Slides
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Q3 2025 RESULTS October 28, 2025
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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,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” “remain,” “potential,” “commitment,” “outlook,” “continue,” “goal” or any other similar words are intended to identify our forward-looking statements. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in these forward-looking statements. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation and accompanying prepared remarks except as required by applicable law or regulation. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. For important information on forward-looking statements, please see our earnings release for Q3 2025 on our investor website at https://www.mondelezinternational.com/investors. NON-GAAP FINANCIAL MEASURES All results shared with this presentation and accompanying prepared remarks are non-GAAP unless noted as “reported”, in which case we are referring to our results on a GAAP basis. Please see GAAP to non-GAAP reconciliations at the end of this presentation for comparable GAAP measures. Refer to the definitions of these measures in our earnings release for Q3 2025 located at https://www.mondelezinternational.com/investors in addition to the appendix on slide 22 of this presentation. 2
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2 3 Financial Results 2025 Outlook and 2026 Reflections 1 Business & Strategy Update AGENDA 3
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1. Q3 top-line growth +3.4% led by pricing execution, partially offset by volume/mix decline including Europe heat wave consumption drag 2. Robust market share performance 3. Solid YTD free cash flow delivery with significant capital return to shareholders 4. Updating FY 2025 outlook to 4%+ Organic Net Revenue growth and ~-15% EPS decline (cst fx) 5. Expecting on-algorithm EPS growth for 2026 6. Remain focused on executing our long-term, consumer-centric strategy 4 CONTINUE TO EXECUTE OUR PLANS AS WE NAVIGATE CHALLENGING OPERATING ENVIRONMENT
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TOP-LINE GROWTH LED BY PRICING REALIZATION, PROFIT DECLINE PRIMARILY DUE TO COCOA COSTS +3.4% Organic Net Revenue Growth -21.3% Adjusted Gross Profit Growth1 -24.2% Adjusted EPS Growth1 Vol/Mix -4.6pp Price +8.0pp Q3 2025 Free Cash Flow 1 at cst fx5 +4.0% -19.6%-15.0% Vol/Mix -3.2pp Price +7.2pp YTD 2025 $1.2B
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CURRENT SITUATION AND OUR ACTIONS FOR DEVELOPED MARKETS 1 Category growth and market share data based on NiQ Global Data, thru September 2025 for measured channels in key markets where the company competes.6 • US Biscuits category value declining faster in L3M vs H1’25 trend • Consumer confidence remains weak • Ongoing shifts to Value, Club & eComm channels; Premium & BFY segments • Promotions not yielding historical ROIs North AmericaEurope Current Situation MDLZ Actions • Launch new innovations; Grow Premium & BFY offerings • Leverage RGM on value offerings and PPA • Focus on omnichannel build-out • Enhance promotion framework to improve ROIs • Chocolate and Biscuit category growth generally in-line with expectations • Increased price gaps in select Chocolate market segments leading to higher elasticity and share declines • Shift to smaller formats in Chocolate • Execute key in-store activations, ramp bold innovation; more A&C behind key brands • Adjust price gaps in select Chocolate market segments • Leverage RGM on critical price points and new PPA
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2 3 Financial Results 2025 Outlook and 2026 Reflections 1 Business & Strategy Update AGENDA 7
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SOLID TOP-LINE GROWTH LED BY PRICING ACROSS EMERGING AND DEVELOPED MARKETS 8 Vol/Mix -4.7% Vol/Mix -4.5% +7.1% +1.2% Emerging Markets Organic Net Revenue Growth 39% of Total MDLZ Revenue1 Mondelēz Organic Net Revenue Growth Vol/Mix -4.6% +3.4%Q3 2025 Developed Markets Organic Net Revenue Growth 61% of Total MDLZ Revenue1 1 FY24 net revenues YTD 2025 Vol/Mix -3.2% Vol/Mix -3.3% +6.9% +2.1% Vol/Mix -3.2% +4.0%
