2nd QUARTER
Financial Results
2024 and Outlook

McCORMICK & COMPANY, INC.
June 27, 2024

1

The following slides accompany a June 27, 2024, earnings release conference call. This information should be read in conjunction with the press release issued on that date.

FORWARD-LOOKING INFORMATION
Certain information contained in this presentation, including statements concerning expected performance such as those relating to net sales, gross margin, earnings, cost savings, special charges, acquisitions, brand marketing support, volume andproduct mix, income tax expense, and the impact of foreign currency rates are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by the use ofwords such as “may,” “will,” “expect,” "should," "anticipate," "intend," “believe” and “plan” and similar expressions. These statements may relate to: general economic and industry conditions, including consumer spending rates, interest rates, andavailability of capital; expectations regarding sales growth potential in various geographies and markets, including the impact from brand marketing support, product innovation, and customer, channel, category, heat platform and e-commerce
expansion; expected trends in net sales and earnings performance and other financial measures; the expected impact of pricing actions on the Company's results of operations and gross margins; the impact of price elasticity on our sales volume andmix; the expected impact of the inflationary cost environment on our business; the expected impact of factors affecting our supply chain, including the availability and prices of commodities and other supply chain resources including raw materials,
packaging, labor, energy, and transportation; the expected impact of productivity improvements, and cost savings, including those associated with our CCI and GOE programs and Global Business Services operating model initiative; the ability toidentify, attract, hire, retain and develop qualified personnel and develop the next generation of leaders; the impact of the ongoing conflicts between Russia and Ukraine, Israel and Hamas, and in the Red Sea, including the potential for broader
economic disruption; expected working capital improvements; the expected timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning (ERP) system; theexpected impact of accounting pronouncements; the expectations of pension and postretirement plan contributions and anticipated charges associated with those plans; the holding period and market risks associated with financial instruments; theimpact of foreign exchange fluctuations; the adequacy of internally generated funds and existing sources of liquidity, such as the availability of bank financing; the anticipated sufficiency of future cash flows to enable the payments of interest andrepayment of short- and long-term debt, working capital needs, planned capital expenditures, quarterly dividends and our ability to obtain additional short- and long-term financing or issue additional debt securities; and expectations regarding
purchasing shares of McCormick's common stock under the existing repurchase authorization.
These and other forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Results may be materially affected by factors such as: thecompany's ability to drive revenue growth; the company's ability to increase pricing to offset, or partially offset, inflationary pressures on the cost of our products; damage to the company's reputation or brand name; loss of brand relevance; increased
private label use; the company's ability to drive productivity improvements, including those related to our CCI program and streamlining actions, including our GOE program; product quality, labeling, or safety concerns; negative publicity about our
products; actions by, and the financial condition of, competitors and customers; the longevity of mutually beneficial relationships with our large customers; the ability to identify, interpret and react to changes in consumer preference and demand;business interruptions due to natural disasters, unexpected events or public health crises; issues affecting the company's supply chain and procurement of raw materials, including fluctuations in the cost and availability of raw and packaging
materials; labor shortage, turnover and labor cost increases; the impact of the ongoing conflicts between Russia and Ukraine, Israel and Hamas, and in the Red Sea, including the potential for broader economic disruption; government regulation, andchanges in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses; global economic and financial conditions generally, availability of financing, interest and inflation rates, andthe imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of our amount of outstanding indebtedness and related level of debt service as well as the effects that such debt service may haveon the company's ability to borrow or the cost of any such additional borrowing, our credit rating, and our ability to react to certain economic and industry conditions; impairments of indefinite-lived intangible assets; assumptions we have maderegarding the investment return on retirement plan assets, and the costs associated with pension obligations; the stability of credit and capital markets; risks associated with the company's information technology systems, including the threat of data
breaches and cyber-attacks; the company's inability to successfully implement our business transformation initiative; fundamental changes in tax laws; including interpretations and assumptions we have made, and guidance that may be issued, andvolatility in our effective tax rate; climate change; Environmental, Social and Governance (ESG) matters; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the company's inability toachieve expected and/or needed cost savings or margin improvements; negative employee relations; and other risks described in the company's filings with the Securities and Exchange Commission.
Actual results could differ materially from those projected in the forward-looking statements. The company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events orotherwise, except as may be required by law.
2

Brendan Foley

President andChief Executive Officer

3

SECOND QUARTER PERFORMANCERESULTS DEMONSTRATE SUCCESS OF PRIORITIZED INVESTMENTS

1(1% ) net sales decline reflects flat pricing and (1%) volume
Consumer volumes improved substantially sequentially, leading to year-over-year volume growth
Flavor Solutions volumes declined due to soft customer volumes and timing of customer activities

4

1. In constant currency
The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

SECOND QUARTER 2024 SALES GROWTH
Areas of Success

Areas of Pressure

Consumer

Consumer

Volume growth in core categories across major markets

Volume declines in prepared food categories

Spices and seasonings unit share gains in U.S.

