Mondelez International, Inc. · NASDAQ:MDLZ
Mondelez International — Q1 2026 Earnings Presentation
29 slides from Mondelez International's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Results
Q1 2026 RESULTS April 28, 2026
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
Slide 3: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2026 Outlook 3
Slide 4: Solid Start to Year, Reaffirming 2026 Outlook
SOLID START TO YEAR, REAFFIRMING 2026 OUTLOOK 1. Solid Q1 revenue growth +3.0% with positive underlying vol/mix excluding impact of downsizing 2. Strong, sustained top-line growth in Emerging Markets 3. Developed Markets stabilizing, with vast majority of EU retailer negotiations complete and in lin
Slide 5: Solid Q1 Revenue Growth, Profit Impacted by Cocoa Cost Phasing
SOLID Q1 REVENUE GROWTH, PROFIT IMPACTED BY COCOA COST PHASING Organic Net Adjusted OI Adjusted Free Cash Flow Revenue Growth Growth1 EPS Growth1 Q1 +3.0% -19.0% -14.9% $0.2B 2026 Vol/Mix -0.5pp Price +3.5pp 1 at cst fx 5
Slide 6: Snacking Growth and Penetration Remain Durable Globally
SNACKING GROWTH AND PENETRATION REMAIN DURABLE GLOBALLY Solid core snacking category growth MDLZ penetration stable in key markets Emerging Markets Developed Markets US Biscuits UK Chocolate 9% 89% 88% 7% 4% 82% 82% 2% 2025 YTD 2026 YTD 2025 YTD 2026 YTD 2024 2025 2024 2025 1Core Snacking categories
Slide 7: Capturing Growth with Strong Execution Behind Innovation Pipeline and Channel Opportunities
CAPTURING GROWTH WITH STRONG EXECUTION BEHIND OUR INNOVATION PIPELINE AND CHANNEL OPPORTUNITIES Innovation Channels • Accelerate numerical distribution gains across all channels in Emerging Markets • Continue disciplined scale up of under- indexed channels in Developed Markets • Ensure our fair shar
Slide 8: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2026 Outlook 8
Slide 9: Solid NR Growth with Robust Emerging Markets Performance
SOLID NR GROWTH WITH ROBUST EMERGING MARKETS PERFORMANCE Mondelēz Emerging Markets Developed Markets Organic Net Revenue Growth Organic Net Revenue Growth Organic Net Revenue Growth 40% of Total MDLZ Revenue1 60% of Total MDLZ Revenue1 Q1 +3.0% +6.3% +0.8% 2026 Vol/Mix -0.5% Vol/Mix +0.5% Vol/Mix -1
Slide 10: Solid and Balanced Top-Line Growth Across Our Core Categories
SOLID AND BALANCED TOP-LINE GROWTH ACROSS OUR CORE CATEGORIES Biscuits & Baked Snacks Chocolate Gum & Candy Organic Net Revenue Growth Organic Net Revenue Growth Organic Net Revenue Growth 48% of Total MDLZ Revenue1 33% of Total MDLZ Revenue1 10% of Total MDLZ Revenue1 Q1 +1.7% +5.5% +3.1% 2026 Vol/
Slide 11: Durable Category Growth, ~4% Excluding Easter Phasing
DURABLE CATEGORY GROWTH, ~4% EXCLUDING EASTER PHASING Category Value Growth1 Snacks Revenue Gaining/Holding Share1 YTD 2026 ~7% ex. Easter timing 11.7% ~4% ex. Easter timing ~40% ~40% 5.3% 4.7% 1.7% Biscuits Chocolate Gum & Candy Total Snacks 2025 YTD 2026 & Baked Snacks 1 Share performance and cate
Slide 12: Three Regions Growing with Strong AMEA Performance
THREE REGIONS GROWING WITH STRONG AMEA PERFORMANCE Organic Net Revenue Growth by Region Mondelēz Europe North America AMEA Latin America Q1 +3.0% -0.6% +0.5% +11.3% +5.1% 2026 Vol/Mix -0.5pp Vol/Mix -3.2pp Vol/Mix -0.4pp Vol/Mix +5.8pp Vol/Mix -3.0pp 12
Slide 13: Q1 Profit Decline Primarily Due to Cocoa Cost Phasing
Q1 PROFIT DECLINE PRIMARILY DUE TO COCOA COST PHASING Adjusted Gross Profit Q1 2026 vs PY Adjusted Operating Income Q1 2026 vs PY $3.1B -LSD% $3.1B $1.4B $2.9B -DD% $1.2B -HSD% +MSD% +HSD% $1.1B -5.4% -0.6% -19.0% -14.0% (Cst Fx) (Rpt Fx) (Cst Fx) (Rpt Fx) Q1 2025 Vol/Mix Pricing Net Q1 2026 Forex Q
