McCormick & Company, Incorporated (MKC) 2026 Q2 法說會逐字稿

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

早安。我是投資人關係副總裁 Faten Freiha。感謝各位參加今天的第二季財報電話會議。為配合本次會議，我們已在投資人關係網站 ir.mccormick.com 上發布一組簡報投影片。

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

今天早上與我一同出席的有董事長、總裁暨執行長 Brendan Foley，以及執行副總裁暨財務長 Marcos Gabriel。在本次電話會議中，我們將提及若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標的性質，以及與 GAAP 結果之間的相關調節表，已包含於今早的新聞稿與投影片中。在我們的評論中，部分百分比已四捨五入。完整資訊請參閱我們的簡報。

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.

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。本公司不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他因素所致。

Please refer to our forward-looking statement on slide 2 for more information. I will now turn the discussion over to Brendan.

更多資訊請參閱投影片第 2 頁的前瞻性陳述。接下來我將把討論交給 Brendan。

Good morning, everyone, and thank you for joining us. Our strong second-quarter performance demonstrates the underlying strength and resilience of our business. We delivered robust sales growth, expanded underlying margins, and increased earnings. Our total results were supported by the McCormick de Mexico transaction. Organic growth was driven by the accelerated momentum in Flavor Solutions, with growth across Flavors and Branded Foodservice customers, highlighting the benefits of our diversified Flavor-focused portfolio.

各位早安，感謝各位加入我們。我們第二季的強勁表現展現了業務的內在實力與韌性。我們實現了強勁的銷售成長、擴大了基礎利潤率，並提升了獲利。我們的整體結果受到 McCormick de Mexico 交易的支持。有機成長來自 Flavor Solutions 動能加速，Flavors 與 Branded Foodservice 客戶均有成長，凸顯我們多元化、以風味為核心的產品組合所帶來的效益。

Looking ahead, we expect to sustain the momentum in Flavor Solutions and increase reinvestment to improve Consumer volume trends in organic sales. Our enhanced margin profile and operational rigor position us well to deliver a virtuous cycle of growth through continued investment in our brands, capabilities, and innovation that drive long-term value creation.

展望未來，我們預期將延續 Flavor Solutions 的動能，並增加再投資，以改善 Consumer 有機銷售中的銷量趨勢。我們提升後的利潤率結構與嚴謹的營運管理，使我們具備良好條件，能透過持續投資於品牌、能力與創新，帶動長期價值創造，進而形成良性成長循環。

Our fundamentals remain strong, supported by our advantage categories and disciplined execution, giving us confidence in our ability to deliver on our 2026 outlook.

在具優勢的品類與紀律執行的支持下，我們的基本面依然強勁，讓我們對達成 2026 年展望充滿信心。

Turning now to our results on slide 4. In the second quarter, total sales grew by 14% in constant currency, reflecting acquisition contribution from McCormick de Mexico of 12% and organic sales growth of 2%. As expected, organic growth was driven by pricing.

接著看投影片第 4 頁的業績。第二季以固定匯率計，總銷售額成長 14%，其中 McCormick de Mexico 併購貢獻 12%，有機銷售成長 2%。如預期，有機成長主要由定價所帶動。

In global Consumer, volumes were impacted by shifting demand patterns and increased price gaps in the Americas. Looking to the second-half, we are implementing targeted actions to strengthen performance. We expect sequential volume improvement in the third quarter and volume growth in the fourth quarter, supported by refined revenue growth management initiatives, expanded distribution, targeted value-focused marketing, and innovation.

在全球 Consumer 業務方面，銷量受到需求型態轉變以及美洲地區價差擴大所影響。展望下半年，我們正採取具針對性的行動以強化表現。我們預期第三季銷量將逐季改善、第四季銷量將轉為成長，並由更精準的營收成長管理措施、擴大通路覆蓋、聚焦價值訴求的行銷，以及創新所支撐。

In EMEA and Asia-Pacific, we delivered sustained volume growth during the quarter, and we expect that momentum to continue for the remainder of the year. In global Flavor Solutions, volume growth exceeded expectations, driven primarily by the Americas. We benefited from growth across the flavors customer base, including large CPG, private label, and high-growth innovators.

在 EMEA 與亞太地區，我們本季持續實現銷量成長，並預期該動能將延續至今年剩餘期間。在全球 Flavor Solutions 業務方面，銷量成長超出預期，主要由美洲地區帶動。我們受惠於各類風味客戶基礎的成長，包括大型 CPG、私人品牌以及高成長創新者。

In Branded Foodservice, growth was balanced across channels, supported by distributor volume recovery, sustained demand in non-commercial channels, and strong e-commerce performance. Overall, the quarter reflects solid execution and strengthening fundamentals.

在 Branded Foodservice 方面，各通路成長均衡，受惠於經銷商銷量回升、非商業通路需求持續，以及電商表現強勁。整體而言，本季反映出穩健的執行力與持續強化的基本面。

Let's move to slide 5 and let me highlight for the quarter some of the key areas of success. Starting with global Consumer, across key markets, food categories continue to soften. Against this backdrop, we saw good consumption trends.

接著看投影片第 5 頁，我將重點說明本季幾個關鍵成功領域。先從全球 Consumer 開始，在主要市場中，食品品類持續走弱。在此背景下，我們仍看到良好的消費趨勢。

In Spices and Seasonings, share gains in Canada, France, Poland and China continue to support global performance. In Recipe Mixes in the UK, we drove unit and dollar share gains for the last three quarters, supported by expanded distribution and customer wins. In Poland, new Recipe Mix launches under our Kamis brand are performing well.

在香辛料與調味料方面，加拿大、法國、波蘭與中國的市占提升持續支撐全球表現。在英國的料理調味包（Recipe Mixes）方面，過去三個季度在件數與金額市占均有所提升，受惠於通路擴張與客戶贏單。在波蘭，我們 Kamis 品牌旗下的新料理調味包上市表現良好。

And most recently, we expanded our Recipe Mix portfolio in France with the Ducros brand, further strengthening our presence in the category. In Mustard, US unit share gains were driven by enhanced distribution, and we delivered the sixth consecutive quarter of dollar share gains in Poland. In Hot Sauce, in the US, we delivered dollar and unit share gains for the third consecutive quarter, supported by expanded distribution and innovation, including new Cholula sauces.

而就在近期，我們以 Ducros 品牌在法國擴充料理調味包產品組合，進一步強化我們在該品類的布局。在芥末方面，美國的件數市占提升由通路覆蓋改善所帶動；同時我們在波蘭已連續第六個季度實現金額市占提升。在辣醬方面，在美國我們已連續第三個季度實現金額與件數市占提升，受惠於通路擴張與創新，包括新的 Cholula 醬料。

We also drove share gains in the UK and Australia, reflecting strong execution and continued brand momentum across key international markets. We expanded total distribution points across the Americas, led by Spices and Seasonings, with incremental gains in condiments and sauces.

我們在英國與澳洲也推動了市占提升，反映出在主要國際市場的強勁執行力與持續的品牌動能。我們在美洲地區擴大了總配銷點（total distribution points），以香辛料與調味料為主，並在調味品與醬料方面取得額外增長。

Moving to Flavor Solutions. In Flavors, innovation plans across our customer base started to commercialize, leading to strong growth across large CPGs, private label, and high-growth innovators. Innovation activity remains strong, particularly in cereals, soft drinks, sports nutrition, and snacking. We are capitalizing on these tailwinds in beverage innovation, protein, and better-for-you growth, premiumization, and continued customer diversification.

接著談 Flavor Solutions。在 Flavors 業務方面，我們客戶群的創新計畫開始商業化，帶動大型 CPG、私人品牌與高成長創新者的強勁成長。創新活動仍然強勁，特別是在穀物食品、軟性飲料、運動營養與零食領域。我們正把握飲料創新、蛋白質與更健康（better-for-you）成長、產品高端化，以及客戶持續多元化等順風因素。

In Branded Foodservice, improving foot traffic drove both volume and sales growth. We continue to see momentum across non-commercial channels, retail foodservice and independent operators. Importantly, we delivered tabletop and front-of-house share gains across Frank's, Cholula, and McCormick.

在 Branded Foodservice 方面，來客數改善帶動銷量與銷售額雙雙成長。我們持續看到非商業通路、零售餐飲服務以及獨立業者的動能。重要的是，我們在 Frank's、Cholula 與 McCormick 等品牌上，於餐桌端與前場（front-of-house）均實現市占提升。

Let me now touch on some areas where we are seeing pressure, starting with global Consumer. In US Spices and Seasonings, the category grew, but at a lower rate, reflecting consumers using more of what's in their pantry. Our consumption lagged the category within certain segments due to increased price sensitivity and increased competition, both private label and branded. We are responding with focused actions to drive growth, including disciplined promotional assortment strategies across channels, refined revenue growth management actions, targeted brand investment, and expanded precision marketing to reinforce McCormick's quality and differentiation and consumer insight-driven innovation.

接下來我談談我們看到壓力的一些領域，先從全球 Consumer 開始。在美國香辛料與調味料方面，品類仍在成長，但增速放緩，反映消費者更多使用家中儲藏的存貨。由於價格敏感度提高以及競爭加劇（包括私人品牌與品牌產品），我們在部分細分市場的消費表現落後於品類。我們正以聚焦行動回應以推動成長，包括跨通路的紀律性促銷組合策略、精進的營收成長管理措施、具針對性的品牌投資，以及擴大精準行銷，以強化 McCormick 的品質與差異化，並推動以消費者洞察為驅動的創新。

We navigated a similar environment two years ago, and we have a clear understanding of the factors that impacted performance. We believe our initiatives position us to improve consumption trends and return to driving category growth.

兩年前我們也曾面對類似環境，且我們清楚了解影響表現的因素。我們相信這些舉措將使我們得以改善消費趨勢，並重新回到帶動品類成長的軌道。

In Recipe Mixes, we have a strong core portfolio that spans multiple segments. We see opportunity to accelerate growth in Mexican flavors, one of the faster-growing segments in the category. We plan to realize this opportunity with innovation, expanded distribution, and focus brand investment behind authentic Mexican brands like Cholula.

在料理調味包（Recipe Mixes）方面，我們擁有涵蓋多個細分市場的強大核心產品組合。我們看到在墨西哥風味上加速成長的機會，該領域是此品類中成長較快的細分之一。我們計畫透過創新、擴大通路覆蓋，以及加大對 Cholula 等正宗墨西哥品牌的聚焦品牌投資，來實現此機會。

Moving to Flavor Solutions. In Asia Pacific, primarily outside of China, and in the EMEA, QSR customer volumes were pressured by softer foot traffic. Looking ahead to the rest of the year, we expect volume trends to improve in Asia Pacific, driven by customers' new products and limited-time offers. Let me provide some more context on the state of the consumer.