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STRONG CHOCOLATE GROWTH DUE TO COCOA-LED PRICING, MODEST BISCUITS GROWTH IMPACTED BY SOFT US CONSUMPTION 9 Vol/Mix -10.5% Vol/Mix -2.8% +8.2% +2.4% Vol/Mix -1.9% +1.2%Q3 2025 Biscuits & Baked Snacks Organic Net Revenue Growth 49% of Total MDLZ Revenue1 Chocolate Organic Net Revenue Growth 31% of Total MDLZ Revenue1 Gum & Candy Organic Net Revenue Growth 11% of Total MDLZ Revenue1 1 FY24 net revenues YTD 2025 Vol/Mix -6.9% Vol/Mix -2.8% +11.3% +1.9% Vol/Mix -1.0% +1.0%
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ROBUST CATEGORY AND SHARE PERFORMANCE YTD Category Value Growth1 YTD 2025 10 1 Share performance and category growth based on available scanner data from several external sources, including Nielsen Global Data, as of October 17, 2025 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 0.4% 10.4% 4.9% 4.3% Biscuits Chocolate Gum & Candy Total Snacks Snacks Revenue Gaining/Holding Share1 & Baked Snacks ~50% ~70% 2024 YTD 2025
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-0.3% -1.8pp +5.1% -7.5pp +5.3% -4.0pp +3.4% -4.6pp +4.7% -4.0pp STRONG TOP-LINE PERFORMANCE ACROSS MOST SEGMENTS, PROFIT DECLINE MOSTLY DRIVEN BY COCOA INPUT COSTS 11 -63.2% -7.8% North America -33.5% Mondelēz Europe AMEA Latin America Revenue Growth Volume/Mix OI Growth1 -28.2% +7.0% Organic Net Revenue Growth and Adjusted OI Growth by Region Q3 2025 1 at cst fx YTD 2025 -2.4% -2.4pp +8.7% -4.5pp +5.0% -2.3pp +4.0% -3.2pp +4.7% -2.8pp -37.2% -16.3%-22.9% -13.5% -3.3% Revenue Growth Volume/Mix OI Growth1
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PROFIT LOWER LARGELY DUE TO COCOA INPUT COSTS, PARTIALLY OFFSET BY COST EFFICIENCIES 12 Adjusted Gross Profit YTD 2025 vs PY YTD 2024 Adjusted Gross Profit $10.7B YTD 2025 Adj. Gross Profit @ Cst FX YTD 2025 Adjusted Gross Profit $9.1B $9.1B -MSD% -DD% +MSD% -15.0% (Cst Fx) -15.2% (Rpt Fx) ForexPricing Net of Comm. Costs Vol/Mix Net Prod’y / Other YTD 2024 Adjusted OI YTD 2025 Adj. OI @ Cst FX YTD 2025 Adjusted OI ForexSG&AGross Profit $4.9B $3.8B $3.8B-DD% -DD% -22.9% (Cst Fx) -22.5% (Rpt Fx) Adjusted Operating Income YTD 2025 vs PY $3.7B -HSD% -DD% +MSD% $2.9B -21.3% $3.0B -20.5% Q3 vs PY $1.7B -DD% -DD% $1.2B -33.5% $1.2B -32.6%
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EPS DECLINE PRIMARILY DUE TO COCOA INPUT COSTS YTD 2025 EPS vs PY Adjusted, Fav/(Unfav) $2.71 $(0.61) $0.07 $(0.06) $0.07 $2.18 $0.02 $2.20 YTD 2024 Adjusted EPS YTD 2025 Adj. EPS @ Cst FX Forex YTD 2025 Adjusted EPS TaxesSharesOperations Interest/ Other 13 -19.6% (Cst Fx) -18.8% (Rpt Fx) Q3 vs PY $0.95 $(0.32) $0.03 $0.01 $0.05 $0.72 $(0.23) -24.2% $0.01 $0.73 $(0.22) -23.2%
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Free Cash Flow Share Repurchases Dividends $1.2 Billion YTD CCC -27 days $1.9 Billion YTD $59.00 average price $1.8 Billion YTD 14 SOLID FREE CASH FLOW & CAPITAL RETURN TO SHAREHOLDERS
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2 3 Financial Results 2025 Outlook and 2026 Reflections 1 Business & Strategy Update AGENDA 15
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FY25 Outlook UPDATED 2025 OUTLOOK 16 Free Cash Flow Adjusted EPS Growth (Cst. Fx) Organic Net Revenue Growth FY25 Planning Assumptions 1 Expected FY25 currency impact on revenue and EPS based on October 22, 2025 published FX rates (source: XE.com) 4%+ ~-15% $3B+ Inflation % of COGS ~DD% Adj. Interest Expense ~$350M Adj. Effective Tax Rate Mid 20s Share Repurchases $3B+ Forex Impacts1 NR: ~+0.5pp EPS: +$0.05 Mid point 3-5% +HSD% $3B+ LT Algo
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COCOA PRICES DECLINING IN RECENT WEEKS, SUPPORTED BY MULTIPLE CATALYSTS 17 FY Average London Cocoa SPOT Prices (GBP/Ton) Cocoa Update • Multiple drivers providing support for lower cocoa prices: o Solid main crop outlook o Decrease in cocoa grindings o Expected 2025/26 cycle surplus • Good progress on our long-term strategic cocoa priorities • Majority of 2026 cocoa hedged ~£2700 ~£6500 ~£5900 ~£4400 2023 2024 2025 2026 Futures Source: London Cocoa Future Historical spot prices (Investing.com), Futures Market Structure (Barchart.com)
