McCormick mpany Incorporated : Q3 2021 McCormick & Company, Inc. Earnings Conference Call

3RD QUARTER 2021 FINANCIAL RESULTS AND OUTLOOK

McCormick & Company, Inc.

September 30, 2021

The following slides accompany a September 30th, 2021, 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 margins, earnings, cost savings, transaction and integration expenses, special charges, acquisitions, brand marketing support, volume and product 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 of words such as "may," "will," "expect," "should," "anticipate," "intend," "believe" and "plan." These statements may relate to: the impact of COVID-19 on our business, suppliers, consumers, customers, and employees; disruptions or inefficiencies in the supply chain, including any impact of COVID-19; the expected results of operations of businesses acquired by the company, including the acquisitions of Cholula and FONA; the expected impact of the inflationary cost environment, including commodities, packaging materials and transportation costs on our business; the expected impact of pricing actions on the company's results of operations and gross margins; the expected impact of factors affecting our supply chain, including transportation capacity, labor shortages and absenteeism; the expected impact of productivity improvements, including those associated with our Comprehensive Continuous Improvement ("CCI") program and global enablement initiative; expected working capital improvements; expectations regarding growth potential in various geographies and markets, including the impact from customer, channel, category, and e-commerce expansion; expected trends in net sales and earnings performance and other financial measures; the expected timing and costs of implementing our business transformation initiative, which includes the implementation of a global enterprise resource planning ("ERP") system; the expected 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; the impact 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 and repayment of short- and long-term debt as well as quarterly dividends and the ability to issue additional debt or equity 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: the company'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; 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 preferences and demand; business interruptions due to natural disasters, unexpected events or public health crises, including COVID-19; issues affecting the company's supply chain and raw materials, including fluctuations in the cost and availability of raw and packaging materials; government regulation, and changes in legal and regulatory requirements and enforcement practices; the lack of successful acquisition and integration of new businesses, including the acquisitions of Cholula and FONA; global economic and financial conditions generally, including the impact of the exit of the United Kingdom from the European Union, availability of financing, interest and inflation rates, and the imposition of tariffs, quotas, trade barriers and other similar restrictions; foreign currency fluctuations; the effects of increased level of debt service following the Cholula and FONA acquisitions as well as the effects that such increased debt service may have on 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; risks associated with the phase-out of LIBOR; impairments of indefinite-lived intangible assets; assumptions we have made regarding 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, volatility in our effective tax rate; climate change; infringement of intellectual property rights, and those of customers; litigation, legal and administrative proceedings; the company's inability to achieve 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,

2future events or otherwise, except as may be required by law.

Lawrence Kurzius

Chairman, President and Chief Executive Officer

3

THIRD QUARTER 2021 RESULTS REFLECT

ROBUST AND SUSTAINED GROWTH MOMENTUM

WELL POSITIONED TO DRIVE DIFFERENTIATED GROWTH

• Balanced portfolio to drive performance consistency
• Effective execution of strategies
• Acceleration of consumer trends
• Engagement of employees

STRENGTH AND BREADTH OF OUR OFFERING DEMONSTRATED

• Broad-basedFlavor Solution segment growth
• Higher at-home consumption sustained in Consumer segment
• Strong and contributions

BROAD AND ADVANTAGED

GLOBAL PORTFOLIO

U.S. Spices &		Flavors
Seasonings
International	Pro-Forma
Spices &	Branded
Seasonings	2020	Foodservice
	NET SALES1	Custom
Recipe Mixes		Condiments
		Coatings, Spices
		& Herbs
Condiments &
Sauces	Regional Leaders

Consumer

Flavor Solutions

4 1) Proforma including Cholula and FONA acquisitions; approximation of category sizes

THIRD QUARTER FINANCIAL RESULTS AND OUTSTANDING YEAR-TO-DATE PERFORMANCE

THIRD QUARTER NET SALES GREW 8%1

• Substantial Flavor Solutions segment growth
• Consumer segment sales impacted by logistics challenges

ADJUSTED OPERATING INCOME COMPARABLE1

• Benefit of higher sales
• Cost inflation, logistics challenges and segment sales mix

ADJUSTED EARNINGS PER SHARE GREW 5%

ROBUST YEAR-TO-DATE GROWTH VERSUS 2019

NET SALES (in billions)

3Q FY21

+19%

3Q FY20

growth

3Q FY19

ADJUSTED OPERATING INCOME (in millions)

+17%

3Q FY21

3Q FY20

growth

3Q FY19

ADJUSTED EARNINGS PER SHARE ($ per share)

3Q FY21

+18%

3Q FY20

growth

3Q FY19

1) Includes 3% favorable currency impact

5 The non-GAAP measures included herein, which we refer to as "adjusted", exclude the impact of items affecting comparability between periods. See reconciliation of GAAP to non-GAAP financial measures on slides 31 to 35, including the impact of constant currency.