Exhibit 99.1

logoa04.jpg
 
Contacts:               Tracey Noe (Media)  Shep Dunlap (Investors)  
  1-847-943-5678  1-847-943-5454  
  news@mdlz.com  ir@mdlz.com  
 
Mondelēz International Reports Q2 2026 Results

Second Quarter Highlights1
Net Revenues +4.1%, Organic Net Revenues +2.2%, Volume/Mix +0.7%

Diluted EPS increased 144.9% to $1.20
Adjusted EPS was $0.73 which declined -2.7% on a constant currency basis

Year-to-date cash provided by operating activities was $1.3 billion
and Free Cash Flow was $0.7 billion

Return of capital to shareholders was $1.5 billion in the first half of the year
Announcing +4% increase to quarterly dividend




    CHICAGO, Ill. – July 28, 2026 – Mondelēz International, Inc. (Nasdaq: MDLZ) today reported its second quarter 2026 results.

“Our second quarter results were marked by robust top-line expansion, coupled with volume growth and share improvement, along with improved profitability. We delivered continued strength across our Emerging Markets, as well as strong growth and elevated execution in our North America business. In Europe, share dynamics are showing early positive trends, and we believe the business is well-positioned to build on that progress," said Dirk Van de Put, Chair and Chief Executive Officer. "We are encouraged by the momentum in our business, and we remain focused on executional excellence coupled with reinvesting behind our brands to enable sustained performance for years to come.”
1



Net Revenue
 
$ in millionsReported
Net Revenues		Organic Net Revenue Growth
 Q2 2026% Chg
vs PY		Q2 2026Vol/MixPricing
Quarter 2
Latin America$1,374 15.1  %8.4  %0.5  pp7.9  pp
Asia, Middle East & Africa1,971 8.2 7.1 5.2 1.9 
Europe3,377 (1.0)(3.5)(2.1)   (1.4)   
North America2,633 3.0 3.4 1.2    2.2    
Mondelēz International$9,355 4.1  %2.2  %0.7  pp1.5  pp
Emerging Markets$3,909 7.4  %4.4  %1.6  pp2.8  pp
Developed Markets$5,446 1.9  %0.7  %—  pp0.7  pp
June Year-to-DateYTD 2026YTD 2026 
Latin America$2,722 13.6  %6.7  %(1.3) pp8.0  pp
Asia, Middle East & Africa4,275 11.4 9.3 5.5 3.8 
Europe7,248 4.1 (2.0)(2.7)0.7 
North America5,190 1.7 2.0 0.4 1.6 
Mondelēz International$19,435 6.2  %2.6  %0.1  pp2.5  pp
Emerging Markets$8,058 9.5  %5.3  %1.0  pp4.3  pp
Developed Markets$11,377 4.0  %0.8  %(0.5) pp1.3  pp

Operating Income and Diluted EPS
 
$ in millions, except per share dataReportedAdjusted
 Q2 2026vs PY
(Rpt Fx)		Q2 2026vs PY
(Rpt Fx)		vs PY
(Cst Fx)
Quarter 2
Gross Profit$3,986 35.7  %$3,182 4.9  %3.0  %
Gross Profit Margin42.6  %9.9  pp34.0  %0.2  pp
Operating Income$1,946 66.0  %$1,222 (4.8) %(6.1) %
Operating Income Margin20.8 %7.8  pp13.1  %(1.2) pp
Net Earnings 2
$1,548 141.5  %$943 (0.2) %(2.9) %
Diluted EPS$1.20 144.9  %$0.73 —  %(2.7) %
June Year-to-DateYTD 2026YTD 2026  
Gross Profit$6,789 26.5  %$6,273 2.1  %(1.2) %
Gross Profit Margin34.9  %5.6  pp32.3  %(1.3) pp
Operating Income$2,754 48.7  %$2,404 (9.5) %(12.8) %
Operating Income Margin14.2 %4.1  pp12.4  %(2.1) pp
Net Earnings 2
$2,108 102.1  %$1,802 (5.5) %(9.6) %
Diluted EPS$1.64 105.0  %$1.40 (4.8) %(8.8) %



2



Second Quarter Commentary

•Net revenues increased 4.1 percent driven by our underlying Organic Net Revenue growth of 2.2 percent and favorable currency-related items, partially offset by lapping prior year net revenue from a divestiture. Organic Net Revenue growth was driven by higher net pricing and favorable volume/mix.

•Gross profit increased $1,049 million, and gross profit margin increased 990 basis points to 42.6 percent primarily driven by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives and by an increase in Adjusted Gross Profit1 margin, partially offset by incremental costs due to geopolitical conflicts, higher costs incurred for the ERP System Implementation program and an unfavorable year-over-year change in acquisition-related items. Adjusted Gross Profit increased $92 million at constant currency and Adjusted Gross Profit margin increased 20 basis points to 34.0 percent driven primarily by higher net pricing and lower manufacturing costs driven by productivity, partially offset by higher raw material costs.

•Operating income increased $774 million, and operating income margin was 20.8 percent, up 780 basis points due primarily to a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, partially offset by lower Adjusted Operating Income1 margin, an unfavorable year-over-year change in acquisition-related items, higher costs incurred for the ERP System Implementation program, higher restructuring charges and incremental costs due to geopolitical conflicts. Adjusted Operating Income decreased $78 million at constant currency and Adjusted Operating Income margin decreased 120 basis points to 13.1 percent, driven primarily by higher raw material costs, higher other selling, general and administrative expenses and higher advertising and consumer promotion costs, partially offset by higher net pricing and lower manufacturing costs driven by productivity.