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18 REFLECTIONS AMID EVOLVING COCOA AND MACRO BACKDROP • Expecting on-algorithm EPS growth for 2026: • Cocoa prices deflationary vs 2025, albeit high vs historical norm, with 2026 futures at ~£4400 GBP/ton range • We plan to execute on the following agenda to foster delivery: • Clear actions to drive category performance and Developed Market results • Sustained distribution gains in Emerging Markets • Doubling-down on growth segments of Biscuits & Chocolate in all markets • Brand investment step-up, primarily in working media • Continued cost savings agenda with a new, multi-year North America Supply Chain program • Not assuming an improvement in macro conditions
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SPOT RATES VERSUS 2024 AVERAGE FX RATES FOR KEY COUNTRIES Pound Sterling Mexican Peso Indian Rupee Euro Chinese Yuan Canadian Dollar Brazilian Real Australian Dollar Argentine Peso Source: XE.com Full Year 20241 October 22nd Rate Impact vs 2024 Datei:Flag of India.svg 18.33 / $US US$1.08 / € 83.67 / $US 5.39 / $US US$1.28 / £ US$0.66 / AUD US$1.16 / € 5.39/ $US US$0.65 / AUD 18.42 / $US 87.72 / $US US$1.34 / £ 7.13 / $US 915.64 / $US 1487.73 / $US 7.20 / $US US$0.73 / CAD US$0.72 / CAD 20 1 Average of 2024 monthly fx rates
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OUTLOOK 21 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 financial results such as the impact of changes in currency exchange rates, intangible asset impairments activities, acquisitions and divestitures. Because GAAP financial measures on a forward-looking basis are not accessible and reconciling information is not available without unreasonable effort, we have not provided that information with regard to the non-GAAP financial measures in our outlook. We are not able to reconcile our projected Organic Net Revenue growth to our projected reported net revenue growth for the full-year 2025 because we are 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 our operations are outside the U.S. We are not able to reconcile our projected Adjusted EPS growth on a constant currency basis, Adjusted Interest Expense and Adjusted Effective Tax Rate to our projected reported diluted EPS growth, reported interest and other expense, net, and reported effective tax rate, respectively, for full-year 2025 due to several factors, which could include: our 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 our operations are outside the U.S. We are not able to reconcile our projected Free Cash Flow to our projected net cash from operating activities for full-year 2025 because we are 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, we are unable to provide a reconciliation of these measures without unreasonable effort.
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ADDITIONAL NON-GAAP FINANCIAL MEASURES DEFINITIONS 22 “Adjusted SG&A” is defined as selling, general and administrative expenses (the most comparable U.S. GAAP financial measure) excluding impacts of the Simplify to Grow Program, divestiture-related items, acquisition-related items, operating results from short-term distributor agreements related to the sale of a business, mark-to-market impacts from commodity and foreign currency derivative contracts, remeasurement of net monetary position of highly inflationary countries, incremental costs incurred due to the war in Ukraine, impact from the European Commission legal matter 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 losses on debt extinguishment and related expenses, mark-to-market impacts from commodity and foreign currency derivative contracts, impact from pension participation changes, and acquisition-related items. 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 the Simplify to Grow Program, gains or losses (including non-cash impairment charges) on goodwill and intangible assets, divestiture-related items, acquisition-related items, operating results from short-term distributor agreements related to the sale of a business, mark-to-market impacts from commodity and foreign currency derivative contracts, remeasurement of net monetary position of highly inflationary countries, impact from resolutions of indirect tax matters, incremental costs due to the war in Ukraine, impact from the European Commission legal matter, impact from pension participation changes, operating costs from the ERP System Implementation program, losses on debt extinguishment and related expenses, gains or losses on marketable securities transactions, 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 Q3 2025 located at https://www.mondelezinternational.com/investors.
