Equity Snap: McCormick & Co Inc (MKC US): Hold: Strong 2Q beat – Flavor Solutions leads the way

研报英文原文证据摘录

Equity Snap: McCormick & Co Inc (MKC US): Hold: Strong 2Q beat – Flavor Solutions leads the way

25 June 2026

Equity Snap: McCormick & Co Inc Equities Food Products

(MKC US)

Hold: Strong 2Q beat – Flavor Solutions leads the way United States

◆ Strong profitability delivery ahead of expectations, driven by Diego Serrano*

Flavor Solutions momentum, McCormick de Mexico Analyst,HSBC Mexico,ConsumerS.A., InstitucionStaples de Banca Multiple, Grupo

accretion, and IEEPA tariff refund; Consumer volumes Financiero HSBC diego.serrano@hsbc.com.mx

remain a near-term headwind +52 55 8551 3361

Jeremy Fialko*, CFA

◆ FY26 outlook reaffirmed; Unilever Foods integration planning Senior Global Consumer Staples Analyst

HSBC Bank Middle East Limited, DIFC

on track with key milestones ahead jeremy.fialko@hsbc.com

+971 4 509 3366

McCormick & Co Inc (MKC US, USD47.60, Hold, TP USD52.00) * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

(Priced as of 24 Jun 2026) not registered/ qualified pursuant to FINRA regulations

Strong 2Q delivery: McCormick reported strong 2Q results, showing resilience

across a challenging consumer backdrop. Price-led organic growth of +1.7% y-o-y

masked a divergent story between segments – accelerating Flavor Solutions

momentum more than offset ongoing volume softness in Consumer, particularly in

the Americas where price gaps and demand shifts weighed in. Profitability was the

main highlight, with meaningful margin expansion supported by McCormick de

Mexico accretion, CCI-driven productivity, and a USD28m IEEPA tariff refund that

added c140bp to adj. gross margin in the period.

Numbers: Net sales of USD1.9bn (+16.7% y-o-y, organic +1.7%) came slightly

above consensus (+1.2%). Adj. operating income of USD336m (+30.1% y-o-y) beat