們的毛利率與去年相比下降了 120 個基點。我想說的是，有幾桶。第一類是有關商品成本增加以及現有和新關稅，這些關稅從 4 月開始實施，新關稅從 8 月開始實施。

That is about two-third of the impact that you saw in the quarter. And then in addition to that, the remaining one-third was related to costs to support capacity for future growth, primarily related to our heat platform. So that is investments that we're putting within supply chain. As I alluded to it in the Q2 call as well as in the last investor conference, I mean, we were seeing the rise of commodity costs in Q2, and they actually accelerated in Q3. And plus the new tariffs in place made us revise the guide.

這大約是本季所見影響的三分之二。除此之外，剩下的三分之一與支持未來成長能力的成本有關，主要與我們的熱平台有關。這就是我們在供應鏈中的投資。正如我在第二季電話會議以及上次投資者會議上提到的那樣，我們在第二季度看到商品成本上漲，並且在第三季度實際上加速上漲。再加上新關稅的實施，我們不得不修改指南。

It was -- I would call it a modest update to the guide to reflect those impacts. It is around commodity costs and tariffs primarily, but also we are seeing input costs in general coming through. Packaging is one example that we're seeing come through.

我認為這是對該指南的一次適度更新，以反映這些影響。這主要與商品成本和關稅有關，但我們也看到整體投入成本正在上升。包裝就是我們看到的一個例子。

So all in all, we've revised the guide a little bit as a way also to provide the latest view that we have, but also to be able to continue to invest in the business and having -- and giving us the flexibility and the latitude to continue to invest in brand marketing in Q4.

總而言之，我們對指南進行了一些修改，不僅是為了提供我們最新的觀點，也是為了能夠繼續投資於業務，並為我們提供靈活性和自由度，以便在第四季度繼續投資於品牌行銷。

Thanks, Marcus, and maybe a follow-up also on the gross margin. I mean, I think, even with the revised guidance that you provided this morning, it would imply that the fourth quarter gross margin needs to step up closer to something like 41% to hit comparable for the year-on-year. That would not only be a normal, I think, sequential step-up in Q4, but it would be margins actually up versus the fourth quarter last year.

謝謝，馬庫斯，也許還可以跟進毛利率。我的意思是，我認為，即使按照您今天早上提供的修訂後的指引，也意味著第四季度的毛利率需要上升到 41% 左右才能達到同比水平。我認為這不僅是第四季度的正常連續成長，而且利潤率實際上也會比去年第四季上升。

So a, I just want to make sure that I have that right, or if there's any nuance as we think about the fourth quarter gross margin specifically. Thanks very much.

所以，我只是想確保我的答案是正確的，或者當我們具體考慮第四季度的毛利率時是否存在任何細微差別。非常感謝。

Yes, Peter, you're seeing that right. I mean we're seeing the flat to modest bps as a percentage of net sales expansion in the fourth quarter.

是的，彼得，你看得對。我的意思是，我們看到第四季淨銷售額成長的百分比持平至適中。

Thank you.

謝謝。

Tom Palmer, JP Morgan.

摩根大通的湯姆·帕爾默。

Good morning. Thanks for the question. Maybe first, I just want to clarify on tariffs. A quarter ago, I think the expectation on kind of round one was to fully offset it both for this year and for next year.

早安.謝謝你的提問。首先，我只是想澄清一下關稅問題。一個季度前，我認為第一輪的預期是今年和明年都完全抵銷這一影響。

And I know the number has moved higher. So maybe when we think about that initial number, does that still hold? You would expect to fully offset it? And now there are maybe more decisions still to be made in terms of your ability to fully mitigate the incremental step-up that we've seen since?

我知道這個數字已經上升了。那麼，當我們考慮初始數字時，它是否仍然成立？您希望完全抵消它嗎？現在，就您是否有能力完全緩解我們自那時以來所看到的逐步升級而言，可能還需要做出更多決定？

No. Let me just give you a little bit of a color there, Tom. I mean when we talked about the $50 million for in-year, the year-on-year impact before and the $90 million for 2026 at that time, we talked about offsetting 2025, the $50 million in 2025 only number with the mitigations that I mentioned before and continue obviously to work through the mitigations going into 2026. So we did not talk really much about 2026 or the annualized net impact going into 2026 as we're still working through those mitigation plans.

不。讓我給你稍微介紹一下情況，湯姆。我的意思是，當我們談到當年的 5000 萬美元、之前的同比影響以及當時 2026 年的 9000 萬美元時，我們談到了抵消 2025 年，2025 年的 5000 萬美元僅僅是通過我之前提到的緩解措施實現的，並且顯然會在 2026 年繼續努力實現緩解措施。因此，我們並沒有過多談論 2026 年或 2026 年的年度淨影響，因為我們仍在製定這些緩解計劃。

Okay. Understood. And on the gross margin for 3Q, look, maybe the Street misunderstood, but I think we were looking at more flattish year-over-year initially for the third quarter. It does sound like tariffs were an impact. I guess I'm trying to understand the timing of how it flowed through so quickly in 3Q.