Slide 14: Q1 EPS Primarily Impacted by Cocoa Cost Phasing
Q1 EPS PRIMARILY IMPACTED BY COCOA COST PHASING Q1 2026 EPS vs PY Adjusted, Fav/(Unfav) $0.74 $0.05 $0.04 $0.67 $0.01 $0.63 $(0.03) $(0.14) -14.9% -9.5% (Cst Fx) (Rpt Fx) Q1 2025 Operations Shares Interest/ Taxes Q1 2026 Forex Q1 2026 Adjusted Other Adj. EPS Adjusted EPS @ Cst FX EPS 14
Slide 15: Disciplined Working Capital Management and Capital Return
DISCIPLINED WORKING CAPITAL MANAGEMENT AND CAPITAL RETURN Free $0.2 Billion YTD Cash Flow CCC -34 days Share $ - YTD Repurchases $ - average price Dividends $0.6 Billion YTD 15
Slide 16: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2026 Outlook 16
Slide 17: Reaffirming 2026 Outlook
REAFFIRMING 2026 OUTLOOK Organic Net Adjusted EPS Free Outlook Revenue Growth Growth (Cst. Fx) Cash Flow FY26 Flat to +2% Flat to +5% ~$3B Algo 3-5% +HSD% $3B+ LT FY26 Planning Assumptions Inflation Adj. Interest Adj. Effective Share Forex % of COGS Expense Tax Rate Repurchases Impacts1 NR: ~+2pp ~L
Slide 18: Closing Comments
CLOSING COMMENTS • Good start to the year driven by solid operating results: • Emerging markets continue to be a powerful growth engine • India and Brazil posting outstanding growth • Other major EMs, including China and SEA, off to a solid start • Developed markets performance in line to our plans
Slide 19: Dirk Van de Put, Luca Zaramella
Dirk Van de Put Luca Zaramella Chairman & CEO COO and CFO 19
Slide 20: Mondelez International - Snacking Made Right
Mondelez, International SNACKING MADE RIGHT
Slide 21: Spot Rates Versus 2025 Average FX Rates for Key Countries
SPOT RATES VERSUS 2025 AVERAGE FX RATES FOR KEY COUNTRIES Source: XE.com Full Year 20251 April 23rd Rate Impact vs 2025 Argentine Peso 1224.29 / $US 1384.32 / $US Australian Dollar US$0.64 / AUD US$0.72 / AUD Brazilian Real 5.59 / $US 4.94 / $US Canadian Dollar US$0.72 / CAD US$0.73 / CAD Chinese Yu
Slide 22: Outlook
OUTLOOK The company’s 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 2026 are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of fina
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: restructuring charges, divestiture-related items, acquisition-related items, mark-to-market impacts fr
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 March 31, 2026 Reported (GAAP) $ 1,348 $ 2,304 $ 3,871 $ 2,557 $ 10,080 Currency-related items (84)
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 March 31, 2026 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 10,080
Slide 26: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Three Months Ended March 31, 2026 2025 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 0.44 $ 0.31 $ 0.13 41.9 % Restructuring charges 0.03 - 0.03 Mark-to-market losses/(gains) from derivat
Slide 27: 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 Three Months Ended March 31, 2026 2025 $ Change Net Cash Provided by Operating Activities (GAAP) $ 467 $ 1,092 $ (625) Capital Expendi
Slide 28: 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 March 31, 2026 Reported (GAAP) $ 4,149 $ 5,931 $ 10,080 Currency-related items (193) (306) (499) Organic
Slide 29: 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 Mondelēz Snacks Chocolate Candy Snacks Beverages Meals International For the Three Months Ended March 31, 2026 Reported (GAAP) $ 4,543 $ 3,60
Mondelēz International — Q1 2026 Earnings Presentation on 6ix