Mondelez International, Inc. · NASDAQ:MDLZ
Mondelez International — CAGNY 2025
68 slides from Mondelez International's conference presentation, Feb 18, 2025
Slide 1: CAGNY 2025: Spotlight on Cakes & Pastries
CAGNY 2025 SPOTLIGHT ON CAKES & PASTRIES: NATURAL ADJACENCY WITH A RIGHT TO WIN February 18, 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
WELL POSITIONED FOR SUSTAINED AGENDA GROWTH OVER LONG TERM HORIZON Executing strategy, well-positioned for future growth – Dirk Van de Put Chocolate principles to emerge stronger post-cocoa cost headwind – Dirk Van de Put Cakes & Pastries, an attractive category where we have the right to win – Dirk
Slide 4: Robust Growth and Profit Delivery with Substantial Reinvestment
ROBUST GROWTH AND PROFIT DELIVERY WITH SUBSTANTIAL REINVESTMENT Organic Net Revenue Adjusted Gross Profit A&C Adjusted EPS Growth Growth1 Increase1 Growth1 +$0.28 vs PY2 +$1.5B +$0.7B vs PY vs PY +14.7% +13.4% +13.0% +10.7% +11.3% +9.3% +7.0% +7.4% Price +4.6% +5.1% +4.3% +4.2% Price Price V/M V/M V
Slide 5: Consistent Delivery on Long-Term Algorithm Across All Metrics
CONSISTENT DELIVERY ON LONG-TERM ALGORITHM ACROSS ALL METRICS Key Performance Metric 2020-20241 Volume Growth2 +1.6% Organic Net Revenue Growth +8.1% Adjusted Gross Profit Growth3 +8.7% A&C Change in Spend3 +11.0% Adjusted EPS Growth3 +12.8% Free Cash Flow $3.3B4 5 1. 5-Year CAGR 2. Volume growth is
Slide 6: Continued Progress Against Our Sustainability Objectives
CONTINUED PROGRESS AGAINST OUR SUSTAINABILITY OBJECTIVES 2024 Progress1 2025 Goals1 Ingredients • Cocoa volume sourced via Cocoa Life ~91% 100% • Palm Oil volume RSPO3 certification ~100% 100% Social • Child Labor Monitoring & Remediation Systems (CLMRS) in Cocoa Life communities in West Africa ~>75
Slide 7: Reshaping Portfolio Towards Core Categories
RESHAPING PORTFOLIO TOWARDS CORE CATEGORIES Net Revenues by Category Core Categories ~90% Core Categories Vision 80% Biscuits & Baked Snacks, Organic Chocolate Growth Core Categories 2024 Other 59% ~10% Rate Other 2012 20% Other 41% Execution of Four Pillar Strategy 7
Slide 8: Consumers Continue to Prefer Snacking Habits
CONSUMERS CONTINUE TO PREFER SNACKING HABITS It’s growing It’s durable It’s prioritized It’s mindful 91% 71% 81% 69% of consumers will continue snacking snack to find quiet look for snacks that are snack daily1 through price and moments to themselves1 portion controlled1 pack changes1 73% 74% of Mil
Slide 9: Leader in Attractive and Resilient Categories
LEADER IN ATTRACTIVE AND RESILIENT CATEGORIES Strong Positions in our Core Snacks Core Snacks Categories Categories, Significant Headroom growing ahead of other Snacks and Food MDLZ Global Position & Share1 Market Size1 Growth of MDLZ Core Snacks2 Categories vs. Other Snacks #1 Biscuits 17.4% Sweet
Slide 10: Advantaged Geographic Footprint Enabling Growth Potential
ADVANTAGED GEOGRAPHIC FOOTPRINT ENABLING GROWTH POTENTIAL Emerging Markets Growing Double Digits Strong Growth Across All Regions Europe Org. Net Revenue Emerging L5Y CAGR: Markets +7.1% AMEA Org. Net Revenue 37% L5Y CAGR: Org. Net Revenue 39% L5Y CAGR: +12.3% 20% +7.8% 2024 Net 2024 Net Revenues Re
Slide 11: Long Runway of Growth Opportunities
LONG RUNWAY OF GROWTH OPPORTUNITIES INCLUDING … Distribution Revenue Growth Portfolio Shaping Management M&A 11
Slide 12: Competitive Advantages Drive Conviction in Long-Term Algorithm
