Mondelez International, Inc. 10-Q

Item 1. Financial Statements Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of U.S. dollars, except per share data) (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Net revenues $ 9,744 $ 9,204 $ 28,041 $ 26,837 Cost of sales ( 7,132 ) ( 6,205 ) ( 20,062 ) ( 16,291 ) Gross profit 2,612 2,999 7,979 10,546 Selling, general and administrative expenses ( 1,795 ) ( 1,630 ) ( 5,231 ) ( 5,459 ) Asset impairments and exit costs ( 41 ) ( 176 ) ( 45 ) ( 238 ) Amortization of intangible assets ( 32 ) ( 40 ) ( 107 ) ( 115 ) Operating income 744 1,153 2,596 4,734 Benefit plan non-service (expense)/income ( 27 ) 25 ( 273 ) 76 Interest and other expense, net ( 22 ) ( 46 ) ( 228 ) ( 146 ) Earnings before income taxes 695 1,132 2,095 4,664 Income tax provision ( 137 ) ( 326 ) ( 521 ) ( 1,253 ) Gain/(loss) on equity method investment transactions 169 ( 4 ) 169 ( 669 ) Equity method investment net earnings 19 54 54 133 Net earnings 746 856 1,797 2,875 less: Noncontrolling interest earnings ( 3 ) ( 3 ) ( 11 ) ( 9 ) Net earnings attributable to Mondelēz International $ 743 $ 853 $ 1,786 $ 2,866 Per share data: Basic earnings per share attributable to Mondelēz International $ 0.57 $ 0.64 $ 1.38 $ 2.13 Diluted earnings per share attributable to Mondelēz International $ 0.57 $ 0.63 $ 1.37 $ 2.12 See accompanying notes to the condensed consolidated financial statements. 1 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Earnings (in millions of U.S. dollars) (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Net earnings $ 746 $ 856 $ 1,797 $ 2,875 Other comprehensive earnings/(losses), net of tax: Currency translation adjustment ( 80 ) — 812 ( 611 ) Pension and other benefit plans 169 ( 52 ) 228 ( 6 ) Derivative cash flow hedges 7 ( 2 ) ( 10 ) ( 14 ) Total other comprehensive earnings/(losses) 96 ( 54 ) 1,030 ( 631 ) Comprehensive earnings/(losses) 842 802 2,827 2,244 less: Comprehensive earnings/(losses) attributable to noncontrolling interests ( 2 ) ( 13 ) ( 34 ) ( 11 ) Comprehensive earnings/(losses) attributable to Mondelēz International $ 840 $ 789 $ 2,793 $ 2,233 See accompanying notes to the condensed consolidated financial statements. 2 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions of U.S. dollars, except share data) (Unaudited) September 30, 2025 December 31, 2024 ASSETS Cash and cash equivalents $ 1,367 $ 1,351 Trade receivables, less allowance ($ 39 and $ 37 , respectively) 4,189 3,874 Other receivables, less allowance ($ 37 and $ 37 , respectively) 1,049 937 Inventories, net 5,098 3,827 Other current assets 1,444 3,253 Total current assets 13,147 13,242 Property, plant and equipment, net 10,333 9,481 Operating lease right-of-use assets 750 767 Goodwill 24,250 23,017 Intangible assets, net 19,611 18,848 Prepaid pension assets 1,132 987 Deferred income taxes 437 333 Equity method investments 669 635 Other assets 1,029 1,187 TOTAL ASSETS $ 71,358 $ 68,497 LIABILITIES Short-term borrowings $ 2,645 $ 71 Current portion of long-term debt 1,543 2,014 Accounts payable 10,022 9,433 Accrued marketing 2,650 2,558 Accrued employment costs 956 928 Other current liabilities 3,696 4,545 Total current liabilities 21,512 19,549 Long-term debt 17,134 15,664 Long-term operating lease liabilities 611 623 Deferred income taxes 3,451 3,425 Accrued pension costs 356 391 Accrued postretirement health care costs 95 98 Other liabilities 1,970 1,789 TOTAL LIABILITIES 45,129 41,539 Commitments and Contingencies (Note 10) EQUITY Common Stock, no par value ( 5,000,000,000 shares authorized, 1,996,537,778 shares issued) — — Additional paid-in capital 32,299 32,276 Retained earnings 36,390 36,476 Accumulated other comprehensive losses ( 11,464 ) ( 12,471 ) Treasury stock, at cost ( 706,248,149 and 678,708,640 shares, respectively) ( 31,048 ) ( 29,349 ) Total Mondelēz International Shareholders’ Equity 26,177 26,932 Noncontrolling interest 52 26 TOTAL EQUITY 26,229 26,958 TOTAL LIABILITIES AND EQUITY $ 71,358 $ 68,497 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Equity (in millions of U.S. dollars, except per share data) (Unaudited) Mondelēz International Shareholders’ Equity Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Earnings/ (Losses) Treasury Stock Non-controlling Interest Total Equity Three Months Ended September 30, 2025 Balances at July 1, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247 Comprehensive earnings/(losses): Net earnings — — 743 — — 3 746 Other comprehensive earnings/(losses), net of income taxes — — — 97 — ( 1 ) 96 Exercise of stock options and issuance of other stock awards — 19 — — 13 — 32 Common Stock repurchased — — — — ( 242 ) — ( 242 ) Cash dividends declared ($ 0.500 per share) — — ( 646 ) — — — ( 646 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 4 ) ( 4 ) Balances at September 30, 2025 $ — $ 32,299 $ 36,390 $ ( 11,464 ) $ ( 31,048 ) $ 52 $ 26,229 Nine Months Ended September 30, 2025 Balances at January 1, 2025 $ — $ 32,276 $ 36,476 $ ( 12,471 ) $ ( 29,349 ) $ 26 $ 26,958 Comprehensive earnings/(losses): Net earnings — — 1,786 — — 11 1,797 Other comprehensive earnings/(losses), net of income taxes — — — 1,007 — 23 1,030 Exercise of stock options and issuance of other stock awards — 23 ( 4 ) — 123 — 142 Common Stock repurchased — — — — ( 1,822 ) — ( 1,822 ) Cash dividends declared ($ 1.440 per share) — — ( 1,868 ) — — — ( 1,868 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 8 ) ( 8 ) Balances at September 30, 2025 $ — $ 32,299 $ 36,390 $ ( 11,464 ) $ ( 31,048 ) $ 52 $ 26,229 Three Months Ended September 30, 2024 Balances at July 1, 2024 $ — $ 32,200 $ 35,108 $ ( 11,515 ) $ ( 28,104 ) $ 29 $ 27,718 Comprehensive earnings/(losses): Net earnings — — 853 — — 3 856 Other comprehensive earnings/(losses), net of income taxes — — — ( 64 ) — 10 ( 54 ) Exercise of stock options and issuance of other stock awards — 44 2 — 69 — 115 Common Stock repurchased — — — — ( 107 ) — ( 107 ) Cash dividends declared ($ 0.470 per share) — — ( 632 ) — — — ( 632 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 5 ) ( 5 ) Balances at September 30, 2024 $ — $ 32,244 $ 35,331 $ ( 11,579 ) $ ( 28,142 ) $ 37 $ 27,891 Nine Months Ended September 30, 2024 Balances at January 1, 2024 $ — $ 32,216 $ 34,236 $ ( 10,946 ) $ ( 27,174 ) $ 34 $ 28,366 Comprehensive earnings/(losses): Net earnings — — 2,866 — — 9 2,875 Other comprehensive earnings/(losses), net of income taxes — — — ( 633 ) — 2 ( 631 ) Exercise of stock options and issuance of other stock awards — 28 5 — 206 — 239 Common Stock repurchased — — — — ( 1,174 ) — ( 1,174 ) Cash dividends declared ($ 1.320 per share) — — ( 1,776 ) — — — ( 1,776 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 8 ) ( 8 ) Balances at September 30, 2024 $ — $ 32,244 $ 35,331 $ ( 11,579 ) $ ( 28,142 ) $ 37 $ 27,891 See accompanying notes to the condensed consolidated financial statements. 