•Diluted EPS was $1.20, up 144.9 percent, primarily driven by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, lower pension participation charges and initial impacts from enacted tax law changes. These favorable items were partially offset by a decrease in Adjusted EPS1, higher acquisition-related items, higher costs incurred for the ERP System Implementation program and incremental costs due to geopolitical conflicts.

•Adjusted EPS was $0.73, down 2.7 percent on a constant currency basis. The decrease in Adjusted EPS1 was driven by operating declines and higher interest and other expense, partially offset by lower income tax and favorable currency-related items.


3



2026 Outlook
Mondelēz International provides its outlook on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results, including future changes in foreign currency rates. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.
For 2026, the company now expects at least 2 percent Organic Net Revenue growth, which reflects the strength of its year-to-date performance. The company maintains its Adjusted EPS growth in the range of flat to 5 percent on a constant currency basis. The company also expects 2026 Free Cash Flow of approximately $3 billion. The company currently estimates currency translation would increase 2026 net revenue growth by approximately 2.0 percent3 and increase Adjusted EPS by $0.053.
Outlook is provided in the context of greater than usual volatility, including geopolitical, trade and regulatory uncertainty and commodity prices. This outlook does not reflect any potential tariff changes to United States-Mexico-Canada Agreement ("USMCA") compliant trade.
Conference Call
Mondelēz International will host a conference call for investors at 5 p.m. ET today. A listen-only webcast will be provided at www.mondelezinternational.com. An archive of the webcast will be available on the company’s web site.
About Mondelēz International
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2025 net revenues of approximately $38.5 billion, MDLZ is leading the future of snacking with iconic global and local brands such as Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate. Mondelēz International is a proud member of the Dow Jones Best-in-Class North America and World Indices, formerly Dow Jones Sustainability Indices. Visit www.mondelezinternational.com or follow the company on X at x.com/MDLZ.
End Notes
1.Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in both reported and constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of this press release for more information.
2.Net earnings attributable to Mondelēz International.
3.Currency estimate is based on published rates from XE.com on July 17, 2026.
 
4



Additional Definitions
Emerging markets consist of the entire Latin America region; the Asia, Middle East and Africa region excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Russia, Ukraine, Türkiye, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.
    Developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the Asia, Middle East and Africa region.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words, and variations of the words, “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” "remain," “potential,” “commitment,” “outlook,” “continue” or any other similar words

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 and are amplified by ongoing macroeconomic volatility and uncertainty, including current and potential trade and tariff actions affecting the countries where we operate. Important factors that could cause our actual results or performance to differ materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following:

•weakness and/or volatility in macroeconomic conditions in our markets, including as a result of inflation (and related monetary policy actions by governments in response to inflation) and the instability of certain financial institutions;
5



•risks from operating globally including geopolitical, trade, tariff and regulatory uncertainties affecting developed and emerging markets;
•volatility of cocoa and other commodity input costs, our ability to effectively hedge such costs and the availability of commodities;
•geopolitical uncertainty, including the impact of ongoing or new developments in Ukraine and the Middle East, related current and future sanctions imposed by governments and other authorities and related impacts, including on our business operations, employees, reputation, brands, financial condition and results of operations;
•competition and our response to channel shifts and pricing and other competitive pressures;
•pricing actions and customer and consumer responses to such actions;
•promotion and protection of our reputation and brand image;
•weakness in consumer spending and/or changes in consumer preferences and demand, including evolving health and wellness trends, and our ability to predict, identify, interpret and meet these changes;
•the outcome and effects on us of legal and tax proceedings and government investigations;
•use of information technology and third party service providers;
•unanticipated disruptions to our business, such as malware incidents, cyberattacks or other security breaches, and supply, commodity, labor and transportation constraints;
•our ability to identify, complete, manage and realize the full extent of the benefits, cost savings, efficiencies and/or synergies presented by strategic acquisitions and other transactions as well as other strategic initiatives, such as our ERP System Implementation program;
•our investments and our ownership interests in those investments;
•restructuring actions and other transformation initiatives not yielding the anticipated benefits;
•changes in the assumptions on which restructuring actions or other transformation initiatives are based;
•the impact of climate change on our supply chain and operations;
•global or regional health pandemics or epidemics;
•consolidation of retail customers and competition with retailer and other economy brands;
•changes in our relationships with customers, suppliers or distributors;
•management of our workforce and shifts in labor availability or labor costs;
•compliance with legal, regulatory, tax and benefit laws and related changes, claims or actions, including evolving and potentially inconsistent federal, state, local and foreign requirements regarding food ingredients, additives, labeling and marketing;
•perceived or actual product quality issues or product recalls, or changing consumer, media, governmental or scientific perceptions of our products or their ingredients;
•failure to maintain effective internal control over financial reporting or disclosure controls and procedures;
6



•our ability to protect our intellectual property and intangible assets;
•tax matters including changes in tax laws and rates, disagreements with taxing authorities and imposition of new taxes;
•changes in currency exchange rates, controls and restrictions;
•volatility of and access to capital or other markets, interest rates, the effectiveness of our cash management programs and our liquidity;
•pension costs;
•significant changes in valuation factors that may adversely affect our impairment testing of goodwill and intangible assets; and
•the risks and uncertainties, as they may be amended from time to time, set forth in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q.