COMPETITIVE ADVANTAGES DRIVE CONVICTION IN LONG-TERM ALGORITHM Competitive Advantages Algorithm Reflects Strategy Effectiveness 1 Core Categories 3-5% Organic Net Revenue Growth 2 Global Footprint 3 Iconic Brands HSD Adj. EPS Growth (cst fx) 4 Advanced Capabilities 5 Connected Culture $3B+ Free Cash
Slide 13: Agenda
WELL POSITIONED FOR SUSTAINED AGENDA GROWTH OVER LONG TERM HORIZON Executing strategy, well-positioned for future delivery – Dirk Van de Put Chocolate principles to emerge stronger post-cocoa cost headwind – Dirk Van de Put Cakes & Pastries, an attractive category where we have the right to win – Di
Slide 14: Positioning Chocolate Business for Sustainable, Long-Term Growth
POSITIONING CHOCOLATE BUSINESS FOR SUSTAINABLE, LONG-TERM GROWTH Attractive Category and Robust Business Clear Strategy to Navigate Cocoa Costs 14
Slide 15: Chocolate Is an Attractive, Resilient & Advantaged Category
CHOCOLATE IS AN ATTRACTIVE, RESILIENT & ADVANTAGED CATEGORY Chocolate Category Continues to Grow Multitude of Attractive Qualities with Volume Resiliency Chocolate Category Growth1 Consistent growth +12.2% High brand loyalty +8.0% Low cross-substitution +6.5% Minimal private label +4.4% Moderate ela
Slide 16: Strong Chocolate Franchise with Attractive Geographic Exposure
STRONG CHOCOLATE FRANCHISE WITH ATTRACTIVE GEOGRAPHIC EXPOSURE MDLZ $11.2B Revenue, Growing +HSD% Diverse Exposure Across Markets1 CAGR +9.1% +14.5% Developed Emerging +10.3% +10.5% Markets Markets Org. Net Revenue L5Y CAGR: 57% 43% Org.L5Y Net Revenue CAGR: +7.4% +6.0% +13.9% +3.3% 2020 2021 2022 2
Slide 17: Trusted & Loved Brands, with Market Leadership
TRUSTED & LOVED BRANDS, WITH MARKET LEADERSHIP Global Brands, L5Y CAGR +9.8% Local Jewels, L5Y CAGR +8.7% Key brands: Key brands: • Revenue: >$0.6B • +DD revenue growth • Key market: Brazil • Key markets: UK, Australia, India, New Zealand, Canada • Revenue: >$0.3B >$2B revenue • Key markets: France,
Slide 18: Positioning Chocolate Business for Sustainable, Long-Term Growth
POSITIONING CHOCOLATE BUSINESS FOR SUSTAINABLE, LONG-TERM GROWTH Attractive Category and Robust Business Clear Strategy to Navigate Cocoa Costs 18
Slide 19: Clear Strategy to Navigate Cocoa Costs
CLEAR STRATEGY TO NAVIGATE COCOA COSTS 1 Leverage robust RGM playbook 2 Best-in-class marketing & sales execution 3 Promote agility & right incentives 4 Targeted cost savings 5 Increase cocoa supply chain resiliency 19
Slide 20: Leverage Full RGM Playbook to Protect Chocolate Consumption
1 LEVERAGE FULL RGM PLAYBOOK TO PROTECT CHOCOLATE CONSUMPTION Pack Sizes Entry Pricing Full Pricing • Offer consumers an array of • Safeguard entry level • Fully price to input costs pack sizes for the right pricing and low unit pricing on less elastic segments snacking occasion to support consumpti
Slide 21: Drive Chocolate Offtake via Marketing and Sales Capabilities
2 DRIVE CHOCOLATE OFFTAKE VIA MARKETING AND SALES CAPABILITIES Working Media Expand Distribution Innovation & Seasonals • Significant Working Media • Expand Emerging Markets • Focus on larger activations, and POS to support our distribution and win in particularly in Seasonals iconic brands Develope
Slide 22: Promote Agility and Right Incentives to Local Business Units
3 PROMOTE AGILITY AND RIGHT INCENTIVES TO LOCAL BUSINESS UNITS Drive Agility Keep Consumer Close Offer Incentives • Obsessively scrutinize • Continuously monitor the • Target incentives to drive pricing and volume impacts consumer: penetration, right behavior for across all levels frequency & sentim
Slide 23: Cost Savings: Optimize Non-Working A&C