好的。明白了。至於第三季的毛利率，也許華爾街誤解了，但我認為我們最初預期第三季的毛利率將與去年同期持平。聽起來關稅確實產生了影響。我想我正在嘗試了解它在第三季如此迅速地流動的時間。

I think a lot of the step-up was more August, and I would have thought more of a lag in terms of how it flowed through COGS. So what really was the, I guess, incremental step-up to think about in 3Q versus more of this increased tariff burden really kicking in come 4Q?

我認為大部分的提升都是在 8 月份，而且我認為就其在 COGS 中的流動而言，這更多的是一種滯後。那麼，我猜想，第三季真正需要考慮的是逐步提高關稅，還是第四季才真正開始增加關稅負擔？

Yes, you're right. I mean tariffs was a piece of that -- the new tariffs was a piece of the impact in Q3 as tariffs came in August. The main impact was higher commodity costs that accelerated in Q3. When we were at guiding Q2, we talked about guiding the profitability to be more weighted towards Q4. So we were seeing some of the rise of commodity costs in Q2, and that would impact Q3. But in fact, it accelerated, and we saw more inflation come through this quarter than we expected.

是的，你說得對。我的意思是關稅是其中的一部分——新關稅是 8 月開始實施的對第三季造成的影響的一部分。主要影響是第三季商品成本加速上漲。當我們指導第二季度時，我們談到指導獲利能力更偏向第四季度。因此，我們看到第二季商品成本上升，這將影響第三季。但事實上，通膨速度加快了，本季通膨水準超出了我們的預期。

So Tom, just to build on a little bit of what Marcos said. When we think about this incremental commodity costs that we're definitely observing, I would say there's sort of two drivers to call out. There's broad uncertainty that's kind of driving suppliers to sort of stand still. They're pausing and waiting for more information to see how the market moves. And I think this slows down difficult forces of supply and demand.

所以湯姆，我只是想稍微補充一下馬可仕所說的內容。當我們考慮我們正在觀察到的增量商品成本時，我想說有兩個驅動因素需要注意。普遍存在的不確定性導致供應商停滯不前。他們正在暫停並等待更多資訊來觀察市場走勢。我認為這會減緩供需之間的矛盾。

And so that's definitely been an element that we've seen even as early as the second quarter. But more recently, we certainly start to see that they're passing along their tariff impact, it's expressed as our overall inflation, although indirectly, that impact coming through tariffs. So we have a very diverse basket of commodities and input costs, and this is where we're seeing this come through.

因此，這絕對是我們在第二季看到的一個因素。但最近，我們確實開始看到他們正在轉嫁關稅影響，這表現為我們的整體通膨，儘管這種影響是間接地透過關稅產生的。因此，我們擁有種類繁多的商品和投入成本，這就是我們看到的這種情況。

Okay, thank you for the details.

好的，謝謝你的詳細資料。

Alexia Howard with Bernstein.

亞歷克西亞‧霍華德 (Alexia Howard) 與伯恩斯坦 (Bernstein)。

Good morning, everyone.

大家早安。

Good morning.

早安.

Can I start with the reformulation comments you made in the prepared remarks? Specifically, you talked about gaining customers on the Flavor Solutions side. Which customers or what types of customers, what types of categories are you gaining the customers in?

我可以從您在準備好的發言中提出的重新表達意見開始嗎？具體來說，您談到了在風味解決方案方面贏得客戶。您在哪些客戶或哪些類型的客戶、哪些類別的客戶中獲得了客戶？

And I'm particularly curious about Walmart announced last week that I think across the whole of their private label business, they're planning to eliminate 30 additives, which is much broader than the 8 artificial dyes that have already been put on the chopping block for 2027. Do you expect to see an acceleration in private label and maybe branded CPG efforts to reformulate, particularly in light of that Walmart announcement?

我特別好奇沃爾瑪上周宣布的消息，我認為他們計劃在其整個自有品牌業務中淘汰 30 種添加劑，這比已經在 2027 年被淘汰的 8 種人工染料的範圍要廣得多。您是否預期自有品牌和品牌 CPG 的重新配方努力會加速，特別是考慮到沃爾瑪的公告？

And then I have a follow-up.

然後我有一個後續問題。

Sure, Alexia. There's a couple of vantage points in your question there. I'll try to address most of them if I recall them all. First of all, you asked where we're getting the new customers or where are we getting sort of this increased share. And a lot of that's happening with what we said earlier, which is the high-growth innovator emerging brands and even private label customers.

當然，亞歷克西亞。您的問題中有幾個有利觀點。如果我記得所有問題，我會盡力解決其中的大部分問題。首先，您問我們從哪裡獲得新客戶或我們從哪裡獲得這種增加的份額。其中許多都與我們之前所說的一樣，即高成長創新新興品牌，甚至是自有品牌客戶。

And so we definitely see continued accelerated growth in that part of our customer portfolio. And even like an increasing amount of that started to come through in the third quarter. But that's consistent with what we've said previously when we think about where new customers are coming from overall.

因此，我們確實看到我們客戶組合的這一部分持續加速成長。甚至在第三季度，這種現象開始增加。但這與我們之前在思考新客戶整體來自哪裡時所說的是一致的。

In terms of the heightened reformulation activity, this is consistent also with what we said in the second quarter, but it's a focus on a shift from natural colors from synthetic ones. So it's also reduced sugar, reduced salt, natural and healthy ingredients from artificial eliminating ingredients of concern.