接著談 Flavor Solutions。在亞太地區（主要為中國以外）以及 EMEA，QSR 客戶銷量因來客數走弱而承壓。展望今年剩餘期間，我們預期亞太地區的銷量趨勢將改善，動能來自客戶的新產品與限時促銷（limited-time offers）。我再補充一些關於消費者狀況的背景。

Geopolitical volatility, elevated fuel costs, and persistent inflation continue to weigh on consumer confidence. While affordability has been a consistent theme, the key shift this quarter, particularly given rising gas prices impacting budgets, was a more pronounced move towards value, as consumers became increasingly selective and focused on maximizing their budget. At the same time, a majority of consumers claimed that they saved for small premiums or indulgences, which includes flavor exploration.

地緣政治波動、偏高的燃料成本與持續的通膨，仍在壓抑消費者信心。雖然可負擔性一直是核心主題，但本季的關鍵變化是（尤其在汽油價格上升影響預算的情況下）消費者更明顯轉向追求價值，變得更加挑剔，並更專注於讓預算效益最大化。同時，多數消費者表示他們仍會為小幅溢價或犒賞性消費而存錢，其中包括探索風味。

Health and wellness trends continue to shape behavior, driving sustained growth in perimeter categories, at-home cooking, protein, and broader, better-for-you categories across retail and food service.

健康與福祉趨勢持續形塑消費行為，推動零售與餐飲服務中外圍品類、居家烹飪、蛋白質，以及更廣泛的「更健康」品類維持成長動能。

Within this environment, Flavor remains a powerful constant. At-home cooking continues to benefit from consumers seeking affordable, healthier meal solutions, and Flavor is the primary driver of purchase across occasions. As a result, Spices and Seasonings remain the top performer in terms of center-store growth. The continued convergence of value-seeking behavior and health trends reinforces the central role of Flavor and underscores our advantage position across our Flavor-focused, diversified portfolio.

在此環境下，風味仍是一項強而有力且不變的核心。居家烹飪持續受惠於消費者尋求更實惠、更健康的餐食解決方案，而風味是各種情境下驅動購買的首要因素。因此，就中間貨架（center-store）成長而言，香辛料與調味料仍是表現最佳的品類。價值導向行為與健康趨勢的持續匯聚，強化了風味的核心地位，並凸顯我們在以風味為核心、且多元化的產品組合上的優勢地位。

Let's turn to slide 6 and to our growth plans for the remainder of the year that support our confidence and our ability to deliver on our top-line expectations. Starting with Consumer, we expect second-half organic growth to be supported by improving volume trends. This improvement will be driven by expanded distribution, sustained renovation, refined revenue growth management to address increased price sensitivity in specific segments, including optimized price-pack architecture.

接著請看第6頁，說明我們在今年剩餘期間的成長計畫，這些計畫支撐我們的信心以及達成營收端預期的能力。以消費者業務（Consumer）為例，我們預期下半年有機成長將受惠於銷量趨勢改善。此改善將由擴大通路覆蓋、持續產品翻新，以及更精準的營收成長管理所帶動，以因應特定區隔中提高的價格敏感度，包括最佳化的價格—包裝架構。

In addition, we will accelerate innovation and increase brand marketing, including precision marketing, designed to drive purchase intent and velocity across our core categories. Let me highlight some examples. We relaunched our Seasoning Blends line. Beyond new flavor introductions, we are optimizing price-pack architecture to enhance value perception and improve accessibility at shelf, an important lever in today's value-focused environment.

此外，我們將加速創新並提高品牌行銷投入，包括精準行銷，以推動在核心品類中的購買意圖與銷售速度。我舉幾個例子。我們重新推出了調味混合（Seasoning Blends）產品線。除了推出新風味之外，我們也在最佳化價格—包裝架構，以提升價值感知並改善貨架上的可及性，這是在當前重視價值的環境中一項重要槓桿。

In addition, we continue to scale newer platforms, including our finishing sugars and finishing salts, with strong promotional tie-ins to globally recognized franchises, including Bridgerton, Harry Potter, and Paris Hilton. These partnerships expand household penetration, engage younger consumers, and reinforce the role of flavor as an affordable way to elevate everyday meals.

同時，我們持續擴大較新的平台，包括我們的收尾糖（finishing sugars）與收尾鹽（finishing salts），並與全球知名IP進行強力促銷連結，包括《柏捷頓家族》（Bridgerton）、《哈利波特》（Harry Potter）以及 Paris Hilton。這些合作有助於提升家庭滲透率、吸引較年輕的消費者，並強化「風味」作為以可負擔方式提升日常餐食的角色。

For French's Mustard, we have activated a promotional partnership tied to the release of the new Minions movie, turning the mustard green using all-natural colors, because of one of the key characters in the movie. This type of culturally relevant activation brings excitement to the category and drives incremental traffic.

針對 French's 芥末，我們啟動了一項與新版《小小兵》（Minions）電影上映連動的促銷合作，因應電影中的關鍵角色，使用全天然色素將芥末變成綠色。這類具文化相關性的行銷啟動能為品類帶來話題與新鮮感，並帶動額外客流。

In Flavor Solutions, we expect the momentum from the second quarter to be sustained for the remainder of the year. Our Flavors customer pipeline remains healthy, and we are seeing growth across all customers. We are leveraging expertise in regulatory, R&D, and product development to help customers navigate growing health and wellness demands with innovation.

在風味解決方案（Flavor Solutions）方面，我們預期第二季的動能將延續至今年剩餘期間。我們的香精（Flavors）客戶案源管線仍然健康，且我們看到所有客戶皆有成長。我們正運用在法規、研發與產品開發方面的專業，透過創新協助客戶因應日益增長的健康與福祉需求。

We're partnering with large and emerging brands as well as private-label customers to flavor energy, hydration, and protein-based beverages, as well as protein and fiber snacks and zero-sugar drinks. Our win rate on health and wellness briefs remains strong, and we're focusing resources where we have the greatest opportunity to win across our four taste competencies: savory heat, naturally sweet, and citrus and fruit.

我們與大型及新興品牌，以及自有品牌（private-label）客戶合作，為能量飲、補水飲品與蛋白飲等飲料，以及蛋白與纖維零食與零糖飲品提供風味解決方案。我們在健康與福祉相關需求簡報（briefs）上的得標率仍然強勁，並將資源聚焦於我們最有機會勝出的四大味覺能力：鹹香辛辣（savory heat）、天然甜味（naturally sweet）、柑橘（citrus）與水果（fruit）。

In fact, in the second quarter, a majority of the briefs were tied to health and wellness innovation and renovation. Reformulation projects are increasing, particularly with large CPG customers, and we are beginning to see the benefit of this project activity launched to the marketplace.

事實上，在第二季，多數需求簡報都與健康與福祉的創新與翻新相關。配方重整（reformulation）專案正在增加，特別是大型民生消費品（CPG）客戶；我們也開始看到這些專案活動推向市場後所帶來的效益。

And finally, in Branded Foodservice, we expect to sustain the momentum from this quarter. The environment remains competitive and value-conscious. Targeted investments in menu placements, innovation, and disciplined execution are expected to drive pockets of growth across customer channels.

最後，在品牌餐飲服務（Branded Foodservice）方面，我們預期將延續本季的動能。整體環境仍具競爭性且重視價值。我們預期透過在菜單上架（menu placements）、創新，以及有紀律的執行進行精準投資，將在各客戶通路帶動局部成長。

Before turning it over to Marcos, I'd like to provide a brief update on the Unilever Foods transaction on slide 7. Since the announcement on March 31, we have made strong progress on integration planning. We have established a dedicated integration management office led by Andrew Foust, supported by 20 functional teams to ensure a seamless transition. Andrew previously helped successfully lead our RB Foods, Cholula, and FONA integrations.

在交棒給 Marcos 之前，我想就第7頁的聯合利華食品（Unilever Foods）交易提供簡要更新。自3月31日公告以來，我們在整合規劃方面已取得顯著進展。我們已成立由 Andrew Foust 領導的專責整合管理辦公室，並由20個職能團隊支援，以確保順利銜接。Andrew 先前曾協助成功主導我們 RB Foods、Cholula 與 FONA 的整合。

Unilever has established parallel teams. Altogether, there's more than 200 individuals fully dedicated to working across integration streams. From a separation standpoint, approximately 80% of Unilever Foods operates as a standalone organization, which reduces complexity. In addition, we are mapping integration plans country by country. This includes focusing on the 10 markets that represent nearly 75% of combined sales, where we have direct operational overlap in the top six.

聯合利華也已成立對應的平行團隊。合計有超過200位人員全職投入各項整合工作流。就分拆（separation）而言，約80%的聯合利華食品以獨立組織方式運作，降低了複雜度。此外，我們正按國家逐一繪製整合計畫。其中包括聚焦於合計銷售額近75%的10個市場，而在前六大市場中我們具有直接的營運重疊。

We expect TSA agreements, generally up to two years post-close, to ensure continuity across IT, distribution, and back-office functions. In addition, we are entering a second phase of detailed synergy planning. Based on the work completed to date, we remain confident in our previously announced targets for sales growth, operating margin, and adjusted EPS accretion.

我們預期將簽訂過渡服務協議（TSA），通常在交割後最長可達兩年，以確保資訊科技、配送與後勤辦公等職能的連續性。此外，我們正進入更細部的協同效益規劃第二階段。基於目前已完成的工作，我們仍對先前公布的銷售成長、營業利益率與調整後每股盈餘（adjusted EPS）增厚目標充滿信心。

We expect mid- to high-single-digit adjusted EPS accretion within the first 12 months post-close and mid- to high-teens accretion in year three. Looking ahead, we expect to deliver several key milestones in the coming months. By the end of July, we expect to announce the location of a secondary listing on a European exchange. By the end of September, we expect to share further detail on the operating model, cost synergies, and growth plans, and the scope of the transition services agreements.

我們預期在交割後12個月內，調整後每股盈餘將達到中至高個位數百分比的增厚，並在第三年達到中至高十位數百分比的增厚。展望未來，我們預期在未來幾個月達成數項關鍵里程碑。在7月底前，我們預期將宣布在歐洲交易所進行第二上市（secondary listing）的地點。在9月底前，我們預期將分享更多關於營運模式、成本協同效益與成長計畫，以及過渡服務協議範圍的細節。

At the same time, we will continue to advance parallel workstreams to support separation financial reports and regulatory filings. Importantly, we are advancing integration planning with rigor while maintaining disciplined execution in our base business. Now, over to Marcos.