4 COST SAVINGS: OPTIMIZE NON-WORKING A&C WHILE PRIORITIZING WORKING MEDIA AND POINT-OF-SALE Reduce Non-Working A&C Key Drivers A&C Investments Streamline media production +LDD% CAGR Drive agency efficiency Reuse media assets Leverage new technologies 2020 2021 2022 2023 2024 Working Media + POS Non-
Slide 24: Cost Savings: Negative Overheads Growth and Supply Chain Productivities
4 COST SAVINGS: DELIVER NEGATIVE OVERHEADS GROWTH AND INCREMENTAL SUPPLY CHAIN PRODUCTIVITIES Progressing on Lean Overheads Structure Key Drivers Overheads % of NR Rationalize select cost buckets LSD pp decline Prioritize & protect key investments Increase Supply Chain productivities Drive digitaliz
Slide 25: Actions to Improve Resilience of Cocoa Supply Chain
5 ACTIONS TO IMPROVE RESILIENCE OF COCOA SUPPLY CHAIN Risk Management Supply Sourcing Signature Program Improve crop Enhanced farm forecasting and Increase direct practices via maintain hedging cocoa sourcing Cocoa Life frameworks Large Scale Farming Origin Flexibility Cocoa Alternatives Increase or
Slide 26: Summary: Strong Chocolate Franchise, Positioned for LT Success
SUMMARY: STRONG CHOCOLATE FRANCHISE, POSITIONED FOR LT SUCCESS 1 Attractive, resilient & growing category 2 Leadership positions, iconic brands & strong financial performance 3 Strong playbook to navigate cocoa & drive category health 4 Investing to drive growth in attractive markets & segments 26
Slide 27: Agenda
WELL POSITIONED FOR SUSTAINED AGENDA GROWTH OVER LONG TERM HORIZON Executing strategy, well-positioned for future delivery – Dirk Van de Put Chocolate principles to emerge stronger post-cocoa cost headwind – Dirk Van de Put Cakes & Pastries, an attractive category where we have the right to win – Di
Slide 28: Applying Proven Playbook in Growth Category
APPLYING PROVEN PLAYBOOK IN GROWTH CATEGORY Attractive Global Our Right to Win Our Playbook Growth Category $97B+ Cakes & Pastries 28
Slide 29: Cakes & Pastries Highly Diverse Category Within & Across Markets
CAKES & PASTRIES HIGHLY DIVERSE CATEGORY WITHIN & ACROSS MARKETS 29
Slide 30: Well-Developed Cakes & Pastries Aisles Outside North America
WELL-DEVELOPED CAKES & PASTRIES AISLES OUTSIDE NORTH AMERICA 30
Slide 31: $97B+ Category with Strong Growth Performance
$97B+ CATEGORY WITH STRONG GROWTH PERFORMANCE Global Packaged Snacks 2024 RSV by Category $200B $150B $100B $97B+ $50B $0B Salty Chocolate Biscuits Cakes & Ice Cream Candy Nuts, Seeds Gum Snack Bars Fruit Snacks Pastries & Trail Mixes Snacks ’21-’24 CAGR 8.3% 9.1% 9.2% 8.2% 8.1% 10.2% 8.6% 9.7% 7.6%
Slide 32: Long Term Global Growth, But Concentrated in Top Markets
LONG TERM GLOBAL GROWTH, BUT CONCENTRATED IN TOP MARKETS Top Packaged Cakes & Pastries Markets 2024 RSV ’15-’24 CAGR $0B $5B $10B $15B $20B $25B $30B USA 5.8% Japan 2.3% ~70% of Global RSV China 5.8% Western Europe 4.0% ROW 4.4% 32 Source: Euromonitor 2024
Slide 33: MDLZ Gaining Share in Highly Fragmented Market
MDLZ GAINING SHARE IN HIGHLY FRAGMENTED MARKET Top 5 Packaged Cakes & Pastries Manufacturers Account for ~18% of $97B+ Market 6% 5% 4% Global Market 3% Share 2% 1% 0% ’21-’24 CAGR RSV growth 7.3% 3.6% 34.0% 5.3% 7.7% ’21-’24 cumul. share Δ -0.1pp -0.6pp +1.9pp -0.2pp Flat 33
Slide 34: Applying Proven Playbook in Growth Category
APPLYING PROVEN PLAYBOOK IN GROWTH CATEGORY Attractive Global Our Right to Win Our Playbook Growth Category $97B+ Cakes & Pastries 34
Slide 35: Global Cakes & Pastries: Large and Growing Market
GLOBAL CAKES & PASTRIES: LARGE AND GROWING MARKET INTO THE FUTURE Global Packaged C&P Value 2030 Key Market Metrics 4.4% ~$125B CAGR 2030 Share CAGR Growth Breakdown 2024-2030 $97B EU ~28% 5.7% US ~24% 3.8% China ~13% 3.0% ROW ~35% 4.3% Total 100% 4.4% 2024 2030E 35
