What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-04-28 compared with 2025-10-28 · 185 added, 496 removed, 339 unchanged (67% of the section changed)

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Overview of Business and Strategy

Our core business is making and selling chocolate, biscuits and baked snacks, with additional businesses in adjacent, locally relevant categories including gum & candy, cheese & grocery and powdered beverages around the world.

Our core business is making and selling chocolate, biscuits and baked snacks, with additional businesses in adjacent, locally relevant categories including gum & candy, meals and beverages around the world.

We aim to be the global leader in snacking.

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We continue to observe significant market and geopolitical uncertainty, fluctuating consumer demand, inflationary pressures, supply constraints, trade and regulatory uncertainty and exchange rate volatility.

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, 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.

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

In particular, cocoa prices are lower compared to prior year but are expected to remain elevated 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.

While we have responded to elevated raw material costs with price increases for certain of our products, the elasticity impacts from those pricing increases have 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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As the current geopolitical environment remains unpredictable, we continue to monitor and evaluate the impact of proposed and enacted tariffs, including proposed and enacted retaliatory tariffs or other trade restrictions.

During the first quarter of 2026, the U.S.

Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were unlawful.

Over the period in which these tariffs were in effect, we paid approximately $20 million of tariffs under the IEEPA.

The timing and amount of any refunds of these tariffs remains uncertain at this stage.

As such, we have not recorded any anticipated IEEPA tariff refund as of March 31, 2026.

Additionally, the U.S.

administration has continued to impose new tariffs under other provisions in U.S.

trade law and will likely continue to do so in the future.

We are evaluating the potential impact of these developments as well as our ability to mitigate the impact, as they are expected to adversely impact our revenue and cost of goods sold.

If the provisions of certain proposed tariffs for which implementation is currently delayed are ultimately implemented as originally proposed, or if additional tariff actions are implemented, we would expect those adverse impacts on our business operations and financial performance to be significant.

If additional tariff actions are implemented, we would expect those adverse impacts on our business operations and financial performance to be significant.

For most products and materials imported to the United States from Mexico and Canada, we comply with the terms of the U.S.-Mexico-Canada Agreement and are therefore not subject to tariffs on most products and materials imported from those jurisdictions.

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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.

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

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.

We have suspended new capital investments and our advertising spending in Russia, but as a food company with more than 2,500 employees in the country, we have not ceased operations because we believe that we play a role in the continuity of the food supply.

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We continue to consolidate both our Ukrainian and Russian subsidiaries.

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.

During the first quarter of 2026, Ukraine generated 0.4% and Russia generated 3.1% of our consolidated net revenue.

We cannot predict if the recent strength in our Russian business will continue in the future.

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Developments in the Middle East

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 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.

On February 28, 2026, the United States and Israel launched military strikes on Iran and the situation remains highly uncertain.

Following the military strikes, we briefly stopped production within our manufacturing facility in Bahrain and that facility is now operating with reduced capacity.

As a result of this conflict, recent shipping disruptions in the Middle East and surrounding waterways have created logistical pressures, including impacts to the availability of certain shipping routes, resulting in increased shipping costs and time.

While we have taken actions to divert our shipping routes to minimize impacts on our business, we may not be able to fully mitigate the impact of higher shipping rates, longer shipping routes and other adverse impacts related to this conflict in certain AMEA markets.

However, to date, these developments have not had a material impact on our business, results of operations or financial condition.

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

During the first quarter of 2026, Middle Eastern countries impacted by the conflict generated approximately 1.0% of our consolidated net revenue.

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 September 30, 2025 as follows:

• Organic Net Revenue:

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 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 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 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 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 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.

Extreme pricing did not have a material impact on our non-GAAP financial measures for the three months ended March 31, 2026.

ERP System Implementation

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ERP System Implementation spending comprises both capital expenditures and operating expenses, of which a majority is expected to relate to operating expenses.

The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations.

The ERP System Implementation program will be implemented by region in several phases with spending occurring over the next four years, with expected completion by year-end 2028.

The operating expenses associated with the ERP System Implementation

represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations.

The ERP System Implementation program is being implemented by region in several phases with spending occurring over the next three years, with expected completion by year-end 2028.