There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release 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.
7



Schedule 1
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)

 For the Three Months Ended June 30,For the Six Months Ended June 30,
 2026202520262025
Net revenues$9,355 $8,984 $19,435 $18,297 
Cost of sales(5,369)(6,047)(12,646)(12,930)
Gross profit3,986 2,937 6,789 5,367 
Selling, general and administrative expenses(2,001)(1,725)(3,917)(3,436)
Asset impairments and exit costs
(13)(2)(66)(4)
Gain on divestiture— — 1 — 
Amortization of intangible assets(26)(38)(53)(75)
Operating income1,946 1,172 2,754 1,852 
Benefit plan non-service income/(expense)27 (264)58 (246)
Interest and other expense, net(74)(53)(138)(206)
Earnings before income taxes1,899 855 2,674 1,400 
Income tax provision(364)(230)(592)(384)
Loss on equity method investment transactions— — (3)— 
Equity method investment net earnings17 19 37 35 
Net earnings1,552 644 2,116 1,051 
less: Noncontrolling interest earnings(4)(3)(8)(8)
Net earnings attributable to Mondelēz International$1,548 $641 $2,108 $1,043 
Per share data:
Basic earnings per share attributable to Mondelēz International$1.21 $0.49 $1.64 $0.80 
Diluted earnings per share attributable to Mondelēz International$1.20 $0.49 $1.64 $0.80 
8



Schedule 2
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars)
(Unaudited)

June 30, 2026December 31, 2025
ASSETS
    Cash and cash equivalents$1,716 $2,125 
    Trade receivables4,010 3,903 
    Other receivables998 955 
    Inventories4,405 4,419 
    Other current assets1,809 1,549 
        Total current assets12,938 12,951 
    Property, plant and equipment, net10,649 10,667 
    Operating lease right-of-use assets732 731 
    Goodwill24,180 24,336 
    Intangible assets, net19,509 19,628 
    Prepaid pension assets1,251 1,220 
    Deferred income taxes184 336 
    Equity method investments619 667 
    Other assets1,185 951 
            TOTAL ASSETS$71,247 $71,487 
LIABILITIES
    Short-term borrowings$2,327 $2,688 
    Current portion of long-term debt2,663 1,295 
    Accounts payable9,411 10,139 
    Accrued marketing2,612 2,787 
    Accrued employment costs875 1,000 
    Other current liabilities3,705 3,955 
        Total current liabilities21,593 21,864 
    Long-term debt16,460 17,222 
    Long-term operating lease liabilities609 599 
    Deferred income taxes3,539 3,530 
    Accrued pension costs370 422 
    Accrued postretirement health care costs72 74 
    Other liabilities1,912 1,885 
        TOTAL LIABILITIES44,555 45,596 
EQUITY
    Common Stock— — 
    Additional paid-in capital32,333 32,322 
    Retained earnings37,233 36,413 
    Accumulated other comprehensive losses (11,283)(11,364)
    Treasury stock(31,644)(31,533)
        Total Mondelēz International Shareholders' Equity26,639 25,838 
    Noncontrolling interest53 53 
        TOTAL EQUITY26,692 25,891 
            TOTAL LIABILITIES AND EQUITY$71,247 $71,487 



9



Schedule 3
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
(Unaudited) 

For the Six Months Ended June 30,
20262025
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
    Net earnings $2,116 $1,051 
    Adjustments to reconcile net earnings to operating cash flows:
        Depreciation and amortization693 663 
        Stock-based compensation expense87 65 
        Deferred income tax provision/(benefit)149 (69)
        Asset impairments and accelerated depreciation10 9 
        Gain on divestiture(1)— 
        Loss on equity method investment transactions3 — 
        Equity method investment net earnings(37)(35)
        Distributions from equity method investments44 44 
        Unrealized (gain)/loss on derivative contracts(509)800 
        Contingent consideration adjustments3 (38)
        Other non-cash items, net(5)105 
        Changes in assets and liabilities, net of acquisitions and divestitures:
            Receivables, net(424)536 
            Inventories(16)(775)
            Accounts payable(538)(177)
            Other current assets142 108 
            Other current liabilities(296)(1,125)
        Change in pension and postretirement assets and liabilities, net(99)238 
            Net cash provided by operating activities1,322 1,400 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
    Capital expenditures(654)(582)
    Acquisitions, net of cash received— (15)
    Proceeds from divestitures1 4 
    Proceeds from derivative settlements179 19 
    Payments for derivative settlements(270)(55)
    Proceeds from investments25 30 
    Proceeds from sale of property, plant and equipment and other3 8 
            Net cash used in investing activities(716)(591)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
    Issuance of Commercial paper, maturities greater than 90 days1,584 — 
    Repayments of commercial paper, maturities greater than 90 days(587)— 
    Net (repayment)/issuance of short-term borrowings(1,313)1,589 
    Long-term debt proceeds1,074 1,594 
    Long-term debt repayments(304)(1,242)
    Repurchases of Common Stock(212)(1,653)
    Dividends paid(1,287)(1,233)
    Other6 83 
            Net cash used in financing activities(1,039)(862)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(3)240 
Cash, cash equivalents and restricted cash:
    (Decrease)/increase(436)187 
    Balance at beginning of period2,195 1,400 
    Balance at end of period$1,759 $1,587 
10



Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP and Non-GAAP Financial Measures
(Unaudited)
NON-GAAP FINANCIAL MEASURES

In discussing its financial results and guidance, the company presents the following financial measures that are not in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”): Organic Net Revenue growth, Adjusted Gross Profit, Adjusted Operating Income, Adjusted Segment Operating Income, Adjusted Earnings Per Share (“EPS”) and Free Cash Flow. The company also presents financial information, including certain of these non-GAAP financial measures, on a constant currency basis.