同時，我們將持續推進平行工作流，以支援分拆財務報告與監管申報。重要的是，我們在嚴謹推動整合規劃的同時，也維持本業的有紀律執行。接下來交給 Marcos。

Thank you, Brendan, and good morning, everyone. Let's start on slide 9 and review our top-line results for the second quarter. Total net sales grew 14% in constant currency and included a 2% in organic growth, with the balance driven by acquisition contribution.

謝謝你，Brendan，各位早安。我們從第9頁開始，回顧第二季的營收端表現。以固定匯率計算，總淨銷售額成長14%，其中2%為有機成長，其餘則由併購貢獻所帶動。

Moving to our Consumer segment on slide 10, constant currency sales increased 20%, including a 1% increase in organic sales, with the remaining growth driven by acquisition contribution. Consumer organic sales in the Americas were flat, with pricing contribution of 3%, offset by volume decline. Volumes were impacted by shifting demand patterns and increased price gaps. Looking ahead, we expect volumes to improve in the third quarter and to deliver volume growth in the fourth quarter.

接著看第10頁的消費者事業部（Consumer），以固定匯率計算銷售額成長20%，其中有機銷售成長1%，其餘成長由併購貢獻所帶動。美洲地區的消費者有機銷售持平，定價貢獻3%，但被銷量下滑所抵銷。銷量受到需求型態轉移以及價差擴大影響。展望未來，我們預期第三季銷量將改善，並在第四季實現銷量成長。

In EMEA, we grew consumer organic sales 3%, driven by a 2% increase in volume and a 1% 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 10th consecutive quarter in EMEA.

在歐洲、中東與非洲（EMEA），我們的消費者有機銷售成長3%，主要由銷量成長2%帶動，另有1%來自因應大宗商品成本上升而採取的精準措施所帶來的定價貢獻。我們對 EMEA 連續第10季維持銷量成長感到滿意。

Consumer organic sales in the Asia-Pacific region increased by 3%. The increase was driven primarily by volume and reflects the continued gradual recovery in China. In addition, we delivered strong results outside of China, primarily in Australia.

亞太地區的消費者有機銷售成長3%。此成長主要由銷量帶動，反映中國持續逐步復甦。此外，我們在中國以外也交出強勁表現，主要來自澳洲。

Turning to our Flavor Solutions segment on slide 11. Second-quarter constant currency sales grew by 6%, reflecting a 3% acquisition contribution and 3% organic growth. Driven equally by volume and price. In the Americas, Flavor Solutions organic sales increased 4%, reflecting a 2% price contribution and 2% volume growth. Volumes for the quarter were driven by strong performance across our Flavors portfolio, including large CPGs and high-growth innovators, as well as robust growth in Branded Foodservice.

接著看第11頁的風味解決方案（Flavor Solutions）事業部。第二季以固定匯率計算的銷售額成長6%，其中3%來自併購貢獻，3%為有機成長。成長由銷量與價格各半驅動。在美洲，風味解決方案有機銷售成長4%，其中價格貢獻2%，銷量成長2%。本季銷量主要由我們香精（Flavors）產品組合的強勁表現所帶動，包括大型民生消費品（CPG）客戶與高成長創新者，同時品牌餐飲服務（Branded Foodservice）亦呈現強勁成長。

In EMEA, organic sales were flat, driven by lower volume, reflecting soft QSR customers' volumes due to a decline in food traffic, particularly in the UK. In the Asia-Pacific region, Flavor Solutions organic sales were flat, as 1% volume growth was fully offset by price, with a strength in China tempered by softer QSR volumes in Australia.

在 EMEA 地區，有機銷售持平，主要受銷量下滑所致，反映 QSR 客戶的銷量疲弱，原因是餐飲人流下降，尤其是在英國。在亞太地區，風味解決方案（Flavor Solutions）有機銷售亦持平，因 1% 的銷量成長被價格因素完全抵銷；中國表現強勁，但被澳洲 QSR 銷量走弱所抑制。

Moving to slide 12, gross profit margin expanded 270 basis points in the second quarter, driven by accretion from McCormick de Mexico, the benefit of a tariff refund, surgical pricing, and savings from our Comprehensive Continuous Improvement program, or CCI, partially offset by increased commodity costs.

接著看第 12 頁投影片，第二季毛利率擴張 270 個基點，主要受墨西哥 McCormick 併入帶來的增益、關稅退稅利益、精準定價，以及我們「全面持續改善」計畫（CCI）的節省所帶動，但部分被大宗商品成本上升所抵銷。

This tariff refund reversed tariffs the business absorbed in prior periods. For this quarter, it drove 140 basis points of margin expansion year over year. Underlying gross profit margin expanded 130 basis points, demonstrating the resilience of our business and the strength of our brands in a dynamic environment.

這筆關稅退稅沖回了公司在先前期間吸收的關稅。就本季而言，它帶來年增 140 個基點的毛利率擴張。扣除該因素後的基礎毛利率擴張 130 個基點，展現我們業務的韌性，以及在多變環境中品牌的強勁實力。

Selling, general, and administrative expenses, or SG&A, increased relative to the second quarter of last year driven by the impact of consolidating McCormick de Mexico and increased investments in technology and brand marketing. As a percentage of sales, SG&A was unfavorable by 90 basis points compared to the prior year.

銷售、一般及行政費用（SG&A）相較去年第二季增加，主要受合併墨西哥 McCormick 的影響，以及在科技與品牌行銷上的投資增加所致。以銷售額百分比計，SG&A 較去年不利 90 個基點。

For the quarter, adjusted operating income increased by 30% or 27% in constant currency. This increase was driven by strong top-line and gross margin expansion, partially offset by higher SG&A. Our second-quarter adjusted effective tax rate was 22.5% compared to 24.1% in the prior year, driven by a greater level of favorable tax items in the current period.

本季調整後營業利益成長 30%，以固定匯率計成長 27%。此增幅主要由強勁的營收表現與毛利率擴張所帶動，但部分被較高的 SG&A 所抵銷。第二季調整後有效稅率為 22.5%，去年同期為 24.1%，主要因本期有較多有利的稅務項目。

Turning to segment operational results on slide 13. Consumer adjusted operating income increased 33% or 31% in constant currency, with adjusted operating margins expanding by 140 basis points. This expansion was driven by acquisition accretion and the tariff refund, which primarily benefited the Consumer segment. These benefits were partially offset by increased inflation and higher logistic costs driven by the Middle East conflict and tighter freight capacity, resulting from recent changes to US federal regulations.

接著看第 13 頁投影片的分部營運結果。消費者事業（Consumer）調整後營業利益成長 33%，以固定匯率計成長 31%，調整後營業利益率擴張 140 個基點。此擴張主要由併購增益與關稅退稅所帶動，而關稅退稅主要使消費者事業受益。上述利益部分被通膨上升與物流成本提高所抵銷；物流成本上升係由中東衝突與運能更緊所致，而運能緊縮源自近期美國聯邦法規的變更。

Flavor Solutions adjusted operating income increased by 26% or 22% in constant currency, and adjusted operating margin expanded by 210 basis points, reflecting our volume-driven top-line and our continued focus on improving Flavor Solutions profitability, in line with our 2024 Investor Day commitment.

風味解決方案（Flavor Solutions）調整後營業利益成長 26%，以固定匯率計成長 22%，調整後營業利益率擴張 210 個基點，反映我們以銷量帶動的營收成長，以及我們持續聚焦提升風味解決方案獲利能力，符合我們在 2024 年投資人日的承諾。

At the bottom line, as shown on slide 14, second-quarter 2026 adjusted earnings per share was $0.80, an increase of 16% compared to the year-ago period, driven primarily by increased adjusted operating income, partially offset by non-controlling minority interest. The tariff refund contributed approximately $0.07 per share.

在最終獲利方面，如第 14 頁投影片所示，2026 年第二季調整後每股盈餘為 0.80 美元，較去年同期成長 16%，主要由調整後營業利益增加所帶動，但部分被非控股少數股權所抵銷。關稅退稅約貢獻每股 0.07 美元。

On slide 15, we'll summarize highlights for cash flow and balance sheet. Cash flow from operations for the first half was $431 million, compared to $161 million in the prior year, driven primarily by higher profitability and improved working capital. We returned $258 million of cash to shareholders through dividends and used $75 million for capital expenditures to expand capacity, advance digital transformation, and optimize our cost structure. We continue to expect a strong performance in our cash flow from operations for the fiscal year.

在第 15 頁投影片，我們將彙總現金流與資產負債表的重點。上半年營運活動現金流為 4.31 億美元，去年同期為 1.61 億美元，主要受獲利能力提升與營運資金改善所帶動。我們透過股利向股東返還 2.58 億美元現金，並使用 7,500 萬美元資本支出以擴充產能、推進數位轉型並優化成本結構。我們仍預期本財年營運活動現金流將有強勁表現。

Our capital allocation priorities remain balanced. This means planning investments to drive growth, returning cash to shareholders through dividends, and maintaining a strong balance sheet. We remain committed to a strong investment grade rating.

我們的資本配置優先順序仍維持平衡。這代表規劃投資以推動成長、透過股利向股東返還現金，並維持強健的資產負債表。我們仍致力於維持強勁的投資級評等。

At the end of this quarter, our leverage ratio was approximately 2.9 times, reflecting delevering from the first quarter following the close of McCormick de Mexico. We expect to continue to make progress in paying down debt, positioning as well ahead of the Unilever Foods close.

截至本季末，我們的槓桿比率約為 2.9 倍，反映在完成墨西哥 McCormick 交易後，自第一季起持續去槓桿。我們預期將持續在償還債務方面取得進展，並在 Unilever Foods 交易完成前就做好更充分的準備。

As previously noted. At close of Unilever Foods, we expect to have industry-leading operating margins of 21% and working capital benefits that support 100% free cash flow conversion from net income before any synergies.

如先前所述。在 Unilever Foods 交易完成時，我們預期將擁有業界領先的 21% 營業利益率，以及可支持在未計入任何綜效前，淨利可達 100% 自由現金流轉換率的營運資金效益。

Post-close, we expect to continue investing in the business while driving margin expansion and delevering. Based on current estimates, after brand investments, costs to achieve synergies and dividends, we anticipate having $1.5 billion to $2 billion available to pay down debt within the first two years and delever to 3 times. Longer-term, we will target a leverage ratio of to 3 times.