就加強重新配方活動而言，這也與我們在第二季度所說的一致，但重點是從天然色素轉向合成色素。因此，它也減少了糖、鹽，採用天然健康的成分，消除了令人擔憂的人工成分。

And so that's the type of activity that we're seeing. And it's somewhat expected, I think, with what you've seen broadly reported in the media in terms of where consumer concerns are. And I would just say a lot of this is based in just staying close to the consumer. A lot of the food industry is focused around that. And so we've been looking at this and working on it for some time.

這就是我們所看到的活動類型。我認為，從媒體對消費者關注點的廣泛報導來看，這在某種程度上是可以預料到的。我想說的是，這很大程度上是基於與消費者保持密切聯繫。許多食品業都關注這一點。因此，我們已經研究這個問題並研究了一段時間了。

Related to the announcement that you talked about, Alexia, I think that's good news in terms of an announcement from that large retailer. And that's an example of the type of activity I think that one will see, and it's consistent with what other branded CPG companies have announced more recently.

關於您談到的公告，Alexia，我認為對於該大型零售商的公告來說，這是個好消息。這是我認為人們將會看到的活動類型的一個例子，它與其他品牌 CPG 公司最近宣布的活動一致。

Now you said you have a follow-up question?

現在您說您有一個後續問題？

Yes. I want to ask about acquisitions, and I'm trying to figure out how to ask this delicately. You obviously already got your Mexico JV announcement out there, so that's set up for early next year. There's concerns that I've heard from investors about whether you might be interested in the very large taste elevation company that will be split off from Kraft Heinz's North American grocery business next year.

是的。我想問有關收購的問題，我正在想辦法巧妙地提出這個問題。您顯然已經發布了墨西哥合資企業的公告，因此這將安排在明年年初。我從投資者那裡聽到了一些擔憂，他們擔心您是否會對明年將從卡夫亨氏北美食品雜貨業務中分離出來的大型口味提升公司感興趣。

I mean, frankly, on paper, it's 2.5 times the size of McCormick. It's on both the top and the bottom line, it looks too big even though the Heinz brand might be quite attractive. Could you talk about maybe just in broad terms, what your acquisition strategy is and the magnitude of the types of deals that you might be prepared to take on, maybe taking that one off the table because it just looks so vast.

我的意思是，坦白說，從紙面上看，它的規模是 McCormick 的 2.5 倍。它既出現在頂部，也出現在底部，儘管亨氏品牌可能很有吸引力，但它看起來太大了。您能否從廣義上談談您的收購策略是什麼，以及您準備接受的交易類型的規模，也許可以不考慮這一類交易，因為它看起來規模太大了。

And are you interested more in condiments at this point, maybe at a more bolt-on level and/or other capabilities that you need to pick up on the Flavor Solutions side. I hope that was delicate enough, but anything you can say on that front would be helpful.

您現在對調味品更感興趣嗎，也許是對附加等級和/或您需要在風味解決方案方面掌握的其他功能更感興趣。我希望這足夠微妙，但您在這方面所說的任何話都會有所幫助。

Thank you.

謝謝。

Appreciate the diplomatic question. We -- when we think about M&A, and we don't comment on any sort of speculation going on out there or anything of that sort. So I'm not speaking directly to any investor concern or whatever it might be. But I would tell you just broadly to kind of go back to what we said previously about how we think about M&A.

感謝這個外交問題。當我們考慮併購時，我們不會對任何正在進行的猜測或類似的事情發表評論。因此，我不會直接談論任何投資者的擔憂或其他問題。但我想告訴你們的是，大致回顧一下我們之前談到的有關如何看待併購的問題。

Obviously, we think about both of our segments first, Consumer and Flavor Solutions. And I'll first unpack Consumer and then I'll unpack Flavor Solutions because they're both important to us. We still believe in our two-segment strategy as we look at our business. And we'll consider both bolt-on and transformative opportunities as they present themselves. And this is something that we're working on all the time, as we said before.

顯然，我們首先考慮的是兩個部門：消費者部門和風味解決方案部門。我將首先分析消費者業務，然後再分析風味解決方案，因為它們對我們都很重要。當我們審視我們的業務時，我們仍然相信我們的雙分部策略。當附加機會和變革機會出現時，我們會予以考慮。正如我們之前所說，這是我們一直在努力的事情。

From a Consumer perspective, the two areas that are of most interest to us as we think about our portfolio is remaining focused in flavor. And in many ways, we express that through herbs, spices and seasonings at a global level as well as condiments and sauces at a global level. And so we're thinking about this across all of our regions overall. But we like those two areas of category focus, and we believe there's a lot of opportunity still for us to think about it that way. And it can be in any form, whether it be bolt-on or transformational overall.

從消費者的角度來看，當我們考慮我們的產品組合時，我們最感興趣的兩個領域仍然是口味。在許多方面，我們透過全球範圍內的草藥、香料和調味品以及全球範圍內的調味品和醬汁來表達這一點。因此，我們正在所有地區全面考慮這個問題。但我們喜歡這兩個類別重點領域，我們相信我們仍然有很多機會以這種方式思考。它可以採用任何形式，無論是附加的還是整體的轉變。

When we think about Flavor Solutions, we think about it through the lens of what enhances our ability from a technology standpoint, the taste competencies that we're particularly strong at, can we reinforce those with not only great technology but also great talent. And so we think about it that way in terms of what is a complementary or incremental fit to our business when we think about flavor.