Management uses non-GAAP financial measures internally to make operating and strategic decisions, including the preparation of our annual operating plan, evaluation of business performance and as a factor in determining incentive compensation. The company believes that non-GAAP financial measures, when used in connection with results reported in accordance with U.S. GAAP, provide additional information to facilitate comparisons of our historical operating results and to enable a more comprehensive understanding of trends in our underlying operating results. The company also believes that presenting these measures allows investors to view our performance using the same measures that management and our Board of Directors use in evaluating the company’s business performance and trends. However, non-GAAP financial measures should be considered in addition to, and not as substitutes for, financial information prepared in accordance with U.S. GAAP. In addition, the company’s non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.

DEFINITIONS OF THE COMPANY’S NON-GAAP FINANCIAL MEASURES

The company’s primary non-GAAP financial measures and corresponding metrics, listed below, reflect how we evaluate our current and prior year operating results. As new events or circumstances arise, these definitions could change. When these definitions change, the company provides the updated definitions and presents the related non-GAAP historical results on a comparable basis. When items no longer impact the company’s current or future presentation of non-GAAP operating results, the company removes these items from its non-GAAP definitions.
“Organic Net Revenue” is defined as net revenues (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of acquisitions, divestitures and currency-related items. The company believes that Organic Net Revenue reflects the underlying growth from the ongoing activities of our business and provides improved comparability of results. Organic Net Revenue growth is presented on a consolidated basis, for each of our segments and for our emerging markets and developed markets.

“Adjusted Gross Profit” is defined as gross profit (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of: restructuring charges, certain acquisition-related items, certain divestiture-related items, mark-to-market impacts from commodity and foreign currency derivative contracts economically hedging forecasted transactions, incremental costs due to geopolitical conflicts and certain operating costs from the ERP System Implementation program. The company also presents Adjusted Gross Profit margin, which is subject to the same adjustments as Adjusted Gross Profit. The company also evaluates growth in the company’s Adjusted Gross Profit on a constant currency basis.

“Adjusted Operating Income” and “Adjusted Segment Operating Income” are defined as operating income or segment operating income (the most comparable U.S. GAAP financial measures) excluding, when they occur, the impacts of the items listed in the Adjusted Gross Profit definition as well as goodwill and intangible asset impairment charges, remeasurement of net monetary position of highly inflationary countries; resolution of tax matters and operating costs from the ERP System Implementation program. The company also presents Adjusted Operating Income margin and Adjusted Segment Operating Income margin, which are subject to the same adjustments as Adjusted Operating Income and Adjusted Segment Operating Income. The company also evaluates growth in the company’s Adjusted Operating Income and Adjusted Segment Operating Income on a constant currency basis.

“Adjusted EPS” is defined as diluted EPS attributable to Mondelēz International (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of the items listed in the Adjusted Operating Income definition, as well as pension participation changes, initial impacts from enacted tax law changes and gains or losses on equity method investment transactions. The tax impacts of the items excluded from the company’s U.S. GAAP results were computed based on the facts and tax assumptions associated with each item, and such impacts
11



have also been excluded from Adjusted EPS. The company also evaluates growth in the company’s Adjusted EPS on a constant currency basis.

“Free Cash Flow” is defined as net cash provided by operating activities (the most comparable U.S. GAAP financial measure) less capital expenditures. Free Cash Flow is the company’s primary measure used to monitor its cash flow performance.

See the attached schedules for supplemental financial data and corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable U.S. GAAP financial measures for the three and six months ended June 30, 2026 and June 30, 2025. See Items Impacting Comparability of Operating Results below for more information about the items referenced in these definitions that specifically impacted the company’s results.

SEGMENT OPERATING INCOME
The company uses segment operating income to evaluate segment performance and allocate resources. The company believes it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. The company excludes these items from segment operating income in order to provide better transparency of its segment operating results. Furthermore, the company centrally manages benefit plan non-service income and interest and other expense, net. The company does not present the items above by segment because they are excluded from the segment profitability measure that management reviews.
ITEMS IMPACTING COMPARABILITY OF FINANCIAL RESULTS
The company considers quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of its ongoing financial and business performance and trends. The company identifies these based on how management views the company’s business; makes financial, operating and planning decisions; and evaluates the company’s ongoing performance. The below items are adjusted for in the company’s non-GAAP financial measures to better facilitate comparisons of its underlying performance across periods, as they are highly variable or unusual and of a size that may substantially impact its reported operations for a period. In addition, the company discloses the impact of currency-related items on its financial results to reflect results on a constant currency basis. See below for a description of adjustments to the company’s U.S. GAAP financial measures included herein.