Refer to Non-GAAP financial measures for additional information.

Acquisitions and Divestitures

During the fourth quarter of 2024 , we completed the acquisition of Evirth (Shanghai) Industrial Co., Ltd, a leading manufacturer of cakes and pastries in China.

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

Equity Method Investment Transactions

JDE Peet’s Transactions (Euronext Amsterdam:

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 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 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.

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 pretax settlement loss of $282 million as a component of net periodic pension cost in the second quarter of 2025.

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.

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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.

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.

On January 5, 2026, the OECD Inclusive Framework members approved changes to the model rules, including the introduction of a “side by side” rule which would exempt U.S.-parented companies from certain aspects of the global minimum tax regime.

The updated model rules will need to be incorporated into local tax legislation to be effective.

We do not expect the new rules to have a material impact on our consolidated financial statements.

Non-GAAP Financial Measures

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Our non-GAAP measures presented on a constant currency basis exclude the effects of currency translation rate changes and, beginning in the first quarter of 2024, extreme pricing increases in Argentina.

For additional information, refer to Extreme Price Growth in Argentin a.

For additional information, refer to Extreme Price Growth in Argentin a and Other Currency-Related Items .

We determine constant currency operating results by dividing or multiplying, as appropriate, the current-period local currency operating results by the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S.

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• “Organic Net Revenue” is defined as net revenues (the most comparable U.S.

GAAP financial measure) excluding, when they occur, the impacts of acquisitions, divestitures, short-term distributor agreements related to the sale of a business and currency-related items.

GAAP financial measure) excluding, when they occur, the impacts of acquisitions, divestitures and currency-related items.

We believe that Organic net revenue reflects the underlying growth from the ongoing activities of our business and provides improved comparability of results.

Organic Net Revenue growth is presented on a consolidated basis, for each of our segments and for our emerging markets and developed markets, and these underlying measures are also reconciled to the most comparable U.S.

GAAP financial measures above.

• Our emerging markets include our Latin America region in its entirety;

GAAP financial measures.

• Our emerging markets include the entire Latin America region;

the AMEA region, excluding Australia, New Zealand and Japan;

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Russia, Ukraine, Türkiye, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.

• Our developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the AMEA region.

• Our developed markets include the entire North America region;

the Europe region excluding the countries included in the emerging markets definition;

and Australia, New Zealand and Japan from the AMEA region.

• “Adjusted Operating Income” is defined as operating income (the most comparable U.S.

GAAP financial measure) excluding, when they occur, the impacts of the Simplify to Grow Program;

GAAP financial measure) excluding, when they occur, the impacts of:

restructuring charges;

gains or losses (including non-cash impairment charges) on goodwill and intangible assets;

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acquisition-related items;

operating results from short-term distributor agreements related to the sale of a business;

remeasurement of net monetary position of highly inflationary countries;

mark-to-market impacts from commodity and foreign currency derivative contracts economically hedging forecasted transactions;

impacts from resolution of indirect tax matters;

incremental costs due to the war in Ukraine;

impact from the European Commission legal matter;

the impact from pension participation changes;

and operating costs from the ERP System Implementation program.

resolution of tax matters;

incremental costs due to geopolitical conflicts and operating costs from the ERP System Implementation program.

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

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• “Adjusted EPS” is defined as diluted EPS attributable to Mondelēz International (the most comparable U.S.

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 marketable securities transactions;

initial impacts from enacted tax law changes;

and gains or losses on equity method investment transactions.

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 pension participation changes and gains or losses on equity method investment transactions.

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

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

We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance and trends.

These items are excluded from our non-GAAP earnings measures to better facilitate comparisons of our underlying operating performance across periods.

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For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

See Note 2026 2025

(in millions, except percentages)

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

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

Restructuring charges

Note 11 $ (47) $ 2

Mark-to-market losses from derivatives (1)

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Acquisition-related items

Note 2 (18) 326 11 247

Divestiture-related items

Note 2 — 2 7 (2)

Operating results from short-term distributor agreements

Incremental costs due to war in Ukraine

European Commission legal matter Note 10 — — — 3

Incremental costs due to geopolitical conflicts

ERP System Implementation costs

(41) (29) (111) (38)

Remeasurement of net monetary position Note 1 (5) (7)

Impact from pension participation changes

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)

Gain/(loss) on equity method investment transactions

Note 6 169 (4) 169 (669)

Pension participation changes

Initial impacts from enacted tax law changes (1) 2

Loss on equity method investment transactions

(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.