Short-term impacts on hot sauce share

Recipe mix distribution gains in Americas and share gains in U.K.
Mustard consumption and unit share improvement

Flavor Solutions
Americas Branded Foodservice volume growth
Americas Flavor strong performance with high-growth innovators
Strong volume growth in APAC from new customers

5

Flavor Solutions
Additional QSR traffic declines in EMEA and Americas
Volume softness in flavor customers’ businesses

EXECUTING ON GROWTH PLANS FOR 2024
Brand Marketing

Proprietary Technologies

6

Innovation

Category Management

Differentiated Customer Engagement

FOCUS ON INNOVATION – CONSUMER

7

FOCUS ON INNOVATION – FLAVOR SOLUTIONS
Flavors8

Branded Foodservice

Marcos Gabriel

Incoming
Executive Vice President
and Chief Financial Officer

9Mike Smith

Executive Vice President
and Chief Financial Officer10

2Q 2024 SALES RESULTSTOTAL COMPANY-1.0% constant currency
0.0%
-0.3%

-0.7%
Volume/Mix

0.0%

Price

Acquisitions/
Divestitures
Divestitures-1.0%
Currency

Net Sales

FLAVOR SOLUTIONSCONSUMER-0.5% constant currency
0.3%

1.0%

0.0%
-0.8%

Volume/Mix-1.4% constant currency

Price

-0.3%
Acquisitions/
Divestitures
Divestitures Currency-0.8%
Net Sales

-0.6%

-1.8%
Volume/Mix

0.3%

Price

Acquisitions/
Acquisitions
Divestitures

11 The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

-1.1%
Currency

Net Sales2Q 2024 SALES RESULTS: CONSUMER SEGMENTAMERICAS CONSUMER-1.6% constant currency

Pricing investments of -1%

Volume and mix flat reflecting:– Spices and Seasonings growth

0.0%
-0.3%

Volume/Mix

-1.6%

-1.3%
Price

– Prepared food categories, Asian and Frozen, declines

0.0%

Acquisitions/
Divestitures
Divestitures

Currency

Net Sales

12 The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

2Q 2024 SALES RESULTS: CONSUMER SEGMENT
EMEA CONSUMER

3.9% constant currencyVolume growth across categories and major markets– Expanded distribution in grocery, discounter, and e-commerce

3.7%

Volume/Mix

5.0%
0.2%

0.0%

Price

Acquisitions/
Acquisitions
Divestitures– Realized benefits from new product innovation

1.1%

Currency

Net Sales

13 The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

2Q 2024 SALES RESULTS: CONSUMER SEGMENT
APAC CONSUMER-0.9% constant currency

0.6%
-1.5%

Volume/Mix

Price



Volume and mix decline due to macro environment in China

Broad-based volume-led growth outside of China

0.0%
-3.9%

-4.8%

Acquisitions/
Currency
Divestitures

Net Sales

14 The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

2Q 2024 SALES RESULTSTOTAL COMPANY-1.0% constant currency
0.0%
-0.3%

-0.7%
Volume/Mix

0.0%

Price

Acquisitions/
Divestitures
Divestitures-1.0%
Currency

Net Sales

FLAVOR SOLUTIONSCONSUMER-0.5% constant currency
0.3%

1.0%

0.0%
-0.8%

Volume/Mix-1.4% constant currency

Price

-0.3%
Acquisitions/
Divestitures
Divestitures Currency-0.8%
Net Sales

-0.6%

-1.8%
Volume/Mix

0.3%

Price

Acquisitions/
Acquisitions
Divestitures

15 The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

-1.1%
Currency

Net Sales2Q 2024 SALES RESULTS: FLAVOR SOLUTIONS SEGMENTAMERICAS FLAVOR SOLUTIONS-0.9% constant currency

