Mondelez International, Inc. · NASDAQ:MDLZ

Mondelez International — Q2 2020 Earnings Presentation

46 slides from Mondelez International's earnings presentation, Jul 28, 2020

1. Slide 1: Q2 2020 Results

   Mondeléz, International SNACKING MADE RIGHT Q2 2020 RESULTS July 28, 2020

2. Slide 2: Forward-Looking Statements

   FORWARD-LOOKING STATEMENTS This presentation contains a number of forward-looking statements. Words, and variations of words, such as “will,” “expect,” “would,” “should,” “believe,” “estimate,” “plan,” “potential,” “outlook” and similar expressions are intended to identify our forward-looking statem

3. Slide 3: Agenda

   AGENDA Ek PEO, Business Update — Van de Put Gy Financial Outcomes — Zaramella 2020 Outlook — Zaramella Q&A — Van de Put & Zaramella OOO*e Mondeléz, International SNACKING MADE RIGHT

4. Slide 4: Strong Execution & Resilient Portfolio

   STRONG EXECUTION & RESILIENT PORTFOLIO hh e DRIVING RESULTS . > * Prioritizing safety and business continuity * Good performance and underlying trends... more divergence between markets than usual given exceptional COVID-19 dynamics * Executing well in a challenging environment, outperforming market

5. Slide 5: Positive Outcomes, Despite COVID Challenges

   POSITIVE OUTCOMES, DESPITE COVID CHALLENGES Q2 YTD Organic Net Revenue Growth +3.7% Revenue Gaining/Holding Share? ~85% +8.0% Adjusted EPS Growth? +16.1% Free Cash Flow $1.1B Dividend Increase? 411% Mondeléz, , International SNACKING MADE RIGHT

6. Slide 6: Taking Action to Further Improve Our Position

   GROWTH ACCELERATE CONSUMER-CENTRIC GROWTH Increasing working media investments in H2 Adjusting brand messaging Focusing SKU portfolio & innovation pipeline Expanding Revenue Growth Management Capitalizing on eCommerce shift EXECUTION DRIVE OPERATIONAL EXCELLENCE Tightening cost control Streamlining

7. Slide 7: Continuing to Deliver Our Snacking Made Right Agenda

   CONTINUING TO DELIVER OUR SNACKING MADE RIGHT AGENDA SOCIAL IMPACT SUSTAINABLE INGREDIENTS ENVIRONMENTAL IMPACT Guiding Principle Foster a culture of well-being, safety, opportunity and inclusion across our value chain including colleagues, communities and consumers Build a sustainable supply of ess

8. Slide 8: Agenda

   AGENDA Ek PEO, Business Update — Van de Put Gy Financial Outcomes — Zaramella 2020 Outlook — Zaramella OO8O Q&A — Van de Put & Zaramella Mondeléz, International SNACKING MADERIGHT

9. Slide 9: +0.7% Growth in Q2, Executional Excellence Paying Off

   +0.7% GROWTH IN Q2, EXECUTIONAL EXCELLENCE PAYING OFF Developed Market Emerging Market MDLZ Organic Net Revenue Growth Revenue Growth Revenue Growth 63% of Total MDLZ Revenue* 37% of Total MDLZ Revenue* +6.4% 47.6% +7.7% +4.1% 44.1% 44.5% +2.0% +0.7% Fy ‘19 Q1'20 Q2'20 -5.1% FY‘19 Qi ‘20 Q2'20 FY ‘1

10. Slide 10: Improving Momentum After Expected Crisis Peak in April

    IMPROVING MOMENTUM AFTER EXPECTED CRISIS PEAK IN APRIL MDLZ Organic Net Revenue Growth +MSD +MSD — -LSD Jan/Feb Mar Apr May/Jun GREAT MOMENTUM PRE-COVID; END OF MARCH, APRIL, MOST IMPACTED; MAY/JUNE ALREADY IMPROVING Emerging Market Organic Net Revenue Growth 37% of Total MDLZ Revenue* -MSD EM MOST

