Mondelez International : Q1 Financial Results (a9d682)

Published: 2026-04-28 17:14:34 ET MDLZ

Published on 04/28/2026 at 05:14 pm EDT

Q1 2026 RESULTS

April 28, 2026

AGENDA

Business & Strategy Update

Financial Results 2026 Outlook

SOLID START TO YEAR, REAFFIRMING 2026 OUTLOOK

Solid Q1 revenue growth +3.0% with positive underlying vol/mix excluding impact of downsizing

Strong, sustained top-line growth in Emerging Markets

Developed Markets stabilizing, with vast majority of EU retailer negotiations complete and in line to expectations

Q1 EPS at $0.67, -14.9% vs PY at cst fx, primarily due to cocoa cost phasing impact

Continued execution of our consumer-centric strategy supported by

increased investments behind our brands and growth platforms

Reaffirming 2026 outlook despite significant economic volatility

SOLID Q1 REVENUE GROWTH, PROFIT IMPACTED BY COCOA COST PHASING

Free Cash Flow

$0.2B

Organic Net

Revenue Growth

+3.0%

Vol/Mix -0.5pp

Price +3.5pp

Adjusted OI

Growth1

-19.0%

Adjusted

EPS Growth1

-14.9%

MDLZ penetration stable in key markets

SNACKING GROWTH AND PENETRATION REMAIN DURABLE GLOBALLY

Solid core snacking category growth

Emerging Markets

Developed Markets

2025 YTD 2026 YTD

US Biscuits

UK Chocolate

89%

88%

82%

2024

2025

2024

2025

6 1Core Snacking categories: Biscuits, Chocolate, Candy, Gum, Cakes & Pastries and Snacks Bars.

Category growth data sourced from NiQ StratPlanner and covers all 6 categories across ~45 markets (excl. China) even if MDLZ does not have a presence in this category/country. Penetration data sourced from NiQ Household Panel

data for US biscuits, Kantar/Europanel for UK Chocolate.

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 share of dCommerce and emerging channels

•

Sustain Perfect Store execution

AGENDA

Business & Strategy Update

Financial Results

2026 Outlook

SOLID NR GROWTH WITH ROBUST EMERGING MARKETS PERFORMANCE

Emerging Markets

Mondelēz

Organic Net Revenue Growth

+3.0%

Vol/Mix

-0.5%

Organic Net Revenue Growth

+6.3%

Vol/Mix

+0.5%

40% of Total MDLZ Revenue1

Developed Markets

Organic Net Revenue Growth

+0.8%

Vol/Mix

-1.2%

60% of Total MDLZ Revenue1

SOLID AND BALANCED TOP-LINE GROWTH ACROSS OUR CORE CATEGORIES

Biscuits & Baked Snacks

Organic Net Revenue Growth

+1.7%

Vol/Mix

+0.6%

48% of Total MDLZ Revenue1

Chocolate

Organic Net Revenue Growth

+5.5%

Vol/Mix

-2.1%

33% of Total MDLZ Revenue1

Gum & Candy

Organic Net Revenue Growth

+3.1%

Vol/Mix

+0.6%

10% of Total MDLZ Revenue1

DURABLE CATEGORY GROWTH, ~4% EXCLUDING EASTER PHASING

Category Value Growth1

YTD 2026

Snacks Revenue Gaining/Holding Share1

~7% ex.

Easter timing

11.7%

~4% ex.

Easter timing

4.7%

5.3%

1.7%

~40% ~40%

Biscuits Chocolate Gum & Candy Total Snacks & Baked Snacks

2025 YTD 2026

11 1 Share performance and category growth based on available scanner data from several external sources, including Nielsen Global Data, as of April 22, 2026 for measured channels in key markets where the company competes. Share performance defined as percentage of revenues with share either gaining or holding versus the same prior year period. Market data excludes some channels not measured by Nielsen (e.g. World Travel Retail). Category growth data

for some Emerging Markets has been substituted with MDLZ revenue growth data due to data availability issues; Argentina data excluded due to the distorting impact caused by its recent currency devaluation