4 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in millions of U.S. dollars) (Unaudited) For the Nine Months Ended September 30, 2025 2024 CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES Net earnings $ 1,797 $ 2,875 Adjustments to reconcile net earnings to operating cash flows: Depreciation and amortization 1,006 971 Stock-based compensation expense 84 112 Deferred income tax (benefit)/provision ( 158 ) 167 Asset impairments and accelerated depreciation 55 210 Loss on equity method investment transactions — 669 Equity method investment net earnings ( 54 ) ( 140 ) Distributions from equity method investments 45 115 Unrealized loss on derivative contracts 1,161 104 Contingent consideration adjustments ( 26 ) ( 311 ) Other non-cash items, net 109 93 Change in assets and liabilities, net of acquisitions and divestitures: Receivables, net ( 92 ) ( 270 ) Inventories, net ( 967 ) ( 710 ) Accounts payable ( 159 ) 951 Other current assets ( 30 ) ( 287 ) Other current liabilities ( 903 ) ( 992 ) Change in pension and postretirement assets and liabilities, net 249 ( 106 ) Net cash provided by operating activities 2,117 3,451 CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES Capital expenditures ( 881 ) ( 982 ) Acquisitions, net of cash received ( 15 ) — Proceeds from divestitures 4 4 Proceeds from derivative settlements 54 191 Payments for derivative settlements ( 165 ) ( 150 ) Proceeds from/(contributions to) investments 65 ( 249 ) Proceeds from sales of property, plant and equipment and other 8 16 Net cash used in investing activities ( 930 ) ( 1,170 ) CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES Net issuance of short-term borrowings 2,569 1,065 Long-term debt proceeds 1,594 1,671 Long-term debt repayments ( 1,782 ) ( 2,517 ) Repurchases of Common Stock ( 1,893 ) ( 1,187 ) Dividends paid ( 1,842 ) ( 1,722 ) Other 8 132 Net cash used in financing activities ( 1,346 ) ( 2,558 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 225 ( 34 ) Cash, cash equivalents and restricted cash: Increase/(decrease) 66 ( 311 ) Balance at beginning of period 1,400 1,884 Balance at end of period $ 1,466 $ 1,573 See accompanying notes to the condensed consolidated financial statements. 5 Table of Contents Mondelēz International, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1. Basis of Presentation Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2024. Principles of Consolidation The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments in common stock or in-substance common stock over which we exercise significant influence under the equity method of accounting. Highly Inflationary Accounting Within our consolidated entities, Argentina, Türkiye, Egypt and Nigeria are accounted for as highly inflationary countries. Argentina, Türkiye, Egypt and Nigeria represent 1.1 %, 0.6 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended September 30, 2025 and 1.4 %, 0.7 %, 0.5 % and 0.3 % of our consolidated net revenues for the nine months ended September 30, 2025. The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $ 9 million and $ 9 million for the three months ended September 30, 2025 and 2024, respectively, and $ 24 million and $ 26 million for the nine months ended September 30, 2025 and 2024, respectively. Given the continued volatility of these currencies, impacts to our financial statements in future periods could be significantly different from historical levels. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. Restricted cash primarily includes cash held on behalf of financial institutions in accordance with accounts receivable factoring arrangements and letters of credit arrangements with legally restricted cash collateral provisions. Restricted cash is recorded within other current assets and was $ 99 million as of September 30, 2025 and $ 49 million as of December 31, 2024. Total cash, cash equivalents and restricted cash was $ 1,466 million as of September 30, 2025 and $ 1,400 million as of December 31, 2024. Allowances for Credit Losses Changes in allowances for credit losses consisted of: Allowance for Trade Receivables Allowance for Other Current Receivables Allowance for Long-Term Receivables (in millions) Balance at January 1, 2025 $ ( 37 ) $ ( 37 ) $ ( 16 ) Net (provision)/recovery for expected credit losses ( 1 ) 4 — Write-offs charged against the allowance 2 1 — Currency and other ( 3 ) ( 5 ) ( 3 ) Balance at September 30, 2025 $ ( 39 ) $ ( 37 ) $ ( 19 ) Transfers of Financial Assets The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 857 million as of September 30, 2025 and $ 159 million as of December 31, 2024. The incremental cost of factoring receivables under this arrangement was not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows. 6 Table of Contents Non-Cash Lease Transactions We recorded $ 119 million in operating lease and $ 139 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2025 and $ 244 million in operating lease and $ 90 million in finance lease right-of-use assets obtained in exchange for lease obligations during the nine months ended September 30, 2024. Supply Chain Financing As part of our continued efforts to improve our working capital efficiency, we have worked with our suppliers over the past several years to optimize our terms and conditions, which include the extension of payment terms. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. Amounts due to our suppliers that elected to participate in the SCF program are included in Accounts payable in our consolidated balance sheets . Our outstanding obligations confirmed as valid under our SCF program are $ 3.6 billion and $ 3.7 billion as of September 30, 2025 and December 31, 2024, respectively. New Accounting Pronouncements In December 2023, the FASB issued an Accounting Standards Update ("ASU") to enhance the transparency of annual income tax disclosures, primarily related to the rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. We will adopt the guidance when it becomes effective, for our annual reporting for the year ending December 31, 2025. In November 2024, the FASB issued an ASU that will require incremental disclosures in the notes to the financial statements to disaggregate income statement expense line items into specified expense categories and to provide additional information about certain expenses. The guidance is effective for the first annual reporting period beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied either on a prospective or retrospective basis. We currently expect to adopt the guidance when it becomes effective, for our annual reporting for the year ending December 31, 2027 and for our interim reporting in the first quarter of 2028. We are currently assessing whether we will adopt the guidance on a prospective or retrospective basis. In July 2025, the FASB issued an ASU which introduces a practical expedient that allows entities to measure expected credit losses on current accounts receivable and current contract assets by assuming that the conditions existing at the balance sheet date remain unchanged over the remaining life of those assets, The amendment is intended to simplify the application of the current expected credit loss model by reducing the need to develop forward-looking forecasts for short-term trade receivables. The amendments are effective for annual periods beginning after December 15, 2025, including interim periods, with early adoption permitted. We are currently assessing the impact on our consolidated financial statements and related disclosures. In September 2025, the FASB issued an ASU that refines the scope of derivative accounting by introducing a new exception for contracts whose underlyings are based on the operations or