It comprises charges, such as severance, asset write-downs, and other costs of implementing that program, partially offset by gains on sales of assets disposed of in connection with the program.

The company completed its Simplify to Grow Program in the fourth quarter of 2024.

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.

Restructuring charges – Beginning in the fourth quarter of 2025, we initiated new restructuring actions to reduce our cost structure and streamline our operations.

The charges associated with those actions primarily relate to severance and other implementation costs.

We completed our previous Simplify to Grow Program in 2024.

Following the completion of that earlier restructuring program, any adjustments to the liabilities for previously recorded charges, which were immaterial for each period presented, continue to be reflected within this item.

Mark-to-market impacts from derivatives – 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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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.

Refer to Note 6, 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 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.

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

Divestitures may include sales of businesses, exits of major product lines upon completion of a sale or licensing agreement, or sales of equity method investments.

Divestiture-related costs include costs incurred in relation to the preparation and completion of divestiture transactions (including one-time costs such as severance related to the elimination of stranded costs) as well as costs incurred associated with publicly announced processes to sell businesses.

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.

In the second quarter of 2024, we fully resumed production at both facilities after completing targeted repairs.

Incremental costs incurred by the company related to the ongoing war in Ukraine primarily relate to asset write-downs, net of recoveries.

European commission legal matter – 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.

We reached a negotiated resolution to this matter in the second quarter of 2024.

We adjusted our accrual accordingly and fulfilled our payment obligation in August 2024.

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

Incremental costs due to geopolitical conflicts - Reflects impacts related to the ongoing conflicts in the Middle East and Ukraine.

Includes costs related to transportation surcharges, evacuation costs and committed compensation.

ERP System Implementation costs – In July 2024, our Board of Directors approved funding of $1.2 billion for a multi-year systems transformation program to upgrade our global ERP and supply chain systems, which is comprised of both capital expenditures and operating expenses, of which a majority is expected to be operating expenses.

The ERP System Implementation program will be implemented in several phases with spending occurring over the next four years, with expected completion by year-end 2028.

The ERP System Implementation program is being implemented by region in several phases with spending continuing over the next three years, with expected completion by year-end 2028.

These expenses include third-party consulting fees, direct labor costs associated with the program, accelerated depreciation of our existing SAP financial systems and various other expenses, all associated with the implementation of our information technology upgrades.

Remeasurement of net monetary position of highly inflationary countries – The company’s operations in Argentina, Türkiye, Egypt and Nigeria are currently accounted for as highly inflationary.

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 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.

Remeasurement of net monetary position of highly inflationary countries – Our operations in Argentina, Türkiye, Egypt and Nigeria are currently accounted for as highly inflationary.

We exclude remeasurement gains and losses of the monetary assets and liabilities of our 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 our non-GAAP earnings measures to facilitate comparisons of our underlying operating performance across periods.

Pension participation changes – Consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including settlement losses from the full or partial buy-out of our pension plans, 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.

Resolution of tax matters – Consists of the charges and credits related to unusual and significant indirect tax matters.

Due to the unique nature of these resolutions, we believe them to be infrequent and therefore exclude them 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.

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Summary of Results

• 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.

Net Revenues – increased 8.2% to $10.1 billion in the first quarter of 2026 as compared to the same period in the prior year.

Net revenue growth in the first quarter of 2026 was driven by higher net pricing and 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, partially offset by unfavorable volume/mix and lapping prior-year net revenue from a divestiture.

Organic Net Revenue – Organic Net Revenue, a non-GAAP financial measure, increased 3.0% to $9.6 billion in the first quarter of 2026 as compared to the same period in the prior year 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 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.

Diluted EPS – Diluted EPS attributable to Mondelēz International increased 41.9% to $0.44 in the first quarter of 2026 as compared to the same period in the prior year.

The increase was primarily driven by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives.