THREE REGIONS GROWING WITH STRONG AMEA PERFORMANCE

Organic Net Revenue Growth by Region

-0.6%

Vol/Mix

-3.2pp

Mondelēz Europe

North America

AMEA Latin America

+3.0%

Vol/Mix

-0.5pp

+0.5%

Vol/Mix

-0.4pp

+11.3%

Vol/Mix

+5.8pp

+5.1%

Vol/Mix

-3.0pp

Q1 PROFIT DECLINE PRIMARILY DUE TO COCOA COST PHASING

Adjusted Gross Profit Q1 2026 vs PY Adjusted Operating Income Q1 2026 vs PY

-HSD%

-DD%

$1.2B

+HSD%

$1.1B

-19.0%

(Cst Fx)

-14.0%

(Rpt Fx)

$3.1B

-LSD%

$3.1B

$1.4B

$2.9B

-5.4%

(Cst Fx)

-0.6%

(Rpt Fx)

+MSD%

Q1 2025

Vol/Mix

Pricing

Net

Q1 2026

Forex

Q1 2026

Q1 2025

Gross

SG&A /

Q1 2026

Forex

Q1 2026

Adjusted

Net of

Prod'y /

Adj. Gross

Adjusted

Profit

Other

Adj. OI @

Adjusted

Gross

Profit

Comm.

Costs

Other

Profit @

Cst FX

Gross

Profit

Cst FX

Q1 EPS PRIMARILY IMPACTED BY COCOA COST PHASING

Q1 2026 EPS vs PY

Adjusted, Fav/(Unfav)

$0.74

$0.05

$0.01

$0.63

$0.04

$0.67

$(0.03)

$(0.14)

-14.9%

(Cst Fx)

-9.5%

(Rpt Fx)

Q1 2025

Operations

Interest/

Taxes

Q1 2026

Forex

Q1 2026

Adjusted

Other

Adj. EPS

Adjusted

EPS

@ Cst FX

EPS

DISCIPLINED WORKING CAPITAL MANAGEMENT AND CAPITAL RETURN

Free Cash Flow

CCC -34 days

Share Repurchases

Dividends

$ - average price

AGENDA

Business & Strategy Update

Financial Results

2026 Outlook

Organic Net

Revenue Growth

Adjusted EPS

Growth (Cst. Fx)

Free

Cash Flow

Flat to +2%

Flat to +5%

~$3B

3-5%

+HSD%

$3B+

REAFFIRMING 2026 OUTLOOK

Algo

Inflation

% of COGS

Adj. Interest Expense

Adj. Effective Tax Rate

Share Repurchases

Forex Impacts1

~LSD%

~$375M

Mid 20s

~$2B

NR: ~+2pp EPS: +$0.06

CLOSING COMMENTS

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

North America, particularly U.S. Biscuits, stabilizing

Early signs of improvement in Europe, particularly in Chocolate

Reinvesting further to fuel momentum in specific markets while navigating global macro volatility

Continue strong brand and growth platform reinvestments

Expect strong 2027 EPS growth

Disciplined capital allocation

Chairman & CEO

COO and CFO

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 Brazilian Real

US$0.64 / AUD

5.59 / $US

US$0.72 / AUD

4.94 / $US

Canadian Dollar

US$0.72 / CAD US$0.73 / CAD

Chinese Yuan Euro

Indian Rupee Mexican Peso Pound Sterling

7.19 / $US

US$1.13 / €

87.17 / $US

19.21 / $US

US$1.32 / £

6.83 / $US

US$1.17 / €

94.06 / $US

17.36 / $US

US$1.35 / £

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 financial results such as the impact of changes in currency exchange rates, intangible asset impairment charges, acquisitions and divestitures. Because GAAP financial measures on a forward-looking basis are not accessible and reconciling information is not available without unreasonable effort, the company has not provided that information with regard to the non-GAAP financial measures in the outlook. The company is not able to reconcile its projected Organic Net Revenue growth to its projected reported net revenue growth for the full-year 2026 because the company is unable to predict during this period the impacts from potential acquisitions or divestitures, as well as the impact of currency translation due to the unpredictability of future changes in currency exchange rates, which could be material as a significant portion of the company's operations are outside the U.S. The company is not able to reconcile the projected Adjusted EPS growth on a constant currency basis, Adjusted Interest Expense and Adjusted Effective Tax Rate to the company's projected reported diluted EPS growth, reported interest and other expense, net, and reported effective tax rate, respectively, for full-year 2026 due to several factors, which could include: the company's ability to predict during this period mark-to-market impacts from commodity and foreign currency derivative contracts, impacts of any impairment charges that may arise in a future period and impacts from potential acquisitions or divestitures as well as the impact of currency translation due to the unpredictability of future changes in currency exchange rates, which could be material as a significant portion of the company's operations are outside the U.S. The company is not able to reconcile the projected Free Cash Flow to the projected net cash from operating activities for full-year 2026 because the company is unable to predict during this period the timing and amount of capital expenditures impacting cash flow. Therefore, because of the uncertainty and variability of the nature and amounts of future adjustments, which could be significant, the company is unable to provide a reconciliation of these measures without unreasonable effort.