11. Slide 11: Positive Volume and Pricing Driving Revenue Growth

    POSITIVE VOLUME AND PRICING DRIVING REVENUE GROWTH Q2 - MDLZ Organic Net Revenue Growth Drivers Volume Pricing Mix Total Q2 Q2 Total Snacks -0.5% NA | eee ane Pod Ex-World Travel Retail t ' Biscuits Europe JER (SS ee 5 __y AMEA Developed t Chocolate PRE) > &<-worts travet retoi t ' AMEA MB iescs elo

12. Slide 12: Consistent Execution and Investments Driving Strong Share Gains

    CONSISTENT EXECUTION AND INVESTMENTS DRIVING STRONG SHARE GAINS Revenue Gaining/Holding Share? Revenue Gaining/Holding Share? “95% “85% “715% “60% “50% ; Biscuits Chocolate “Gum & Candy 2014-17 Avg 2018 2019 : sn © © 6 CoreSnacks = 4.8% +3.6% 44.5% “AS% Cate; ity Market data excludes some Growth cha

13. Slide 13: Gross Profit Held Up Well Despite COVID Costs

    GROSS PROFIT HELD UP WELL VS PY DESPITE >$100M IN COVID COSTS, DUE TO COST CONTAINMENT EFFORTS; Ol WITH SIMILAR DYNAMICS Adjusted Gross Profit Adjusted Operating Income? vs. PY S9M / -0.4% $0.98 vs. PY -$38M / -3.8% Q2'20 Q2'20 * COVID related costs gy * A&C reductions t * Volume leverage t * Overhe

14. Slide 14: North America - Elevated Demand and Strong Share Performance

    NORTH AMERICA - ELEVATED DEMAND AND STRONG SHARE PERFORMANCE Organic Net Revenue Growth +13.4% +11.0% +3.1% +2.5% +2.5% = Q2'19 Q3'19 Q1'20 Adjusted Operating Income Growth! +23.6% +20.1% +9.8% +4.7% 43.1% i | a2'1s aB'19 a4'19 Qi20 Adj. Margin: 22.1% 20.856 20.6% 20.8% 23.2% +Llpp At ext fe Q2 High

15. Slide 15: Europe - Solid Mass Retail Demand Offset by World Travel Retail

    EUROPE - SOLID MASS RETAIL DEMAND OFFSET BY WORLD TRAVEL RETAIL Organic Net Revenue Growth Q2 Highlights ain * Solid results, overall growth ex-World Travel 43.9% [| vax | 8 Retail oO J 0 * Largest market, UK chocolate, driving growth Zz a 12% through elevated share gains a2'1s Q3'19 ass Q1'20 Q2'20

16. Slide 16: AMEA - Conditions Vary Significantly by Market

    AMEA - CONDITIONS VARY SIGNIFICANTLY BY MARKET, IMPROVING EXIT RATES Organic Net Revenue Growth 44.7% © 15.3% 44.9% LJ L| L] = -3.1% a2'1s Q3'19 avis Q1'20 Q2'20 Adjusted Operating Income Growth! +10.4% +5.0% = fal 5.4% -8.3% az19 31949 a'20 220 Adj Margin: 15.3% 14.7% 117% 15.7% 147% 6 -0.6pp Q2 Hi

17. Slide 17: Latin America - Significant Volatility in Q2 Due to COVID-19

    LATIN AMERICA - SIGNIFICANT VOLATILITY IN Q2 DUE TO COVID-19 Organic Net Revenue Growth +10.956 +7.5% — s70% +4.3% [| a 11.3% a2'1s Q3'19 avs Q1'20 Q2'20 Adjusted Operating Income Growth? +34.7%" y = “3.5% LA -12.6% -12.9% al a2'1s a3'19 419 ai'20 Q2'20 Adj. Margin: 11.8% 13.5% 14.9% 12.5% 2.3% Q2 H

