McCormick & Company Inc (MKC) 2025 Q4 法說會逐字稿

Good morning. This is Faten Freiha, VP of Investor Relations. Thank you for joining today's fourth quarter earnings call. To accompany this call, we posted a set of slides on our IR website, ir.mccormick.com. With me this morning are Brendan Foley, Chairman, President and CEO; and Marcus Gabriel, Executive Vice President and CFO.

早安.我是法登‧弗雷哈 (Faten Freiha)，投資者關係副總裁。感謝您參加今天的第四季財報電話會議。為配合本次電話會議，我們在投資者關係網站ir.mccormick.com上發布了一系列幻燈片。今天早上與我一同參加會議的有董事長、總裁兼執行長Brendan Foley，以及執行副總裁兼財務長Marcus Gabriel。

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. In our comments, certain percentages are rounded. Please refer to our presentation for complete information.

在本次電話會議中，我們將提及一些非GAAP財務指標。這些非GAAP財務指標的性質以及與GAAP結果的相關調節表已包含在今天早上的新聞稿和幻燈片中。在我們的評論中，某些百分比數據已四捨五入。請參閱我們的簡報以獲取完整資訊。

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 statements, whether because of new information, future events or other factors. Please refer to our forward-looking statements on Slide 2 for more information.

今天的簡報包含預測和其他前瞻性陳述。實際結果可能與預期結果有重大差異。本公司不承擔因新資訊、未來事件或其他因素而公開更新或修訂任何前瞻性聲明的義務。更多資訊請參閱投影片 2 中的前瞻性聲明。

I will now turn the discussion over to Brendan.

現在我將把討論交給布倫丹。

Good morning, everyone, and thank you for joining us. McCormick's performance in 2025 demonstrated the strength and resilience of our business. We delivered differentiated volume-led organic growth and share gains powered by sustained momentum from investing in our brands, expanding distribution and driving innovation across our business. We achieved solid profitability gains in the first half of the year. However, rising costs in the second half related to the dynamic global trade environment pressured gross margins. Despite these headwinds, our disciplined cost management and efficiency initiatives kept us on track.

各位早安，感謝各位的參與。麥考密克在 2025 年的業績展現了我們業務的實力和韌性。我們透過投資自有品牌、擴大分銷管道和推動業務創新，實現了差異化的銷售驅動型有機成長和市場份額提升，並保持了持續的成長勢頭。今年上半年，我們的獲利能力實現了穩定成長。然而，下半年受動態的全球貿易環境影響，成本上升，給毛利率帶來了壓力。儘管面臨這些不利因素，但我們嚴格的成本管理和效率提升措施使我們保持了正軌。

As a result, we realized operating income growth and margin expansion for the full year, all while continuing to invest to drive future growth. We are executing with focus and discipline on what we can control and staying agile as we navigate external challenges. Our strategy continues to position McCormick for sustainable long-term value creation.

因此，我們實現了全年營業收入成長和利潤率擴張，同時繼續投資以推動未來成長。我們專注於我們能夠控制的事情，並以嚴謹的態度執行，同時保持靈活，應對外部挑戰。我們的策略將繼續使 McCormick 能夠實現可持續的長期價值創造。

Turning now to our results on Slide 4. In the fourth quarter, total organic sales increased by 2%, supported by growth in both consumer and flavor solutions. In Global Consumer, Organic sales growth was driven by volume, which grew for the seventh consecutive quarter as well as price contributions. In the Americas region, we delivered volume growth even as pricing actions took effect with elasticities coming in broadly in line with our expectations. Volume performance in EMEA remains solid with continued benefits from price.

現在就來看看投影片 4 上的結果。第四季度，有機銷售總額成長了 2%，這得益於消費者和調味解決方案業務的成長。在全球消費品領域，有機銷售成長主要由銷售量推動，銷售量連續第七個季度成長，價格因素也扮演了一定角色。在美洲地區，即使價格措施生效，我們仍然實現了銷售成長，彈性基本上符合我們的預期。歐洲、中東和非洲地區的銷售表現依然穩健，價格優勢持續顯現。

In Asia Pacific, organic growth was supported by strong and continued momentum in Australia and our China retail business. Importantly, we achieved the gradual full year recovery in China consumer for the year as planned.

在亞太地區，澳洲和中國零售業務的強勁持續成長為有機成長提供了支撐。重要的是，我們實現了中國消費者全年逐步復甦的目標，正如我們所計劃的。

Moving to Flavor Solutions. Volumes declined for the global segment. Our performance was impacted by customers reset of inventory levels in Latin America, which we expect to be behind us in 2026. Volumes across the rest of the business were roughly flat and reflected softness in large CPG and branded food service customer volumes. These headwinds were mostly offset with growth from high-growth innovators, private label customers and QSRs across the Americas and Asia Pacific.

轉崗至風味解決方案部門。全球市場銷售下降。由於拉丁美洲客戶重置了庫存水平，我們的業績受到了影響，我們預計這種情況將在 2026 年結束。其他業務的銷售量大致持平，反映出大型消費品和品牌食品服務客戶銷售的疲軟。這些不利因素大多被美洲和亞太地區高成長創新者、自有品牌客戶和速食連鎖店的成長所抵銷。

Turning to profitability. Fourth quarter gross margin was pressured by higher-than-expected inflation across our diverse basket of commodities, and we recognized more tariff costs than previously planned. It's important to note that pricing actions and CCI-driven productivity savings were delivered as planned. In addition, as expected, we continue to invest in the business, advancing our supply chain capabilities, innovation and growth platforms. These investments continue to strengthen our foundation and reinforce our resilience, positioning us well for long-term success.

轉向盈利。第四季毛利率受到我們各類商品通膨高於預期的影響，我們確認的關稅成本也高於先前的計畫。值得注意的是，定價措施和CCI驅動的生產力節約均按計畫實現。此外，正如預期的那樣，我們將繼續投資於業務，提升我們的供應鏈能力、創新和成長平台。這些投資不斷鞏固我們的基礎，增強我們的韌性，使我們為長期成功奠定了良好的基礎。

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 have held or improved share across many core categories in key markets for the last six quarters. McCormick branded volume consumption growth continues to outpace the broader edible category in the US. In EMEA, unit and dollar consumption continued to outpace branded and private label fast-moving consumer goods or FMCG food.

讓我們來看第 5 張投影片，讓我重點介紹本季的一些關鍵成功領域。在全球消費品領域，過去六個季度我們在主要市場的許多核心品類中都保持或提高了市場份額。在美國，McCormick品牌的銷售成長持續超過整個食品類別的平均水準。在歐洲、中東和非洲地區，單位和美元消費量持續超過品牌和自有品牌快速消費品或 FMCG 食品。

Let me provide some additional color, starting with spices and seasonings. We drove strong volume growth across all regions. In the US, we implemented pricing actions due to increased cost inflation. Elasticities as well as share performance were broadly in line with our expectations. Our performance in the US was supported by innovation, most notably with our newest lineup of holiday finishing sugars as well as growth in Gourmet Garden, our fresh convenience line.

讓我再補充一些細節，先從香料和調味料說起。我們在所有地區都實現了強勁的銷售成長。在美國，由於成本通膨加劇，我們採取了價格調整措施。彈性以及股票表現基本上符合我們的預期。我們在美國的業績得益於創新，尤其是我們最新的節日裝飾糖系列以及我們的新鮮便捷產品線 Gourmet Garden 的成長。

Importantly, our renovated McCormick Gourmet collection highlighted by its countertop worthy packaging is now on shelf as we transition the vast majority of the portfolio. Velocity so far have exceeded our expectations, and we anticipate continuing to benefit in this renovation in 2026.

重要的是，我們經過翻新的 McCormick Gourmet 系列產品，以其精美的包裝而著稱，現已上架銷售，同時我們也正在逐步過渡到產品組合中的絕大部分。到目前為止，工程進度已超出我們的預期，我們預計在 2026 年的這次改造中將繼續受益。

In Canada, we continue to grow overall share in dollars, units and volume. In France and Poland, unit share growth in spices and seasonings are contributing meaningfully to EMEA's gains. Moving to recipe mixes. Our performance in EMEA is strengthening. We drove unit and dollar share gains this past quarter as we expanded distribution with new customer wins in the UK. In hot sauce, we are achieving good results. In the US, for the fourth consecutive quarter, we continue to drive unit share gains fueled by investments in brand marketing and innovation.

在加拿大，我們的市佔率（以金額、銷售量和交易量計）持續成長。在法國和波蘭，香料和調味料的市場份額成長對歐洲、中東和非洲地區的成長做出了重要貢獻。接下來是配方混合料部分。我們在歐洲、中東和非洲地區的業績正在不斷提升。上個季度，我們透過在英國贏得新客戶並擴大分銷管道，實現了銷售和銷售額的成長。我們在辣椒醬方面取得了不錯的成果。在美國，我們連續第四個季度繼續透過增加對品牌行銷和創新的投資來提升市場份額。

We continue to improve total distribution points or TDPs. In the Americas, we expanded TDPs with spices and seasonings, driving the majority of the growth. Across our business, we continue to gain distribution in high-growth unmeasured channels like e-commerce, and we are expanding into social commerce in the US, a channel with significant growth opportunities.

我們持續改進總分銷點（TDP）。在美洲，我們擴大了香料和調味料的TDP（終端產品），推動了大部分成長。在我們的業務中，我們不斷在電子商務等高成長但難以衡量的管道中獲得分銷，並且我們正在向美國的社交電商領域擴張，這是一個具有巨大成長機會的管道。

In Flavor Solutions, we continue to see strength in our technically insulated high-margin product category, Flavors. In Flavors, in the Americas, we are expanding and diversifying our customer base, by winning both high-growth innovators and private label customers. We're also seeing strong momentum in reformulation projects with larger customers and outperforming the industry across key categories, including beverages and better-for-use snack seasonings.

在風味解決方案領域，我們持續看到技術隔離性強、利潤率高的產品類別——香精——的強勁表現。在美洲的香料業務中，我們正在透過贏得高成長創新者和自有品牌客戶，擴大和多元化我們的客戶群。我們還看到，與大型客戶合作的配方改良項目勢頭強勁，並在飲料和更易於食用的零食調味料等關鍵類別中表現優於行業平均水平。

Turning to QSRs. In the Americas, QSR volume performance remained strong, driven by continued innovation. In the Asia Pacific region, specifically in China and Southeast Asia, our customers' new products and promotions continue to drive strong volume growth. In EMEA, QSR volume performance continues to stabilize.

轉向快餐店。在美洲，速食店銷售表現依然強勁，這得益於持續的創新。在亞太地區，尤其是在中國和東南亞，我們客戶的新產品和促銷活動持續推動銷售強勁成長。在歐洲、中東和非洲地區，速食店的銷售表現持續趨於穩定。

Let me now touch on some areas where we are seeing pressure. Starting with Global Consumer. In recipe mixes, our base business remains strong with continued consumer loyalty and growth across many product lines. Competitive activity in the US, particularly within the Mexican flavor category, tempered overall share performance. We expect these trends to gradually improve as we launch new innovation, expand distribution and continue to build momentum behind our authentic Mexican brands like Cholula and supported by strong brand marketing investments.

現在讓我談談我們目前面臨壓力的一些領域。從全球消費者開始。在調味包領域，我們的基礎業務依然強勁，消費者忠誠度持續高漲，並且在許多產品線中實現了成長。美國市場的競爭活動，尤其是墨西哥風味市場的競爭活動，抑制了整體市佔率的表現。我們預計，隨著我們推出新的創新產品、擴大分銷管道，並繼續為 Cholula 等正宗墨西哥品牌積蓄力量，以及在強大的品牌行銷投資支持下，這些趨勢將逐步改善。

In Mustard, where we have performed well for the majority of the year. In the fourth quarter, the category declined in dollars and units in the US. French's Mustard have trailed the category and share performance was impacted by the timing of certain promotions, which we expect to normalize as we continue to execute on our plans in 2026. These include continued focus on innovation, increased brand marketing investments, expanding distribution as well as strategic partnerships.

在芥末州，我們今年大部分時間都表現出色。第四季度，該類別在美國的銷售額和銷量均有所下降。French's Mustard 一直落後於同類產品，其市佔率表現受到某些促銷活動時間的影響，我們預計隨著我們在 2026 年繼續執行計劃，這種情況將會恢復正常。這些措施包括持續專注於創新、增加品牌行銷投入、擴大分銷管道以及建立策略合作夥伴關係。

Outside of the US, in Canada, we continue to drive dollar and unit share gains in Mustard for the fifth consecutive quarter. In EMEA, most notably in Poland, we drove unit and dollar share gains in mustard for the last three quarters.

在美國以外，在加拿大，芥末醬的銷售額和銷售份額連續第五個季度實現成長。在歐洲、中東和非洲地區，尤其是在波蘭，我們在過去三個季度推動了芥末銷售和美元份額的成長。

Moving to Flavor Solutions. In flavors in the Americas and EMEA, some of our large CPG customers continue to experience softness in volumes within their own businesses. We expect these trends to stabilize as we continue to work with our customers on product innovation as well as win new customers.