交易完成後，我們預期在持續投資業務的同時，推動利益率擴張並持續去槓桿。依目前估計，在品牌投資、達成綜效的相關成本與股利之後，我們預期在前兩年將有 15 億至 20 億美元可用於償還債務，並將槓桿降至 3 倍。長期而言，我們將以槓桿比率 3 倍為目標。

Turning to slide 16 to review our 2026 financial outlook, which remains broadly consistent with what we shared on our last earnings call. A few call-outs, starting with organic growth. We expect our Consumer business volume to improve, driven by refined revenue growth management plans, new products, packaging renovation, expanded distribution, and increased brand marketing investments.

接著看第 16 頁投影片，回顧我們對 2026 年的財務展望，整體而言與上次法說會分享的內容大致一致。有幾點補充，先從有機成長談起。我們預期消費者事業的銷量將改善，動能來自更精進的營收成長管理計畫、新產品、包裝更新、擴大通路，以及增加品牌行銷投資。

In Flavor Solutions, we anticipate the volume momentum to continue and for this segment to drive total volume growth for the year. Across both segments, we expect pricing to contribute more to organic sales growth this year compared to prior year.

在風味解決方案方面，我們預期銷量動能將延續，且該分部將帶動全年總銷量成長。在兩個分部之間，我們預期今年價格對有機銷售成長的貢獻將高於去年。

Our tariff-cost assumptions, primarily related to the global 10% tariffs, remain consistent based on the latest developments and our current knowledge. While we anticipate incremental year-over-year cost pressure in 2026, we remain focused on mitigating the majority of the impacts. In addition to the $28 million tariff refund in the second quarter, we expect an additional $3 million in the second-half. For the full year, this benefit will largely help offset heightened inflationary pressures, including costs related to the Middle East conflict, which will continue to impact us for the remainder of the year.

我們對關稅成本的假設（主要與全球 10% 關稅相關）在最新進展與目前掌握的資訊下仍維持一致。雖然我們預期 2026 年將面臨額外的年增成本壓力，但我們仍專注於緩解其中大部分影響。除第二季 2,800 萬美元的關稅退稅外，我們預期下半年還將有額外 300 萬美元。就全年而言，這項利益將在很大程度上協助抵銷更高的通膨壓力，包括與中東衝突相關的成本；該因素將在今年剩餘期間持續影響我們。

Turning to gross margin, first-half performance exceeded our implied guidance and included most of the full-year tariff refund. This is a dynamic environment, and we continue to navigate several cost uncertainties. However, based on what we know today, we expect gross margins to expand by 100 to 120 basis points for the year relative to 2025.

談到毛利率，上半年表現優於我們隱含的指引，且已包含全年關稅退稅的大部分。目前環境多變，我們仍在因應多項成本不確定性。然而，基於我們目前所知，我們預期今年毛利率相較 2025 年將擴張 100 至 120 個基點。

For the third quarter, adjusted operating income is expected to grow in the high-single to low-double digits year over year, supported by continued gross margin expansion. This will be partially offset by SG&A expenses due to the timing of ERP-related technology investments, the build-back of incentive compensation, and significant increase in brand market investments. Adjusted EPS is also expected to be impacted by the same items as well as the lapping of a favorable tax rate in the prior year.

就第三季而言，我們預期調整後營業利益將較去年同期成長高個位數至低雙位數百分比，並受持續的毛利率擴張支撐。但部分將被 SG&A 費用所抵銷，原因包括 ERP 相關科技投資的時點、獎酬性薪酬的回補，以及品牌行銷投資的大幅增加。調整後每股盈餘亦預期將受到相同因素影響，並加上去年同期較有利稅率的比較基期效應。

Moving to slide 17. 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 acquisition. To close, we remain confident in the long-term strength of our business and our ability to deliver on our 2026 outlook.

接著看第 17 頁投影片。本頁彙總 2026 年的成本逆風，以及我們計畫如何加以抵銷。我們的指引反映基礎業務強勁的內生成長表現，以及併購帶來的成長。最後，我們仍對業務的長期實力，以及達成 2026 年展望的能力充滿信心。

Through disciplined execution, focused on strategic investments, and continued productivity gains, We're driving sustained net sales and operating income growth, as well as generating strong cash flows to support our balanced capital allocation priorities.

透過嚴謹的執行、聚焦策略性投資，以及持續提升生產力，我們正推動淨銷售與營業利益的持續成長，並產生強勁現金流，以支持我們平衡的資本配置優先順序。

Thank you, Marcos. I would like to close with three key takeaways on slide 18. Our fundamentals remain strong, supported by resilient long-term category trends, healthy and flavorful cooking, flavor exploration and trusted brands, as well as the strength of our diversified flavor-focused portfolio. In the second quarter, accelerated momentum in Flavor Solutions more than offset consumer trends.

謝謝你，Marcos。我想以第 18 頁投影片的三項重點結語。我們的基本面依然強勁，受長期品類趨勢的韌性所支撐，包括健康且美味的烹飪、風味探索與值得信賴的品牌，以及我們多元化、以風味為核心的產品組合之實力。在第二季，風味解決方案加速的動能已足以抵銷消費者端的趨勢。

We delivered strong organic growth, expanded underlying margins, and increased profitability, driven by disciplined execution and productivity initiatives, the McCormick de Mexico acquisition, and effective cost management in a dynamic environment. We are also taking focused actions to improve consumer volume trends, sustain Flavor Solutions momentum, and invest in innovation, brand building, and digital capabilities.

我們實現了強勁的有機成長、擴大了基礎利潤率並提升了獲利能力，這得益於嚴謹的執行與生產力提升措施、McCormick de Mexico 的收購，以及在多變環境中的有效成本管理。我們也正採取聚焦行動，以改善消費者銷量趨勢、延續風味解決方案（Flavor Solutions）的動能，並投資於創新、品牌建設與數位能力。

We remain confident in our long-term value creation plans, including delivering our 2026 outlook and advancing integration planning for the Unilever Foods combination, which accelerates our growth strategy and reinforces our continued focus on Flavor, one of the most advantaged categories in CPG. The incremental growth is supported by industry-leading margins and a strong cash profile.

我們對長期價值創造計畫仍充滿信心，包括達成我們的 2026 年展望，並推進 Unilever Foods 組合的整合規劃；此舉將加速我們的成長策略，並強化我們對「風味」的持續聚焦——這是民生消費品（CPG）中最具優勢的品類之一。增量成長由業界領先的利潤率與強勁的現金狀況所支撐。

To wrap up for the quarter, our performance reflects the power of our balanced portfolio, our leadership in Flavor, and the agility of our teams around the world. I want to recognize all McCormick employees for their dedication and contributions. Their commitment and passion continue to drive our success.

總結本季，我們的表現反映了我們均衡產品組合的力量、我們在風味領域的領導地位，以及全球團隊的敏捷性。我想肯定所有 McCormick 員工的投入與貢獻。他們的承諾與熱情持續推動我們的成功。

And now for your questions.

接下來進入提問環節。

(Operator Instructions) Andrew Lazar, Barclays.

(接線員指示) Andrew Lazar，巴克萊。

Great. Thanks so much. Good morning, everybody.

很好。非常感謝。各位早安。

Good morning.

早安。

The one key area, obviously, you highlighted in terms of weakness in the quarter was US Spices and Seasonings, where I guess you experienced softening consumption trends and widening price gaps. I think McCormick went through something maybe somewhat similar several years ago and addressed it in some very specific ways. I guess my question is this time around any different than the last time, and if so, how so? And how does your approach several years ago inform how you plan to deal with this issue this time around?

顯然，你們在本季提到的主要疲弱領域是美國香料與調味品（US Spices and Seasonings），我想你們經歷了消費趨勢轉弱以及價差擴大。我記得 McCormick 幾年前可能也遇到過某種程度上類似的情況，並以一些非常具體的方式加以處理。我想問的是，這次與上次相比有任何不同嗎？如果有，是哪些不同？以及幾年前你們的做法如何影響你們這次打算如何處理這個問題？

Thanks for the question, Andrew. Our approach is broadly very similar to what we did over the last two to three years. And so I think the broad theme of the headline answer to your question would be that we're taking very much the same type of approaches that we did before. I think there might be one or two things that's a little bit different today that might have been different back in the last two to three years, and that is -- what we're seeing in the pressure that we've talked about, it's happening more in some very specific segments.

謝謝你的提問，Andrew。我們的做法大致上與過去兩到三年所採取的方式非常相似。因此，我想對你問題的總體回答主軸是：我們正在採取與之前非常相同類型的做法。我認為今天可能有一兩點與過去兩到三年前略有不同，也就是——我們所談到的壓力，更多發生在一些非常特定的細分領域。

So it's not broadly across what is a very many, a category with many segments, Herbs, Spices, and Seasonings. And so we're seeing just more specificity in terms of some things that we have to go address overall. I would say the second thing that's different today is that the consumer pressure is even higher.

因此，並不是廣泛地影響到這個包含許多細分的品類——香草、香料與調味品。所以我們看到的是，需要整體去處理的事項更具體、更聚焦。我會說第二個不同點是，消費者所承受的壓力更高。

So because we've just seen inflation upon inflation layered into the consumer. And in this particular moment, in the second quarter, we definitely saw quite a spike, I think, particularly from a non-food standpoint from inflationary pressure on the consumer. And is that temporary? I think most might think it is, but I think it's kind of a little bit different than what we would have seen before, which is more sustained pressure on the consumer.

因為我們看到通膨一層又一層地疊加在消費者身上。而在這個特定時點、第二季，我們確實看到一個相當明顯的尖峰，我認為尤其是來自非食品面向的通膨壓力對消費者造成影響。這是暫時的嗎？我想多數人會認為是，但我認為這與我們之前看到的情況有些不同——之前更像是對消費者的壓力較為持續。

I think what's the same is -- and what we've done in the past informs us to a very high degree on what we're going to do moving forward here. Many of the segments that in which we implemented these programs continue to benefit even today, even in the second quarter with the types of strategies that we've implemented. And the strategic approach to solve these particular segments is going to be the same.

我認為相同之處在於——我們過去的作法在很大程度上為我們接下來要做的事情提供了指引。我們在許多曾經推行這些方案的細分領域，即使在今天、甚至在第二季，仍持續受益於我們所採取的策略。而解決這些特定細分領域的策略方法將會相同。

I think what's also, I would say, more of that on the difference is, if you think about the digital landscape, it's really evolved a lot, even in the last two years. And so our AMP gets even more targeted as we think about the solutions that we put in place to make sure that we're winning with the consumer and meeting them where they are.

