Mondelez International, Inc. 10-Q

Item 1. Financial Statements Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of U.S. dollars, except per share data) (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Net revenues $ 8,984 $ 8,343 $ 18,297 $ 17,633 Cost of sales ( 6,047 ) ( 5,546 ) ( 12,930 ) ( 10,086 ) Gross profit 2,937 2,797 5,367 7,547 Selling, general and administrative expenses ( 1,725 ) ( 1,891 ) ( 3,436 ) ( 3,829 ) Asset impairments and exit costs ( 2 ) ( 15 ) ( 4 ) ( 62 ) Amortization of intangible assets ( 38 ) ( 37 ) ( 75 ) ( 75 ) Operating income 1,172 854 1,852 3,581 Benefit plan non-service (expense)/income ( 264 ) 28 ( 246 ) 51 Interest and other expense, net ( 53 ) ( 32 ) ( 206 ) ( 100 ) Earnings before income taxes 855 850 1,400 3,532 Income tax provision ( 230 ) ( 295 ) ( 384 ) ( 927 ) Loss on equity method investment transactions — — — ( 665 ) Equity method investment net earnings 19 48 35 79 Net earnings 644 603 1,051 2,019 less: Noncontrolling interest earnings ( 3 ) ( 2 ) ( 8 ) ( 6 ) Net earnings attributable to Mondelēz International $ 641 $ 601 $ 1,043 $ 2,013 Per share data: Basic earnings per share attributable to Mondelēz International $ 0.49 $ 0.45 $ 0.80 $ 1.50 Diluted earnings per share attributable to Mondelēz International $ 0.49 $ 0.45 $ 0.80 $ 1.49 See accompanying notes to the condensed consolidated financial statements. 1 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Earnings (in millions of U.S. dollars) (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Net earnings $ 644 $ 603 $ 1,051 $ 2,019 Other comprehensive earnings/(losses), net of tax: Currency translation adjustment 356 ( 389 ) 892 ( 611 ) Pension and other benefit plans 87 8 59 46 Derivative cash flow hedges ( 8 ) ( 4 ) ( 17 ) ( 12 ) Total other comprehensive earnings/(losses) 435 ( 385 ) 934 ( 577 ) Comprehensive earnings/(losses) 1,079 218 1,985 1,442 less: Comprehensive earnings/(losses) attributable to noncontrolling interests ( 20 ) — ( 32 ) 2 Comprehensive earnings/(losses) attributable to Mondelēz International $ 1,059 $ 218 $ 1,953 $ 1,444 See accompanying notes to the condensed consolidated financial statements. 2 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions of U.S. dollars, except share data) (Unaudited) June 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 1,504 $ 1,351 Trade receivables, less allowance ($ 38 and $ 37 , respectively) 3,528 3,874 Other receivables, less allowance ($ 40 and $ 37 , respectively) 1,103 937 Inventories, net 4,951 3,827 Other current assets 1,664 3,253 Total current assets 12,750 13,242 Property, plant and equipment, net 10,313 9,481 Operating lease right-of-use assets 761 767 Goodwill 24,344 23,017 Intangible assets, net 19,729 18,848 Prepaid pension assets 1,121 987 Deferred income taxes 415 333 Equity method investments 665 635 Other assets 922 1,187 TOTAL ASSETS $ 71,020 $ 68,497 LIABILITIES Short-term borrowings $ 1,664 $ 71 Current portion of long-term debt 1,107 2,014 Accounts payable 9,975 9,433 Accrued marketing 2,423 2,558 Accrued employment costs 836 928 Other current liabilities 3,878 4,545 Total current liabilities 19,883 19,549 Long-term debt 18,116 15,664 Long-term operating lease liabilities 618 623 Deferred income taxes 3,550 3,425 Accrued pension costs 375 391 Accrued postretirement health care costs 98 98 Other liabilities 2,133 1,789 TOTAL LIABILITIES 44,773 41,539 Commitments and Contingencies (Note 10) EQUITY Common Stock, no par value ( 5,000,000,000 shares authorized, 1,996,537,778 shares issued) — — Additional paid-in capital 32,280 32,276 Retained earnings 36,293 36,476 Accumulated other comprehensive losses ( 11,561 ) ( 12,471 ) Treasury stock, at cost ( 702,842,632 and 678,708,640 shares, respectively) ( 30,819 ) ( 29,349 ) Total Mondelēz International Shareholders’ Equity 26,193 26,932 Noncontrolling interest 54 26 TOTAL EQUITY 26,247 26,958 TOTAL LIABILITIES AND EQUITY $ 71,020 $ 68,497 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Equity (in millions of U.S. dollars, except per share data) (Unaudited) Mondelēz International Shareholders’ Equity Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Earnings/ (Losses) Treasury Stock Non-controlling Interest Total Equity Three Months Ended June 30, 2025 Balances at April 1, 2025 $ — $ 32,233 $ 36,263 $ ( 11,979 ) $ ( 30,732 ) $ 38 $ 25,823 Comprehensive earnings/(losses): Net earnings — — 641 — — 3 644 Other comprehensive earnings/(losses), net of income taxes — — — 418 — 17 435 Exercise of stock options and issuance of other stock awards — 47 — — 24 — 71 Common Stock repurchased — — — — ( 111 ) — ( 111 ) Cash dividends declared ($ 0.470 per share) — — ( 611 ) — — — ( 611 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 4 ) ( 4 ) Balances at June 30, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247 Six Months Ended June 30, 2025 Balances at January 1, 2025 $ — $ 32,276 $ 36,476 $ ( 12,471 ) $ ( 29,349 ) $ 26 $ 26,958 Comprehensive earnings/(losses): Net earnings — — 1,043 — — 8 1,051 Other comprehensive earnings/(losses), net of income taxes — — — 910 — 24 934 Exercise of stock options and issuance of other stock awards — 4 ( 4 ) — 110 — 110 Common Stock repurchased — — — — ( 1,580 ) — ( 1,580 ) Cash dividends declared ($ 0.940 per share) — — ( 1,222 ) — — — ( 1,222 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 4 ) ( 4 ) Balances at June 30, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247 Three Months Ended June 30, 2024 Balances at April 1, 2024 $ — $ 32,163 $ 35,074 $ ( 11,132 ) $ ( 27,623 ) $ 32 $ 28,514 Comprehensive earnings/(losses): Net earnings — — 601 — — 2 603 Other comprehensive earnings/(losses), net of income taxes — — — ( 383 ) — ( 2 ) ( 385 ) Exercise of stock options and issuance of other stock awards — 37 2 — 20 — 59 Common Stock repurchased — — — — ( 501 ) — ( 501 ) Cash dividends declared ($ 0.425 per share) — — ( 569 ) — — — ( 569 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 3 ) ( 3 ) Balances at June 30, 2024 $ — $ 32,200 $ 35,108 $ ( 11,515 ) $ ( 28,104 ) $ 29 $ 27,718 Six Months Ended June 30, 2024 Balances at January 1, 2024 $ — $ 32,216 $ 34,236 $ ( 10,946 ) $ ( 27,174 ) $ 34 $ 28,366 Comprehensive earnings/(losses): Net earnings — — 2,013 — — 6 2,019 Other comprehensive earnings/(losses), net of income taxes — — — ( 569 ) — ( 8 ) ( 577 ) Exercise of stock options and issuance of other stock awards — ( 16 ) 3 — 137 — 124 Common Stock repurchased — — — — ( 1,067 ) — ( 1,067 ) Cash dividends declared ($ 0.850 per share) — — ( 1,144 ) — — — ( 1,144 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 3 ) ( 3 ) Balances at June 30, 2024 $ — $ 32,200 $ 35,108 $ ( 11,515 ) $ ( 28,104 ) $ 29 $ 27,718 See accompanying notes to the condensed consolidated financial statements. 