Slide 36: Building on a $2B+ MDLZ Cakes & Pastries Business Today
BUILDING ON A $2B+ MDLZ CAKES & PASTRIES BUSINESS TODAY Legacy MDLZ Brands Recent Acquisitions ~$0.1B ~$0.5B revenue revenue 2024 ~$0.2B ~35% Net ~65% ~$0.7B Revenues revenue revenue Local ~$0.4B ~$0.3B revenue Brands revenue 36 Note: 2024 total Evirth revenues represents sales prior to MDLZ acquisi
Slide 37: Starting from a Position of Strength
STARTING FROM A POSITION OF STRENGTH MDLZ Advantages Iconic #3 #1 #1 #1 Brands only truly in Central in US Fresh ISB in EU Croissant proven global player Eastern Europe, (Give & Go) (7Days) extension into Southeast Asia Cakes & Pastries (Oreo, Milka) 37
Slide 38: Geographic Focus Across Developed and Emerging Markets
GEOGRAPHIC FOCUS ACROSS BOTH DEVELOPED AND EMERGING MARKETS Developed Markets Emerging Markets Key Key markets markets ~55% ~45% 38
Slide 39: All the Ingredients for Success
ALL THE INGREDIENTS FOR SUCCESS Brands Activation Products Route-To-Market 39
Slide 40: Applying Proven Playbook in Growth Category
APPLYING PROVEN PLAYBOOK IN GROWTH CATEGORY Attractive Global Our Right to Win Our Playbook Growth Category $97B+ Cakes & Pastries 40
Slide 41: Category Market Maturity Informing Our Strategy and Priorities
CATEGORY MARKET MATURITY INFORMING OUR STRATEGY AND PRIORITIES Packaged Cakes & Pastries – Market Maturity Model Per Capita Consumption Novice Apprentice Expert – Convenience Expert – Sophisticated Mass Lower Urban Top Tier Tier Beyond Center Aisle Premiumization Occasions Development Core Superiori
Slide 42: Our Playbook to Reach Global Leadership
OUR PLAYBOOK TO REACH GLOBAL LEADERSHIP 3 #1 Expand New C&P Segments Manufacturer 1 2 #3 Drive Chocolate- C&P Create Iconic Forward Bakery Manufacturer Oreo Cakes $2.1B 2024 Revenue Growth Driver #1 Growth Driver #2 Growth Driver #3 Ambition 42
Slide 43: Oreo Cakes: Building Icon Under World's Favorite Cookie Brand
OREO CAKES: BUILDING ICON UNDER WORLD’S FAVORITE COOKIE BRAND 1 Strong Growth via Iconic Brand Extension Driving Distribution & Global Icon Rollout C&P Revenues $MM ~4x vs 2024 ~6% Household Penetration ~$125 ~$20 2021 2024 2030 2025+ Expansion Expanding Oreo into new incremental occasions, broadeni
Slide 44: ChocoBakery: Premiumizing Our Cakes and Pastries Portfolio
CHOCOBAKERY: PREMIUMIZING OUR CAKES AND PASTRIES PORTFOLIO 2 Strong Steady Growth Fueling Heroes & Driving Innovation C&P Revenues $MM ~2x vs 2024 +HSD% 3-years sales CAGR led by Heroes ~$200 ~$150 2021 2024 2030 ’25+ Hero geo-rollout + new launches Extending iconic chocolate brands to cakes & pastr
Slide 45: 7Days: Expanding Europe's #1 Croissant
7DAYS: EXPANDING EUROPE’S #1 CROISSANT 3 Strong, Steady Growth Scaling Platform in EU + Geo Expansion Plans C&P Revenues $MM ~2x vs 2024 +HSD% 2-year sales CAGR post M&A ~$450 ~$490 2025+ 2022 2024 2030 expansion in US & Emerging Building affordable, sustaining Markets sweet snack icon globally 45
Slide 46: Give & Go: Continued Incremental Growth from In-Store Bakery
GIVE & GO: CONTINUED INCREMENTAL GROWTH FROM IN-STORE BAKERY 3 Strong Growth Trajectory Outpacing Market & Driving Innovation C&P Revenues $MM ~2x vs 2024 1.25x 3YR share growth ~$650 ~$400 2021 2024 2030 3x Oreo co-branded sales ‘24 vs ‘23 Driving category growth as one-stop shop & strategic partne
Slide 47: Evirth: High Growth Leader in China Chilled Cakes & Pastries