轉崗至風味解決方案部門。在美洲和歐洲、中東及非洲地區的香料市場，我們一些大型的消費品客戶在自身業務中持續面臨銷售疲軟的問題。我們預計，隨著我們繼續與客戶合作進行產品創新並贏得新客戶，這些趨勢將趨於穩定。

In branded foodservice, foot traffic remains soft, which is impacting customer volumes. We continue to see growth in certain channels, particularly with noncommercial customers. This includes places of employment, hospitals and colleges and universities.

品牌餐飲服務業客流量持續疲軟，影響了顧客數量。我們持續看到某些管道的成長，尤其是在非商業客戶方面。這包括工作場所、醫院、學院和大學。

Now that we have covered the quarter, I would like to reflect on our performance for the fiscal year on Slide 6. When we set our goals for 2025 last January, market conditions were very different. Although the external environment proved more challenging than anticipated, particularly with respect to cost pressures, we achieved many of our objectives, especially on the top line and continue to strengthen the fundamentals of our business. I am proud of the results our teams delivered and the discipline with which we executed even as the external landscape evolved.

現在我們已經回顧了本季的情況，我想在第 6 張投影片上回顧我們本財年的業績。今年一月我們訂定 2025 年目標時，市場狀況與現在截然不同。儘管外部環境比預期更具挑戰性，尤其是在成本壓力方面，但我們實現了許多目標，尤其是在營收方面，並繼續加強我們業務的基本面。我為我們團隊所取得的成果以及我們在外部環境不斷變化的情況下仍能保持的嚴謹執行力感到自豪。

While we achieved our top line goals, our bottom line came under pressure. Inflation, commodity cost volatility and the macro environment created incremental costs that impacted our margins. Despite this, we made deliberate choices to continue investing in our brands, capabilities and people, decisions that strengthen our long-term competitiveness and position us well for sustained growth.

雖然我們實現了營收目標，但利潤卻面臨壓力。通貨膨脹、大宗商品成本波動和宏觀環境造成了額外的成本，影響了我們的利潤率。儘管如此，我們還是做出了深思熟慮的選擇，繼續投資於我們的品牌、能力和人才，這些決定增強了我們的長期競爭力，並使我們為持續成長奠定了良好的基礎。

Our focus remains clear. Sustaining our strong top line, strengthening profitability, delivering strong cash flow, investing in growth, funding shareholder returns through dividends and further strengthening our balance sheet to position McCormick for long-term success.

我們的目標依然明確。維持強勁的營收成長，增強獲利能力，實現強勁的現金流，投資於成長，透過分紅為股東回報提供資金，並進一步加強資產負債表，使 McCormick 能夠取得長期的成功。

A few highlights for the year. We delivered sales growth at the midpoint of our constant currency guidance driven by positive volume. Our consumer segment delivered another year of industry-leading volume-led growth, up 2% for 2025. As we continue to expand and win in high-growth channels where consumers are increasingly shopping. Our Flavor Solutions segment continued to show resilience despite soft industry trends, reflecting the strength of our capabilities and customer partnerships.

今年的一些亮點。在銷售成長的推動下，我們實現了以固定匯率計算的銷售目標中位數。我們的消費者業務板塊連續第二年實現了領先業界的銷售成長，預計 2025 年將成長 2%。隨著我們不斷拓展業務，並在消費者日益青睞的高成長通路中取得成功。儘管行業趨勢疲軟，但我們的風味解決方案業務部門仍然展現出韌性，這反映了我們強大的實力和客戶合作夥伴關係。

We continue to prioritize investment in our business while driving margin improvement, particularly in flavor solutions, where we made meaningful progress in expanding operating margins despite a challenging cost environment. We generated strong cash from operations and continues to delever, reducing our leverage ratio while also continuing to fund our growing dividends and capital investments.

我們繼續優先投資於我們的業務，同時努力提高利潤率，尤其是在調味解決方案方面，儘管成本環境充滿挑戰，但我們在擴大營業利潤率方面取得了實質進展。我們從經營活動中獲得了強勁的現金流，並持續去槓桿化，降低了槓桿率，同時繼續為不斷增長的股息和資本投資提供資金。

In terms of M&A, we further strengthened our global flavor leadership with the acquisition of a controlling interest in our long-standing joint venture, McCORMICK Mexico. Lastly, at the end of 2025, our Board of Directors authorized a 7% increase in the quarterly dividend, marking the 102 year of continuous dividend payments and 40 years of consecutive annual increases. This reinforces our recognition as a dividend of Aristocrat and reflects our long-standing commitment to returning cash to shareholders.

在併購方面，我們透過收購長期合資企業 McCORMICK Mexico 的控股權，進一步鞏固了我們在全球風味領域的領先地位。最後，在 2025 年底，我們的董事會批准將季度股利提高 7%，這標誌著連續支付股利 102 年，以及連續年度成長 40 年。這鞏固了我們作為 Aristocrat 股息提供者的地位，並體現了我們長期以來對股東返還現金的承諾。

Our performance reflects McCormick's strength, resilience and solid foundation. Beginning in 2024, we set a clear path for volume growth and have now delivered two years of consistent results. With our strong brands, effective strategies and continued investment, we remain positioned to deliver sustainable growth and profitability. We've built momentum, and we intend to carry that forward into 2026.

我們的業績體現了麥考密克公司的實力、韌性和堅實基礎。從 2024 年開始，我們制定了明確的銷售成長路線圖，並且已經連續兩年取得了穩定的表現。憑藉我們強大的品牌、有效的策略和持續的投資，我們將繼續保持永續成長和獲利能力。我們已經累積了一定的勢頭，並打算將這種勢頭延續到 2026 年。

On Slide 7, let me now share our current view on the state of the consumer and considerations for 2026. The environment across our key markets is marked by volatility and continued pressure from inflation, geopolitical and trade uncertainty and threat of rising unemployment and overall consumer confidence remains low. Consumers, especially low to middle income households continue to make more frequent trips to the store while purchasing fewer units per trip, a trend that was evident at the start of the year and accelerated through the fourth quarter.

在第 7 張投影片中，我將分享我們目前對消費者狀況的看法以及對 2026 年的考慮。我們主要市場的環境充滿波動，持續受到通膨、地緣政治和貿易不確定性以及失業率上升威脅的壓力，整體消費者信心仍然低迷。消費者，尤其是中低收入家庭，繼續增加去商店購物的次數，但每次購物的商品數量卻減少，這一趨勢在年初就已顯現，並在第四季度加速發展。

In addition, consumers continue to stretch meals across multiple occasions and seek affordable ways to prepare fresh home cooked meals. The consumer continues to show resilience by increasing their demand for value and behaviors that enable them to stretch their budget. These behaviors reinforce the importance of flavor in everyday cooking with herbs and spices continuing to lead center store unit consumption.

此外，消費者不斷延長用餐時間，並尋求經濟實惠的方式來準備新鮮的家常菜。消費者持續展現韌性，不斷提高對價值的需求，並採取各種能讓他們在預算範圍內精打細算的消費行為。這些行為強化了調味料在日常烹飪中的重要性，香草和香料繼續引領中心商店單元的消費。

Health and wellness trends continue to gain momentum. Consumers are preparing healthier, more affordable meals at home while exploring new flavors and culinary creativity. Perimeter and scratch cooking categories are outperforming, while high carb and high sugar foods, along with alcohol, are declining. High protein and better-for-you claims are driving purchase trends across retail and foodservice.

健康養生趨勢持續升溫。消費者在家烹飪更健康、更實惠的餐食，同時探索新的口味和烹飪創意。週邊烹飪和自製烹飪類別表現優異，而高碳水化合物和高糖食品以及酒精飲料的銷售量正在下降。高蛋白和更健康的宣傳正在推動零售和餐飲服務業的購買趨勢。

In addition, convenience paired with flavor exploration remains an area where consumers are willing to pay more. E-commerce continues to accelerate, and social commerce is also reshaping how consumers discover and buy packaged goods, fueling momentum for emerging brands. The convergence of these enduring trends, health and wellness, affordability, flavor exploration and convenience, underscores McCormick's advantage position in the marketplace. Our consumer portfolio meets consumer demand for home cooking and healthier meal preparation.

此外，便利性和口味探索相結合仍然是消費者願意支付更高價格的領域。電子商務持續加速發展，社群電商也重塑消費者發現和購買包裝商品的方式，為新興品牌的發展注入動力。健康、實惠、口味探索和便利性這些持久趨勢的融合，凸顯了 McCormick 在市場上的優勢地位。我們的消費品產品組合滿足了消費者對家庭烹飪和更健康膳食準備的需求。

At the same time, our flavor solutions business partners with large and emerging brand customers to deliver innovation and reformulation aligned with the same trends.

同時，我們的風味解決方案業務與大型和新興品牌客戶合作，提供符合相同趨勢的創新和配方改良。

We are winning across the food industry from small emerging brands to large established players. And our success is not defined by any single segment or product category. Notably, recently issued USDA Dietary Guidelines for Americans again promoted herbs and spices as well as natural flavors as a healthy way to flavor nutrient-dense food including proteins, vegetables, fruits and healthy fats to make them more appealing, further supporting the importance of our product categories.

我們在整個食品行業都取得了成功，從小型新興品牌到大型成熟企業，我們都贏得了勝利。我們的成功並非由任何單一細分市場或產品類別決定。值得注意的是，美國農業部最近發布的《美國飲食指南》再次提倡使用香草、香料和天然香料來為富含營養的食物（包括蛋白質、蔬菜、水果和健康脂肪）增添風味，使其更具吸引力，這進一步支持了我們產品類別的重要性。

In terms of tariffs, recent reductions are a positive step from a cost standpoint. However, approximately 50% of the incremental tariffs on McCormick items remain in place, and we continue to face related inflationary pressures. Our pricing actions have been surgical. We took pricing actions to offset inflation, but we have not fully passed through tariff costs, and we remain focused on partnering with our customers to meet consumers' demand for value, flavor and quality.

從成本角度來看，近期關稅的下調是積極的舉措。然而，對 McCormick 產品徵收的增量關稅中約有 50% 仍然有效，我們繼續面臨相關的通膨壓力。我們的定價策略非常精準。我們採取了價格措施來抵消通貨膨脹，但我們尚未完全轉嫁關稅成本，我們將繼續專注於與客戶合作，以滿足消費者對價值、口味和品質的需求。

We are navigating inflationary pressures with strategies designed to best meet the needs of the consumer and maximize category growth. Our focus on the long-term health of the business, innovation and execution continues to position McCormick for sustained success in a dynamic marketplace.

我們正在透過制定策略來應對通膨壓力，這些策略旨在最大程度地滿足消費者的需求並最大限度地提高品類成長。我們始終專注於業務的長期健康發展、創新和執行，這使得 McCormick 能夠在充滿活力的市場中持續取得成功。

Before reviewing our growth plans, I'd like to briefly discuss our outlook. In 2026, our results are expected to benefit meaningfully from the McCormick de Mexico acquisition, which is driving significant contributions to both the top line and operating income. Additionally, the transaction is accretive to earnings per share. However, year-over-year earnings per share growth is reduced by the elimination of the 25% minority interest in McCormick de Mexico net income attributable to Grupo Herdez and several below-the-line items that are unfavorable relative to 2025, including a higher tax rate and increased interest expense.

在回顧我們的成長計劃之前，我想先簡單談談我們的前景。預計到 2026 年，我們的業績將因收購 McCormick de Mexico 而得到顯著改善，這將為營收和營業收入帶來重大貢獻。此外，該交易還有助於提高每股收益。然而，由於 Grupo Herdez 持有的 McCormick de Mexico 25% 少數股權的淨利潤被取消，以及相對於 2025 年而言不利的幾項線下項目（包括更高的稅率和增加的利息支出），導致每股收益同比增長減少。

In our base business, we continue to drive underlying profitable growth through our strong execution. That said, we anticipate incremental costs associated with elevated inflation, including tariffs, continued digital investments, most notably related to our ongoing ERP implementation, along with rebuilding of incentive compensation from 2025 to impact our profitability. We are partially offsetting these pressures through cost reduction efforts, which are focused on restoring gross margin performance and enhancing overall productivity. These efforts are supported by our CCI programs, including SG&A streamlining.

在我們的核心業務中，我們透過強而有力的執行力，持續推動潛在的獲利成長。儘管如此，我們預計通貨膨脹加劇將帶來額外的成本，包括關稅、持續的數位化投資（尤其與我們正在進行的 ERP 系統實施有關），以及從 2025 年開始重建激勵性薪酬，這些都將影響我們的獲利能力。我們正透過降低成本來部分抵銷這些壓力，這些成本降低的重點是恢復毛利率表現和提高整體生產力。這些努力得到了我們 CCI 項目的支持，包括簡化銷售、一般及行政費用。

Importantly, our outlook for 2026 and beyond remains firmly supported by our proven strategies and disciplined execution of our growth plans. As we look beyond 2026, we expect the incremental costs impacting the year to remain on our base. Through our enhanced CCI programs and disciplined SG&A streamlining, we are well positioned to manage these costs, maintain investment in growth and deliver sustained profitability consistent with our long-term algorithm.