This favorable item was partially offset by a decrease in Adjusted EPS, higher restructuring charges and higher costs incurred for the ERP System Implementation program.

Adjusted EPS – Adjusted EPS, a non-GAAP financial measure, decreased 9.5% to $0.67 in the first quarter of 2026 as compared to the same period in the prior year.

On a constant currency basis, Adjusted EPS decreased 14.9% to $0.63 in the first quarter of 2026 as compared to the same period 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 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.

The decrease in Adjusted EPS was driven by operating declines and higher income taxes, partially offset by lower interest and other expense, favorable currency-related items and fewer shares outstanding.

Consolidated Results of Operations

Three Months Ended September 30

Three Months Ended March 31

For the Three Months Ended

September 30,

2026 2025 $ Change

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0.44 0.31 0.13 41.9 %

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.

Net Revenues – Net revenues increased $767 million (8.2%) to $10,080 million in the first quarter of 2026, and Organic Net Revenue (1) increased $279 million (3.0%) to $9,581 million.

Emerging markets net revenues increased 11.4% and emerging markets Organic Net Revenue increased 6.3% (1) .

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International

Three Months Ended September 30, 2025

Three Months Ended March 31, 2026

Reported (GAAP) $ 4,149 $ 5,931 $ 10,080

Acquisitions (87) — (87)

Currency-related items

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Organic (Non-GAAP) $ 3,956 $ 5,625 $ 9,581

Three Months Ended September 30, 2024

Three Months Ended March 31, 2025

Reported (GAAP) $ 3,723 $ 5,590 $ 9,313

No adjusting items

Divestitures — (11) (11)

Organic (Non-GAAP) $ 3,723 $ 5,579 $ 9,302

Reported (GAAP) 11.4 % 6.1 % 8.2 %

Acquisitions (2.4) — (1.0)

Divestitures — 0.2 0.2

Currency-related items

3 unchanged sentences

Pricing 5.8 2.0 3.5

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

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.

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

Net revenue increase of 8.2% was driven by our underlying Organic Net Revenue growth of 3.0% and favorable currency-related items, partially offset by lapping prior-year net revenue from a divestiture.

Organic Net Revenue growth was driven by higher net pricing, 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 nine months of 2025.

Higher net pricing was due to the benefit of carryover pricing from 2025 as well as the effects of input cost-driven pricing actions taken during 2026.

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.

Refer to Recent Developments and Significant Items Affecting Comparability for additional information.

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

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.

Unfavorable volume/mix was experienced in Europe, Latin America and North America, driven by volume declines reflecting pricing elasticity impacts in Europe and Latin America, as well as soft biscuits & baked snacks consumption in North America.

Currency-related items increased net revenues by $499 million, primarily driven by favorable currency translation rate changes, due to the strength of most currencies relative to the U.S.

dollar, including the euro, British pound sterling, Mexican peso, Brazilian real, Russian ruble, Australian dollar and Chinese yuan.

These favorable impacts were partially offset by the strength of the U.S.

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

Operating Income – Operating income increased $128 million (18.8%) to $808 million in the first quarter of 2026.

Adjusted Operating Income (1) decreased $192 million (14.0%) to $1,182 million and Adjusted Operating Income on a constant currency basis (1) decreased $261 million (19.0%) to $1,113 million due to the following:

For the Three Months Ended

September 30,

2026 2025 $ Change % Change

1 unchanged sentence

Operating Income $ 808 $ 680 $ 128 18.8 %

Simplify to Grow Program

Intangible asset impairment charges

Restructuring charges

Mark-to-market losses from derivatives

2 unchanged sentences

Divestiture-related items

Incremental costs due to geopolitical conflicts

ERP System Implementation costs

Remeasurement of net monetary position

Impact from resolution of tax matters

Adjusted Operating Income (1)

7 unchanged sentences

Unfavorable volume/mix (54)

Lower selling, general and administrative expenses

Impact from acquisitions

Higher selling, general and administrative expenses

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 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.

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

During the first quarter of 2026, 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 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, 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.

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.