4 Table of Contents 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, 2025 2024 CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES Net earnings $ 1,051 $ 2,019 Adjustments to reconcile net earnings to operating cash flows: Depreciation and amortization 663 636 Stock-based compensation expense 65 69 Deferred income tax (benefit)/provision ( 69 ) 205 Asset impairments and accelerated depreciation 9 22 Loss on equity method investment transactions — 665 Equity method investment net earnings ( 35 ) ( 79 ) Distributions from equity method investments 44 82 Unrealized loss/(gain) on derivative contracts 800 ( 605 ) Contingent consideration adjustments ( 38 ) 39 Other non-cash items, net 105 94 Change in assets and liabilities, net of acquisitions and divestitures: Receivables, net 536 348 Inventories, net ( 775 ) ( 516 ) Accounts payable ( 177 ) 358 Other current assets 108 ( 406 ) Other current liabilities ( 1,125 ) ( 721 ) Change in pension and postretirement assets and liabilities, net 238 ( 64 ) Net cash provided by operating activities 1,400 2,146 CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES Capital expenditures ( 582 ) ( 666 ) Acquisitions, net of cash received ( 15 ) — Proceeds from divestitures 4 4 Proceeds from derivative settlements 19 114 Payments for derivative settlements ( 55 ) ( 114 ) Proceeds from/(contributions to) investments 30 ( 200 ) Proceeds from sales of property, plant and equipment and other 8 15 Net cash used in investing activities ( 591 ) ( 847 ) CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES Net issuance of short-term borrowings 1,589 414 Long-term debt proceeds 1,594 702 Long-term debt repayments ( 1,242 ) ( 569 ) Repurchases of Common Stock ( 1,653 ) ( 1,074 ) Dividends paid ( 1,233 ) ( 1,151 ) Other 83 74 Net cash used in financing activities ( 862 ) ( 1,604 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 240 ( 108 ) Cash, cash equivalents and restricted cash: Increase/(decrease) 187 ( 413 ) Balance at beginning of period 1,400 1,884 Balance at end of period $ 1,587 $ 1,471 See accompanying notes to the condensed consolidated financial statements. 5 Table of Contents Mondelēz International, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1. Basis of Presentation Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2024. Principles of Consolidation The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments in common stock or in-substance common stock over which we exercise significant influence under the equity method of accounting. Highly Inflationary Accounting Within our consolidated entities, Argentina, Türkiye, Egypt and Nigeria are accounted for as highly inflationary countries. Argentina, Türkiye, Egypt and Nigeria represent 1.6 %, 0.6 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended June 30, 2025 and 1.6 %, 0.7 %, 0.5 % and 0.3 % of our consolidated net revenues for the six months ended June 30, 2025. The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $ 8 million and $ 9 million for the three months ended June 30, 2025 and 2024, respectively, and $ 15 million and $ 17 million for the six months ended June 30, 2025 and 2024, respectively. Given the continued volatility of these currencies, impacts to our financial statements in future periods could be significantly different from historical levels. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. Restricted cash primarily includes cash held on behalf of financial institutions in accordance with accounts receivable factoring arrangements and letters of credit arrangements with legally restricted cash collateral provisions. Restricted cash is recorded within other current assets and was $ 83 million as of June 30, 2025 and $ 49 million as of December 31, 2024. Total cash, cash equivalents and restricted cash was $ 1,587 million as of June 30, 2025 and $ 1,400 million as of December 31, 2024. Allowances for Credit Losses Changes in allowances for credit losses consisted of: Allowance for Trade Receivables Allowance for Other Current Receivables Allowance for Long-Term Receivables (in millions) Balance at January 1, 2025 $ ( 37 ) $ ( 37 ) $ ( 16 ) Net recovery for expected credit losses — 1 — Write-offs charged against the allowance 2 — — Currency and other ( 3 ) ( 4 ) ( 1 ) Balance at June 30, 2025 $ ( 38 ) $ ( 40 ) $ ( 17 ) Transfers of Financial Assets The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 862 million as of June 30, 2025 and $ 159 million as of December 31, 2024. The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows. 6 Table of Contents Non-Cash Lease Transactions We recorded $ 71 million in operating lease and $ 94 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2025 and $ 53 million in operating lease and $ 68 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2024. Supply Chain Financing As part of our continued efforts to improve our working capital efficiency, we have worked with our suppliers over the past several years to optimize our terms and conditions, which include the extension of payment terms. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. Amounts due to our suppliers that elected to participate in the SCF program are included in Accounts payable in our consolidated balance sheets . Our outstanding obligations confirmed as valid under our SCF program are $ 3.7 billion as of both June 30, 2025 and December 31, 2024, respectively. New Accounting Pronouncements In December 2023, the FASB issued an Accounting Standards Update ("ASU") to enhance the transparency of annual income tax disclosures, primarily related to the rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We will adopt the guidance when it becomes effective, for our annual reporting for the year ending December 31, 2025. In November 2024, the FASB issued an ASU that will require incremental disclosures in the notes to the financial statements to disaggregate income statement expense line items into specified expense categories and to provide additional information about certain expenses. The guidance is effective for the first annual reporting period beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied either on a prospective or retrospective basis. We currently expect to adopt the guidance when it becomes effective, for our annual reporting for the year ending December 31, 2027 and for our interim reporting in the first quarter of 2028. We are currently assessing whether we will adopt the guidance on a prospective or retrospective basis. Note 2. Acquisitions and Divestitures Evirth On November 1, 2024, we acquired Evirth (Shanghai) Industrial Co., Ltd. ("Evirth"), a leading manufacturer of cakes and pastries in China. The acquisition will continue to expand our growth in the cakes and pastries categories. The cash consideration paid totaled ¥ 1.8 