Mondelez International, Inc. · NASDAQ:MDLZ
Mondelez International — Q2 2025 Earnings Presentation
33 slides from Mondelez International's earnings presentation, Jul 29, 2025
Slide 1: Q2 2025 Results
SNACKING MADE RIGHT Q2 2025 RESULTS July 29, 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and accompanying prepared remarks 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 “wil
Slide 3: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2025 Outlook 3
Slide 4: Q2 Top-Line Growth Driven by Strong Pricing & Playbook Execution
Q2 TOP-LINE GROWTH DRIVEN BY STRONG PRICING & PLAYBOOK EXECUTION 1. Strong top-line growth driven by robust pricing and modest volume/mix decline 2. Broad-based growth across most major geographies 3. Solid YTD free cash flow from strong top-line and cost discipline 4. Significant capital return fro
Slide 5: Accelerated Top-Line Growth, Profit Impacted by Cocoa Input Costs
ACCELERATED TOP-LINE GROWTH, PROFIT IMPACTED BY COCOA INPUT COSTS Organic Net Adjusted Gross Adjusted Free Cash Flow Revenue Growth Profit Growth1 EPS Growth1 Q2 +5.6% -11.3% -14.5% 2025 Vol/Mix -1.5pp Price +7.1pp YTD +4.3% -11.7% -16.5% $0.8B 2025 Vol/Mix -2.5pp Price +6.8pp 1 at cst fx 5
Slide 6: Consumer Behavior Shifting; Category & Share Remain Resilient
CONSUMER BEHAVIOR SHIFTING; CATEGORY & SHARE REMAIN RESILIENT Consumer Categories1 • Consumers seek value shifting to low price pts., • Biscuits category growth remains soft, with North bulk, multipacks; and club/discount channels Crackers primary drag. But penetration & basket size showing signs of
Slide 7: Long-Term Growth Opportunity in Snacking Remains Robust
LONG-TERM GROWTH OPPORTUNITY IN SNACKING REMAINS ROBUST Snacks remains highly attractive, with robust long-term volume & value growth1 • 1 Growing buyers and occasions, in both Developed and, especially, in Emerging Markets • Driven by both functional & emotional needs, momentum from Gen Y/Z • Deman
Slide 8: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2025 Outlook 8
Slide 9: Top-Line Momentum Led by Strong Price Realization
TOP-LINE MOMENTUM LED BY STRONG PRICE REALIZATION 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 Q2 +5.6% +10.2% +2.7% 2025 Vol/Mix -1.5% Vol/Mix -0.8% Vol/Mix -1.8% YT
Slide 10: Robust Chocolate Growth Due to Cocoa-Led Pricing, Biscuits Growth Softer
ROBUST CHOCOLATE GROWTH DUE TO COCOA-LED PRICING, BISCUITS GROWTH SOFTER DUE TO US CONSUMPTION & RETAILER DESTOCKING 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
Slide 11: Solid Category and Share Performance YTD
SOLID CATEGORY AND SHARE PERFORMANCE YTD Category Value Growth1 Snacks Revenue Gaining/Holding Share1 YTD 2025 10.6% ~70% 5.2% ~50% 4.2% 0.3% Biscuits Chocolate Gum & Candy Total Snacks 2024 YTD 2025 & Baked Snacks 1 Share performance and category growth based on available scanner data from several
Slide 12: Strong Top-Line Performance in Majority of Segments, Profit Decline
STRONG TOP-LINE PERFORMANCE IN MAJORITY OF SEGMENTS, PROFIT DECLINE PRIMARILY DUE TO COCOA INPUT COSTS Organic Net Revenue Growth and Adjusted OI Growth by Region Mondelēz Europe North America AMEA Latin America Q2 Revenue Growth Volume/Mix +5.6% -1.5pp +12.5% -1.3pp -3.4% -2.4pp +8.6% +0.7pp +5.4%
Slide 13: Profit Decline Driven by Cocoa Input Costs, Partially Offset by Cost Savings
PROFIT DECLINE DRIVEN BY COCOA INPUT COSTS, PARTIALLY OFFSET BY COST SAVINGS Adjusted Gross Profit YTD 2025 vs PY Adjusted Operating Income YTD 2025 vs PY $7.0B $3.2B -MSD% $6.2B $6.1B $2.7B $2.7B -DD% -DD% +MSD% -HSD% -11.7% -12.4% -17.1% -17.0% (Cst Fx) (Rpt Fx) (Cst Fx) (Rpt Fx) YTD 2024 Vol/Mix
Slide 14: EPS Lower Due to Cocoa Input Costs
EPS LOWER DUE TO COCOA INPUT COSTS YTD 2025 EPS vs PY $1.76 Adjusted, Fav/(Unfav) $0.05 $- $0.02 $1.47 $1.47 $(0.29) $(0.07) -16.5% -16.5% (Cst Fx) (Rpt Fx) YTD 2024 Operations Shares Interest/ Taxes YTD 2025 Forex YTD 2025 Adjusted Other Adj. EPS Adjusted EPS @ Cst FX EPS Q2 $0.83 $(0.13) $0.03 $(0
