Mondelez International, Inc. · NASDAQ:MDLZ
Mondelez International — Q4 2024 Earnings Presentation
36 slides from Mondelez International's earnings presentation, Feb 4, 2025
Slide 1: Q4 & FY 2024 Results
Q4 & FY 2024 RESULTS February 4, 2025
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
FORWARD-LOOKING STATEMENTS This presentation contains 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,” “may,” “expect,” “would,” “cou
Slide 3: Agenda
AGENDA 1 Business & Strategy Update – Van de Put 2 Financial Results – Zaramella 3 2025 Outlook – Zaramella 4 Q&A – Van de Put & Zaramella 3
Slide 4: Strong 2024 Results, Long-Term Fundamentals Strong
STRONG 2024 RESULTS, LONG-TERM FUNDAMENTALS STRONG 1. Strong FY top-line growth +MSD with positive H2 Volume/Mix 2. Strong Gross Profit $ growth of +MSD via pricing in light of inflation and ongoing cost discipline 3. Increased investments behind our brands and capabilities 4. Robust free cash flow
Slide 5: Strong FY'24 Top- and Bottom-Line Results, Q4 Impacted by Cocoa Cost Phasing
STRONG FY’24 TOP- AND BOTTOM-LINE RESULTS, Q4 IMPACTED BY COCOA COST PHASING Organic Net Adjusted Gross A&C Change Adjusted Free Cash Flow Revenue Growth Profit Growth1 in Spend1 EPS Growth1 Q4 +5.2% -12.5% +MSD -15.9% 2024 Vol/Mix +0.1pp Price +5.1pp FY +4.3% +5.1% +HSD +13.0% $3.5B 2024 Vol/Mix -1
Slide 6: Snacking Remains Durable with Consumers
SNACKING REMAINS DURABLE WITH CONSUMERS Consumer Categories1 • Confidence slightly better • Biscuits category volume flattish in L3M North • Continued concern on economic outlook • Regaining share in Biscuits driven by Oreo, CA! America and Ritz; Private Label losing share • Confidence neutral drive
Slide 7: Progressing Against Our Strategic Growth Agenda
PROGRESSING AGAINST OUR STRATEGIC GROWTH AGENDA Continue Transformation Drive Capabilities Expand Distribution Reinvest into Brands Closed Evirth deal, Largest RGM Liquidated JDEP activation in our investment Digital Commerce channel growing history Engaged activations +DD% in 2024 to delight our Co
Slide 8: Advancing Against Our Sustainability Objectives in 2024
ADVANCING AGAINST OUR SUSTAINABILITY OBJECTIVES IN 2024 Ingredients Packaging Cocoa volume for ~90% ~96% chocolate brands of packaging is sourced through recyclable Cocoa Life Environment Consumer CO2e emissions of Snacks Net ~38% ~80% reductions across Revenue from our manufacturing Mindful Portion
Slide 9: Focused on Our Strengths & Controllables in Dynamic Environment
FOCUSED ON OUR STRENGTHS & CONTROLLABLES IN DYNAMIC ENVIRONMENT Themes MDLZ Well Positioned Europe Resilient categories with stable of iconic brands elasticities inflation Consumer Confidence Clear Chocolate strategy to navigate record cocoa prices China Pricing negotiations Continued distribution o
Slide 10: Agenda
AGENDA 1 Business & Strategy Update – Van de Put 2 Financial Results – Zaramella 3 2025 Outlook – Zaramella 4 Q&A – Van de Put & Zaramella 10
Slide 11: Balanced Growth Across Emerging and Developed Markets
BALANCED GROWTH 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 Q4 +5.2% +6.7% +4.3% 2024 Vol/Mix +0.1% Vol/Mix +0.2% Vol/Mix +0.1%
Slide 12: Step-Up in Q4 Top-Line Performance, Solid FY Results
STEP-UP IN Q4 TOP-LINE PERFORMANCE, SOLID FY RESULTS 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 MDLZ Revenue1 Q4 +2.1% +8.9% +8.9% 2024 Vol/Mix +1.4%
Slide 13: Solid Snacks Category Growth, Share Continues to Improve
SOLID SNACKS CATEGORY GROWTH, SHARE CONTINUES TO IMPROVE Category Growth1 Snacks Revenue Gaining/Holding Share1 YTD 2024 ~75% +11.8% ~65% ~50% +8.0% +4.6% +1.3% Biscuits Chocolate Gum & Candy Total Snacks 2023 2024 YTD L3M & Baked Snacks 1 Share performance and category growth based on available sca
Slide 14: Continued Topline Momentum with Strong FY Profit Growth
CONTINUED TOPLINE MOMENTUM WITH STRONG FY PROFIT GROWTH Organic Net Revenue Growth and Adjusted OI Growth by Region Mondelēz Europe North America AMEA Latin America Q4 Revenue Growth Volume/Mix +5.2% +0.1pp +7.4% -2.0pp +0.4% +1.3pp +8.6% +3.8pp +4.9% -1.5pp 2024 OI Growth1 -28.2% -42.3% -11.5% -28.