重要的是，我們對 2026 年及以後的展望仍然得到我們行之有效的策略和對成長計畫的嚴格執行的有力支撐。展望 2026 年以後，我們預期影響該年度的增量成本將維持在我們的基準水準上。透過我們加強的CCI計劃和嚴格的SG&A精簡，我們能夠很好地控制這些成本，保持對成長的投資，並實現與我們的長期演算法一致的持續獲利能力。

As outlined on Slide 8, our growth levers remain consistent to drive growth through category management, brand marketing, innovation, 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. The strength of our base business continues across major markets and core categories. We have a number of initiatives in flight that will continue to support our performance for 2026 and beyond. We plan to address the details of our plans at CAGNY in February.

如投影片 8 所述，我們的成長槓桿保持不變，透過品類管理、品牌行銷、創新、專有技術和差異化的客戶互動來推動成長。我們透過數據和分析來支持和加強這些槓桿，從而不斷加速我們的數位轉型。我們在主要市場和核心品類中的基礎業務依然保持強勁勢頭。我們正在推行多項舉措，這些舉措將繼續支持我們在 2026 年及以後的業績表現。我們計劃在二月的CAGNY會議上詳細介紹我們的計劃。

To provide some perspective relative to 2025, we expect our consumer business to continue delivering volume growth, supported by higher pricing compared to last year. We expect distribution growth, accelerated innovation and renovation across the portfolio and increased brand marketing investments to drive higher purchase interest and velocity and support volume performance across our core categories. Importantly, we remain at the forefront of evolving consumer trends, delivering on the demand for flavor exploration, health and wellness, convenience and value, while expanding our presence in high-growth channels where consumers are increasingly shopping.

為了更好地展望 2025 年，我們預計，在價格較去年上漲的支持下，我們的消費者業務將繼續實現銷售成長。我們預期分銷管道的成長、產品組合的加速創新和更新以及品牌行銷投入的增加，將推動更高的購買興趣和購買速度，並支持我們核心品類的銷售表現。重要的是，我們始終走在不斷變化的消費趨勢的前沿，滿足消費者對口味探索、健康、便利和價值的需求，同時不斷擴大我們在消費者日益青睞的高成長通路的業務。

In Flavor Solutions, we anticipate stronger performance as we lap a challenging 2025 in terms of customer volumes. In flavors, our customer pipeline is very healthy across our customer segments. It has doubled relative to the prior year. We are leveraging expertise in regulatory, R&D and product development to help customers navigate evolving regulations and meet growing health and wellness demands with innovation. And finally, in branded foodservice, we expect a gradual improvement as traffic trends improve.

在風味解決方案方面，我們預計隨著客戶數量在 2025 年面臨挑戰，業績將更加強勁。從口味方面來看，我們各個客戶群的客戶管道都非常健康。與前一年相比，翻了一番。我們利用在監管、研發和產品開發方面的專業知識，幫助客戶應對不斷變化的法規，並透過創新滿足不斷增長的健康和保健需求。最後，在品牌餐飲服務領域，我們預期隨著客流量趨勢的改善，情況也會逐步改善。

To wrap up, 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, supported by our broad and advantaged global portfolio anchored in high-growth categories that reinforce the strength and resilience of our business.

綜上所述，我們對公司業務的長期健康發展、基本面以及實現既定計劃充滿信心，我們將繼續推動行業領先的差異化業績，這得益於我們廣泛且具有優勢的全球產品組合，這些產品組合以高增長類別為基礎，從而增強了我們業務的實力和韌性。

Now before I turn it over to Marcos, I would like to comment on some recent changes to our Board of Directors. Maritza Montiel and Tony Vernon, who have each served as directors over the past decade, will be retiring from the Board as of our Annual Shareholder Meeting this April. I am grateful for their exceptional service and many contributions, which has significantly benefited McCormick. We will miss them both.

在將發言權交給馬可斯之前，我想先就我們董事會最近的一些變動發表一下看法。在過去十年中一直擔任董事的 Maritza Montiel 和 Tony Vernon 將於今年四月舉行的年度股東大會上從董事會退休。我非常感謝他們提供的卓越服務和做出的許多貢獻，這極大地惠及了 McCormick 公司。我們會想念他們的。

At the same time, I would like to welcome two new members to our Board, Rick Dierker, President and CEO of Church & Dwight; and Gavin Hattersley, former President and CEO of Molson Coors. Both Rick and Gavin bring deep experience in the global consumer product industry, and I look forward to working with them and to the contributions they will bring to McCormick.

同時，我謹代表董事會歡迎兩位新成員：Church & Dwight 總裁兼執行長 Rick Dierker；以及 Molson Coors 前總裁兼執行長 Gavin Hattersley。Rick 和 Gavin 都擁有豐富的全球消費品產業經驗，我期待與他們共事，並期待他們為 McCormick 做出貢獻。

Now over to Marcos.

現在輪到馬科斯了。

Thank you, Brendan, and good morning, everyone. Let's start on Slide 10 and review our top line results for the quarter. Total organic sales grew 2% for the fourth quarter, driven by growth in both Consumer and Flavor Solutions.

謝謝你，布倫丹，大家早安。讓我們從第 10 張投影片開始，回顧本季的主要業績。第四季有機銷售總額成長 2%，主要得益於消費者和香料解決方案業務的成長。

Moving to our Consumer segment on Slide 11. Organic sales increased 3%, driven by price and volume. Our continued volume growth for the last 7 quarters underscores our differentiation and ability to drive growth even in a consumer backdrop that remains challenging. Consumer organic sales in the Americas grew 3% with 1% volume growth and 2% pricing. Pricing reflects the cost inflation-related pricing we implemented in September. Despite these pricing actions, volume growth was strong across core categories. The impact of elasticities overall was broadly in line with our expectations and is informing our plans for 2026.

接下來，我們將進入第 11 張投影片，介紹我們的消費者板塊。受價格和銷量的推動，有機銷售額增長了3%。過去 7 個季度銷售持續成長，凸顯了我們的差異化優勢以及即使在充滿挑戰的消費環境下也能推動成長的能力。美洲消費者有機產品銷售額成長了 3%，其中銷量成長了 1%，價格上漲了 2%。定價反映了我們9月實施的成本通膨相關定價。儘管採取了這些價格措施，核心品類的銷售成長依然強勁。彈性係數的整體影響與我們的預期基本一致，並為我們 2026 年的計畫提供了基礎。

In EMEA, we grew consumer organic sales 3%, driven by a 1% increase in volume and a 2% contribution from pricing related to targeted actions taken as a result of increased commodity costs. We're pleased with the sustained volume growth for the eighth consecutive quarter in EMEA.

在歐洲、中東和非洲地區，我們的消費者有機銷售額增長了 3%，這主要得益於銷量增長 1% 以及由於大宗商品成本上漲而採取的針對性措施帶來的定價增長 2%。我們對 EMEA 地區銷售連續第八個季度保持成長感到滿意。

Consumer organic sales in the Asia Pacific region increased by 2%. The increase was driven primarily by volume growth as our growth in China was in line with our expectations. In addition, we delivered strong results outside of China, primarily in Australia.

亞太地區消費者有機產品銷售額成長了 2%。此次成長主要由銷售成長推動，因為我們在中國的成長符合預期。此外，我們在中國以外的地區也取得了強勁的業績，尤其是在澳洲。

Turning to our Flavor Solutions segment on Slide 12. Fourth quarter organic sales rose 1%, driven by price contribution of 2%, partially offset by volume decline of approximately 1%. In the Americas, Flavor Solutions organic sales increased 1%, reflecting a 3% price contribution, partially offset by a 2% volume decline.

接下來請看第 12 頁的「風味解決方案」部分。第四季有機銷售額成長 1%，其中價格上漲貢獻 2%，但部分被銷量下降約 1% 所抵銷。在美洲，風味解決方案的有機銷售額成長了 1%，其中價格貢獻了 3%，但部分被 2% 的銷售下降所抵消。

Volumes for the quarter were impacted by the reset of some of our customers' inventory levels in Latin America, which we expect to be behind us in 2026. Underlying volume performance was flat, reflecting continued softness in large CPG customers volumes as well as softer foot traffic in branded foodservice, offset by growth with high-growth innovator and private label customers.

本季銷售量受到拉丁美洲部分客戶庫存水準調整的影響，我們預計這種情況將在 2026 年解決。基本銷售表現平穩，反映出大型消費品客戶銷售持續疲軟以及品牌餐飲服務客流量下降，但高成長創新者和自有品牌客戶的成長抵消了這一影響。

In EMEA, organic sales decreased by 3%, including 2% from price and 1% impact of lower volume, reflecting soft CPG customers' volumes. We're pleased to see that volumes remain stable in EMEA relative to recent trends. In the Asia Pacific region, Flavor Solutions organic sales increased 3% with volume growth of 5%, driven by QSR customer promotions and limited time offers, partially offset by price of 2%.

在歐洲、中東和非洲地區，有機銷售額下降了 3%，其中價格下降了 2%，銷量下降了 1%，反映出消費品客戶的銷量疲軟。我們很高興看到，與近期趨勢相比，歐洲、中東和非洲地區的銷售量保持穩定。在亞太地區，風味解決方案的有機銷售額成長了 3%，銷量成長了 5%，這主要得益於快餐店客戶的促銷活動和限時優惠，但部分被 2% 的價格上漲所抵消。

Moving to Slide 13. Adjusted gross profit margin declined 120 basis points in the fourth 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. Relative to our expectations, changes in tariff rules within the year contributed to higher-than-expected overall cost inflation in our broad basket of commodities.

切換到第13張投影片。在第四季度調整後的毛利率下降了 120 個基點，原因是商品成本、關稅以及為支持未來增長而增加的產能而增加的成本上升，部分被我們全面的持續改進計劃（CCI）帶來的節省所抵消。與我們的預期相比，年內關稅規則的變化導致我們涵蓋的大宗商品整體成本通膨高於預期。

In addition, we recognized more tariffs in our cost of sales than previously planned. For the year, gross margin was down 60 basis points, reflecting the pressure from rising commodity costs and tariffs. As we look ahead, we expect to recover this margin compression in 2026.

此外，我們在銷售成本中確認的關稅比之前計劃的要多。本年度毛利率下降了 60 個基點，反映出大宗商品成本和關稅上漲帶來的壓力。展望未來，我們預計到 2026 年將彌補利潤率的下降。

Selling, general and administrative expenses, or SG&A, decreased 120 basis points relative to the fourth 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 increasing investments in brand marketing and technology. For the fiscal year, SG&A improved by 70 basis points compared to 2024. For the quarter, adjusted operating income increased by 3% or 2% in constant currency. This increase was driven by improved SG&A, partially offset by gross margin and increased investments to drive growth.

銷售、一般及行政費用（SG&A）較去年第四季下降了 120 個基點，主要原因是員工福利支出減少以及 CCI 節省（包括我們的 SG&A 精簡計劃），但部分被品牌行銷和技術投資增加所抵消。本財年，銷售、一般及行政費用較 2024 年降低了 70 個基點。本季度，經調整後的營業收入成長了3%，以固定匯率計算成長了2%。這一成長主要得益於銷售、一般及行政費用的改善，但部分被毛利率和為推動成長而增加的投資所抵銷。

For the total company, we grew fiscal year 2025 adjusted operating income by 2% or 3% in constant currency and expanded adjusted operating margins by 10 basis points. Our performance in 2025 demonstrates our commitment to delivering healthy top line growth and our agility in managing costs across the P&L to protect our profitability and to enable us to invest in growth.

就整個公司而言，我們 2025 財年調整後的營業收入按固定匯率計算增長了 2% 或 3%，調整後的營業利潤率提高了 10 個基點。我們在 2025 年的業績顯示了我們致力於實現健康的營收成長，以及我們在損益表成本管理方面的靈活性，以保護我們的獲利能力並使我們能夠投資於成長。

Our fourth quarter adjusted effective tax rate was 23.9% compared to 25.4% in the prior year as expected. For the full year, our adjusted tax rate was 21.5% compared to 20.5% in the prior year, driven by a greater level of favorable discrete tax items in the prior year. Our income from unconsolidated operations in the fourth quarter was flat as expected. For the fiscal year, unconsolidated income decreased 3% as the strong operational performance from McCormick de Mexico was more than offset by the unfavorable impact of foreign exchange rates.

如預期，我們第四季的調整後實際稅率為 23.9%，而去年同期為 25.4%。全年調整後的稅率為 21.5%，而上一年為 20.5%，這主要是由於上一年有更多有利的個別稅收項目。如預期，我們第四季非合併業務的營收與預期持平。本財年，由於 McCormick de Mexico 強勁的營運業績被不利的匯率影響所抵消，未合併收入下降了 3%。

Turning to segment operational results on Slide 14. Adjusted operating income in the Consumer segment increased 1% for the fourth quarter with minimal impact from currency. The increase was driven by sales growth and improved SG&A, partially offset by increased tariffs and commodity costs. For the year, adjusted operating income in the Consumer segment declined by 1% with minimal impact from currency. The decline in the Consumer segment was driven by increased commodity costs and tariffs, which impacted the segment's gross margin as well as continued growth investments. This was partially offset by improved SG&A driven by CCI and SG&A streamlining initiatives.

