McCormick & Company, Incorporated (MKC) 2026 Q1 法說會逐字稿

Good morning. This is Faten Freiha, VP of Investor Relations. Thank you for joining today's call. While our original plan was to review McCormick's first-quarter fiscal 2026 earnings results, today's discussion will focus on our announced combination with Unilever Foods and the strategic rationale for the transaction.

早安。我是投資人關係副總裁 Faten Freiha。感謝各位參加今天的電話會議。雖然我們原先計畫回顧 McCormick 2026 會計年度第一季財報結果，但今天的討論將聚焦於我們已宣布與聯合利華食品（Unilever Foods）的合併，以及該交易的策略性理由。

Please note that this call is being recorded. The press release and accompanying slide presentation related to today's announcement along with the materials for our first-quarter fiscal 2026 results, are available on our Investor Relations website, ir.mccormick.com. With me this morning are Brendan Foley, Chairman, President and CEO of McCormick; and Fernando Fernandez, CEO of Unilever; and Marcos Gabriel, Executive Vice President and CFO at McCormick.

請注意，本次電話會議將被錄音。與今日公告相關的新聞稿及隨附簡報投影片，以及我們 2026 會計年度第一季業績的相關資料，均已發布於我們的投資人關係網站 ir.mccormick.com。今天早上與我一同出席的有：McCormick 董事長、總裁暨執行長 Brendan Foley；聯合利華執行長 Fernando Fernandez；以及 McCormick 執行副總裁暨財務長 Marcos Gabriel。

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

在我們的評論中，部分百分比已四捨五入。請參閱我們的簡報以取得完整資訊。今天的簡報包含預測及其他前瞻性陳述。實際結果可能與所預測者有重大差異。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陳述之義務。更多資訊請參閱投影片第 2 頁的前瞻性陳述。

I will now turn the discussion over to Brendan.

接下來我將把討論交給 Brendan。

Thank you, all, for joining our call. Marcos and I are pleased to have Fernando join us this morning as well. Today marks a major milestone for McCormick. We are bringing together two leading organizations, McCormick and Unilever Foods, to create a strong, scaled and growth-oriented company that will be flavor-focused and exceptionally well positioned to succeed in today's dynamic environment.

感謝各位參加我們的電話會議。Marcos 和我也很高興 Fernando 今天早上能與我們一同出席。今天對 McCormick 而言是一個重要里程碑。我們將兩家領先的組織——McCormick 與聯合利華食品——結合在一起，打造一家強健、具規模且以成長為導向的公司，將以風味為核心，並在當今多變的環境中具備極佳的成功定位。

We have always seen the logic of this combination. We're excited by the opportunity to deliver end-to-end flavor experiences to even more people around the world, bringing the taste that inspire, connect and bring joy to kitchens and tables everywhere.

我們一直看好這項結合的邏輯。我們對於能向全球更多人提供端到端的風味體驗感到振奮，把能啟發、連結並為各地廚房與餐桌帶來喜悅的味道帶給每一個人。

Before we go further, I want to quickly provide an update on McCormick's first-quarter 2026 results. For the quarter, we delivered strong growth in sales, adjusted operating income and adjusted earnings per share, supported by our McCormick de Mexico acquisition and organic growth across both Consumer and Flavor Solutions. In a dynamic environment, we drove margin expansion through strong top line, acquisition accretion and disciplined cost management.

在進一步說明之前，我想先快速更新 McCormick 2026 會計年度第一季的業績。本季我們在銷售額、調整後營業利益與調整後每股盈餘方面均實現強勁成長，主要受惠於我們收購 McCormick de Mexico 以及消費者（Consumer）與風味解決方案（Flavor Solutions）兩大部門的有機成長。在多變的環境中，我們透過強勁的營收表現、併購增益以及嚴謹的成本管理，推動利潤率擴張。

While our remarks and other materials from our results can be found on our IR website, as Faten noted, I want to underscore that consistent and strong core financial performance from both McCormick and Unilever Foods is foundational as you think about today's announcement.

雖然如 Faten 所提，我們關於業績的發言與其他資料可在投資人關係網站上查閱，但我想強調：在思考今天的公告時，McCormick 與聯合利華食品兩者一致且強勁的核心財務表現，是最根本的基礎。

Now, turning back to today's announcement, starting on slide 5. McCormick and Unilever Foods are strategically and culturally aligned organizations. We each bring iconic brands in attractive categories, spanning herbs, spices, seasonings, bouillon, condiments and sauces. Bringing these portfolios together creates an opportunity to execute multiple growth levers, such as expanded distribution, accelerated innovation, brand premiumization and a scaled dual-engine food service platform.

現在回到今天的公告，從投影片第 5 頁開始。McCormick 與聯合利華食品在策略與文化上高度一致。我們各自擁有具代表性的品牌，涵蓋香草、香辛料、調味料、高湯塊（bouillon）、調味品與醬料等具吸引力的品類。將這些產品組合整合在一起，將創造運用多重成長槓桿的機會，例如擴大通路覆蓋、加速創新、品牌高端化，以及具規模的雙引擎餐飲服務平台。

At the same time, we see significant clearly actionable cost synergies layered on to an already strong structural margin profile, creating capacity for continued reinvestment and attractive shareholder returns. Beyond strategy, our organizations share a common mindset, a passion for flavor, a belief in the power of people and relentless focus on quality and innovation and strong investment behind our brands.

同時，我們也看到在既有強健的結構性利潤率基礎上，仍可疊加顯著且明確可執行的成本綜效，進而創造持續再投資的能力與具吸引力的股東報酬。除了策略面，我們的組織也共享相同的思維模式：對風味的熱情、相信人才的力量、對品質與創新的不懈專注，以及對品牌的強力投資。

Turning to slide 6. The pillars of the combined organization reflect distinct and complementary strengths across geographies, channels and categories. Together, we create a focused global favor powerhouse, scaled, resilient and uniquely concentrated on flavor. Our balanced geographic and channel footprint enhances durability across economic cycles and market conditions. The breadth of the combined company diversifies our growth across emerging and developed markets and retail and commercial channels.

接著看投影片第 6 頁。合併後組織的支柱，反映出我們在地域、通路與品類上的明確且互補的優勢。我們將共同打造一個聚焦的全球風味領導者，具規模、具韌性，並且獨特地專注於風味。我們在地理與通路上的均衡布局，提升了跨經濟循環與市場條件的耐久性。合併後公司的廣度，使我們在新興與成熟市場，以及零售與商用通路之間分散成長動能。

In addition, this combination meaningfully expands McCormick's presence in structurally advantaged categories aligned with enduring consumer trends, more flavorful, convenient and focused on health and wellness. We will continue to flavor calories while others compete for them, giving us a strong tailwind and aligning us to favorable consumption growth trends.

此外，這項結合將大幅擴大 McCormick 在具結構性優勢、且符合長期消費者趨勢的品類中的布局——更有風味、更便利，並更聚焦於健康與福祉。當其他人競逐「熱量」時，我們將持續為「熱量」增添風味，這將帶來強勁順風，並使我們與有利的消費成長趨勢保持一致。

All of this results in a best-in-class margin profile that supports sustained industry-leading reinvestment behind brands from global leaders like McCormick, Knorr, Hellmann's and French's to high-growth potential brands like Frank's RedHot, Cholula and Maille, along with strong regional favorites where we see exciting potential.

上述因素共同帶來同級最佳的利潤率結構，支持我們持續以產業領先的水準對品牌再投資——從 McCormick、Knorr、Hellmann's、French's 等全球領導品牌，到 Frank's RedHot、Cholula、Maille 等具高成長潛力的品牌，並包含我們看見令人振奮潛力的強勢區域性人氣品牌。

Moving to slide 7. We see a clear path to unlock incremental growth, grounded in the complementary strengths of our geographic footprints and go-to-market capabilities. Unilever Foods brands can benefit from McCormick's focus and strength of retail execution in the North America flavor aisle.

接著看投影片第 7 頁。我們看到一條清晰的路徑可解鎖增量成長，根基在於我們地理布局與市場進入能力（go-to-market capabilities）的互補優勢。聯合利華食品的品牌可受惠於 McCormick 在北美零售風味貨架（flavor aisle）上的專注與強勢執行力。

At the same time, McCormick is positioned to expand more meaningfully in high-growth emerging markets by leveraging Unilever's established scale, deep local infrastructure and proven route to market. In Food Service, the strategic fit is particularly strong. McCormick's front of house brand equity and tabletop presence combined with Unilever Foods' deep back of house experience and operator relationships.

同時，McCormick 也可藉由聯合利華既有的規模、深厚的在地基礎設施與成熟的市場通路（route to market），在高成長的新興市場更有意義地擴張。在餐飲服務（Food Service）方面，策略契合度尤其強。McCormick 在前場（front of house）的品牌資產與桌上陳列能見度，結合聯合利華食品在後場（back of house）的深厚經驗與營運商關係。

Together, we create more complete end-to-end solutions for customers, strengthening relevance and deepening partnerships. Innovation is a shared strength. Both organizations have proven expertise in flavor development and format expansion across consumption occasions, complemented by Unilever's robust culinary capabilities and chef-to-chef engagement model.

我們將共同為客戶打造更完整的端到端解決方案，提升相關性並深化合作夥伴關係。創新是我們共同的強項。兩個組織在風味開發與不同使用情境下的形式延伸方面皆具備經驗，並由聯合利華強健的廚藝能力與主廚對主廚（chef-to-chef）的互動模式加以補強。

Before I expand on these growth opportunities, I will turn it over to Fernando for his perspective.

在我進一步闡述這些成長機會之前，我先把時間交給 Fernando，請他分享觀點。

Thank you, Brendan. We are very enthusiastic about this combination, and about our partnership with McCormick. We are confident it delivers a compelling outcome for all stakeholders. At Unilever, over the past several years, we sharpened our strategic focus, we have reshaped our portfolio towards high-growth categories and strengthened our operational foundation. This transaction is a natural extension of our strategy, leading to value creation, while giving our shareholders meaningful participation in the upside of a scaled, global flavor-focused leader with a strong growth and margin profile.