當我們考慮風味解決方案時，我們會從技術角度來思考什麼可以增強我們的能力，我們特別擅長的味覺能力，我們能否不僅透過先進的技術而且透過優秀的人才來強化這些能力。因此，當我們考慮口味時，我們會從互補或增量的角度來思考什麼對我們的業務是有利的。

And again, we think about those across all the regions in which we compete and operate in. And that's another high area of interest that we have across our business. So we have a broad set of opportunities that we look at. We like the fact that we have a broad set of opportunities to consider. Our most recent sort of transaction, we think, is very much aligned strategically with what we're trying to accomplish. And in the present moment right now, we're focused on making sure that we close that in early 2026, which is our plan.

我們再次考慮了我們競爭和運營的所有地區的情況。這是我們業務中另一個備受關注的領域。因此，我們面臨廣泛的機會。我們很高興能擁有廣泛的機會來考慮。我們認為，我們最近的交易在策略上與我們想要實現的目標非常一致。目前，我們專注於確保在 2026 年初完成這一目標，這是我們的計劃。

Thank you very much. I'll pass it on.

非常感謝。我會傳達的。

Robert Moskow, TD Cowen.

羅伯特·莫斯科 (Robert Moskow)，TD Cowen。

Hey, good morning. Thanks for the question. Hey, Brendan, it's very noticeable in the remarks that you're highlighting the importance of differentiated volume-led growth compared to food peers. But you're heading into an environment where you definitely need more pricing to offset higher costs.

嘿，早安。謝謝你的提問。嘿，布倫丹，在評論中你非常明顯地強調了與食品同行相比差異化銷量驅動增長的重要性。但你正進入一個肯定需要更高定價來抵銷更高成本的環境。

So I'm just curious if you could articulate your priorities. It sounds like if the priority is really volume growth, to what extent are you willing to let volume dip into negative territory, maybe even just temporarily to -- as you try to raise prices to offset costs?

所以我只是好奇您是否可以闡明您的優先事項。聽起來，如果優先考慮的是銷售成長，那麼在您試圖提高價格以抵消成本時，您願意在多大程度上讓銷量跌入負值區域，甚至可能只是暫時的？

Well, we try to balance those 2 points that you brought up, Rob. And we take a very long-term view. So I'm not going to sort of lay out here sort of the certain numbers and where they can land, et cetera, in terms of growth or decline. Our goal right now is consistent with our goal for the last two years, which is to be volume-led in terms of our momentum and take a long-term view on making sure that we do what's right as we think about growth of the consumer, meeting their needs, meeting the benefits that they're looking for. And we've seen a real convergence around value, but also health and wellness.

好吧，我們試著平衡你提出的那兩點，羅布。我們有著非常長遠的眼光。因此，我不會在這裡列出具體的數字以及它們在增長或下降方面會達到什麼程度等等。我們現在的目標與過去兩年的目標一致，即以數量為主導，從長遠角度考慮，確保我們在考慮消費者成長、滿足他們的需求、滿足他們所尋求的利益時做正確的事情。我們不僅看到了價值方面的真正融合，也看到了健康和保健的真正融合。

And those are things that we think will continue to drive our categories. Yet we have to deal with realities, obviously, of offsetting what is a reasonable amount of sort of discrete new costs coming into our P&L as we think about 2025 and 2026. And so far, we've been able to find a way to offset that in really productive ways, but yet still maintain that focus on sort of really healthy volume-driven growth. As we go into '26, it's going to be -- our ambition is to do the very same thing.

我們認為這些因素將繼續推動我們的產品類別的發展。然而，顯然，我們必須面對現實，在考慮 2025 年和 2026 年時，我們必須抵銷計入損益表中的合理數量的離散新成本。到目前為止，我們已經能夠找到一種真正有效的方式來抵消這一影響，但仍然將重點放在真正健康的數量驅動型成長上。當我們進入 26 年時，我們的目標就是做同樣的事情。

Do I know exactly what level that will be? I don't. I think it will be in positive territory. I can't tell you right now how high. But that's going to be part of as we wrap up our planning for 2026, and we'll share that at the end of our fourth quarter and our fourth quarter call in January.

我是否確切知道那會是什麼水平？我不知道。我認為這將是積極的。我現在無法告訴你它有多高。但這將成為我們完成 2026 年規劃的一部分，我們將在第四季末和 1 月的第四季電話會議上分享這項規劃。

But this is something that we talk about a lot within the company and leadership and across our business units and think about the right balance that we need to strike. It's also a function of the conversations that we're having with customers. And we're both looking at it in very much similar ways, which is we want to drive affordability for consumers. We also have to find ways to offset this cost. I'm not sure that we're going to offset all of the cost, but it is something that we are taking a very hard look at in terms of what's striking the right balance.

但這是我們在公司內部、領導層和各個業務部門經常討論的事情，並思考我們需要取得的正確平衡。這也是我們與客戶對話的功能。我們對此的看法非常相似，那就是我們希望提高消費者的負擔能力。我們還必須找到方法來抵消這筆成本。我不確定我們是否能夠抵消所有的成本，但我們正在認真考慮如何實現適當的平衡。

And maybe a follow-up. In those conversations with customers, I would imagine they're a little bit less willing to raise prices for tariffs given that the tariffs may not be permanent. Is that part of the discussion, too? And can you come up with temporary measures with customers that can be reversed, if necessary?