Restructuring charges – Beginning in the fourth quarter of 2025, the company initiated new restructuring actions to reduce its cost structure and streamline its operations. The charges associated with those actions primarily relate to severance and other implementation costs. The company completed its previous Simplify to Grow Program in 2024. Following the completion of that earlier restructuring program, any adjustments to the liabilities for previously recorded charges, which were immaterial for each period presented, continue to be reflected within this item.

Mark-to-market impacts from derivatives – The company excludes unrealized gains and losses (mark-to-market impacts) from commodity and foreign currency derivative contracts economically hedging forecasted transactions from its non-GAAP earnings measures. The mark-to-market impacts of those derivatives are excluded until the related gains or losses are realized. Since the company purchases commodity and foreign currency derivative contracts to mitigate price volatility primarily for inventory requirements in future periods, the company makes this adjustment to remove the volatility of these future inventory purchases on current operating results to facilitate comparisons of its underlying operating performance across periods.

Acquisition-related items – Includes acquisition-related costs, acquisition integration costs, contingent consideration adjustments, inventory step-ups and gains from acquisitions. Acquisition-related costs include third-party advisor, investment banking and legal fees. Acquisition integration costs include costs related to the integration of operations from acquisitions. Contingent consideration adjustments include any changes made to contingent compensation liabilities for earn-outs related to acquisitions that do not relate to recurring employee compensation expense. Other acquisition-related items include incremental costs from inventory step-ups associated with acquired companies related to the fair market valuation of the acquired inventory and acquisition gains from the remeasurement of an existing noncontrolling investment to fair value when the company acquires the remaining equity shares of the investee.
12




Divestiture-related items – Includes operating results from divestitures, divestiture-related costs and gains or losses on divestitures. Divestitures may include sales of businesses, exits of major product lines upon completion of a sale or licensing agreement, or sales of equity method investments. Divestiture-related costs include costs incurred in relation to the preparation and completion of divestiture transactions (including one-time costs such as severance related to the elimination of stranded costs) as well as costs incurred associated with publicly announced processes to sell businesses.

Incremental costs due to geopolitical conflicts - Reflects impacts related to the ongoing conflicts in the Middle East and Ukraine. Includes costs related to transportation surcharges, evacuation costs and committed compensation.

ERP System Implementation costs – The company’s ERP System Implementation program is being implemented by region in several phases with spending continuing over the next three years, with expected completion by year-end 2028. The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations. These expenses include third-party consulting fees, direct labor costs associated with the program, accelerated depreciation of the company's existing SAP financial systems and various other expenses, all associated with the implementation of the company's information technology upgrades.

Remeasurement of net monetary position of highly inflationary countries – The company’s operations in Argentina, Türkiye, Egypt and Nigeria are currently accounted for as highly inflationary. The company excludes remeasurement gains and losses of the monetary assets and liabilities of its subsidiaries in highly inflationary economies and the realized gains and losses from derivatives that mitigate the foreign currency volatility related to the remeasurement of the respective net monetary assets or liabilities from its non-GAAP earnings measures.

Pension participation changes – Consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including settlement losses from full or partial buyouts of the company's pension plans, as well as costs incurred when employee groups are withdrawn from multiemployer pension plans. The company excludes these charges from its non-GAAP results because those amounts do not reflect the company's ongoing pension obligations.

Initial impacts from enacted tax law changes – Initial impacts from enacted tax law changes include items such as the remeasurement of deferred tax balances and transition taxes from tax reforms. We exclude initial impacts from enacted tax law changes from our non-GAAP financial measures as they do not reflect our ongoing tax obligations under the enacted tax law.

Gains and losses on equity method investment transactions – The company excludes gains and losses from partial or full sales of equity method investments as well as impairments or other non-routine transactions related to those investments.

Currency-related items – Management also evaluates the operating performance of the company and its international subsidiaries on a constant currency basis. The company's non-GAAP measures presented on a constant currency basis exclude the effects of currency translation rate changes and extreme pricing increases in Argentina.
•Currency translation rate changes – the company determines its constant currency operating results by dividing or multiplying, as appropriate, the current period local currency operating results by the currency exchange rates used to translate the company’s financial statements in the comparable prior year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rates had not changed from the comparable prior year period. Therefore, currency translation rate changes are equal to current period local currency operating results multiplied by the change in average foreign currency exchange rates between the current fiscal period and the corresponding period of the prior fiscal year.
•Extreme Pricing – during December 2023, the Argentinean peso significantly devalued. The peso's devaluation and potential resulting distortion on the company's non-GAAP Organic Net Revenue, Organic Net Revenue growth and other constant currency growth rate measures resulted in the company's decision to exclude the impact of pricing increases in excess of 26% year-over-year ("extreme pricing") in Argentina, from these measures beginning in the first quarter of 2024. The benchmark of 26% represents the minimum
13



annual inflation rate for each year over a 3-year period which would result in a cumulative inflation rate in excess of 100%, the level at which an economy is considered hyperinflationary under U.S. GAAP.

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.