謝謝你，Brendan。我們對這項結合以及與 McCormick 的合作感到非常振奮。我們有信心，這將為所有利害關係人帶來極具吸引力的成果。在聯合利華，過去幾年我們強化了策略聚焦，將產品組合重塑為偏向高成長品類，並鞏固了營運基礎。這筆交易是我們策略的自然延伸，可帶來價值創造，同時讓股東能實質參與一家具規模、全球化且以風味為核心、並擁有強勁成長與利潤率結構之領導者的上行潛力。

Importantly, this is a transaction anchored in a strategic and cultural fit. Both organizations operate in attractive categories where brand, innovation and execution matter. Both bring disciplined capital allocation, a strong cash generation and a consistent track record of volume-driven growth, and both are driven by performance-oriented culture with a deep commitment to quality and customer partnership. We believe this combination strengthens the competitive position of the business, enhances its growth prospects and creates a more focused platform to lead in flavor globally.

重要的是，這是一筆以策略與文化契合為基礎的交易。兩個組織都在具吸引力的品類中運作，而品牌、創新與執行力至關重要。雙方都具備嚴謹的資本配置、強勁的現金創造能力，以及以銷量驅動成長的一貫實績；同時也都由以績效為導向的文化所驅動，對品質與客戶夥伴關係有深度承諾。我們相信，這項結合將強化業務的競爭地位、提升成長前景，並打造更聚焦的平台，以在全球風味領域取得領導地位。

With that, I hand it back to Brendan.

接下來我把時間交還給 Brendan。

Thank you, Fernando. Moving to slide 9. I'd like to begin by reinforcing why flavor is a structurally advantaged category.

謝謝你，Fernando。接著看投影片第 9 頁。我想先再次強調，為什麼風味是一個具結構性優勢的品類。

When you think about food, we strongly believe flavor is the best place to be. It is the number one purchase driver across dishes, trends and occasions. It transcends age, culture, dietary preferences and income levels, making it both resilient and highly relevant in a dynamic consumer environment.

當你思考食物時，我們堅信風味是最值得投入的領域。它是跨菜色、趨勢與使用情境的第一大購買驅動因素。它超越年齡、文化、飲食偏好與收入水準，使其在多變的消費環境中既具韌性又高度相關。

Importantly, flavor is fully aligned with today's health and wellness priorities as consumers increasingly focus on cooking-at-home, adding more protein and produce and pursuing healthier lifestyles, flavor plays a critical role in elevating those choices. Younger consumers, particularly Gen Z, are notable contributors to these trends.

同樣重要的是，風味與當今的健康與福祉優先事項完全一致。隨著消費者愈來愈重視在家烹飪、增加蛋白質與蔬果攝取並追求更健康的生活方式，風味在提升這些選擇上扮演關鍵角色。年輕消費者，特別是 Z 世代，是推動這些趨勢的重要貢獻者。

Taken together, these favorable flavor tailwinds position us well to drive sustainable growth as a combined company. The highly complementary nature of this combination gives us multiple ways to capitalize on these tailwinds. The clear tangible and many growth levers we see across this combination create real excitement for all of us here.

綜合來看，這些有利的風味順風使我們在作為合併後公司推動可持續成長方面具備良好定位。此次組合高度互補，使我們能以多種方式把握這些順風。我們在這項組合中看到清晰、可量化的多項成長槓桿，令在座各位都倍感振奮。

Let me highlight our four priority areas of focus on slide 10. Maximizing our reach by leveraging expanded distribution in a highly complementary portfolio across markets, unlocking incremental growth by scaling high-growth potential brands across new geographies, channels and consumer occasions, integrating McCormick's Flavor Solutions and Unilever Food Solutions enhances our dual-engine model with a scaled, globally distributed platform with strong brand equity among chefs and operators, accelerating innovation at scale by leveraging our shared R&D and technology to lead the future of flavor and stay ahead of evolving consumer preferences. These areas of focus are actionable growth levers for the combined company.

讓我在第10頁投影片重點說明我們四個優先聚焦領域。第一，透過在各市場中於高度互補的產品組合上運用擴大的通路分銷，最大化我們的觸及範圍；第二，將具高成長潛力的品牌擴展至新的地理區域、通路與消費情境，以釋放增量成長；第三，整合 McCormick 的 Flavor Solutions 與 Unilever Food Solutions，以具規模、全球分銷的平台強化我們的雙引擎模式，並在主廚與營運商之間建立強勁的品牌資產；第四，運用我們共享的研發與技術，以規模化加速創新，引領風味的未來並領先不斷演變的消費者偏好。這些聚焦領域都是合併後公司可落地執行的成長槓桿。

Moving to slide 11. Together, we have an end-to-end flavor proposition, from cooking to condiments with brands that have minimal overlap and maximal adjacency. Our iconic globally recognized brands, Knorr and McCormick, will enable us to be part of more cooking occasions across more markets. At the same time, our condiments portfolio, including hot sauces, mustard and mayonnaise, allow us to be present in even more kitchens and on more table tops, meeting consumers' growing needs for healthy, flavorful meals.

接著看第11頁投影片。我們共同打造端到端的風味主張，從烹飪到調味品，旗下品牌重疊極少、相鄰性最大。我們具代表性、全球知名的品牌 Knorr 與 McCormick，將使我們能參與更多市場中的更多烹飪情境。同時，我們的調味品組合（包括辣醬、芥末與美乃滋）讓我們能進入更多家庭廚房與餐桌，滿足消費者對健康且美味餐食日益增長的需求。

Moving to slide 12. Beyond adjacency, the combination also accelerates the opportunity for high-growth potential brands. The brands on the slide as well as the number of brands in our portfolio enjoy high consumer loyalty, connection to consumer trends and global appeal, particularly with young consumers.

接著看第12頁投影片。除了相鄰性之外，此次組合也加速了具高成長潛力品牌的機會。投影片上的品牌以及我們產品組合中的多個品牌，皆享有高度消費者忠誠度、與消費趨勢的連結以及全球吸引力，尤其在年輕消費者族群中更為明顯。

For example, we have the leading share in hot sauce in the US with Cholula and Frank's. We have begun expanding in EMEA where we have seen great success in highly competitive markets. For example, Cholula in France. And through Unilever's capabilities, we'll be able to accelerate expansion, not just in EMEA but also in Latin America and Asia Pacific. With Unilever Foods' strong presence in these regions, these brands will have substantial opportunities to expand their distribution and reach new consumers.

例如，我們在美國的辣醬品類中，Cholula 與 Frank's 擁有領先市占。我們已開始在 EMEA 擴張，並在競爭激烈的市場中取得亮眼成果。例如，Cholula 在法國。並且透過 Unilever 的能力，我們將能加速擴張，不僅在 EMEA，也包括拉丁美洲與亞太地區。憑藉 Unilever Foods 在這些地區的強大布局，這些品牌將有可觀機會擴大分銷並觸及新消費者。

Another unique opportunity is Maille, an almost 280-year-old French brand deeply connected to French culinary tradition as a French -- as a prestige mustard and mayonnaise brand. We see opportunities to scale its presence across a number of new large markets, similar to what we have done with Cholula. This is just one example of many that we see across the portfolio.

另一個獨特機會是 Maille——一個近 280 年歷史、與法國飲食傳統深度連結的法國品牌——作為高端芥末與美乃滋品牌。我們看到機會可將其在多個新的大型市場中擴大布局，類似我們對 Cholula 所做的。這只是我們在整體產品組合中看到眾多機會的一個例子。

In addition to retail expansion, slide 13 highlights the power of our combined food service platform. Together, we will strengthen a scaled business-to-business leader with approximately $6 billion in pro forma annual sales, positioning us among the largest global food service players.

除了零售端擴張之外，第13頁投影片也凸顯我們合併後餐飲服務平台的力量。合併後，我們將強化一個具規模的 B2B 領導者，按備考口徑年銷售額約 60 億美元，使我們躋身全球最大的餐飲服務業者之列。

Unilever Food Solutions brings global presence with deep back-of-house capabilities and culinary expertise and breadth that meaningfully expands McCormick's reach across multiple food service operators. Complementing that strength, McCormick offers a powerful branded front-of-house presence and an extensive partnership network, particularly across independent noncommercial and chain operators.

Unilever Food Solutions 帶來全球布局、深厚的後場能力、烹飪專業與廣度，能實質擴大 McCormick 在多類餐飲服務營運商中的觸及。與此優勢相互補強的是，McCormick 提供強大的前場品牌能見度與廣泛的合作夥伴網絡，尤其涵蓋獨立的非商業與連鎖營運商。

This creates significant cross-selling opportunities. We see clear potential to elevate key Unilever Foods brands while utilizing our partnerships to drive awareness and trial. In turn, this visibility will reinforce retail demand and brand equity, creating a virtuous cycle across channels.

這將創造顯著的交叉銷售機會。我們看到明確潛力可提升 Unilever Foods 的關鍵品牌，同時運用我們的合作夥伴關係推動知名度與試用。反過來，這種能見度將強化零售端需求與品牌資產，並在各通路間形成良性循環。

Supporting all of these growth opportunities is innovation. Slide 14 outlines how we will leverage our combined technology and R&D capabilities, an essential strategic pillar and long-term competitive advantage. Together, we bring leading capabilities in R&D and flavor science, underpinned by deep consumer insight, culinary expertise and advanced technology platforms. By combining our resources, we meaningfully expand our capacity to innovate, accelerate speed to market, and drive differentiated solutions across retail and food service.

支撐所有這些成長機會的是創新。第14頁投影片說明我們將如何運用合併後的技術與研發能力——這是關鍵的策略支柱與長期競爭優勢。我們共同具備領先的研發與風味科學能力，並以深厚的消費者洞察、烹飪專業與先進技術平台為基礎。透過整合資源，我們將大幅擴大創新產能、加快上市速度，並在零售與餐飲服務領域推動差異化解決方案。

Our capabilities are highly complementary. We bring our leadership in seasonings and heat and our expertise in natural ingredients. Unilever brings their emulsion technology, which enhances texture and their ability to leverage protein as a flavor. All of this positions us to support customers to deliver on consumers' evolving dietary needs as well as accelerate innovation across the portfolio.