activities of one of the parties among other updates. The ASU is effective for annual periods beginning after December 15, 2026, including interim periods, with early adoption permitted. The guidance may be applied either on a prospective or modified retrospective basis. We are currently assessing the impact on our consolidated financial statements and related disclosures. In September 2025, the FASB issued an ASU that improves the accounting for internal-use software by replacing the previous capitalization guidance, which focused on a project's stage of development, with a principles-based "probable-to-complete" recognition threshold. The amendments are effective for annual periods after December 15, 2027, including interim periods, with early adoption permitted. The guidance may be applied on a prospective or retrospective basis. We are currently assessing the impact on our consolidated financial statements and related disclosures. Note 2. Acquisitions and Divestitures Evirth On November 1, 2024, we acquired Evirth (Shanghai) Industrial Co., Ltd. ("Evirth"), a leading manufacturer of cakes and pastries in China. The acquisition will continue to expand our growth in the cakes and pastries categories. The cash consideration paid totaled ¥ 1.8 billion ($ 255 million), net of cash received. We are working to complete the valuation of assets acquired and liabilities assumed and have recorded a 7 Table of Contents preliminary purchase price allocation. The purchase price was primarily allocated to definite-lived intangible assets and goodwill. Within definite-lived intangible assets, we allocated $ 117 million to customer relationships which have an estimated useful life of 17 years. The fair value of customer relationships at the acquisition date was determined using the multi-period excess earnings method, which is an income approach. Those fair value measurements are classified as Level 3 in the fair value hierarchy because they use significant unobservable inputs. Significant assumptions used in assessing the fair values of the intangible assets include discounted cash flows, customer attrition rates and discount rates. Goodwill of $ 125 million was determined as the excess of the purchase price over the fair value of the net assets acquired and arose principally as a result of expansion opportunities and synergies across China. None of the goodwill recognized will be deductible for income tax purposes. All of the goodwill was assigned to the AMEA operating segment. For further detail, refer to Note 5, Goodwill and Intangible Assets . Acquisition and Divestiture-Related Costs We incurred net costs of $ 18 million and recorded a net gain $ 11 million in the three and nine months ended September 30, 2025 and recorded net gains of $ 326 million and $ 247 million in the three and nine months ended September 30, 2024 in total acquisition-related costs, including contingent consideration adjustments. We recorded a net gain of zero and $ 7 million in the three and nine months ended September 30, 2025 and recorded a net gain of $ 2 million and incurred net costs of $ 2 million in the three and nine months ended September 30, 2024 in total divestiture-related costs. Note 3. Inventories Inventories consisted of the following: As of September 30, 2025 As of December 31, 2024 (in millions) Raw materials $ 1,211 $ 1,058 Finished product 4,069 2,940 5,280 3,998 Inventory reserves ( 182 ) ( 171 ) Inventories, net $ 5,098 $ 3,827 Note 4. Property, Plant and Equipment Property, plant and equipment consisted of the following: As of September 30, 2025 As of December 31, 2024 (in millions) Land and land improvements $ 399 $ 373 Buildings and building improvements 3,792 3,453 Machinery and equipment 14,299 12,732 Construction in progress 1,047 1,058 19,537 17,616 Accumulated depreciation ( 9,204 ) ( 8,135 ) Property, plant and equipment, net $ 10,333 $ 9,481 For the nine months ended September 30, 2025, capital expenditures of $ 881 million excluded $ 408 million of accrued capital expenditures remaining unpaid at September 30, 2025 and included payment for the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024. For the nine months ended September 30, 2024, capital expenditures of $ 982 million excluded $ 387 million of accrued capital expenditures remaining unpaid at September 30, 2024 and included payment for the $ 471 million of capital expenditures that were accrued and unpaid at December 31, 2023. 8 Table of Contents Note 5. Goodwill and Intangible Assets Goodwill Changes in goodwill consisted of: Latin America AMEA Europe North America Total (in millions) Balance at December 31, 2024 $ 1,316 $ 3,040 $ 7,842 $ 10,819 $ 23,017 Currency 175 59 1,000 21 1,255 Other — 3 — ( 25 ) ( 22 ) Balance at September 30, 2025 $ 1,491 $ 3,102 $ 8,842 $ 10,815 $ 24,250 Intangible Assets Intangible assets consisted of the following: As of September 30, 2025 As of December 31, 2024 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount (in millions) Indefinite-life intangible assets $ 18,601 $ — $ 18,601 $ 17,770 $ — $ 17,770 Definite-life intangible assets 3,465 ( 2,455 ) 1,010 3,306 ( 2,228 ) 1,078 Total $ 22,066 $ ( 2,455 ) $ 19,611 $ 21,076 $ ( 2,228 ) $ 18,848 Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar. Definite-life intangible assets consist primarily of customer-related intangibles, process technology and trademarks. Amortization expense for intangible assets was $ 32 million and $ 40 million for the three months ended September 30, 2025 and 2024, respectively, and $ 107 million and $ 115 million for the nine months ended September 30, 2025 and 2024, respectively. Impairment Assessments We test our reporting units and indefinite-life intangible assets for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount. There were no impairments of goodwill during the three and nine months ended September 30, 2025 and 2024. In the third quarters of 2025 and 2024, we recognized impairment charges of $ 33 million and $ 153 million, respectively, to reduce the carrying amounts of certain of our brands to their estimated fair values. Those charges are reported within Asset impairments and exit costs in the condensed consolidated statements of earnings. The 2025 impairments related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy brand in the Latin America segment. The 2024 impairments related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy and one biscuit brand in the Latin America segment. The impairments were driven by lower expectations of future business performance to reflect current or expected market conditions in select markets as well as changes in management strategy. The fair values of our brand intangibles were determined using several valuation methods, including the relief from royalty method, the excess earnings method and the excess margin method. Inputs to those valuation methods include our most recent forecasts of revenue and earnings, as well as estimates of royalty rates and discount rates. Fair value measurements of brand intangible assets are classified as Level 3 in the fair value hierarchy because they involve significant unobservable inputs. Including the four brand intangibles for which we recognized impairments in the current period, we identified five brand intangibles for which fair