或許還有後續行動。在與客戶的對話中，我認為他們不太願意提高關稅價格，因為關稅可能不是永久性的。這也是討論的一部分嗎？如有必要，您能否為客戶提出可以撤銷的臨時措施？

Well, one adjustment to some of the assumptions you laid in your question there is whether or not tariffs are permanent. We're seeing it as a discrete onetime impact at this point. And so we do view those as staying in the cost structure.

嗯，對你在問題中提出的一些假設的一項調整是關稅是否是永久性的。目前，我們認為這只是一次性的離散影響。因此，我們確實認為這些會保留在成本結構中。

So whatever we do, whether it's in the near term or in the long term, we look to offset that over time overall. And in our conversations with customers, we're thinking very collaboratively about how do we deal with what a real true input costs, but also thinking about continued volume growth with consumers. And so that mutual sort of alignment around priorities, I think, has helped us navigate what have been productive conversations with customers.

因此，無論我們做什麼，無論是短期還是長期，我們都希望隨著時間的推移來抵消這種影響。在與客戶的對話中，我們共同思考如何處理真正的投入成本，同時也考慮消費者銷售的持續成長。因此，我認為，這種圍繞優先事項的相互協調幫助我們與客戶進行了富有成效的對話。

Got it. All right, thank you.

知道了。好的，謝謝。

Max Gumport, BNP Paribas.

法國巴黎銀行的馬克斯‧甘波特。

Hey, great, thanks for the question. I wanted to come back to what we're seeing in the US scanner data and thinking through how to square that with your still robust volume-led growth in consumer Americas. So specifically, consumer Americas, the volume growth still looks quite strong, running roughly 3%, roughly similar to what we saw in 2Q. I think it's fair to say the US scanner data has shown some deceleration from 2Q to 3Q and now into early starts of 4Q with regard to volume performance.

嘿，太好了，謝謝你的提問。我想回到我們在美國掃描器數據中看到的情況，並思考如何將其與美洲消費者仍然強勁的銷售成長相協調。具體來說，美洲消費者的銷售成​​長仍然相當強勁，約為 3%，與我們在第二季度看到的大致相同。我認為可以公平地說，美國掃描器數據顯示，從第二季度到第三季度，以及從第四季度初開始，銷量表現有所放緩。

I know you mentioned that you can attribute part of that to just what we're seeing in the broader US food industry. But when we're thinking through why that gap is not showing up as fully in your Consumer Americas results, can we attribute it to other countries outside of the US? Or is it non-tracked channels? Or is it the stronger performance we're now seeing from private label?

我知道您提到過，您可以將其中的部分原因歸咎於我們在美國食品行業所看到的情況。但是，當我們思考為什麼這種差距沒有完全體現在你們的美國消費者調查結果中時，我們能否將其歸咎於美國以外的其他國家？還是它是非跟蹤管道？還是我們現在看到的自有品牌表現更強？

Just trying to get a sense for what's helping to blunt the gap that we are seeing or the slowdown that we are seeing in scanner.

只是想了解什麼有助於縮小我們看到的差距或我們在掃描器中看到的減速。

Max, I just want to clarify what I think your question is, which is speaking specifically to a US perspective or broadly globally.

馬克斯，我只是想澄清一下我認為你的問題是什麼，它是專門針對美國的觀點還是從全球角度來看。

Yes. It's really looking at, I think, what is a pretty clear slowdown in the US scanner data for McCormick branded, but not as clear slowdown in your consumer Americas results. I'm trying to understand why those two are no longer as tightly correlated. What's propping up Consumer Americas when we are seeing a slowdown in McCormick's branded US meal.

是的。我認為，這確實表明 McCormick 品牌的美國掃描器數據明顯放緩，但美國消費者的表現並沒有明顯放緩。我試圖理解為什麼這兩者不再緊密相關。當我們看到 McCormick 品牌美國餐的銷售放緩時，是什麼支撐了美國消費者市場？

I think my reply might get to the spirit of your question in terms of sort of you think about measured channels and unmeasured channels, we are seeing an acceleration in e-commerce as well as in the club store channel, too. And so that might speak a little bit to what might be sort of any difference that you might see, Max, overall? And also we have our Canadian business in there, too, and it's also performing well also.

我認為我的回答可能觸及了您問題的核心，就您對可測量管道和不可測量管道的看法而言，我們看到電子商務以及俱樂部商店管道也在加速發展。那麼這可能有點說明了您可能會看到什麼差異，Max，總體而言？我們的加拿大業務也在那裡，而且表現也很好。

So I think that those might -- from a -- if you think about what might be the points to talk more about, I would just lay out those three. I might just sort of dwell a little bit on e-commerce. We're certainly seeing an acceleration there. And we're seeing -- what's interesting about value with consumers is they're willing to pay for this increased value on delivery, the sort of ease of use with e-commerce and click and collect, et cetera.