我們的能力高度互補。我們在調味料與辛辣風味方面具領導地位，並擅長天然原料。Unilever 帶來其乳化技術，可提升口感質地，以及其運用蛋白質作為風味載體的能力。這些優勢使我們能支持客戶滿足消費者不斷演變的飲食需求，並加速整體產品組合的創新。

By combining our technology, culinary and scientific expertise, we are building a differentiated flavor innovation engine designed to sustain growth and reinforce category leadership over the long term. As Fernando noted, McCormick is the natural home for Unilever Foods brands. We have long thought about this combination, and we'll bring it to lessons learned from our own M&A journey, which has been deliberate and strategic.

透過整合我們的技術、烹飪與科學專長，我們正在打造一個差異化的風味創新引擎，旨在長期支撐成長並鞏固品類領導地位。正如 Fernando 所提到的，McCormick 是 Unilever Foods 品牌的天然歸屬。我們長期以來一直思考這項組合，並將把自身審慎且具策略性的併購歷程中所累積的經驗教訓帶入其中。

As you can see on slide 15, we focus on strengthening our leadership in heritage herbs and spices, expanding internationally, building scale in condiments and sauces and growing our business-to-business Flavor Solutions platform. Each transaction has aligned with our long-term vision and disciplined capital allocation strategy, and this combination with Unilever is no different.

如第15頁投影片所示，我們聚焦於強化在傳統香草與香辛料的領導地位、拓展國際市場、在調味品與醬料建立規模，以及成長我們的 B2B Flavor Solutions 平台。每一筆交易都與我們的長期願景與嚴謹的資本配置策略一致，而此次與 Unilever 的組合亦不例外。

While this transaction is larger than prior deals, the core drivers of success are the ones we are familiar with. This will be my top priority, and we are approaching it with confidence and humility. We have already begun integration planning in partnership with the Unilever team.

雖然這筆交易規模大於以往，但成功的核心驅動因素仍是我們所熟悉的那些。這將是我的首要任務，我們將以自信且謙遜的態度推進。我們已與 Unilever 團隊合作，開始進行整合規劃。

Let me share some of the details on slide 16. We are building a detailed integration plan well ahead of close, positioning us to execute efficiently and with strong governance. Dedicated leaders from both companies have clear responsibilities, supported by experienced external integration partners. Unilever brings significant carve-out expertise and remains financially invested, including two years of Board representation, ensuring alignment.

讓我在第16頁投影片分享一些細節。我們在交割前很早就著手建立詳細的整合計畫，使我們能在強健治理架構下高效執行。兩家公司指派的專責領導者各自具備清晰職責，並由具經驗的外部整合夥伴提供支援。Unilever 具備豐富的 carve-out（分拆）專業，且仍保有財務投入，包括兩年的董事會席位，確保一致性。

Business continuity is central to our approach with comprehensive TSA support across key functions. In addition, we have tremendous respect for the talent at Unilever Foods, and they are integral to the success of this integration and long-term value creation. We are defining the target operating model early and executing market-by-market to balance speed with precision.

業務連續性是我們方法的核心，並在關鍵職能上提供全面的 TSA（過渡服務協議）支援。此外，我們非常尊重 Unilever Foods 的人才，他們是此次整合成功與長期價值創造不可或缺的一部分。我們將及早界定目標營運模式，並以逐市場方式執行，在速度與精準之間取得平衡。

Synergy targets are aligned and backed up by a structured delivery roadmap and a detailed IT transition plan is already in motion to ensure secure and seamless integration. At the same time, we are proactively shaping the commercial agenda to unlock the growth potential of this portfolio from the outset.

協同效益目標已對齊，並由結構化的交付路線圖支撐；同時，詳細的 IT 轉換計畫也已啟動，以確保安全且無縫的整合。與此同時，我們也正主動規劃商業議程，從一開始就釋放此產品組合的成長潛力。

We know what works. Welcoming extraordinary talent from Unilever Foods, retaining key capabilities and applying proven playbooks to scale brands and accelerate innovation. This disciplined integration paired with intentional growth acceleration, a combination designed to deliver value while maintaining operational continuity from day one.

我們知道什麼有效。迎接來自 Unilever Foods 的卓越人才、保留關鍵能力，並運用經驗證的作戰手冊來擴大品牌規模與加速創新。這種嚴謹的整合搭配有意識的成長加速，是一項旨在創造價值、同時自第一天起維持營運連續性的組合。

Before turning it over to Marcos, let me highlight why this transaction makes so much sense right now on slide 17. We have long seen the benefits of the overwhelming strategic fit between the two businesses. Both businesses are in a strong and growing position, benefiting from structural tailwinds. Together, we will create a company that is stronger, more resilient and ready to deliver on its full potential in a dynamic environment.

在交棒給 Marcos 之前，讓我在第17頁投影片強調為何此刻進行這筆交易非常合理。我們長期以來就看見兩項業務之間高度策略契合所帶來的益處。兩項業務目前都處於強勁且成長中的位置，並受惠於結構性順風。合併後，我們將打造一家更強大、更具韌性、並已準備好在動態環境中充分釋放潛力的公司。

With that, I will turn it over to Marcos to discuss the combined company's financial profile.

接下來，我將交給 Marcos，請他說明合併後公司的財務概況。

Thank you, Brendan. This transaction represents a significant milestone for both companies. Together, we're creating a global flavor leader with expanded scale and capabilities, positioned in attractive high-growth categories and supported by a strong and compelling financial profile.

謝謝你，Brendan。這筆交易對兩家公司而言都是一個重要里程碑。我們將共同打造一個具擴大規模與能力的全球風味領導者，布局於具吸引力的高成長品類，並由強勁且具說服力的財務概況所支撐。

Let's begin on slide 19 with an overview of the transaction structure, which was also outlined in our press release. This combination has been thoughtfully designed to create long-term value for each set of shareholders. The transaction is structured as a Reverse Morris Trust as we are issuing a fixed number of McCormick shares as consideration for Unilever Foods upon closing. This issuance is expected to result in pro forma ownership of the combined company's equity of 65% for Unilever and its shareholders and 35% for McCormick shareholders. Unilever will also receive $15.7 billion in cash, subject to customary closing conditions.

讓我們從第19頁開始，概述交易架構，這也已在我們的新聞稿中說明。此項合併經過審慎設計，旨在為各方股東創造長期價值。本交易採用「反向莫里斯信託」（Reverse Morris Trust）架構，因為我們將在交割時發行固定數量的 McCormick 股票，作為收購 Unilever Foods 的對價。預期該次發行將使合併後公司股權的備考持股比例為：聯合利華及其股東65%，McCormick 股東35%。聯合利華亦將收到157億美元現金，但須符合慣常的交割條件。

This is the optimal combination of debt and equity, that allows McCormick shareholders to realize significant value from the transaction, supported by the borrowing capacity of the combined company, which is expected to generate strong operating cash flows. The transaction implies an enterprise value for Unilever Foods of approximately $44.8 billion and approximately $21 billion for McCormick, representing a multiple of approximately 13.8 times calendar year 2025 EBITDA for both companies based on a one-month volume-weighted average share price.

這是債務與股權的最佳組合，使 McCormick 股東能從交易中實現可觀價值；此安排亦由合併後公司的舉債能力所支撐，而合併後公司預期將產生強勁的營運現金流。本交易隱含 Unilever Foods 的企業價值約為448億美元，McCormick 約為210億美元；以一個月成交量加權平均股價為基礎，兩家公司2025曆年 EBITDA 倍數約為13.8倍。

From a governance and leadership standpoint, Brendan and I will continue in our current roles, ensuring continuity of strategy and execution. McCormick will remain globally headquartered in Hunt Valley, Maryland, reinforcing our commitment to our heritage while building a scaled global flavor leader. In addition, the combined company's international headquarters will be in the Netherlands, where a substantial presence will be retained in areas like R&D, among others.

就公司治理與領導團隊而言，Brendan 與我將持續擔任目前職務，確保策略與執行的延續性。McCormick 將繼續以馬里蘭州亨特谷（Hunt Valley）作為全球總部，在打造具規模的全球風味領導者之際，也強化我們對自身傳承的承諾。此外，合併後公司的國際總部將設於荷蘭，並將在研發等領域保留相當規模的據點。

Now moving to the financial profile of the combined company on slide 20. On a pro forma 2025 basis, annual net sales are $20 billion supported by volume-driven growth and a best-in-class operating margins of 21%. Building from this foundation, we see clear opportunities to further enhance the profile through meaningful revenue and cost synergies. We plan to reinvest incremental revenue and cost synergies back into the business to accelerate growth. Specifically, approximately $100 million will be reinvested into our brands through increased marketing to support and innovation, fueling sustained volume growth and strengthening our competitive position.

接著看第20頁，合併後公司的財務概況。以2025年備考基礎計算，年淨銷售額為200億美元，成長由銷量驅動並由同級最佳的21%營業利益率所支撐。在此基礎上，我們看到透過具實質意義的營收與成本綜效，進一步優化財務輪廓的明確機會。我們計畫將新增的營收與成本綜效再投資回業務，以加速成長。具體而言，約1億美元將透過增加行銷投入再投資於品牌，以支持與推動創新，帶動持續的銷量成長並強化競爭地位。

In addition, we anticipate $600 million in annual run rate cost synergies, representing approximately 8% of McCormick's 2025 pro forma sales, including McCormick de Mexico. The synergy expectations are compelling given the limited overlap and existing efficiency levels of both organizations and reinforce our confidence in the value creation potential of this combination.

