What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-10-28 compared with 2025-07-29 · 273 added, 231 removed, 562 unchanged (47% of the section changed)

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As a result, we experienced significantly higher operating costs, including higher overall raw material, labor and energy costs that have continued to rise.

In particular, we expect to continue to face higher cocoa costs, as the market price for cocoa beans has increased significantly year-over-year and it is likely that prices will remain elevated for some time.

In particular, while we expect cocoa costs to be lower in 2026 compared to the current year, we expect to continue to face elevated cocoa costs as compared to historical levels in the near- and medium-term.

Refer to Commodity Trends for additional information.

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however, we anticipate ongoing volatility.

While we have responded to elevated raw material costs with pricing increases for certain of our products, the elasticity impacts from those pricing increases has adversely impacted consumer demand, particularly in the United States and Europe.

We will continue to proactively manage our business in response to the evolving global economic environment, related uncertainty and business risks while also prioritizing and supporting our employees and customers.

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In February 2022, following the Russian military invasion of Ukraine, we stopped production and closed our facilities in Ukraine;

since then, we have taken steps to protect the safety of our employees and to restore operations at our two manufacturing facilities, which were significantly damaged in March 2022.

since then, we have taken steps to protect the safety of our employees and to restore operations at our

two manufacturing facilities, which were significantly damaged in March 2022.

Refer to Items Affecting Comparability of Financial Results for additional information.

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We continue to consolidate both our Ukrainian and Russian subsidiaries.

During the second quarter of 2025, Ukraine generated 0.4% and Russia generated 4.0% of our consolidated net revenue and during the second quarter of 2024, Ukraine generated 0.4% and Russia generated 2.9% of our consolidated net revenue.

During the third quarter of 2025, Ukraine generated 0.4% and Russia generated 3.7% of our consolidated net revenue and during the third quarter of 2024, Ukraine generated 0.4% and Russia generated 2.9% of our consolidated net revenue.

The profitability of and the assets held by our Russian business continue to remain above historic levels.

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In October 2023, conflict developed in the Middle East between Hamas and Israel, and has expanded to other parts of the region.

Throughout 2024 and into 2025, we experienced limited adverse sales impacts related to this conflict in certain AMEA markets, but this did not have a material impact on our business, results of operations or financial condition.

We continue to evaluate the impacts of these developments on our business and we cannot predict if the conflict will have a significant impact in the future.

Throughout 2024 and thus far in 2025, we experienced limited adverse sales impacts related to this conflict in certain AMEA markets, but this did not have a material impact on our business, results of operations or financial condition.

We continue to evaluate the impacts of these developments, including ongoing geopolitical discussions, on our business and we cannot predict if the conflict will have a significant impact in the future.

Extreme Price Growth in Argentina and Other Currency-Related Items

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Refer to Non-GAAP financial measures for additional information.

Currency-related items impacted our non-GAAP financial measures for the three months ended June 30, 2025 as follows:

Currency-related items impacted our non-GAAP financial measures for the three months ended September 30, 2025 as follows:

• Organic Net Revenue:

In the second quarter of 2025, favorable currency-related items of $68 million (0.8 pp) were driven by favorable currency translation rate changes of $45 million (0.6 pp) and extreme pricing of $23 million (0.2 pp).

In Emerging Markets, unfavorable currency-related items of $58 million (1.8 pp) were driven by unfavorable currency translation rate changes of $81 million (2.5 pp), partially offset by extreme pricing of $23 million (0.7 pp).

In the third quarter of 2025, favorable currency-related items of $137 million (1.5 pp) were driven by favorable currency translation rate changes of $134 million (1.5 pp) and extreme pricing of $3 million (— pp).

In Emerging Markets, favorable currency-related items of $14 million (0.4 pp) were driven by favorable currency translation rate changes of $11 million (0.3 pp) and extreme pricing of $3 million (0.1 pp).

In Developed Markets, favorable currency-related items of $123 million (2.1 pp) were driven by favorable currency translation rate changes.

• Adjusted Operating Income:

In the second quarter of 2025, favorable currency-related items of $30 million were driven by favorable currency translation rate changes of $26 million and extreme pricing of $4 million.

In the third quarter of 2025, favorable currency-related items of $15 million were driven by favorable currency translation rate changes of $15 million, as extreme pricing had an immaterial impact.

• Adjusted EPS:

In the second quarter of 2025, favorable currency-related items of $0.02 were driven by favorable currency translation rate changes, as extreme pricing had an immaterial impact.

Currency-related items impacted our non-GAAP financial measures for the six months ended June 30, 2025 as follows:

In the third quarter of 2025, favorable currency-related items of $0.01 were driven by favorable currency translation rate changes, as extreme pricing had an immaterial impact.

Currency-related items impacted our non-GAAP financial measures for the nine months ended September 30, 2025 as follows:

• Organic Net Revenue:

In the first six months of 2025, unfavorable currency-related items of $274 million (1.6 pp) were driven by unfavorable currency translation rate changes of $320 million (1.8 pp), partially offset by extreme pricing of $46 million (0.2 pp).

In Emerging Markets, unfavorable currency-related items of

$310 million (4.4 pp) were driven by unfavorable currency translation rate changes of $356 million (5.1 pp), partially offset by extreme pricing of 46 million (0.7 pp).

In the first nine months of 2025, unfavorable currency-related items of $137 million (0.5 pp) were driven by unfavorable currency translation rate changes of $186 million (0.7 pp), partially offset by extreme pricing of $49 million (0.2 pp).

In Emerging Markets, unfavorable currency-related items of $296 million (2.8 pp) were driven by unfavorable currency translation rate changes of $345 million (3.2 pp), partially offset by extreme pricing of 49 million (0.4 pp).

In Developed Markets, favorable currency-related items of 159 million (1.0 pp) were driven by favorable currency translation rate changes.

• Adjusted Operating Income:

In the first six months of 2025, favorable currency-related items of $3 million were driven by the impact of extreme pricing of $8 million, partially offset by unfavorable currency translation rate changes of $5 million.

In the first nine months of 2025, favorable currency-related items of $18 million were driven by favorable currency translation rate changes of $10 million and the impact of extreme pricing of $8 million.

• Adjusted EPS:

In the first six months of 2025, currency-related items were neutral as unfavorable currency translation rate changes were offset by extreme pricing.

In the first nine months of 2025, favorable currency-related items of $0.02 were driven by favorable currency translation rate changes of $0.01 and extreme pricing of $0.01.

ERP System Implementation

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During the first quarter of 2024, we recorded an impairment charge of €612 million ($665 million) related to our JDEP investment.

During the fourth quarter of 2024, we sold our remaining 85.9 million shares to JAB Holdings Company.

During the fourth quarter of 2024, we sold our remaining 85.9 million shares to JAB Holding Company.

On August 24, 2025, Keurig Dr Pepper Inc.

(“KDP”) and JDEP entered into a definitive agreement under which KDP will acquire JDEP.

As a result of that definitive agreement, we became entitled to a cash payment of €145 million ($169 million) from JAB that we received in the third quarter of 2025.

For additional information, refer to Note 6, Equity Method Investments.

Mondelēz Global LLC Retirement Plan

Mondelēz Global and Canada Retirement Plan Settlements

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.

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On June 12, 2025 we elected the buy-out conversion and recognized a non-cash pretax settlement loss of $282 million as a component of net periodic pension cost in the second quarter of 2025.

Refer to Note 9, Benefit Plans for additional information.

Mondelez Canada Inc.

- Trusteed Hourly Retirement Plan and Retirement Plan Settlement

During the third quarter of 2025, we entered into an agreement with a third-party insurance company to buy-out the retiree participants' obligations of the Mondelez Canada Inc.

Trusteed Hourly Retirement Plan and Mondelez Canada Inc.

Retirement Plan (collectively, "Canadian Pension Plans").

On September 11, 2025 the obligations were transferred to the insurance company and we recognized a non-cash pre-tax settlement loss of $54 million as a component of our net periodic pension cost in the third quarter of 2025.

For additional information, refer to Note 9, Benefit Plans.

We continue to monitor existing and potential future tax reform around the world.

Numerous countries have enacted the Organization of Economic Cooperation and Development’s model rules on a global minimum tax, effective for 2024.

While the existing legislation does not have a material impact on our condensed consolidated financial statements, we are monitoring how the June 28, 2025 G7 announcement that U.S.-parented companies be exempted from certain aspects of the global minimum tax regime will be incorporated into the model rules and local legislation around the world.

The existing legislation does not have a material impact on our condensed consolidated financial statements.

However, we continue to monitor all developments including how the June 28, 2025 G7 announcement that U.S.-parented companies be exempted from certain aspects of the global minimum tax regime will be incorporated into the model rules and local legislation around the world.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into U.S.

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.

The initial impact of the OBBBA legislation was not material to our third quarter earnings.

Further, while we continue to monitor supplemental guidance released by the government, we do not expect any material impacts to our financial statements for the full year ending December 31, 2025.

