Mondelez International, Inc. · NASDAQ:MDLZ

Mondelez International — Q3 2025 Earnings Presentation

32 slides from Mondelez International's earnings presentation, Oct 28, 2025

  1. Slide 1: Q3 2025 Results

    Q3 2025 RESULTS October 28, 2025

  2. Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures

    FORWARD-LOOKING STATEMENTS This presentation and accompanying prepared remarks contain forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. Words, and variations of words, such as “will

  3. Slide 3: Agenda

    AGENDA 1 Business & Strategy Update 2 Financial Results 3 2025 Outlook and 2026 Reflections 3

  4. Slide 4: Continue to Execute Our Plans as We Navigate Challenging Operating Environment

    CONTINUE TO EXECUTE OUR PLANS AS WE NAVIGATE CHALLENGING OPERATING ENVIRONMENT 1. Q3 top-line growth +3.4% led by pricing execution, partially offset by volume/mix decline including Europe heat wave consumption drag 2. Robust market share performance 3. Solid YTD free cash flow delivery with signifi

  5. Slide 5: Top-Line Growth Led by Pricing Realization, Profit Decline Primarily Due to Cocoa Costs

    TOP-LINE GROWTH LED BY PRICING REALIZATION, PROFIT DECLINE PRIMARILY DUE TO COCOA COSTS Organic Net Adjusted Gross Adjusted Free Cash Flow Revenue Growth Profit Growth1 EPS Growth1 Q3 +3.4% -21.3% -24.2% 2025 Vol/Mix -4.6pp Price +8.0pp YTD +4.0% -15.0% -19.6% $1.2B 2025 Vol/Mix -3.2pp Price +7.2pp

  6. Slide 6: Current Situation and Our Actions for Developed Markets

    CURRENT SITUATION AND OUR ACTIONS FOR DEVELOPED MARKETS Current Situation MDLZ Actions • US Biscuits category value declining faster • Launch new innovations; Grow Premium & North America in L3M vs H1’25 trend BFY offerings • Consumer confidence remains weak • Leverage RGM on value offerings and PPA

  7. Slide 7: Agenda

    AGENDA 1 Business & Strategy Update 2 Financial Results 3 2025 Outlook and 2026 Reflections 7

  8. Slide 8: Solid Top-Line Growth Led by Pricing Across Emerging and Developed Markets

    SOLID TOP-LINE GROWTH LED BY PRICING ACROSS EMERGING AND DEVELOPED MARKETS Mondelēz Emerging Markets Developed Markets Organic Net Revenue Growth Organic Net Revenue Growth Organic Net Revenue Growth 39% of Total MDLZ Revenue1 61% of Total MDLZ Revenue1 Q3 +3.4% +7.1% +1.2% 2025 Vol/Mix -4.6% Vol/Mi

  9. Slide 9: Strong Chocolate Growth Due to Cocoa-Led Pricing, Modest Biscuits Growth

    STRONG CHOCOLATE GROWTH DUE TO COCOA-LED PRICING, MODEST BISCUITS GROWTH IMPACTED BY SOFT US CONSUMPTION Biscuits & Baked Snacks Chocolate Gum & Candy Organic Net Revenue Growth Organic Net Revenue Growth Organic Net Revenue Growth 49% of Total MDLZ Revenue1 31% of Total MDLZ Revenue1 11% of Total M

  10. Slide 10: Robust Category and Share Performance YTD

    ROBUST CATEGORY AND SHARE PERFORMANCE YTD Category Value Growth1 Snacks Revenue Gaining/Holding Share1 YTD 2025 10.4% ~70% 4.9% ~50% 4.3% 0.4% Biscuits Chocolate Gum & Candy Total Snacks 2024 YTD 2025 & Baked Snacks 1 Share performance and category growth based on available scanner data from several

  11. Slide 11: Strong Top-Line Performance Across Most Segments, Profit Decline Driven by Cocoa

    STRONG TOP-LINE PERFORMANCE ACROSS MOST SEGMENTS, PROFIT DECLINE MOSTLY DRIVEN BY COCOA INPUT COSTS Organic Net Revenue Growth and Adjusted OI Growth by Region Mondelēz Europe North America AMEA Latin America Q3 Revenue Growth Volume/Mix +3.4% -4.6pp +5.1% -7.5pp -0.3% -1.8pp +5.3% -4.0pp +4.7% -4.0

