Mondelez International, Inc. · NASDAQ:MDLZ
Mondelez International — Q1 2025 Earnings Presentation
33 slides from Mondelez International's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Results
Q1 2025 RESULTS April 29, 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: Sound Execution Despite Significant External Volatility
SOUND EXECUTION DESPITE SIGNIFICANT EXTERNAL VOLATILITY 1. Solid Q1 top-line growth +3.1% underpinned by cocoa-led pricing 2. Free cash flow generation of $0.8B with $2.1B returned to shareholders in share buybacks and dividends 3. Chocolate strategy on track with strong pricing execution, modest el
Slide 5: Solid, Pricing Driven Top-Line Growth, Profit Impacted by Cocoa
SOLID, PRICING DRIVEN TOP-LINE GROWTH, PROFIT IMPACTED BY COCOA Organic Net Adjusted Gross Adjusted Free Cash Flow Revenue Growth Profit Growth1 EPS Growth1 Q1 +3.1% -12.0% -18.3% $0.8B 2025 Vol/Mix -3.5pp Price +6.6pp 1 at cst fx 5
Slide 6: Consumer Confidence Mixed, Our Categories Remain Resilient
CONSUMER CONFIDENCE MIXED, OUR CATEGORIES REMAIN RESILIENT Consumer Categories1 • Confidence down due to economic uncertainty • Biscuits category growth soft, better than most North and continued frustration with prices other Snacking categories America • Expect confidence to remain weak in near- te
Slide 7: Advancing Our Growth Strategy
ADVANCING OUR GROWTH STRATEGY Scale sustainable snacking Partner with Customers Expand Distribution Reinvest into Brands Continued progress against key Top-Tier ranking in Sustainability goals Advantage Global in 2024 +100k stores Survey for the first added in Emerging time ever Cadbury Biscoff® & M
Slide 8: Chocolate Strategy on Track with Early Results Broadly in Line
CHOCOLATE STRATEGY ON TRACK WITH EARLY RESULTS BROADLY IN LINE WITH EXPECTATIONS; CONTINUE TO REMAIN AGILE RGM and Elasticity Share gains Innovation & Activations • Robust RGM execution • YTD1 share gains in • Launched new innovations across Chocolate markets Chocolate including including Lotus part
Slide 9: Agenda
AGENDA 1 Business & Strategy Update – Van de Put 2 Financial Results – Zaramella 3 2025 Outlook – Zaramella 4 Q&A – Van de Put & Zaramella 9
Slide 10: Solid Top-Line Results Led by Pricing Execution
SOLID TOP-LINE RESULTS LED BY PRICING EXECUTION 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 Q1 +3.1% +3.9% +2.6% 2025 Vol/Mix -3.5% Vol/Mix -3.7% Vol/Mix -3.3% 1 FY2
Slide 11: Strong Chocolate Growth Due to Cocoa-Led Pricing, Biscuits Impacted
STRONG CHOCOLATE GROWTH DUE TO COCOA-LED PRICING, BISCUITS GROWTH IMPACTED BY SOFT 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
Slide 12: Solid Category Growth Ex. Easter Timing Despite US Biscuits Softness
SOLID CATEGORY GROWTH EX. EASTER TIMING DESPITE US BISCUITS SOFTNESS; GOOD SHARE PERFORMANCE YTD Category Growth1 Snacks Revenue Gaining/Holding Share1 YTD 2025 ~70% +5.5% ~50% ~3.0% ex. Easter timing ~6.5% ex. +1.2% Easter timing +0.9% +0.5% Biscuits Chocolate Gum & Candy Total Snacks 2024 2025 YTD
Slide 13: Profit Impacted by Significant Cocoa Costs
PROFIT IMPACTED BY SIGNIFICANT COCOA COSTS, PARTIALLY OFFSET BY PRICING AND COST EFFICIENCY Organic Net Revenue Growth and Adjusted OI Growth by Region Mondelēz Europe North America AMEA Latin America Q1 Revenue Growth Volume/Mix +3.1% -3.5pp +8.9% -4.5pp -3.6% -3.1pp +1.8% -3.0pp +3.9% -2.5pp 2025
Slide 14: Q1 Vol/Mix Impacted by Multiple One-Timers