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GAAP TO NON-GAAP RECONCILIATIONS 23 Latin America AMEA Europe North America Mondelēz International For the Three Months Ended September 30, 2025 Reported (GAAP) 1,238$ 2,017$ 3,674$ 2,815$ 9,744$ Acquisitions - (87) - - (87) Currency-related items 23 20 (183) 3 (137) Organic (Non-GAAP) 1,261$ 1,950$ 3,491$ 2,818$ 9,520$ For the Three Months Ended September 30, 2024 Reported (GAAP) 1,204$ 1,851$ 3,323$ 2,826$ 9,204$ No adjusting items - - - - - Organic (Non-GAAP) 1,204$ 1,851$ 3,323$ 2,826$ 9,204$ $ Change - Reported (GAAP) 34$ 166$ 351$ (11)$ 540$ $ Change - Organic (Non-GAAP) 57 99 168 (8) 316 % Change - Reported (GAAP) 2.8 % 9.0 % 10.6 % (0.4)% 5.9 % Acquisitions - pp (4.7)pp - pp - pp (1.0)pp Currency-related items 1.9 1.0 (5.5) 0.1 (1.5) % Change - Organic (Non-GAAP) 4.7 % 5.3 % 5.1 % (0.3)% 3.4 % Vol/Mix (4.0)pp (4.0)pp (7.5)pp (1.8)pp (4.6)pp Pricing 8.7 9.3 12.6 1.5 8.0 Latin America AMEA Europe North America Mondelēz International For the Nine Months Ended September 30, 2025 Reported (GAAP) 3,635$ 5,854$ 10,636$ 7,916$ 28,041$ Acquisitions - (288) - - (288) Currency-related items 295 92 (270) 20 137 Organic (Non-GAAP) 3,930$ 5,658$ 10,366$ 7,936$ 27,890$ For the Nine Months Ended September 30, 2024 Reported (GAAP) 3,755$ 5,388$ 9,565$ 8,129$ 26,837$ Short-term distributor agreements - - (25) - (25) Organic (Non-GAAP) 3,755$ 5,388$ 9,540$ 8,129$ 26,812$ $ Change - Reported (GAAP) (120)$ 466$ 1,071$ (213)$ 1,204$ $ Change - Organic (Non-GAAP) 175 270 826 (193) 1,078 % Change - Reported (GAAP) (3.2)% 8.6 % 11.2 % (2.6)% 4.5 % Short-term distributor agreements - pp - pp 0.3 pp - pp 0.1 pp Acquisitions - (5.4) - - (1.1) Currency-related items 7.9 1.8 (2.8) 0.2 0.5 % Change - Organic (Non-GAAP) 4.7 % 5.0 % 8.7 % (2.4)% 4.0 % Vol/Mix (2.8)pp (2.3)pp (4.5)pp (2.4)pp (3.2)pp Pricing 7.5 7.3 13.2 - 7.2 Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited)
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GAAP TO NON-GAAP RECONCILIATIONS 24 Net Revenues Gross Profit Gross Profit Margin Operating Income Operating Income Margin Reported (GAAP) 9,744$ 2,612$ 26.8 % 744$ 7.6 % Simplify to Grow Program - (2) (6) Intangible asset impairment charges - - 33 Mark-to-market (gains)/losses from derivatives - 348 348 Acquisition-related items - 1 18 Divestiture-related items - (1) - ERP System Implementation costs - 5 41 Remeasurement of net monetary position - 1 9 Impact from resolution of tax matters - - (16) Adjusted (Non-GAAP) 9,744$ 2,964$ 30.4 % 1,171$ 12.0 % Currency-related items (31) (15) Adjusted @ Constant FX (Non-GAAP) 2,933$ 1,156$ Net Revenues Gross Profit Gross Profit Margin Operating Income Operating Income Margin Reported (GAAP) 9,204$ 2,999$ 32.6 % 1,153$ 12.5 % Simplify to Grow Program - 8 12 Intangible asset impairment charges - - 153 Mark-to-market (gains)/losses from derivatives - 712 710 Acquisition-related items - 3 (326) Divestiture-related items - - (2) ERP System Implementation costs - 7 29 Remeasurement of net monetary position - - 9 Adjusted (Non-GAAP) 9,204$ 3,729$ 40.5 % 1,738$ 18.9 % Gross Profit Operating Income $ Change - Reported (GAAP) (387)$ (409)$ $ Change - Adjusted (Non-GAAP) (765) (567) $ Change - Adjusted @ Constant FX (Non-GAAP) (796) (582) % Change - Reported (GAAP) (12.9)% (35.5)% % Change - Adjusted (Non-GAAP) (20.5)% (32.6)% % Change - Adjusted @ Constant FX (Non-GAAP) (21.3)% (33.5)% Gross Profit/Operating Income to Adjusted Gross Profit/Operating Income (in millions of U.S. dollars) (Unaudited) For the Three Months Ended September 30, 2025 For the Three Months Ended September 30, 2024