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 from commodity and foreign currency derivative contracts, remeasurement of net monetary position of highly inflationary countries, incremental costs due to geopolitical conflicts, resolution of tax matters and operating costs from the ERP System Implementation program. We excluded the items which we believe may obscure trends in our SG&A expense from our Adjusted SG&A expense. We also evaluate growth in our Adjusted SG&A on a constant currency basis.

"Adjusted Interest Expense" is defined as interest expense and other, net (the most comparable U.S. GAAP financial measure) excluding mark-to-market impacts from commodity and foreign currency derivative contracts, pension participation changes and resolution of tax matters. We excluded the items which we believe may obscure trends in our interest expense and other, net from our Adjusted Interest Expense.

"Adjusted Effective Tax Rate" is defined as effective income tax rate (the most comparable U.S. GAAP financial measure) excluding the impacts of: restructuring charges, gains or losses (including non-cash impairment charges) on goodwill and intangible assets, divestiture-related items, acquisition-related items, mark-to-market impacts from commodity and foreign currency derivative contracts, remeasurement of net monetary position of highly inflationary countries, resolution of tax matters, incremental costs due to geopolitical conflicts, pension participation changes, operating costs from the ERP System Implementation program, initial impacts from enacted tax law changes and gains or losses on equity method investment transactions. We excluded the items which we believe may obscure trends in our pre-tax income and the related tax effect of those items on our Adjusted Effective Tax Rate.

Please refer to the definitions of additional non-GAAP measures in our earnings release for Q1 2026 located at https://www.mondelezinternational.com/investors.

GAAP TO NON-GAAP RECONCILIATIONS

Net Revenues to Organic Net Revenue

(in millions of U.S. dollars) (Unaudited)

For the Three Months Ended March 31, 2026

Latin

America

AMEA

Europe

North

America

Mondelēz

International

Reported (GAAP)

$ 1,348

$ 2,304

$ 3,871

$ 2,557

$ 10,080

Currency-related items

(84)

(60)

(344)

(11)

(499)

Organic (Non-GAAP)

$ 1,264

$ 2,244

$ 3,527

$ 2,546

$ 9,581

For the Three Months Ended March 31, 2025 Reported (GAAP)

$ 1,203

$ 2,016

$ 3,550

$ 2,544

$ 9,313

Divestitures

(11)

Organic (Non-GAAP)

$ 1,203

$ 2,016

$ 3,550

$ 2,533

$ 9,302

$ Change - Reported (GAAP)

$ 145

$ 288

$ 321

$ 13

$ 767

$ Change - Organic (Non-GAAP)

228

(23)

279

% Change - Reported (GAAP)

12.1 %

14.3 %

9.0 %

0.5 %

8.2 %

Divestitures

- pp

0.4 pp

0.2 pp

Currency-related items

(7.0)

(3.0)

(9.6)

(0.4)

(5.4)

% Change - Organic (Non-GAAP)

5.1 %

11.3 %

(0.6)%

0.5 %

3.0 %

Vol/Mix

(3.0)pp

5.8 pp

(3.2)pp

(0.4)pp

(0.5)pp

Pricing

8.1

5.5

2.6

0.9

3.5

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

Net

Revenues

Gross

Profit

Gross Profit

Margin

Operating

Income

Operating Income

Margin

Reported (GAAP)

$ 10,080

$ 2,803

27.8 %

$ 808

8.0 %

Restructuring charges

Mark-to-market (gains)/losses from derivatives

273

Acquisition-related items

(1)

(6)

Divestiture-related items

(1)

Incremental costs due to geopolitical conflicts

ERP System Implementation costs

Remeasurement of net monetary position

(1)

Adjusted (Non-GAAP)

$ 10,080

$ 3,091

30.7 %

$ 1,182

11.7 %

Currency-related items

(150)

(69)

Adjusted @ Constant FX (Non-GAAP)

$ 2,941

$ 1,113

For the Three Months Ended March 31, 2025

Net

Revenues

Gross

Profit

Gross Profit

Margin

Operating

Income

Operating Income

Margin

Reported (GAAP)