我認為另外一個不同點是，如果你看數位環境，它在過去兩年其實演進非常快。因此，當我們思考要採取哪些解決方案、以確保我們能贏得消費者並在他們所在之處與其接觸時，我們的 AMP 會變得更具針對性。

But I would say, this time period, if I could reflect back on it just continues to reinforce the importance of speed and agility and response. And I really like how our team is responding in this environment, especially when we see kind of such inflation and change. And we like, we're starting to read early results. We like what we see. It's having the impact that we would expect it to have.

但我會說，這段期間如果回頭反思，只是再次強化了速度、敏捷性與回應的重要性。我很喜歡我們團隊在這樣的環境中的反應方式，尤其是在我們看到如此的通膨與變化之際。而且我們開始讀到一些早期成果。我們喜歡我們所看到的。它正在產生我們預期會有的影響。

Really helpful. Thanks for that. And then it might be hard to parse this out, but of the $31 million full-year expected tariff refund benefit. I guess what portion of that do you think is being used for this sort of reinvestment behind the more competitive environment versus covering some of the higher -- hopefully what will be the temporary sort of cost inflation that you're facing? Thanks so much.

非常有幫助。謝謝。接著，這可能不太容易拆解，但在全年預期 3,100 萬美元的關稅退稅利益中，你認為其中有多少比例會用於在更具競爭的環境下進行這類再投資，而不是用來吸收一些較高的——希望是暫時性的——成本通膨？非常感謝。

Yeah, I'll answer that one, Andrew. So I think it's important to note that the Middle East conflict is really driving more inflation that we had not contemplated before. If you think about our guide, which is mid-single digits. Cost inflation, we're tracking towards the high end of that number, which is about 6% right now.

好的，Andrew，這題我來回答。我認為重要的是要指出，中東衝突確實正在推升我們先前未曾預期的更多通膨。如果你看我們的指引，是中個位數。成本通膨方面，我們目前的走勢接近該區間的高端，也就是大約 6%。

So we are going to use the majority of the tariff refund to offset these higher costs. I mean, this -- tariffs, they hurt us last year. We're going to use it now to offset the majority (inaudible) these costs. But also, it's important to note that our underlying gross margin is really healthy. This is the second quarter in a row that we're driving incremental gross margin of about even if you strip out the tariff refund, our gross margin was about 130 basis points up. So it's healthy. It talks about the resilience of our business and then gives us the room to invest back in the business and continue to drive top-line growth in the back half of the year.

因此，我們將把大部分的關稅退稅用來抵銷這些較高的成本。我的意思是——關稅去年傷害了我們。我們現在會用它來抵銷大部分（聽不清）這些成本。但同時也要注意，我們的基礎毛利率其實非常健康。這已是連續第二季我們推動毛利率增量；即使剔除關稅退稅，我們的毛利率仍約提升 130 個基點。所以它是健康的。這也說明了我們業務的韌性，並讓我們有空間把資金再投資回業務，在下半年持續推動營收成長。

Great. Thanks so much.

很好。非常感謝。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Hey, good morning. Thanks for the questions. Brendan, if I can ask a variation on Andrew's question. Just obviously, within America's Consumer, you've been faced with a bit of a game of macro whack-a-mole, I guess is how I would describe it. And you're taking action, you're using the playbook that you've used in the past.

嗨，早安。謝謝讓我提問。Brendan，如果可以的話，我想用 Andrew 的問題做個變化。很明顯，在美洲消費者業務（America's Consumer）這一塊，你們面臨的情況有點像是在玩宏觀層面的打地鼠遊戲——我會這樣形容。你們正在採取行動，也在使用過去用過的作戰手冊。

Just how do we all gain confidence that this is sustainable, right? That the actions you're putting in place are going to work this time around will be somewhat sustainable and that you can kind of, I don't know, help to dampen some of this volatility that's been coming at you for what should be a relatively resilient category. But just seems like there's been one thing after another you've had to contend with, and I think that's really thrown us and investors kind of for a loop as we contemplate kind of the core of your business. So just would appreciate any additional thoughts on that.

那我們要如何建立信心，認為這是可持續的呢？也就是說，你們正在推行的措施這次會奏效、而且在某種程度上具有可持續性，並且你們能夠在某種程度上抑制這些波動——對於一個理應相對具韌性的品類而言。但看起來你們一直得面對一波又一波的挑戰，我認為這確實讓我們以及投資人在思考你們業務核心時有些摸不著頭緒。所以希望你能再分享一些額外的看法。

I'm happy to do that, Peter. I think you all gave us a new term, which we'll use internally of macro whack-a-mole, that's a new one for us, but we like it. I think if you look back at the last two years, when we were dealing with this before, kind of building off of the previous question. We were able to demonstrate sustained improvement during that period of time, and those conditions were, as I described earlier, largely very similar in nature.

我很樂意這麼做，Peter。我想你們都給了我們一個新名詞，我們會在內部使用「宏觀打地鼠（macro whack-a-mole）」，這對我們來說是新的，但我們喜歡。我想如果你回顧過去兩年，當我們之前在處理這件事時，算是延續前一個問題。我們在那段期間能夠展現持續的改善，而那些情況如我先前所描述，在本質上大致非常相似。

So I think that, that is one aspect I would share with investors is that we have a motivation to make sure that we continue to perform in a very healthy way, a volume-driven way within this part of our portfolio. And so we will work hard to make sure that we create even more resilience if it's needed, and I think that's what you're saying.

所以我想，我會與投資人分享的一個面向是：我們有動機確保在這一部分的投資組合中，能以非常健康、以量為驅動的方式持續表現。因此我們會努力確保在需要時能建立更強的韌性，而我想這就是你所說的。

Throughout our performance right now, whether it's the underlying performance in terms of gross margin or thinking about how we drive even continued increase in A&P up against our business, it's all and also the continued focus around innovation, which is performing even more strongly this year than last year, I think those are the indicators that we have sustained focus and momentum across this portfolio.

就我們目前的表現而言，不論是以毛利率衡量的基礎表現，或是思考我們如何推動A&P（廣告與促銷）對我們業務的持續增加，還有對創新的持續聚焦——今年的表現甚至比去年更強——我認為這些都是我們在整個投資組合上維持專注與動能的指標。

We're going to go through periods where we get sharp inflections like we saw in the second quarter, and there was a reasonable shift in the consumer behavior. But if you look at it over more of a longer-term period, I think we demonstrate the resiliency that we have been calling out overall.

我們會經歷一些時期，出現像第二季那樣的急劇轉折，而且消費者行為確實有合理的變化。但如果你用更長期的角度來看，我認為我們展現了我們一直強調的整體韌性。

But to be clear, the external environment is presenting us new challenges. And as I've asked my organization at the beginning of this fiscal year is just one of our areas of strategic focus is just to continue building in resilience into the business, not knowing where or how we're going to need to use it, but just knowing that resiliency is really important to us and also investors.

但要說清楚的是，外部環境正帶來新的挑戰。而我在本財年一開始對組織所要求的，就是把「持續為業務建立韌性」作為我們策略聚焦的其中一個領域；我們不知道會在何處或如何需要用到它，但我們知道韌性對我們以及投資人都非常重要。

Okay, thanks for that. Marcos, if I could just ask a clarification question as well. I believe you provided pretty explicit guidance for the third quarter on operating income. Maybe you can help us bridge a little bit more explicitly down to the EPS line. I know there's some below-the-line items, obviously, that are different this year versus last year. But if you could put any guardrails around the EPS rate of decline for 3Q, I think that would be helpful. Thanks very much.

好的，謝謝你的說明。Marcos，如果我也可以再問一個釐清問題。我相信你對第三季的營業利益提供了相當明確的指引。也許你可以更明確地幫我們銜接到EPS那一行。我知道有一些線下項目（below-the-line items），顯然今年和去年不同。但如果你能對第三季EPS下滑幅度提供一些區間或護欄，我想會很有幫助。非常感謝。

Yeah. So Peter, on Q3, we provided some specifics on my prepared remarks. I mean, just to reiterate some of them. From the net sales perspective, we believe we'll have solid net sales. Continued the momentum and Flavor Solutions; in Consumer, continued good momentum; in EMEA, and APAC, and in the Americas, improving the performance.

好的。所以Peter，關於第三季，我在事先準備的講稿裡提供了一些具體內容。我的意思是，再重申其中幾點。從淨銷售的角度來看，我們相信淨銷售會很穩健。Flavor Solutions延續動能；Consumer持續有良好動能；在EMEA與APAC，以及在美洲地區，表現正在改善。

Gross margin expansion will continue, as I said, as well in the call. That drives -- what is really driving the operating profit to be high-single digit to low-double digit is really timing of expenses within SG&A, the ERP timing, as well as incentive compensation and remarketing. So that is the OP line.

如我在電話會議中所說，毛利率擴張也會持續。真正推動營業利益落在高個位數到低雙位數的，主要是SG&A費用在期間內的時點安排、ERP的時點安排，以及獎酬性薪酬與再行銷（remarketing）。所以這就是OP那一行。

To your question about EPS, the biggest element, in addition to the elements that I just mentioned, is really the tax. The tax was about 16%, I think, last year. And now if you think about the normalization of that tax in line with the full-year guide of about 24%, that creates 700 to 800 basis points, roughly speaking, of a headwind. So that is really the key element that you should think about in terms of the EPS and the below-the-line items.

至於你問到EPS，除了我剛提到的那些因素之外，最大的要素其實是稅負。我想去年稅率大約是16%。而現在如果你考慮稅率正常化、與全年指引約24%一致，這大約會帶來700到800個基點的逆風。所以就EPS以及線下項目而言，這才是你應該重點思考的關鍵因素。

Okay. Thank you very much.

好的。非常感謝。

Tom Palmer, JPMorgan.

Tom Palmer，摩根大通（JPMorgan）。

Good morning, and thanks for the question. I wanted to start off maybe following up on Pete's question on third-quarter expectations. But I think, maybe there's kind of two pieces I want to break this into. One is when we think about the organic sales growth or sorry, the operating profit growth coming in maybe lighter than consensus estimates, how much was maybe mismodeling on our part where you had expectations the whole time that some of these SG&A items might have been greater pressure points than we previously expected versus maybe some incremental costs to consider, including even on the inflationary side? Thanks.