billion ($ 255 million), net of cash received. We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a preliminary purchase price allocation. Within definite-lived intangible assets, we allocated $ 117 million to customer relationships which have an estimated useful life of 17 years. The fair value of customer relationships at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of the intangible assets include discounted cash flows, customer attrition rates and discount rates. Goodwill of $ 125 million was determined as the excess of the purchase price over the fair value of the net assets acquired and arises principally as a result of expansion opportunities and synergies across China. None of the goodwill recognized will be deductible for income tax purposes. All of the goodwill was assigned to the AMEA operating segment. For further detail, refer to Note 5, Goodwill and Intangible Assets . Acquisition and Divestiture-Related Costs We recorded net gains of $ 21 million and $ 29 million in the three and six months ended June 30, 2025 and incurred $ 36 million and $ 79 million in the three and six months ended June 30, 2024 in total acquisition integration costs and contingent consideration adjustments. We recorded net gains of $ 3 million and $ 7 million in the three and six months ended June 30, 2025 and incurred zero and $ 4 million in the three and six months ended June 30, 2024 in total divestiture-related costs. 7 Table of Contents Note 3. Inventories Inventories consisted of the following: As of June 30, 2025 As of December 31, 2024 (in millions) Raw materials $ 1,208 $ 1,058 Finished product 3,926 2,940 5,134 3,998 Inventory reserves ( 183 ) ( 171 ) Inventories, net $ 4,951 $ 3,827 Note 4. Property, Plant and Equipment Property, plant and equipment consisted of the following: As of June 30, 2025 As of December 31, 2024 (in millions) Land and land improvements $ 404 $ 373 Buildings and building improvements 3,807 3,453 Machinery and equipment 14,227 12,732 Construction in progress 1,024 1,058 19,462 17,616 Accumulated depreciation ( 9,149 ) ( 8,135 ) Property, plant and equipment, net $ 10,313 $ 9,481 For the six months ended June 30, 2025, capital expenditures of $ 582 million excluded $ 366 million of accrued capital expenditures remaining unpaid at June 30, 2025 and included payment for the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024. For the six months ended June 30, 2024, capital expenditures of $ 666 million excluded $ 364 million of accrued capital expenditures remaining unpaid at June 30, 2024 and included payment for the $ 471 million of capital expenditures that were accrued and unpaid at December 31, 2023. 8 Table of Contents Note 5. Goodwill and Intangible Assets Goodwill Changes in goodwill consisted of: Latin America AMEA Europe North America Total (in millions) Balance at December 31, 2024 $ 1,316 $ 3,040 $ 7,842 $ 10,819 $ 23,017 Currency 143 71 1,073 37 1,324 Other (1) — 3 — — 3 Balance at June 30, 2025 $ 1,459 $ 3,114 $ 8,915 $ 10,856 $ 24,344 (1) Relates to purchase price allocation adjustments for Evirth. See Note 2, Acquisitions and Divestitures for additional information. Intangible Assets Intangible assets consisted of the following: As of June 30, 2025 As of December 31, 2024 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount (in millions) Indefinite-life intangible assets $ 18,691 $ — $ 18,691 $ 17,770 $ — $ 17,770 Definite-life intangible assets 3,473 ( 2,435 ) 1,038 3,306 ( 2,228 ) 1,078 Total $ 22,164 $ ( 2,435 ) $ 19,729 $ 21,076 $ ( 2,228 ) $ 18,848 Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar. Definite-life intangible assets consist primarily of customer-related intangibles, process technology and trademarks. Amortization expense for intangible assets was $ 38 million and $ 37 million for the three months ended June 30, 2025 and 2024, respectively, and $ 75 million for both the six months ended June 30, 2025 and 2024, respectively. Impairment Assessment: We test our reporting units and indefinite-life intangible assets for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount. During the second quarter of 2025, we evaluated our goodwill impairment and intangible asset impairment risk through an assessment of potential triggering events. We considered qualitative and quantitative information in our assessment and concluded there were no impairment indicators. During our 2024 annual impairment testing, we recorded $ 153 million of asset impairment charges in the third quarter of 2024 related to two biscuit indefinite-life intangible assets in the Europe segment, one biscuit indefinite-life intangible asset in the AMEA segment and one candy and one biscuit indefinite-life intangible asset in the Latin America segment. Additionally, we identified thirteen indefinite-life intangible assets that each had a fair value in excess of book value of 10% or less. The aggregate book value of the thirteen indefinite-life intangible assets was $ 3.1 billion as of June 30, 2025. While no triggering events were identified for those indefinite-life intangible assets during the six months ended June 30, 2025, we are continuing to closely monitor their performance. If there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired. Note 6. Equity Method Investments Our current equity method investments primarily relate to our ownership interests in Dong Suh Foods Corporation and Dong Suh Oil & Fats Co. Ltd. As of June 30, 2025, we owned 50.0 % and 49.0 %, respectively, of these companies' outstanding shares. Our ownership interests may change over time due to investee stock-based compensation arrangements, share issuances or other equity-related transactions. 9 Table of Contents Our investments accounted for under the equity method totaled $ 665 million as of June 30, 2025 and $ 635 million as of December 31, 2024. We recorded equity earnings of $ 19 million and received no cash dividends in the three months ended June 30, 2025 and recorded equity earnings of $ 48 million and received cash dividends of $ 2 million in the three months ended June 30, 2024. We recorded equity earnings of $ 35 million and received cash dividends of $ 44 million in the six months ended June 30, 2025 and recorded equity earnings of $ 79 million and received cash dividends of $ 82 million in the six months ended June 30, 2024. The activity during 2024 included our prior investment in JDE Peet’s N.V. (“JDEP”). During the fourth quarter of 2024, we sold our remaining 85.9 million shares in JDEP to JAB Holding Company and fully exited the investment. During the three months ended March 31, 2024, we recorded an impairment charge of € 612 million ($ 665 million) related to our JDEP investment. This charge was included within Loss on equity method investment transactions in the condensed