value exceeded book value by less than 10%. The aggregate book value of those 9 Table of Contents five brand intangibles was $ 1.5 billion as of September 30, 2025. We are closely monitoring the performance of those brands and if there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired. Note 6. Equity Method Investments Our current equity method investments primarily relate to our ownership interests in Dong Suh Foods Corporation and Dong Suh Oil & Fats Co. Ltd. As of September 30, 2025, we owned 50.0 % and 49.0 %, respectively, of these companies' outstanding shares. Our ownership interests may change over time due to investee stock-based compensation arrangements, share issuances or other equity-related transactions. Our investments accounted for under the equity method totaled $ 669 million as of September 30, 2025 and $ 635 million as of December 31, 2024. We recorded equity earnings of $ 19 million and received cash dividends of $ 1 million in the three months ended September 30, 2025 and recorded equity earnings of $ 54 million and received cash dividends of $ 33 million in the three months ended September 30, 2024. We recorded equity earnings of $ 54 million and received cash dividends of $ 45 million in the nine months ended September 30, 2025 and recorded equity earnings of $ 133 million and received cash dividends of $ 115 million in the nine months ended September 30, 2024. The activity during 2024 included our prior investment in JDE Peet’s N.V. (“JDEP”). During the fourth quarter of 2024, we sold our remaining 85.9 million shares in JDEP to JAB Holding Company ("JAB") and fully exited the investment. 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. The related gain is reported within Gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings. During the three months ended March 31, 2024, we recorded an impairment charge of € 612 million ($ 665 million) related to our JDEP investment. This charge was included within Gain/(loss) on equity method investment transactions in the condensed consolidated statements of earnings. 10 Table of Contents Note 7. Debt and Borrowing Arrangements Short-Term Borrowings Our short-term borrowings and related weighted-average interest rates consisted of: As of September 30, 2025 As of December 31, 2024 Amount Outstanding Weighted- Average Rate Amount Outstanding Weighted- Average Rate (in millions, except percentages) Commercial paper $ 2,592 4.4 % $ — — % Bank loans 53 11.0 % 71 12.1 % Total short-term borrowings $ 2,645 $ 71 Our uncommitted and committed credit facilities available include: As of September 30, 2025 As of December 31, 2024 Facility Amount Borrowed Amount Facility Amount Borrowed Amount (in millions) Uncommitted credit facilities $ 882 $ 53 $ 784 $ 71 Credit facilities (1) : February 19, 2025 — — 1,500 — February 18, 2026 1,500 — — — February 23, 2027 — — 4,500 — February 19, 2030 4,500 — — — (1) On February 19, 2025, our $ 1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 21, 2024 expired and we entered into a $ 1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 18, 2026. Additionally, we early terminated our $ 4.5 billion five-year senior unsecured revolving credit agreement dated as of February 23, 2022, and entered into a $ 4.5 billion five-year senior unsecured revolving credit agreement that will expire on February 19, 2030. We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $ 25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans. At September 30, 2025, we complied with this covenant. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security. Debt Repayments During the nine months ended September 30, 2025, we repaid the following notes (in millions): Interest Rate Maturity Date Amount USD Equivalent 3.250 % March 2025 C$ 600 $ 417 1.500 % May 2025 $ 750 $ 750 4.250 % September 2025 (1) $ 500 $ 500 (1) Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc. 11 Table of Contents During the nine months ended September 30, 2024, we repaid the following notes (in millions): Interest Rate Maturity Date Amount USD Equivalent 2.125 % March 2024 $ 500 $ 500 2.250 % September 2024 (1) $ 500 $ 500 0.000 % September 2024 (1) € 300 $ 333 0.750 % September 2024 (1) $ 500 $ 500 0.617 % September 2024 Fr. 125 $ 148 (1) Repaid by Mondelez International Holdings Netherlands B.V. ("MIHN"), a wholly owned Dutch subsidiary of Mondelēz International, Inc. Debt Issuances During the nine months ended September 30, 2025, we issued the following notes (in millions): Issuance Date Interest Rate Maturity Date Principal Amount Principal Amount USD Equivalent May 2025 4.250 % May 2028 $ 700 $ 700 May 2025 4.500 % May 2030 $ 500 $ 500 May 2025 5.125 % May 2035 $ 400 $ 400 During the nine months ended September 30, 2024, we issued the following notes (in millions): Issuance Date Interest Rate Maturity Date Principal Amount Principal Amount USD Equivalent February 2024 4.750 % February 2029 $ 550 $ 550 July 2024 4.625 % July 2031 C$ 650 $ 473 August 2024 4.750 % August 2034 $ 500 $ 500 Fair Value of Our Debt The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of substantially all of our long-term debt was determined using quoted prices in active markets (Level 1 valuation data). As of September 30, 2025 As of December 31, 2024 (in millions) Fair Value $ 19,678 $ 15,846 Carrying Value $ 21,322 $ 17,749 Interest and Other Expense, net Interest and other expense, net consisted of: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) (in millions) Interest expense $ 157 $ 129 $ 445 $ 381 Other income, net ( 135 ) ( 83 ) ( 217 ) ( 235 ) Interest and other expense, net $ 22 $ 46 $ 228 $ 146 Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items. Refer to Note 8, Financial Instruments for additional information about our hedging activities. 12 Table of Contents Note 8. Financial Instruments Derivatives and Hedging Activities Derivative instruments and corresponding hedge type were recorded at fair value in the condensed consolidated balance sheets as follows: As of September 30, 2025 As of December 31, 2024 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Type of Hedge (1) (in millions) Derivatives designated as accounting hedges (2) : Foreign currency contracts NIH $ 1 $ 284 $ 5 $ 5 Interest rate contracts CF 1 3 2 11 Cross-currency swap contracts CF/NIH 239 326 382 69 $ 241 $ 613 $ 389 $ 85 Derivatives not designated as accounting hedges: Foreign currency contracts $ 150 $ 206 $ 302 $ 118 Commodity contracts 430 671 2,205 1,522 Interest rate contracts 3 1 3 — $ 583 $ 878 $ 2,510 $ 1,640 Total fair value $ 824 $ 1,491 $ 2,899 $ 1,725 (1) Derivative contracts designated as either cash flow ("CF") or net investment hedging ("NIH") instruments. (2) We designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 7, Debt and Borrowing Arrangements . Non-U.S. dollar denominated debt designated as net investment hedges is also disclosed in the Notional Amounts of Derivatives and Other Hedging Instruments table and the Hedges of Net Investments in International Operations section appearing later in this footnote. We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows: As of September 30, 2025 As of December 31, 2024 (in millions) Other current assets $ 657 $ 2,545 Other assets 167 354 Other current liabilities 1,046 1,641 Other liabilities 445 84 Certain exchange-traded commodity contracts require us to receive from or pay to a broker an amount of cash related to the daily fluctuation in value of the futures contract. Such cash collateral held or placed is known as variation margin and is recorded as other current assets and liabilities. The net asset variation margin balances for futures contracts were $ 230 million and $ 263 million as of September 30, 2025 and December 31, 2024, respectively. These balances are excluded from the table above. Our over-the-counter ("OTC") derivative transactions are governed by International Swap Dealers Association agreements and other standard industry contracts. Under these agreements, we do not post nor require collateral from our counterparties. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties. 13 Table of Contents Fair Value Measurements of Derivative Instruments Level 1 fair value measurements use quoted prices in active markets for identical assets or liabilities. Level 1 financial assets and liabilities consist of exchange-traded commodity futures and listed options. The fair value of these instruments is determined based on quoted market prices on commodity exchanges. Level 2 fair value measurements use quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or model-based valuations in which significant inputs are observable in the market. Level 2 financial assets and liabilities consist primarily of OTC foreign currency forwards and options; commodity forwards and options; interest rate swaps; and cross-currency swaps. Our foreign currency contracts are valued using an income approach based on observable market forward rates less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the observable market interest rate curve. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Level 3 fair value measurements use unobservable inputs and include the use of judgment by management about the assumptions market participants use in pricing the asset or liability. The fair value measurements (asset/(liability)) of our derivative instruments were classified in the fair value hierarchy as follows: As of September 30, 2025 Total Fair Value of Net Asset/(Liability) Quoted Prices in Active Markets for Identical Assets/(Liabilities) (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Foreign currency contracts $ ( 339 ) $ — $ ( 339 ) $ — Commodity contracts ( 241 ) ( 70 ) ( 171 ) — Interest rate contracts — — — — Cross-currency swap contracts ( 87 ) — ( 87 ) — Total derivatives $ ( 667 ) $ ( 70 ) $ ( 597 ) $ — As of December 31, 2024 Total Fair Value of Net Asset/(Liability) Quoted Prices in Active Markets for Identical Assets/(Liabilities) (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Foreign currency contracts $ 184 $ — $ 184 $ — Commodity contracts 683 ( 111 ) 794 — Interest rate contracts ( 6 ) — ( 6 ) — Cross-currency swap contracts 313 — 313 — Total derivatives $ 1,174 $ ( 111 ) $ 1,285 $ — 14 Table of Contents Notional Amounts of Derivatives and Other Hedging Instruments The gross notional values of our derivative instruments, as well as non-U.S. dollar debt designated as net investment hedging instruments, were: Notional Amount As of September 30, 2025 As of December 31, 2024 (in millions) Foreign currency contracts $ 19,956 $ 13,724 Commodity contracts 12,322 16,210 Interest rate contracts 2,732 4,189 Cross-currency swap contracts 6,912 9,608 Non-U.S. dollar debt designated as net investment hedges: Euro notes 3,737 3,298 Swiss franc notes 251 220 Canadian dollar notes 467 869 Cash Flow Hedges Our derivative instruments designated as cash flow hedges include interest rate swaps and cross-currency swaps. As of September 30, 2025, the aggregate notional value of those derivatives was $ 1.0 billion. Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses). Refer to Note 12, Accumulated Other Comprehensive Earnings/(Losses) for additional information on current period activity. Based on current market conditions, $ 27 million of gains, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of September 30, 2025 are expected to be recognized into earnings during the next 12 months. As of September 30, 2025, our longest dated cash flow hedges were interest rate swaps that hedge forecasted interest rate payments over the next 3 years, 3 months . Hedges of Net Investments in International Operations Net investment hedge ("NIH") derivative contracts We enter into foreign currency contracts and cross-currency swaps to hedge certain investments in our non-U.S. operations against movements in exchange rates. As of September 30, 2025, the aggregate notional value of those derivatives was $ 9.5 billion. Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Gain/(loss) on NIH contracts (1) $ 107 $ ( 327 ) $ ( 893 ) $ ( 85 ) Amounts excluded from the assessment of hedge effectiveness (2) 70 45 194 132 (1) Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses). (2) We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net. 15 Table of Contents Non-U.S. dollar debt designated as net investment hedges Pre-tax gains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Euro notes $ 18 $ ( 133 ) $ ( 439 ) $ ( 30 ) Swiss franc notes 1 ( 24 ) ( 31 ) 1 Canadian notes 10 ( 11 ) ( 15 ) 3 Derivatives Not Designated as Accounting Hedges For derivatives not designated as accounting hedges ("economic hedges"), we classify gains and losses in the income statement based on the classification of the item economically hedged. Pre-tax gains/(losses) recorded in net earnings for economic hedges were: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Foreign currency contracts: Cost of sales $ ( 62 ) $ ( 13 ) $ ( 227 ) $ 10 Selling, general and administrative expenses — 1 ( 6 ) 2 Interest and other expense, net ( 10 ) ( 65 ) 17 — Commodity contracts - Cost of sales ( 338 ) 14 ( 728 ) 943 Interest rate contracts - Interest and other expense, net — ( 3 ) 1 ( 2 ) Total $ ( 410 ) $ ( 66 ) $ ( 943 ) $ 953 Fair Value of Contingent Consideration Contingent consideration liabilities, which reflect earn-out arrangements from business combinations, are recorded at fair value each period, with changes in fair value reported in earnings. The fair values of our contingent consideration liabilities were $ 155 million and $ 179 million as of September 30, 2025 and December 31, 2024, respectively. Contingent consideration liabilities are primarily recorded in Other liabilities in the condensed consolidated balance sheets and changes in their fair values are primarily recorded in Selling, general and administrative expenses in the condensed consolidated statements of earnings. The estimated fair values of our contingent consideration liabilities were primarily determined using Monte Carlo simulations. Significant assumptions used in assessing the fair value of the liabilities include financial projections for net revenue, gross profit and EBITDA, as well as discount and volatility rates. Fair value measurements of contingent consideration liabilities are classified as Level 3 in the fair value hierarchy because they use significant unobservable inputs. Contingent consideration liabilities include an earn-out arrangement related to the acquisition of Clif Bar & Company (“Clif Bar”) in 2022. The possible payments under that arrangement range from zero to a maximum total of $ 2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of our base financial projections for the business. 