接下來，請看第 14 頁投影片，了解各業務板塊的營運成果。第四季度，消費者業務部門的調整後營業收入成長了 1%，匯率對其影響甚微。成長主要由銷售成長和銷售、一般及行政費用改善所推動，但部分被關稅和商品成本上漲所抵銷。本年度，消費者業務部門的調整後營業收入下降了 1%，匯率對其影響甚微。消費品業務的下滑是由於大宗商品成本和關稅上漲，這影響了該業務的毛利率以及持續成長投資。部分抵銷了上述影響的是 CCI 推動的 SG&A 改善以及 SG&A 精簡計劃。

In Flavor Solutions, adjusted operating income in the fourth quarter increased by 7% or 6% in constant currency. For the fiscal year, our Flavor Solutions operating income grew 9% or 11% in constant currency, and operating margin expanded by 90 basis points, reflecting our continued focus on improving Flavor Solutions profitability.

在風味解決方案業務方面，第四季度調整後的營業收入成長了 7%，以固定匯率計算成長了 6%。本財年，我們的風味解決方案業務營業收入成長了 9%，以固定匯率計算成長了 11%，營業利潤率提高了 90 個基點，這反映了我們持續致力於提高風味解決方案業務獲利能力。

At the bottom line, as shown on Slide 15, fourth quarter 2025 adjusted earnings per share was $0.86, an increase of 7% compared to the year ago period, driven by increased adjusted operating income, improved interest expense as we paid down debt and a favorable tax rate. For the full year, adjusted earnings per share was $3, reflecting an increase of 2%, driven primarily by growth in adjusted operating income.

如投影片 15 所示，2025 年第四季調整後每股收益為 0.86 美元，比上年同期增加 7%，這主要得益於調整後營業收入增加、償還債務導致利息支出改善以及有利的稅率。全年調整後每股收益為 3 美元，年增 2%，主要得益於調整後營業收入的成長。

On Slide 16, we've summarized highlights for cash flow and balance sheet. We delivered another year of strong cash flow from operations of $962 million. We returned $483 million of cash to our shareholders through dividends and used $222 million for capital expenditures. Capital expenditures for the year were slightly below our plans due to the phasing of certain initiatives. Our investments include projects to increase capacity and capabilities to meet growing demand, advance our digital transformation and optimize our cost structure.

在第 16 張投影片中，我們總結了現金流量表和資產負債表的要點。我們連續第二年實現了強勁的營運現金流，達到 9.62 億美元。我們透過股息向股東返還了 4.83 億美元現金，並將 2.22 億美元用於資本支出。由於某些項目的分階段實施，本年度的資本支出略低於我們的計劃。我們的投資項目包括提高產能和能力以滿足不斷增長的需求、推動數位轉型以及優化成本結構。

Our priority remains to have a balanced use of cash. This means funding investments to drive growth, returning a significant portion of cash to shareholders through dividends and maintaining a strong balance sheet. We remain committed to a strong investment-grade rating. With another year of strong cash flow driven by profit and improved working capital initiatives, we successfully reduced our leverage ratio to below 2.7 times.

我們的首要任務仍然是合理平衡現金使用。這意味著要為推動成長的投資提供資金，透過股息將相當一部分現金返還給股東，並保持強勁的資產負債表。我們仍致力於維持強勁的投資等級信用評等。憑藉著利潤和改善營運資本措施帶來的強勁現金流，我們成功將槓桿率降低至 2.7 倍以下。

Overall, results for 2025 reflected the strength of our business. On the top line, we delivered constant currency volume-led organic growth at the midpoint of our range, reflecting the continued focus on driving volumes and healthy sustainable sales momentum. While inflation and tariffs impacted our gross margin for the year, we effectively offset this impact through CCI and SG&A streamlining initiatives, all while continuing to invest for growth.

總體而言，2025 年的業績反映了我們業務的強勁勢頭。從營收方面來看，我們實現了以固定匯率計算的銷量驅動的有機增長，達到我們業績區間的中點，這反映了我們持續專注於推動銷量增長和保持健康可持續的銷售勢頭。雖然通貨膨脹和關稅影響了我們當年的毛利率，但我們透過 CCI 和 SG&A 精簡措施有效地抵消了這種影響，同時繼續投資以實現成長。

As a result, adjusted operating income and earnings per share finished at the low end of our outlook, a solid outcome in light of the macro headwinds we faced. Importantly, we drove strong cash flow from operations for the year, paid down debt and delevered, giving us ample flexibility to continue to invest in the business.

因此，調整後的營業收入和每股盈餘均達到我們預期範圍的下限，考慮到我們面臨的宏觀不利因素，這是一個穩健的結果。重要的是，我們在本年度實現了強勁的經營現金流，償還了債務並降低了槓桿率，這使我們能夠靈活地繼續投資於業務。

Before turning to our outlook, let me provide an update on our tariff exposure and mitigation plans on Slide 17. Since our last earnings call, our tariff exposure has been reduced by approximately 50%. Our total gross annualized tariff exposure is now approximately $70 million compared to $140 million we provided previously. As a result, we expect the incremental year-over-year cost impact of tariffs to be approximately $50 million in 2026. We plan to mitigate the vast majority of this impact with productivity savings across the P&L, alternative sourcing, supply chain initiatives and, of course, leverage our revenue management capabilities, including surgical pricing.

在展望未來之前，請允許我在第 17 頁幻燈片中介紹我們的關稅風險敞口和緩解計劃的最新情況。自上次財報電話會議以來，我們的關稅風險敞口已減少了約 50%。我們目前的年度關稅總風險敞口約為 7000 萬美元，而此前我們預計為 1.4 億美元。因此，我們預計到 2026 年，關稅帶來的年度增量成本影響約為 5,000 萬美元。我們計劃透過提高損益表的生產力、替代採購、供應鏈措施以及利用我們的收入管理能力（包括手術定價）來減輕這種影響的大部分。

The reduction in tariff rates is not expected to benefit the bottom line as some supply chain mitigation efforts have been adjusted in line with the new rates, and we are intentionally choosing to continue to invest in the business. Lastly, as you know, this is an evolving situation, and we'll continue to monitor how policies impact tariff rates and therefore, our costs.

關稅稅率的降低預計不會對利潤產生積極影響，因為一些供應鏈緩解措施已根據新的稅率進行了調整，而且我們有意選擇繼續投資於該業務。最後，如您所知，情況瞬息萬變，我們將繼續關注政策如何影響關稅稅率，從而影響我們的成本。

Now let's turn to our 2026 financial outlook on Slide 18. Our outlook reflects our continued investments in key categories to sustain volumes and drive long-term profitable growth while appreciating the uncertainty of the consumer and macro environment, including global trade policies. In addition, this outlook reflects the contributions of our recent M&A transaction, the acquisition of a controlling interest in McCormick de Mexico.

現在讓我們來看看第 18 頁投影片中的 2026 年財務展望。我們的展望反映了我們對關鍵類別的持續投資，以維持銷售並推動長期獲利成長，同時我們也意識到消費者和宏觀環境（包括全球貿易政策）的不確定性。此外，這項展望也反映了我們最近的併購交易——收購 McCormick de Mexico 的控股權——所帶來的貢獻。

Turning to the details. First, currency rates are expected to have a 1 point positive impact on net sales, adjusted operating income and adjusted earnings per share. At the top line, we expect organic net sales growth to range between 1% and 3%. Growth will be supported by sustained volumes growth and a higher contribution from pricing across both segments compared to the prior year.

接下來我們來看細節。首先，預計匯率將對淨銷售額、調整後營業收入和調整後每股收益產生 1 個百分點的正面影響。我們預計，公司整體有機淨銷售額成長率將在 1% 到 3% 之間。銷量持續成長以及兩個業務板塊價格較上年上漲將支撐成長。

In our Consumer segment, we anticipate some volume impact from price elasticity early in the year, followed by solid volume growth as the year progresses. In our Flavor Solutions segment, we expect volumes to recover and deliver full year volume growth for the segment. We expect the acquisition of McCormick de Mexico to contribute 11% to 13% to our top line, leading to total constant currency sales of 12% to 16%.

在我們的消費品領域，我們預期年初價格彈性會對銷售產生一定影響，但隨著時間的推移，銷售量將穩定成長。在我們的風味解決方案業務板塊，我們預計銷量將恢復，並實現全年銷售成長。我們預計收購 McCormick de Mexico 將為我們的營收貢獻 11% 至 13%，從而使以固定匯率計算的總銷售額成長 12% 至 16%。

Along with this top line performance, we anticipate full year gross margin expansion, reflecting recovery from the compression experienced in 2025. This expansion reflects favorable impacts from product mix, cost savings from our CCI program and margin accretion from McCormick de Mexico, partially offset by the anticipated impact of a mid-single-digit increase in cost inflation.

除了營收成長外，我們預計全年毛利率將有所提高，反映出從 2025 年經歷的壓縮中復甦。此次擴張反映了產品組合帶來的有利影響、CCI計劃帶來的成本節約以及來自墨西哥味好美克的利潤增長，但部分被預期成本通膨中等個位數增長的影響所抵消。

In addition to our gross margin expansion, we expect SG&A benefits from cost savings to be offset by investments to drive volume growth, including brand marketing and digital investments, most notably our ERP implementation as well as a build back in incentive compensation.

除了毛利率的擴張外，我們預計透過成本節約所獲得的銷售、一般及行政費用收益將被推動銷售成長的投資所抵消，這些投資包括品牌行銷和數位投資，最值得注意的是我們的 ERP 系統實施以及激勵性薪酬的重建。

In terms of our ERP implementation, we're still taking a phased rollout approach. We made significant progress and our deployments to date have been successful. To further minimize execution risk, we decided to consolidate the number of waves within the upcoming deployment phase, which moves forward our time line. Overall, program costs remain unchanged. However, this refined execution plan shifts more expense into 2026 than originally planned.

就我們的ERP實施而言，我們仍然採取分階段推廣的方式。我們取得了顯著進展，迄今為止的部署工作均取得了成功。為了進一步降低執行風險，我們決定減少即將到來的部署階段的部署波次，這將加快我們的時間表。整體而言，專案成本保持不變。然而，這項改進後的執行計劃將比原計劃更多的費用轉移到了 2026 年。

For the year, we expect our brand marketing spend to increase in the low to mid-teens as we continue to invest behind our brands and reflect the brand marketing investments of McCormick de Mexico. As a result, our adjusted operating income is expected to grow 15% to 19% in constant currency. In terms of tax, we expect our adjusted effective tax rate to be approximately 24% for 2026 compared to 22% in 2025, where we benefited from a number of discrete tax items that are not expected to repeat in 2026 in addition to a higher tax rate in Mexico.

今年，我們預計品牌行銷支出將增加十幾個百分點，因為我們將繼續投資於我們的品牌，並反映 McCormick de Mexico 的品牌行銷投資。因此，以固定匯率計算，我們調整後的營業收入預計將成長 15% 至 19%。就稅收而言，我們預計 2026 年調整後的實際稅率約為 24%，而 2025 年為 22%。 2025 年，我們受惠於一些預計在 2026 年不會再出現的個別稅收項目，此外，墨西哥的稅率也較高。

Notably, we now expect an expense from unconsolidated operations in 2026, which reflects the elimination of the minority interest or 25% of McCormick de Mexico net income attributable to Grupo Herdez from our consolidated earnings. In addition, we expect net interest expense to increase compared to 2025, primarily due to the funding of the McCormick de Mexico transaction.

值得注意的是，我們現在預計 2026 年將產生一筆來自非合併業務的支出，這反映了從我們的合併收益中剔除了歸屬於 Grupo Herdez 的 McCormick de Mexico 的少數股東權益或 25% 的淨利潤。此外，我們預計淨利息支出將比 2025 年增加，主要原因是為收購 McCormick de Mexico 提供資金。

Our 2026 adjusted earnings per share is projected to range from $3.05 to $3.13 on a reported dollar basis, reflecting benefits from operating income, offset by unconsolidated expense, the impact of the increased tax rate relative to the prior year and higher interest expense. Overall, we believe our outlook is balanced and give us flexibility to continue to invest in the business while expanding margins.

我們預計 2026 年調整後每股收益（按報告美元計算）將在 3.05 美元至 3.13 美元之間，這反映了營業收入的好處，但被未合併支出、相對於上一年稅率增加的影響以及更高的利息支出所抵消。總體而言，我們認為我們的前景是平衡的，這使我們能夠靈活地繼續投資業務，同時擴大利潤率。

Moving to Slide 19. This slide summarizes the cost headwinds for 2026 and how we plan to offset them. Our guidance reflects strong underlying base business performance and growth from acquisitions with pressures from cost inflation, tariffs and the review of incentive compensation that are expected to be offset through tariff mitigation plans, CCI initiatives and SG&A streamlining. Our digital investments, most notably the refined ERP implementation plan, along with a higher tax rate are impacting underlying growth, but will become part of our base as we look beyond 2026.

切換到第19張投影片。這張投影片總結了 2026 年的成本逆風以及我們計劃如何抵消這些逆風。我們的業績指引反映了強勁的基本業務表現和收購帶來的成長，但同時也面臨著成本上漲、關稅以及激勵性薪酬審查帶來的壓力，這些壓力預計將透過關稅緩解計畫、CCI計畫和SG&A精簡來抵銷。我們的數位化投資，尤其是改進後的 ERP 實施計劃，以及更高的稅率，正在影響潛在的成長，但隨著我們展望 2026 年以後，這些都將成為我們的基礎。

Importantly, we remain on track to sustain our volume momentum and drive strong top line growth. Despite higher costs, we're investing strategically, executing with discipline and driving efficiencies, enabling us to deliver strong operating income growth and sustain our differentiation. We are confident in our ability to deliver 2026 outlook and in achieving our long-term objectives.