consolidated statements of earnings. Note 7. Debt and Borrowing Arrangements Short-Term Borrowings Our short-term borrowings and related weighted-average interest rates consisted of: As of June 30, 2025 As of December 31, 2024 Amount Outstanding Weighted- Average Rate Amount Outstanding Weighted- Average Rate (in millions, except percentages) Commercial paper $ 1,603 4.6 % $ — — % Bank loans 61 13.4 % 71 12.1 % Total short-term borrowings $ 1,664 $ 71 Our uncommitted and committed credit facilities available include: As of June 30, 2025 As of December 31, 2024 Facility Amount Borrowed Amount Facility Amount Borrowed Amount (in millions) Uncommitted credit facilities $ 901 $ 61 $ 784 $ 71 Credit facilities (1) : February 19, 2025 — — 1,500 — February 18, 2026 1,500 — — — February 23, 2027 — — 4,500 — February 19, 2030 4,500 — — — (1) On February 19, 2025, our $ 1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 21, 2024 expired and we entered into a $ 1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 18, 2026. Additionally, we early terminated our $ 4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $ 4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030. We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $ 25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans. At June 30, 2025, we complied with this covenant. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security. 10 Table of Contents Debt Repayments During the six months ended June 30, 2025, we repaid the following notes (in millions): Interest Rate Maturity Date Amount USD Equivalent 3.250 % March 2025 C$ 600 $ 417 1.500 % May 2025 $ 750 $ 750 During the six months ended June 30, 2024, we repaid the following notes (in millions): Interest Rate Maturity Date Amount USD Equivalent 2.125 % March 2024 $ 500 $ 500 Debt Issuances During the six months ended June 30, 2025, we issued the following notes (in millions): Issuance Date Interest Rate Maturity Date Principal Amount Principal Amount USD Equivalent May 2025 4.250 % May 2028 $ 700 $ 700 May 2025 4.500 % May 2030 $ 500 $ 500 May 2025 5.125 % May 2035 $ 400 $ 400 During the six months ended June 30, 2024, we issued the following notes (in millions): Issuance Date Interest Rate Maturity Date Principal Amount Principal Amount USD Equivalent February 2024 4.750 % February 2029 $ 550 $ 550 Fair Value of Our Debt The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of substantially all of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data). As of June 30, 2025 As of December 31, 2024 (in millions) Fair Value $ 19,128 $ 15,846 Carrying Value $ 20,887 $ 17,749 Interest and Other Expense, net Interest and other expense, net consisted of: For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in millions) (in millions) Interest expense $ 151 $ 130 $ 288 $ 252 Other income, net ( 98 ) ( 98 ) ( 82 ) ( 152 ) Interest and other expense, net $ 53 $ 32 $ 206 $ 100 Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items. Refer to Note 8, Financial Instruments for additional information about our hedging activities. 11 Table of Contents Note 8. Financial Instruments Derivatives and Hedging Activities Fair Value of Derivative Instruments Derivative instruments and corresponding hedge type were recorded at fair value in the condensed consolidated balance sheets as follows: As of June 30, 2025 As of December 31, 2024 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Type of Hedge (1) (in millions) Derivatives designated as accounting hedges (2) : Foreign currency contracts NIH $ — $ 344 $ 5 $ 5 Interest rate contracts CF — 3 2 11 Cross-currency swap contracts CF/NIH 212 554 382 69 $ 212 $ 901 $ 389 $ 85 Derivatives not designated as accounting hedges: Foreign currency contracts $ 190 $ 192 $ 302 $ 118 Commodity contracts 794 718 2,205 1,522 Interest rate contracts 3 — 3 — $ 987 $ 910 $ 2,510 $ 1,640 Total fair value $ 1,199 $ 1,811 $ 2,899 $ 1,725 (1) Derivative contracts designated as either cash flow ("CF") or net investment hedging ("NIH") instruments. (2) We designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 7, Debt and Borrowing Arrangements . Non-U.S. dollar denominated debt designated as net investment hedges is also disclosed in the Notional Amounts of Derivatives and Other Hedging Instruments table and the Hedges of Net Investments in International Operations section appearing later in this footnote. We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows: As of June 30, 2025 As of December 31, 2024 (in millions) Other current assets $ 1,008 $ 2,545 Other assets 191 354 Other current liabilities 1,202 1,641 Other liabilities 609 84 The fair values (asset/(liability)) of our derivative instruments were determined using: As of June 30, 2025 Total Fair Value of Net Asset/(Liability) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Foreign currency contracts $ ( 346 ) $ — $ ( 346 ) $ — Commodity contracts 76 28 48 — Interest rate contracts — — — — Cross-currency swap contracts ( 342 ) — ( 342 ) — Total derivatives $ ( 612 ) $ 28 $ ( 640 ) $ — 12 Table of Contents As of December 31, 2024 Total Fair Value of Net Asset/(Liability) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Foreign currency contracts $ 184 $ — $ 184 $ — Commodity contracts 683 ( 111 ) 794 — Interest rate contracts ( 6 ) — ( 6 ) — Cross-currency swap contracts 313 — 313 — Total derivatives $ 1,174 $ ( 111 ) $ 1,285 $ — Level 1 fair value measurements use quoted prices in active markets for identical assets or liabilities. Level 1 financial assets and liabilities consist of exchange-traded commodity futures and listed options. The fair value of these instruments is determined based on quoted market prices on commodity exchanges. Level 2 fair value measurements use quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or model-based valuations in which significant inputs are observable in the market. Level 2 financial assets and liabilities consist primarily of over-the-counter (“OTC”) foreign currency forwards and options; commodity forwards and options; interest rate swaps; and cross-currency swaps. Our foreign currency contracts are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Our OTC derivative transactions are governed by International Swap Dealers Association agreements and other standard industry contracts. Under these agreements, we do not post nor require collateral from our counterparties. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties. Level 3 fair value measurements use unobservable inputs and include the use of judgment by management about the assumptions market participants use in pricing the asset or liability. Level 3 financial liabilities consist of contingent consideration arrangements, which are presented in the Fair Value of Contingent Consideration section appearing later in this footnote. Notional Amounts of Derivatives and Other Hedging Instruments The gross notional values of our derivative instruments, as well as non-U.S. dollar debt designated as net investment hedging instruments, were: Notional Amount As of June 30, 2025 As of December 31, 2024 (in millions) Foreign currency contracts $ 20,667 $ 13,724 Commodity contracts 13,973 16,210 Interest rate contracts 2,089 4,189 Cross-currency swap contracts 7,219 9,608 Non-U.S. dollar debt designated as net investment hedges: Euro notes 3,755 3,298 Swiss franc notes 252 220 Canadian dollar notes 478 869 13 Table of Contents Cash Flow Hedges Our derivative instruments designated as cash flow hedges include interest rate swaps and cross-currency swaps. As of June 30, 2025, the aggregate notional value of those derivatives was $ 1.6 billion. Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses). Refer to Note 12, Reclassifications from Accumulated Other Comprehensive Income for additional information on current period activity. Based on current market conditions, $ 57 million of losses, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of June 30, 2025 are expected to be recognized into earnings during the next 12 months. As of June 30, 2025, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 3 years, 6 months . Hedges of Net Investments in International Operations Net investment hedge ("NIH") derivative contracts We enter into foreign currency contracts and cross-currency swaps to hedge certain investments in our non-U.S. operations against movements in exchange rates. As of June 30, 2025, the aggregate notional value of those derivatives was $ 9.3 billion. Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were: For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in millions) (Loss)/gain on NIH contracts (1) $ ( 799 ) $ 22 $ ( 1,000 ) $ 242 Amounts excluded from the assessment of hedge effectiveness (2) 67 46 124 87 (1) Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses). (2) We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net. Non-U.S. dollar debt designated as net investment hedges Pre-tax gains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were: For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in millions) Euro notes $ ( 310 ) $ 24 $ ( 457 ) $ 103 Swiss franc notes ( 26 ) ( 1 ) ( 32 ) 25 Canadian notes ( 25 ) 4 ( 25 ) 14 14 Table of Contents Derivatives Not Designated as Accounting Hedges For derivatives not designated as accounting hedges ("economic hedges"), we classify gains and losses in the income statement based on the classification of the item economically hedged. Pre-tax gains/(losses) recorded in net earnings for economic hedges were: For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in millions) Foreign currency contracts: Cost of sales $ ( 34 ) $ ( 2 ) $ ( 165 ) $ 23 Selling, general and administrative expenses ( 6 ) ( 6 ) ( 6 ) 1 Interest and other expense, net ( 63 ) 9 27 65 Commodity contracts - Cost of sales 19 ( 255 ) ( 390 ) 929 Interest rate contracts - Interest and other expense, net 1 1 1 1 Total $ ( 83 ) $ ( 253 ) $ ( 533 ) $ 1,019 Fair Value of Contingent Consideration Contingent consideration liabilities, which reflect earn-out arrangements from business combinations, are recorded at fair value each period, with changes in fair value reported in earnings. The fair values of our contingent consideration liabilities were $ 142 million and $ 179 million as of June 30, 2025 and December 31, 2024, respectively. Contingent consideration liabilities are primarily recorded in O ther liabilities in the condensed consolidated balance sheets and changes in their fair values are primarily recorded in S elling, general and administrative expenses in the condensed consolidated statements of earnings. The estimated fair values of our contingent consideration liabilities were primarily determined using Monte Carlo simulations. Significant assumptions used in assessing the fair value of the liabilities include financial projections for net revenue, gross profit and EBITDA, as well as discount and volatility rates. Fair value measurements of contingent consideration liabilities are classified as Level 3 in the fair value hierarchy because they use unobservable inputs. Contingent consideration liabilities include an earn-out arrangement related to the acquisition of Clif Bar & Company (“Clif Bar”) in 2022. The possible payments under that arrangement range from zero to a maximum total of $ 2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of the base financial projections. The following is a summary of our contingent consideration liability activity: For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in millions) (in millions) Liability at beginning of period $ 167 $ 703 $ 179 $ 680 Changes in fair value ( 26 ) 12 ( 38 ) 35 Payments — ( 54 ) — ( 54 ) Currency 1 — 1 — Liability at end of period $ 142 $ 661 $ 142 $ 661 15 Table of Contents Note 9. Benefit Plans Pension Plans Components of Net Periodic Pension Cost Net periodic pension cost/(benefit) consisted of the following: U.S. Plans Non-U.S. Plans For the Three Months Ended June 30, For the Three Months Ended June 30, 2025 2024 2025 2024 (in millions) Service cost $ — $ 1 $ 16 $ 15 Interest cost 17 15 66 71 Expected return on plan assets ( 20 ) ( 23 ) ( 107 ) ( 108 ) Amortization of net loss and prior service cost 2 — 18 16 Settlement losses 288 — — — Net periodic pension cost/(benefit) $ 287 $ ( 7 ) $ ( 7 ) $ ( 6 ) U.S. Plans Non-U.S. Plans For the Six Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in millions) Service cost $ 1 $ 2 $ 31 $ 30 Interest cost 26 30 135 142 Expected return on plan assets ( 33 ) ( 46 ) ( 211 ) ( 216 ) Amortization of net loss and prior service cost 2 — 35 32 Settlement losses 292 6 — — Net periodic pension cost/(benefit) $ 288 $ ( 8 ) $ ( 10 ) $ ( 12 ) Employer Contributions During the six months ended June 30, 2025, we contributed $ 1 million and $ 45 million to our U.S. and non-U.S. pension plans, respectively. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability. As of June 30, 2025, we plan to make further contributions of approximately $ 10 million to our U.S. plans and $ 23 million to our non-U.S. plans for the remainder of 2025. However, our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or changes in interest rates. Mondelēz Global LLC Retirement Plan Settlement During the third quarter of 2024, we entered into agreements with two third-party insurance companies to purchase buy-in annuity contracts to cover the liabilities associated with the Mondelēz Global LLC Retirement Plan (“MDLZ Global Plan”), the pension plan for U.S. salaried employees. The agreements provided us with the option to elect a buy-out conversion, at which time full responsibility of the MDLZ Global Plan obligations would transfer to the insurance companies. On June 12, 2025 we elected the buy-out conversion and recognized a non-cash pre-tax settlement loss of $ 282 million as a component of our net periodic pension cost in the second quarter of 2025. That settlement loss is recorded within Benefit plan non-service (expense)/income in the condensed consolidated statements of earnings. Multiemployer Pension Plans On July 11, 2019, we received a withdrawal liability assessment from the Bakery and Confectionery Union and the Industry International Pension Fund requiring pro-rata monthly payments over 20 years and we recorded a discounted liability of $ 491 million at that time. In connection with the discounted long-term liability, we recorded accreted interest of $ 3 million for both the three months ended June 30, 2025 and 2024 and $ 5 million for both the six months ended June 30, 2025 and 2024 within Interest and other expense, net in the condensed consolidated 16 Table of Contents statements of earnings. As of June 30, 2025, the remaining discounted withdrawal liability was $ 302 million, with $ 16 million recorded in Other current liabilities and $ 286 million recorded in Other liabilities in the condensed consolidated balance sheets. Postretirement and Postemployment Benefit Plans The net periodic postretirement benefit was $ 3 million and $ 2 million for the three months ended June 30, 2025 and 2024, respectively, and $ 6 million and $ 5 million for the six months ended June 30, 2025 and 2024, respectively. The net periodic postemployment cost was $ 6 million for both the three months ended June 30, 2025 and 2024 and $ 11 million for both the six months ended June 30, 2025 and 2024. Note 10. Commitments and Contingencies Legal Proceedings We routinely are involved in various pending or threatened legal proceedings, claims, disputes, regulatory matters and governmental inquiries, inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. For matters we have not provided for that are reasonably possible to result in an unfavorable outcome, management is unable to estimate the possible loss or range of loss or such amounts have been determined to be immaterial. At present we believe that the ultimate outcome of these legal proceedings and regulatory and governmental matters, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other equitable remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. On April 1, 2015, the U.S. Commodity Futures Trading Commission ("CFTC") filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S. District Court for the Northern District of Illinois (the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group. The complaint alleged that Mondelēz Global: (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011; (2) violated position limit levels for wheat futures; and (3) engaged in non-competitive trades. On May 13, 2022, the District Court approved a settlement agreement between the CFTC and Mondelēz Global. The terms of the settlement, which are available in the District Court’s docket, had an immaterial impact on our financial position, results of operations and cash flows and did not include an admission by Mondelēz Global. Several class action complaints also were filed against Mondelēz Global in the District Court by investors who copied and expanded upon the CFTC allegations in a series of private claims for monetary damages as well as injunctive, declaratory, and other unspecified relief. In June 2015, these suits were consolidated in the United States District Court for the Northern District of Illinois as case number 15-cv-2937, Harry Ploss et al. v. Kraft Foods Group, Inc. and Mondelēz Global LLC. On January 3, 2020, the District Court granted plaintiffs' request to certify a class. In November 2022, the District Court adjourned the trial date it had previously set for November 30, 2022 and ordered the parties to brief Kraft’s motions to decertify the class and for summary judgment, which has been completed. It is not possible to predict the outcome of these matters; however, based on our Separation and Distribution Agreement with Kraft Foods Group dated as of September 27, 2012, we expect to bear any monetary penalties or other payments in connection with the class action. As previously disclosed, in November 2019, the European Commission informed us that it initiated an investigation into our alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area. In the second quarter of 2024, we reached a negotiated resolution in this matter. At that time, we had accrued (in accordance with U.S. GAAP), on a pre-tax basis, a liability of € 337.5 million ($ 376 million). Pursuant to the terms of the agreed settlement, we fulfilled our payment obligation in August 2024. We do not anticipate any modification of our business practices and agreements that would have a material impact on our ongoing business operations within the European Union. 17 Table of Contents Third-Party Guarantees We enter into third-party guarantees primarily to cover long-term obligations of our vendors. As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures. As of June 30, 2025 and December 31, 2024, we had no material third-party guarantees recorded on our condensed consolidated balance sheets. Tax Matters We are a party to various tax matter proceedings incidental to our business. These proceedings are subject to inherent uncertainties, and unfavorable outcomes could subject us to additional tax liabilities and could materially adversely impact our business, results of operations or financial position. Note 11. Stock Plans Stock Options Stock option activity is reflected below: Shares Subject to Option Weighted- Average Exercise or Grant Price Per Share Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2025 16,479,169 $ 54.51 5 years $ 135 million Annual grant to eligible employees 1,989,760 65.09 Additional options issued 19,390 67.65 Total options granted 2,009,150 65.11 Options exercised (1) ( 1,689,734 ) 42.11 $ 38 million Options canceled ( 259,913 ) 66.82 Balance at June 30, 2025 16,538,672 56.87 6 years $ 186 million (1) Cash received from options exercised was $ 27 million and $ 71 million in the three and six months ended June 30, 2025, respectively. The excess income tax benefit from stock option exercises was $ 1 million and $ 5 million in the three and six months ended June 30, 2025. Performance Share Units and Other Stock-Based Awards Our performance share unit ("PSU") and deferred stock unit ("DSU") activity is reflected below: Number of Shares Weighted-Average Fair Value Per Share (4) Weighted-Average Aggregate Fair Value (3) Balance at January 1, 2025 4,536,574 $ 67.76 Annual grant to eligible employees: Performance share units 1,194,640 69.49 Deferred stock units 826,180 65.09 Additional shares granted (1) 802,146 60.10 Total shares granted 2,822,966 65.53 $ 185 million Vested (2) (3) ( 1,428,347 ) 63.40 $ 91 million Forfeited (2) ( 309,086 ) 69.65 Balance at June 30, 2025 5,622,107 67.64 (1) Includes primarily DSUs and incremental PSUs issued over target. (2) Includes PSUs, DSUs and other stock-based awards. (3) The income tax shortfall upon vesting of PSUs and DSUs was zero and $ 1 million in the three and six months ended June 30, 2025, respectively. (4) The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, so long as the requisite service has been provided. 