16 Table of Contents The following is a summary of our contingent consideration liability activity: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) (in millions) Liability at beginning of period $ 142 $ 661 $ 179 $ 680 Changes in fair value 13 ( 350 ) ( 26 ) ( 315 ) Payments — ( 93 ) — ( 147 ) Currency — — 2 — Liability at end of period $ 155 $ 218 $ 155 $ 218 Note 9. Benefit Plans Pension Plans Components of Net Periodic Pension Cost Net periodic pension cost/(benefit) consisted of the following: U.S. Plans Non-U.S. Plans For the Three Months Ended September 30, For the Three Months Ended September 30, 2025 2024 2025 2024 (in millions) Service cost $ 1 $ — $ 15 $ 16 Interest cost 6 15 69 72 Expected return on plan assets ( 12 ) ( 23 ) ( 106 ) ( 108 ) Amortization of net loss and prior service cost — 1 17 16 Settlement losses — 3 54 — Net periodic pension (benefit)/cost $ ( 5 ) $ ( 4 ) $ 49 $ ( 4 ) U.S. Plans Non-U.S. Plans For the Nine Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Service cost $ 2 $ 2 $ 46 $ 46 Interest cost 32 45 204 214 Expected return on plan assets ( 45 ) ( 69 ) ( 317 ) ( 324 ) Amortization of net loss and prior service cost 2 1 52 48 Settlement losses 292 9 54 — Net periodic pension cost/(benefit) $ 283 $ ( 12 ) $ 39 $ ( 16 ) Employer Contributions During the nine months ended September 30, 2025, we contributed $ 2 million and $ 62 million to our U.S. and non-U.S. pension plans, respectively. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability. As of September 30, 2025, we plan to make further contributions of approximately $ 9 million to our U.S. plans and $ 6 million to our non-U.S. plans for the remainder of 2025. However, our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or changes in interest rates. 17 Table of Contents Mondelēz Global LLC Retirement Plan Settlement During the third quarter of 2024, we entered into agreements with two third-party insurance companies to purchase buy-in annuity contracts to cover the liabilities associated with the Mondelēz Global LLC Retirement Plan (“MDLZ Global Plan”), the pension plan for U.S. salaried employees. The agreements provided us with the option to elect a buy-out conversion, at which time full responsibility of the MDLZ Global Plan obligations would transfer to the insurance companies. On June 12, 2025 we elected the buy-out conversion and recognized a non-cash pre-tax settlement loss of $ 282 million as a component of our net periodic pension cost in the second quarter of 2025. That settlement loss is recorded within Benefit plan non-service (expense)/income in the condensed consolidated statements of earnings. 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. That settlement loss is recorded within Benefit plan non-service (expense)/income in the condensed consolidated statements of earnings. Multiemployer Pension Plans On July 11, 2019, we received a withdrawal liability assessment from the Bakery and Confectionery Union and the Industry International Pension Fund requiring pro-rata monthly payments over 20 years and we recorded a discounted liability of $ 491 million at that time. In connection with the discounted long-term liability, we recorded accreted interest of $ 2 million for both the three months ended September 30, 2025 and 2024 and $ 7 million for both the nine months ended September 30, 2025 and 2024 within Interest and other expense, net in the condensed consolidated statements of earnings. As of September 30, 2025, the remaining discounted withdrawal liability was $ 298 million, with $ 16 million recorded in Other current liabilities and $ 282 million recorded in Other liabilities in the condensed consolidated balance sheets. Postretirement and Postemployment Benefit Plans The net periodic postretirement benefit was $ 3 million for both the three months ended September 30, 2025 and 2024, and $ 9 million and $ 8 million for the nine months ended September 30, 2025 and 2024, respectively. The net periodic postemployment cost was $ 5 million for both the three months ended September 30, 2025 and 2024 and $ 16 million for both the nine months ended September 30, 2025 and 2024. 18 Table of Contents Note 10. Commitments and Contingencies Legal Proceedings We routinely are involved in various pending or threatened legal proceedings, claims, disputes, regulatory matters and governmental inquiries, inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. For matters we have not provided for that are reasonably possible to result in an unfavorable outcome, management is unable to estimate the possible loss or range of loss or such amounts have been determined to be immaterial. At present we believe that the ultimate outcome of these legal proceedings and regulatory and governmental matters, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other equitable remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. On April 1, 2015, the U.S. Commodity Futures Trading Commission ("CFTC") filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S. District Court for the Northern District of Illinois (the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group. The complaint alleged that Mondelēz Global: (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011; (2) violated position limit levels for wheat futures; and (3) engaged in non-competitive trades. On May 13, 2022, the District Court approved a settlement agreement between the CFTC and Mondelēz Global. The terms of the settlement, which are available in the District Court’s docket, had an immaterial impact on our financial position, results of operations and cash flows and did not include an admission by Mondelēz Global. Several class action complaints also were filed against Mondelēz Global in the District Court by investors who copied and expanded upon the CFTC allegations in a series of private claims for monetary damages as well as injunctive, declaratory, and other unspecified relief. In June 2015, these suits were consolidated in the United States District Court for the Northern District of Illinois as case number 15-cv-2937, Harry Ploss et al. v. Kraft Foods Group, Inc. and Mondelēz Global LLC. On January 3, 2020, the District Court granted plaintiffs' request to certify a class. In November 2022, the District Court adjourned the trial date it had previously set for November 30, 2022 and ordered the parties to brief Kraft’s motions to decertify the class and for summary judgment, which has been completed. It is not possible to predict the outcome of these matters; however, based on our Separation and Distribution Agreement with Kraft Foods Group dated as of September 27, 2012, we expect to bear any monetary penalties or other payments in connection with the class action. As previously disclosed, in November 2019, the European Commission informed us that it initiated an investigation into our alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area. In the second quarter of 2024, we reached a negotiated resolution in this matter. At that time, we had accrued on a pre-tax basis, a liability of € 337.5 million ($ 376 million). Pursuant to the terms of the agreed settlement, we fulfilled our payment obligation in August 2024. We do not anticipate any modification of our business practices and agreements that would have a material impact on our ongoing business operations within the European Union. Third-Party Guarantees We enter into third-party guarantees primarily to cover long-term obligations of our vendors. As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures. As of September 30, 2025 and December 31, 2024, we had no material third-party guarantees recorded on our condensed consolidated balance sheets. Tax Matters We are a party to various tax matter proceedings incidental to our business. These proceedings are subject to inherent uncertainties, and unfavorable outcomes could subject us to additional tax liabilities and could materially adversely impact our business, results of operations or financial position. 