Non-GAAP Financial Measures

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We also present Adjusted Operating Income margin, which is subject to the same adjustments as Adjusted Operating Income.

We also evaluate growth in our Adjusted

Operating Income on a constant currency basis.

We also evaluate growth in our Adjusted Operating Income on a constant currency basis.

We believe these measures provide improved comparability of underlying operating results.

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GAAP financial measure) from continuing operations excluding, when they occur, the impacts of the items listed in the Adjusted Operating Income definition as well as gains or losses on debt extinguishment and related expenses;

gains or losses on interest rate swaps no longer designated as accounting cash flow hedges due to changed financing and hedging plans;

gains or losses on marketable securities transactions;

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Items Affecting Comparability of Financial Results

The below table and subsequent commentary presents income or (expense) items that affected the comparability of our results of operations and provides details of each item.

The below table and subsequent commentary present income or (expense) items that affected the comparability of our results of operations and provides details of each item.

Please refer to the notes to the condensed consolidated financial statements indicated below for additional information.

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For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

See Note 2025 2024 2025 2024

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Simplify to Grow Program Note 13 $ 6 $ (12) $ 12 $ (80)

Mark-to-market (losses)/gains from derivatives (1)

Intangible asset impairment charges Note 5 (33) (153) (33) (153)

Mark-to-market losses from derivatives (1)

Note 8 (345) (707) (1,111) (156)

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Incremental costs due to war in Ukraine

(1) (1) (1) (2)

European Commission legal matter Note 10 — — — 3

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Note 9 (56) (2) (343) (7)

Impact from resolution of tax matters (1)

Initial impacts from enacted tax law changes Note 14 1 11 4 (12)

Loss on equity method investment transactions

Gain/(loss) on equity method investment transactions

Note 6 169 (4) 169 (669)

(1) Includes impacts recorded in operating income and interest expense and other, net in the accompanying condensed consolidated statements of earnings.

(1) Includes impacts recorded in operating income and interest expense and other, net in the condensed consolidated statements of earnings.

Simplify to Grow Program – Reflects restructuring charges incurred under the company’s Simplify to Grow Program to reduce both its supply chain and overhead costs.

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Following the completion of the program, any adjustments to the liability of previously recorded charges will be reflected within this item.

Intangible asset impairment charges – Reflects non-cash impairments of certain of our brands in connection with our indefinite-life intangible asset impairment testing.

Mark-to-market impacts from derivatives – We exclude unrealized gains and losses (mark-to-market impacts) from commodity and foreign currency derivative contracts economically hedging forecasted transactions from our non-GAAP earnings measures.

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Since we purchase commodity and foreign currency derivative contracts to mitigate price volatility primarily for inventory requirements in future periods, we make this adjustment to remove the volatility of these future inventory purchases on current operating results to facilitate comparisons of our underlying operating performance across periods.

Acquisition-related items – Includes acquisition-related costs, acquisition integration costs and contingent consideration adjustments, inventory step-ups and gains from acquisitions.

Acquisition-related costs include third-party advisor, investment banking and legal fees, one-time compensation expense related to the buyout of non-vested employee stock ownership plan shares and realized gains or losses from hedging activities associated with acquisition funds.

Acquisition integration costs and contingent consideration adjustments include one-time costs related to the integration of acquisitions as well as any adjustments made to contingent compensation liabilities for earn-outs related to acquisitions that do not relate to recurring employee compensation expense.

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.

See Note 8, Financial Instruments - Fair Value of Contingent Consideration for additional information.

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, when they occur, from the remeasurement of an existing noncontrolling investment to fair value when the company acquires a controlling interest in the investee.

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 a controlling interest in the investee.

Divestiture-related items – Includes operating results from divestitures, divestiture-related costs and gains/(losses) on divestitures.

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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.

For 2024, operating results from divestitures (which are not reflected in the table above) include the operating results from the company’s JDE Peet’s equity method investment earnings which was sold in the fourth quarter of 2024.

Operating results from short-term distributor agreements – Reflects the operating results from short-term distributor agreements that have been executed in conjunction with the sale of a business.

Our agreement with the buyer of the developed market gum business to distribute gum products in certain European markets ended in the first quarter of 2024.

Incremental costs due to war in Ukraine – In February 2022, Russia began a military invasion of Ukraine and we temporarily stopped our production and closed our manufacturing facilities in Trostyanets and Vyshhorod due to damage incurred during the conflict.

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We exclude 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 monetary assets or liabilities from its non-GAAP earnings measures to facilitate comparisons of our underlying operating performance across periods.

Impact from pension participation changes – Consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including the settlement of a pension plan for U.S.

salaried employees during the second quarter of 2025, as well as costs incurred when employee groups are withdrawn from multiemployer pension plans.

Impact from pension participation changes – Consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including settlement losses from our buy-out of a pension plan for U.S.

salaried employees during the second quarter of 2025 and our buy-out of the retiree participants' obligations for two Canadian pension plans during the third quarter of 2025, as well as costs incurred when employee groups are withdrawn from multiemployer pension plans.

We exclude these charges from our non-GAAP results because those amounts do not reflect our ongoing pension obligations.

Impact from resolution of tax matters – Consists of the reversals and settlements of unusual and significant indirect tax matters.

Due to the unique nature of these resolutions, we believe it to be infrequent and therefore exclude it from our non-GAAP earnings measures to better facilitate comparisons of our underlying operating performance across periods.

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 – We exclude gains and losses from partial or full sales of equity method investments as well as impairments of those investments.

Gains and losses on equity method investment transactions – We exclude 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.

In addition, we also exclude from our non-GAAP financial measures any gains or losses realized on economic hedges of sales proceeds from our equity method investment transactions.

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Summary of Results

• Net revenues increased 7.7% to $9.0 billion in the second quarter of 2025 and increased 3.8% to $18.3 billion in the first six months of 2025 as compared to the same periods in the prior year.

– Net revenue growth in the second quarter of 2025 was driven by higher net pricing, incremental net revenue from our acquisition of Evirth and favorable currency-related items, as several currencies we operate in strengthened relative to the U.S.

dollar as compared to exchange rates in the prior year, partially offset by unfavorable volume/mix.

– Net revenue growth in the first six months of 2025 was driven by higher net pricing and incremental net revenue from our acquisition of Evirth, partially offset by unfavorable volume/mix, unfavorable currency-related items, as the U.S.

dollar strengthened relative to most currencies we operate in compared to exchange rates in the prior year, and lapping prior-year net revenue from a short-term distributor agreement related to the sale of our developed market gum business.

• Organic Net Revenue, a non-GAAP financial measure, increased 5.6% to $8.8 billion in the second quarter of 2025 and increased 4.3% to $18.4 billion in the first six months of 2025 as compared to the same periods in the prior year.

During both the second quarter and the first six months of 2025, Organic Net Revenue grew due to higher net pricing, partially offset by unfavorable volume/mix.

• Net revenues increased 5.9% to $9.7 billion in the third quarter of 2025 and increased 4.5% to $28.0 billion in the first nine months of 2025 as compared to the same periods in the prior year.

– Net revenue growth in the third quarter of 2025 was driven by higher net pricing, favorable currency-related items, as several currencies we operate in strengthened relative to the U.S.

dollar compared to exchange rates in the prior year, and incremental net revenue from our acquisition of Evirth, partially offset by unfavorable volume/mix.

– Net revenue growth in the first nine months of 2025 was driven by higher net pricing and incremental net revenue from our acquisition of Evirth, partially offset by unfavorable volume/mix, unfavorable currency-related items, as the U.S.

dollar strengthened relative to several currencies we operate in compared to exchange rates in the prior year, and lapping prior-year net revenue from a short-term distributor agreement related to the sale of our developed market gum business.

• Organic Net Revenue, a non-GAAP financial measure, increased 3.4% to $9.5 billion in the third quarter of 2025 and increased 4.0% to $27.9 billion in the first nine months of 2025 as compared to the same periods in the prior year.

During both the third quarter and the first nine months of 2025, Organic Net Revenue grew due to higher net pricing, partially offset by unfavorable volume/mix.

Organic Net Revenue is reported on a constant currency basis and excludes revenue from acquisitions and divestitures.

Refer to Non-GAAP Financial Measures for the definition of Organic Net Revenue and Consolidated Results of Operations for our reconciliation with net revenues.

• Diluted EPS attributable to Mondelēz International increased 8.9% to $0.49 in the second quarter of 2025 and decreased 46.3% to $0.80 in the first six months of 2025 as compared to the same periods in the prior year.

– Diluted EPS increased in the second quarter of 2025, driven by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, a favorable year-over-year change in acquisition-related items, lapping prior-year unfavorable initial impacts from enacted tax law changes and lapping prior-year costs for the completed Simplify to Grow program.