  12. Slide 12: Profit Lower Largely Due to Cocoa Input Costs, Partially Offset by Cost Efficiencies

    PROFIT LOWER LARGELY DUE TO COCOA INPUT COSTS, PARTIALLY OFFSET BY COST EFFICIENCIES Adjusted Gross Profit YTD 2025 vs PY Adjusted Operating Income YTD 2025 vs PY $10.7B $4.9B -MSD% -DD% $3.8B $3.8B -DD% $9.1B $9.1B +MSD% -DD% -15.0% -15.2% -22.9% -22.5% (Cst Fx) (Rpt Fx) (Cst Fx) (Rpt Fx) YTD 2024

  13. Slide 13: EPS Decline Primarily Due to Cocoa Input Costs

    EPS DECLINE PRIMARILY DUE TO COCOA INPUT COSTS YTD 2025 EPS vs PY Adjusted, Fav/(Unfav) $2.71 $0.07 $0.07 $2.18 $0.02 $2.20 $(0.61) $(0.06) -19.6% -18.8% (Cst Fx) (Rpt Fx) YTD 2024 Operations Shares Interest/ Taxes YTD 2025 Forex YTD 2025 Adjusted Other Adj. EPS Adjusted EPS @ Cst FX EPS Q3 $0.95 $(

  14. Slide 14: Solid Free Cash Flow & Capital Return to Shareholders

    SOLID FREE CASH FLOW & CAPITAL RETURN TO SHAREHOLDERS Free  $1.2 Billion YTD Cash Flow  CCC -27 days Share  $1.9 Billion YTD Repurchases  $59.00 average price Dividends  $1.8 Billion YTD 14

  15. Slide 15: Agenda

    AGENDA 1 Business & Strategy Update 2 Financial Results 3 2025 Outlook and 2026 Reflections 15

  16. Slide 16: Updated 2025 Outlook

    UPDATED 2025 OUTLOOK Organic Net Adjusted EPS Free Outlook Revenue Growth Growth (Cst. Fx) Cash Flow FY25 4%+ ~-15% $3B+ Algo Mid point 3-5% +HSD% $3B+ LT FY25 Planning Assumptions Inflation Adj. Interest Adj. Effective Share Forex % of COGS Expense Tax Rate Repurchases Impacts1 NR: ~+0.5pp ~DD% ~$3

  17. Slide 17: Cocoa Prices Declining in Recent Weeks, Supported by Multiple Catalysts

    COCOA PRICES DECLINING IN RECENT WEEKS, SUPPORTED BY MULTIPLE CATALYSTS FY Average London Cocoa SPOT Prices (GBP/Ton) Cocoa Update ~£6500 • Multiple drivers providing support for ~£5900 lower cocoa prices: ~£4400 o Solid main crop outlook o Decrease in cocoa grindings ~£2700 o Expected 2025/26 cycle

  18. Slide 18: Reflections Amid Evolving Cocoa and Macro Backdrop

    REFLECTIONS AMID EVOLVING COCOA AND MACRO BACKDROP • Expecting on-algorithm EPS growth for 2026: • Cocoa prices deflationary vs 2025, albeit high vs historical norm, with 2026 futures at ~£4400 GBP/ton range • We plan to execute on the following agenda to foster delivery: • Clear actions to drive ca

  19. Slide 19: Mondelez International - Snacking Made Right

    Mondelez, International SNACKING MADE RIGHT

  20. Slide 20: Spot Rates Versus 2024 Average FX Rates for Key Countries

    SPOT RATES VERSUS 2024 AVERAGE FX RATES FOR KEY COUNTRIES Source: XE.com Full Year 20241 October 22nd Rate Impact vs 2024 Argentine Peso 915.64 / $US 1487.73 / $US Australian Dollar US$0.66 / AUD US$0.65 / AUD Brazilian Real 5.39 / $US 5.39/ $US Canadian Dollar US$0.73 / CAD US$0.72 / CAD Chinese Yu