重要的是，我們仍有望保持銷售成長勢頭，並推動營收強勁成長。儘管成本較高，但我們進行策略性投資，嚴謹執行，並提高效率，從而實現了強勁的營業收入成長，並保持了我們的差異化優勢。我們有信心實現2026年的展望目標，並達成我們的長期目標。

Thank you, Marcos. Before moving to Q&A, I would like to close with our key takeaways on Slide 20. The long-term trends that fuel our attractive categories, consumer interest in healthy, flavorful cooking, flavor exploration and trusted brands are enduring trends. They continue to reinforce the relevance and resilience of our portfolio.

謝謝你，馬科斯。在進入問答環節之前，我想先總結第 20 頁投影片中的關鍵要點。推動我們產品類別發展的長期趨勢是消費者對健康美味烹飪、口味探索和值得信賴的品牌的興趣，這些都是持久的趨勢。它們不斷增強我們投資組合的相關性和韌性。

In 2025, we drove differentiated volume growth and share gains across our core categories. Our results demonstrate that we are investing in the areas that drive the most value for consumers, customers and shareholders. As we enter 2026, McCormick is operating from a position of strength with a solid foundation and disciplined execution. Despite ongoing macro and cost headwinds, we remain positioned for sustainable, profitable growth.

2025年，我們在核心品類中實現了差異化的銷售成長和市佔率提升。我們的業績表明，我們正在投資那些能為消費者、客戶和股東創造最大價值的領域。進入 2026 年，McCormick 憑藉著堅實的基礎和嚴謹的執行力，處於優勢地位。儘管宏觀經濟和成本方面持續面臨不利因素，但我們仍有望實現可持續的獲利成長。

Our 2026 outlook reflects continued top line momentum, margin recovery and strong operating profit growth, anchored by innovation, efficiency and our acquisition of McCormick de Mexico. While global trade dynamics continue to drive cost inflation, we are leveraging our competitive advantages, productivity initiatives and cost management discipline to mitigate these pressures, sustain volume growth and fund our investments for the future.

我們對 2026 年的展望反映了營收持續成長動能、利潤率回升和強勁的營業利潤成長，這得益於創新、效率以及我們對 McCormick de Mexico 的收購。儘管全球貿易動態持續推高成本，但我們正在利用我們的競爭優勢、生產力提升措施和成本管理紀律來緩解這些壓力，維持銷售成長，並為未來的投資提供資金。

Looking beyond 2026, these incremental costs are expected to remain in our base. However, our enhanced CCI plans and SG&A streamlining discipline positions us to manage these pressures effectively while sustaining investment and delivering growth in line with our long-term algorithm. Ultimately, we remain a global leader in flavor, driving growth that is both sustainable and differentiated.

展望 2026 年以後，這些新增成本預計將繼續保留在我們的基數內。然而，我們加強了 CCI 計劃和 SG&A 精簡措施，使我們能夠有效應對這些壓力，同時維持投資並按照我們的長期演算法實現成長。最終，我們仍然是全球風味領域的領導者，推動永續和差異化的成長。

Finally, I want to recognize all McCormick employees for their dedication and contributions. Your commitment and passion continue to drive our success. I'm confident that together, we will continue to deliver differentiated results and long-term shareholder value.

最後，我要感謝所有 McCormick 員工的奉獻和貢獻。你們的投入和熱情一直是推動我們成功的動力。我相信，我們攜手並進，將繼續創造差異化業績，並為股東帶來長期價值。

Now for your questions.

現在回答你們的問題。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

Andrew Lazar, Barclays

安德魯·拉扎爾，巴克萊銀行

Great, thanks very much. Good morning Brendan and Marcos. Maybe to start, your '26 outlook is predicated on continued volume momentum. I was hoping you could talk a bit more about the key drivers underpinning your view. And in particular, maybe you can speak to expectations in consumer Americas, just given recent scanner trends have decelerated a bit. I'm assuming on elasticity, but perhaps you can clarify that.

太好了，非常感謝。布倫丹和馬科斯，早安。或許首先，你對 2026 年的展望是基於成交量持續成長的動能。我希望您能更詳細地談談支撐您觀點的關鍵驅動因素。特別是，鑑於最近的掃描器趨勢放緩，或許您可以談談美國消費者的期望。我這裡指的是彈性，但或許您可以解釋一下。

Sure. Well, a couple of thoughts just I think, in terms of top line. I think our guide for '26 reflects obviously, both segments and factors in, obviously, the uncertainty environment. But when we look at kind of the range that we're providing, I think, everyone, consumer drives sort of the mid- to high end of that range. And then Flavor Solutions is probably the low to the mid end of that range. Overall, we expect pricing to contribute more to our growth rate than it did in 2025, but we also expect to maintain volume growth for the year with volume growth in both segments.

當然。嗯，就總體而言，我有幾點想法。我認為我們 2026 年的指導方針顯然反映了當前不確定的環境，包括各個細分市場和相關因素。但當我們審視我們提供的產品範圍時，我認為，所有消費者都傾向於選擇該範圍的中高端產品。那麼 Flavor Solutions 的價格可能就處於這個價位區間的中低階。整體而言，我們預期價格因素對我們成長率的貢獻將比 2025 年更大，但我們也預期今年銷售量將維持成長，兩個細分市場的銷售量都將成長。

I might just speak maybe to each segment just to give a little bit more color on that. On Consumer, we expect to continue delivering volume growth. It will have higher pricing, I think, compared to, let's say, the last year. we've driven volume over the last 1.5 years, and it has been driven by a lot of our actions and plans and a number of things that obviously we've talked about in the past. And as I look to '26, a lot of those levers really remain in place. We'll continue to increase our A&P with really strong messaging that resonates. We'll continue to benefit from the innovation that we launched in '25. And those are things like the US Cholula expansion or McCormick innovation like finishing salts or the type of innovation that we've launched in EMEA behind air fryer seasonings.

我可能會分別和每個小組談談，以便更詳細地介紹一下情況。在消費者方面，我們預計將繼續實現銷售成長。我認為，與去年相比，它的價格會更高。過去一年半，我們的銷售成長顯著，這得益於我們採取的諸多行動和計劃，以及我們過去討論過的一些事項。展望 2026 年，許多這樣的槓桿仍然有效。我們將持續加強廣告宣傳力度，傳遞能引起共鳴的強大訊息。我們將繼續受益於 2025 年推出的創新。這些包括美國 Cholula 品牌的擴張，McCormick 的創新，例如調味鹽，或我們在歐洲、中東和非洲地區推出的氣炸鍋調味料之類的創新。

And I think one of the positive things, now it got launched in sort of towards the tail end of '25 and really started to hit the shelf, but this US Gourmet relaunch, McCormick Gourmet we really think is driving a lot of positive velocities right now, and we like what we're seeing on shelf. And so that we'll get a full 3 quarters of the year on that innovation. And the whole price gap management plan also still remains in our base as it did in '25. Incremental to this, we're expanding distribution across our core categories. We'll continue to launch new innovation.

我認為積極的一點是，這款產品在 2025 年末推出，並真正開始上架銷售，但這次美國美食品牌 McCormick Gourmet 的重新推出，我們認為確實推動了許多積極的增長速度，我們很喜歡在貨架上看到的情況。這樣我們就能利用今年第三季的時間來進行這項創新。整個價格差距管理計畫也像 2025 年一樣，仍然保留在我們的基本框架中。除此之外，我們也正在擴大核心品類的經銷範圍。我們將持續推出創新產品。

And we'll also continue to renovate parts of the portfolio. And one of the ones I'm also excited about is we're going to be relaunching our entire blends and seasonings line, and that's really quite exciting. So we like that, that's another renovation that's going to be coming out in '26. And then we're just going to continue to sort of focus on these high-growth channels that we're seeing a lot of success in. And so those are the things that are really driving, I think, an underpin and underwrite the consumer growth.

我們也會繼續對部分投資組合進行翻新。還有一件事讓我很興奮，那就是我們將重新推出我們所有的混合調味料和調味料系列，這真的非常令人興奮。我們很喜歡這一點，這是 2026 年即將推出的另一項翻新工程。然後我們將繼續專注於這些我們已經取得很大成功的高成長管道。因此，我認為這些因素真正推動、支撐和保障了消費者的成長。

In Flavor Solutions, we expect to do better than we did in '25. We know '25 was impacted by large CPG customer volumes and being soft as well as in branded foodservice. But we do expect improvement, particularly as we continue to grow with those high-growth innovators and private label customers. We're acknowledging that we are lapping a difficult '25, so expect to do better. But it's difficult to predict the level and pace of that improvement. So I still expect some lumpiness in this business as we've experienced in the past.

在風味解決方案方面，我們預計會比 2025 年做得更好。我們知道，2025 年受到消費品產業顧客數量龐大、市場疲軟以及品牌餐飲服務業的影響。但我們確實期待情況會有所改善，尤其是在我們與那些高成長的創新者和自有品牌客戶共同成長的過程中。我們承認我們正在挑戰一個艱難的 2025 年，所以期待做得更好。但很難預測這種改善的程度和速度。所以，我仍然預期這個產業會像過去一樣出現一些波動。

But the things that give me, I think, more optimism, if you will, is just I'm encouraged by the scope of our innovation pipeline in that part of our business. It's really healthy across a lot of our customer segments. The reformulation projects are increasing, and we've talked about that before, particularly with large CPG customers. And we're partnering with a lot of emerging brands and private label players to sort of really work on flavor there. And it's an exciting categories like protein-based beverages or fiber-based snacks or these are the types of health and wellness trends that we're seeing getting a lot of activity that gives us some reason for optimism.

但讓我更樂觀的是，我們業務這部分領域的創新管道規模之大，讓我倍感鼓舞。在我們的許多客戶群中，它的健康狀況都非常良好。配方改良專案越來越多，我們之前也討論過這個問題，特別是與大型消費品客戶討論過。我們正在與許多新興品牌和自有品牌廠商合作，真正致力於提升口味。像是蛋白質飲料或纖維零食這類令人興奮的類別，以及我們看到的這些健康和保健趨勢，都獲得了極大的發展動力，這讓我們有理由保持樂觀。

And our win rate on health and wellness briefs remains strong. So we have, I think, a realistically positive outlook. But we're also remembering what happened in '25 and not counting on all of that to sort of necessarily rebound back really strongly, but we do think it's going to be positive improvement over the year, and it will be volume growth in both segments.

我們在健康和保健類簡報方面的勝率依然很高。所以我認為，我們對未來持務實樂觀的態度。但我們也記住了 2025 年發生的事情，並不指望所有因素都會立即強勁反彈，但我們確實認為今年情況會有所好轉，兩個細分市場的銷量都會增長。

That's really helpful. And then just a very quick one for Marcos. Just anything to keep in mind on sort of the cadence of EPS growth as we think through the four quarters ahead? Just things discrete to keep in mind, whether it's year-over-year issues or things of that nature. Thank you.

這真的很有幫助。然後，給馬科斯一個簡短的問題。在展望未來四個季度時，關於每股盈餘成長的節奏，有什麼需要注意的地方嗎？一些需要注意的細節，無論是年度問題還是類似的事情。謝謝。

Yeah. So in terms of the EPS, EPS should follow the operating profit over the quarter. So we'll see operating profit fluctuating over the next few quarters. OP growth will be in Q1 will not reflect the full quarter of McCormick de Mexico. So we'll be slightly below guidance. So if you think about it that way, earnings per share will follow that fluctuations of OP. And we should see a Q1 that will be in line, I would say, with mid- to high end of our guidance range, but then it will build up as we progress over the next few quarters.

是的。因此，就每股收益而言，每股收益應該與季度營業利潤保持一致。因此，未來幾季營業利潤將會出現波動。第一季的營業利潤成長將無法反映 McCormick de Mexico 整個季度的業績。所以我們會略低於預期。所以如果你這麼想的話，每股盈餘就會隨著營業利潤的波動而波動。我認為，第一季業績應該會與我們預期範圍的中高端保持一致，但隨著接下來幾季的推進，業績將繼續成長。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Hey, good morning, guys. Thank you for the question this morning. Marcos, I just -- I wanted to ask a bit on the gross margin, in particular, just given some of the nuance of what happened in the quarter, I think it came in obviously below even your expectations. You've talked a bit about the core inflation components maybe being stickier even though we've had some tariff relief and the outlook for '26 kind of implies gross margin expansion. I think you said recovery. I didn't know if that meant full recovery of '25 into '26. But maybe you can put some more parameters just around how you all are thinking about the gross margin expansion for '26 relative to '25, again, in light of kind of it coming in light of your expectations in the fourth quarter.