此外，我們預期年度成本綜效的穩態（run rate）可達6億美元，約相當於 McCormick 2025年備考銷售額的8%，其中包含 McCormick de Mexico。鑑於兩家組織的重疊有限且既有效率水準良好，綜效預期相當具吸引力，也強化我們對此合併具備價值創造潛力的信心。

Importantly, synergy delivery will be supported by our proven capabilities in partnership with the Unilever team. Our Comprehensive Continuous Improvement program, or CCI, has consistently delivered cost discipline, productivity gains and operational efficiency across the organization. By applying this established framework to the combined business, we're well positioned to execute with rigor and translate scale into sustainable margin expansion and long-term value creation.

重要的是，綜效的交付將在我們與聯合利華團隊合作下，憑藉已被驗證的能力來支撐。我們的「全面持續改善」計畫（Comprehensive Continuous Improvement，CCI）一向能在全組織持續帶來成本紀律、生產力提升與營運效率。將此成熟框架應用於合併後業務，我們具備良好條件以嚴謹執行，並把規模優勢轉化為可持續的利潤率擴張與長期價值創造。

Turning to slide 21. We outlined the key areas where we see clear opportunities to unlock cost savings across the combined company. Through a comprehensive diligence process, leveraging cross-functional teams from both organizations, we have identified actionable savings across procurement, media, manufacturing, logistics and SG&A. This resulted in a balanced set of opportunities across cost of goods and SG&A. We expect to realize the $600 million in synergies by year three with approximately two-thirds captured by the end of year two, reflecting a disciplined and phased integration plan.

接著看第21頁。我們概述了在合併後公司中可明確釋放成本節省的關鍵領域。透過全面的盡職調查流程，並運用兩家公司的跨職能團隊，我們已在採購、媒體、製造、物流與銷售、一般及行政費用（SG&A）等方面識別出可落地的節省項目，形成在銷貨成本與 SG&A 之間均衡的機會組合。我們預期在第三年實現6億美元綜效，其中約三分之二將在第二年末前取得，反映出一套有紀律、分階段的整合計畫。

Turning to slide 22. When you combine the strength and momentum of both stand-alone businesses with the impact of these revenue and cost synergies, the result is a structurally advantaged best-in-class financial profile. This is about focused scale and profitable growth. The combination is expected to deliver meaningful accretion in the first full year across sales growth, adjusted operating margin and adjusted earnings per share.

接著看第22頁。當把兩家獨立業務的實力與動能，與這些營收與成本綜效的影響結合起來，結果將是結構性具優勢、同級最佳的財務輪廓。這關乎聚焦的規模與獲利性成長。預期本次合併在第一個完整年度，將在銷售成長、調整後營業利益率與調整後每股盈餘方面帶來顯著增厚（accretion）。

By year three, as synergies are realized, we expect sustainable organic sales growth of 3% to 5%, supported by deliberate reinvestment in our brands and an enhanced innovation engine. At the same time, operating margins are expected to expand to approximately 23% to 25%, reflecting structural efficiencies, procurement scale, supply chain optimization and SG&A leverage. Together, this creates a higher growth, higher-margin platform with stronger cash generation, position the combined company for durable long-term value creation and sustained profitability.

到第三年，隨著綜效逐步實現，我們預期可達到3%至5%的可持續有機銷售成長，並由對品牌的有計畫再投資與更強的創新引擎所支撐。同時，營業利益率預期將擴張至約23%至25%，反映結構性效率、採購規模、供應鏈優化與 SG&A 槓桿效益。綜合而言，這將打造一個更高成長、更高利潤率且現金創造力更強的平台，使合併後公司具備持久的長期價值創造能力與持續獲利性。

Moving to slide 23. The combined company will maintain a solid and resilient balance sheet, underpinned by strong, consistent operating cash flow and a disciplined capital allocation framework. This foundation supports meaningful de-leveraging while enabling McCormick's long-standing practice of returning capital to shareholders through dividends for the combined company. Both McCormick and Unilever have long-standing commitments to shareholder returns and historically have provided payout ratios of approximately 60%. We expect the combined company to maintain a dividend consistent with its history.

接著看第23頁。合併後公司將維持穩健且具韌性的資產負債表，基礎來自強勁且一致的營運現金流，以及有紀律的資本配置框架。此基礎在支持顯著去槓桿的同時，也使合併後公司得以延續 McCormick 長期以股利回饋股東的做法。McCormick 與聯合利華長期以來皆致力於股東報酬，歷史上股利支付率約為60%。我們預期合併後公司將維持與其歷史一致的股利政策。

Strengthening the balance sheet is a clear priority. We expect net leverage to be at or below 4 times at closing and plan to reduce it to approximately 3 times within two years, supported by robust cash generation and disciplined execution. Throughout this period, we expect to maintain our strong investment profile and preserve the financial flexibility that has long differentiated McCormick.

強化資產負債表是明確的優先事項。我們預期交割時淨槓桿將在4倍或以下，並計畫在兩年內降至約3倍，這將由強勁的現金創造與有紀律的執行所支撐。在此期間，我們預期將維持強勁的投資概況，並保有長期以來使 McCormick 脫穎而出的財務彈性。

With that, I'll turn the call back to Brendan.

接下來，我把電話會議交回給 Brendan。

Thank you, Marcos. Before I wrap up, Fernando and I would like to summarize the benefits of this deal for our respective shareholders. Strategically, this combination meaningfully expands our portfolio with iconic, high-growth potential and local favorite brands, strengthens our presence in attractive geographies and enhances our scale with customers around the world.

謝謝你，Marcos。在我做總結之前，Fernando 和我想為各自的股東概述這筆交易的效益。在策略面，此次合併將以具代表性的品牌、具高成長潛力的品牌以及在地最受喜愛的品牌，顯著擴充我們的產品組合；同時強化我們在具吸引力地理市場的布局，並提升我們與全球客戶合作的規模。

McCormick becomes a preeminent global flavor powerhouse, advancing our vision to be a global leader in flavor. Financially, the combination is compelling for our shareholders. We expect it to be accretive to McCormick growth, adjusted operating margin and adjusted earnings in the first full year with continued long-term growth and upside to our financial performance.

McCormick 將成為首屈一指的全球風味巨擘，推進我們成為全球風味領導者的願景。在財務面，這項合併對股東極具吸引力。我們預期在第一個完整年度，將對 McCormick 的成長、調整後營業利益率與調整後盈餘帶來增厚，並在長期持續成長，且為財務表現帶來上行空間。

We expect to maintain a strong balance sheet supported by disciplined capital allocation and clear de-leveraging priorities, and our commitment of returning cash to shareholders through dividends remain unchanged. Ultimately, McCormick shareholders gain access to a larger, more diversified business with faster growth, a stronger margin profile and continued commitment to shareholder returns.

我們預期在有紀律的資本配置與明確的去槓桿優先順序支持下，維持強健的資產負債表；而透過股利向股東返還現金的承諾亦維持不變。最終，McCormick 股東將可參與一個更大、更多元且成長更快的業務，具備更強的利潤率輪廓，並持續致力於股東報酬。

And for Unilever shareholders, this is about unlocking trapped value, giving shareholders exposure to a pure-play home and personal care company and to the upside in the global flavor leader.

而對聯合利華股東而言，這在於釋放被鎖住的價值，讓股東得以投資於一家純粹聚焦居家與個人護理的公司，同時也能參與全球風味領導者的上行潛力。

Thank you, Fernando. To wrap up, on slide 25, we hope that you take away from our call today is the following. This combination is strength plus strength, with two highly complementary flavor leaders coming together. Together, we are creating a scaled global flavor-focused company with leading brands in attractive advantaged categories. We see multiple levers to accelerate growth, while leveraging the power of leading iconic brands, high-growth potential brands and local favorites.

謝謝你，Fernando。最後，在第25頁，我們希望各位今天從本次電話會議帶走以下重點。此次合併是強強聯手，兩家高度互補的風味領導者攜手合作。我們將共同打造一家具規模、聚焦風味的全球公司，在具吸引力且具優勢的品類中擁有領先品牌。我們看到多項槓桿可加速成長，同時運用領先的經典指標性品牌、具高成長潛力的品牌與在地最受喜愛的品牌之力量。

At the same time, we have plans to deliver clear achievable cost synergies and building on a best-in-class financial profile with meaningful accretion, strong margins and a compelling return profile, supporting our continued investments in growth. We recognize that the integration is crucial and recognize the work ahead. We are prepared to execute, supported by a detailed integration plan, positioning us to execute efficiently and with strong governance. And through it all, McCormick will be McCormick, grounded in 137 years of leadership and guided by a passion for flavor.

同時，我們已規劃交付清晰且可達成的成本綜效，並在同級最佳的財務輪廓基礎上，透過顯著增厚、強勁利潤率與具吸引力的報酬輪廓，支持我們持續投資成長。我們理解整合至關重要，也清楚前方仍有大量工作。我們已準備好執行，並有詳細的整合計畫作為支撐，使我們能在強健治理下高效率推進。而在這一切過程中，McCormick 仍將是 McCormick——扎根於137年的領導傳承，並以對風味的熱情為指引。

With that, operator, please open the line for questions.

那麼，接線員，請開放電話線進行提問。

(Operator Instructions) Andrew Lazar, Barclays.

(接線員指示) Andrew Lazar，巴克萊。

Maybe to start off, McCormick's track record on M&A and integration, as you mentioned, is admirable. But obviously, this one is just many, many times larger, and the industry's track record with larger deals is pretty mixed. What gives you the comfort in taking such a big swing on this one? And really, what are you doing maybe differently on this one from an integration standpoint, just given the sheer scale?

也許先從這裡開始，正如你提到的，McCormick 在併購與整合方面的過往紀錄令人欽佩。但顯然，這一筆交易規模大了很多很多倍，而產業在大型交易上的整體紀錄相當參差不齊。是什麼讓你們有信心在這一筆上做出如此大的押注？另外，考量到規模之龐大，從整合的角度來看，你們在這一筆上是否會採取一些不同的做法？

Well, thanks for the question, Andrew. And we're ready to take on the integration at this level of scale, and we recognize, though, more importantly, what we're taking on.