所以我認為這些可能 — — 從 — — 如果你考慮一下哪些要點可能需要進一步討論，我只會列出這三個。我可能只是稍微談論一下電子商務。我們確實看到了那裡的加速。我們看到——消費者對價值的有趣之處在於，他們願意為這種增加的配送價值、電子商務的易用性以及點擊提貨等付費。

And that has been a part of our business that is only quarter-by-quarter just continues to get stronger and certainly growing as a percentage of overall total net sales. And so I think this unmeasured versus measured channels might explain some of the points that you're talking about. And we're seeing more growth shift towards unmeasured.

這是我們業務的一部分，逐季度持續增強，佔整體淨銷售額的百分比也在不斷增長。因此，我認為這種未測量與測量管道可能會解釋您所談論的一些觀點。我們看到越來越多的成長轉向不可衡量的領域。

Great.

偉大的。

And we're seeing more growth shift towards unmeasured.

我們看到越來越多的成長轉向不可衡量的領域。

And then turning to cash flow. I realize you started off the year pretty far behind where you were a year ago. You're catching up now as of 3Q, but you're still a bit below where you were a year ago in terms of operating cash flow. You're still attributing it to higher cash needs for working capital.

然後轉向現金流。我意識到你今年的開局比一年前落後了很多。截至第三季度，你們的經營現金流已經趕上來，但與去年同期相比，仍然略有下降。您仍將其歸因於營運資金的更高現金需求。

Can you just double-click on what exactly when working capital is driving this and how you expect to end the year of '25? It sounds like you do expect a strong cash flow year. We're just hoping for a little bit more color on the working capital needs and what you expect to see in 4Q. Thanks very much.

您能否雙擊一下究竟是什麼在推動這項進程，以及您預計 25 年將如何結束？聽起來您確實期待今年的現金流強勁。我們只是希望對營運資金需求以及您對第四季度的期望有更多的了解。非常感謝。

Yes, Max, I mean, that's a good question. I mean we have very strong confidence about the cash flow for the year. As you said, we are catching up now in Q3 year-to-date. We are -- we had a bigger lag in Q2. We got caught up a little bit more in Q3.

是的，馬克斯，我的意思是，這是個好問題。我的意思是我們對今年的現金流非常有信心。正如您所說，今年第三季我們已經迎頭趕上。我們——我們在第二季度遇到了更大的延遲。我們在第三季遇到了更多困難。

We had a little bit more use of working capital through inventories. So we purchased some inventories, bought some inventories, specifically some raw materials in the quarter. But we expect this to normalize going into the back half of the year and continue to deliver very strong cash flow performance for the full year 2025. Just to recall, I mean, Q4 is our biggest quarter, not only in terms of P&L, but also in terms of cash. So you will see that cash come through in Q4.

我們透過庫存使用了更多的營運資金。因此，我們在本季購買了一些庫存，特別是一些原料。但我們預計這種情況將在下半年恢復正常，並在 2025 年全年繼續帶來非常強勁的現金流表現。回想一下，我的意思是，第四季是我們最大的季度，不僅就損益而言，而且就現金而言。因此，您將在第四季度看到現金到位。

Great. Thank you very much.

偉大的。非常感謝。

Stephen Powers, Deutsche Bank

德意志銀行的史蒂芬鮑爾斯

Thanks. Hey, good morning, guys.

謝謝。嘿，大家早安。

Good morning.

早安.

So just I think we've been circling around this a little bit. I just want to get a little bit more sense of your planning posture around pricing as you begin to implement pricing in response to tariffs. Focusing on the Consumer business, just maybe a little bit more detail on what you've seen so far in early elasticity and analytics and where -- maybe where you think -- sorry, consumers are likely to be more accepting of pricing versus more price sensitive. I guess just what your kind of going-in base case expectations are as you -- around elasticity as you layer in this early pricing?

所以我認為我們已經圍繞這個問題討論了一些。當您開始根據關稅實施定價時，我只是想更多地了解您在定價方面的規劃態勢。專注於消費者業務，也許可以更詳細地介紹一下您在早期彈性和分析方面迄今為止所看到的內容，以及您認為的——抱歉，消費者可能更容易接受定價，而不是對價格更敏感。我猜您在製定早期定價時對彈性的基本預期是什麼？

Steve, it's really early. In fact, I don't even think we've got a whole lot of -- we've got a little bit of data maybe on September that would maybe give us some indication. So what I would share with you right now is too early to give you any sort of real insight around trends or outcomes regarding that.

史蒂夫，現在還很早。事實上，我甚至不認為我們已經獲得了大量的數據——我們可能只獲得了一些關於九月的數據，這些數據或許可以給我們一些提示。因此，我現在要與你們分享的內容還為時過早，無法為你們提供有關該趨勢或結果的任何真正見解。

But we believe in sort of the analytics that we use to predict these things. And so I would say that right now, we feel really pretty confident with what we think the impact will be, but it's very early.

但我們相信我們用來預測這些事情的分析方法。所以我想說，現在我們對我們認為的影響非常有信心，但現在還為時過早。

Okay. Okay. And then maybe, Marcos, as you think about '26, and you talked about sourcing and productivity cost savings as well as pricing as the different levers you have to mitigate cost inflation and tariffs into next year.