EVIRTH: HIGH GROWTH LEADER IN CHINA CHILLED CAKES & PASTRIES 3 Strong Growth Trajectory Superior Products in Attractive Segment C&P Revenues $MM ~2x vs 2024 ~$1.5B Frozen-to-chilled, growing DD ~$300 ~$140 2021 2024 2030 1.5x Oreo co-branded Expanding strategic relationship with sales ‘24 vs ‘23 • H
Slide 48: In Summary: Strong MDLZ Right to Win in Cakes & Pastries
IN SUMMARY: STRONG MDLZ RIGHT TO WIN IN CAKES & PASTRIES 1 2 3 4 Global player Gaining share Iconic brands Driving growth Attractive category #3 global C&P Strong portfolio of Investing to drive for MDLZ with manufacturer, early iconic brands + growth in attractive massive potential as in journey an
Slide 49: Agenda
WELL POSITIONED FOR SUSTAINED AGENDA GROWTH OVER LONG TERM HORIZON Executing strategy, well-positioned for future delivery – Dirk Van de Put Chocolate principles to emerge stronger post-cocoa cost headwind – Dirk Van de Put Cakes & Pastries, an attractive category where we have the right to win – Di
Slide 50: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES 1 Expand Free Cash Flow 2 Return Capital and Drive Shareholder Value 3 Growth Accretive M&A 4 Balance Sheet Flexibility
Slide 51: Increase Free Cash Flow via Gross Profit Growth and Cash Conversion
1 INCREASE FREE CASH FLOW VIA GROSS PROFIT DOLLAR GROWTH AND BEST-IN-CLASS CASH CONVERSION Free Cash Flow Cash Conversion Cycle - Reported, in $ B - - in Days - $4+ $3.6 $3.5 -35 $3.0 -38 -41 <-45 2022 2023 2024 LT Vision 2022 2023 2024 LT Vision 51
Slide 52: Significant Return of Capital to Shareholders
2 SIGNIFICANT RETURN OF CAPITAL TO SHAREHOLDERS Double-Digit Opportunistic Share Cumulative Dividend Growth Repurchase Capital Return CAGR past 5 years Reduction in share count1 2018-2024 10.5% 15% $25.8B +DD increase ~$13B returned Returned over 9 of past 10 years since 2018 7 years 52 1. Percentag
Slide 53: Driving Value Through $3B+ in Targeted Bolt-On Acquisitions
3 DRIVING VALUE THROUGH $3B+ IN TARGETED BOLT-ON ACQUISITIONS Our M&A Playbook Executing Playbook Acquire right opportunities >$3.1B Realize value through 10 annual net revenue +HSD Acquisitions added annual strong integration completed since growth rate 2018 Accelerate growth Gum DM1 $1.4B in Dives
Slide 54: Maintain Balance Sheet Flexibility
4 MAINTAIN BALANCE SHEET FLEXIBILITY Net Leverage Attractive Debt Structure1 3.5x ~2.3% ~3.0x 47% Avg Coupon Rate 44% 2.6x 2.3x ~8 Yrs Avg Maturity 9% 2022 2023 2024 Near Term USD EUR All Other 54 1. Includes LT Debt plus current maturities of LT Debt as of December 31, 2024. Excludes short term deb
Slide 55: Reiterate FY 2025 Outlook and Unchanged LT Algorithm
REITERATE FY 2025 OUTLOOK AND UNCHANGED LT ALGORITHM Organic Net Adjusted EPS Free Revenue Growth Growth (cst. Fx) Cash Flow ~+5% ~-10% $3B+ FY25 Outlook Excludes Potential Tariff Changes LT Algo Mid point +HSD% $3B+ 3-5% Please see slide at end of deck regarding GAAP to Non-GAAP reconciliations on
Slide 56: Confident in Executing Our Strategy and Delivering Our Algorithm
CONFIDENT IN EXECUTING OUR STRATEGY AND DELIVERING OUR ALGORITHM 1 Demonstrated results 2 Attractive categories, advantaged footprint and iconic brands 3 Robust principles to emerge stronger in Chocolate 4 Strong playbook to win in Cakes & Pastries 5 Disciplined capital allocation to drive sharehold
Slide 57: Mondelēz International: Snacking Made Right
Mondelez, International SNACKING MADE RIGHT
Slide 58: Outlook
OUTLOOK The company’s outlook for 2025 Organic Net Revenue growth, Adjusted EPS growth on a constant currency basis and Free Cash Flow are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results such as the impact of changes in currency exc