$ 9,313

$ 2,430

26.1 %

$ 680

7.3 %

Simplify to Grow Program

(2)

Mark-to-market (gains)/losses from derivatives

673

669

Acquisition-related items

(1)

(8)

Divestiture-related items

(11)

(1)

(5)

ERP System Implementation costs

Remeasurement of net monetary position

Adjusted (Non-GAAP)

$ 9,302

$ 3,109

33.4 %

$ 1,374

14.8 %

$ Change - Reported (GAAP)

Gross

Profit

$ 373

Operating

Income

$ 128

$ Change - Adjusted (Non-GAAP)

(18)

(192)

$ Change - Adjusted @ Constant FX (Non-GAAP)

(168)

(261)

% Change - Reported (GAAP)

15.3 %

18.8 %

% Change - Adjusted (Non-GAAP)

(0.6)%

(14.0)%

% Change - Adjusted @ Constant FX (Non-GAAP)

(5.4)%

(19.0)%

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

Mark-to-market losses/(gains) from derivatives

0.17

0.41

(0.24)

ERP System Implementation costs

0.03

0.02

0.01

Adjusted EPS (Non-GAAP)

$ 0.67

$ 0.74

$ (0.07)

(9.5)%

Currency-related items

(0.04)

Adjusted EPS @ Constant FX (Non-GAAP)

$ 0.63

$ 0.74

$ (0.11)

(14.9)%

Adjusted EPS @ Constant FX - Key Drivers

Decrease in operations

$ (0.14)

Change in interest and other expense, net

0.05

Change in income taxes

(0.03)

Change in shares outstanding

0.01

$ (0.11)

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 Expenditures

(312)

(277)

(35)

Free Cash Flow (Non-GAAP)

$ 155

$ 815

$ (660)

GAAP TO NON-GAAP RECONCILIATIONS

Net Revenues to Organic Net Revenue

(in millions of U.S. dollars) (Unaudited)

For the Three Months Ended March 31, 2026

Emerging

Markets

Developed

Markets

Mondelēz

International

Reported (GAAP)

$ 4,149

$ 5,931

$ 10,080

Currency-related items

(193)

(306)

(499)

Organic (Non-GAAP)

$ 3,956

$ 5,625

$ 9,581

For the Three Months Ended March 31, 2025 Reported (GAAP)

$ 3,723

$ 5,590

$ 9,313

Divestitures

(11)

Organic (Non-GAAP)

$ 3,723

$ 5,579

$ 9,302

$ Change - Reported (GAAP)

$ 426

$ 341

$ 767

$ Change - Organic (Non-GAAP)

233

279

% Change - Reported (GAAP)

11.4 %

6.1 %

8.2 %

Divestitures

- pp

0.2 pp

Currency-related items

(5.1)

(5.5)

(5.4)

% Change - Organic (Non-GAAP)

6.3 %

0.8 %

3.0 %

Vol/Mix

0.5 pp

(1.2)pp

(0.5)pp

Pricing

5.8

2.0

3.5

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

Snacks Chocolate Candy Snacks

$ 4,543 $ 3,603 $ 1,054 $ 9,200

(157) (238) (55) (450)

$ 4,386 $ 3,365 $ 999 $ 8,750

$ 4,323

$ 3,190

$ 969

$ 8,482

(11)

$ 4,312

$ 3,190

$ 969

$ 8,471

5.1 %

12.9 %

8.8 %

8.5 %

1.7 %

5.5 %

3.1 %

3.3 %

Mondelēz

International

$ 10,080

(499)

$ 9,581

$ 9,313

(11)

$ 9,302

8.2 %

3.0 %

Beverages Meals

For the Three Months Ended March 31, 2026

Reported (GAAP)

$ 275 $

605

Currency-related items - (49)

Organic (Non-GAAP)

For the Three Months Ended March 31, 2025 Reported (GAAP)

$ 275 $

$ 297 $

556

534

Divestitures - -

Organic (Non-GAAP)

$ 297 $

534

% Change - Reported (GAAP)

% Change - Organic (Non-GAAP)

(7.4)% 13.3 %

(7.4)% 4.1 %

Vol/Mix 0.6 pp (2.1)pp 0.6 pp (0.4)pp (10.1)pp 3.0 pp (0.5)pp

Pricing 1.1 7.6 2.5 3.7 2.7 1.1 3.5

Disclaimer

Mondelez International Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:10 UTC.