McCormick & Company

A detailed review of our fiscal 2024 performance compared to our fiscal 2023 performance is set forth in Part II, Item 7 of our Form 10-K for the fiscal year ended November 30, 2024 under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Results of Operations – 2024 Compared to 2023,” which is incorporated herein by reference.

2026 Outlook

Our fiscal 2026 outlook continues to reflect prioritized investments in key categories to sustain our volume trends and drive long-term profitable growth while appreciating the uncertainty of the consumer and macro environment, including global trade policies. Our CCI program is continuing to fuel growth investments while also driving operating margin expansion. Our fiscal 2026 outlook also reflects meaningful contributions from the acquisition of a controlling interest in McCormick de Mexico, which closed on January 2, 2026. Amounts are rounded with percentages calculated from the underlying amounts.

A downgrade would increase borrowing costs and could affect ability to issue commercial paper; commercial paper market disruptions or volatile credit-market conditions could reduce issuance and raise borrowing costs.

Adjusted diluted earnings per share was $3.00 for the year ended November 30, 2025. Adjusted diluted earnings per share is projected to range from $3.05 to $3.13 in 2026. We expect adjusted diluted earnings per share to increase by 2% to 5%, which includes a 1% favorable impact from currency rates, or to increase by 1% to 4% on a constant currency basis.

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RESULTS OF OPERATIONS – COMPANY

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| | Three months ended August 31, | | Nine months ended August 31,

Any failure to achieve goals, perception (valid or not) of failure to act responsibly on environmental, human capital or social issues, or failure to respond to new or changed legal or regulatory requirements, or higher operating or manufacturing costs from regulation or environmental causes, could adversely affect business and reputation and increase litigation risk.

As a global business, the tax rate from period to period can be affected by tax legislation changes, global mix of earnings, tax characteristics of income, acquisitions and dispositions, adjustments to uncertain tax position reserves, valuation allowance changes, and the portion of international subsidiary income expected to be remitted to the U.S. and taxable.