14



Schedule 4
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
(in millions of U.S. dollars)
(Unaudited) 
Latin AmericaAMEAEuropeNorth AmericaMondelēz InternationalEmerging MarketsDeveloped Markets
For the Three Months Ended June 30, 2026
Reported (GAAP)$1,374 $1,971 $3,377 $2,633 $9,355 $3,909 $5,446 
Currency-related items(80)(21)(83)1 (183)(111)(72)
Organic (Non-GAAP)$1,294 $1,950 $3,294 $2,634 $9,172 $3,798 $5,374 
For the Three Months Ended June 30, 2025
Reported (GAAP)$1,194 $1,821 $3,412 $2,557 $8,984 $3,638 $5,346 
Divestitures— — — (10)(10)— (10)
Organic (Non-GAAP)$1,194 $1,821 $3,412 $2,547 $8,974 $3,638 $5,336 
% Change - Reported (GAAP)15.1  %8.2  %(1.0) %3.0  %4.1  %7.4  %1.9  %
Divestitures— pp— pp— pp0.4 pp0.1 pp— pp0.2 pp
Currency-related items(6.7)(1.1)(2.5)— (2.0)(3.0)(1.4)
% Change - Organic (Non-GAAP)8.4  %7.1  %(3.5) %3.4  %2.2  %4.4  %0.7  %
Vol/Mix0.5 pp5.2 pp(2.1)pp1.2 pp0.7 pp1.6 pp— pp
Pricing7.9 1.9 (1.4)2.2 1.5 2.8 0.7 
Latin AmericaAMEAEuropeNorth AmericaMondelēz InternationalEmerging MarketsDeveloped Markets
For the Six Months Ended June 30, 2026
Reported (GAAP)$2,722 $4,275 $7,248 $5,190 $19,435 $8,058 $11,377 
Currency-related items(164)(81)(427)(10)(682)(304)(378)
Organic (Non-GAAP)$2,558 $4,194 $6,821 $5,180 $18,753 $7,754 $10,999 
For the Six Months Ended June 30, 2025
Reported (GAAP)$2,397 $3,837 $6,962 $5,101 $18,297 $7,361 $10,936 
Divestitures— — — (21)(21)— (21)
Organic (Non-GAAP)$2,397 $3,837 $6,962 $5,080 $18,276 $7,361 $10,915 
% Change - Reported (GAAP)13.6  %11.4  %4.1  %1.7  %6.2  %9.5  %4.0  %
Divestitures— pp— pp— pp0.5 pp0.1 pp— pp0.2 pp
Currency-related items(6.9)(2.1)(6.1)(0.2)(3.7)(4.2)(3.4)
% Change - Organic (Non-GAAP)6.7  %9.3  %(2.0) %2.0  %2.6  %5.3  %0.8  %
Vol/Mix(1.3)pp5.5 pp(2.7)pp0.4 pp0.1 pp1.0 pp(0.5)pp
Pricing8.0 3.8 0.7 1.6 2.5 4.3 1.3 
15



Schedule 5a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit / Operating Income
(in millions of U.S. dollars) (Unaudited)
Gross ProfitOperating Income
For the Three Months Ended June 30, 2026Mondelēz InternationalLatin AmericaAMEAEuropeNorth AmericaUnrealized G/(L) on Hedging ActivitiesGeneral Corporate ExpensesAmortization of IntangiblesOther ItemsMondelēz International
Reported (GAAP)$3,986$166$254$382$431$827$(88)$(26)$—$1,946
Restructuring charges—3—32—1——9
Mark-to-market (gains)/losses from derivatives(827)————(827)———(827)
Acquisition-related items1—111——1——13
Incremental costs due to geopolitical conflicts11—11——————11
ERP System Implementation costs10192929————59
Remeasurement of net monetary position1444——(1)——11
Adjusted (Non-GAAP)$3,182$192$282$399$462$—$(87)$(26)$—$1,222
Currency-related items(58)(12)(1)(6)——11—(17)
Adjusted @ Constant FX (Non-GAAP)$3,124$180$281$393$462$—$(86)$(25)$—$1,205
% Change - Reported (GAAP)35.7  %24.8  %(6.3) %(25.7) %(5.1)%n/m(27.5) %31.6 %n/m66.0  %
% Change - Adjusted (Non-GAAP)4.9  %26.3  %—  %(21.8)%4.3  %n/m(31.8) %31.6 %n/m(4.8) %
% Change - Adjusted @ Constant FX (Non-GAAP)3.0 %18.4 %(0.4) %(22.9)%4.3  %n/m(30.3) %34.2 %n/m(6.1)%
Reported Margin %42.6 %12.1 %12.9  %11.3 %16.4 %20.8 %
Reported Margin pp change9.9  pp1.0  pp(2.0) pp(3.8) pp(1.4) pp7.8  pp
Adjusted Margin %34.0 %14.0 %14.3  %11.8 %17.5 %13.1 %
Adjusted Margin pp change0.2  pp1.3  pp(1.2) pp(3.1) pp0.1  pp(1.2) pp
Gross Profit
Operating Income
For the Three Months Ended June 30, 2025Mondelēz InternationalLatin AmericaAMEAEuropeNorth AmericaUnrealized G/(L) on Hedging ActivitiesGeneral Corporate ExpensesAmortization of IntangiblesOther ItemsMondelēz International
Reported (GAAP)$2,937$133$271$514$454$(93)$(69)$(38)$—$1,172
Restructuring charges(1)——(3)——(1)——(4)
Mark-to-market (gains)/losses from derivatives93————93———93
Acquisition-related items(1)213—(37)—1——(21)
Divestiture-related items———(4)——1——(3)
Incremental costs due to geopolitical conflicts———1—————1
ERP System Implementation costs514(2)(2)26—1——37
Remeasurement of net monetary position(1)3—4——1——8
Adjusted @ Constant FX (Non-GAAP)$3,032$152$282$510$443$—$(66)$(38)$—$1,283
Reported Margin %32.7 %11.1 %14.9  %15.1 %17.8 %13.0 %
Adjusted Margin %33.8 %12.7 %15.5  %14.9 %17.4 %14.3 %
16