嘿，各位早安。感謝您今天早上提出的問題。馬科斯，我只是想問毛利率的問題，特別是考慮到本季發生的一些特殊情況，我認為它顯然低於您的預期。您剛才提到，儘管我們獲得了一些關稅減免，但核心通膨成分可能仍會更加頑固，而且 2026 年的前景似乎暗示著毛利率將會擴張。我想你說的是康復。我不知道這是否意味著 2025 年到 2026 年的全面恢復。但或許你可以再補充一些參數，說明你們是如何看待 2026 年相對於 2025 年的毛利率擴張的，同時也要考慮到你們對第四季的預期。

Yeah, sure. Let me just explain the 2025 Q4 results, and then I'll go into 2026. So at a high level, if you take a step back, the external environment continued to create the volatility in terms of our commodity costs. And we continue to focus on the elements within our control. We delivered CCI, enhanced CCI even to offset the additional tariffs impact that we saw in the year. We executed on pricing in line with our plans, and we continue to grow volume in the Consumer business in Q4 despite all the pricing actions that we've taken.

當然可以。讓我先解釋一下 2025 年第四季的業績，然後再談談 2026 年的情況。因此，從宏觀層面來看，外部環境持續造成大宗商品成本波動。我們將繼續專注於我們可控的因素。我們實現了CCI，甚至增強了CCI，以抵消我們在這一年中看到的額外關稅影響。我們按照計劃執行了定價策略，儘管採取了各種定價措施，但第四季度消費者業務的銷售仍持續成長。

More specifically to the drivers of the gross margin, there's 2 main drivers. One is the indirect consequences of the tariff-related market pressures that we've been talking about over the last couple of quarters, and it actually accelerated in Q4 relative to Q3, which means that it was more than we expected, meaning that we saw more inflation coming through our P&L through the balance of the year.

更具體地說，影響毛利率的因素主要有兩個。一是過去幾季我們一直在討論的與關稅相關的市場壓力帶來的間接後果，而且這種壓力在第四季度相對於第三季度實際上有所加劇，這意味著它超出了我們的預期，這意味著我們預計今年剩餘時間裡，我們的損益表將會出現更多的通貨膨脹。

And then the second point is the direct impact of tariffs, which is about recognizing more of those tariff inventory in our P&L than we originally planned. So we had -- it's a bit of the product mix in Q4 that had tariffs on it, and those got sold through it, and we saw the impact of that additional cost hitting our P&L in Q4. So the combination of the two elements is the broader commodity cost is impacting our gross margin plus the impact of tariffs were what changed versus our expectations as we came in Q4.

第二點是關稅的直接影響，即我們需要在損益表中確認比原計劃更多的關稅存量。所以，我們在第四季度的一些產品組合中，有一部分產品被徵收了關稅，這些產品通過這種方式售出，我們看到了這部分額外成本對我們第四季度的損益表的影響。因此，這兩個因素結合起來，即大宗商品成本上漲影響了我們的毛利率，加上關稅的影響，導致我們在第四季度開始時的預期與實際情況有所不同。

But also, I think it's important to mention, Peter, in this time of volatility, we are focused on managing the P&L holistically, not only the gross margin line. And that's where we drove a lot of SG&A savings. We had done a lot of -- made a lot of progress in terms of SG&A over the last few quarters. Q4 was also a quarter in which we focused on streamlining SG&A while increasing investments to drive growth and marketing and digital investments. So managing the P&L holistically and getting to the OP number that was in line with our expectations, meaning SG&A offsetting the gross margin piece.

但是，彼得，我認為有必要提一下，在當前市場波動的情況下，我們專注於全面管理損益表，而不僅僅是關注毛利率。正是在這方面，我們節省了大量的銷售、管理及行政費用。在過去的幾個季度裡，我們在銷售、一般及行政費用方面取得了很大進展。第四季度，我們也專注於精簡銷售、一般及行政費用，同時增加投資以推動成長以及行銷和數位投資。因此，要全面管理損益，並達到符合我們預期的營業利潤率，這意味著銷售、管理及行政費用抵銷了毛利部分。

But obviously, the gross margin is something that we want to recover. Our expectations going into 2026 is that we are expecting to recover the margin compression that we saw of 60 basis points in 2025. And we provided a qualitative guidance in terms of gross margin as it is a bit difficult to be precise at this time. Given the uncertainty that we're facing in the market and the macroeconomics, it is a little bit difficult to be precise in terms of gross margin. So we provided that view. But at the end of the day, the focus will be in recovering the margin compression that we saw in 2025.

但很顯然，我們希望恢復毛利率。我們對 2026 年的預期是，我們將恢復 2025 年出現的 60 個基點的利潤率壓縮。由於目前很難給出精確的毛利率數據，因此我們僅提供了定性指導。鑑於我們目前面臨的市場和宏觀經濟情勢的不確定性，毛利率很難做到精確預測。所以我們就提供了這種觀點。但歸根究底，重點還是在於恢復我們在 2025 年看到的利潤率壓縮。

Great, okay, thanks for that. Great. Okay. And Brendan, maybe if I could ask just more directly on Slide 19, where you kind of have the bridge on base business to the guidance. The ERP, I know has kind of been discussed in the past now and maybe you put a more concrete number around it. But I want to make sure I understood you clearly that you're accelerating the spend or some of the projects into '26, but then those costs are actually expected to remain in the base, so we don't really expect maybe not even any relief on that in '27. Maybe you can just clarify specifically around the ERP and how we should think about the phasing of projects in '26 and then how to think about it for '27 and beyond. Thanks very much.

好的，謝謝。偉大的。好的。布倫丹，我能不能更直接地問一下關於第 19 張投影片的問題，你在那裡把基礎業務和指導方針連結起來了。我知道ERP系統之前已經被討論過，也許你可以給一個更具體的數字。但我希望確保我清楚地理解你的意思，你是說你要把一些項目的支出提前到 2026 年，但這些成本實際上預計會留在預算中，所以我們並不指望 2027 年能得到任何緩解。或許您可以具體說明 ERP 系統，以及我們應該如何考慮 2026 年的專案分階段實施，以及 2027 年及以後的專案分階段實施。非常感謝。

Sure, Peter. Peter, first, let me provide some -- just some broad perspective on sort of what we were communicating, I think, throughout the script, but also on Slide 19. And then I'll ask Marcos to speak more specifically to how to think about ERP beyond '26 overall.

當然可以，彼得。Peter，首先，讓我提供一些東西——只是對我們在整個腳本以及第 19 張幻燈片中所傳達的內容的一些總體看法。然後我會請 Marcos 更具體地說明如何看待 2026 年以後的 ERP 系統。

Broadly, as we kind of thought about the year for 2026, our top priority was to really think about how we maintain sales momentum, that being a top priority in terms of having a very healthy top line. And we're balancing volume and price. And so -- and still achieving sort of healthy sales growth and still invest in the business also at the same time. But in 2025 and 2026, we certainly saw a lot more costs come into our P&L, whether it be through inflation or tariffs or in this case, as we go to '26, building back incentive compensation. And we're offsetting that with targeted pricing, productivity initiatives, cost savings initiatives, but we can't fully offset everything.

總的來說，當我們思考 2026 年的發展時，我們的首要任務是認真思考如何保持銷售勢頭，這對於保持健康的營收至關重要。我們正在努力平衡銷售和價格。因此，在保持健康銷售成長的同時，也繼續對業務進行投資。但在 2025 年和 2026 年，我們肯定會看到損益表中出現更多成本，無論是通貨膨脹還是關稅，或者像現在這樣，隨著我們進入 2026 年，重建激勵性薪酬。我們正在透過有針對性的定價、提高生產力的措施、降低成本的措施來抵消這些影響，但我們無法完全抵消所有影響。

And so those are the elements that you see in that bridge, which were -- which are tax and ERP. But I would say that the fundamentals and the health of our business are doing really well. And we just need to work through this dynamic environment in terms of cost. Now in ERP, we decided that as this program is going well, and we are seeing success in a number of our go-lives already to date, as we assess sort of the next one, it just felt prudent for us to minimize the number of waves that we would have to go through.

所以，你在那座橋上看到的元素就是──稅務和企業資源規劃（ERP）。但我認為，我們公司的基本面和業務狀況都非常好。我們只需要在成本方面來應對這種動態環境。現在，在 ERP 系統中，我們認為，由於該計劃進展順利，並且到目前為止，我們已經在多個上線專案中取得了成功，因此在評估下一個專案時，我們覺得謹慎的做法是盡量減少我們必須經歷的階段數。

Marcos, do you want to add on top of that?

馬科斯，你還要補充什麼嗎？

Yeah. So we have been very successful in deploying our ERP implementation over the last couple of years. There's a lot of work, as you can imagine. We've taken a very integrated approach in terms of how we deploy the ERP, not only the ERP implementation team, but it is them working together with the business as well as the technology teams with strong support from our external partners. So that is going very well.

是的。因此，在過去幾年裡，我們的ERP實施工作取得了非常成功。你可以想像，工作量很大。我們在 ERP 部署方面採取了非常全面的方法，不僅有 ERP 實施團隊，而且他們還與業務團隊和技術團隊合作，並得到了外部合作夥伴的大力支持。一切進展順利。

And these programs, you learn, you adapt and you evolve. And one of the things that we were considering over the last 3 to 4 months is really about the number of waves within the next deployment phase that we have, whether we would actually compress the waves to minimize risks. And that happens because as you shorten the periods between -- of dual operations between legacy systems and new systems, that minimize data reconciliation interface risks. So that is the key element of compressing the phases, which is you eliminate that interfaces between the 2 systems for a longer period of time.

透過這些項目，你會學習、適應並不斷發展。在過去的 3 到 4 個月裡，我們一直在考慮的事情之一是，在下一個部署階段中，我們是否應該壓縮部署波次以最大限度地降低風險。這是因為，縮短傳統系統和新系統之間雙重操作的時間間隔，可以最大限度地降低資料協調介面風險。所以，壓縮相的關鍵在於消除兩個系統之間的介面，從而延長它們的接觸時間。

So by doing that, we believe we are further minimizing risk. But as we do that, we bring forward the time line of development and preparedness into 2026 as this last go-live will take effect in early 2027. So as you do that, you shift costs into 2026. which is different than we had originally planned. Overall, costs for the program remain the same, but it's just a shift in timing of expenses between '27 and '26 due to this change in the approach that we're taking. In 2027, we should see that cost moderating, and then we should see further moderation down into 2028.

因此，我們相信這樣做可以進一步降低風險。但同時，我們將開發和準備的時間表提前到 2026 年，因為最後一次上線將在 2027 年初生效。因此，這樣做會將成本轉移到 2026 年，這與我們最初的計劃有所不同。總體而言，該計劃的成本保持不變，只是由於我們採取的方法發生了變化，導致 2027 年和 2026 年之間的支出時間有所調整。2027年，我們應該會看到成本趨於緩和，然後到2028年，成本應該會進一步下降。

Great. Thank you very much.

偉大的。非常感謝。

Tom Palmer, JPMorgan.

湯姆‧帕爾默，摩根大通。

Good morning and thanks for the questions. I wanted to follow up on Pete's question and clarify on the unexpected inflation you noted in the fourth quarter, really with implications as we think about '26. I think you typically carry more than a quarter's worth of inventory on your balance sheet, and you did give the guidance a month into the quarter.

早安，感謝大家的提問。我想就皮特提出的問題做個後續說明，並澄清一下您在第四季度提到的意外通貨膨脹，這確實對我們思考 2026 年的情況產生了影響。我認為你們的資產負債表上通常會保留超過一個季度的庫存，而且你們在季度開始一個月後就給出了業績指引。

So I'm trying to think through to what extent this added inflationary pressure that maybe had some impact in 4Q might be even more of a consideration as we start out 2026. And kind of in that context, any help on thinking through that mid-single-digit inflation and the cadence of it in the coming year? Thanks.

因此，我正在思考，這種可能在第四季產生一定影響的額外通膨壓力，在2026年初可能會在多大程度上成為一個需要考慮的因素。在這種背景下，能否就未來一年的個位數中段通膨率及其波動節奏提供一些思考？謝謝。

So we -- Tom, thanks for the question. So we exited the year at mid-single-digit inflation. If you think about Q4 versus the prior year, it was the highest quarter of inflation that we saw coming into our P&L. And that is a combination of tariffs, but also commodity costs more broadly. As you know, we have a broad basket of commodities. We source from 80 countries, 17,000 ingredients. We have a broad basket, and we saw inflation in the core commodity piece, but also tariffs coming in as well as packaging. We saw packaging as well up in Q4.

所以——湯姆，謝謝你的提問。因此，我們以個位數中段的通貨膨脹率結束了這一年。如果將第四季與去年同期進行比較，就會發現這是我們損益表中通膨率最高的季度。這既包括關稅因素，也包括更廣泛的商品成本因素。如您所知，我們擁有種類繁多的商品。我們從80個國家採購17,000種原料。我們涵蓋了廣泛的商品籃子，我們看到核心商品價格上漲，但同時也出現了關稅上漲以及包裝價格上漲。第四季包裝業務也有所成長。

So we are exiting at a high cost with a high cost base. As we go into 2026, despite the moderation of tariffs, we'll still see a middle -- mid-single-digit inflation hitting the P&L, and that's our expectations into 2026. It could improve, but if it does improve, we will be later in the year. Right now, we're estimating that it's going to continue to be at the same run rate of Q4 into 2026.