好的。好的。然後，馬科斯，也許當您想到 26 年時，您談到了採購和生產力成本節約以及定價，因為您必須使用不同的槓桿來緩解明年的成本通膨和關稅。

As a starting point, is the -- is your kind of working assumption that there's a balance that's kind of an even balance between pricing and some of the sourcing and savings initiatives? Or is it skewed towards savings or is it skewed towards pricing? Just a little sense of just early planning thoughts as you approach the year.

作為起點，您的工作假設是定價與某些採購和節省計劃之間存在某種平衡嗎？或者它偏向儲蓄或是否偏向定價？隨著新年的臨近，我只是有一點早期規劃的想法。

Yes. It is -- Steve, it is more skewed towards savings. CCI savings overall. We talked about productivity savings as well as alternative sourcing, but also think about it as a way of all lines of the P&L, CCI across all lines of the P&L. You've seen this quarter, SG&A came in strong for us.

是的。是的——史蒂夫，它更偏向儲蓄。CCI 整體節省。我們討論了生產力節約以及替代採購，但也將其視為損益表所有線的一種方式，CCI 涵蓋損益表的所有線。您已經看到本季度，銷售、一般及行政開支 (SG&A) 為我們帶來了強勁成長。

We continue to drive CCI savings in that part of our P&L. So that should continue going into 2026. So I would say it's more skewed towards savings and productivity initiatives that we have in place and more to come. And then the residual will be through surgical price initiatives.

我們將繼續推動損益表中該部分的 CCI 節省。這種情況應該會持續到 2026 年。因此我想說，這更偏向於我們已經實施的以及未來將要實施的節約和生產力措施。剩餘部分將透過手術價格措施來解決。

Okay, perfect. Thank you very much.

好的，完美。非常感謝。

Scott Marks, Jefferies.

史考特馬克斯，傑富瑞。

Hey, good morning. Thanks so much for taking our questions. First thing I wanted to ask about, you noted some softness in the China foodservice arena, still expecting a gradual recovery kind of for the rest of this year and it sounds like maybe a little stronger for next year. Just wondering if you can share some thoughts on maybe what you're seeing and what gives you the confidence in that gradual recovery continuing.

嘿，早安。非常感謝您回答我們的問題。我想問的第一件事是，您注意到中國餐飲服務領域有些疲軟，但預計今年剩餘時間該領域仍將逐步復甦，而且明年的復甦勢頭可能會更強一些。只是想知道您是否可以分享一些想法，也許就您所看到的情況以及是什麼讓您對持續逐步復甦充滿信心。

Sure, Scott. Our third quarter results were definitely impacted by what we saw as a reaction to sort of these austerity measures that were put in place. A lot of it was focused on sort of high-end dining catering. And we saw that consumption shift out into other out-of-home channels that sort of might be either lower cost or greater value. And so we've diversified -- and that -- by the way, that tended to impact the part of our foodservice business that serves that part of the marketplace.

當然，斯科特。我們第三季的業績肯定受到了我們所看到的對這些緊縮措施的反應的影響。其中很多都集中在高端餐飲方面。我們發現消費轉向了其他戶外管道，這些管道可能成本更低或價值更高。因此，我們實現了多元化——順便說一句，這往往會影響我們服務於該部分市場的餐飲服務業務。

And so as we think about diversifying and also looking for more distribution, we're certainly following those trends in the marketplace. But we're also seeing strength in our retail business. And our team identified a lot of high-growth opportunities as we think about the channel shifting that's going on in China, and there's quite a bit of it, and it's been going on for at least the last year, if not longer. And we continue to strengthen distribution in those areas where we think consumers are shifting to. And in the case of our retail business, it happens to be more smaller format stores.

因此，當我們考慮多樣化並尋求更多分銷時，我們肯定會遵循市場上的這些趨勢。但我們也看到了零售業務的強勁成長。當我們思考中國正在發生的通路轉變時，我們的團隊發現了許多高成長機會，而且這種轉變相當多，至少在去年就已經持續了，甚至更久。我們將繼續加強在那些我們認為消費者正在轉向的地區的分銷。就我們的零售業務而言，恰好是規模較小的商店更多。

And so getting more distribution in those locations has helped us continue to drive growth, which we think based on the data that we're seeing, is slightly stronger than the marketplace itself. And so that gives us the confidence to think about for the total year, we think we're headed in that same direction with having that slight to gradual growth in our business in China. And it's also worth adding that as we look at the fourth quarter, we're lapping an easier comparison relative to the fourth quarter of the prior year.

因此，在這些地區獲得更多分銷有助於我們繼續推動成長，根據我們看到的數據，我們認為成長比市場本身略強。因此，這讓我們有信心考慮全年的情況，我們認為我們正朝著同一個方向前進，我們在中國的業務將實現緩慢而漸進的成長。另外值得補充的是，當我們回顧第四季時，與去年同期的第四季相比，我們可以更輕鬆地進行比較。

So year-to-date, our results are in line with our expectations for this gradual recovery. I think we're up like 2% year-to-date within total Asia Pacific. And we do expect that our business in China to improve slightly in the context of that. And long term, we believe in the opportunity of China. It's a strong market where we have good penetration right now, but we still have room for growth. And so we're strengthening our plans and capabilities to make sure that we serve sort of the Chinese marketplace, where we see opportunities.