18. Slide 18: Operating Gains Impacted by >$100 Million COVID Costs

    OPERATING GAINS IMPACTED BY >$100 MILLION COVID COSTS, TAX POSITIVE DUE TO ONE-TIMERS Q2 2020 EPS vs PY (Adjusted, Fav/(Unfav)) $0.02 $0.65 $(0.02) $0.06 WM Ss$0.63 $0.02 = $0.56 $(0.02) $0.01 am 2 a eee Q22019 Operating Shares Jvst Taxes _interest/ 922020 = Forex © Q2.2020 Adjusted Gains Other? Adj

19. Slide 19: Strong YTD Cash Generation, Continue to Actively Manage for 2H

    STRONG YTD CASH GENERATION, CONTINUE TO ACTIVELY MANAGE FOR 2H Cash Conversion Cycle Free Cash Flow Free Cash Flow Considerations (S Millions) * Maintaining strong working capital 1.113 discipline, CCC improved by 8 days * Some deferred tax payments (expected to reverse in H2) 650 581 * Focused cape

20. Slide 20: JDE Peet's Successful IPO, Great Potential with More Flexibility

    JDE PEET'S SUCCESSFUL IPO, GREAT POTENTIAL WITH MORE FLEXIBILITY * Exchanged investment in JDE for an investment in JDE Peet’s before offering A Global Category with * Priced at €31.50/share in primary offering, now trading at ~€38/share xpe Team of Entrepreneurs rm Shareholders * Current value of s

21. Slide 21: Agenda

    AGENDA Ek PEO, Business Update — Van de Put Gy Financial Outcomes — Zaramella 2020 Outlook — Zaramella OOOO Q&A — Van de Put & Zaramella Mondeléz, International SNACKING MADE RIGHT

22. Slide 22: Continuing Not to Provide FY20 Outlook Due to COVID Uncertainty

    CONTINUING NOT TO PROVIDE FY20 OUTLOOK DUE TO COVID RELATED UNCERTAINTY 2 Visibility improving, but significant volatility remains with broad range of potential outcomes Remain committed to our long-term algorithm and our strategy Desire to continue investing for share gains and sustained success Ex

23. Slide 23: Q&A

    Q&A Dirk Van de Put L Chairman & CEO ; be Luca Zaramella CFO Mondeléez, International SNACKING MADE RIGHT

24. Slide 24: Mondelez,

    Mondelez, International SNACKING MADE RIGHT

25. Slide 25: Spot Rates Versus 2019 Average FX Rates for Key Countries

    SPOT RATES VERSUS 2019 AVERAGE FX RATES FOR KEY COUNTRIES Source: XE.com Full Year 2019 July 22nd Rate Impact vs 2019 Argentine Peso 48.24 / SUS 71.72 / $US a | US$0.70 / AUD USS0.71 / AUD t 3.95 / SUS 5.20/ SUS gy USS0.75 / CAD US$0.74 / CAD | 6.91/ $US 6.98 / $US gy US$1.12 /€ US$1.15 / € t 70.42

26. Slide 26: Long-Term Financial Algorithm

    LONG-TERM FINANCIAL ALGORITHM Our long-term financial algorithm for Organic Net Revenue growth, Adjusted EPS growth on a constant currency basis and Free Cash Flow includes non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results such as the

27. Slide 27: Net Revenues to Organic Net Revenues

    GAAP TO NON-GAAP RECONCILIATIONS a Net Revenues to Organic Net Revenue Gemiliors GUS ccitrs) (Uraucteg Late tor Mond ei Ame t08 NEA Eumpe America _intema tonal e on 8 tw 8 2 8 + ean A * * a) cg 13 3s 5 z= fc Se Se 2 * Tm 8 we $ 227 8 178 8 mz « @ - - aa A Es a hs Xe aan (ae (4% Tw3a% aan - 1s “2 “2