Slide 15: Robust FY Profit Dollar Growth, Q4 Impacted by Cocoa Phasing
ROBUST FY PROFIT DOLLAR GROWTH, Q4 IMPACTED BY COCOA PHASING Adjusted Gross Profit, Advertising & Consumer Promotions, Overheads and Operating Income Growth1 FY 2024 vs PY Adjusted, Fav/(Unfav) +5.1% +HSD% +LSD% +8.1% Q4 $(440)MM +MSD% -LSD% $(396)MM vs PY -12.5% -28.2% 1 at cst fx 15
Slide 16: Strong FY EPS Led by Operating Gains, Cocoa Phasing Impacting Q4
STRONG FY EPS LED BY OPERATING GAINS, COCOA PHASING IMPACTING Q4 FY 2024 EPS vs PY Adjusted, Fav/(Unfav) +13.0% (Cst Fx) +9.1% (Rpt Fx) FY 2023 Operating Shares Interest/ Taxes FY 2024 Forex FY 2024 Adjusted Gains Other Adj. EPS Adjusted EPS @ Cst FX EPS Q4 $0.82 $(0.21) $0.01 $(0.01) $0.08 $0.69 $(
Slide 17: Sustained Cash Flow Generation, Deployed for Value Creation
SUSTAINED CASH FLOW GENERATION, DEPLOYED FOR VALUE CREATION Free $3.5 Billion Cash Flow CCC -41 days; +3 days favorable vs PY Share $2.3 Billion FY ($1.1 Billion in Q4) Repurchases $65.51 average price Dividends $2.4 Billion FY, up +$0.2 Billion vs PY 17
Slide 18: Agenda
AGENDA 1 Business & Strategy Update – Van de Put 2 Financial Results – Zaramella 3 2025 Outlook – Zaramella 4 Q&A – Van de Put & Zaramella 18
Slide 19: Remain Confident in Chocolate Strategy Despite Cocoa Cost Volatility
REMAIN CONFIDENT IN OUR CHOCOLATE STRATEGY DESPITE CONTINUED COCOA COST VOLATILITY London Cocoa Spot Price (GBP/Ton) Cocoa Update 11,500 10,500 • Cocoa costs continue to remain volatile 9,500 9,030 amid supply concerns 8,500 7,500 • Futures market continues to remain 6,500 inverted, signaling eventu
Slide 20: FY 2025 Outlook – Topline & FCF on Algo, EPS Decline Due to Cocoa
FY 2025 OUTLOOK – TOPLINE & FCF ON ALGO, EPS DECLINE DUE TO COCOA Organic Net Adjusted EPS Free Outlook Revenue Growth Growth (cst. Fx) Cash Flow FY25 ~+5% ~-10% $3B+ Excludes Potential Tariff Changes Algo Mid point 3-5% +HSD% $3B+ LT FY25 Planning Assumptions Inflation Adj. Interest Adj. Effective
Slide 21: 2026 Considerations
2026 CONSIDERATIONS • Implementing 2025 Chocolate strategy with right balance of profitability and category health • Executing our RGM playbook to protect consumption and maintain key price points • Prioritizing high ROI brand reinvestment while driving cost savings • Expect EPS growth in 2026, magn
Slide 22: Q&A
Q&A Dirk Van de Put Luca Zaramella Chairman & CEO CFO 22
Slide 23: Mondelez International – Snacking Made Right
Mondelez, International SNACKING MADE RIGHT
Slide 24: 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 Jan 28th Rate Impact vs 2024 Argentine Peso 915.64 / $US 1050.19 / $US Australian Dollar US$0.66 / AUD US$0.62 / AUD Brazilian Real 5.39 / $US 5.86/ $US Canadian Dollar US$0.73 / CAD US$0.69 / CAD Chinese Yuan 7
Slide 25: 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
Slide 26: Additional Non-GAAP Financial Measures Definitions
ADDITIONAL NON-GAAP FINANCIAL MEASURES DEFINITIONS “Adjusted A&C” is defined as advertising and consumer promotions (the most comparable U.S. GAAP financial measure) excluding divestitures and incremental costs incurred due to the war in Ukraine. We excluded the items which we believe may obscure tr
Slide 27: 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 December 31, 2024 Reported (GAAP) $ 1,171 $ 1,908 $ 3,744 $ 2,781 $ 9,604 Acquisitions - (72) - - (
Slide 28: 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 December 31, 2024 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 9,6
Slide 29: 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 Twelve Months Ended December 31, 2024 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 36
Slide 30: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Three Months Ended December 31, 2024 2023 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 1.30 $ 0.70 $ 0.60 85.7 % Simplify to Grow Program 0.04 0.04 - Mark-to-market (gains)/losses from d
Slide 31: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) 2024 2023 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 3.42 $ 3.62 $ (0.20) (5.5)% Simplify to Grow Program 0.09 0.08 0.01 Intangible asset impairment charges 0.08 0.01 0.07 Mark-to-market (gain
Slide 32: 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 Twelve Months Ended December 31, 2024 2023 $ Change Net Cash Provided by Operating Activities (GAAP) $ 4,910 $ 4,714 $ 196 Capital Exp
Slide 33: 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 December 31, 2024 Reported (GAAP) $ 3,640 $ 5,964 $ 9,604 Acquisitions (72) - (72) Currency-related item
Slide 34: 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 December 31, 2024 Reported (GAAP) $
Slide 35: 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 December 31, 2024 Unrealized G/(L) on General Latin North Hedging Corporate Amortization Other Mondelēz America AMEA Europe America Activities Expenses of Intangibles Items Internationa
Slide 36: GAAP to Non-GAAP Reconciliations: Segment Data
GAAP TO NON-GAAP RECONCILIATIONS Segment Data (in millions of U.S. dollars) (Unaudited) For the Twelve Months Ended December 31, 2024 Unrealized G/(L) on General Latin North Hedging Corporate Amortization Other Mondelēz America AMEA Europe America Activities Expenses of Intangibles Items Internation
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