  21. Slide 21: Outlook

    OUTLOOK Our outlook for Organic Net Revenue growth, Adjusted EPS growth on a constant currency basis, Adjusted Interest Expense, Adjusted Effective Tax Rate and Free Cash Flow for full- year 2025 are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of fi

  22. Slide 22: Additional Non-GAAP Financial Measures Definitions

    ADDITIONAL NON-GAAP FINANCIAL MEASURES DEFINITIONS “Adjusted SG&A” is defined as selling, general and administrative expenses (the most comparable U.S. GAAP financial measure) excluding impacts of the Simplify to Grow Program, divestiture-related items, acquisition-related items, operating results f

  23. Slide 23: GAAP to Non-GAAP Reconciliations

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) Latin North Mondelēz America AMEA Europe America International For the Three Months Ended September 30, 2025 Reported (GAAP) $ 1,238 $ 2,017 $ 3,674 $ 2,815 $ 9,744 Acquisitions - (87) - -

  24. Slide 24: GAAP to Non-GAAP Reconciliations

    GAAP TO NON-GAAP RECONCILIATIONS Gross Profit/Operating Income to Adjusted Gross Profit/Operating Income (in millions of U.S. dollars) (Unaudited) For the Three Months Ended September 30, 2025 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 9,

  25. Slide 25: GAAP to Non-GAAP Reconciliations

    GAAP TO NON-GAAP RECONCILIATIONS Gross Profit/Operating Income to Adjusted Gross Profit/Operating Income (in millions of U.S. dollars) (Unaudited) For the Nine Months Ended September 30, 2025 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 28,

  26. Slide 26: GAAP to Non-GAAP Reconciliations

    GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Three Months Ended September 30, 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 0.57 $ 0.63 $ (0.06) (9.5)% Simplify to Grow Program - 0.01 (0.01) Intangible asset impairment cha

  27. Slide 27: GAAP to Non-GAAP Reconciliations

    GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Nine Months Ended September 30, 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 1.37 $ 2.12 $ (0.75) (35.4)% Simplify to Grow Program (0.01) 0.05 (0.06) Intangible asset impairmen

  28. Slide 28: GAAP to Non-GAAP Reconciliations

    GAAP TO NON-GAAP RECONCILIATIONS Net Cash Provided by Operating Activities to Free Cash Flow (in millions of U.S. dollars) (Unaudited) Mondelēz International For the Nine Months Ended September 30, 2025 2024 $ Change Net Cash Provided by Operating Activities (GAAP) $ 2,117 $ 3,451 $ (1,334) Capital

  29. Slide 29: GAAP to Non-GAAP Reconciliations

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) Emerging Developed Mondelēz Markets Markets International For the Three Months Ended September 30, 2025 Reported (GAAP) $ 3,881 $ 5,863 $ 9,744 Acquisitions (87) - (87) Currency-related ite

  30. Slide 30: GAAP to Non-GAAP Reconciliations

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue by Consumer Sector (in millions of U.S. dollars) (Unaudited) Biscuits & Baked Gum & Total Cheese & Mondelēz Snacks Chocolate Candy Snacks Beverage Grocery International For the Three Months Ended September 30, 2025 Reported (GAAP)

  31. Slide 31: GAAP to Non-GAAP Reconciliations: Segment Data

    GAAP TO NON-GAAP RECONCILIATIONS Segment Data (in millions of U.S. dollars) (Unaudited) For the Three Months Ended September 30, 2025 Unrealized G/(L) on General Latin North Hedging Corporate Amortization Mondelēz America AMEA Europe America Activities Expenses of Intangibles Other Items Internation

  32. Slide 32: GAAP to Non-GAAP Reconciliations: Segment Data

    GAAP TO NON-GAAP RECONCILIATIONS Segment Data (in millions of U.S. dollars) (Unaudited) For the Nine Months Ended September 30, 2025 Unrealized G/(L) on General Latin North Hedging Corporate Amortization Mondelēz America AMEA Europe America Activities Expenses of Intangibles Other Items Internationa

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