28. Slide 28: Net Revenues to Organic Net Revenues

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue (0 pilices ofUS. cotars) (Uraudtas) a M mdelez, Pag a4 10 1s SNACKING MADERIGHT

29. Slide 29: Net Revenues to Organic Net Revenues

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue (nmiters ofS coer) (Ureucted Forthe Twelve Monine Ended Oecember31 2018 peeled or = al " = aacaied ose eee —— on a ae ae = = = —— ~ a a — @._= Samael — —— s —_——— Mondeléz, Verve a1p 2p BUT International Prag as os 2 SNACKING MADER

30. Slide 30: Net Revenues to Organic Net Revenues

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue ( milicrs of US. dollars) (Unenucited) Emerging Emerging Markets Latin Latn America Marsts _Argentna_ _ex_ Argentina Amerca_ _Argentra_ _ ex. Argentina For the Three Montis Ends June 30, 2020 Reported (GAAP) $ 1.7 $ me wen | $ osm

31. Slide 31: Net Revenues to Organic Net Revenues by Consumer Sector

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenues by Consumer Sector 31 For the Three Months Ended June 30, 2020 Reported (GAAP) Acqusitons Curmncy Organic (Non-GAAP) For the Three Months Ended June Reported (GAAP) Diesitures: Organic (Non-GAAP) 2013 ‘%Change Reported (GAAP) Orga

32. Slide 32: Gross Profit/Operating Income To Adjusted Gross Profit/Operating Income

    GAAP TO NON-GAAP RECONCILIATIONS 2 Gross Profit/Operating Income To Adjusted Gross Profit/Operating Income Gomiliens @ US. cals) (Unaucstad} Feported (9AAP) Sealy t Gow Praga Piargitie aset mosiment canes Mark-to-markat (gus Viansas tom cenates Acqustion htegation coats secustonrastas coms Dreettror

33. Slide 33: Gross Profit/Operating Income To Adjusted Gross Profit/Operating Income

    GAAP TO NON-GAAP RECONCILIATIONS Gross Profit/Operating Income To Adjusted Gross Profit/Operating Income Gn millers ofS. caine) (Unaucted} Forthe Six Montne Ended June 20. 2020 Operstng — Feported (GAAP) 124% mel nor oe rea = eee ae - Penson loaner : oe - a 7 8 : panera : § a a i . ae fi ein z ache

34. Slide 34: Diluted EPS to Adjusted EPS

    GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Ureudited) For the Three Months Ended June 3. 2020 13 $Change_ _% Change | Diluted EPS attributable to Monde léz Intemational (GAAP) $ om § oss $ ~~ (047) 0.9% Simplify to Grow Program 0.04 0.05 (001) intangible asset impairment chages 0.

35. Slide 35: Diluted EPS to Adjusted EPS

    GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS Diluted EPS attributable to Monde|éz Inte mational (GAAP) Simplify to Grow Program Intangible asset impaiment charges Markto-martet (gains)/ksses fom deriaties Netgainon divestiture Loss misted to interest rate swaps (Gain)/loss on equity

36. Slide 36: SChange - Athed @ Coneant hk Man GAse)

    GAAP TO NON-GAAP RECONCILIATIONS SChange - Athed @ Coneant hk Man GAse) paca tng ncaa Marg Repurad 6 Cpecating ncaa Margin Reperad dusted eu han mere eng pmwice WA _Cuepe Americs, _Aviveion _Expemas otimeangives _ipme S$ mt Star 6 nee snes ‘ ‘ ‘ sae Ze +S lnternationat SNACKING MADERIGHT

37. Slide 37: Segment Data

    GAAP TO NON-GAAP RECONCILIATIONS 7 Adams @ Comaant FX fon GAA) ‘3 hange -Raperad (GAAP) ‘Shang -Achams Man GAB) ‘Shang Adhd @ Conmant A Ren GAAP) ‘Segment Data (noite US cota (Unaudine Farthe Sin Mantatnded Jum 36 2026 Amei@ AMA Grogs america _Actenien oT wane S17 Same Sam sam 6 sms es sms = ms ms m