Andrew，謝謝你的問題。我們已準備好在這樣的規模層級上承接整合工作，而且更重要的是，我們也清楚自己將要承擔的是什麼。

First, there are a couple of important steps to have to complete before close. So we need to do regulatory filings, prepare for a shareholder vote, but also Unilever needs to separate its Food business from the overall Unilever organization. So those are certain things that have to happen in advance, obviously, during this period of time.

首先，在交割之前有幾個重要步驟必須完成。因此我們需要進行監管申報、為股東投票做準備，同時聯合利華也需要把其食品業務自整體聯合利華組織中分拆出來。所以在這段期間，顯然有一些事情必須事先完成。

We are leveraging our playbooks to make sure that we have the right integration approach. And I would just maybe break it down into three broad areas. I mean, the first starts with a best-in-class external partner to help guide this. And so we already have that type of a firm on board to really help us think through the best way to approach integration.

我們會運用既有的作戰手冊（playbooks），確保採取正確的整合方法。我大概可以把它拆成三個主要面向。第一個是找一個同級最佳的外部合作夥伴來協助引導。因此我們已經聘請了這類型的顧問公司加入，協助我們深入思考以最佳方式推進整合。

Now, we've done that in the past. It has been very successful, and it's kind of kept us really, I think, executing against our expectations on that. And as you know, in all the integrations very recently, we tend to over-deliver on our objectives there. But we also have a year or more to thoughtfully develop a disciplined plan. And that's really an important period of time, obviously, to make sure that we get this right.

我們過去也做過這件事。成效非常好，我認為這也讓我們能夠依照原先的預期去落實執行。而且如你所知，在近期所有整合案中，我們往往能在目標上超額達成。同時，我們也有一年或更長的時間，去周延地制定一個有紀律的計畫。這段時間非常重要，顯然是為了確保我們把事情做對。

And during that period of time, there are dedicated leadership that will be on this but it's also a combination of not only McCormick leaders being a part of this, but also Unilever leaders, too, because they're also committed to this being a successful integration. We're also planning brand acceleration at the same time against that agenda to deliver the growth potential.

在這段期間，會有專責的領導團隊投入其中；同時也不只是 McCormick 的領導層參與，聯合利華的領導層也會參與，因為他們同樣致力於讓整合成功。我們也會在推動整合議程的同時規劃品牌加速，以釋放成長潛力。

And so there are examples where we've done this, obviously, is French's and Frank's, but I would even look to FONA, where we take -- we modify the integration approach based on the business. We don't execute necessarily a standard template on every one of them because each business is different. They present different opportunities. And sometimes there's different ways of working in how you go to market. We certainly found that with FONA. And so we're very -- took a very deliberate approach on that one. And then you can see the success that we've had.

我們過去有相關例子，像是 French's 和 Frank's；但我也會提到 FONA，我們會依據不同業務調整整合方式。我們不會對每一個案子都照搬標準模板，因為每個業務都不一樣。它們帶來的機會不同。有時在市場進入（go-to-market）方式上也會有不同的工作方法。我們在 FONA 就明顯發現這點。因此我們對那一案採取非常審慎、刻意的做法。而你也可以看到我們取得的成功。

So I think part of what we -- I think the magic in terms of how we look at this thing is not approaching everything as a nail and a hammer. We really make sure that we have the right approach, I think, to each individual situation. And I think region by region, this will probably play out that way. Then, we do have to execute a thoughtful separation. It will be supported by TSA agreements, and we have a very experienced partner in Unilever in doing this.

所以我想，我們看待這件事的關鍵之一，是不把所有問題都當成「釘子與錘子」那樣用同一套方法處理。我們會確保針對每一個具體情境採取正確的方法。我想這可能會以區域為單位逐步展開。接著，我們確實需要執行一個周全的分拆。這將由 TSA（過渡服務協議）提供支援，而聯合利華在這方面是非常有經驗的合作夥伴。

Unilever employees are remaining with the business. And that's an important, I think, concept to think about, which is there might be many regions in which simply McCormick doesn't operate. So you can imagine the Unilever employee base and talent really becomes part of that business. So there's sort of minimal disruption in that context. And so we're able to still run the business very effectively.

聯合利華的員工將會留在該業務中。我認為這是一個重要概念，因為在許多地區，McCormick 可能根本沒有營運。因此你可以想像，聯合利華的員工基礎與人才將成為該業務的一部分。在這個脈絡下，干擾相對最小。因此我們仍能非常有效地營運該業務。

Overall, I would just say we're really committed and we have an invested partner in integration. We have dedicated leadership, best-in-class advisers, ample time to plan, and this is going to be our approach in going into this.

總體而言，我只想說我們非常投入，而且在整合上有一位同樣投入的合作夥伴。我們有專責領導團隊、同級最佳顧問、充足的規劃時間，而這將是我們推進此案的方式。

And then maybe second, just quickly. Unilever Foods EBIT margins are already in the sort of the low 20s, a level not many food companies have been able to reach, let alone sustain. And I understand much of this is due to the two scaled brands that are part of that portfolio. But I guess, are you comfortable that the brands have been appropriately invested in such that margins like these are, in fact, sustainable? And maybe Fernando can comment on it as well.

另外第二點，簡單問一下。聯合利華食品的 EBIT 利潤率已在 20% 出頭的水準，這是許多食品公司不僅難以達到、更難以維持的水準。我理解其中很大一部分來自該組合中兩個具規模的品牌。但我想問的是，你們是否有信心這些品牌已獲得適當投資，使得這樣的利潤率確實可持續？也許 Fernando 也可以一併評論。

Yeah. Let me open it up and then I'll ask Fernando to add some context there. When you look at both of our companies, you see robust support for the brands from a standpoint of brand support and innovation. And we've -- definitely, I think that's where we are very much aligned in terms of how we think about how to drive growth against this portfolio. And it's not only that we're going to be -- we still have sort of a strong baseline that we're walking into this with, but we're going to add to it.

好的。我先回答，然後請 Fernando 補充一些背景。當你看我們兩家公司，你會看到在品牌支持與創新方面都對品牌有強力投入。而我認為我們在如何推動這個組合的成長方面，想法是高度一致的。不僅是我們進來時就有一個相當強的基礎盤，我們還會在此之上再加碼。

Fernando?

Fernando？

Thank you, Brendan. We have been investing around 10% in brand marketing investment behind our Foods business. So it's probably one of the best supported business in the industry, and of course, enjoying the benefit of incredible brand scale, Knorr, EUR5.5 billion, Hellmann's, EUR2.5 billion. So very, very sizable scale. And margins, gross margin in the mid- to high 40s.

謝謝你，Brendan。我們在食品業務上的品牌行銷投資約為 10%。因此這可能是產業中品牌支持最到位的業務之一，當然也享有驚人的品牌規模效益：Knorr 約 55 億歐元，Hellmann's 約 25 億歐元。所以規模非常、非常可觀。而毛利率在 40% 中段到高段。

So all these has built a real virtuous upcycle and circle of growth. And really, we have here very, very well supported brand for a very long period of time. And I believe this is one of the features that we share with McCormick, a real belief in how to build brands and a real belief in investing heavily behind our best assets.

因此，這些因素共同建立了一個真正良性的上行循環與成長循環。而且我們在很長一段時間內都對品牌提供非常、非常充分的支持。我相信這也是我們與 McCormick 共享的特質之一：真正相信如何打造品牌，也真正相信要在我們最好的資產上大力投資。

And I would add to what Fernando just said is that, as we said in my prepared remarks, I mean, we are going to continue to invest going forward, particularly the synergies, cost and sales synergies, we are going to invest back in the business. I mentioned about $100 million incremental targets that we have, that's going to be used to be invested back in the business. So that momentum will continue going forward.

我再補充 Fernando 剛才所說的：正如我在事先準備的發言中提到的，我們未來將持續投資，特別是協同效益——成本與銷售協同效益——我們會把它再投回業務中。我提到我們有大約 1 億美元的增量目標，這將用於再投資於業務。因此這股動能未來會持續。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行。

Brendan, and maybe Fernando, you can weigh in here, too. I guess my understanding is that Unilever Foods and HPC operations are pretty well integrated in certain markets around the world. And so as part of the integration plan, Brendan, you mentioned TSA agreements. I guess, could you speak at a high level to the scope and anticipated duration of those agreements and maybe also the costs associated over time with McCormick standing up its own operations?

Brendan，或許 Fernando 也可以一起回答。我理解聯合利華食品與 HPC（家用及個人護理）在全球某些市場的營運整合得相當緊密。因此在整合計畫中，Brendan，你提到了 TSA 協議。可否請你從高層次談談這些協議的範圍與預期期間，以及 McCormick 自行建立其營運體系在時間推進下可能產生的相關成本？

Yeah. I think from a TSA agreement standpoint, it's probably going to be not in more than just one form overall. So when you think about from an IT system perspective and separation there and unhooking part of the business and then rehooking it with us, so there's sort of TSA considerations overall in that. But then also when you think about sort of our TSA agreements as we hand over and we sort of have that first year integration line together as a company, we're going to have TSA agreements there, too.

是的。我認為從 TSA 協議的角度來看，整體上可能不會只有單一形式。因此，當你從 IT 系統的角度思考，以及在那裡進行分離、把部分業務解鉤，然後再與我們重新掛鉤時，整體上就會涉及一些 TSA 的考量。但同時，當你想到我們在交接、以及作為一家公司在第一年的整合期間共同運作時，我們那邊也會有 TSA 協議。

Fernando, you want to add to that?

Fernando，你要補充一下嗎？

Yeah. Well, as you know, since 2022, Unilever has moved into an organizational model in which we have separated our four key business groups. They run fundamentally as a stand-alone organization. The reason for that at that time was to really ensure that we were building the capabilities required to compete with pure play in each of these industries, but at the same time, giving us the flexibility to make separations of this magnitude or the previous we have done in (inaudible) in a kind of relatively short timeframe and without significant disruption.

是的。如你所知，自 2022 年起，聯合利華已轉向一種組織模式，我們將四個關鍵業務群分開。它們基本上以獨立運作的組織方式運行。當時這麼做的原因，是為了確保我們建立在各自產業中與純玩家競爭所需的能力，同時也讓我們具備彈性，能在相對較短的時間內、且不造成重大干擾的情況下，完成像這次這種規模的分拆，或我們先前在（聽不清）所做的分拆。

So our Foods business is in more than 80% on a stand-alone organization, with their own manufacturing setup, their own distribution setup, their own route-to-market, separate sales force. So we really believe that we can separate business without significant disruption here in the time frame that we have established.

因此，我們的食品業務有超過 80% 是以獨立組織運作，擁有自己的製造體系、自己的配送體系、自己的市場進入路徑（route-to-market）、以及獨立的銷售團隊。所以我們確實相信，在我們已設定的時間框架內，可以在不造成重大干擾的情況下完成業務分離。

Great. And then, Marcos, if I understand the deal structure correctly, it looks like you're going to be financing the transaction with new financing and new debt versus absorbing any debt from Unilever. I guess maybe if you can just talk to the drivers there. Are there restrictions from Unilever signing its existing debt or just the rationale of going to the market new?

很好。那麼，Marcos，如果我對交易架構的理解正確，看起來你們將以新的融資與新增債務來為這筆交易籌資，而不是承接聯合利華的任何債務。我想也許你可以談談背後的驅動因素。是因為聯合利華在轉讓其既有債務方面有任何限制，還是選擇以新發行方式進入市場的理由？

No. The rationale is really a combination of stock and cash deal. It's an RMT. Think about it as an RMT-like transaction, in which we are providing a fixed number of McCormick shares as consideration for the Unilever Foods business, and they will own 65%, Unilever and its shareholders, and McCormick shareholders will retain the 35%, which is the remaining piece.

不是。其理由其實是股票加現金的組合交易。這是一個 RMT。可以把它視為類 RMT 的交易，在這個交易中，我們提供固定數量的 McCormick 股票，作為對聯合利華食品業務的對價；聯合利華及其股東將持有 65%，而 McCormick 股東將保留剩餘的 35%。

And then in addition, we are providing $15.7 billion of cash to Unilever as part of this deal. And that takes us to a 4 times leverage at close. And what we feel very comfortable about is that the margin profile of this business will -- it's very strong, and we will be able to delever very rapidly from 4 times to 3 times in about two years. So it was part of the overall considerations of this transaction. It puts the company or the transaction at 13.8 times EBITDA multiple, which is parity with McCormick. So it was the overall consideration between equity and cash as part of this transaction.

此外，作為本交易的一部分，我們也將向聯合利華提供 157 億美元現金。這使得我們在交割時的槓桿倍數達到 4 倍。而我們非常有信心的是，這項業務的利潤率結構將——非常強勁，我們能夠非常快速地去槓桿，約在兩年內從 4 倍降到 3 倍。因此，這是本交易整體考量的一部分。這使公司或該交易的 EBITDA 倍數為 13.8 倍，與 McCormick 持平。所以，這就是本交易中股權與現金之間的整體權衡考量。

Tom Palmer, JPMorgan.

JPMorgan 的 Tom Palmer。

You noted the combined organic sales growth last year of 2.4% and the view of 3% to 5% longer term. At CAGNY, Brendan, you gave some reasons why you anticipate a sales re-acceleration over the next couple of years. Maybe we could kind of do a similar exercise for the combined company, in particular, thinking through how much of that acceleration is more industry conditions versus maybe more self-help type initiatives?

你提到合併後去年合計的有機銷售成長為 2.4%，以及長期 3% 到 5% 的看法。在 CAGNY 上，Brendan，你提出了一些理由，說明你為何預期未來幾年銷售會重新加速。也許我們可以對合併後公司做一個類似的分析，特別是思考這種加速有多少來自產業環境、又有多少來自更多自助式（self-help）計畫？

Sure. Thanks, Tom, for the question. When combined, you have to think about the fact that we're one-third of the equation right now and the Unilever Foods business is two-third of the equation. And as we bring those businesses together, we do see stronger growth in the range that we had on the slide there, 3% to 5%. These are businesses both that have been delivering volume-driven growth pretty consistently over the last several years. So we start with confidence in the base business.

當然。謝謝你，Tom，提出這個問題。合併後，你必須想到目前我們大約佔整體的三分之一，而聯合利華食品業務佔三分之二。當我們把這些業務整合在一起時，我們確實看到更強的成長，落在投影片上所示的 3% 到 5% 區間。這兩項業務在過去幾年都相當一致地交出以銷量驅動的成長。因此，我們對基礎業務有信心作為起點。

And so when we take a look at broadly at that growth overall, we see the two businesses kind of combined together, growing in that 2% to 3% range. As we think about towards that year three, as we outlaid on that slide, we see incremental growth coming from those businesses together. And so that is more about self-help than it is about the sort of the industry getting better with itself.

因此，當我們從整體角度來看這個成長時，我們看到兩項業務合併後大致在 2% 到 3% 的區間成長。當我們展望到第三年、如同我們在那張投影片所說明的，我們看到兩項業務合在一起會帶來額外的增量成長。因此，這更多是來自自助式改善，而不是產業本身自然變好。

This is really, I think -- maybe the core of your question is we think this combination drives the opportunity to drive a stronger growth profile together, and that's why we sort of laid it out that way, the way we talked about it there, comparing sort of our commentary to CAGNY.

我認為——也許你問題的核心是：我們認為這次結合帶來了共同推動更強成長曲線的機會，這也是我們以那種方式呈現、並在那裡那樣說明的原因，並將其與我們在 CAGNY 的評論作比較。

I can go on further on growth, but I thought I'd stop there, Tom, just to make sure if I've answered the core of your question.

我可以就成長再多談一些，但我想先停在這裡，Tom，確認我是否已回答你問題的核心。

Yeah, you did. And just a follow-up on the mayonnaise side. You do have McCormick de Mexico now consolidated. Unilever, obviously, has a very large mayonnaise business. Just wanted to ask on the overlap and if there might be any limitations to consider in combining these.

是的，你回答了。另外就美乃滋這一塊追問一下。你們現在已合併納入 McCormick de Mexico。而聯合利華顯然擁有非常龐大的美乃滋業務。我想問一下重疊情況，以及在整合這些業務時是否可能有任何需要考量的限制？

Yeah. Right now, it's too early to speculate on that type of a thing. And we just look forward to working with the regulatory authorities on making sure that we review this transaction, and we'll be able to talk about that at a later date.

是的。目前還太早去推測這類事情。我們期待與監管機關合作，確保我們對這筆交易進行審查，並且我們會在較晚的時間點再來談這個議題。

Alexia Howard, Bernstein.

Bernstein 的 Alexia Howard。

Can I start off with, you talked about the deal being meaningfully accretive to earnings, and I think earnings per share was mentioned from the outset. Are you able to put a number or an order of magnitude around that, and what the source of that accretion might be?

我可以先從你提到這筆交易將對獲利有顯著增益開始嗎？而且我想一開始就提到了每股盈餘。你們是否能就此給出一個數字或大致的量級，以及這種增益可能來自哪些來源？

Well, Alexia, at this moment, we are not putting a number there. I mean, it is meaningfully accretive in year one post-close across all lines of the P&L, including obviously EPS. And as we get close to the close, we'll be able to provide more information, specific more information, as we continue to learn about the business. But it is a very substantial margin profile that this business has. We talked about growth just now.

Alexia，目前我們不會在這裡給出一個數字。我的意思是，在交割後第一年，它將在損益表的所有項目上都具有顯著增益，當然也包括 EPS。隨著我們接近交割，我們將能提供更多資訊、更具體的資訊，因為我們會持續更深入了解這項業務。但這項業務的利潤率結構非常可觀。我們剛才也談到了成長。

Gross margin is very healthy, and we'll be investing back in the business as we have done in the past, both organizations, and driving operating profit from 21% currently to a range of 23% to 25% with the synergies of $600 million flowing through to the bottom line. So it's a very meaningful accretion across the P&L. But we'll give more information about the exact as we get near the close.

毛利率非常健康，而我們會像過去一樣，兩個組織都會把資金再投入到業務中，並在 6 億美元協同效益流入最終獲利的帶動下，將營業利益率從目前的 21% 提升到 23% 到 25% 的區間。因此，這在整個損益表上都是非常有意義的增益。但在接近交割時，我們會提供更精確的資訊。

Okay. And then just looking around the world, where do you see the revenue synergies being most significant? I imagine Brazil might be a place where the McCormick brand could be strengthened simply because of the strength of the mayonnaise brands from Unilever over there. But are there other parts of the world where the revenue synergies could be significant?

好的。那再看全球各地，你們認為營收協同效益在哪些地區會最顯著？我想巴西可能是一個地方，McCormick 品牌可以被強化，因為聯合利華在那裡的美乃滋品牌很強。但是否還有其他地區，營收協同效益也可能相當顯著？

Yeah. I'm going to make a couple of comments here and ask Fernando also to provide his perspective. I see it as not necessarily dedicated to like one or two different regions. I would say it's really across many different -- so if you think about North America, Latin America, EMEA and Asia Pacific, in each region, we see opportunities overall.

是的。我在這裡想先做幾點評論，也請Fernando提供他的觀點。我認為這不一定是專注於一兩個特定地區。我會說這其實橫跨許多不同地區——所以如果你想到北美、拉丁美洲、EMEA（歐洲、中東與非洲）以及亞太，在每個地區我們整體都看到機會。

If you think about in the Asia Pacific region, there are a number of markets that Unilever is in, that we're not in, as an example, or in markets that we're both in, we see opportunities obviously to drive even stronger growth in a market like China, for example. When you jump over to EMEA, we see opportunities to really -- there are a number of markets where McCormick doesn't have presence. And so we see opportunities and revenue synergies there. If you jump over to North America, we see opportunities really, I think, to even strengthen the performance of both brand portfolios.