These favorable items were partially offset by a non-cash loss related to the settlement of a U.S.

pension plan, a decrease in Adjusted EPS, costs incurred for the ERP System Implementation program and lapping prior-year operating results from divestitures.

– Diluted EPS decreased in the first six months of 2025, driven by an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, a decrease in Adjusted EPS, an unfavorable impact from a loss related to the settlement of a U.S.

pension plan, costs incurred for the ERP System Implementation program and lapping prior-year divestiture-related items.

These unfavorable items were partially offset by lapping a prior-year equity method investment impairment, a favorable year-over-year change in acquisition-related items, lapping prior-year costs for the completed Simplify to Grow Program and lapping prior-year unfavorable initial impacts from enacted tax law changes.

• Adjusted EPS, a non-GAAP financial measure, decreased 12.0% to $0.73 in the second quarter of 2025 and decreased 16.5% to $1.47 in the first six months of 2025 as compared to the same periods in the prior year.

On a constant currency basis, Adjusted EPS decreased 14.5% to $0.71 in the second quarter of 2025 and decreased 16.5% to $1.47 in the first six months of 2025 as compared to the same periods in the prior year.

• Diluted EPS attributable to Mondelēz International decreased (9.5)% to $0.57 in the third quarter of 2025 and decreased 35.4% to $1.37 in the first nine months of 2025 as compared to the same periods in the prior year.

– Diluted EPS decreased in the third quarter of 2025, primarily driven by a decrease in Adjusted EPS, an unfavorable year-over-year change in acquisition-related items, settlement losses related to the buy-out of retiree participants' obligations for two Canadian pension plans, lapping prior-year divestiture-related items and lapping prior-year favorable initial impacts from enacted tax law changes.

These unfavorable items were partially offset by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, a gain on an equity method investment transaction, lower intangible asset impairment charges, a favorable impact from the resolution of an indirect tax matter and lapping prior-year costs for the completed Simplify to Grow Program.

– Diluted EPS decreased in the first nine months of 2025, driven by an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, a decrease in Adjusted EPS, settlement losses related to the buy-out of retiree participants' obligations for two Canadian pension plans, an unfavorable year-over-year change in acquisition-related items, lapping prior-year divestiture-related items and higher costs incurred for the ERP System Implementation program.

These unfavorable items were partially offset by lapping a prior-year equity method investment impairment, a current year gain on an equity method investment transaction, lower intangible asset impairment charges, lapping prior-year costs for the completed Simplify to Grow Program, a favorable impact from the resolution of an indirect tax matter and lapping prior-year unfavorable initial impacts from enacted tax law changes.

• Adjusted EPS, a non-GAAP financial measure, decreased 23.2% to $0.73 in the third quarter of 2025 and decreased 18.8% to $2.20 in the first nine months of 2025 as compared to the same periods in the prior year.

On a constant currency basis, Adjusted EPS decreased 24.2% to $0.72 in the third quarter of 2025 and decreased 19.6% to $2.18 in the first nine months of 2025 as compared to the same periods in the prior year.

Refer to Non-GAAP Financial Measures for the definition of Adjusted EPS and Consolidated Results of Operations for our reconciliation with diluted EPS.

– Adjusted EPS decreased in the second quarter of 2025, driven by operating declines, higher interest and other expense and lower benefit plan non-service income, partially offset by fewer shares outstanding, favorable currency-related impacts and the impact from an acquisition.

– Adjusted EPS decreased in the first six months of 2025, driven by operating declines, higher interest and other expense, lower benefit plan non-service income and lower equity method investment earnings, partially offset by fewer shares outstanding, lower taxes and the impact from an acquisition.

– Adjusted EPS decreased in the third quarter of 2025, driven by operating declines, partially offset by lower income taxes, fewer shares outstanding, higher equity method investment earnings, the impact from an acquisition and favorable currency-related items.

– Adjusted EPS decreased in the first nine months of 2025, driven by operating declines, higher interest and other expense and lower benefit plan non-service income, partially offset by fewer shares outstanding, lower income taxes, the impact from an acquisition and favorable currency-related items.

Consolidated Results of Operations

Three Months Ended June 30

Three Months Ended September 30

For the Three Months Ended

September 30,

2025 2024 $ Change

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0.57 0.63 (0.06) (9.5) %

Net Revenues – Net revenues increased $641 million (7.7%) to $8,984 million in the second quarter of 2025, and Organic Net Revenue (1) increased $471 million (5.6%) to $8,814 million.

Net Revenues – Net revenues increased $540 million (5.9%) to $9,744 million in the third quarter of 2025, and Organic Net Revenue (1) increased $316 million (3.4%) to $9,520 million.

Emerging markets net revenues increased 9.9% and emerging markets Organic Net Revenue increased 7.1% (1) .

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International

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Reported (GAAP) $ 3,881 $ 5,863 $ 9,744

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Organic (Non-GAAP) $ 3,780 $ 5,740 $ 9,520

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Reported (GAAP) $ 3,530 $ 5,674 $ 9,204

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(1) Refer to the Non-GAAP Financial Measures section above for additional information.

Net revenue increase of 7.7% was driven by our underlying Organic Net Revenue growth of 5.6%, the impact of an acquisition and favorable currency-related items.

Net revenue increase of 5.9% was driven by our underlying Organic Net Revenue growth of 3.4%, favorable currency-related items and the impact of an acquisition.

Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix.

Higher net pricing was due to the benefit of carryover pricing from 2024 as well as the effects of input cost-driven pricing actions taken during the first six months of 2025.

Higher net pricing was reflected in all regions except North America.

Unfavorable volume/mix was experienced across all regions except AMEA, driven by pricing elasticity impacts in Europe and Latin America, as well as U.S.

retailer inventory destocking and soft consumption in North America.

The November 1, 2024 acquisition of Evirth added incremental net revenues of $102 million (constant currency basis) in the first quarter of 2025.

Refer to Note 2, Acquisitions and Divestitures, for additional information.

Higher net pricing was due to the benefit of carryover pricing from 2024 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2025.

Higher net pricing was reflected in all regions.

Unfavorable volume/mix was experienced across all regions, driven by pricing elasticity impacts in Europe, Latin America and AMEA, as well as soft consumption in North America.

Currency-related items increased net revenues by $137 million, driven by favorable currency translation rate changes and the impact of extreme pricing in Argentina.

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Favorable currency translation rate changes were due to the strength of several currencies relative to the U.S.

dollar, primarily the euro, British pound sterling, Russian ruble, Polish zloty and Swedish krona, partially offset by the strength of the U.S.

dollar relative to several currencies, primarily the Mexican peso, Argentinean peso, Brazilian real, Turkish lira, Indian rupee and Australian dollar.

Operating Income – Operating income increased $318 million (37.2%) to $1,172 million in the second quarter of 2025.

dollar, primarily the euro, Russian ruble, British pound sterling, Polish zloty, Brazilian real, Mexican peso and Swedish krona, partially offset by the strength of the U.S.

dollar relative to several currencies, primarily the Argentinean peso, Indian rupee and Turkish lira.

The November 1, 2024 acquisition of Evirth added incremental net revenues of $87 million (constant currency basis) in the third quarter of 2025.

Refer to Note 2, Acquisitions and Divestitures, for additional information.

Operating Income – Operating income decreased $409 million (35.5%) to $744 million in the third quarter of 2025.

Adjusted Operating Income (1) decreased $567 million (32.6%) to $1,171 million and Adjusted Operating Income on a constant currency basis (1) decreased $582 million (33.5%) to $1,156 million due to the following:

For the Three Months Ended

September 30,

2025 2024 $ Change % Change

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Simplify to Grow Program

Intangible asset impairment charges

Mark-to-market losses from derivatives

348 710 (362)

Acquisition-related items

Divestiture-related items

Incremental costs due to war in Ukraine

European Commission legal matter — (3) 3

ERP System Implementation costs

Remeasurement of net monetary position

Impact from resolution of tax matters

Adjusted Operating Income (1)

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Impact from acquisitions

Lower asset impairment charges

Lower amortization of intangible assets

Lower fixed asset impairment charges

Total change in Adjusted Operating Income (constant currency) (1)

(1) Refer to the Non-GAAP Financial Measures section above for additional information.

During the second quarter of 2025, we realized higher net pricing, which was more than offset by increased input costs and unfavorable volume/mix.

Higher net pricing, which included the carryover impact of pricing actions taken in 2024 as well as the effects of input cost-driven pricing actions taken during the first six months of 2025, was reflected across all regions except North America.

During the third quarter of 2025, we realized higher net pricing, which was more than offset by increased input costs and unfavorable volume/mix.

Higher net pricing, which included the carryover impact of pricing actions taken in 2024 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2025, was reflected across all regions.

The increase in input costs was driven by higher raw material costs, partially offset by lower manufacturing costs driven by productivity.

Higher raw material costs were primarily due to higher cocoa, packaging, dairy, edible oils, nuts and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar, grains and energy costs.