38. Slide 38: Net Cash Provided by Operating Activities to Free Cash Flow

    GAAP TO NON-GAAP RECONCILIATIONS Net Cash Provided by Operating Activities to Free Cash Flow {in millions of U.S. dollars) (Unaudited) Monde léz international For the Six Months Ended June 30, 2020 2019 2018 Net Cash Provided by Operating Activities (GAAP) $ 1558 $ 1046 $ 1,182 Capital Expenditures

39. Slide 39: Net Revenues to Organic Net Revenues

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue {in millions of U.S. dollars) (Unaudited) Latin North Mondeléz America AMEA Europe America _International For the Three Months Ended June 30, 2019 Reported (GAAP) $s m7 $ «#41435 «S$ 2247 $ 1726 $ 6,062 Divestitures - (22) - - (22)

40. Slide 40: Net Revenues to Organic Net Revenues

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue {in millions of U.S. dollars) (Unaudited) Latin North Mondeléz America AMEA Europe America International For the Three Months Ended September 30, 2019 Reported (GAAP) $s m6 $ #14199 $ 237 $ 1823 $ 6,355 Acquisitions - - - (28) (28)

41. Slide 41: Net Revenues to Organic Net Revenues

    GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue {in millions of U.S. dollars) (Unaudited) Latin North Mondeléz America AMEA Europe America International Eorthe Three Months Ended December 31,2019 Reported (GAAP) $s 745 =$ 1458 $ 277 ~=6$ 193 = $ 6,913 Acquisitions - - - (27 (27)

42. Slide 42: Net Revenues to Organic Net Revenues

    GAAP TO NON-GAAP RECONCILIATIONS a2 Net Revenues to Organic Net Revenue {in millions of U.S. dollars) (Unaudited) Latin North Mondeléz America AMEA Europe America International Eorthe Three Months Ended March 31, 2020 Reported (GAAP) $ 76 S$ 1502 $ 2584 $ 1,89 $ 6,707 Acquisitions = = - (32) (32) Cu

43. Slide 43: Segment Data

    GAAP TO NON-GAAP RECONCILIATIONS Data Sect Thine Merera ince ane 2 2H6 tan a cme Manas Aneto AMA _fwege _smenics ore teams tone Som 6 am 6 ae same § ‘ ‘ ‘ + fe Ds Des De z z —— os I * . * . ie s ‘change -Rapermd GAA ee eS el S change Ache an GAAP) a ar ary Cran ge -Ashstad @ Candace FX (Mem GAAP) (a

44. Slide 44: Segment Data

    GAAP TO NON-GAAP RECONCILIATIONS Orang -Raperm scare) SOiange “Aan GAAP bac, on Arercs _AMEA Cursos _Amarice, Armies Eiguman Ginangties tame _nemationss Som stm sam sm 6 -6 ‘ ‘ + 4m % oF oe ors eo = oo a ee en sms ms ws om 7 8 " . 3 . : o * 6 Ps ee ee ee ez, “ — . OO iitemationat SNACKING MADE RIGHT

45. Slide 45: Segment Data

    GAAP TO NON-GAAP RECONCILIATIONS tha Then Me a Enc came 31 2016 Cun coma tan Morn eingCarpurateAmertzation © Oar Mana Amema _AMCA fume Amare Actin puma Sergbes toma iesamatanal Sm Shame $a ses ‘ ‘ . + wn os is Doe Det z z z a re ee ms ms we 2 e Ta Ta Ts Tas T 7 wT 7 fe ibe Se u a F — ‘Schange - Rapa

46. Slide 46: Segment Data

    GAAP TO NON-GAAP RECONCILIATIONS Segment Data (oredr US. totam) (Urns) Ze 238 eek mek wae sas © international Mas ous mos mas mas SNACKING MADE RIGHT

Mondelēz International — Q2 2020 Earnings Presentation on 6ix