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GAAP TO NON-GAAP RECONCILIATIONS 25 Net Revenues Gross Profit Gross Profit Margin Operating Income Operating Income Margin Reported (GAAP) 28,041$ 7,979$ 28.5 % 2,596$ 9.3 % Simplify to Grow Program - (3) (12) Intangible asset impairment charges - - 33 Mark-to-market (gains)/losses from derivatives - 1,114 1,110 Acquisition-related items - (1) (11) Divestiture-related items - (1) (7) Incremental costs due to war in Ukraine - - 1 ERP System Implementation costs - 18 111 Remeasurement of net monetary position - - 24 Impact from resolution of tax matters - - (16) Adjusted (Non-GAAP) 28,041$ 9,106$ 32.5 % 3,829$ 13.7 % Currency-related items 21 (18) Adjusted @ Constant FX (Non-GAAP) 9,127$ 3,811$ Net Revenues Gross Profit Gross Profit Margin Operating Income Operating Income Margin Reported (GAAP) 26,837$ 10,546$ 39.3 % 4,734$ 17.6 % Simplify to Grow Program - 19 80 Intangible asset impairment charges - - 153 Mark-to-market (gains)/losses from derivatives - 156 157 Acquisition-related items - 14 (247) Divestiture-related items - - 2 Operating results from short-term distributor agreements (25) (3) (2) European Commission legal matter - - (3) Incremental costs due to war in Ukraine - 2 2 ERP System Implementation costs - 7 38 Remeasurement of net monetary position - - 26 Adjusted (Non-GAAP) 26,812$ 10,741$ 40.1 % 4,940$ 18.4 % Gross Profit Operating Income $ Change - Reported (GAAP) (2,567)$ (2,138)$ $ Change - Adjusted (Non-GAAP) (1,635) (1,111) $ Change - Adjusted @ Constant FX (Non-GAAP) (1,614) (1,129) % Change - Reported (GAAP) (24.3)% (45.2)% % Change - Adjusted (Non-GAAP) (15.2)% (22.5)% % Change - Adjusted @ Constant FX (Non-GAAP) (15.0)% (22.9)% Gross Profit/Operating Income to Adjusted Gross Profit/Operating Income (in millions of U.S. dollars) (Unaudited) For the Nine Months Ended September 30, 2025 For the Nine Months Ended September 30, 2024
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GAAP TO NON-GAAP RECONCILIATIONS 26 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) 0.57$ 0.63$ (0.06)$ (9.5)% Simplify to Grow Program - 0.01 (0.01) Intangible asset impairment charges 0.02 0.08 (0.06) Mark-to-market losses/(gains) from derivatives 0.21 0.42 (0.21) Acquisition-related items 0.02 (0.18) 0.20 Divestiture-related items - (0.03) 0.03 ERP System Implementation costs 0.02 0.02 - Remeasurement of net monetary position 0.01 0.01 - Impact from pension participation changes 0.03 - 0.03 Impact from resolution of tax matters (0.02) - (0.02) Initial impacts from enacted tax law changes - (0.01) 0.01 Gain on equity method investment transactions (0.13) - (0.13) Adjusted EPS (Non-GAAP) 0.73$ 0.95$ (0.22)$ (23.2)% Currency-related items (0.01) - (0.01) Adjusted EPS @ Constant FX (Non-GAAP) 0.72$ 0.95$ (0.23)$ (24.2)% Adjusted EPS @ Constant FX - Key Drivers Decrease in operations (0.33)$ Impact from acquisitions 0.01 Change in equity method investment net earnings 0.01 Change in income taxes 0.05 Change in shares outstanding 0.03 (0.23)$ Diluted EPS to Adjusted EPS (Unaudited) For the Three Months Ended September 30,