Overall, unfavorable volume/mix was experienced across all regions, primarily due to unfavorable product mix reflecting pricing elasticity impacts in Europe, Latin America and AMEA, as well as biscuit & baked snacks category softness in North America.

Total selling, general and administrative expenses decreased $166 million from the second quarter of 2024, which was net of benefits from a number of factors noted in the table above, including in part, favorable year-over-year change in acquisition-related items, partially offset by costs incurred for the ERP System Implementation program and the impact from acquisitions.

Excluding these factors, selling, general and administrative expenses decreased $141 million from the second quarter of 2024.

Higher raw material costs were primarily due to higher cocoa, dairy, edible oils, packaging, nuts, grains and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and energy costs.

Overall, unfavorable volume/mix was experienced across all regions, reflecting pricing elasticity impacts as well as biscuit & baked snacks category softness in North America.

Total selling, general and administrative expenses increased $165 million from the third quarter of 2024, which was driven by a number of factors noted in the table above, including in part, an unfavorable year-over-year change in acquisition-related items, higher costs incurred for the ERP System Implementation program and the impact from an acquisition, partially offset by a favorable impact from the resolution of an indirect tax matter, a favorable currency-related impact to expenses and lapping prior-year implementation costs for the completed Simplify to Grow Program.

Excluding these factors, selling, general and administrative expenses decreased $195 million from the third quarter of 2024.

The decrease was driven primarily by lower advertising and consumer promotion costs and lower overhead costs.

Favorable currency-related items including the impact of extreme pricing in Argentina, increased operating income by $30 million primarily due to the strength of several currencies relative to the U.S.

dollar, including the euro, Russian ruble and British pound sterling, partially offset by the strength of the U.S.

dollar relative to several currencies, including the Mexican peso, Swiss franc and Brazilian real.

Operating income margin increased from 10.2% in the second quarter of 2024 to 13.0% in the second quarter of 2025.

The increase in operating income margin was driven primarily by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, a favorable year-over-year change in acquisition-related items and lapping prior-year costs for the completed Simplify to Grow Program, partially offset by lower Adjusted Operating Income margin and costs incurred for the ERP System Implementation program.

Adjusted Operating Income margin decreased from 17.9% for the second quarter of 2024 to 14.3% for the second quarter of 2025.

The decrease was driven primarily by higher raw material costs and unfavorable product mix, partially offset by higher net pricing, lower manufacturing costs driven by productivity, lower advertising and consumer promotion costs and lower overhead costs.

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.

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $641 million increased by $40 million (6.7%) in the second quarter of 2025.

Diluted EPS attributable to Mondelēz International was $0.49 in the second quarter of 2025, up $0.04 (8.9%) from the second quarter of 2024.

Adjusted EPS (1) was $0.73 in the second quarter of 2025, down $0.10 (12.0%) from the second quarter of 2024.

Adjusted EPS on a constant currency basis (1) was $0.71 in the second quarter of 2025, down $0.12 (14.5%) from the second quarter of 2024.

Currency-related items increased operating income by $15 million due to favorable currency translation rate changes as the impact of extreme pricing in Argentina was immaterial.

Favorable currency translation rate changes were primarily due to the strength of several currencies relative to the U.S.

dollar, including the euro, Russian ruble, British pound sterling, Mexican peso and Brazilian real, partially offset by the strength of U.S.

dollar relative to several currencies, including the Argentinean peso, Swiss franc and Turkish lira.

Operating income margin decreased from 12.5% in the third quarter of 2024 to 7.6% in the third quarter of 2025.

The decrease in operating income margin was driven primarily by lower Adjusted Operating Income margin and an unfavorable year-over-year change in acquisition-related items, partially offset by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives and lower intangible asset impairment charges.

Adjusted Operating Income margin decreased from 18.9% for the third quarter of 2024 to 12.0% for the third quarter of 2025.

The decrease was driven primarily by higher raw material costs and unfavorable product mix, partially offset by higher net pricing, lower advertising and consumer promotion costs, lower manufacturing costs driven by productivity and lower overhead costs.

Income Taxes – Our effective tax rate was 19.7% for the third quarter of 2025 as compared to 28.8% in the third quarter of 2024.

The decrease in our effective tax rate was primarily driven by a favorable jurisdictional mix of earnings, tax benefits related to the provision for final 2024 tax return filings, and the tax treatment of certain foreign pension assets.

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $743 million decreased by $110 million (12.9%) in the third quarter of 2025.

Diluted EPS attributable to Mondelēz International was $0.57 in the third quarter of 2025, down $0.06 (9.5%) from the third quarter of 2024.

Adjusted EPS (1) was $0.73 in the third quarter of 2025, down $0.22 (23.2%) from the third quarter of 2024.

Adjusted EPS on a constant currency basis (1) was $0.72 in the third quarter of 2025, down $0.23 (24.2%) from the third quarter of 2024.

For the Three Months Ended

September 30,

2025 2024 $ Change % Change

2 unchanged sentences

— 0.01 (0.01)

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

Intangible asset impairment charges

0.02 0.08 (0.06)

Mark-to-market losses from derivatives

0.21 0.42 (0.21)

Acquisition-related items

5 unchanged sentences

Impact from pension participation changes

Impact from resolution of tax matters

(0.02) — (0.02)

Initial impacts from enacted tax law changes

— (0.01) 0.01

Gain on equity method investment transactions

(0.13) — (0.13)

Adjusted EPS (1)

7 unchanged sentences

Impact from acquisitions

Change in benefit plan non-service income (0.01)

Change in interest and other expense, net

Change in equity method investment net earnings 0.01

Change in income taxes

Change in shares outstanding

3 unchanged sentences

GAAP results was computed based on the facts and tax assumptions associated with each item, and such impacts have also been excluded from Adjusted EPS.

• For the three months ended June 30, 2025, taxes for the:

mark-to-market losses from derivatives were $(16) million, acquisition-related items were $9 million, ERP System Implementation program were $(10) million, remeasurement of net monetary positions was zero and impact from pension participation changes were $(73) million.

• For the three months ended June 30, 2024, taxes for the:

Simplify to Grow Program were $(6) million, mark-to-market losses from derivatives were $(111) million, acquisition-related items were $(7) million, remeasurement of net monetary position was zero and initial impacts from enacted tax law changes were $25 million.

Six Months Ended June 30:

For the Six Months Ended

• For the three months ended September 30, 2025, taxes for the:

intangible asset impairment charges were $(9) million, mark-to-market losses from derivatives were $(71) million, acquisition-related items were $5 million, ERP System Implementation program were $(10) million, remeasurement of net monetary positions was zero, impact from pension participation changes was $(14) million, impact from resolution of tax matters was $10 million and gain on equity method investment transactions was zero.

• For the three months ended September 30, 2024, taxes for the:

Simplify to Grow Program were $(2) million, intangible asset impairment charges were $(40) million, mark-to-market losses from derivatives were $(144) million, acquisition-related items were $84 million, divestiture-related items were $1 million, ERP System Implementation program were $(6) million, remeasurement of net monetary position was zero and initial impacts from enacted tax law changes were $(11) million.

Nine Months Ended September 30:

For the Nine Months Ended

September 30,

2025 2024 $ Change

8 unchanged sentences

1.37 2.12 (0.75) (35.4) %

Net Revenues – Net revenues increased $664 million (3.8%) to $18,297 million in the first six months of 2025, and Organic Net Revenue (1) increased $762 million (4.3%) to $18,370 million.

Net Revenues – Net revenues increased $1,204 million (4.5%) to $28,041 million in the first nine months of 2025, and Organic Net Revenue (1) increased $1,078 million (4.0%) to $27,890 million.

Emerging markets net revenues increased 6.8% and emerging markets Organic Net Revenue increased 6.9% (1) .

4 unchanged sentences

International

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Reported (GAAP) $ 11,242 $ 16,799 $ 28,041

1 unchanged sentence

Currency-related items

296 (159) 137

Organic (Non-GAAP) $ 11,250 $ 16,640 $ 27,890

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Reported (GAAP) $ 10,523 $ 16,314 $ 26,837

14 unchanged sentences

Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix.

Higher net pricing was due to the benefit of carryover pricing from 2024 as well as the effects of input cost-driven pricing actions taken during the first six months of 2025.

Higher net pricing was reflected in all regions except North America.

Unfavorable volume/mix was experienced across all regions, driven by volume declines reflecting pricing elasticity impacts in Europe and Latin America as well as U.S.

retailer inventory destocking and soft consumption in North America.

The November 1, 2024 acquisition of Evirth added incremental net revenues of $201 million for the first six months of 2025.

Higher net pricing was due to the benefit of carryover pricing from 2024 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2025.

Higher net pricing was reflected in all regions except North America where net pricing was essentially flat.

Unfavorable volume/mix was experienced across all regions, driven by volume declines reflecting pricing elasticity impacts in Europe, Latin America and AMEA, as well as soft consumption in North America.