1.5%– Softness in QSR and packaged food volumes– Timing of customer activities

0.0%

0.7%
-0.2%

-2.4%

Volume/Mix

Price

Volume and mix decline included:

Acquisitions/
Acquisitions/
Divestitures

Currency– Partially offset by volume growth in branded foodservice

Net Sales

16 The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

2Q 2024 SALES RESULTS: FLAVOR SOLUTIONS SEGMENT
EMEA FLAVOR SOLUTIONS-8.2% constant currency

3% impact from divestiture of canning business

Volume and mix decline included:– Softness in QSR and packaged food volumes

0.9%
-4.1%
Volume/Mix

-1.0%

Price

-3.1%
Acquisitions/
Acquisitions
Divestitures– Timing of customer activities-7.3%

Currency

Net Sales

17 The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

2Q 2024 SALES RESULTS: FLAVOR SOLUTIONS SEGMENT
APAC FLAVOR SOLUTIONS


10.3% constant currency– Timing of customer promotions and limited-time offers

9.2%

5.9%
1.1%

Volume and mix growth driven by:– New product innovation

0.0%
-4.4%

Volume/Mix

Price

Acquisitions/
Acquisitions Currency
Divestitures

Net Sales

18 The non-GAAP measure included herein, which we refer to as “constant currency”, excludes the impact of foreign currency exchange. See slide 30 for the impact of constant currency.

GROSS MARGIN(in millions)

Gross Margin

2Q 2024

2Q 2023

2Q
Fav/(Unfav)
Change

37.7%

37.1%

60 bps Expansion primarily driven by Comprehensive Continuous Improvement (CCI) savings program Anticipate higher gross margin in 2H 2024 relative to 1H 2024

19

OPERATING INCOME
2Q 2024

2Q 2023

Selling, general & administrative expenses aspercent of net sales

2Q
Fav/(Unfav)
Change

23.3%

22.9%

(40) bps

Operating income$234.1$221.86%

Adjusted operating income$235.9$235.00%Consumer

149.3

153.6

(3%)

Flavor Solutions

86.6

81.4

6%

(in millions) SG&A expenses as a percent of net sales increased 40 basis points−

Brand marketing partially offset by CCI cost savings−

Anticipate continued investment in brand marketing

 Total adjusted operating income growth flat to 2Q 2023 with minimal impact from currency−

Consumer segment had (1%) impact from currency−

Flavor Solutions segment had minimal currency impact

 Special charges were $1.8 million in 2Q 2024 versus $13.2 million in 2Q 2023
non-GAAP measures included herein, which we refer to as “adjusted”, exclude the impact of items affecting comparability between periods.
20 TheSee reconciliation of GAAP to non-GAAP financial measures on slides 28 to 32, including the impact of constant currency

INTEREST EXPENSE AND INCOME TAXES
2Q 2024

2Q 2023

2Q
Fav/(Unfav)
ChangeInterest Expense

$52.9

$52.2

(1%)

Income tax rate

13.5%

22.1%

860 bps

Adjusted income tax rate

13.6%

22.3%

870 bps(in millions) Interest expense increase driven by higher short-term rates partially offset by reduction in average debt
 Benefit of discrete tax items more significant in 2Q 2024−

Expect tax rate to be approximately 22% for the year

non-GAAP measures included herein, which we refer to as “adjusted”, exclude the impact of items affecting comparability between periods.
21 TheSee reconciliation of GAAP to non-GAAP financial measures on slides 28 to 32, including the impact of constant currency

INCOME FROM UNCONSOLIDATED OPERATIONS(in millions)

Income from Unconsolidated Operations

2Q 2024

2Q 2023

2Q
Fav/(Unfav)
Change

$16.8

$10.3

63%

 Increase driven by strong performance in largest joint venture, McCormick de Mexico

22

EARNINGS PER SHARE
2Q 2024

2Q 2023

2Q
Fav/(Unfav)
ChangeEarnings per share

$0.68

$0.56

21%

Adjusted earnings per share

$0.69

$0.60

15%

Change in adjusted earnings per share
Decrease in tax rate

0.06

Increase in unconsolidated income

0.03

Total Increase$ 0.09The non-GAAP measures included herein, which we refer to as “adjusted”, exclude the impact of items affecting comparability between periods.
23 Seereconciliation of GAAP to non-GAAP financial measures on slides 28 to 32, including the impact of constant currency