19 Table of Contents Note 11. Shareholders' Equity Stock Compensation Plans Stock Options Stock option activity is reflected below: Shares Subject to Option Weighted- Average Exercise or Grant Price Per Share Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2025 16,479,169 $ 54.51 5 years $ 135 million Granted 2,018,200 65.13 Exercised (1) ( 2,039,161 ) 42.53 $ 46 million Canceled ( 376,116 ) 67.23 Balance at September 30, 2025 16,082,092 57.06 5 years $ 123 million (1) Cash received from options exercised was $ 14 million and $ 85 million in the three and nine months ended September 30, 2025, respectively. The excess income tax benefit from stock option exercises was $ 2 million and $ 7 million in the three and nine months ended September 30, 2025, respectively. Performance Share Units and Other Stock-Based Awards Our performance share unit ("PSU") and deferred stock unit ("DSU") activity is reflected below: Number of Shares Weighted-Average Fair Value Per Share (3) Weighted-Average Aggregate Fair Value Balance at January 1, 2025 4,536,574 $ 67.76 Units granted: Performance share units (1) 1,433,935 67.95 Deferred stock units 1,427,061 63.21 Total units granted (1) 2,860,996 65.59 $ 188 million Vested (1) (2) ( 1,460,425 ) 63.44 $ 93 million Forfeited ( 430,005 ) 69.48 Balance at September 30, 2025 5,507,140 67.64 (1) Includes incremental PSUs issued over target. (2) The income tax shortfall upon vesting of PSUs and DSUs was zero and $ 1 million in the three and nine months ended September 30, 2025, respectively. (3) The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, as long as the requisite service has been provided. Share Repurchase Program Effective January 1, 2025, our Board of Directors replaced our prior share repurchase program by approving a program authorizing the repurchase of up to $ 9.0 billion of our Common Stock through December 31, 2027. Repurchases under the program are determined by management and are wholly discretionary. During the nine months ended September 30, 2025, we repurchased approximately 31 million shares of Common Stock at an average cost of $ 59.00 per share, or an aggregate cost of approximately $ 1.8 billion, all of which was paid during the period. All share repurchases were funded through available cash and commercial paper issuances. As of September 30, 2025, we have approximately $ 7.2 billion in remaining share repurchase capacity. 20 Table of Contents Note 12. Accumulated Other Comprehensive Earnings/(Losses) The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International. Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net losses of $( 60 ) million and $( 71 ) million in the third quarter of 2025 and 2024, respectively, and $( 391 ) million and $( 50 ) million in the first nine months of 2025 and 2024, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Currency Translation Adjustments: Balance at beginning of period $ ( 10,149 ) $ ( 10,177 ) $ ( 11,017 ) $ ( 9,574 ) Currency translation adjustments ( 60 ) ( 18 ) 763 ( 608 ) Tax effect ( 20 ) 18 49 ( 3 ) Other comprehensive earnings/(losses) ( 80 ) — 812 ( 611 ) less: other comprehensive (earnings)/loss attributable to noncontrolling interests 1 ( 10 ) ( 23 ) ( 2 ) Balance at end of period ( 10,228 ) ( 10,187 ) ( 10,228 ) ( 10,187 ) Pension and Other Benefit Plans: Balance at beginning of period $ ( 1,343 ) $ ( 1,277 ) $ ( 1,402 ) $ ( 1,323 ) Net actuarial gain/(loss) arising during period 14 — ( 37 ) ( 6 ) Tax effect on net actuarial gain/(loss) 85 — 98 1 Losses/(gains) reclassified into net earnings: Amortization of net loss and prior service (1) 13 14 44 40 Settlement losses (1) 54 3 346 9 Tax expense/(benefit) on reclassifications (3) ( 17 ) ( 3 ) ( 99 ) ( 11 ) Currency impact 20 ( 66 ) ( 124 ) ( 39 ) Other comprehensive earnings/(losses) 169 ( 52 ) 228 ( 6 ) Balance at end of period ( 1,174 ) ( 1,329 ) ( 1,174 ) ( 1,329 ) Derivative Cash Flow Hedges: Balance at beginning of period $ ( 69 ) $ ( 61 ) $ ( 52 ) $ ( 49 ) Interest rate contracts gains/(losses) ( 2 ) 1 ( 1 ) ( 9 ) Cross-currency swap contracts gains/(losses) ( 9 ) ( 57 ) ( 95 ) ( 17 ) Other derivative gains/(losses) 5 ( 2 ) ( 7 ) ( 6 ) Tax effect on net derivative gain/(loss) 2 — — 6 Losses/(gains) reclassified into net earnings: Interest rate contracts (2) 1 1 4 7 Cross-currency swap contracts (2) 11 51 90 ( 2 ) Other derivative contracts (2) — — — 4 Tax expense/(benefit) on reclassifications (3) ( 2 ) 5 6 3 Currency impact 1 ( 1 ) ( 7 ) — Other comprehensive earnings/(losses) 7 ( 2 ) ( 10 ) ( 14 ) Balance at end of period ( 62 ) ( 63 ) ( 62 ) ( 63 ) Accumulated other comprehensive losses attributable to Mondelēz International: Balance at beginning of period $ ( 11,561 ) $ ( 11,515 ) $ ( 12,471 ) $ ( 10,946 ) Total other comprehensive earnings/(losses) 96 ( 54 ) 1,030 ( 631 ) less: other comprehensive (earnings)/loss attributable to noncontrolling interests 1 ( 10 ) ( 23 ) ( 2 ) Other comprehensive earnings/(losses) attributable to Mondelēz International 97 ( 64 ) 1,007 ( 633 ) Balance at end of period $ ( 11,464 ) $ ( 11,579 ) $ ( 11,464 ) $ ( 11,579 ) (1) These reclassified losses are included in net periodic benefit costs disclosed in Note 9, Benefit Plans . (2) These reclassified gains or losses are recorded within interest and other expense, net. (3) Taxes reclassified to earnings are recorded within the provision for income taxes. 21 Table of Contents Note 13. Restructuring Program In 2014, our Board of Directors approved a multi-year restructuring program ("Simplify to Grow Program") to reduce our operating cost structure in both supply chain and overhead costs. Total restructuring and implementation charges of $ 5.4 billion were incurred throughout the Simplify to Grow Program, which ended in December 2024. We recorded a net gain of $ 5 million and net restructuring charges of $ 40 million in the three and nine months ended September 30, 2024, respectively, and recorded implementation costs of $ 17 million and $ 40 million in the three and nine months ended September 30, 2024, respectively. The Simplify to Grow Program restructuring liability activity for the nine months ended September 30, 2025 was: Severance and related costs (in millions) Liability balance, January 1, 2025 $ 188 Payments ( 47 ) Currency and other 9 Liability balance, September 30, 2025 $ 150 The liability for restructuring charges is included within other current liabilities and other long-term liabilities. Note 14. Income Taxes Our effective tax rate was 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. 