The November 1, 2024 acquisition of Evirth added incremental net revenues of $288 million for the first nine months of 2025.

Refer to Note 2, Acquisitions and Divestitures, for additional information.

2 unchanged sentences

Unfavorable currency translation rate changes were due to the strength of the U.S.

dollar relative to most currencies, primarily the Mexican peso, Brazilian real, Argentinean peso, Indian rupee, Turkish lira, Australian dollar, Egyptian pound and Canadian dollar, partially offset by the strength of a few currencies relative to the U.S.

dollar, including British pound sterling, Russian ruble and euro.

The lapping of the prior-year short-term

distributor agreement related to the sale of our developed market gum business, which ended in the first quarter of 2024, resulted in a year-over-year incremental reduction in net revenue of $25 million.

Operating Income – Operating income decreased $1,729 million (48.3%) to $1,852 million in the first six months of 2025.

dollar relative to several currencies, primarily the Argentinean peso, Mexican peso, Brazilian real, Indian rupee, Turkish lira, Australian dollar, Egyptian pound and Canadian dollar, partially offset by the strength of several currencies relative to the U.S.

dollar, including the euro, Russian ruble, British pound sterling, Polish zloty and Swedish krona.

The lapping of the prior-year short-term distributor agreement related to the sale of our developed market gum business, which ended in the first quarter of 2024, resulted in a year-over-year incremental reduction in net revenue of $25 million.

Operating Income – Operating income decreased $2,138 million (45.2%) to $2,596 million in the first nine months of 2025.

Adjusted Operating Income (1) decreased $1,111 million (22.5%) to $3,829 million and Adjusted Operating Income on a constant currency basis (1) decreased $1,129 million (22.9%) to $3,811 million due to the following:

For the Six Months Ended

For the Nine Months Ended

September 30,

2025 2024 $ Change % Change

2 unchanged sentences

Simplify to Grow Program

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

Intangible asset impairment charges

Mark-to-market losses from derivatives

1,110 157 953

7 unchanged sentences

Remeasurement of net monetary position

Impact from resolution of tax matters

Adjusted Operating Income (1)

10 unchanged sentences

Lower amortization of intangible assets

Lower asset impairment charges

Lower fixed asset impairment charges

Total change in Adjusted Operating Income (constant currency) (1)

(1) Refer to the Non-GAAP Financial Measures section above for additional information.

During the first six months of 2025, we realized higher net pricing, which was more than offset by increased input costs and unfavorable volume/mix.

During the first nine months of 2025, we realized higher net pricing, which was more than offset by increased input costs and unfavorable volume/mix.

The increase in input costs was driven by higher raw material costs, partially offset by lower manufacturing costs driven by productivity.

Higher raw material costs were primarily due to higher cocoa, packaging, dairy, energy, edible oils, nuts and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and grains costs.

Higher raw material costs were primarily due to higher cocoa, dairy, packaging, edible oils, nuts, energy and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and grains costs.

Overall, unfavorable volume/mix was experienced across all regions, reflecting pricing elasticity impacts as well as biscuit & baked snacks category softness in North America.

Total selling, general and administrative expenses decreased $393 million from the first six months of 2024, which was net of benefits from a number of factors noted in the table above, including in part, a favorable year-over-year change in acquisition-related items, a favorable currency-related impact to expenses, lapping prior-year implementation costs for the completed Simplify to Grow Program and lapping prior-year divestiture-related items, partially offset by costs incurred for the ERP System Implementation program and the impact from acquisitions.

Excluding these factors, selling, general and administrative expenses decreased $273 million from the first six months of 2024.

Total selling, general and administrative expenses decreased $228 million from the first nine months of 2024, which was driven by a number of factors noted in the table above, including in part, lapping prior-year implementation costs for the completed Simplify to Grow Program, the favorable impact from a resolution of an indirect tax matter and favorable year-over-year change in divestiture-related items, which were offset by an unfavorable currency-related impact to expenses, an unfavorable year-over-year change in acquisition-related items, higher costs incurred for the ERP System Implementation program and the impact from an acquisition.

Excluding these net unfavorable factors, selling, general and administrative expenses decreased $468 million from the first nine months of 2024.

The decrease was driven primarily by lower advertising and consumer promotion costs and lower overhead costs.

Currency-related items increased operating income by $3 million, as unfavorable currency translation changes were more than offset by the impact of extreme pricing in Argentina.

Unfavorable currency translation changes were primarily due to the strength of the U.S.

dollar relative to several currencies, including the Mexican peso, Brazilian real, Australian dollar, Egyptian pound, Indian rupee, Nigerian naira, Swiss franc, Canadian dollar and Chinese yuan, partially offset by the strength of several currencies relative to the U.S.

dollar, including the Russian ruble, British pound sterling and euro.

Operating income margin decreased from 20.3% in the first six months of 2024 to 10.1% in the first six months of 2025.

The decrease in operating income margin was driven primarily by an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, lower Adjusted Operating Income margin and costs incurred for the ERP System Implementation program, partially offset by favorable year-over-year change in acquisition-related items and lapping prior-year costs for the completed Simplify to Grow Program.

Adjusted Operating Income margin decreased from 18.2% for the first six months of 2024 to 14.5% for the first six months of 2025.

Currency-related items increased operating income by $18 million, due to favorable currency translation rate changes and the impact of extreme pricing in Argentina.

Favorable currency translation rate changes were primarily due to the strength of several currencies relative to the U.S.

dollar, including the Russian ruble, euro and British pound sterling, partially offset by the strength of the U.S.

dollar relative to several currencies, including the Mexican peso, Brazilian real, Australian dollar, Swiss franc and Indian rupee.

Operating income margin decreased from 17.6% in the first nine months of 2024 to 9.3% in the first nine months of 2025.

The decrease in operating income margin was driven primarily by lower Adjusted Operating Income margin, an unfavorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, an unfavorable year-over-year change in acquisition-related items and higher costs incurred for the ERP System Implementation program, partially offset by lower intangible asset impairment charges and lapping prior-year costs for the completed Simplify to Grow Program.

Adjusted Operating Income margin decreased from 18.4% for the first nine months of 2024 to 13.7% for the first nine months of 2025.

Income Taxes – 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.

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $1,043 million decreased by $970 million (48.2%) in the first six months of 2025 .

Diluted EPS attributable to Mondelēz International was $0.80 in the first six months of 2025, down $0.69 (46.3%) from the first six months of 2024.

Adjusted EPS (1) was $1.47 in the first six months of 2025, down $0.29 (16.5%) from the first six months of 2024.

Adjusted EPS on a constant currency basis (1) was $1.47 in the first six months of 2025, down $0.29 (16.5%) from the first six months of 2024.

For the Six Months Ended

Income Taxes – Our effective tax rate for the nine months ended September 30, 2025, was 24.9% as compared to 26.9% for the nine months ended September 30, 2024.

The decrease in our year-to-date effective tax rate was primarily driven by tax benefits related to the provision for final 2024 tax return filings, the tax treatment of certain foreign pension assets, and the release of liabilities for uncertain tax positions due to audit developments and statute of limitation expirations in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $1,786 million decreased by $1,080 million (37.7%) in the first nine months of 2025 .

Diluted EPS attributable to Mondelēz International was $1.37 in the first nine months of 2025, down $0.75 (35.4%) from the first nine months of 2024.

Adjusted EPS (1) was $2.20 in the first nine months of 2025, down $0.51 (18.8%) from the first nine months of 2024.

Adjusted EPS on a constant currency basis (1) was $2.18 in the first nine months of 2025, down $0.53 (19.6%) from the first nine months of 2024.

For the Nine Months Ended

September 30,

2025 2024 $ Change % Change

2 unchanged sentences

(0.01) 0.05 (0.06)

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

Intangible asset impairment charges

0.02 0.08 (0.06)

Mark-to-market losses from derivatives

0.68 0.09 0.59

Acquisition-related items

3 unchanged sentences

ERP System Implementation costs

0.06 0.02 0.04

Remeasurement of net monetary position

Impact from pension participation changes

Impact from resolution of tax matters

(0.02) — (0.02)

Initial impacts from enacted tax law changes

— 0.01 (0.01)

Loss on equity method investment transactions

(Gain)/loss on equity method investment transactions

(0.13) 0.50 (0.63)

2 unchanged sentences

Currency-related items

(0.02) — (0.02)

Adjusted EPS (constant currency) (1)

5 unchanged sentences

Change in interest and other expense, net

Change in equity method investment net earnings

Change in income taxes

4 unchanged sentences

GAAP results was computed based on the facts and tax assumptions associated with each item, and such impacts have also been excluded from Adjusted EPS.

• For the six months ended June 30, 2025, taxes for the:

mark-to-market losses from derivatives were $(152) million, acquisition-related items were $14 million, ERP System Implementation program were $(18) million, remeasurement of net monetary position were zero, impact from pension participation changes were $(73) million.