BALANCE SHEET AND CASH FLOW

 Year-to-date cash flow provided from operations of $302 million–

Decrease from $394 million year-to-date 2023–

Decline driven by increased incentive compensation and timing of cash tax payments

BALANCEDUSE OF CASH

 $226 million of cash returned to shareholders through dividends Capital expenditures of $130 million through the first half of 2024

 Drive growth Return to shareholders
 Pay down debt

EXPECT STRONG 2024 CASH FLOW DRIVEN BY PROFITAND WORKING CAPITAL INITIATIVES
24

2024 OUTLOOKReported Currency

Constant Currency

Sales growth-2% to 0%-1% to 1%

Adjusted operating income increase

3% to 5%4% to 6%

Cost inflation
Adjusted gross profit margin
Brand marketing

Low single-digit increase
Up 50 to 100 bps
High single-digit increase

Adjusted income from unconsolidated operations

Mid-teens increase

Adjusted tax rate

Approximately 22%

Adjusted earnings per share$2.80 to $2.85

Adjusted earnings per share growth
Shares outstanding

4% to 6%
Approximately 271M

non-GAAP measures included herein, which we refer to as “adjusted”, exclude the impact of items affecting comparability between periods.
25 TheSee reconciliation of GAAP to non-GAAP financial measures on slides 28 to 32, including the impact of constant currency

5% to 7%

KEY TAKEAWAYSFirst-half results reflect effectiveness of investments to drive long-term organic growth
Execution of proven strategies with speed and agility in alignment with consumer behavior
CCI savings program continues to fund investments and drive margin expansion
Confidence in delivering mid to high-end of constant currency sales outlook for 2024

26

2nd QUARTER
Financial Results
2024 and Outlook

McCORMICK & COMPANY, INC.
June 27, 2024

27

The following slides accompany a June 27, 2024, earnings release conference call. This information should be read in conjunction with the press release issued on that date.

NON-GAAP FINANCIAL MEASURESThe tables below include financial measures of adjusted operating income, adjusted operating income margin, adjusted income tax expense, adjusted income tax rate, adjusted net income and adjusted diluted
earnings per share. These represent non-GAAP financial measures, which are prepared as a complement to our financial results prepared in accordance with United States generally accepted accounting
principles. These financial measures exclude the impact of the special charges.
Special charges consist of expenses and income, as applicable, associated with certain actions undertaken by the Company to reduce fixed costs, simplify or improve processes, and improve our competitivenessand are of such significance in terms of both up-front costs and organizational/structural impact to require advance approval by our Management Committee. Expenses associated with the approved actions areclassified as special charges upon recognition and monitored on an on-going basis through completion.
We believe that these non-GAAP financial measures are important. The exclusion of the items noted above provides additional information that enables enhanced comparisons to prior periods and, accordingly,
facilitates the development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our businessperformance and trends.
These non-GAAP financial measures may be considered in addition to results prepared in accordance with GAAP, but they should not be considered a substitute for, or superior to, GAAP results. In addition,these non-GAAP financial measures may not be comparable to similarly titled measures of other companies because other companies may not calculate them in the same manner that we do. We intend tocontinue to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial
reporting. A reconciliation of these non-GAAP financial measures to the related GAAP financial measures is provided below:

28

NON-GAAP FINANCIAL MEASURES(in millions except per share data)

5/31/2024$ 234.1
1.8$ 235.9
0.3%
14.2%

5/31/2023$ 221.8
13.2$ 235.0

Impact of special charges (1)

0.2%

0.8%

Adjusted operating income margin (1)

14.4%

14.2%

Operating income
Impact of special charges
Adjusted operating income% increase versus year-ago period
Operating income margin (1)Income tax expense
Impact of special charges
Adjusted income tax expense
Income tax rate (2)Impact of special charges
Adjusted income tax rate (2)$Net income
Impact of special charges
Adjusted net income% increase versus year-ago period$

Earnings per share - diluted
Impact of special charges
Adjusted earnings per share - diluted% increase versus year-ago period

29

Three Months Ended

$

$

$
$

13.4%

26.2
0.4
26.6
13.5%
0.1%
13.6%

$

184.2
1.4
185.6
14.5%

$

0.68
0.01
0.69
15.0%

$

$

$
$

40.3
3.2
43.5
22.1%
0.2%
22.3%
152.1
10.0
162.1

0.56
0.04
0.60

1) Operating income margin, impact of special charges, and adjusted operating income margin arecalculated as operating income, impact of special charges, and adjusted operating income as apercentage of net sales for each period presented.
2) Income tax rate is calculated as income tax expense as a percentage of income from consolidated
operations before income taxes. Adjusted income tax rate is calculated as adjusted income tax
expense as a percentage of income from consolidated operations before income taxes excluding
special charges of $195.4 million and $195.3 million for the three months ended May 31, 2024, and2023 respectively.