如果你看亞太地區，聯合利華在一些市場有布局，而我們沒有，這是一個例子；或者在我們雙方都有布局的市場，我們也明顯看到機會，例如在中國這樣的市場推動更強勁的成長。再看EMEA，我們看到真正的機會——有不少市場McCormick並沒有據點。因此我們在那裡看到機會與營收協同效益。如果再看北美，我們看到的機會是，我認為可以進一步強化兩個品牌組合的表現。

Latin America is, I think, one of those opportunity areas. When you think about Brazil, I think you're right, we don't have McCormick presence there. While we have a really strong presence in Mexico or parts of Central America, I think the Southern Cone is an area that Unilever has quite a bit of strength, and so we see synergy opportunities there.

拉丁美洲我認為是其中一個機會領域。談到巴西，我想你說得對，我們在那裡沒有McCormick的據點。雖然我們在墨西哥或中美洲部分地區有非常強的布局，但我認為南美南錐體地區是聯合利華相當有實力的區域，因此我們在那裡看到協同機會。

Yeah. I feel on top of the shared strength of the brand portfolio, I believe that McCormick brings an incredible product range and Unilever brings an incredible distribution infrastructure globally. And when you can leverage these two things, you have huge opportunities. I agree Asia, Latin America are obvious geographical opportunities. I would like to highlight also the opportunities in food service.

是的。我覺得除了共享的品牌組合優勢之外，McCormick帶來極其出色的產品範圍，而聯合利華在全球帶來極其出色的配銷基礎設施。當你能把這兩者加以運用，就會有巨大的機會。我同意，亞洲、拉丁美洲是顯而易見的地理機會。我也想特別強調餐飲服務（food service）的機會。

McCormick is a leader in the top of the table, let's call it, and Unilever is leader in back of house, Unilever food service brings a lot of expertise in Asian cuisine, particularly in Chinese cuisine, that is a growing trend. So the opportunities are both in retail and in Food Service. I would say, also in expanding the range in our core brands, making some of the breakthrough growth brands shine, and of course, expanding the food service opportunity that is massive.

McCormick是所謂「前場」（front of house，面向顧客端）的領導者，而聯合利華是「後場」（back of house，廚房端）的領導者；聯合利華餐飲服務在亞洲料理、尤其是中式料理方面帶來大量專業，而這正是一個成長中的趨勢。因此機會同時存在於零售與餐飲服務。我也會說，還包括擴大我們核心品牌的產品範圍、讓一些突破性成長品牌更出色，當然也包括擴大規模龐大的餐飲服務機會。

Peter Galbo, Bank of America.

美國銀行的Peter Galbo。

Brendan, just one quick clarification. I believe the Unilever India subsidiary had talked about maybe not including the Food business in the transaction. So maybe you could just clarify for us, will the transaction include India Foods or is that kind of excluded from current thinking?

Brendan，我想快速釐清一點。我記得聯合利華印度子公司曾提到，交易可能不包含食品業務。所以你能否為我們釐清：這筆交易會包含印度食品（India Foods），還是目前的想法是將其排除？

Yeah. To be certain, the transaction does not include India Foods.

是的。明確地說，這筆交易不包含印度食品（India Foods）。

Okay. Perfect. And I know Fernando just gave a bit of an overview on kind of some of the food service opportunities. For Brendan, it would be helpful, I think, to hear from you just to expand on where you see -- is it bringing more of the Unilever assets into front of house and food service. Is it more Unilever helps McCormick get more into back of house? Just where you see kind of the revenue synergies on the food service side?

好的。完美。我知道Fernando剛剛對餐飲服務的一些機會做了概述。對Brendan而言，我想聽你再延伸一下會很有幫助：你看到的方向是——把更多聯合利華的資產帶到前場與餐飲服務？還是聯合利華協助McCormick更深入後場？你如何看待餐飲服務端的營收協同效益主要會出現在哪些地方？

Thanks for the question, Peter, on food service. Food service is an exciting area. Let's talk front-of-house first. When I think about the brand portfolio for Unilever, the opportunity, as we see it right now, and Fernando and I have talked about it, is really about the Hellmann's brand, really having more front-of-house presence.

謝謝你的問題，Peter，關於餐飲服務。餐飲服務是一個令人振奮的領域。我們先談前場。當我想到聯合利華的品牌組合時，我們目前看到的機會——我和Fernando也談過——主要是Hellmann's品牌，能在前場有更多的能見度與存在感。

And so that is a good opportunity, I think, for this combined portfolio as we think about that. And so we see that continued growing presence that we have on tabletop and front-of-house and even on menu, we've had a lot of success getting and partnering with operators, particularly sort of the regional chain type operators on getting on menu with our brands. And so we see that as an opportunity.

因此我認為，對這個合併後的品牌組合而言，這是一個很好的機會。所以我們看到我們在餐桌端（tabletop）與前場、甚至在菜單上的存在感持續成長；我們在與營運商合作方面取得很多成功，特別是與區域型連鎖營運商合作，讓我們的品牌能上菜單。因此我們把這視為一個機會。

The Knorr brand is very strong back-of-house. And let's kind of maybe transcend from just a US perspective around this. You have to really have a global perspective because I think the strength of Unilever's food service presence is definitely very strong globally. And so we see McCormick opportunity in that because we have a lot of strength here in North America as an example, but we have an opportunity to accelerate our growth in food service at a global level. And so that's another area where we see synergy and opportunity to drive growth.

Knorr品牌在後場非常強。而我們也許要從僅以美國視角來看這件事再往上提升。你必須真正以全球視角來看，因為我認為聯合利華在餐飲服務的布局強項，確實在全球範圍內非常強。因此McCormick在這方面也有機會：例如我們在北美很有實力，但我們有機會在全球層面加速餐飲服務的成長。所以這也是我們看到協同效益與推動成長機會的另一個領域。

Back-of-house, the McCormick brand name is back there, obviously, with herbs and spices and seasonings, as is the Knorr brand. But the Unilever chef-to-chef coverage model and having really sort of strong relationships with the person making the menu decisions back-of-house is a coverage model that is quite significant. And so we see that as an opportunity, obviously, to bring in sort of more of the McCormick type of expertise in cooking, which is not an overlap with Knorr.

在後場，McCormick品牌當然也在那裡，透過香草、香辛料與調味料；Knorr品牌也是如此。但聯合利華的「主廚對主廚」（chef-to-chef）覆蓋模式，以及與後場負責做菜單決策的人建立非常強的關係，這種覆蓋模式相當關鍵。因此我們顯然把這視為一個機會，把更多McCormick在烹飪方面的專業帶進來，而這與Knorr並不重疊。

And so I think that that's another area of opportunity. So if I were to oversimplify, think global as an area, think front-of-house opportunities for Unilever brands, but also think back of house, sort of the coverage model there is an important way to establish penetration and strength within the food service channel.

所以我認為那也是另一個機會領域。如果我要過度簡化：把全球視為一個機會領域；把聯合利華品牌在前場的機會納入考量；同時也要想到後場——那裡的覆蓋模式是建立在餐飲服務通路中滲透率與競爭力的重要方式。

Robert Moskow, TD Cowen.

TD Cowen的Robert Moskow。

I think this is a question for both management teams, but it's going to take a year for this transaction to close theoretically. Fernando, maybe you could talk about what you learned in the process of separating ice cream, how you were able to keep people on that team focused on executing their operating plan? And I guess the same question for the McCormick team.

我想這是要問兩個管理團隊的問題：理論上這筆交易要一年後才會完成交割。Fernando，也許你可以談談你在分拆冰淇淋的過程中學到什麼，以及你如何讓那個團隊的人員仍然專注於執行其營運計畫？我想對McCormick團隊也是同樣的問題。

Well, thank you, Robert. Yes, we have the recent experience of separating ice cream, that was a big business. It's an EUR8 billion business, not a small business, and establishing that company in 57 countries. I feel in this case, we have the advantage of separating Foods and integrating that into an established organization like McCormick, and that simplifies things a bit.

好的，謝謝你，Robert。是的，我們最近有分拆冰淇淋的經驗，那是一個很大的業務。那是80億歐元的業務，不是小生意，而且要在57個國家建立那家公司。我覺得在這個案例中，我們的優勢是把食品業務分拆並整合到像McCormick這樣既有的組織中，這讓事情簡化了一些。

In our case, we have had a team of experts with a lot of capabilities. That team is now at the service of McCormick to make the separation happen and to support in the integration also. I believe we learned a lot with previous experiences like tea and spreads in which the separation didn't take into account really sorting out the issue of external costs.

就我們而言，我們有一支具備大量能力的專家團隊。這支團隊現在將為McCormick服務，促成分拆的落地，也在整合方面提供支援。我相信我們從先前的經驗中學到很多，例如茶與抹醬（spreads），當時的分拆並沒有真正把外部成本的問題整理清楚。

In ice cream, we did that much better, and we have the opportunity at the same time of accelerating our growth performance, delivering the separation of ice cream and increasing our margins. So of course, it takes a lot of leadership from the front, and this doesn't happen without good planning, without good external support. But I know Brendan has put that in place already.

在冰淇淋業務上，我們做得好很多；同時我們也有機會加速成長表現，在完成冰淇淋分拆的同時提升我們的利潤率。所以當然，這需要前線強而有力的領導；沒有良好的規劃、沒有良好的外部支援，這是不可能發生的。但我知道Brendan已經把這些安排到位了。

And of course, in our side, we will provide all the necessary support. There will be transitional service agreements in place for around two years also in different areas like IT, distribution in order to ensure that this is a smooth transition, and there is no disruption in the case of our Foods business transfer to McCormick.

當然，在我們這一方，我們會提供所有必要的支援。也會在不同領域（例如IT、配銷）簽訂約為期兩年的過渡服務協議（transitional service agreements），以確保這是一個順暢的過渡，並且在我們的食品業務移轉給McCormick的過程中不會造成任何中斷。

Rob, I think from a McCormick perspective, there are maybe two perspectives I'd love to share. The first is being able to continue driving the business performance right now. We have a really strong team. And so as we put dedicated leadership and teams on this work, we also have been a great talented organization for those people to step up and really continue leading the business. And so we see our ability to do that as being very strong and high, and obviously, we feel like we have a very disciplined approach at this in the past because we have done integrations, although the scale is different, and we acknowledge that.