• For the six months ended June 30, 2024, taxes for the:

Simplify to Grow Program were $(17) million, mark-to-market gains from derivatives were $116 million, acquisition-related items were $(17) million, operating results from divestitures were zero, remeasurement of net monetary position were zero, initial impacts from enacted tax law changes were $23 million, loss on equity method investment transactions were zero.

• For the nine months ended September 30, 2025, taxes for the:

Simplify to Grow Program were $3 million, intangible asset impairment charges were $(9) million, mark-to-market losses from derivatives were $(223) million, acquisition-related items were $19 million, ERP System Implementation program were $(28) million, remeasurement of net monetary position were zero, impact from pension participation changes was $(87) million, impact from resolution of tax matters was $10 million and gain on equity method investment transactions was zero.

• For the nine months ended September 30, 2024, taxes for the:

Simplify to Grow Program were $(19) million, intangible asset impairment charges were $(40) million, mark-to-market losses from derivatives were $(28) million, acquisition-related items were $67 million, divestiture-related items were zero, ERP System Implementation program were $(8) million, remeasurement of net monetary position were zero, initial impacts from enacted tax law changes were $12 million and loss on equity method investment transactions was zero.

Results of Operations by Reportable Segment

9 unchanged sentences

For the Three Months Ended

June 30, For the Six Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

11 unchanged sentences

North America 547 918 1,486 2,012

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

Mark-to-market losses from derivatives

(348) (710) (1,110) (157)

1 unchanged sentence

Amortization of intangible assets (32) (40) (107) (115)

Acquisition-related costs

Operating income $ 744 $ 1,153 $ 2,596 $ 4,734

1 unchanged sentence

For the Three Months Ended

September 30,

2025 2024 $ Change

2 unchanged sentences

Segment operating income 147 125 22 17.6 %

For the Six Months Ended

For the Nine Months Ended

September 30,

2025 2024 $ Change

2 unchanged sentences

Segment operating income 419 426 (7) (1.6) %

Three Months Ended June 30:

Net revenues decreased $38 million (3.1%), due to an unfavorable impact of currency-related items (8.5 pp) and unfavorable volume/mix (2.2 pp), partially offset by higher net pricing (7.6 pp).

Three Months Ended September 30:

Net revenues increased $34 million (2.8%), due to higher net pricing (8.7 pp), partially offset by unfavorable volume/mix (4.0 pp) and an unfavorable impact of currency-related items (1.9 pp).

Higher net pricing, net of extreme pricing in Argentina, was driven by input cost-driven pricing actions and reflected across all categories, primarily in Brazil, Argentina and Mexico.

Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts, primarily in Argentina.

Overall, unfavorable volume/mix was driven by declines in refreshment beverages, biscuits & baked snacks and candy, partially offset by gains in chocolate, grocery & cheese and gum.

Currency-related items were unfavorable due to currency translation rate changes, partially offset by the impact of extreme pricing in Argentina.

Unfavorable currency translation impacts were primarily due to the strength of the U.S.

dollar relative to most currencies in the region, including the Mexican peso, Argentinean peso and Brazilian real.

Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts, primarily in Mexico and Argentina.

Overall, unfavorable volume/mix was driven by declines in refreshment beverages, candy and biscuits & baked snacks, partially offset by gains in chocolate, gum, and cheese & grocery.

Higher net pricing, net of extreme pricing in Argentina, was driven by input cost-driven pricing actions and reflected across all categories, primarily in Brazil, Argentina and Mexico.

Segment operating income decreased $11 million (7.6%), primarily due to higher raw material costs, costs incurred for the ERP System Implementation program, higher other selling, general and administrative expenses, unfavorable currency-related items and unfavorable volume/mix.

These unfavorable items were partially offset by higher pricing, lower manufacturing costs driven by productivity, lower advertising and consumer promotion costs and lower acquisition integration costs.

Six Months Ended June 30:

dollar relative to a few currencies in the region, primarily the Argentinean peso, partially offset by the strength of several currencies relative to the U.S.

dollar, including the Brazilian real and Mexican peso.

Segment operating income increased $22 million (17.6%), primarily due to higher pricing, lower advertising and consumer promotion costs, a favorable impact from the resolution of an indirect tax matter, lower manufacturing costs driven by productivity and lower other selling, general and administrative expenses.

These favorable items were partially offset by higher raw material costs, unfavorable volume/mix and higher costs incurred for the ERP System Implementation program.

Nine Months Ended September 30:

Net revenues decreased $120 million (3.2%), due to an unfavorable impact of currency-related items (7.9 pp) and unfavorable volume/mix (2.8 pp), partially offset by higher net pricing (7.5 pp).

1 unchanged sentence

Unfavorable currency translation impacts were primarily due to the strength of the U.S.

dollar relative to most currencies in the region, including the Mexican peso, Brazilian real and Argentinean peso.

Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts, primarily in Mexico, Brazil and Argentina.

dollar relative to most currencies in the region, including the Argentinean peso, Mexican peso and Brazilian real.

Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts, primarily in Argentina and Mexico.

Overall, unfavorable volume/mix was driven by declines in refreshment beverages, candy, biscuits & baked snacks and cheese & grocery, partially offset by gains in chocolate and gum.

Higher net pricing, net of extreme pricing in Argentina, was driven by input cost-driven pricing actions and reflected across all categories, primarily in Brazil, Argentina and Mexico.

Segment operating income decreased $29 million (9.6%), primarily due to higher raw material costs, unfavorable volume/mix, costs incurred for the ERP System Implementation program, higher other selling, general and administrative expenses and unfavorable currency-related items.

These unfavorable items were partially offset by higher pricing, lower manufacturing costs driven by productivity, lower advertising and consumer promotion costs, lower acquisition integration costs, lower losses on remeasurement of net monetary position in highly inflationary countries and lapping prior-year costs for the completed Simplify to Grow program.

Segment operating income decreased $7 million (1.6%), primarily due to higher raw material costs, unfavorable volume/mix, higher costs incurred for the ERP System Implementation program, unfavorable currency-related items and higher other selling, general and administrative expenses.

These unfavorable items were mostly offset by higher pricing, lower manufacturing costs driven by productivity, lower advertising and consumer promotion costs, lower acquisition-related items, a favorable impact from the resolution of an indirect tax matter, lower losses on remeasurement of net monetary position in highly inflationary countries and lapping prior-year costs for the completed Simplify to Grow program.

For the Three Months Ended

September 30,

2025 2024 $ Change

2 unchanged sentences

Segment operating income 199 335 (136) (40.6) %

For the Six Months Ended

For the Nine Months Ended

September 30,

2025 2024 $ Change

2 unchanged sentences

Segment operating income 813 1,036 (223) (21.5) %

Three Months Ended June 30:

Net revenues increased $234 million (14.7%), due to the higher net pricing (7.9 pp), impact of an acquisition (6.4 pp) and favorable volume/mix (0.7 pp), partially offset by unfavorable currency translation rate changes (0.3 pp).

Three Months Ended September 30:

Net revenues increased $166 million (9.0%), due to higher net pricing (9.3 pp) and the impact of an acquisition (4.7 pp), partially offset by unfavorable volume/mix (4.0 pp) and unfavorable currency translation rate changes (1.0 pp).

Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories.

The November 1, 2024 acquisition of Evirth added incremental net revenues of $102 million (constant currency basis) in the second quarter of 2025.

Favorable volume/mix reflected volume gains partially offset by unfavorable product mix.

Overall, favorable volume/mix was driven by gains in biscuits & baked snacks, gum, cheese & grocery and candy, partially offset by declines in refreshment beverages and chocolate.

The November 1, 2024 acquisition of Evirth added incremental net revenues of $87 million (constant currency basis) in the third quarter of 2025.

Unfavorable volume/mix reflected pricing elasticity impacts, driven by declines in chocolate, gum, refreshment beverages and biscuits & baked snacks, partially offset by gains in cheese & grocery and candy.

Unfavorable currency translation impacts were due to the strength of the U.S.

dollar relative to several currencies in the region, including the Indian rupee, Australian dollar, Nigerian naira and Egyptian pound.

Segment operating income decreased $19 million (6.6%), primarily due to higher raw material costs, unfavorable volume/mix and higher acquisition integration costs and contingent consideration adjustments.

These unfavorable items were partially offset by higher net pricing, lower manufacturing costs driven by productivity, lower other selling, general and administrative expenses, lower advertising and consumer promotion costs and the impact from our Evirth acquisition.

Six Months Ended June 30:

Net revenues increased $300 million (8.5%), due to higher net pricing (6.2 pp) and the impact of an acquisition (5.7 pp), partially offset by unfavorable currency translation rate changes (2.0 pp) and unfavorable volume/mix (1.4 pp).

Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories except cheese & grocery.

The November 1, 2024 acquisition of Evirth added incremental net revenues of $201 million (constant currency basis) in the first six months of 2025.

dollar relative to several currencies in the region, primarily the Indian rupee, Australian dollar and Vietnam dong.