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GAAP TO NON-GAAP RECONCILIATIONS 27 2025 2024 $ Change % Change Diluted EPS attributable to Mondelēz International (GAAP) 1.37$ 2.12$ (0.75)$ (35.4)% Simplify to Grow Program (0.01) 0.05 (0.06) Intangible asset impairment charges 0.02 0.08 (0.06) Mark-to-market losses/(gains) from derivatives 0.68 0.09 0.59 Acquisition-related items 0.01 (0.13) 0.14 Divestiture-related items - (0.05) 0.05 ERP System Implementation costs 0.06 0.02 0.04 Remeasurement of net monetary position 0.02 0.02 - Impact from pension participation changes 0.20 - 0.20 Impact from resolution of tax matters (0.02) - (0.02) Initial impacts from enacted tax law changes - 0.01 (0.01) (Gain)/loss on equity method investment transactions (0.13) 0.50 (0.63) Adjusted EPS (Non-GAAP) 2.20$ 2.71$ (0.51)$ (18.8)% Currency-related items (0.02) - (0.02) Adjusted EPS @ Constant FX (Non-GAAP) 2.18$ 2.71$ (0.53)$ (19.6)% Adjusted EPS @ Constant FX - Key Drivers Decrease in operations (0.63)$ Impact from acquisitions 0.02 Change in benefit plan non-service income (0.01) Change in interest and other expense, net (0.05) Change in income taxes 0.07 Change in shares outstanding 0.07 (0.53)$ Diluted EPS to Adjusted EPS (Unaudited) For the Nine Months Ended September 30,
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GAAP TO NON-GAAP RECONCILIATIONS 28 For the Nine Months Ended September 30, 2025 2024 $ Change Net Cash Provided by Operating Activities (GAAP) 2,117$ 3,451$ (1,334)$ Capital Expenditures (881) (982) 101 Free Cash Flow (Non-GAAP) 1,236$ 2,469$ (1,233)$ Net Cash Provided by Operating Activities to Free Cash Flow (in millions of U.S. dollars) (Unaudited) Mondelēz International
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GAAP TO NON-GAAP RECONCILIATIONS 29 Emerging Markets Developed Markets Mondelēz International For the Three Months Ended September 30, 2025 Reported (GAAP) 3,881$ 5,863$ 9,744$ Acquisitions (87) - (87) Currency-related items (14) (123) (137) Organic (Non-GAAP) 3,780$ 5,740$ 9,520$ For the Three Months Ended September 30, 2024 Reported (GAAP) 3,530$ 5,674$ 9,204$ No adjusting items - - - Organic (Non-GAAP) 3,530$ 5,674$ 9,204$ $ Change - Reported (GAAP) 351$ 189$ 540$ $ Change - Organic (Non-GAAP) 250 66 316 % Change - Reported (GAAP) 9.9 % 3.3 % 5.9 % Acquisitions (2.4)pp - pp (1.0)pp Currency-related items (0.4) (2.1) (1.5) % Change - Organic (Non-GAAP) 7.1 % 1.2 % 3.4 % Vol/Mix (4.7)pp (4.5)pp (4.6)pp Pricing 11.8 5.7 8.0 Emerging Markets Developed Markets Mondelēz International For the Nine Months Ended September 30, 2025 Reported (GAAP) 11,242$ 16,799$ 28,041$ Acquisitions (288) - (288) Currency-related items 296 (159) 137 Organic (Non-GAAP) 11,250$ 16,640$ 27,890$ For the Nine Months Ended September 30, 2024 Reported (GAAP) 10,523$ 16,314$ 26,837$ Short-term distributor agreements (3) (22) (25) Organic (Non-GAAP) 10,520$ 16,292$ 26,812$ $ Change - Reported (GAAP) 719$ 485$ 1,204$ $ Change - Organic (Non-GAAP) 730 348 1,078 % Change - Reported (GAAP) 6.8 % 3.0 % 4.5 % Short-term distributor agreements 0.1 pp 0.1 pp 0.1 pp Acquisitions (2.8) - (1.1) Currency-related items 2.8 (1.0) 0.5 % Change - Organic (Non-GAAP) 6.9 % 2.1 % 4.0 % Vol/Mix (3.2)pp (3.3)pp (3.2)pp Pricing 10.1 5.4 7.2 Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited)
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GAAP TO NON-GAAP RECONCILIATIONS 30 Biscuits & Baked Snacks Chocolate Gum & Candy Total Snacks Beverage Cheese & Grocery Mondelēz International For the Three Months Ended September 30, 2025 Reported (GAAP) 4,799$ 3,076$ 1,051$ 8,926$ 217$ 601$ 9,744$ Acquisitions (87) - - (87) - - (87) Currency-related items (52) (65) (3) (120) 3 (20) (137) Organic (Non-GAAP) 4,660$ 3,011$ 1,048$ 8,719$ 220$ 581$ 9,520$ For the Three Months Ended September 30, 2024 Reported (GAAP) 4,605$ 2,783$ 1,023$ 8,411$ 237$ 556$ 9,204$ No adjusting items - - - - - - - Organic (Non-GAAP) 4,605$ 2,783$ 1,023$ 8,411$ 237$ 556$ 9,204$ % Change - Reported (GAAP) 4.2 % 10.5 % 2.7 % 6.1 % (8.4)% 8.1 % 5.9 % % Change - Organic (Non-GAAP) 1.2 % 8.2 % 2.4 % 3.7 % (7.2)% 4.5 % 3.4 % Vol/Mix (1.9)pp (10.5)pp (2.8)pp (4.8)pp (13.1)pp 3.4 pp (4.6)pp Pricing 3.1 18.7 5.2 8.5 5.9 1.1 8.0 Biscuits & Baked Snacks Chocolate Gum & Candy Total Snacks Beverage Cheese & Grocery Mondelēz International For the Nine Months Ended September 30, 2025 Reported (GAAP) 13,705$ 8,919$ 2,971$ 25,595$ 741$ 1,705$ 28,041$ Acquisitions (288) - - (288) - - (288) Currency-related items (20) 22 97 99 37 1 137 Organic (Non-GAAP) 13,397$ 8,941$ 3,068$ 25,406$ 778$ 1,706$ 27,890$ For the Nine Months Ended September 30, 2024 Reported (GAAP) 13,261$ 8,030$ 3,036$ 24,327$ 856$ 1,654$ 26,837$ Short-term distributor agreements - - (25) (25) - - (25) Organic (Non-GAAP) 13,261$ 8,030$ 3,011$ 24,302$ 856$ 1,654$ 26,812$ % Change - Reported (GAAP) 3.3 % 11.1 % (2.1)% 5.2 % (13.4)% 3.1 % 4.5 % % Change - Organic (Non-GAAP) 1.0 % 11.3 % 1.9 % 4.5 % (9.1)% 3.1 % 4.0 % Vol/Mix (1.0)pp (6.9)pp (2.8)pp (3.2)pp (14.6)pp 1.7 pp (3.2)pp Pricing 2.0 18.2 4.7 7.7 5.5 1.4 7.2 Net Revenues to Organic Net Revenue by Consumer Sector (in millions of U.S. dollars) (Unaudited)
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GAAP TO NON-GAAP RECONCILIATIONS 31 Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Other Items Mondelēz International Net Revenue Reported (GAAP) 1,238$ 2,017$ 3,674$ 2,815$ -$ -$ -$ -$ 9,744$ No adjusting items - - - - - - - - - Adjusted (Non-GAAP) 1,238$ 2,017$ 3,674$ 2,815$ -$ -$ -$ -$ 9,744$ Operating Income Reported (GAAP) 147$ 199$ 275$ 547$ (348)$ (44)$ (32)$ -$ 744$ Simplify to Grow Program (1) - (4) (1) - - - - (6) Intangible asset impairment charges 3 12 18 - - - - - 33 Mark-to-market (gains)/losses from derivatives - - - - 348 - - - 348 Acquisition-related items 2 37 3 (21) - (3) - - 18 ERP System Implementation costs 12 - 3 21 - 5 - - 41 Remeasurement of net monetary position 4 1 5 - - (1) - - 9 Impact from resolution of tax matters (16) - - - - - - - (16) Adjusted (Non-GAAP) 151$ 249$ 300$ 546$ -$ (43)$ (32)$ -$ 1,171$ Currency-related items 1 1 (20) 1 - 1 1 - (15) Adjusted @ Constant FX (Non-GAAP) 152$ 250$ 280$ 547$ -$ (42)$ (31)$ -$ 1,156$ $ Change - Reported (GAAP) 22$ (136)$ (330)$ (371)$ n/m 34$ 8$ n/m (409)$ $ Change - Adjusted (Non-GAAP) 9 (99) (461) (47) n/m 23 8 n/m (567) $ Change - Adjusted @ Constant FX (Non-GAAP) 10 (98) (481) (46) n/m 24 9 n/m (582) % Change - Reported (GAAP) 17.6 % (40.6)% (54.5)% (40.4)% n/m 43.6 % 20.0 % n/m (35.5)% % Change - Adjusted (Non-GAAP) 6.3 % (28.4)% (60.6)% (7.9)% n/m 34.8 % 20.0 % n/m (32.6)% % Change - Adjusted @ Constant FX (Non-GAAP) 7.0 % (28.2)% (63.2)% (7.8)% n/m 36.4 % 22.5 % n/m (33.5)% Operating Income Margin Reported % 11.9 % 9.9 % 7.5 % 19.4 % 7.6 % Reported pp change 1.5 pp (8.2)pp (10.7)pp (13.1)pp (4.9)pp Adjusted % 12.2 % 12.3 % 8.2 % 19.4 % 12.0 % Adjusted pp change 0.4 pp (6.5)pp (14.7)pp (1.6)pp (6.9)pp Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Other Items Mondelēz International Net Revenue Reported (GAAP) 1,204$ 1,851$ 3,323$ 2,826$ -$ -$ -$ -$ 9,204$ No adjusting items - - - - - - - - - Adjusted (Non-GAAP) 1,204$ 1,851$ 3,323$ 2,826$ -$ -$ -$ -$ 9,204$ Operating Income Reported (GAAP) 125$ 335$ 605$ 918$ (710)$ (78)$ (40)$ (2)$ 1,153$ Simplify to Grow Program 1 4 (7) 11 - 3 - - 12 Intangible asset impairment charges 5 5 143 - - - - - 153 Mark-to-market (gains)/losses from derivatives - - - - 710 - - - 710 Acquisition-related items 2 - 9 (341) - 2 - 2 (326) Divestiture-related items - - (2) - - - - - (2) ERP System Implementation costs 5 4 8 5 - 7 - - 29 Remeasurement of net monetary position 4 - 5 - - - - - 9 Adjusted (Non-GAAP) 142$ 348$ 761$ 593$ -$ (66)$ (40)$ -$ 1,738$ Operating Income Margin Reported % 10.4 % 18.1 % 18.2 % 32.5 % 12.5 % Adjusted % 11.8 % 18.8 % 22.9 % 21.0 % 18.9 % Segment Data (in millions of U.S. dollars) (Unaudited) For the Three Months Ended September 30, 2025 For the Three Months Ended September 30, 2024