早安，謝謝讓我提問。我想先從延續Pete關於第三季展望的問題開始。但我想，或許我想把這拆成兩個部分。第一個是，當我們思考有機銷售成長——或抱歉，營業利益成長——可能比市場一致預期更弱時，有多少可能是我們建模上的誤差：也就是你們一直以來就預期某些SG&A項目可能比我們先前預期的壓力更大；相對地，又有多少是需要納入考量的新增成本，包括通膨方面的成本？謝謝。

Well, we had the on SG&A side, that's how we've been modeling, Tom, in terms of the cadence of our spend in the back half of the year, each one of the quarters. Obviously, we don't provide quarterly guidance, but it is more -- the shifting more expenses into Q3 in terms of more brand marketing, you will see, as I said, the program, the ERP program is also hitting Q3 versus a year ago and incentive compensation, as we talked about it before.

嗯，在SG&A方面，我們一直就是這樣建模的，Tom，關於下半年我們支出節奏、每一季的安排。顯然我們不提供季度指引，但確實是——把更多費用移到第三季，例如更多品牌行銷；如我所說，ERP專案相較去年也會在第三季反映，還有獎酬性薪酬，我們之前也談過。

So I don't think there's a change there in terms of what our internal expectations were. What we're seeing is definitely more inflation coming through, as I mentioned before, due to the Middle East conflict, and that is we're using the tariff refund to offset most of it.

所以我不認為在我們內部預期方面有任何改變。我們確實看到更多通膨正在浮現，如我先前提到的，原因是中東衝突；而我們正使用關稅退稅（tariff refund）來抵銷其中大部分。

But it's still driving gross margin expansion, which is what I like about the balance of the year, which is we upgraded the call on gross margin to be 100 to 120 basis points for the full year, and you can take the in line. So the implied guidance for the second-half, it should be the number that you take on. So yeah, overall, I would say in line with our expectations, it's just a matter of the phasing of the SG&A expenses, really.

但它仍在推動毛利率擴張，這也是我喜歡今年餘下期間的地方：我們在電話會議中把全年毛利率的指引上調到100到120個基點，你可以把它視為符合我們的說法。所以，下半年的隱含指引，就是你應該採用的數字。所以是的，整體而言，我會說符合我們的預期，主要只是SG&A費用的時點分配問題而已。

Thanks for that. On Flavor Solutions, I know sales growth can be lumpy from quarter to quarter. Brendan, in your prepared remarks, you noted a variety of tailwinds for the segment. One that stood out was reformulations. I think you previously expected it to be more of a fiscal 2027 driver. So two questions in here. First, any lumpiness we need to keep in mind when thinking about the strength of the second quarter? And then second. What's driving the faster pace of reformulations, and should we think about that continuing to build in future periods?

謝謝你的說明。關於Flavor Solutions，我知道銷售成長可能會在各季之間有波動。Brendan，在你事先準備的講稿中，你提到該部門有多項順風因素。其中一項特別引起注意的是配方重整（reformulations）。我記得你們之前預期它會更像是2027財年的驅動因素。所以這裡有兩個問題。第一，在思考第二季的強勁表現時，有沒有什麼我們需要留意的季節性波動？第二，配方重整加速的原因是什麼？我們是否應該預期未來期間它會持續累積、逐步增強？

Thanks for the question, Tom. Flavor Solutions, but by the way, we're really pleased with the quarter. And as we look at the rest of the year, I mean, I think if I recall what I said at the beginning of the year when we laid out the guide. We thought that some of that improvement that we would expect to see come through. Certainly, it starts to layer in as we went progressively through the year. I think what we saw here in the second quarter is obviously just even more strength come through in terms of our overall performance. And it was broad-based. Hopefully, you got that from my prepared remarks.

謝謝你的提問，Tom。先說Flavor Solutions，順帶一提，我們對本季表現非常滿意。而當我們看今年剩下的時間，我的意思是，我想如果我回想年初我們提出指引時我說過的話。我們認為我們預期會看到的部分改善會逐步顯現。當然，隨著我們在一年中逐季推進，它會開始一層一層地疊加進來。我想我們在第二季看到的，顯然是整體表現展現出更強的力道。而且是廣泛性的。希望你從我事先準備的講稿中有感受到這點。

In terms of the drivers, I think what we're seeing right now is we're really encouraged by the scope of the pipeline that we're seeing. It's very healthy across a lot of our customer segments. It's clear that that activity had amplified. So I think that's a little bit of an insight into part of the spirit of your question.

就驅動因素而言，我認為我們目前看到的是，我們對所看到的商機管線規模感到非常振奮。在我們許多客戶區隔中都非常健康。很明顯地，那些活動已經被放大。所以我想，這多少能回應你問題背後的一部分用意。

Reformulation projects are increasing, particularly around from large CPG customers. And I think what's starting to come through in the numbers, we're starting to see them commercialize maybe a little bit faster than what we had initially predicted. But I think there's another element to this, which is not just simply large CPG manufacturers driving reformulation. I think there's an element of just a market acceleration of health and wellness innovation.

配方重整（reformulation）專案正在增加，特別是來自大型消費包裝品（CPG）客戶。而我認為，從數字上開始反映出來的是，我們開始看到他們的商業化速度可能比我們最初預測的還要快一些。但我認為這裡還有另一個面向，不只是大型CPG製造商在推動配方重整而已。我認為還有一個因素是，健康與福祉創新在市場上的加速。

And you heard me kind of comment in my prepared remarks about where we're seeing that, and we're just seeing more activity there. And I think that's also coming through in terms of the trends that we're seeing through private-label customers and high-growth innovators. And that seems to be sustained, if not continue to drive some really strong growth on top of what we're seeing is large CPG manufacturers also seeing more activity in market.

你也聽到我在事先準備的發言中提到我們在哪些地方看到這些趨勢，而我們確實看到那裡的活動更多。我認為，這也反映在我們透過自有品牌（private-label）客戶以及高成長創新者所看到的趨勢上。而這看起來是可持續的，甚至還可能在我們看到大型CPG製造商在市場上活動增加的基礎之上，進一步帶動非常強勁的成長。

There was another element for us, and that is just we saw more beverage innovation come through in the away-from-home market this quarter, which is more of an enduring trend. I think you'll see is that we definitely see more continued beverage innovation, and that came through in the away-from-home market this quarter, and I would expect that to continue to carry forward.

對我們而言還有另一個因素，那就是本季我們在外食（away-from-home）市場看到更多飲料創新出現，而這是一個更為長期的趨勢。我想你會看到的是，我們確實看到飲料創新持續增加，而本季這些創新在外食市場有所體現，我預期這個趨勢會延續下去。

Overall, though, we know that we think we're gaining share in this part of our business. And so it could be -- is it an insight into where the broad food industry is going? We think it's more of an insight into our ability to gain share in this area. And I think that, that is kind of the context that I have around our performance. Let's not forget Branded Foodservice.

不過整體而言，我們知道我們認為自己在這一塊業務正在提升市占。所以這是否是在反映整體食品產業的走向？我們認為，這更像是在反映我們在這個領域提升市占的能力。我想，這就是我對我們表現的整體脈絡說明。也別忘了品牌餐飲服務（Branded Foodservice）。

Branded Foodservice is operating in an environment where we're seeing some nice sort of small traffic growth. We know the segments that are performing well. We see consumers kind of moving towards small indulgences and still going out to eat to kind of treat themselves. And so -- but in that environment also, we're gaining share. So that's the context around our Branded Foodservice performance. But overall, the food industry is innovating and we're benefiting from it.

品牌餐飲服務所處的環境是，我們看到客流量有一些不錯的小幅成長。我們知道哪些細分市場表現良好。我們看到消費者有點轉向小確幸式的享受，仍然會外出用餐來犒賞自己。因此——但在那樣的環境中，我們也正在提升市占。這就是我們品牌餐飲服務表現的脈絡。但整體而言，食品產業正在創新，而我們正從中受益。

Great. Thanks for all the detail. Very helpful.

很好。謝謝你提供這麼多細節。非常有幫助。

Steve Powers, Deutsche Bank.

Steve Powers，德意志銀行（Deutsche Bank）。

Hey, great. Thank you, and good morning, both Brendan and Marcos. Brendan, maybe just following up on Tom's question there and your answer. I guess when you stack up that reformulation, innovation, health and wellness activity, for how long would you expect that translate into what seems to be a favorable spread between how that's impacting Flavor Solutions and what -- I think what we're all seeing and gleaning from end market consumption. Do you view that favorability more as a particular moment in time that has duration, or is it something that should prove more durable into the future?

嗨，很好。謝謝，早安，Brendan 和 Marcos 兩位。Brendan，我想延續一下剛才 Tom 的問題以及你的回答。我想問的是，當你把配方重整、創新、健康與福祉相關活動疊加起來看，你預期這會在多長時間內轉化為——看起來——對風味解決方案（Flavor Solutions）較為有利的差距，相較於——我想我們大家從終端市場消費所看到與推得的情況？你認為這種有利性比較像是一個具有一定延續性的特定時點現象，還是應該會在未來更具持久性？

Well, because a lot of this is aligned with consumer trends. Steve, I kind of go there first. What supports the activity and is it aligned with where the consumer is going? I believe it indicates more durability and broadly within the marketplace. So as I've said before, I think the food industry has always been really good at innovating around meeting the consumer with where they are. And I think this is a good example of just the pipeline starting to materialize as we think about the marketplace.

嗯，因為其中很多都與消費者趨勢一致。Steve，我會先從這裡談起。是什麼在支撐這些活動？它是否與消費者的走向一致？我相信這顯示出更強的持久性，而且在整個市場範圍內也是如此。所以如我之前所說，我認為食品產業一向很擅長透過創新，在消費者所處的位置與其相遇、滿足其需求。我認為這就是一個很好的例子，說明當我們看待市場時，商機管線正開始逐步落地、具體化。

Great, thank you. And then you spoke to some of the anticipated outcomes of the integration planning work that you're doing over the next few months, including the announced location of the secondary listing by end of July and further details on the operating model and synergies and the scope of TSAs by the end of September.

很好，謝謝。另外，你也談到未來幾個月你們正在進行的整合規劃工作所預期帶來的一些成果，包括在7月底前宣布第二上市（secondary listing）的地點，以及在9月底前提供更多關於營運模式、綜效（synergies）與過渡服務協議（TSA）範圍的細節。

I guess, maybe you could shed a little bit more light, if you could, on the work that's going on behind the scenes to get to those outcomes and how that day-to-day work is being organized alongside general business operations? Thank you.