Segment operating income decreased $136 million (40.6%), primarily due to higher raw material costs, unfavorable volume/mix, higher acquisition-related items and higher intangible asset impairments.

These unfavorable items were partially offset by higher net pricing, lower advertising and consumer promotion costs, lower manufacturing costs driven by productivity and the impact from our Evirth acquisition.

Nine Months Ended September 30:

Net revenues increased $466 million (8.6%), due to higher net pricing (7.3 pp) and the impact of an acquisition (5.4 pp), partially offset by unfavorable volume/mix (2.3 pp) and unfavorable currency translation rate changes (1.8 pp).

Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories.

The November 1, 2024 acquisition of Evirth added incremental net revenues of $288 million (constant currency basis) in the first nine months of 2025.

Unfavorable volume/mix reflected pricing elasticity impacts, driven by declines in chocolate and refreshment beverages, partially offset by gains in cheese & grocery, gum, candy and biscuits & baked snacks.

Unfavorable currency translation impacts were due to the strength of the U.S.

dollar relative to several currencies in the region, including the Indian rupee, Australian dollar, Egyptian pound, Nigerian naira and Chinese yuan.

Unfavorable volume/mix reflected pricing elasticity impacts, driven by declines in chocolate, refreshment beverages and cheese & grocery, partially offset by gains in gum, biscuits & baked snacks and candy.

Segment operating income decreased $87 million (12.4%), primarily due to higher raw material costs, unfavorable volume/mix, higher acquisition integration costs and contingent consideration adjustments and unfavorable currency translation rate changes.

These unfavorable items were partially offset by higher net pricing, lower manufacturing costs driven by productivity, lower advertising and consumer promotion costs and the impact from our Evirth acquisition.

dollar relative to several currencies in the region, including the Indian rupee, Australian dollar, Egyptian pound, Vietnam dong, Chinese yuan, New Zealand dollar and Nigerian naira.

Segment operating income decreased $223 million (21.5%), primarily due to higher raw material costs, unfavorable volume/mix, higher acquisition-related items, unfavorable currency translation rate changes and higher intangible asset impairment costs.

These unfavorable items were partially offset by higher net pricing, lower manufacturing costs driven by productivity, lower advertising and consumer promotion costs, the impact from our Evirth acquisition, lower fixed asset impairments and lapping prior-year costs for the completed Simplify to Grow program.

For the Three Months Ended

September 30,

2025 2024 $ Change

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Segment operating income 275 605 (330) (54.5) %

For the Six Months Ended

For the Nine Months Ended

September 30,

2025 2024 $ Change

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Segment operating income 1,251 1,746 (495) (28.4) %

Three Months Ended June 30:

Three Months Ended September 30:

Net revenues increased $351 million (10.6%), due to higher net pricing (12.6 pp) and favorable currency translation rate changes (5.5 pp), partially offset by unfavorable volume/mix (7.5 pp).

Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories except candy.

Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories except cheese & grocery.

Favorable currency translation rate changes reflected the strength of most currencies across the region relative to the U.S.

dollar, primarily the euro, British pound sterling, Russian ruble, Polish zloty and Swedish krona.

Unfavorable volume/mix reflected pricing elasticity impacts.

Overall, unfavorable volume/mix was driven by declines in chocolate, candy and refreshment beverages, partially offset by gains in biscuits & baked snacks, cheese & grocery and gum.

Segment operating income decreased $36 million (6.5%), primarily due to higher raw material costs and unfavorable volume/mix.

These unfavorable items were partially offset by higher net pricing, lower manufacturing costs driven by productivity, favorable currency translation rate changes, lower advertising and consumer promotion costs, lower other selling, general and administrative expenses and lapping prior-year costs for the completed Simplify to Grow Program.

Six Months Ended June 30:

dollar, primarily the euro, Russian ruble, British pound sterling, Polish zloty and Swedish krona.

Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts.

Overall, unfavorable volume/mix was driven by declines in chocolate, gum, biscuits & baked snacks and candy, partially offset by gains in cheese & grocery and refreshment beverages.

Segment operating income decreased $330 million (54.5%), primarily due to higher raw material costs, unfavorable volume/mix and higher other selling, general and administrative expenses.

These unfavorable items were partially offset by higher net pricing, lower intangible asset impairment charges, lower advertising and consumer promotion costs, lower manufacturing costs driven by productivity, favorable currency translation rate changes, lower acquisition-related items and lower costs incurred for the ERP System Implementation program.

Nine Months Ended September 30:

Net revenues increased $1,071 million (11.2%), due to higher net pricing (13.2 pp) and favorable currency translation rate changes (2.8 pp), partially offset by unfavorable volume/mix (4.5 pp ) and lapping the prior-year net revenue from a short-term distributor agreement (0.3 pp ).

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Favorable currency translation rate changes reflected the strength of most currencies across the region relative to the U.S.

dollar, primarily the British pound sterling, Russian ruble, euro and Polish zloty.

dollar, primarily the euro, Russian ruble, British pound sterling, Polish zloty and Swedish krona.

Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts.

Overall, unfavorable volume/mix was driven by declines in chocolate, candy, refreshment beverages and gum, partially offset by gains in biscuits & baked snacks and cheese & grocery.

Overall, unfavorable volume/mix was driven by declines in chocolate, candy, gum and refreshment beverages, partially offset by gains in biscuits & baked snacks and cheese & grocery.

Segment operating income decreased $165 million (14.5%), primarily due to higher raw material costs, unfavorable volume/mix and costs incurred for the ERP System Implementation program.

These unfavorable items were partially offset by higher net pricing, lower advertising and consumer promotion costs, lower manufacturing costs driven by productivity, lapping prior-year costs for the completed Simplify to Grow program, favorable currency translation rate changes, lower other selling, general and administrative expenses, lower divestiture-related costs and lower asset impairment charges.

Segment operating income decreased $495 million (28.4%), primarily due to higher raw material costs, unfavorable volume/mix and higher other selling, general and administrative expenses.

These unfavorable items were partially offset by higher net pricing, lower intangible asset impairment charges, lower advertising and consumer promotion costs, lower manufacturing costs driven by productivity, favorable currency translation rate changes, lapping prior-year costs for the completed Simplify to Grow program, lower fixed asset impairment charges, lower acquisition-related items and lower divestiture-related costs.

North America

For the Three Months Ended

September 30,

2025 2024 $ Change

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Segment operating income 547 918 (371) (40.4) %

For the Six Months Ended

For the Nine Months Ended

September 30,

2025 2024 $ Change

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Segment operating income 1,486 2,012 (526) (26.1) %

Three Months Ended June 30:

Net revenues decreased $93 million (3.5%), due to unfavorable volume/mix (2.4 pp), lower net pricing (1.0 pp) and unfavorable currency translation rate changes (0.1 pp).

Unfavorable volume/mix was driven by declines in biscuits & baked snacks, primarily due to U.S.

retailer inventory destocking and soft consumption, and candy, slightly offset by a gain in chocolate.

Lower net pricing in biscuits & baked snacks and candy was partially offset by higher net pricing in chocolate.

Three Months Ended September 30:

Net revenues decreased $11 million (0.4%), due to unfavorable volume/mix (1.8 pp) and unfavorable currency translation rate changes (0.1 pp), partially offset by higher net pricing (1.5 pp).

Unfavorable volume/mix was driven by declines in biscuits & baked snacks and candy, primarily due to soft consumption in the U.S., partially offset by a gain in chocolate.

Unfavorable currency translation rate changes were due to the strength of the U.S.

dollar relative to the Canadian dollar.

Segment operating income decreased $91 million (16.7%), primarily due to higher raw material costs, unfavorable volume/mix, lower net pricing and costs incurred for the ERP System Implementation program.

These unfavorable items were partially offset by a favorable contingent consideration adjustment related to Clif Bar as well as lower acquisition integration costs, lower advertising and consumer promotion costs, lower manufacturing costs due to productivity and lapping prior-year costs for the completed Simplify to Grow program.

Six Months Ended June 30:

Net revenues decreased $202 million (3.8%), due to unfavorable volume/mix (2.8 pp), lower net pricing (0.7 pp) and unfavorable currency translation rate changes (0.3 pp).

Unfavorable volume/mix was driven by declines in biscuits & baked snacks, primarily due to U.S.

retailer inventory destocking and soft consumption, and candy, slightly offset by a gain in chocolate.

Lower net pricing in biscuits & baked snacks was partially offset by higher net pricing in chocolate and candy.

Higher net pricing, driven by input cost-driven pricing actions, was reflected across all categories.

Segment operating income decreased $371 million (40.4%), primarily due to a lower year-over-year benefit from contingent consideration adjustments related to Clif Bar net of lower acquisition integration costs, higher raw material costs, unfavorable volume/mix and higher costs incurred for the ERP System Implementation program.