While there were declines in cocoa market prices during the first quarter of 2026, those declines did not translate into lower costs due to our existing hedge positions and sales of higher cost inventory that we held at the beginning of the period, Higher raw material costs were also driven by higher packaging, edible oils, nuts, energy, dairy and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and grain costs.

Overall, unfavorable volume/mix was experienced in Europe, Latin America and North America, reflecting pricing elasticity impacts as well as biscuits & baked snacks category softness in North America.

Total selling, general and administrative expenses increased $205 million from the first quarter of 2025, which was net of several unfavorable factors noted in the table above, including in part, an unfavorable currency-related impacts to expenses and higher costs incurred for the ERP System Implementation program.

Excluding these factors, selling, general and administrative expenses increased $104 million from the first quarter of 2025.

The increase was driven primarily by higher advertising and consumer promotion costs and higher other selling, general and administration expenses.

Currency-related items increased operating income by $69 million due to favorable currency translation rate changes, as the impact of extreme pricing in Argentina was not material.

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.

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

dollar relative to several currencies, including the Swiss franc and Indian rupee.

Operating income margin increased from 7.3% in the first quarter of 2025 to 8.0% in the first quarter of 2026.

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, partially offset by lower Adjusted Operating Income margin, higher restructuring charges and higher costs incurred for the ERP System Implementation program.

Adjusted Operating Income margin decreased from 14.8% for the first quarter of 2025 to 11.7% for the first quarter of 2026.

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

Income Taxes – In the first quarter of 2026, our effective tax rate was 29.4% as compared to 28.3% in the first quarter of 2025.

The lower effective tax rate in the prior year was mainly driven by releases of liabilities for uncertain tax positions due to audit developments in the first quarter of 2025.

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $560 million increased by $158 million (39.3%) in the first quarter of 2026.

Diluted EPS attributable to Mondelēz International was $0.44 in the first quarter of 2026, up $0.13 (41.9%) from the first quarter of 2025.

Adjusted EPS (1) was $0.67 in the first quarter of 2026, down $0.07 (9.5%) from the first quarter of 2025.

Adjusted EPS on a constant currency basis (1) was $0.63 in the first quarter of 2026, down $0.11 (14.9%) from the first quarter of 2025.

For the Three Months Ended

September 30,

2026 2025 $ Change % Change

Diluted EPS attributable to Mondelēz International $ 0.44 $ 0.31 $ 0.13 41.9 %

Simplify to Grow Program

— 0.01 (0.01)

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

0.02 (0.18) 0.20

Divestiture-related items

— (0.03) 0.03

ERP System Implementation costs

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

Gain on equity method investment transactions

(0.13) — (0.13)

Adjusted EPS (1)

$ 0.73 $ 0.95 $ (0.22) (23.2) %

Currency-related items

(0.01) — (0.01)

Adjusted EPS (constant currency) (1)

$ 0.72 $ 0.95 $ (0.23) (24.2) %

Key Drivers of Adjusted EPS (constant currency) $ Change

Decrease in operations

Impact from acquisitions

Change in equity method investment net earnings 0.01

Change in income taxes

Change in shares outstanding

Total change in Adjusted EPS (constant currency) (1)

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

The tax expense/(benefit) of each of the pre-tax items excluded from our U.S.

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 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

(in millions, except per share data)

Net revenues $ 28,041 $ 26,837 $ 1,204 4.5 %

Operating income 2,596 4,734 (2,138) (45.2) %

Net earnings attributable to

Mondelēz International

1,786 2,866 (1,080) (37.7) %

Diluted earnings per share attributable to

Mondelēz International

1.37 2.12 (0.75) (35.4) %

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) .

Developed markets net revenues increased 3.0% and developed markets Organic Net Revenue increased 2.1% (1) .