所以，我們退出的代價很高，成本基礎也很高。進入 2026 年，儘管關稅有所緩和，但我們仍將看到中等個位數的通貨膨脹對損益表造成影響，這就是我們對 2026 年的預期。情況可能會好轉，但即便好轉，也要等到今年稍晚了。目前我們預計，到 2026 年，第四季的成長速度將持續保持不變。

Okay, thank you for that. Okay. And then on the Consumer segment, you noted the expectation for volume impact from price elasticity but recovery subsequently. What drives the outsized price elasticity in the first quarter? And is there anything maybe related to shipment timing when we think about 4Q that relates back to that? Thank you.

好的，謝謝。好的。然後，在消費者領域，您提到價格彈性預計會對銷售產生影響，但隨後會復甦。第一季價格彈性過大的原因是什麼？那麼，當我們考慮第四季度的出貨時間時，是否有任何與此相關的因素？謝謝。

Sure. As we think about the consumer business and as we go into Q1 and then we think about the rest of the year, we do expect an impact from elasticities in the first quarter. And I think one of the things that underpins that assumption is really that we have some pricing that we put in place targeted in surgical in 2025, but we also have additional pricing to come on beginning in February, which is a reflection of this inflation that we've been referring to as well as the -- to some degree, partly offsetting tariffs.

當然。當我們思考消費者業務，展望第一季以及今年剩餘時間時，我們預期第一季的彈性將產生影響。我認為支撐這個假設的因素之一是，我們已經制定了一些針對 2025 年外科手術的定價策略，但我們也將從 2 月開始實施額外的定價策略，這反映了我們一直提到的通貨膨脹以及在某種程度上部分抵消的關稅。

And so we expect some of that elasticity impact to really hit more in Q1 overall. And I wouldn't be surprised if we see volumes either flat to slightly negative in Q1 as a result of that. However, we do expect to sort of then improve upon that as we go throughout the rest of the year. And that there's a transition period that we're going through right now in Q1 where we're seeing more pricing coming into the shelf just as you try to offset these costs. But then we also have other programs in order to sort of recognize the reduction in tariffs and everything else that really starts to kind of find its way to, I think, our consumption profile starting in Q2 and going through the rest of the year.

因此，我們預期這種彈性效應在第一季整體上會更加明顯。因此，如果第一季的銷量持平或略有下降，我不會感到驚訝。不過，我們預計在今年餘下的時間裡，情況會有所改善。目前我們正處於第一季的過渡期，在這個時期，我們看到更多的商品價格上漲，而我們卻試圖抵銷這些成本。但是，我們還有其他計劃，以體現關稅降低以及其他一切因素的影響，我認為這些因素將從第二季度開始，一直持續到今年年底，並逐漸影響我們的消費模式。

Okay, thank you for that.

好的，謝謝。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Thank you. Good morning, everybody. Can I just ask about the sort of -- you've talked about the confidence that you have in the long-term objectives. On paper, you have a number of tailwinds. You're very on trend with consumer dynamics, interest in health and wellness and cooking from scratch, et cetera. The tariffs seem to be easing, reformulation seems to be picking up. And yet, this seems -- I think we're now on year 5 where the earnings expectations are below your long-term algorithm.

謝謝。大家早安。我可以問一下關於您剛才提到的對長期目標的信心嗎？從紙上看，你們有很多有利因素。你非常了解消費者的動態，對健康養生和自己動手烹飪等方面的興趣。關稅似乎正在降低，產品配方調整似乎也加速進行。然而，這似乎——我認為現在已經是第五年了，獲利預期低於你們的長期演算法。

So I'm just trying to sort of square that away and thinking about what you said at the Investor Day in September, I think, in 2024 about the outlook for 2028. When might we expect to get back on algorithm? And are those 2028 goals still realistic from here? And then I have a follow-up.

所以我現在正試圖理清這件事，並思考您在2024年9月的投資者日上對2028年前景的展望。我們什麼時候才能恢復演算法運行？那麼，從目前的情況來看，2028 年的目標還現實嗎？然後我還有一個後續問題。

Sure. Well, Alexia, let me address the first one then, and thank you for the question. If you reflect back on the targets that we shared at Investor Day, that reflected, obviously, as we called out then, our organic growth ambitions. And many of those targets were established before the onset of much of this uncertainty that we've been seeing from a global trade standpoint over the last, let's say, year. And also, it was established before our acquisition of McCormick de Mexico.

當然。好的，Alexia，那我就先回答第一個問題吧，謝謝你的提問。回顧我們在投資者日上分享的目標，很明顯，正如我們當時所強調的，這些目標反映了我們的有機成長雄心。而且，其中許多目標都是在過去幾年裡，我們從全球貿易角度看到的許多不確定性出現之前就已經制定的。而且，它是在我們收購 McCormick de Mexico 之前成立的。

Given everything that's kind of continued to sort of develop since Investor Day, we are aligning our commentary to the long-term objectives, which include organic growth and also accretive M&A. And I think from a sales standpoint, we really feel pretty good about being able to hit those targets by 2028 from a top line perspective. But we're also working very hard right now to offset the impact of what has been substantial incremental costs coming into our P&L over the course of 2025 and also as we look ahead to '26. And so a lot of our focus right now is on additional efforts to address these as quickly as we can.

鑑於自投資者日以來各種情況的持續發展，我們將調整我們的評論以適應長期目標，其中包括內生成長和增值併購。從銷售角度來看，我認為我們有信心在 2028 年實現營收目標。但我們現在也在努力抵銷 2025 年以及展望 2026 年期間，損益表上將出現的大量新增成本的影響。因此，我們目前的重點是盡一切努力盡快解決這些問題。

And then our plan at CAGNY is to provide more color on how we look at the entire set of targets that we laid out to make sure that we have illustrated sort of any adjustments in our pathway with regard to those targets set out at Investor Day. I'd just come back to from a top line perspective, we feel really quite good and quite confident of our ability to hit those. But we got to work through right now on a short-term basis, just really the amount of incremental cost activity that we're seeing in our P&L. And we have to -- we'll provide you more perspective on how we look at that at CAGNY.

然後，我們在 CAGNY 的計劃是，更詳細地說明我們如何看待我們制​​定的所有目標，以確保我們已經闡明了我們在投資者日上製定的這些目標的路徑中的任何調整。從整體來看，我們感覺狀態非常好，也很有信心能實現這些目標。但我們現在必須著手解決短期內損益表中出現的增量成本活動問題。我們必須—我們會向您提供更多關於我們在CAGNY如何看待這個問題的視角。

Great. Thank you. And a quick follow-up. On the reformulation activity, you've talked, I think, for much of the last year about how that's picking up, particularly with private label and with some of your larger CPG clients. Are you still in an investment phase on that? Because obviously, you have to go through the process of actually figuring out how the innovation -- the reformulation will work before you really get that revenue stream in the door once the product is launched. Is that expected to sort of pick up through the course of 2026? Thank you, and I'll pass it on.

偉大的。謝謝。還有一個後續問題。關於配方調整活動，我認為在過去一年裡，您一直在談論這項活動是如何逐漸增加的，尤其是在自有品牌和一些較大的消費品客戶方面。你還在進行那項投資嗎？顯然，在產品上市後真正獲得收入來源之前，你必須先弄清楚創新——重新配方——是如何運作的。預計這種情況會在 2026 年有所改善嗎？謝謝，我會轉達的。

Yeah. If I think I understand the context of your question, Alexia, and let me know if I didn't get it right. It's about -- from a development perspective, how are we looking at reformulation activity in '26. But also, I think maybe your question also had to do with as you think about the commercialization of that development, how might we think about that in '26.

是的。Alexia，如果我了解你的問題，請告訴我我是否理解錯了。從發展的角度來看，我們該如何看待 2026 年的配方調整活動？但是，我認為你的問題可能也與你思考該發展的商業化有關，我們在 2026 年應該如何看待這個問題。

So if I look at sort of both ends of that question, from a development perspective, I do expect the development activity to continue to pick up. We've definitely seen that as we went through the course, especially the back half of '25, and we expect to see more of that come through in '26. And it is a reasonably sort of, as we talked about before, a big tick up in our activity, and I expect that to continue to increase overall.

所以，如果我從發展的角度來看這個問題，我預期發展活動將繼續增加。我們在學習過程中確實看到了這一點，尤其是在 2025 年的後半段，我們預計在 2026 年會看到更多這樣的情況。正如我們之前討論的那樣，這確實是一個相當大的增長，我預計整體上還會繼續增長。

From a commercialization perspective, sort of, i.e., when it hits the market, I think that's a bit more delayed. I think late '26 is probably an early indicator when we start to expect to see that, but definitely more in '27 would be my expectation, particularly as you think about maybe sort of large CPG customer type activity. At the same time, there's a lot of emerging brand activity going on, and they tend to move to shelf a little bit faster.

從商業化的角度來看，也就是產品上市的時間，我認為會稍微延遲一些。我認為 2026 年底可能是我們開始期待看到這種情況的早期跡象，但我的預期是 2027 年肯定會有更多，特別是考慮到大型 CPG 客戶類型的活動。同時，新興品牌活動層出不窮，而且它們往往能更快地上架銷售。

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

偉大的。非常感謝。我會轉達的。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Hi, thanks. Brendan, I think Andrew Lazar asked about the Nielsen tracking data for Spices and Seasonings in the US and some weakening sales growth, shares are down both on -- in our data, both in terms of volume and value in the last 12 weeks. And I was hoping you could be a little more specific as to whether that reflects what you're seeing or not and whether there's any implications as to what the sell-through was from your holiday shipments in fourth quarter?

您好，謝謝。布倫丹，我想安德魯·拉扎爾問到了尼爾森對美國香料和調味品的追踪數據，以及一些疲軟的銷售增長，根據我們的數據，過去 12 週的銷量和銷售額均有所下降。我希望您能更具體地說明一下，這是否反映了您所觀察到的情況，以及這是否會對您第四季度假日貨的銷售情況產生任何影響？

Sure. We had -- well, there's a number of different variables in your question. So I'm going to try and make sure I address them all, Rob. First of all, I'm going to maybe hit the last point first, which is if I think about overall, our inventory in the channel, meaning the comparison between our sales and our consumption in the fourth quarter, it is exactly -- it's really where we thought we think it should be. And we don't see any anomalies at this point that would make us think that we have to speak to any differences that are unusual as we think about sort of the seasonality of our business. So that component feels very much in line overall.

當然。我們當時——嗯，你的問題中有很多不同的變數。所以我會盡量確保把所有問題都解決掉，羅布。首先，我可能要先談談最後一點，那就是，如果我從整體上考慮我們通路的庫存，也就是第四季度銷售額和消費量之間的比較，它確實——它確實達到了我們認為應該達到的水平。目前我們沒有發現任何異常情況，因此我們認為有必要就我們業務的季節性方面出現的任何不尋常的差異進行說明。所以這個部件整體感覺非常協調。

When I think about just overall the performance of the fourth quarter, we saw a really very good holiday performance, especially when you look at our business in the Americas. Specifically, we were certainly delivered very much on what we expect would happen, both from a price and a volume standpoint from a sales perspective. But as we think about consumption, we believe that we had reasonably good consumption performance. I will say that there was a period there -- so many things happen and change, obviously, in the news, but there was a period there where we saw broadly in the market a bit of a slowdown for probably a couple of weeks related to sort of the news regarding SNAP funding, et cetera. And there was a little bit of a contraction period that we saw there broadly in grocery in terms of total results. And so a little bit of a dip.

如果從整體來看第四季的業績，我們看到假日季的業績非常出色，尤其是在美洲地區的業務表現。具體來說，從銷售角度來看，無論從價格或數量上，我們都得到了與預期非常吻合的結果。但就消費而言，我們認為我們的消費表現相當不錯。我想說，那段時間——顯然，新聞中發生了很多事情，也發生了很多變化——但有一段時間，我們看到市場整體上出現了一些放緩，大概持續了兩週，這與有關 SNAP 資金等方面的新聞有關。我們看到，從整體表現來看，食品雜貨業出現了一段小幅收縮期。所以出現了一點下滑。

But then things started to come back as we got closer to the holiday season, and we saw consumers really kind of purchase more closely to the holiday, which is reflective of sort of that budget sort of control behavior or that value-seeking behavior. And so we saw certainly that type of profile, if you will, in the holiday consumption, et cetera. As we go into Q1, we still have to wait and see what that post-holiday consumption looks like in terms of do consumers kind of maintain that level or do they moderate a little bit after broadly what was a successful holiday season.

但隨著假期臨近，情況開始好轉，我們看到消費者在假期臨近時購買商品的意願越來越高，這反映了消費者對預算的控制行為或追求價值的行為。因此，我們在假日消費等方面確實看到了這種類型的消費模式。進入第一季度，我們仍然需要拭目以待，看看節後消費情況如何，消費者是否會保持目前的消費水平，還是在經歷了總體上成功的假期季節之後有所放緩。

But also keep in mind that we expect some price elasticity impact in there, too, as we talked about. And we certainly see that coming through a little bit. The price elasticities are operating as expected. So that is nothing that has, at this point in time, leave us to think that we didn't really have a good handle on what that might be.