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GAAP TO NON-GAAP RECONCILIATIONS 32 Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Other Items Mondelēz International Net Revenue Reported (GAAP) 3,635$ 5,854$ 10,636$ 7,916$ -$ -$ -$ -$ 28,041$ No adjusting items - - - - - - - - - Adjusted (Non-GAAP) 3,635$ 5,854$ 10,636$ 7,916$ -$ -$ -$ -$ 28,041$ Operating Income Reported (GAAP) 419$ 813$ 1,251$ 1,486$ (1,110)$ (156)$ (107)$ -$ 2,596$ Simplify to Grow Program (2) - (8) (1) - (1) - - (12) Intangible asset impairment charges 3 12 18 - - - - - 33 Mark-to-market (gains)/losses from derivatives - - - - 1,110 - - - 1,110 Acquisition-related items 7 64 3 (82) - (3) - - (11) Divestiture-related items - - (7) - - - - - (7) Incremental costs due to war in Ukraine - - 1 - - - - - 1 ERP System Implementation costs 34 3 11 59 - 4 - - 111 Remeasurement of net monetary position 7 2 15 - - - - - 24 Impact from resolution of tax matters (16) - - - - - - - (16) Adjusted (Non-GAAP) 452$ 894$ 1,284$ 1,462$ -$ (156)$ (107)$ -$ 3,829$ Currency-related items 16 16 (53) 3 - - - - (18) Adjusted @ Constant FX (Non-GAAP) 468$ 910$ 1,231$ 1,465$ -$ (156)$ (107)$ -$ 3,811$ $ Change - Reported (GAAP) (7)$ (223)$ (495)$ (526)$ n/m 56$ 8$ n/m (2,138)$ $ Change - Adjusted (Non-GAAP) (32) (158) (676) (289) n/m 36 8 n/m (1,111) $ Change - Adjusted @ Constant FX (Non-GAAP) (16) (142) (729) (286) n/m 36 8 n/m (1,129) % Change - Reported (GAAP) (1.6)% (21.5)% (28.4)% (26.1)% n/m 26.4 % 7.0 % n/m (45.2)% % Change - Adjusted (Non-GAAP) (6.6)% (15.0)% (34.5)% (16.5)% n/m 18.8 % 7.0 % n/m (22.5)% % Change - Adjusted @ Constant FX (Non-GAAP) (3.3)% (13.5)% (37.2)% (16.3)% n/m 18.8 % 7.0 % n/m (22.9)% Operating Income Margin Reported % 11.5 % 13.9 % 11.8 % 18.8 % 9.3 % Reported pp change 0.2 pp (5.3)pp (6.5)pp (6.0)pp (8.3)pp Adjusted % 12.4 % 15.3 % 12.1 % 18.5 % 13.7 % Adjusted pp change (0.5)pp (4.2)pp (8.4)pp (3.0)pp (4.7)pp Latin America AMEA Europe North America Unrealized G/(L) on Hedging Activities General Corporate Expenses Amortization of Intangibles Other Items Mondelēz International Net Revenue Reported (GAAP) 3,755$ 5,388$ 9,565$ 8,129$ -$ -$ -$ -$ 26,837$ Short-term distributor agreements - - (25) - - - - - (25) Adjusted (Non-GAAP) 3,755$ 5,388$ 9,540$ 8,129$ -$ -$ -$ -$ 26,812$ Operating Income Reported (GAAP) 426$ 1,036$ 1,746$ 2,012$ (157)$ (212)$ (115)$ (2)$ 4,734$ Simplify to Grow Program 5 5 41 21 - 8 - - 80 Intangible asset impairment charges 5 5 143 - - - - - 153 Mark-to-market (gains)/losses from derivatives - - - - 157 - - - 157 Acquisition-related items 28 1 11 (290) - 1 - 2 (247) Divestiture-related items - - 1 1 - - - - 2 Operating results from short-term distributor agreements - - (2) - - - - - (2) European Commission legal matter - - (3) - - - - - (3) Incremental costs due to war in Ukraine - - 2 - - - - - 2 ERP System Implementation costs 6 5 9 7 - 11 - - 38 Remeasurement of net monetary position 14 - 12 - - - - - 26 Adjusted (Non-GAAP) 484$ 1,052$ 1,960$ 1,751$ -$ (192)$ (115)$ -$ 4,940$ Operating Income Margin Reported % 11.3 % 19.2 % 18.3 % 24.8 % 17.6 % Adjusted % 12.9 % 19.5 % 20.5 % 21.5 % 18.4 % For the Nine Months Ended September 30, 2024 Segment Data (in millions of U.S. dollars) (Unaudited) For the Nine Months Ended September 30, 2025