Mondelez International, Inc. · NASDAQ:MDLZ
Mondelez International — Q3 2026 Earnings Presentation
31 slides from Mondelez International's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Results
Q3 2026 RESULTS October 29, 2026
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
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: Strong Execution with Volume Driven Top-Line Growth and Profit Dollar Expansion in Q3
STRONG EXECUTION WITH VOLUME DRIVEN TOP-LINE GROWTH AND PROFIT DOLLAR EXPANSION IN Q3 1. Solid Q3 top-line growth +2.1%, underpinned by robust volume/mix performance +1.8pp 2. Emerging Markets continue to deliver strong results 3. Europe top-line returned to volume growth, North America posted solid
Slide 5: Strong Volume/Mix Step Up with Significant Profit Growth in Q3
STRONG VOLUME/MIX STEP UP WITH SIGNIFICANT PROFIT GROWTH IN Q3 Organic Net Adjusted Gross Adjusted OI Adjusted Free Cash Flow Revenue Growth Profit Growth1 Growth1 EPS Growth1 Q3 +2.1% +14.0% +17.0% +5.5% 2026 Vol/Mix +1.8pp Price +0.3pp YTD +2.4% +3.7% -3.7% -4.1% $1.7B 2026 Vol/Mix +0.6pp Price +1
Slide 6: Volume/Mix Inflecting with Broad-Based Momentum
VOLUME/MIX INFLECTING WITH BROAD-BASED MOMENTUM Total MDLZ Volume/Mix Growth +1.8% +1.4% +0.7% -0.5% -0.9% -3.7% FY'23 FY'24 FY'25 Q1'26 Q2'26 Q3'26 6
Slide 7: Consumer Remains Cautious but Snacking Is Resilient
CONSUMER REMAINS CAUTIOUS BUT SNACKING IS RESILIENT Consumer Categories1 • Confidence continues to be pressured by energy • Biscuit stabilizing with growth led by portion- North prices, but spending continues to grow control & multipacks, Bars growing America • Price sensitivity driving value channe
Slide 8: Acquiring Undercover Snacks, a Better-for-You and Permissible Indulgence Snacking Leader
ACQUIRING UNDERCOVER SNACKS1, A BETTER-FOR-YOU AND PERMISSIBLE INDULGENCE SNACKING LEADER Loved by the consumer Chocolate or Frosted Quinoa Crisps • Superior taste with crunchy texture • Simple, quality ingredients Attractive segment • Better-For-You indulgence segment growing 10%+2 • Appeals to con
Slide 9: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2026 Outlook 9
Slide 10: Volume/Mix Sequentially Improving Across EM & DM
VOLUME/MIX SEQUENTIALLY IMPROVING ACROSS EM & DM 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 Q3 +2.1% +4.1% +0.8% 2026 Vol/Mix +1.8% Vol/Mix +2.2% Vol/Mix +1.5% YTD
Slide 11: Robust Volume/Mix Gains in Q3 Across All Core Categories
ROBUST VOLUME/MIX GAINS IN Q3 ACROSS ALL CORE CATEGORIES 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 MDLZ Revenue1 Q3 +2.2% +0.6% +6.9% 2026 Vol/Mix +
Slide 12: Strong YTD Share Performance
STRONG YTD SHARE PERFORMANCE Category Value Growth1 Snacks Revenue Gaining/Holding Share1 YTD 2026 5.6% ~70% ~40% 3.0% 2.2% 1.1% Biscuits & Chocolate Gum & Candy Total Snacks 2025 YTD 2026 Baked Snacks 1 Share performance and category growth based on available scanner data from several external sour
Slide 13: Strong Q3 Top-Line Results with Vol/Mix Acceleration
STRONG Q3 TOP-LINE RESULTS WITH VOL/MIX ACCELERATION Organic Net Revenue Growth by Region Mondelēz Europe North America AMEA Latin America Q3 +2.1% -2.1% +1.6% +7.7% +6.9% 2026 Vol/Mix +1.8pp Vol/Mix +1.6pp Vol/Mix -pp Vol/Mix +5.5pp Vol/Mix +0.8pp YTD +2.4% -2.0% +1.8% +8.7% +6.8% 2026 Vol/Mix +0.6
Slide 14: Strong Q3 Gross and Operating Profit Growth Enabling Sustained Brand Reinvestments
STRONG Q3 GROSS AND OPERATING PROFIT GROWTH ENABLING SUSTAINED BRAND REINVESTMENTS Adjusted Gross Profit Q3 2026 vs PY Adjusted Operating Income Q3 2026 vs PY $3.4B $3.4B +DD% $1.4B $1.4B +MSD% +DD% $1.2B +LSD% +HSD% $3.0B +14.0% +14.9% +17.0% +18.2% (Cst Fx) (Rpt Fx) (Cst Fx) (Rpt Fx) Q3 2025 Vol/M
Slide 15: Q3 EPS Growth Driven by Operating Gains, Partially Offset by Higher Taxes