我想，也許你可以再多透露一些：為了達成這些成果，幕後正在進行哪些工作？以及在日常營運之餘，這些日常整合工作是如何被組織與安排的？謝謝。

Well, as we noted in the prepared remarks, we certainly have a lot of dedicated resources, both at McCormick and at Unilever Foods to really prosecute, obviously, this whole integration planning and everything else, and to give you just more context, more subjectively. And before we start to report more detail as we get to the third quarter, I'm very encouraged by just the level of collaboration. I would almost call it esprit de corps between both integration teams in terms of how they're operating and working together.

嗯，正如我們在事先準備的發言中提到的，我們確實投入了大量專責資源，McCormick 與聯合利華食品（Unilever Foods）雙方皆然，來全力推進這整個整合規劃以及其他所有相關工作；我再補充一些更具體、較主觀的脈絡。在我們於第三季開始披露更多細節之前，我對目前的協作程度感到非常鼓舞。我幾乎可以稱之為兩個整合團隊之間的團隊精神（esprit de corps），體現在他們的運作方式與合作方式上。

And it is very, I would say, very disciplined and rigored. There are multiple work streams all organized by function or by specific actions and activity that have to happen. And they're all progressing in parallel, and everyone has a timetable that they need to hit, and we're hitting those timetables. We did a checkup in this last week. And we're very encouraged by that first three months, if you will, and we're right where we want to be in terms of the timeline.

而且我會說，這非常——非常有紀律且嚴謹。有多條工作流（work streams），全部依功能別或必須完成的特定行動與活動來組織。它們都在並行推進，每個人都有必須達成的時間表，而我們正在按時達成。我們在上週做了一次檢視。我們對這前三個月的進展非常受鼓舞，可以說在時程上正處於我們希望的位置。

I don't expect everything's going to be perfect throughout the entire integration planning, but so far, we really like how we started off, and it leaves us even more encouraged. And I know that my counterparts over at Unilever Foods would say the same thing.

我不預期在整個整合規劃期間每件事都會完美無缺，但到目前為止，我們非常喜歡一開始的進展，這讓我們更受鼓舞。我也知道，聯合利華食品那邊的對口同仁也會有同樣的看法。

I think the other thing that I'm walking away with, too, after the first three months after our announcement. Is just, I'm even more excited about the combination than I was before. Just being able to -- and I think a lot of that's driven also by just being able to interact also with Unilever Foods' employees and just really see the energy and the passion for the business from their perspective just only leaves us even more excited about the future of this combination and what it's going to deliver.

我在宣布後的前三個月，另一個感受是——我對這次結合比之前更興奮。能夠——而我認為其中很大一部分也來自於能與聯合利華食品的員工互動，真正看到他們對業務的能量與熱情；從他們的角度來看，這只會讓我們對這次結合的未來以及它將帶來的成果更加期待。

I mean, we still believe very much in what we said back in late March, and it's still true today, and it's now starting to really feel like it'll still begin to come to life. We can't wait to really share more details on our milestones, but I just would step back and say the operational clarity and rigor with which the base business is operating versus the integration teams are operating. I think, is really clear. And that gives me confidence that we can continue to do this as we go through up until close.

我的意思是，我們仍然非常相信我們在3月下旬所說的內容；今天依然如此，而且現在開始真的感覺它將逐步成真、落地。我們迫不及待想分享更多關於里程碑的細節，但我會退一步說：基礎業務的營運清晰度與嚴謹度，與整合團隊的運作方式之間的區隔與對比，我認為非常明確。而這讓我有信心，在走到交割（close）之前的這段期間，我們能夠持續把這件事做好。

Thank you very much. Appreciate it.

非常感謝。感激不盡。

Robert Moskow, TD Cowen.

Robert Moskow，TD Cowen。

Hi, thanks for the question. Brendan, you've definitely been in this position before, navigating price gaps and trying to regain market share in Spices and Seasoning. But what I remember from last time is that it took longer than just a couple of quarters to regain some competitiveness and to execute the volume-led strategy. It was multifaceted, price gap changes and packaging changes as well.

嗨，謝謝讓我提問。Brendan，你以前肯定也遇過這種情況：在香辛料與調味料（Spices and Seasoning）業務中，面對價格差距並試圖重新奪回市占。但我記得上一次的經驗是，要恢復一些競爭力並執行以銷量帶動（volume-led）的策略，花的時間不只是一兩個季度。那是多面向的，包括價格差距的調整以及包裝的變更等。

So the guidance implies a sequential improvement in volume in the back half. So is there enough that you -- is there enough time here to execute the things that you want to execute to get volume back to positive in the Americas? Then a quick follow-up.

因此，這項指引意味著下半年銷量將逐季改善。那麼，這裡是否有足夠的條件——是否有足夠的時間——去執行你們想要執行的事項，讓美洲地區的銷量回到正成長？接著一個簡短的追問。

Well, thanks for the question, Rob. I think you're right. It did take us a little bit longer, when we were in this position before. So I think it's a reasonable point to call out. Back then, Rob, we were implementing programs and layering them in every other month, et cetera. And so I think we were -- it was more of a broader program we were implementing at the time, so there was a lot more to execute in that regard back then.

Rob，謝謝你的提問。我認為你說得對。我們上一次處於這種情況時，確實花了更長一點的時間。所以我覺得你提出這點很合理。當時，Rob，我們是在推行各種方案，幾乎每隔一個月就再疊加新的方案等等。因此我認為——當時我們在推的是一個更廣泛的計畫，所以在那方面需要執行的事情多得多。

But also, we were getting into making sure that from a customer relationship standpoint, they were aligned with the strategy of really driving the category this way. And so that takes a lot of dialogue with customers back then. And so we really got through that in a really positive way. I think as you now accelerate or fast forward into where we are today, the dialogue that we have with customers is far more faster, a recognition of what we need to go course correct. Our ability to kind of implement quickly with our team with more speed and agility.

另外，從客戶關係的角度，我們也在確保客戶能與「以這種方式真正帶動品類成長」的策略保持一致。因此在當時，這需要與客戶進行大量的對話。而我們確實以非常正面的方式把那一段走完了。我認為，如果你把時間快轉到今天，我們與客戶的對話速度快得多，大家也更能認知到我們需要做哪些路線修正。我們的團隊也能以更快的速度與更高的敏捷性迅速落地執行。

I think also, as I mentioned earlier in a previous question, that digital landscape provides us even more capability to be able to do this. And so that is, I think, an important element of our ability to execute. Now, it's also important to know that we also have more gross margin flexibility in which to make sure that we can drive investments in the right areas.

我想另外一點，如我先前在前一個問題中提到的，數位環境也為我們提供了更強的能力來做到這些。因此我認為，這是我們執行能力的一個重要要素。同時也很重要的是，我們在毛利率方面有更大的彈性，能確保把投資投向正確的領域。

But I'm really encouraged by the speed of our response, and we're starting to see it in the marketplace right now. And I think that those are the differences between now and maybe what we did before is a much greater understanding of those levers and how they're going to operate and work. And we have a lot of confidence when we implement them.

但我對我們反應的速度感到非常鼓舞，而且我們現在已開始在市場上看到成效。我認為，現在與過去相比的差異在於：我們對這些槓桿以及它們將如何運作、如何發揮作用，有更深的理解。而當我們把它們導入時，我們也非常有信心。

Okay. My follow-up is on the Seasonings subcategory. If you really drill down here, brands of yours like Grill Mates and Lawry's are losing share. And it's to like some up-and-coming emerging brands. So when you talk about price gaps, is that related to that at all, or is there something else here in terms of the positioning of your brands relative to theirs that you'd like to address as well?

好的。我的追問是關於調味料（Seasonings）子品類。如果你深入看，像你們的 Grill Mates 和 Lawry's 這些品牌正在流失市佔。而流失的對象是一些正在崛起的新興品牌。所以當你談到價差時，這是否與此有關？還是說在你們品牌相對於他們的定位上，還有其他你也想一併回應的地方？

Yeah, as I mentioned that there were specific segments that we felt like we needed to address. And so that's not inconsistent with what you just called out. And I think price gaps can be a part of it, but I would say what we're seeing now in our category, it's a reflection of everything that we've been saying.

是的，如我提到的，我們認為有一些特定的區隔需要去處理。所以這與你剛才指出的情況並不矛盾。我認為價差可能是其中一部分，但我會說，我們現在在品類中看到的情況，反映了我們一直在說的所有事情。

These are really attractive categories, they're advantaged, they're structurally sound, and so it attracts more competition. And certainly, and even a lot more interest from private label. And so that is -- should not necessarily be surprising. And so as we saw, especially in the second quarter, we saw a lot more competitive promotional activity. And I think that that probably reflected in the results overall, but it also, I think there's a consumer component there. And I think we have a handle on it, and we know what we need to do.

這些都是非常有吸引力的品類，它們具備優勢、結構也很健全，因此會吸引更多競爭。當然，也會吸引自有品牌（private label）更大的興趣。所以——這不一定令人意外。因此我們看到，特別是在第二季，競爭性的促銷活動明顯增加。我認為這可能反映在整體結果上，但我也認為其中還有消費者面的因素。而我認為我們已掌握狀況，也知道需要做什麼。

Okay, thank you.

好的，謝謝。

Alexia Howard, Bernstein.

Alexia Howard，Bernstein。

Good morning, everyone. Can we start by just kicking the tires a bit on the operating margin outlook for the combined McCormick-Unilever deal? 21% at close is already fairly high relative to other food companies around the world. And obviously, then getting up into the 23% to 25% range is even higher. I think we're sort of looking from the outside and saying, well, obviously, the marketing spend is healthy at 7% to 8%. And if -- and this is a hypothetical -- if the gross margins are somewhere in the low 40s%, that implies that the remaining SG&A outside of marketing spend is surprisingly low, and we're trying to figure out if that's sustainable for the long-term.

各位早安。我們能否先從 McCormick-聯合利華（Unilever）合併交易後的營業利益率展望，稍微再仔細檢視一下？以交易完成時的 21% 來看，相較全球其他食品公司已經相當高。而顯然，接著提升到 23% 到 25% 的區間就更高了。我想我們從外部看會覺得，行銷支出在 7% 到 8% 的水準是健康的。而如果——這是假設——毛利率大約在 40% 出頭，那就意味著扣除行銷支出以外的其餘 SG&A（銷售、一般及行政費用）低得令人意外，我們想了解這是否能長期維持。

Can you give us confidence that this is actually something doable and it's not that the belt has been tightened so much on the remaining SG&A that it's going to be problematic as we get into the combined era next year? And then I have a follow-up.