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. These benefits were partially offset by changes in our jurisdictional mix of earnings (including the impact of mark-to-market losses on commodity and foreign currency derivatives) as compared to the nine months ended September 30, 2024. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into U.S. law. This legislation contains numerous tax provisions, including an increase to the tax rate applied to income earned by our foreign subsidiaries, favorable changes to foreign tax credit calculation methodologies, and changes to the timing of certain tax deductions for qualifying depreciable assets, costs of research and development performed in the U.S. and interest expense. 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. 22 Table of Contents Note 15. Earnings per Share Basic and diluted earnings per share (EPS) were calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in millions, except per share data) Net earnings $ 746 $ 856 $ 1,797 $ 2,875 less: Noncontrolling interest earnings ( 3 ) ( 3 ) ( 11 ) ( 9 ) Net earnings attributable to Mondelēz International $ 743 $ 853 $ 1,786 $ 2,866 Weighted-average shares for basic EPS 1,293 1,339 1,296 1,343 plus: Dilutive effect of outstanding stock awards 3 5 4 6 Weighted-average shares for diluted EPS 1,296 1,344 1,300 1,349 Basic earnings per share attributable to Mondelēz International $ 0.57 $ 0.64 $ 1.38 $ 2.13 Diluted earnings per share attributable to Mondelēz International $ 0.57 $ 0.63 $ 1.37 $ 2.12 We exclude antidilutive Mondelēz International share-based payment awards from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options and performance share units of 8.1 million and 3.7 million for the three months ended September 30, 2025 and 2024, respectively, and 4.0 million and 3.3 million for the nine months ended September 30, 2025 and 2024, respectively. Note 16. Segment Reporting We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, cheese & grocery and powdered beverages. We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions. Our operations and management structure are organized into four operating segments: • Latin America • AMEA • Europe • North America Our Chief Operating Decision Maker ("CODM") is our Chief Executive Officer. Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segment. The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans. We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that our CODM reviews. Additionally, assets for reportable segments are not disclosed as such information is not regularly reviewed by the Company's CODM. 23 Table of Contents Our segment net revenue, significant segment expenses and operating income, by reportable segment were as follows: Three Months Ended September 30, 2025 (in millions) Latin America AMEA Europe North America Total Net revenues $ 1,238 $ 2,017 $ 3,674 $ 2,815 $ 9,744 Segment cost of sales ( 849 ) ( 1,379 ) ( 2,791 ) ( 1,766 ) ( 6,785 ) Segment selling, general and administrative expenses (1) ( 242 ) ( 439 ) ( 608 ) ( 502 ) ( 1,791 ) Segment operating income $ 147 $ 199 $ 275 $ 547 1,168 Mark-to-market losses from derivatives ( 348 ) General corporate expenses ( 44 ) Amortization of intangible assets ( 32 ) Operating income $ 744 Three Months Ended September 30, 2024 (in millions) Latin America AMEA Europe North America Total Net revenues $ 1,204 $ 1,851 $ 3,323 $ 2,826 $ 9,204 Segment cost of sales ( 780 ) ( 1,048 ) ( 2,002 ) ( 1,663 ) ( 5,493 ) Segment selling, general and administrative expenses (1) ( 299 ) ( 468 ) ( 716 ) ( 245 ) ( 1,728 ) Segment operating income $ 125 $ 335 $ 605 $ 918 1,983 Mark-to-market losses from derivatives ( 710 ) General corporate expenses ( 78 ) Amortization of intangible assets ( 40 ) Acquisition-related costs ( 2 ) Operating income $ 1,153 Nine Months Ended September 30, 2025 (in millions) Latin America AMEA Europe North America Total Net revenues $ 3,635 $ 5,854 $ 10,636 $ 7,916 $ 28,041 Segment cost of sales ( 2,471 ) ( 3,838 ) ( 7,675 ) ( 4,964 ) ( 18,948 ) Segment selling, general and administrative expenses (1) ( 745 ) ( 1,203 ) ( 1,710 ) ( 1,466 ) ( 5,124 ) Segment operating income $ 419 $ 813 $ 1,251 $ 1,486 3,969 Mark-to-market losses from derivatives ( 1,110 ) General corporate expenses ( 156 ) Amortization of intangible assets ( 107 ) Operating income $ 2,596 24 Table of Contents Nine Months Ended September 30, 2024 (in millions) Latin America AMEA Europe North America Total Net revenues $ 3,755 $ 5,388 $ 9,565 $ 8,129 $ 26,837 Segment cost of sales ( 2,446 ) ( 3,099 ) ( 5,868 ) ( 4,722 ) ( 16,135 ) Segment selling, general and administrative expenses (1) ( 883 ) ( 1,253 ) ( 1,951 ) ( 1,395 ) ( 5,482 ) Segment operating income $ 426 $ 1,036 $ 1,746 $ 2,012 5,220 Mark-to-market losses from derivatives ( 157 ) General corporate expenses ( 212 ) Amortization of intangible assets ( 115 ) Acquisition-related costs ( 2 ) Operating income $ 4,734 (1) SG&A for all reportable segments includes: Advertising & consumer expenses and overhead expenses. Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 (in millions) Depreciation expense (2) : Latin America $ 38 $ 38 $ 107 $ 115 AMEA 43 40 127 119 Europe 81 72 231 207 North America 44 50 132 130 Corporate 12 11 33 33 Total depreciation expense $ 218 $ 211 $ 630 $ 604 (2) Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the consolidated statements of cash flows for total depreciation and amortization expenses. Nine Months Ended September 30, 2025 2024 (in millions) Capital expenditures: Latin America $ ( 130 ) $ ( 138 ) AMEA ( 191 ) ( 206 ) Europe ( 354 ) ( 400 ) North America ( 195 ) ( 218 ) Corporate ( 11 ) ( 20 ) Total capital expenditures $ ( 881 ) $ ( 982 ) 25 Table of Contents Disaggregation of Net Revenue Net revenues by product category, reflecting our current segment structure for all periods presented, were: For the Three Months Ended September 30, 2025 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 286 $ 760 $ 1,308 $ 2,445 $ 4,799 Chocolate 352 807 1,806 111 3,076 Gum & Candy 396 243 153 259 1,051 Beverages 80 102 35 — 217 Cheese & Grocery 124 105 372 — 601 Total net revenues $ 1,238 $ 2,017 $ 3,674 $ 2,815 $ 9,744 For the Three Months Ended September 30, 2024 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 312 $ 661 $ 1,162 $ 2,470 $ 4,605 Chocolate 299 752 1,640 92 2,783 Gum & Candy 374 240 145 264 1,023 Beverages 104 105 28 — 237 Cheese & Grocery 115 93 348 — 556 Total net revenues $ 1,204 $ 1,851 $ 3,323 $ 2,826 $ 9,204 For the Nine Months Ended September 30, 2025 Latin America AMEA Europe North America Total (in millions) Biscuits $ 868 $ 2,182 $ 3,685 $ 6,970 $ 13,705 Chocolate 1,066 2,237 5,335 281 8,919 Gum & Candy 1,098 747 461 665 2,971 Beverages 255 388 98 — 741 Cheese & Grocery 348 300 1,057 — 1,705 Total net revenues $ 3,635 $ 5,854 $ 10,636 $ 7,916 $ 28,041 For the Nine Months Ended September 30, 2024 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 908 $ 1,865 $ 3,285 $ 7,203 $ 13,261 Chocolate 985 2,102 4,703 240 8,030 Gum & Candy 1,148 711 491 686 3,036 Beverages 348 418 90 — 856 Cheese & Grocery 366 292 996 — 1,654 Total net revenues $ 3,755 $ 5,388 $ 9,565 $ 8,129 $ 26,837 26 Table of Contents