18 Table of Contents Share Repurchase Program Effective January 1, 2025, our Board of Directors replaced our prior share repurchase program by approving a program authorizing the repurchase of up to $ 9.0 billion of our Common Stock through December 31, 2027. Repurchases under the program are determined by management and are wholly discretionary. During the six months ended June 30, 2025, we repurchased approximately 27 million shares of Common Stock at an average cost of $ 58.33 per share, or an aggregate cost of approximately $ 1.6 billion, all of which was paid during the period. All share repurchases were funded through available cash and commercial paper issuances. As of June 30, 2025, we have approximately $ 7.4 billion in remaining share repurchase capacity. 19 Table of Contents Note 12. Reclassifications from Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International. Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net (losses)/gains of $( 284 ) million and $( 2 ) million in the second quarter of 2025 and 2024, respectively, and $( 331 ) million and $ 21 million in the first six months of 2025 and 2024, respectively. For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in millions) Currency Translation Adjustments: Balance at beginning of period $ ( 10,488 ) $ ( 9,790 ) $ ( 11,017 ) $ ( 9,574 ) Currency translation adjustments 274 ( 408 ) 823 ( 590 ) Tax effect 82 19 69 ( 21 ) Other comprehensive earnings/(losses) 356 ( 389 ) 892 ( 611 ) Less: other comprehensive (earnings)/loss attributable to noncontrolling interests ( 17 ) 2 ( 24 ) 8 Balance at end of period ( 10,149 ) ( 10,177 ) ( 10,149 ) ( 10,177 ) Pension and Other Benefit Plans: Balance at beginning of period $ ( 1,430 ) $ ( 1,285 ) $ ( 1,402 ) $ ( 1,323 ) Net actuarial gain/(loss) arising during period ( 51 ) ( 1 ) ( 51 ) ( 6 ) Tax effect on net actuarial gain/(loss) 13 1 13 1 Losses/(gains) reclassified into net earnings: Amortization of net loss and prior service (1) 17 14 31 26 Settlement losses (1) 288 — 292 6 Tax expense/(benefit) on reclassifications (3) ( 80 ) ( 4 ) ( 82 ) ( 8 ) Currency impact ( 100 ) ( 2 ) ( 144 ) 27 Other comprehensive earnings/(losses) 87 8 59 46 Balance at end of period ( 1,343 ) ( 1,277 ) ( 1,343 ) ( 1,277 ) Derivative Cash Flow Hedges: Balance at beginning of period $ ( 61 ) $ ( 57 ) $ ( 52 ) $ ( 49 ) Interest rate contracts gains/(losses) 3 ( 4 ) 1 ( 10 ) Cross-currency swap contracts gains/(losses) ( 47 ) 8 ( 86 ) 40 Other derivative gains/(losses) ( 16 ) ( 3 ) ( 12 ) ( 4 ) Tax effect on net derivative gain/(loss) ( 3 ) 3 ( 2 ) 6 Losses/(gains) reclassified into net earnings: Interest rate contracts (2) 2 3 3 6 Cross-currency swap contracts (2) 52 ( 13 ) 79 ( 53 ) Other derivative contracts (2) — 3 — 4 Tax expense/(benefit) on reclassifications (3) 5 ( 1 ) 8 ( 2 ) Currency impact ( 4 ) — ( 8 ) 1 Other comprehensive earnings/(losses) ( 8 ) ( 4 ) ( 17 ) ( 12 ) Balance at end of period ( 69 ) ( 61 ) ( 69 ) ( 61 ) Accumulated other comprehensive income attributable to Mondelēz International: Balance at beginning of period $ ( 11,979 ) $ ( 11,132 ) $ ( 12,471 ) $ ( 10,946 ) Total other comprehensive earnings/(losses) 435 ( 385 ) 934 ( 577 ) Less: other comprehensive (earnings)/loss attributable to noncontrolling interests ( 17 ) 2 ( 24 ) 8 Other comprehensive earnings/(losses) attributable to Mondelēz International 418 ( 383 ) 910 ( 569 ) Balance at end of period $ ( 11,561 ) $ ( 11,515 ) $ ( 11,561 ) $ ( 11,515 ) (1) These reclassified losses are included in net periodic benefit costs disclosed in Note 9, Benefit Plans . (2) These reclassified gains or losses are recorded within interest and other expense, net. (3) Taxes reclassified to earnings are recorded within the provision for income taxes. 20 Table of Contents Note 13. Restructuring Program In 2014, our Board of Directors approved a multi-year restructuring program ("Simplify to Grow Program") to reduce our operating cost structure in both supply chain and overhead costs. Total restructuring and implementation charges of $ 5.4 billion were incurred throughout the Simplify to Grow Program, which ended in December 2024. We recorded restructuring charges of $ 3 million and $ 45 million in the three and six months ended June 30, 2024 and recorded implementation costs of $ 12 million and $ 23 million in the three and six months ended June 30, 2024. The Simplify to Grow Program restructuring liability activity for the six months ended June 30, 2025 was: Severance and related costs (in millions) Liability balance, January 1, 2025 $ 188 Payments ( 37 ) Currency and other 14 Liability balance, June 30, 2025 $ 165 The liability for restructuring charges is included within other current liabilities and other long-term liabilities. Note 14. Income Taxes Our effective tax rate was 26.9 % for the second quarter of 2025 as compared to 34.7 % in the second quarter of 2024. The decrease in our effective tax rate was driven by our jurisdictional mix of earnings, particularly the impact of lower mark-to-market losses on commodity and foreign currency derivatives in the current quarter, and higher costs from tax law changes in the second quarter of 2024. Our effective tax rate for the six months ended June 30, 2025, was 27.4 % as compared to 26.2 % for the six months ended June 30, 2024. The increase in our year-to-date effective tax rate was driven by our jurisdictional mix of earnings (including the impact of mark-to-market gains and losses on commodity and foreign currency derivatives) and the relative impact of permanent items on lower pre-tax earnings on a year-over-year basis. Those items were partially offset by additional releases of liabilities for uncertain tax positions due to audit developments in the six months ended June 30, 2025, as compared to the six months ended June 30, 2024. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into U.S. law. This legislation contains numerous tax provisions, including an increase to the tax rate applied to income earned by our foreign subsidiaries, favorable changes to foreign tax credit calculation methodologies, and changes to the timing of certain tax deductions for qualifying depreciable assets, costs of research and development performed in the U.S. and interest expense. While we are still evaluating the impacts of the OBBBA, we do not expect any material impacts to our financial statements for the year ending December 31, 2025. 