但也要記住，正如我們之前討論過的，我們也預期其中會受到一些價格彈性的影響。我們確實能從中看出一些端倪。價格彈性符合預期。所以，就目前而言，還沒有什麼能讓我們認為我們對那可能是什麼一無所知。

And as we go through Q1, as I mentioned on a previous question, we expect maybe a little bit more variability in terms of price elasticity impact because there is a little bit more pricing coming to shelf as we offset these costs that we're talking about. And we are taking a very targeted surgical approach in our pricing. I mentioned a lot of things there, but I think I'm trying to get at the spirit of your question. Let me know if I did not.

正如我在先前的問題中提到的，隨著我們進入第一季度，我們預計價格彈性影響可能會出現更大的波動，因為隨著我們抵消這些成本，會有更多產品上架銷售。我們的定價策略採取了非常有針對性的精準方法。我在那裡提到了很多事情，但我認為我試圖抓住你問題的本質。如果我沒做到，請告訴我。

I think that's fine. All right, thank you, Brendan.

我覺得沒問題。好的，謝謝你，布倫丹。

Max Gumport, BNP Paribas.

馬克斯·古姆波特，法國巴黎銀行。

Hey, thanks for the question. First, just a housekeeping one on tariffs. So gross annualized tariff exposure has fallen from $140 million as of last quarter to $70 million today. You also said you expect to book $50 million of incremental tariffs in FY26. So my simple reading would suggest that this means you expect to book $70 million (inaudible) this would imply you only booked $20 million of gross tariffs in '25. However, I know last quarter, you said you expected to book $70 million of gross tariffs in '25. And it sounds like if anything, it came in higher than that number. So I was hoping you could just give us a bit of clarity and tell us what was the final gross and net tariff number that you booked in FY25?

嘿，謝謝你的提問。首先，簡單介紹一下關稅方面的常識。因此，年度關稅總風險敞口已從上季度的 1.4 億美元降至目前的 7,000 萬美元。您也表示，預計在 2026 財年將新增 5,000 萬美元的關稅收入。因此，我的簡單理解是，這意味著你預計預訂 7000 萬美元（聽不清楚），這意味著你在 2025 年只預訂了 2000 萬美元的毛關稅。但是，我知道上個季度你曾表示預計 2025 年將實現 7,000 萬美元的毛關稅收入。聽起來，實際數字似乎比這個數字還要高。所以，我希望您能給我們澄清一下，告訴我們您在 2025 財年預訂的最終毛利率和淨利率分別是多少？

Yeah. Sure, Max. I appreciate this can create a bit of confusion giving so many numbers from last year into 2026. So let me try to clarify that. So in 2025, first, starting with our last call was a gross impact of $70 million, and we mitigated $50 million out of the $70 million last year to a net impact of $20 million in 2025. Going into 2026, the annualized number now is $70 million, coincidentally the same. As we have already absorbed $20 million in the base, the incremental gross year-on-year impact is $50 million. So that's our call, the $50 million.

是的。當然可以，麥克斯。我知道，提供這麼多從去年到 2026 年的數據可能會造成一些混亂。讓我試著解釋一下。因此，到 2025 年，首先，從我們上次的電話會議開始，總影響為 7000 萬美元，去年我們減少了 7000 萬美元中的 5000 萬美元，到 2025 年淨影響為 2000 萬美元。到 2026 年，年化數字為 7,000 萬美元，巧合的是，與 2026 年的數字相同。由於我們已經在基礎層面吸收了 2000 萬美元，因此年度新增毛影響為 5000 萬美元。所以，我們的決定是 5000 萬美元。

And if you look on Slide 19, that is the 5% of incremental tariff impact that we're seeing now '26 versus '25, and we plan to offset most of it as we go into 2026 with the same strategy that we had before, supply chain savings, procurement initiatives as well as some surgical pricing that will take place next year.

如果您查看第 19 頁投影片，您會發現，與 2025 年相比，我們現在看到的 2026 年關稅增量影響為 5%，我們計劃在進入 2026 年時，透過與之前相同的策略來抵消大部分影響，包括供應鏈節約、採購舉措以及明年將實施的一些精準定價。

Okay. It also looks like on that slide that you're referencing that you're offsetting all the tariffs. So if the net impact was $20 million in '25, it looks like the net impact was going to 0 in year-over-year terms in '26. Is that fair?

好的。從你提到的那張投影片來看，你似乎也抵銷了所有的關稅。因此，如果 2025 年的淨影響為 2000 萬美元，那麼 2026 年的淨影響似乎將同比降至 0。這樣公平嗎？

Yeah, that's fair.

嗯，這很合理。

Okay. And then just actually one other housekeeping one. Just with regard to your response to Andrew on cadence for EPS throughout the year, it sounded like you were saying EPS cadence will follow operating profit cadence. And then I thought you said that operating profit starts off slightly below the guidance in 1Q because you don't have a full quarter of Mexico, which makes sense. And then it also sounded like you said that 1Q EPS is at the mid- to high end of the guidance range. So if that's true, why is that?

好的。然後其實還有一項家事。關於你對 Andrew 提出的全年 EPS 節奏問題的回复，聽起來你好像在說 EPS 節奏將跟隨營業利潤節奏。然後我記得你說過，由於墨西哥第一季的業績不完整，所以第一季的營業利潤略低於預期，這很合理。而且聽起來你還說第一季每股收益處於預期範圍的中高端。如果這是真的，那原因是什麼？

And then I think you said it even then builds further from there, which might you'd be towards the high end of guidance for the full year. So I'm assuming I misheard you that 1Q EPS is at the mid- to high end of guidance and maybe it's below to mid-end, but just hoping for more clarity there.

然後我想你說過，即便如此，它還會在此基礎上進一步發展，這可能接近全年業績指引的上限。所以我假設我聽錯了，您說第一季每股收益處於預期的中高端，也可能低於中端，但我只是希望您能更清楚地說明這一點。

Thanks very much.

非常感謝。

So yeah. So it's a little bit of -- between OP and EPS. So OP will be soft because of the, Max, McCormick de Mexico not being included fully in the base. However, EPS will be at the mid- to high in Q1, and then it will normalize towards the range throughout the year, as we said. So it's a Q1, a bit of a different equation between OP and EPS, but then it gets more aligned to the OP flow between Q2 and Q4.

是的。所以這有點像是 OP 和 EPS 之間的某種關係。所以，由於 Max McCormick de Mexico 沒有完全包含在基礎陣容中，OP 將會比較軟弱。然而，正如我們所說，第一季每股收益將處於中高水平，然後全年將逐步恢復到正常範圍。所以第一季度，營業利潤和每股收益之間的等式有點不同，但從第二季度到第四季度，它就與營業利潤的流動更加一致了。

Okay, thanks very much.

好的，非常感謝。

Scott Marks, Jefferies.

斯科特馬克斯，傑富瑞集團。

Hey, good morning. Well, thanks so much for taking our questions. I wanted to just ask a little bit just if we kind of take a step back and look around the world, I know you've made comments about some different regions today. Just wondering if you can share maybe a little bit more detail in terms of how you're thinking about different parts of the world. What is encouraging to you right now? Where do you see some challenges maybe? And just any thoughts you have on kind of growth profiles in '26 in some of the different regions? Thanks.

嘿，早安。非常感謝您回答我們的問題。我想問一下，如果我們退後一步，環顧世界，我知道您今天對一些不同的地區發表了評論。我想知道您能否更詳細地分享您對世界各地不同地區的看法。你現在最受鼓舞的是什麼？您認為可能有哪些挑戰？您對2026年不同地區的成長前景有什麼看法？謝謝。

Certainly. And what I might do is not speak to the Americas first because it feels like we sort of tended to focus a little bit more on that and some of the questions that we got. I'll start with Asia Pacific. And in fact, Marcos and I were just in China 2 weeks ago. So we've been in the region, and we'll go back out to the region here in a couple of weeks. And my outlook on Asia overall is I'll focus a little bit more on China and then the rest of the -- that region.

當然。我可能不會先談美洲，因為感覺我們已經比較關注美洲以及我們收到的一些問題。我先從亞太地區說起。事實上，就在兩週前，我和馬科斯還在中國。所以我們已經在這個地區待過一段時間了，幾週後我們會再次回到這個地區。我對亞洲的整體看法是，我會把更多精力放在中國，然後再關注該地區的其他國家。

When we look at '25, we got that gradual growth that we were projecting that we would get. And so we feel pretty good about sort of the performance broadly in China. And we still see continued gradual improvement in that marketplace as we look at 2026. The parts of our business that are performing well there are broadly -- we feel are going to continue throughout the year. We see strength in our retail grocery business there, certainly good trends driven by increased distribution and stronger marketing across that business.

回顧 2025 年，我們實現了預期中的穩定成長。因此，我們對在中國的整體表現感到相當滿意。展望 2026 年，我們仍看到市場持續逐步改善。我們業務中表現良好的部分總體而言——我們認為這種勢頭將持續到年底。我們看到零售雜貨業務在該領域表現強勁，這無疑是得益於分銷管道的擴大和整個業務行銷力度的加強而帶來的良好趨勢。

We also see strength in the business that we have in the middle of China, which really focuses a lot on more Chinese cuisine in terms of foodservice and catering and a little bit on retail shelves. And that business has been strengthening as we take a look at going from '24 to '25 and then '25 to '26. And our QSR business there is also doing really well, and we see just a lot of strong consumption happening in that channel. The only part of that business that's been soft is really our foodservice business, which tends to serve the higher-end restaurants, more Western cuisine, and that's been soft just due to a lot of different conditions in that marketplace.

我們也看到我們在中國中部地區的業務實力強勁，該業務主要專注於中式餐飲服務，以及少量的零售貨架業務。從 2024 年到 2025 年，再到 2025 年到 2026 年，這項業務一直在增強。我們在當地的快餐業務也發展得非常好，我們看到該通路的消費非常強勁。該業務中唯一表現疲軟的部分是我們的餐飲服務業務，該業務主要服務於高端餐廳和西式餐廳，其疲軟僅僅是因為該市場存在許多不同的情況。

But overall, we expect China to be doing reasonably well in terms of slight gradual growth again in 2026. And in the rest of that region, we continue to see pretty good growth in Australia and in Southeast Asia. And we're still going to continue to build our plan for India, as we've talked about before.

但整體而言，我們預計中國經濟在 2026 年將再次實現小幅漸進式成長，表現相當不錯。而在該地區的其他地區，我們看到澳洲和東南亞繼續保持相當不錯的成長勢頭。我們將繼續推進我們在印度的發展計劃，正如我們之前討論過的那樣。

If I look to EMEA, we continue to see like the US and the Americas, continued strength in our consumer business. It will be volume growth with some pricing, and that's consistent with what we saw in 2025 and obviously led by continued sort of all the things that we talk about, stronger brand marketing, increased distribution. And also even in those high-growth channels like e-commerce, we see a lot of growth there right now overall in our EMEA consumer business.

放眼歐洲、中東和非洲地區，我們發現，與美國和美洲地區一樣，我們的消費者業務持續保持強勁勢頭。銷量將有所增長，價格也會有所調整，這與我們 2025 年的預期一致，顯然是由我們一直在談論的那些因素推動的，例如更強大的品牌營銷和更廣泛的分銷渠道。而且，即使在電子商務等高成長管道中，我們目前在歐洲、中東和非洲地區的消費者業務中也看到了很大的成長。

When I look at Flavor Solutions there, I do feel like we're going to have a stronger year than we did in 2025 because we just feel like the stabilization of that QSR marketplace starts to really show a little bit more improvement. I'm not counting on a lot, but I am counting on it being better than 2025, and that gives us some optimism in terms of that part of our -- that segment in EMEA.

當我審視 Flavor Solutions 時，我感覺我們今年的表現會比 2025 年更好，因為我們感覺到快餐市場的穩定開始真正顯現出更大的改善。我並不抱太大期望，但我希望它能比 2025 年好，這讓我們對 EMEA 地區的業務前景感到樂觀。

And then coming back to the Americas, we just feel again, a reasonable amount of optimism as you see in our guidance for sales, both on the consumer business and also Flavor Solutions for the reasons that I mentioned on an earlier question. I just don't want to repeat all that, obviously, because it would be redundant, but we feel some really strength there. And then lastly, I'll wrap it up with Latin America and obviously, our -- the McCormick de Mexico business, and we anticipate having a good year there, too, largely being driven by obviously that being the consumer segment.

回到美洲市場，我們再次感受到相當程度的樂觀情緒，正如您在我們對銷售的預期中所看到的，無論是消費者業務還是風味解決方案業務，原因我在之前的問題中已經提到過了。顯然，我不想重複這些內容，因為那樣就顯得多餘了，但我們確實感受到了一些強大的力量。最後，我將以拉丁美洲以及我們的——墨西哥味好美公司——來總結一下，我們預計今年在那裡也會有不錯的業績，這主要得益於消費者群體的推動。

Got it. Appreciate it. We'll pass it on. Thanks very much.

知道了。謝謝。我們會轉達。非常感謝。

Thank you. I have no further questions at this time. I'd like to turn the floor back over to management for closing comments.

謝謝。我目前沒有其他問題了。我想把發言權交還給管理階層，請他們做總結陳詞。

Thank you, and thanks, everyone, for joining today's call. If you have any further questions on today's information, please feel free to contact me, and this concludes this morning's conference call. Thank you.

謝謝大家參加今天的電話會議。如果您對今天的資訊還有任何疑問，請隨時與我聯繫。今天上午的電話會議到此結束。謝謝。