Rob，我想從 McCormick 的角度來看，可能有兩個觀點我很想分享。第一個是能夠在當下持續推動業務表現。我們有一支非常強的團隊。因此，當我們為這項工作配置專責的領導與團隊時，我們也擁有一個人才濟濟的組織，讓這些人能夠挺身而出，真正持續帶領業務前進。所以我們認為自己在這方面的能力非常強、非常高；而且很明顯地，我們覺得過去在這方面一直採取非常嚴謹的做法，因為我們做過整合，雖然規模不同，我們也承認這一點。

But I think that the element of that is really going to come through in this planning and making sure that we are very, very specific and precise in terms of how we make sure that we continue really strong support against the current business while we also take on what was a pretty important initiative.

但我認為，這個要素真正會在這次規劃中體現出來：確保我們在如何持續對現有業務提供非常、非常強而有力的支持，同時又承擔一項相當重要的倡議時，在做法上非常具體且精準。

There was a question earlier in the call, which I'm not sure I fully answered as I kind of reflect back on my reply, and that was what's different about this than the other ones. And I think what's really different here, and I really want, hopefully, everyone to appreciate this is when you look at traditional sort of an acquisition of transaction, you've got a company taking over something else. And that company's employees sort of then go over and take over the business, so to speak.

剛才電話會議較早時有個問題，我回想自己的回答後不確定是否完全回答到，那就是這次和其他案子有何不同。我認為這裡真正不同之處，而且我希望大家都能理解的是：當你看傳統的併購交易時，通常是一家公司接手另一家公司。然後那家公司的員工就會過去接管業務，某種程度上是這樣。

This is very different. This is a combination of two companies already with the support and the discipline and the knowledge of running the business, coming together to execute this integration. And so I think that element of Unilever being a partner in this is not a temporary point. It's a sustainable point. When we think about that employee, those employees, a part of that organization becoming part of McCormick. And so we see a lot of strength in that. And if you had to compare on a principle, what may feel different in this, I think that would be one of the key points I would call out.

這次非常不同。這是兩家已經具備支持、紀律以及經營業務知識的公司結合在一起，共同來執行這次整合。因此，我認為聯合利華在其中作為合作夥伴的這個要素，不是暫時性的。而是可持續的要素。當我們想到那些員工、那些成為 McCormick 一部分的組織成員時。所以我們在這方面看到很多優勢。如果要從原則上比較，這次有什麼讓人感覺不同的地方，我想這會是我會特別點出的關鍵之一。

Max Gumport, BNP Paribas.

Max Gumport，法國巴黎銀行（BNP Paribas）。

You've quantified synergies and discussed some of the considerations with regard to the separation, such as TSA agreements. But I'm wondering if there's been any considerations for dis-synergies that could arise from the separation? And if so, any initial quantitation of those dis-synergies and also how they might split across the Unilever RemainCo and the Foods business?

你們已量化協同效益，並討論了與分拆相關的一些考量，例如 TSA（過渡服務協議）。但我想知道，是否也考慮過分拆可能帶來的反協同（dis-synergies）？如果有的話，是否有任何初步量化；以及這些反協同可能如何在聯合利華的 RemainCo 與 Foods 業務之間分攤？

I can answer this. We don't see any revenue dis-synergies here. We don't see in the case of Unilever. Basically, as I mentioned before, these are a stand-alone business. Our Foods business has their own sales force, their own manufacturing, their own operations and logistics. So basically, we don't see any fundamental issue of dis-synergies in our side.

我可以回答這個問題。我們在這裡看不到任何營收面的反協同。就聯合利華而言，我基本上如先前提到，這些是獨立運作的業務。我們的 Foods 業務有自己的銷售團隊、自己的製造、自己的營運與物流。所以基本上，我們這邊看不到任何根本性的反協同問題。

Great. Very helpful. And then, Brendan, Marcos, with regard to the multiple, the 13.8 times EBITDA multiple, can you just talk a bit more about the conversations that went into determining what was the right multiple to pay? It seems like there is some focus on not paying more than McCormick's 13.8 times that you also quoted. But just any color or consideration that went into determining the right multiple would be appreciated.

很好。非常有幫助。接著，Brendan、Marcos，關於估值倍數，也就是 13.8 倍 EBITDA 倍數，你們能否再多談一些，在決定支付何種合理倍數時，背後有哪些討論？看起來你們有些著重於不要支付高於 McCormick 你們也提到的 13.8 倍。但若能提供一些背景或考量，說明如何決定合適倍數，將不勝感激。

Yes, Max, I would say that both businesses are great businesses, and Unilever Foods is a fantastic addition as you think about the two companies coming together. So the way that we were assessing this deal was parity in terms of the multiple between the two companies. Unilever brings a lot, not only the scale, but healthy margins.

是的，Max，我會說兩個業務都是很棒的業務，而聯合利華 Foods 作為兩家公司結合的補強，是非常出色的新增項目。因此，我們評估這筆交易的方式，是以兩家公司在倍數上達到對等（parity）。聯合利華帶來很多，不僅是規模，還有健康的利潤率。

And McCormick, as you know, is very differentiated as well in terms of volume growth over the last few years and our margin profile as well, we play in an advantaged category. So when you put those two companies together, we felt like the parity multiple would be adequate in terms of this transaction. So that's kind of the high-level rationale for being at the same 13.8 times.

而 McCormick，如你所知，過去幾年在銷量成長以及我們的利潤率結構方面也非常具差異化優勢；我們所處的是一個具優勢的品類。因此，當你把這兩家公司放在一起時，我們認為以對等倍數來看，對這筆交易而言是足夠且合適的。這就是為什麼在同樣 13.8 倍的高層次理由。

Scott Marks, Jefferies.

Scott Marks，Jefferies。

The first one I just wanted to touch on, understand all the synergy potential and the overlap between some of the portfolio, but just wondering if you can kind of help us understand if the current backdrop in the food world or in the staples world in general has kind of changed your time line for this or given you any sense of urgency to get this done? Or if it has had any impact in any way?

第一個我想先觸及的是：我理解所有協同效益潛力以及部分產品組合的重疊，但想請你們協助我們理解一下，當前食品領域或更廣泛的民生必需品領域的環境背景，是否改變了你們對這件事的時間表，或讓你們對完成它有任何緊迫感？或者是否以任何方式產生了影響？

Yeah. I think, obviously, there's a lot going on in the world right now. So that's important to kind of keep in mind. But I think we've always viewed Unilever Foods as a great strategic fit. So we're in this moment where you can pick another year, something is going to be going on. But it still comes back to is this really strategically a strong fit and does it make sense? And when an opportunity presents itself like this, we think that it then becomes the right time.

是的。我想，很明顯地，現在世界上正在發生很多事情。所以這點確實重要，需要放在心上。但我認為我們一直把聯合利華 Foods 視為非常契合的策略性組合。所以我們正處在這樣的時點：你可以挑任何一年，總會有事情在發生。但最終仍回到：這在策略上是否真的高度契合、是否合理？而當像這樣的機會出現時，我們認為那就成為合適的時機。

This transaction is about long-term potential of the combination and where we see multiple levels of growth in established and emerging markets and across channels and brands. So I think I would also then really kind of emphasize the long-term nature of our thinking and our planning has to really sort of drive your thought process on something like this.

這筆交易著眼於組合的長期潛力，以及我們在成熟與新興市場、跨通路與品牌所看到的多層次成長。因此，我也想強調我們思考與規劃的長期性，必須真正驅動你對這類事情的思考流程。

We're certainly aware of the near-term pressures facing not just the food industry, let's say, but broadly, you think about the conflict in the Middle East and the broader CPG space. So each of us are taking steps to manage our business accordingly. However, we continue to believe in just the long-term fundamentals that really underpin the confidence in this combination, such as structural flavor tailwinds and emerging growth opportunity.

我們當然也注意到短期壓力，不僅是食品產業，廣泛來說，你想到中東衝突以及更廣泛的民生消費品（CPG）領域。因此，我們各自都在採取措施，以相應方式管理我們的業務。然而，我們仍然相信支撐這次結合信心的長期基本面，例如風味（flavor）結構性順風以及新興成長機會。

And so in the meantime, sort of call it within the short term right now, we're both laser-focused on managing our businesses to deliver our plans. I think that's the best context I could give you because obviously, there is a lot of headlines in the news.

因此，同時在短期內，也就是現在這個階段，我們雙方都高度聚焦於管理各自的業務，以交付我們的計畫。我想這是我能給你的最佳脈絡，因為很明顯新聞上有很多頭條。

Understood. Appreciate that. And then maybe just last one. Given everything going on in the Middle East, just wondering how some of those dynamics impact your thinking on this, whether it's in terms of realizing some of those synergies or getting this deal complete or any other dynamics that could be impacted by what's happening across the world.

了解。感謝說明。那最後一個問題。鑑於中東正在發生的一切，我想知道其中一些動態如何影響你們對這件事的思考，不論是實現部分協同效益、完成交易，或任何其他可能受到全球事件影響的動態？

No. I can't call out a specific element of that, that caused us to think about this differently or faster or slower. I'd just go back to my long-term commentary, and our thought process on that.

不會。我無法指出其中有任何特定因素，讓我們因此以不同方式思考，或加快、放慢進度。我只會回到我對長期的評論，以及我們在這方面的思考流程。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Freiha for any final comments.

各位女士、先生，我們的問答環節到此結束。我將把時間交還給 Freiha 先生作最後結語。

Thank you so much. Thank you, everyone, for joining our call today. If you have any further questions regarding today's information, please feel free to reach out to me, and this concludes our conference call for this morning. Thank you.

非常感謝。感謝各位今天參加我們的電話會議。若您對今天的資訊還有任何進一步問題，歡迎隨時與我聯繫；我們今天上午的電話會議到此結束。謝謝。

Thank you. Ladies and gentlemen, you may disconnect your lines. Thank you for your participation.

謝謝。各位女士、先生，您可以掛斷電話線。感謝您的參與。