Slide 59: GAAP to Non-GAAP Reconciliations: Net Revenues to Organic Net Revenue
GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) Mondelēz International 2021 2023 2024 3 Year 3 Year 5 Year For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 2024 CAGR CAGR CAGR Reported (GAAP) $ 25,868 $ 26,581 $ 28,720 $
Slide 60: GAAP to Non-GAAP Reconciliations: Gross Profit to Adjusted Gross Profit
GAAP TO NON-GAAP RECONCILIATIONS Gross Profit To Adjusted Gross Profit (in millions of U.S. dollars) (Unaudited) Mondelēz International 2021 2023 2024 3 Year 3 Year 5 Year For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 2024 CAGR CAGR CAGR Reported (GAAP) $ 10,337 $ 10,446 $ 11,254
Slide 61: GAAP to Non-GAAP Reconciliations: Advertising and Consumer Promotions
GAAP TO NON-GAAP RECONCILIATIONS Advertising and Consumer Promotions To Adjusted Advertising and Consumer Promotions (in millions of U.S. dollars) (Unaudited) Mondelēz International 2021 2023 2024 3 Year 3 Year 5 Year For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 2024 CAGR CAGR C
Slide 62: GAAP to Non-GAAP Reconciliations: Diluted EPS to Adjusted EPS
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) Mondelēz International 2021 2023 2024 3 Year 3 Year 5 Year For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 2024 CAGR CAGR CAGR Diluted EPS attributable to Mondelēz International (GAAP) $ 2.69 $ 2.47 $ 3.04 $ 1
Slide 63: GAAP to Non-GAAP Reconciliations: Free Cash Flow
GAAP TO NON-GAAP RECONCILIATIONS Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 Net Cash Provided by Operating Activities (GAAP) $ 3,964 $ 4,141 $ 3,908 $ 4,714 $ 4,910 Capital Expenditures (863) (965) (906) (
Slide 64: GAAP to Non-GAAP Reconciliations: Developed and Emerging Markets
GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) Mondelēz International Developed Markets Emerging Markets 2024 2024 5 Year 5 Year For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 CAGR 2020 2021 2022 2023 2024 CAGR Report
Slide 65: GAAP to Non-GAAP Reconciliations: Net Revenues by Region
GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenues (in millions of U.S. dollars) (Unaudited) 2024 5 Year CAGR Latin North Latin North America AMEA Europe America America AMEA Europe America For the Twelve Months Ended December 31, 2024 Reported (GAAP) $ 4,926 $ 7,296 $ 13,309 $ 10
Slide 66: GAAP to Non-GAAP Reconciliations: Chocolate
GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue - Chocolate (in millions of U.S. dollars) (Unaudited) 2024 5 Year CAGR Chocolate Chocolate Chocolate Chocolate Developed Emerging Developed Emerging Markets Markets Chocolate Markets Markets Chocolate For the Twelve Months Ended De
Slide 67: GAAP to Non-GAAP Reconciliations: Chocolate Brands
GAAP TO NON-GAAP RECONCILIATIONS Net Revenues to Organic Net Revenue - Chocolate Brands (in millions of U.S. dollars) (Unaudited) 2024 5 Year CAGR Chocolate Chocolate Chocolate Local Chocolate Chocolate Local Chocolate Global Jewels Other Chocolate Global Jewels Other Chocolate For the Twelve Months
Slide 68: GAAP to Non-GAAP Reconciliations: Adjusted EBITDA for Leverage
GAAP TO NON-GAAP RECONCILIATIONS Adjusted EBITDA for Leverage Calculation (in millions of U.S. dollars) (Unaudited) Mondelēz International For the Twelve Months Ended December 31, 2022 2023 2024 Reported Operating Income (GAAP) $ 3,534 $ 5,502 $ 6,345 Simplify to Grow Program 122 131 149 Intangible