Q1 VOL/MIX IMPACTED BY MULTIPLE ONE-TIMERS, UNDERLYING TREND IN LINE WITH OUR EXPECTATIONS Volume/Mix Drivers Q1 2025 vs PY Organic, Fav/(Unfav) Q1’25 Underlying ~(2.0)% US Trade Destocking ~(0.6)pp Downsizing ~(0.9)pp Seasonal Phasing ~(0.7)pp EU Customer Disruption ~+0.7pp Q1’25 (3.5)% 14
Slide 15: Q1 Profit Decline Primarily Due to Cocoa Costs
Q1 PROFIT DECLINE PRIMARILY DUE TO COCOA COSTS, PARTIALLY OFFSET BY SG&A Adjusted Gross Profit Q1 2025 vs PY Adjusted Operating Income Q1 2025 vs PY Adjusted, Fav/(Unfav) Adjusted, Fav/(Unfav) $3.6B $1.7B -MSD% -DD% $1.4B $1.4B -HSD% $3.2B +HSD% $3.1B +LSD% -18.0% -19.6% -12.0% -14.3% (Cst Fx) (Rpt
Slide 16: Q1 EPS Lower Primarily Due to Cocoa Costs
Q1 EPS LOWER PRIMARILY DUE TO COCOA COSTS Q1 2025 EPS vs PY Adjusted, Fav/(Unfav) -18.3% -20.4% (Cst Fx) (Rpt Fx) Q1 2024 Operations Shares Interest/ Taxes Q1 2025 Forex Q1 2025 Adjusted Other Adj. EPS Adjusted EPS @ Cst FX EPS 16
Slide 17: Capital Deployment Driving Shareholder Value Creation
CAPITAL DEPLOYMENT DRIVING SHAREHOLDER VALUE CREATION Free $0.8 Billion Cash Flow CCC -40 days Share $1.5 Billion Repurchases $57.91 average price Dividends $0.6 Billion 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: Cocoa Prices Trending Down Recently
COCOA PRICES TRENDING DOWN RECENTLY, CONTINUE TO EXPECT FURTHER STABILIZATION London Cocoa Spot Price (GBP/Ton) Cocoa Update 11,500 10,500 9,500 • Recent cocoa market price reductions 8,500 supported by weaker demand data 7,500 • Supply focus shifts to mid-crop harvest 6,500 Update pending and main
Slide 20: Reaffirm 2025 Outlook
REAFFIRM 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 Share F
Slide 21: 2026 Considerations
2026 CONSIDERATIONS • Focused on delivering our 2025 outlook despite challenged operating environment • Early results positive on Chocolate strategy, continue to implement while remaining agile • Cost savings plan on track, continue to invest behind our brands and capabilities • While early to provi
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 April 24th Rate Impact vs 2024 Argentine Peso 915.64 / $US 1182.85 / $US Australian Dollar US$0.66 / AUD US$0.64 / AUD Brazilian Real 5.39 / $US 5.67/ $US Canadian Dollar US$0.73 / CAD US$0.72 / CAD Chinese Yuan
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 impacts from divestiture-related items and incremental costs incurred due to the war in Ukraine. We excluded the items which
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 March 31, 2025 Reported (GAAP) $ 1,203 $ 2,016 $ 3,550 $ 2,544 $ 9,313 Acquisitions - (99) - - (99)
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 March 31, 2025 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 9,313
Slide 29: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Three Months Ended March 31, 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 0.31 $ 1.04 $ (0.73) (70.2)% Simplify to Grow Program - 0.03 (0.03) Mark-to-market losses/(gains) from
Slide 30: 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, 2025 2024 $ Change Net Cash Provided by Operating Activities (GAAP) $ 1,092 $ 1,324 $ (232) Capital E
Slide 31: 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, 2025 Reported (GAAP) $ 3,723 $ 5,590 $ 9,313 Acquisitions (99) - (99) Currency-related items 2
Slide 32: 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 March 31, 2025 Reported (GAAP) $ 4,
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 Three Months Ended March 31, 2025 Unrealized G/(L) on General Latin North Hedging Corporate Amortization Mondelēz America AMEA Europe America Activities Expenses of Intangibles International Net Revenue R
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