Q3 EPS GROWTH DRIVEN BY OPERATING GAINS, PARTIALLY OFFSET BY HIGHER TAXES PRIMARILY FROM LAPPING PY ONE-TIME BENEFITS Q3 2026 EPS vs PY Adjusted, Fav/(Unfav) $0.12 $0.01 $(0.02) $0.77 $0.01 $0.78 $0.73 $(0.07) +5.5% +6.8% (Cst Fx) (Rpt Fx) Q3 2025 Operations Shares Interest/ Taxes Q3 2026 Forex Q3 2
Slide 16: Returning Significant Capital to Shareholders
RETURNING SIGNIFICANT CAPITAL TO SHAREHOLDERS Free $1.7 Billion YTD Cash Flow CCC -23 days Share $0.8 Billion YTD Repurchases $60.60 average price Dividends $1.9 Billion YTD 16
Slide 17: Agenda
AGENDA 1 Business & Strategy Update 2 Financial Results 3 2026 Outlook 17
Slide 18: Reiterate FY 2026 Outlook
REITERATE FY 2026 OUTLOOK Organic Net Adjusted EPS Free Outlook Revenue Growth Growth (Cst. Fx) Cash Flow FY26 At Least Flat to +5% ~$3B +2% Algo 3-5% +HSD% $3B+ LT FY26 Planning Assumptions Inflation Adj. Interest Adj. Effective Share Forex % of COGS Expense Tax Rate Repurchases Impacts1 ~LSD% ~$35
Slide 19: Closing Comments
CLOSING COMMENTS • Posted strong top-line growth in Q3 and YTD, with sequential vol/mix improvement • Emerging Markets delivering compelling growth • Developed Markets steadily improving top-line trajectory • North America delivering solid growth • Europe inflecting to positive volume growth • Stron
Slide 20: Dirk Van de Put, Luca Zaramella, Amit Banati
Dirk Van de Put Luca Zaramella Amit Banati Chairman & CEO COO CFO 20
Slide 21: Mondelez International - Snacking Made Right
Mondelez, International SNACKING MADE RIGHT
Slide 22: Spot Rates versus 2025 Average FX Rates for Key Countries
SPOT RATES VERSUS 2025 AVERAGE FX RATES FOR KEY COUNTRIES Source: XE.com Full Year 20251 October 22nd Rate Impact vs 2025 Argentine Peso 1224.29 / $US 1527.03 / $US Australian Dollar US$0.64 / AUD US$0.70 / AUD Brazilian Real 5.59 / $US 5.04 / $US Canadian Dollar US$0.72 / CAD US$0.71 / CAD Chinese
Slide 23: Outlook
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 fina
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, mark-to-market impacts fr
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 Emerging Developed For the Three Months Ended September 30, 2026 America AMEA Europe America International Markets Markets Reported (GAAP) $ 1,387 $ 2,182 $ 3,552 $ 2,8
Slide 26: 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 Mondelēz Snacks Chocolate Candy Snacks Beverages Meals International For the Three Months Ended September 30, 2026 Reported (GAAP) $ 4,891 $
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Gross Profit / Operating Income to Adjusted Gross Profit / Adjusted Operating Income (in millions of U.S. dollars) (Unaudited) Gross Profit Operating Income Mondelēz Mondelēz For the Three Months Ended September 30, 2026 International International Reported (GAAP) $
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Gross Profit / Operating Income to Adjusted Gross Profit / Adjusted Operating Income (in millions of U.S. dollars) (Unaudited) Gross Profit Operating Income Mondelēz Mondelēz For the Nine Months Ended September 30, 2026 International International Reported (GAAP) $ 1
Slide 29: GAAP to Non-GAAP Reconciliations
GAAP TO NON-GAAP RECONCILIATIONS Diluted EPS to Adjusted EPS (Unaudited) For the Three For the Nine Months Ended Months Ended Mondelēz International September 30, 2026 September 30, 2026 Reported (GAAP) $ 1.02 $ 2.66 Restructuring charges 0.04 0.07 Intangible asset impairment charges 0.04 0.04 Mark-
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 Nine Months Ended September 30, 2026 2025 $ Change Net Cash Provided by Operating Activities (GAAP) $ 2,606 $ 2,117 $ 489 Capital Expe
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) For the Twelve For the Twelve For the Twelve For the Three For the Three Months Ended Months Ended Months Ended Months Ended Months Ended Mondelēz International December 31, 2023 December 3
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