21 Table of Contents Note 15. Earnings per Share Basic and diluted earnings per share (EPS) were calculated as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in millions, except per share data) Net earnings $ 644 $ 603 $ 1,051 $ 2,019 less: Noncontrolling interest earnings ( 3 ) ( 2 ) ( 8 ) ( 6 ) Net earnings attributable to Mondelēz International $ 641 $ 601 $ 1,043 $ 2,013 Weighted-average shares for basic EPS 1,295 1,343 1,298 1,346 Plus: Dilutive effect of outstanding stock awards 4 5 3 6 Weighted-average shares for diluted EPS 1,299 1,348 1,301 1,352 Basic earnings per share attributable to Mondelēz International $ 0.49 $ 0.45 $ 0.80 $ 1.50 Diluted earnings per share attributable to Mondelēz International $ 0.49 $ 0.45 $ 0.80 $ 1.49 We exclude antidilutive Mondelēz International share-based payment awards from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options and performance share units of 4.6 million and 4.2 million for the three months ended June 30, 2025 and 2024, respectively, and 3.8 million and 3.4 million for the six months ended June 30, 2025 and 2024, respectively. Note 16. Segment Reporting We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages. We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions. Our operations and management structure are organized into four operating segments: • Latin America • AMEA • Europe • North America Our Chief Operating Decision Maker ("CODM") is our Chief Executive Officer. Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segment. The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans. We believe 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. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that our CODM reviews. Additionally, assets for reportable segments are not disclosed as such information is not regularly reviewed by the Company's CODM. 22 Table of Contents Our segment net revenue, significant segment expenses and operating income, by reportable segment were as follows: Three Months Ended June 30, 2025 (in millions) Latin America AMEA Europe North America Total Net revenues $ 1,194 $ 1,821 $ 3,412 $ 2,557 $ 8,984 Segment cost of sales ( 807 ) ( 1,189 ) ( 2,343 ) ( 1,615 ) ( 5,954 ) Segment selling, general and administrative expenses (1) ( 254 ) ( 361 ) ( 555 ) ( 488 ) ( 1,658 ) Segment operating income $ 133 $ 271 $ 514 $ 454 1,372 Mark-to-market losses from derivatives ( 93 ) General corporate expenses ( 69 ) Amortization of intangible assets ( 38 ) Operating income $ 1,172 Three Months Ended June 30, 2024 (in millions) Latin America AMEA Europe North America Total Net revenues $ 1,232 $ 1,587 $ 2,874 $ 2,650 $ 8,343 Segment cost of sales ( 800 ) ( 913 ) ( 1,729 ) ( 1,534 ) ( 4,976 ) Segment selling, general and administrative expenses (1) ( 288 ) ( 384 ) ( 595 ) ( 571 ) ( 1,838 ) Segment operating income $ 144 $ 290 $ 550 $ 545 1,529 Mark-to-market losses from derivatives ( 571 ) General corporate expenses ( 67 ) Amortization of intangible assets ( 37 ) Operating income $ 854 Six Months Ended June 30, 2025 (in millions) Latin America AMEA Europe North America Total Net revenues $ 2,397 $ 3,837 $ 6,962 $ 5,101 $ 18,297 Segment cost of sales ( 1,622 ) ( 2,459 ) ( 4,884 ) ( 3,198 ) ( 12,163 ) Segment selling, general and administrative expenses (1) ( 503 ) ( 764 ) ( 1,102 ) ( 964 ) ( 3,333 ) Segment operating income $ 272 $ 614 $ 976 $ 939 2,801 Mark-to-market losses from derivatives ( 762 ) General corporate expenses ( 112 ) Amortization of intangible assets ( 75 ) Operating income $ 1,852 23 Table of Contents Six Months Ended June 30, 2024 (in millions) Latin America AMEA Europe North America Total Net revenues $ 2,551 $ 3,537 $ 6,242 $ 5,303 $ 17,633 Segment cost of sales ( 1,666 ) ( 2,051 ) ( 3,866 ) ( 3,059 ) ( 10,642 ) Segment selling, general and administrative expenses (1) ( 584 ) ( 785 ) ( 1,235 ) ( 1,150 ) ( 3,754 ) Segment operating income $ 301 $ 701 $ 1,141 $ 1,094 3,237 Mark-to-market gains from derivatives 553 General corporate expenses ( 134 ) Amortization of intangible assets ( 75 ) Operating income $ 3,581 (1) SG&A for all reportable segments includes: Advertising & consumer expenses and overhead expenses. 24 Table of Contents Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were: Three Months Ended June 30, 2025 2024 (in millions) Depreciation expense (2) : Latin America $ 35 $ 39 AMEA 43 39 Europe 79 68 North America 45 42 Corporate 10 9 Total depreciation expense $ 212 $ 197 Six Months Ended June 30, 2025 2024 (in millions) Depreciation expense (2) : Latin America $ 69 $ 77 AMEA 84 79 Europe 150 135 North America 88 80 Corporate 21 22 Total depreciation expense $ 412 $ 393 (2) Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the consolidated statements of cash flows for total depreciation and amortization expenses. Six Months Ended June 30, 2025 2024 (in millions) Capital expenditures: Latin America $ ( 82 ) $ ( 97 ) AMEA ( 124 ) ( 134 ) Europe ( 235 ) ( 280 ) North America ( 134 ) ( 141 ) Corporate ( 7 ) ( 14 ) Total capital expenditures $ ( 582 ) $ ( 666 ) 25 Table of Contents Disaggregation of Net Revenue Net revenues by product category, reflecting our current segment structure for all periods presented, were: For the Three Months Ended June 30, 2025 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 295 $ 686 $ 1,289 $ 2,305 $ 4,575 Chocolate 345 657 1,589 70 2,661 Gum & Candy 361 261 146 182 950 Beverages 79 122 26 — 227 Cheese & Grocery 114 95 362 — 571 Total net revenues $ 1,194 $ 1,821 $ 3,412 $ 2,557 $ 8,984 For the Three Months Ended June 30, 2024 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 310 $ 560 $ 1,093 $ 2,394 $ 4,357 Chocolate 304 579 1,293 57 2,233 Gum & Candy 381 237 140 199 957 Beverages 114 124 28 — 266 Cheese & Grocery 123 87 320 — 530 Total net revenues $ 1,232 $ 1,587 $ 2,874 $ 2,650 $ 8,343 For the Six Months Ended June 30, 2025 Latin America AMEA Europe North America Total (in millions) Biscuits $ 582 $ 1,422 $ 2,377 $ 4,525 $ 8,906 Chocolate 714 1,430 3,529 170 5,843 Gum & Candy 702 504 308 406 1,920 Beverages 175 286 63 — 524 Cheese & Grocery 224 195 685 — 1,104 Total net revenues $ 2,397 $ 3,837 $ 6,962 $ 5,101 $ 18,297 For the Six Months Ended June 30, 2024 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 596 $ 1,204 $ 2,123 $ 4,733 $ 8,656 Chocolate 686 1,350 3,063 148 5,247 Gum & Candy 774 471 346 422 2,013 Beverages 244 313 62 — 619 Cheese & Grocery 251 199 648 — 1,098 Total net revenues $ 2,551 $ 3,537 $ 6,242 $ 5,303 $ 17,633 26 Table of Contents