NON-GAAP FINANCIAL MEASURES
Because we are a multi-national company, we are subject to variability of our reported U.S. dollar results due to changes in foreign currency exchange rates. Those changes have been volatile over the past several years. The
exclusion of the effects of foreign currency exchange, or what we refer to as amounts expressed “on a constant currency basis”, is a non-GAAP measure. We believe that this non-GAAP measure provides additional information thatenables enhanced comparison to prior periods excluding the translation effects of changes in rates of foreign currency exchange and provides additional insight into the underlying performance of our operations located outside of the
U.S. It should be noted that our presentation herein of amounts and percentage changes on a constant currency basis does not exclude the impact of foreign currency transaction gains and losses (that is, the impact of transactions
denominated in other than the local currency of any of our subsidiaries in their local currency reported results).
Percentage changes in sales and adjusted operating income expressed on a constant currency basis are presented excluding the impact of foreign currency exchange. To present this information for historical periods, current period
results for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the corresponding period of the comparative year, rather than at the actual averageexchange rates in effect during the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in the average foreign currency exchange rate between
the current fiscal period and the corresponding period of the comparative year. Rates of constant currency growth (decline) follow:

Three Months Ended May 31, 2024
Percentage Change on
Percentage Change as
Impact of Foreign
Constant Currency
Reported
Currency Exchange
Basis
Net sales
Consumer Segment
Americas
EMEA
APAC
Total Consumer segment
Flavor Solutions Segment
Americas
EMEA
APAC
Total Flavor Solutions segment
Total net sales
Adjusted operating income
Consumer segment
Flavor Solutions segment
Total adjusted operating income
30(1.6)%
5.0%(4.8)%(0.8)%—%
1.1%(3.9)%(0.3)%(1.6)%
3.9%(0.9)%(0.5)%(0.2)%(7.3)%
5.9%(1.1)%(1.0)%

0.7%
0.9%(4.4)%
0.3%—%(0.9)%(8.2)%
10.3%(1.4)%(1.0)%(2.8)%
6.3%
0.3%(0.4)%
0.4%(0.1)%(2.4)%
5.9%
0.4%

NON-GAAP FINANCIAL MEASURESTo present “constant currency” information for the fiscal year 2024 projection, projected sales and adjusted operating income for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at thecompany’s budgeted exchange rates for 2024 and are compared to the 2023 results, translated into U.S. dollars using the same 2024 budgeted exchange rates, rather than at the average actual exchange rates in effect during fiscal
year 2023. To estimate the percentage change in adjusted earnings per share on a constant currency basis, a similar calculation is performed to arrive at adjusted net income divided by historical shares outstanding for fiscal year
2023 or projected shares outstanding for fiscal year 2024, as appropriate.

Projections for the Year Ending November 30, 2024

31

Percentage change in net sales
Impact of unfavorable foreign currency exchange
Percentage change in net sales in constant currency(2)% to 0%
1%(1)% to 1%

Percentage change in adjusted operating income
Impact of unfavorable foreign currency exchange
Percentage change in adjusted operating income in constant currency

3% to 5%1%
4% to 6%Percentage change in adjusted earnings per share - diluted
Impact of unfavorable foreign currency exchange
Percentage change in adjusted earnings per share - diluted in constantcurrency

4% to 6%1%
5% to 7%

NON-GAAP FINANCIAL MEASURESThe following provides a reconciliation of our estimated earnings per share to adjusted earnings per share for 2024 and actual results for 2023:

Earnings per share - diluted
Impact of special charges
Adjusted earnings per share - diluted

32

Year Ended
2024 Projection
11/30/2023$2.76 to $2.81 $
2.52
0.04
0.18
$2.80 to $2.85 $2.70