因此，今年迄今為止，我們的業績符合我們對逐步復甦的預期。我認為今年迄今亞太地區整體的成長率約為 2%。我們確實預計，在此背景下，我們在中國的業務將略有改善。從長遠來看，我們相信中國的機會。這是一個強大的市場，我們目前擁有良好的滲透率，但仍有成長空間。因此，我們正在加強我們的計劃和能力，以確保我們能夠服務我們看到機會的中國市場。

Appreciate the answer there. And then just a quick follow-up. Just coming back to the topic of reformulation. Wondering maybe if you can give us a sense of magnitude of impact, let's say, for the reformulations as it relates to maybe more pressure on some of the legacy branded products. Just trying to gauge how we should be thinking about offsets to what we see from broader food softness, let's say.

感謝您的回答。然後只是快速的跟進。回到重新制定的話題。我想知道您是否可以讓我們了解影響的程度，比如說，對於重新配方而言，它可能會對一些傳統品牌產品帶來更大的壓力。只是想衡量我們應該如何考慮從更廣泛的食物柔軟度中看到的抵消情況。

Well, I think about reformulations is broadly continue to address what we hear from consumers and what they're looking for. And that will have a positive impact on brands, whether it be so-called legacy brands or even new emerging brands.

嗯，我認為重新制定配方大體上就是繼續解決我們從消費者那裡聽到的內容以及他們所尋找的東西。這將對品牌產生正面影響，無論是所謂的傳統品牌還是新興品牌。

And as broadly, the food industry continues to address what consumers are asking for, we see that as having a positive outcome. The magnitude, I probably would maybe shift my reply into -- think about it from a timing perspective. It may take some time for some of these larger projects to go through validation and get out into the marketplace. So I don't see it as being necessarily immediate or happening right away.

從廣義上講，食品業繼續滿足消費者的需求，我們認為這會產生積極的結果。對於規模，我可能會將我的回答轉變為——從時間角度來考慮。其中一些較大的項目可能需要一些時間才能通過驗證並進入市場。所以我認為這不一定是立即的或馬上發生的。

In the case of announcements that have been made, people are suggesting 2027 as an example. But every company is going to be different in terms of what types of changes and reformulations we're trying to drive. But I see this as a continuation of innovation within the industry, and it's all about making brands relevant.

就已發布的公告而言，人們建議以 2027 年為例。但就我們試圖推動的變革和重新制定的類型而言，每家公司都會有所不同。但我認為這是產業創新的延續，目的是讓品牌更具相關性。

Thanks very much. We'll pass it on.

非常感謝。我們會傳遞它。

Bryan Adams, UBS.

瑞銀集團的布萊恩亞當斯。

Hey morning guys, thanks for the question. Just a quick one here for me. On the 4Q growth, I think if you look at what you said, Marcos, about midpoint or better of the 1% to 3% top line guide for the year implies something like 2.5% or so growth for the fourth quarter or more.

大家早安，謝謝你的提問。對我來說這只是一個快速步驟。關於第四季度的成長，馬科斯，我想如果你看一下你所說的內容，那麼今年 1% 到 3% 的頂線指導線的中點或更高值意味著第四季度的增長率為 2.5% 左右或更高。

So just in terms of that improvement exiting the year, I assume that's mostly pricing net of any elasticity impact, along with maybe some of the easier 4Q APAC comp that you just mentioned, Brendan. But just beyond that, is there anything else I'm missing there in terms of what drives the conviction in the step-up in 4Q versus 3Q?

因此，就今年年底的改善而言，我認為這主要是扣除任何彈性影響後的定價，以及您剛才提到的一些更容易的第四季度亞太地區比較，布倫丹。但除此之外，關於是什麼推動了第四季相對於第三季的成長，我還有什麼沒有註意到的嗎？

Yes. So we talked about the midpoint of the guidance range on top line for the full year. That implies the same level of growth in the fourth quarter and in constant currency, obviously. So that will continue. We still -- despite the price increases that we're having taken in the Americas, we also see volume growth in the Americas.

是的。因此，我們討論了全年營收指引範圍的中點。顯然，這意味著第四季的成長水準與固定匯率下的成長水準相同。這種情況將會持續下去。儘管美洲的價格有所上漲，但我們仍然看到美洲的銷量有所成長。

We see growth across, I would say, pretty much all regions in the Consumer segment going into the balance of the year. And then in Flavor Solutions, you will see more of a moderation of volume and price. We guided price to be -- volume to be flat in the Flavor Solutions for the full year, given a little bit more pricing there. So that's how we're seeing Q4 play.

我想說，我們看到，今年餘下時間裡，幾乎所有消費領域地區都成長了。然後在風味解決方案中，你會看到數量和價格的更多適度。我們指導價格為——風味解決方案的銷量全年保持平穩，因為那裡的定價略高一些。這就是我們對第四季表現的看法。

Really helpful. I'll leave it there. Thanks, guys.

真的很有幫助。我就把它留在那裡。謝謝大家。

Thank you.

謝謝。

I'll now turn the floor back to management for closing remarks.

現在我將把發言權交還給管理階層，請他們作結語。

Thank you, and thanks, everybody, for joining today's call. If you have any additional questions regarding today's information, please feel free to contact me. And this concludes this morning's call. Thank you.

謝謝大家，也謝謝大家參加今天的電話會議。如果您對今天的資訊有任何其他疑問，請隨時與我聯繫。今天早上的通話到此結束。謝謝。