These unfavorable items were partially offset by lower advertising and consumer promotion costs, higher net pricing, lower manufacturing costs due to productivity, lower other selling, general and administrative expenses and lapping prior-year costs for the completed Simplify to Grow program.

Nine Months Ended September 30:

Net revenues decreased $213 million (2.6%), due to unfavorable volume/mix (2.4 pp) and unfavorable currency translation rate changes (0.2 pp), as net pricing was essentially flat for the first nine months of the year.

Unfavorable volume/mix was driven by declines in biscuits & baked snacks and candy, primarily due to soft consumption in the U.S., slightly offset by a gain in chocolate.

Net pricing was essentially flat as higher net pricing in chocolate and candy was offset by lower net pricing in biscuits & baked snacks.

Unfavorable currency translation rate changes were due to the strength of the U.S.

dollar relative to the Canadian dollar.

Segment operating income decreased $155 million (14.2%), primarily due to higher raw material costs, unfavorable volume/mix, lower net pricing and costs incurred for the ERP System Implementation program.

Segment operating income decreased $526 million (26.1%), primarily due to higher raw material costs, unfavorable volume/mix, a lower year-over-year benefit from contingent consideration adjustments related to Clif Bar net of lower acquisition integration costs and higher costs incurred for the ERP System Implementation program.

These unfavorable items were partially offset by lower advertising and consumer promotion costs, lower manufacturing costs due to productivity, lower other selling, general and administrative expenses and lapping prior-year costs for the completed Simplify to Grow program.

Liquidity and Capital Resources

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Our cash flow activity is noted below:

For the Six Months Ended

For the Nine Months Ended

September 30,

(in millions)

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Net Cash Used in Investing Activities

The reduction in net cash used in investing activities was largely driven by lapping prior year investment contributions and lower capital expenditures.

The reduction in net cash used in investing activities was largely driven by net proceeds from investments in the current year as compared to net contributions in the prior year and lower capital expenditures, partially offset by lower proceeds from derivative settlements.

We continue to make capital expenditures primarily to modernize manufacturing facilities, implement new product manufacturing and support productivity initiatives.

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Net Cash Used in Financing Activities

The reduction in cash used in financing activities was primarily due to higher debt proceeds, partially offset by higher debt repayments, higher share repurchases and higher dividends paid in the first six months of 2025 compared to the same prior year period.

We paid dividends of $1,233 million in the first six months of 2025 and $1,151 million in the first six months of 2024.

The second quarter 2025 dividend of $0.470 per share, declared on May 21, 2025 for shareholders of record as of June 30, 2025, was paid on July 14, 2025.

On July 29, 2025, the Audit Committee, with authorization delegated from our Board of Directors, declared a quarterly cash dividend of $0.50 per share of Class A Common Stock, an increase of 6 percent.

This dividend is payable on October 14, 2025, to shareholders of record as of September 30, 2025.

The reduction in cash used in financing activities was primarily due to higher debt proceeds combined with lower debt repayments, partially offset by higher share repurchases and higher dividends paid in the first nine months of 2025 compared to the same prior year period.

We paid dividends of $1,842 million in the first nine months of 2025 and $1,722 million in the first nine months of 2024.

The third quarter 2025 dividend of $0.50 per share, declared on July 29, 2025 for shareholders of record as of September 30, 2025, was paid on October 14, 2025.

The declaration of dividends is subject to the discretion of our Board of Directors and depends on various factors, including our net earnings, financial condition, cash requirements, future prospects and other factors that our Board of Directors deems relevant to its analysis and decision making.

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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.

As of September 30, 2025 and December 31, 2024, we had no material third-party guarantees recorded on our condensed consolidated balance sheets.

Guarantees do not have, and we do not expect them to have, a material effect on our liquidity.

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As such, we may issue commercial paper or secure other forms of financing throughout the year to meet our short-term working capital or other financing needs.

At our December 2024 meeting, the Board of Directors approved a new $4 billion long-term financing authorization that replaced the prior long-term financing authorization of $2 billion.

As of June 30, 2025, $2.4 billion of the long-term financing authorization remained available.

Our total debt was $20.9 billion as of June 30, 2025 and $17.7 billion as of December 31, 2024.

Our debt-to-capitalization ratio was 0.44 at June 30, 2025 and 0.40 at December 31, 2024.

At June 30, 2025, the weighted-average term of our outstanding long-term debt was 7.5 years.

Our average daily commercial paper borrowings outstanding were $2.0 billion in the first six months of 2025 and $0.9 billion in the first six months of 2024.

At its December 2024 meeting, the Board of Directors approved a new $4 billion long-term financing authorization that replaced the prior long-term financing authorization of $2 billion.

As of September 30, 2025, $2.4 billion of the long-term financing authorization remained available.

Our total debt was $21.3 billion as of September 30, 2025 and $17.7 billion as of December 31, 2024.

Our debt-to-capitalization ratio was 0.45 at September 30, 2025 and 0.40 at December 31, 2024.

At September 30, 2025, the weighted-average term of our outstanding long-term debt was 7.4 years.

Our average daily commercial paper borrowings outstanding were $2.2 billion in the first nine months of 2025 and $1.0 billion in the first nine months of 2024.

One of our subsidiaries, Mondelez International Holdings Netherlands B.V.

(“MIHN”), has outstanding debt.

The operations held by MIHN generated approximately 74.3% (or $13.6 billion) of the $18.3 billion of consolidated net revenue for the six months ended June 30, 2025.

The operations held by MIHN represented approximately 93.9% (or $24.6 billion) of the $26.2 billion of consolidated net assets as of June 30, 2025.

The operations held by MIHN generated approximately 74.3% (or $20.8 billion) of the $28.0 billion of consolidated net revenue for the nine months ended September 30, 2025.

The operations held by MIHN represented approximately 96.2% (or $25.2 billion) of the $26.2 billion of consolidated net assets as of September 30, 2025.

Refer to Note 7, Debt and Borrowing Arrangements, for additional information on our debt and debt covenants.

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We regularly monitor worldwide supply, commodity cost and currency trends so we can cost-effectively secure ingredients, packaging and fuel required for production.

During the first six months of 2025, the primary drivers of the increase in our aggregate commodity costs were higher cocoa, packaging, dairy, energy, edible oils, nuts and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and grains costs.

During the first nine months of 2025, the primary drivers of the increase in our aggregate commodity costs were higher cocoa, dairy, packaging, edible oils, nuts, energy and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and grains costs.

While the costs of our principal raw materials fluctuate, generally we believe there will continue to be an adequate supply of the raw materials we use and that they will broadly remain available.

A number of external factors such as the current macroeconomic environment, including global inflation, effects of geopolitical uncertainty, climate and weather conditions, commodity, transportation and labor market conditions, exchange rate volatility and the effects of local and global regulations, including trade policies, governmental agricultural or other programs affect the availability and cost of raw materials and agricultural materials used in our products.

In particular, the supply of cocoa is exposed to many of these factors, including climate change and

weather events, local regulations in cocoa-producing countries, and global regulations such as the EU Deforestation Regulation (which requires companies to ensure that the products they place on the EU market or export from it are not associated with deforestation).

A number of external factors such as the current macroeconomic environment, including global inflation, effects of geopolitical uncertainty, climate, weather and other conditions affecting plant health and crop yield, commodity, transportation and labor market conditions, exchange rate volatility and the effects of local and global regulations, including trade policies, governmental agricultural or other programs affect the availability and cost of raw materials and agricultural materials used in our products.

In particular, the supply of cocoa is exposed to many of these factors, including climate change, weather and other events affecting plant health and crop yield, local regulations in

cocoa-producing countries, and global regulations such as the EU Deforestation Regulation (which requires companies to ensure that the products they place on the EU market or export from it are not associated with deforestation).

These factors could impact the supply of cocoa, which could potentially limit our ability to produce our products and significantly impact profitability.

During the first six months of 2025, price volatility and the higher aggregate cost environment increased due to international supply chain and labor market disruptions and generally higher commodity, transportation and labor costs.

During the first nine months of 2025, price volatility and the higher aggregate cost environment increased due to international supply chain and labor market disruptions and generally higher commodity, transportation and labor costs.

We expect these conditions to continue to impact our aggregate commodity costs.

In particular, we expect to face elevated cocoa costs in the near- and medium-term due to these factors.

It is possible that we may not be able to increase prices sufficiently to fully cover the incremental costs of cocoa prices in this environment and/or our hedging strategies may not protect us from increases in cocoa costs, which could result in a significant adverse impact on our profitability.

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Forward-Looking Statements

This report 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.

This report 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;

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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 words, “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” “potential,” “commitment,” “outlook,” “continue” or any other similar words.

Forward-looking statements may include, among others, the words, and variations of 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 current and potential trade and tariff actions affecting the countries where we operate.

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 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;

• 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;

• risks from operating globally including geopolitical, trade, tariff and regulatory uncertainties affecting developed and emerging markets;

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis