Mondelez International, Inc. · NASDAQ:MDLZ
Mondelez International — Q4 2025 Earnings Presentation
32 slides from Mondelez International's earnings presentation, Feb 3, 2026
Slide 1: Q4 & FY 2025 Results
Q4 & FY 2025 RESULTS February 3, 2026
Slide 2: Forward-Looking Statements
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 Q4 2025 Results Despite Challenging Backdrop
SOLID Q4 2025 RESULTS DESPITE CHALLENGING BACKDROP, CONFIDENT IN OUR LONG-TERM GROWTH PROSPECTS 1. Accelerating Q4 top-line growth +5.1% driven by cocoa-led pricing execution, partially offset by volume/mix decline 2. Q4 EPS at $0.72, +4.6% at cst fx, due to strong cost discipline and lapping high c
Slide 5: Strong Q4 Revenue Growth with Improving Profitability
STRONG Q4 REVENUE GROWTH WITH IMPROVING PROFITABILITY Organic Net Adjusted OI Adjusted Free Cash Flow Revenue Growth Growth1 EPS Growth1 Q4 +5.1% +22.1% +4.6% 2025 Vol/Mix -4.8pp Price +9.9pp FY +4.3% -15.5% -14.6% $3.2B 2025 Vol/Mix -3.7pp Price +8.0pp 1 at cst fx 5
Slide 6: Determined to Improve Developed Markets Performance
DETERMINED TO IMPROVE DEVELOPED MARKETS PERFORMANCE Consumer and Category Action to improve Growth • US Consumer confidence weak, expect it to • Increased A&C investments to drive awareness, North America remain similar for 2026 penetration, frequency and buy rate • Snacking growth will continue shi
Slide 7: Progressing Against Our Strategic Growth Agenda
PROGRESSING AGAINST OUR STRATEGIC GROWTH AGENDA Highly Engaged Culture Grow Channels Expand Distribution Robust Brand Equity Recognized as a Award-winning leader in multiple industry rankings Added ~300k World Travel Retail directly served channel grew MSD Strong penetration: stores in Emerging in 2
Slide 8: Adapting to Win in a Rapidly Evolving Environment
ADAPTING TO WIN IN A RAPIDLY EVOLVING ENVIRONMENT Inflation Better- Significant brand investments For-You Protein SNAP Promos AI Consumer Addressing affordability and value Sentiment Elasticity Expanding & digitizing Emerging Affordability Markets distribution Cocoa Prices Private Scale offerings in
Slide 9: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2026 Outlook 9
Slide 10: Continued Top-Line Growth Led by Emerging Markets
CONTINUED TOP-LINE GROWTH LED BY EMERGING MARKETS 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 Q4 +5.1% +8.0% +3.4% 2025 Vol/Mix -4.8% Vol/Mix -3.8% Vol/Mix -5.4% FY
Slide 11: Chocolate Growth Underpinned by Cocoa-Led Pricing
CHOCOLATE GROWTH UNDERPINNED BY COCOA-LED PRICING; BISCUITS GROWTH IMPACTED BY US CONSUMPTION SOFTNESS 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 MDL
Slide 12: Share Performance Impacted by Soft US Biscuits
SHARE PERFORMANCE IMPACTED BY SOFT US BISCUITS PERFORMANCE AND PRICE ELASTICITY IN SELECT CHOCOLATE MARKETS Category Value Growth1 Snacks Revenue Gaining/Holding Share1 YTD 2025 9.3% ~50% ~40% 4.7% 4.1% 0.9% Biscuits Chocolate Gum & Candy Total Snacks 2024 YTD 2025 & Baked Snacks 1 Share performance
Slide 13: Strong Q4 Top-Line Results in Majority of Regions
STRONG Q4 TOP-LINE RESULTS IN MAJORITY OF REGIONS Organic Net Revenue Growth by Region Mondelēz Europe North America AMEA Latin America Q4 +5.1% +8.3% -0.5% +7.5% +4.4% 2025 Vol/Mix -4.8pp Vol/Mix -7.4pp Vol/Mix -3.7pp Vol/Mix -1.8pp Vol/Mix -4.1pp FY +4.3% +8.6% -1.9% +5.7% +4.6% 2025 Vol/Mix -3.7p
Slide 14: Q4 Profit Growth Due to Cost Savings and Lapping Cocoa Costs
Q4 PROFIT GROWTH DUE TO COST SAVINGS AND LAPPING COCOA COSTS Adjusted Gross Profit FY 2025 vs PY Adjusted Operating Income FY 2025 vs PY $13.8B $5.9B -MSD% -DD% $5.0B $5.1B $12.2B $12.3B -HSD% +MSD% -DD% -11.4% -10.6% -15.5% -13.9% (Cst Fx) (Rpt Fx) (Cst Fx) (Rpt Fx) FY 2024 Vol/Mix Pricing Net FY 2
Slide 15: Q4 EPS Growth Led by Improving Profit from Operations
Q4 EPS GROWTH LED BY IMPROVING PROFIT FROM OPERATIONS, PARTIALLY OFFSET BY PRIOR YEAR TAX BENEFIT FY 2025 EPS vs PY Adjusted, Fav/(Unfav) $3.35 $0.10 $0.06 $2.92 $2.86 $(0.50) $(0.06) $(0.03) -14.6% -12.8% (Cst Fx) (Rpt Fx) FY 2024 Operations Shares Interest/ Taxes FY 2025 Forex FY 2025 Adjusted Oth
Slide 16: Strong Cash Generation and Capital Return
STRONG CASH GENERATION AND CAPITAL RETURN Free $3.2 Billion FY Cash Flow CCC -37 days Share $2.4 Billion FY Repurchases $58.02 average price Dividends $2.5 Billion FY 16
Slide 17: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2026 Outlook 17
Slide 18: Cocoa Prices Falling vs Record Highs
Cocoa prices falling vs record highs, yet remain considerably higher than historical average FY Average London Cocoa Prices (GBP/Ton) Cocoa Update ~£6500 • Surplus expected in 25/26 crop due to: ~£5900 • Favorable weather in West Africa ~£4800 • Continued Rest of World growth ~£2700 ~£3000 • Demand
Slide 19: FY 2026 Outlook
FY 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 ~LSD% ~$375
Slide 20: 2026 Remarks
2026 REMARKS • Distinct plans to improve performance in Developed Markets underpinned by consumer insights: • North America key actions: • Boosting Core brands awareness • Addressing affordability and value • Expanding offerings into growing segments, occasions & channels • Activating Supply Chain p
Slide 21: Mondelez International: Snacking Made Right
Mondelez, International SNACKING MADE RIGHT
Slide 22: Spot Rates versus 2025 Average FX Rates
SPOT RATES VERSUS 2025 AVERAGE FX RATES FOR KEY COUNTRIES Source: XE.com Full Year 20251 January 20th Rate Impact vs 2025 Argentine Peso 1224.29 / $US 1435.55 / $US Australian Dollar US$0.64 / AUD US$0.67 / AUD Brazilian Real 5.59 / $US 5.36/ $US Canadian Dollar US$0.72 / CAD US$0.72 / CAD Chinese Y
Slide 23: 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 2026 are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of fi
Slide 24: 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, operating results from sh
Slide 25: 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 December 31, 2025 Reported (GAAP) $ 1,264 $ 2,078 $ 4,391 $ 2,763 $ 10,496 Divestitures - - - (4) (
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 Three Months Ended December 31, 2025 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 10,
Slide 27: 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 Twelve Months Ended December 31, 2025 Gross Operating Net Gross Profit Operating Income Revenues Profit Margin Income Margin Reported (GAAP) $ 38
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Three Months Ended December 31, 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 0.51 $ 1.30 $ (0.79) (60.8)% Restructuring charges 0.01 0.04 (0.03) Mark-to-market losses/(gains) f
Slide 29: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Twelve Months Ended December 31, 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) $ 1.89 $ 3.42 $ (1.53) (44.7)% Restructuring charges - 0.09 (0.09) Intangible asset impairment charg
Slide 30: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS 30
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 December 31, 2025 Reported (GAAP) $ 4,122 $ 6,374 $ 10,496 Divestitures - (4) (4) Acquisitions (28) - (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 December 31, 2025 Reported (GAAP) $
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