你們能否讓我們更有信心，這確實是可行的，而不是因為其餘 SG&A 的「皮帶」勒得太緊，以致於明年進入合併時代後會出現問題？然後我還有一個追問。

Thank you for the question, Alexia. I'm going to make a address a couple of thoughts there and then I may turn over to Marcos to see, but if he can tell me if I missed anything important. As we look at -- thanks for unpacking all of that, I think as we look at the future margin profile of the business.

謝謝你的提問，Alexia。我先回應幾個想法，然後我可能會請 Marcos 補充，看看我是否漏掉任何重要的部分。謝謝你把這些都拆解出來；當我們看未來的業務利潤率輪廓時。

You think about the ability of continue to invest in it. So thank you for calling out that these are also being done at what are industry-leading healthy investment rates behind A&P and brand marketing and everything else. And so we had to make sure that investors understand it, we want to continue supporting the business at increasing levels every year.

你會想到我們持續投資的能力。所以也謝謝你指出，這些是在業界領先、健康的投資比率下完成的，包含 A&P（廣告與促銷）與品牌行銷以及其他各項投入。因此我們必須確保投資人理解：我們希望每年以更高的水準持續支持這門業務。

It's impact on SG&A, I have to tell you, we don't see that as being unusually low in a future state and I think what we'll have to do is probably you know as we go through this process and we go to this integration is provide more context around that. I can't really right now today give you the level of detail that I think maybe you're looking for. But you know as we looked at it modeled it you know internally on the McCormick side and even through conversations with our counterparts over there, yeah this is not coming at the -- sort of some unusual profile on SG&A.

至於它對 SG&A 的影響，我必須說，我們不認為在未來狀態下這會異常偏低；我想我們在推進這個流程、進入整合時，可能需要提供更多相關背景。我目前今天還無法提供你可能想要的那種細節程度。但你知道，當我們在 McCormick 端內部建模、以及與對方同仁的對話中來看，是的，這並不是以某種不尋常的 SG&A 輪廓為代價換來的。

Yeah, I think you hit the key points, Brendan. I mean, operating margin is really being driven by gross margin expansion over the last two years, right? And the team has continued to invest in brand marketing, as you pointed out, Alexia. So we don't feel like the SG&A is at the low range or low place to be right now.

是的，我認為你已經點到重點了，Brendan。我的意思是，營業利益率主要是由過去兩年的毛利率擴張所驅動，對吧？而團隊也如你所說，Alexia，持續投資於品牌行銷。所以我們不覺得目前的 SG&A 處在偏低的區間或偏低的位置。

Obviously, the 21% operating margin is the starting point of the combined company before any synergies. And as when you layer synergies on top, you get to the range of 23% to 25%. So we do feel pretty confident about that profile.

顯然，21% 的營業利益率是合併公司在尚未計入任何綜效之前的起點。而當你把綜效疊加上去，就會到 23% 到 25% 的區間。因此我們對這樣的輪廓相當有信心。

Great. That's helpful. And just as a quick follow-up, coming back to Flavor Solutions, you talked about the benefits of reformulation kicking in. Two other things. Can I ask, the Branded Foodservice channels that are seeing improved foot traffic, can you be more specific about which Foodservice channels are seeing that recovery? And then you have a big snacking/beverage company in there that I think has been struggling, and that's been a headwind in that category segment for the past year or two. You mentioned that all customers are now seeing growth. Does that mean that that headwind's gone away? Thank you, and I'll pass it on.

很好，這很有幫助。再快速追問一下，回到 Flavor Solutions，你提到配方再調整（reformulation）的效益正在顯現。

Yeah, I think that when specific about Branded Foodservice in your question, the segments in which we're seeing more growth than the total food service industry would be -- we're seeing some growth in QSRs, especially in the Americas, and we're seeing growth in fast casual, casual dining. And also, I think, yeah, non-commercial.

是的，我認為當你在問題中特別聚焦於品牌餐飲服務（Branded Foodservice）時，我們看到成長高於整體餐飲服務產業的細分領域包括——我們在速食連鎖（QSR）看到一些成長，尤其是在美洲地區；同時也看到快速休閒、休閒餐飲的成長。另外，我想，對，還有非商業（non-commercial）領域。

Those four to five areas is where we are seeing right now. I think most of the growth in traffic, et cetera. That's the area in which I think we're also finding that our brands certainly can play and resonate, or our ability to help with flavor will help there too.

目前我們看到的就是這四到五個領域。我認為大部分的來客數成長等等。我認為那也是我們發現自有品牌確實能夠切入並引起共鳴的領域，或者我們在風味上的協助能力也能在那裡發揮作用。

I think overall, though, there certainly has been pressure on the Foodservice marketplace. So this element of, especially in the second quarter, just increased pressure on the consumer, certainly coming through, not necessarily just food, but many other things that household budgets need. And I think that's going to -- that that did have an impact on Foodservice to some degree because it did decelerate in the quarter from the first quarter in our view. But there was still growth, and the growth is happening in areas where, we have been a focus.

不過整體而言，餐飲服務市場確實一直承受壓力。因此，這個因素——特別是在第二季——消費者面臨的壓力增加，確實反映出來，而且不一定只是食品，還有許多其他家庭預算必須支出的項目。我認為這將——也就是說，這在某種程度上確實對餐飲服務造成影響，因為依我們的觀察，本季相較第一季出現放緩。但仍然有成長，而成長正發生在我們一直聚焦的領域。

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

非常感謝。我把問題交給下一位。

Max Gumport, BNP Paribas.

Max Gumport，法國巴黎銀行（BNP Paribas）。

Thanks for the question. I just wanted to return quickly to the commentary on 3Q profit. So after 1Q results, you had signaled that 3Q would be above the low end of your 26% range, so at least 16% year over year. So it does feel like a bit of a guide down with regards to 3Q now indicating high--single digits to low-double digits. You mentioned SG&A timing. I just wanted to clarify, was there a shift in your view of SG&A expenses with a shift from 2Q into 3Q, maybe related to ERP and incentive comp timing relative to what was initially planned? Or is this also about incremental brand marketing investment versus what was initially planned?

謝謝讓我提問。我想快速回到你們對第三季（3Q）獲利的評論。在第一季（1Q）結果之後，你們曾表示第三季會高於你們26%區間的低端，也就是至少年增16%。所以現在第三季指引改為高個位數到低雙位數，看起來確實有點像是下修指引。你提到SG&A的時點。我想確認一下：你們對SG&A費用的看法是否有所改變，例如有些費用從第二季（2Q）移到第三季（3Q），可能與ERP以及獎酬（incentive comp）的認列時點相較原先計畫有所不同？或者這也與相較原先計畫增加的品牌行銷投資有關？

Max, so a few questions on your there. So the first one is in terms of when we put out the guide in the beginning of the year, we guide for the full year, we didn't guide by quarter. So the ranges that we put out there, 15% to 19% on constant currency was for the full year.

Max，你這裡有幾個問題。第一個是，年初我們發布指引時，是針對全年提供指引，並沒有按季度提供指引。因此我們提出的區間——以固定匯率計算15%到19%——是針對全年。

The second point about the phasing, there's some phasing between Q3 and Q4. We're investing more heavily on brand marketing in Q3 than Q4. Although Q4 is going to still see brand marketing absolute dollars strong. But year on year, we also had a very strong remarketing spend in Q4 of 2025. So year on year is not going to be significant. And I think I hit these two points. And the other question was about -- I think it was those two questions, right, Max? Anything else that I missed?

第二點關於費用分布（phasing），第三季與第四季之間確實有一些分布差異。我們在第三季的品牌行銷投入會比第四季更重。雖然第四季的品牌行銷絕對金額仍會維持強勁。但就年對年來看，我們在2025年第四季也有非常強勁的再行銷（remarketing）支出。所以年對年不會有顯著變化。我想我已經涵蓋這兩點。另外一個問題是——我想就是這兩個問題，對吧，Max？還有什麼我漏掉的嗎？

Yeah, that covers it. Maybe I'm putting too fine a point of it. But you did say 2Q would be at the low end of the '26 guidance range, and you said 3Q would be better than 2Q. That's what I'm saying, essentially, it does like there is a change in tone, but I think your commentary does help a lot. So I appreciate that. And I just wanted to touch on cash flow quickly. So it's obviously been a much better first half than last year. You talked about working capital improvements. Can you just expand a bit on what's generating those working capital improvements relative to last year and the sustainability of that? Thanks very much.

對，這樣就涵蓋了。也許我把重點抓得太細。但你確實說過第二季會在你們「26指引區間」的低端，而你也說第三季會比第二季更好。所以我基本上想說的是，現在聽起來語氣確實有些變化，但我認為你的說明很有幫助。所以很感謝。我也想快速問一下現金流。很明顯上半年比去年好很多。你提到營運資金改善。能否再多說一點，相較去年是哪些因素帶來這些營運資金改善，以及其可持續性？非常感謝。

Sure, Max. Max, this is one area that we are very pleased about it, which is the cash flow in the first half of the year for $431 million, very substantial. Also, that did leveraging a position that we are right now in terms of 2.99 times closing the quarter, even after the acquisition of McMex that we incurred additional $750 million of that. So that talks about our -- always our playbook about acquiring and paying down that quickly.

當然可以，Max。Max，這是我們非常滿意的一個領域，也就是上半年現金流達4.31億美元，相當可觀。此外，這也讓我們能夠運用目前的槓桿水位——本季季末為2.99倍——即使在收購McMex之後，我們因此新增了7.5億美元。這也說明了我們一貫的策略：收購，然後快速償還（去槓桿）。

So working capital is also working in our favor. Across all three levers of working capital, inventory days, payables, and receivables. But primarily inventory days as well as payables are the two main drivers of working capital that we're seeing right now.

營運資金也正朝對我們有利的方向發展。在營運資金的三個槓桿上——存貨天數、應付帳款與應收帳款——都對我們有利。但目前我們看到的主要驅動因素是存貨天數以及應付帳款這兩項。

Okay, great. Thanks very much. I'll leave it there.

好的，很棒。非常感謝。我就先到這裡。

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

謝謝。各位女士先生，問答環節到此結束。我把時間交回給Freiha女士做最後補充。

Thank you. Thank you, everybody, for joining today's call. If you have any additional questions, please feel free to reach out to me. This concludes our conference call for this morning. Thank you.

謝謝。謝謝大家參加今天的電話會議。如果你們還有任何其他問題，歡迎隨時與我聯繫。今天上午的電話會議到此結束。謝謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時你們可以掛斷電話線。感謝各位的參與。