Slide 15: Robust Deployment of Capital Back to Shareholders
ROBUST DEPLOYMENT OF CAPITAL BACK TO SHAREHOLDERS Free $0.8 Billion Cash Flow CCC -41 days Share $1.7 Billion Repurchases $58.33 average price $1.2 Billion Dividends Announcing +6% dividend increase 15
Slide 16: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2025 Outlook 16
Slide 17: Cocoa Prices Continue to Decline, Main Crop Development Key
COCOA PRICES CONTINUE TO DECLINE, MAIN CROP DEVELOPMENT KEY FOR FURTHER STABILIZATION London Cocoa Spot Price (GBP/Ton) Cocoa Update 11,500 10,500 9,500 • Continue to see cocoa market prices 8,500 declining, supported by expected supply increase and reduced demand 7,500 6,500 • Cocoa futures market
Slide 18: Maintaining 2025 Outlook
MAINTAINING 2025 OUTLOOK Organic Net Adjusted EPS Free Outlook Revenue Growth Growth (Cst. Fx) Cash Flow FY25 ~+5% ~-10% $3B+ Does not include any potential tariff changes to USMCA compliant trade Algo Mid point 3-5% +HSD% $3B+ LT FY25 Planning Assumptions Inflation Adj. Interest Adj. Effective Shar
Slide 19: 2026 Considerations
2026 CONSIDERATIONS • Maintaining 2025 outlook as we continue executing our strategy amid an increasingly dynamic and volatile external environment • Focused on ensuring robust long-term category health • Continue implementing Chocolate strategy and cost savings programs to emerge stronger into 2026
Slide 20: Mondelez International
Mondelez, International SNACKING MADE RIGHT
Slide 21: 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 July 22nd Rate Impact vs 2024 Argentine Peso 915.64 / $US 1260.63 / $US Australian Dollar US$0.66 / AUD US$0.66 / AUD Brazilian Real 5.39 / $US 5.55/ $US Canadian Dollar US$0.73 / CAD US$0.73 / CAD Chinese Yuan
Slide 22: 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 23: 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
Slide 24: 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 June 30, 2025 Reported (GAAP) $ 1,194 $ 1,821 $ 3,412 $ 2,557 $ 8,984 Acquisitions - (102) - - (102
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 Three Months Ended June 30, 2025 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 8,984 $
Slide 26: 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 Six Months Ended June 30, 2025 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 18,297 $
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Three Months Ended June 30, 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 0.49 $ 0.45 $ 0.04 8.9 % Simplify to Grow Program - 0.01 (0.01) Mark-to-market losses/(gains) from deri
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Six Months Ended June 30, 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 0.80 $ 1.49 $ (0.69) (46.3)% Simplify to Grow Program - 0.04 (0.04) Mark-to-market losses/(gains) from de
Slide 29: 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 Six Months Ended June 30, 2025 2024 $ Change Net Cash Provided by Operating Activities (GAAP) $ 1,400 $ 2,146 $ (746) Capital Expendit
Slide 30: 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 June 30, 2025 Reported (GAAP) $ 3,638 $ 5,346 $ 8,984 Acquisitions (102) - (102) Currency-related items
Slide 31: 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 June 30, 2025 Reported (GAAP) $ 4,5
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 Three Months Ended June 30, 2025 Unrealized G/(L) on General Latin North Hedging Corporate Amortization Mondelēz America AMEA Europe America Activities Expenses of Intangibles International Net Revenue Re
Slide 33: GAAP to Non-GAAP Reconciliations Segment Data
GAAP TO NON-GAAP RECONCILIATIONS Segment Data (in millions of U.S. dollars) (Unaudited) For the Six Months Ended June 30, 2025 Unrealized G/(L) on General Latin North Hedging Corporate Amortization Mondelēz America AMEA Europe America Activities Expenses of Intangibles International Net Revenue Repo
Mondelez International — Q2 2025 Earnings Presentation on 6ix