Schedule 5b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit / Operating Income
(in millions of U.S. dollars) (Unaudited) 
Gross Profit
Operating Income
For the Six Months Ended June 30, 2026Mondelēz InternationalLatin AmericaAMEAEuropeNorth AmericaUnrealized G/(L) on Hedging ActivitiesGeneral Corporate ExpensesAmortization of IntangiblesOther ItemsMondelēz International
Reported (GAAP)$6,789$315$580$676$815$554$(134)$(53)$1$2,754
Restructuring charges—3—466—1——56
Mark-to-market (gains)/losses from derivatives(554)————(554)———(554)
Acquisition-related items—1162(12)————7
Divestiture-related items————————(1)(1)
Incremental costs due to geopolitical conflicts18—171—————18
ERP System Implementation costs203532153—(4)——108
Remeasurement of net monetary position—3310—————16
Adjusted (Non-GAAP)$6,273$357$619$756$862$—$(137)$(53)$—$2,404
Currency-related items(208)(28)(15)(44)(1)——2—(86)
Adjusted @ Constant FX (Non-GAAP)$6,065$329$604$712$861$—$(137)$(51)$—$2,318
% Change - Reported (GAAP)26.5  %15.8  %(5.5) %(30.7) %(13.2)%n/m(19.6) %29.3 %n/m48.7  %
% Change - Adjusted (Non-GAAP)2.1  %18.6  %(4.0) %(23.2)%(5.8) %n/m(21.2) %29.3 %n/m(9.5) %
% Change - Adjusted @ Constant FX (Non-GAAP)(1.2)%9.3 %(6.4) %(27.6)%(5.9) %n/m(21.2) %32.0 %n/m(12.8)%
Margin Reported %34.9 %11.6 %13.6  %9.3 %15.7 %14.2 %
Margin Reported pp change5.6  pp0.3  pp(2.4) pp(4.7) pp(2.7) pp4.1  pp
Margin Adjusted %32.3 %13.1 %14.5  %10.4 %16.6 %12.4 %
Margin Adjusted pp change(1.3) pp0.5  pp(2.3) pp(3.7) pp(1.4) pp(2.1) pp
Gross Profit
Operating Income
For the Six Months Ended June 30, 2025Mondelēz InternationalLatin AmericaAMEAEuropeNorth AmericaUnrealized G/(L) on Hedging ActivitiesGeneral Corporate ExpensesAmortization of IntangiblesOther ItemsMondelēz International
Reported (GAAP)$5,367$272$614$976$939$(762)$(112)$(75)$—$1,852
Restructuring charges(1)(1)—(4)——(1)——(6)
Mark-to-market (gains)/losses from derivatives766————762———762
Acquisition-related items(2)527—(61)————(29)
Divestiture-related items(1)——(7)(1)————(8)
Incremental costs due to geopolitical conflicts———1—————1
ERP System Implementation costs13223838—(1)——70
Remeasurement of net monetary position(1)3110——1——15
Adjusted (Non-GAAP)$6,141$301$645$984$915$—$(113)$(75)$—$2,657
Margin Reported %29.3 %11.3 %16.0  %14.0 %18.4 %10.1 %
Margin Adjusted %33.6 %12.6 %16.8  %14.1 %18.0 %14.5 %

17



Schedule 6a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Tax Rate, Net Earnings and Diluted EPS
(in millions of U.S. dollars and shares, except per share data) (Unaudited)

For the Three Months Ended June 30, 2026Operating IncomeBenefit plan non-service expense / (income) Interest and other expense, netEarnings before income taxesIncome taxesEffective tax rateEquity method investment transactionsEquity method investment net losses / (earnings)Non-controlling interest earningsNet Earnings attributable to Mondelēz InternationalDiluted EPS attributable to Mondelēz International
Reported (GAAP)$1,946 $(27)$74 $1,899 $364 19.2  %$— $(17)$4 $1,548 $1.20 
Restructuring charges9 — — 9 4 — — — 5 — 
Mark-to-market (gains)/losses from derivatives(827)— — (827)(172)— — — (655)(0.51)
Acquisition-related items13 — — 13 — — — — 13 0.01 
Incremental costs due to geopolitical conflicts11 — — 11 — — — — 11 0.01 
ERP System Implementation costs59 — — 59 15 — — — 44 0.03 
Remeasurement of net monetary position11 — — 11 — — — — 11 0.01 
Pension participation changes— — (2)2 — — — — 2 — 
Initial impacts from enacted tax law changes— — — — 30 — — — (30)(0.02)
Gain on marketable securities— — — — 6 — — — (6)— 
Adjusted (Non-GAAP)$1,222 $(27)$72 $1,177 $247 21.0  %$— $(17)$4 $943 $0.73 
Currency-related items(25)(0.02)
Adjusted @ Constant FX (Non-GAAP)$918 $0.71 
Diluted Average Shares Outstanding1,287 
% Change - Reported (GAAP)141.5 %144.9 %
% Change - Adjusted (Non-GAAP)(0.2)%— %
% Change - Adjusted @ Constant FX (Non-GAAP)(2.9)%(2.7)%
For the Three Months Ended June 30, 2025Operating IncomeBenefit plan non-service expense / (income) Interest and other expense, netEarnings before income taxesIncome taxesEffective tax rate
Equity method investment transactions
Equity method investment net losses / (earnings)Non-controlling interest earningsNet Earnings attributable to Mondelēz InternationalDiluted EPS attributable to Mondelēz International
Reported (GAAP)$1,172 $264 $53 $855 $230 26.9 %$— $(19)$3 $641 $0.49 
Restructuring charges(4)— — (4)(2)— — — (2)— 
Mark-to-market (gains)/losses from derivatives93 — — 93 16 — — — 77 0.06 
Acquisition-related items(21)— — (21)(9)— — — (12)(0.01)
Divestiture-related items(3)— — (3)— — — — (3)— 
Incremental costs due to geopolitical conflicts1 — — 1 — — — — 1 — 
ERP System Implementation costs37 — — 37 10 — — — 27 0.02 
Remeasurement of net monetary position8 — — 8 — — — — 8 0.01 
Pension participation changes— (282)(3)285 73 — — — 212 0.16 
Initial impacts from enacted tax law changes— — — — 1 — — — (1)— 
Gain on marketable securities— — — — 3 — — — (3)— 
Adjusted (Non-GAAP)$1,283 $(18)$50 $1,251 $322 25.7 %$— $(19)$3 $945 $0.73 
Diluted Average Shares Outstanding1,299 
18



