First Read: McCormick & Company Inc "MKC Delivers 2Q Beat With FY26..."

Research evidence excerpt

First Read: McCormick & Company Inc "MKC Delivers 2Q Beat With FY26..."

Global Research

25 June 2026ab

First Read

EquitiesMcCormick & Company Inc

MKC Delivers 2Q Beat With FY26 Guidance United States

Maintained Food Products

12-month rating Neutral

12m price target US$51.00

Initial Reaction: Positive

Heading into the print, our conversations suggested sentiment was mixed. Bulls remain

intrigued by the risk/reward and while acknowledging the potential for weaker demand/ Price (25 Jun 2026) US$47.60

incremental cost pressures, many felt MKC would still deliver better growth than most. RIC: MKC.N BBG: MKC US

Bears focused on the fact that much of the catalyst path continues to hinge on the

Trading data and key metrics

pending ULVR transaction, which is still potentially a year away, and felt weaker

fundamentals in the NT may not be appropriately understood. Against this backdrop, 52-wk range US$77.57-45.60

we think this morning's print will be viewed as better-than-feared with organic growth Market cap. US$12.8b

in-line with Street estimates and EPS surprising to the upside (partially aided by a tariff Shares o/s 268m (COM)

refund benefit). The company also reiterated their guidance across the board, which we Free float 99%

believe was the base case expectation heading into the print. We believe sentiment will Avg. daily volume ('000) 1,505

continue to hinge on the pending ULVR transaction and while the print itself certainly Avg. daily value (m) US$73.9

had some puts and takes, we think it will still be enough to push shares higher this Common s/h equity (11/26E) US$7.22b

morning given underperformance heading into the print (currently indicating +2%). P/BV (11/26E) 1.8x

Net debt to EBITDA (11/26E) 2.8x

FY26 Guidance Maintained

EPS (UBS, diluted) (USD)