Schedule 6b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Tax Rate, Net Earnings and Diluted EPS
(in millions of U.S. dollars and shares, except per share data) (Unaudited)

For the Six Months Ended June 30, 2026Operating IncomeBenefit plan non-service expense / (income)Interest and other expense, netEarnings before income taxesIncome taxesEffective tax rateLoss on equity method investment transactionsEquity method investment net losses / (earnings)Non-controlling interest earningsNet Earnings attributable to Mondelēz InternationalDiluted EPS attributable to Mondelēz International
Reported (GAAP)$2,754 $(58)$138 $2,674 $592 22.1  %$3 $(37)$8 $2,108 $1.64 
Restructuring charges56 — — 56 13 — — — 43 0.03 
Mark-to-market (gains)/losses from derivatives(554)— — (554)(113)(1)— — (440)(0.34)
Acquisition-related items7 — — 7 (3)— — — 10 0.01 
Divestiture-related items(1)— — (1)— — — — (1)— 
Incremental costs due to geopolitical conflicts18 — — 18 — — — — 18 0.01 
ERP System Implementation costs108 — — 108 28 — — — 80 0.06 
Remeasurement of net monetary position16 — — 16 — — — — 16 0.01 
Pension participation changes— 3 (4)1 — — — — 1 — 
Initial impacts from enacted tax law changes— — — — 29 — — — (29)(0.02)
Gain on marketable securities— — — — 6 — — — (6)— 
Loss on equity method investment transactions— — — — — (2)— — 2 — 
Adjusted (Non-GAAP)$2,404 $(55)$134 $2,325 $552 23.7  %$— $(37)$8 $1,802 $1.40 
Currency-related items(78)(0.06)
Adjusted @ Constant FX (Non-GAAP)$1,724 $1.34 
Diluted Average Shares Outstanding1,286 
% Change - Reported (GAAP)102.1 %105.0 %
% Change - Adjusted (Non-GAAP)(5.5)%(4.8)%
% Change - Adjusted @ Constant FX (Non-GAAP)(9.6)%(8.8)%
For the Six Months Ended June 30, 2025Operating IncomeBenefit plan non-service expense / (income)Interest and other expense, netEarnings before income taxesIncome taxesEffective tax rateEquity method investment transactionsEquity method investment net losses / (earnings)Non-controlling interest earningsNet Earnings attributable to Mondelēz InternationalDiluted EPS attributable to Mondelēz International
Reported (GAAP)$1,852 $246 $206 $1,400 $384 27.4 %$— $(35)$8 $1,043 $0.80 
Restructuring charges(6)— — (6)(2)— — — (4)— 
Mark-to-market (gains)/losses from derivatives762 — (4)766 152 — — — 614 0.47 
Acquisition-related items(29)— — (29)(14)— — — (15)(0.01)
Divestiture-related items(8)— — (8)(1)— — — (7)— 
Incremental costs due to geopolitical conflicts1 — — 1 — — — — 1 — 
ERP System Implementation costs70 — — 70 18 — — — 52 0.04 
Remeasurement of net monetary position15 — — 15 — — — — 15 0.01 
Pension participation changes— (282)(5)287 73 — — — 214 0.16 
Initial impacts from enacted tax law changes— — — — 3 — — — (3)— 
Gain on marketable securities— — — — 3 — — — (3)— 
Adjusted (Non-GAAP)$2,657 $(36)$197 $2,496 $616 24.7 %$— $(35)$8 $1,907 $1.47 
Diluted Average Shares Outstanding1,301 

19



Schedule 7
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Cash Provided by Operating Activities to Free Cash Flow
(in millions of U.S. dollars)
(Unaudited)
For the Six Months Ended June 30,20262025$ Change
Net Cash Provided by Operating Activities (GAAP)$1,322 $1,400 $(78)
Capital Expenditures(654)(582)(72)
Free Cash Flow (Non-GAAP) $668 $818 $(150)

20