The underlying changes in net revenues and Organic Net Revenue are detailed below:

Markets Developed

Markets Mondelēz

International

Nine Months Ended September 30, 2025

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

Acquisitions (288) — (288)

Currency-related items

296 (159) 137

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

Nine Months Ended September 30, 2024

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

Short-term distributor agreements

(3) (22) (25)

Organic (Non-GAAP) $ 10,520 $ 16,292 $ 26,812

Reported (GAAP) 6.8 % 3.0 % 4.5 %

Short-term distributor agreements

0.1 pp 0.1 pp 0.1 pp

Acquisitions (2.8) — (1.1)

Currency-related items

2.8 (1.0) 0.5

Organic (Non-GAAP) 6.9 % 2.1 % 4.0 %

Vol/Mix (3.2)pp (3.3)pp (3.2)pp

Pricing 10.1 5.4 7.2

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

Net revenue increase of 4.5% was driven by our underlying Organic Net Revenue growth of 4.0% and the impact of an acquisition, partially offset by unfavorable currency-related items 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 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 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.

Currency-related items decreased net revenues by $137 million, driven by unfavorable currency translation rate changes, partially offset by the impact of extreme pricing in Argentina.

Refer to Recent Developments and Significant Items Affecting Comparability for additional information.

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

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 Nine Months Ended

September 30,

2025 2024 $ Change % Change

(in millions)

Operating Income $ 2,596 $ 4,734 $ (2,138) (45.2) %

Simplify to Grow Program

Intangible asset impairment charges

Mark-to-market losses from derivatives

1,110 157 953

Acquisition-related items

(11) (247) 236

Divestiture-related items

Operating income from short-term distributor agreements

Incremental costs due to war in Ukraine

European Commission legal matter

ERP System Implementation costs

Remeasurement of net monetary position

Impact from resolution of tax matters

Adjusted Operating Income (1)

$ 3,829 $ 4,940 $ (1,111) (22.5) %

Currency-related items

Adjusted Operating Income (constant currency) (1)

$ 3,811 $ 4,940 $ (1,129) (22.9) %

Key Drivers of Adjusted Operating Income (constant currency) $ Change

Higher net pricing

Higher input costs

Unfavorable volume/mix (638)

Lower selling, general and administrative expenses

Impact from acquisition

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 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, 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 $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 $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 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

Diluted EPS attributable to Mondelēz International $ 1.37 $ 2.12 $ (0.75) (35.4) %

Simplify to Grow Program

(0.01) 0.05 (0.06)

Intangible asset impairment charges

0.02 0.08 (0.06)

Restructuring charges 0.03 — 0.03

Mark-to-market losses from derivatives

0.17 0.41 (0.24)

Acquisition-related items

0.01 (0.13) 0.14

Divestiture-related items

— (0.05) 0.05

ERP System Implementation costs

0.03 0.02 0.01

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)

(Gain)/loss on equity method investment transactions

(0.13) 0.50 (0.63)

Adjusted EPS (1)

6 unchanged sentences

Decrease in operations $ (0.14)

Impact from acquisitions

Change in benefit plan non-service income (0.01)

Change in interest and other expense, net 0.05

2 unchanged sentences

Total change in Adjusted EPS (constant currency) (1)

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

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

The tax expense/(benefit) of each of the pre-tax items excluded from our U.S.

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 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.

• For the three months ended March 31, 2026, taxes for the:

restructuring charges were $(9) million, mark-to-market losses from derivatives were $(59) million and ERP System Implementation program were $(13) million.

• For the three months ended March 31, 2025, taxes for the:

mark-to-market losses from derivatives were $(136) million and ERP System Implementation program were $(8) million.

Results of Operations by Reportable Segment

Our operations and management structure are organized into four operating segments:

Our operations and management structure are organized into four operating segments which are also our reportable segments:

• Latin America

2 unchanged sentences

Our regional management teams have responsibility for the business, product categories and financial results in the regions.

We use segment operating income to evaluate segment performance and allocate resources.

We believe it is appropriate to disclose this measure to help investors analyze segment performance and trends.

See Note 16, Segment Reporting, for additional information on our segments and Items Affecting Comparability of Financial Results earlier in this section for items affecting our segment operating results.

Refer to Note 14, Segment Reporting, for additional information on our segments and Items Affecting Comparability of Financial Results earlier in this section for items affecting our segment operating results.

Our reconciliation of segment net revenues and earnings to consolidated financial statement totals were:

For the Three Months Ended

September 30, For the Nine Months Ended

September 30,

2025 2024 2025 2024

(in millions)

7 unchanged sentences

Latin America $ 149 $ 139

AMEA 199 335 813 1,036

Europe 294 462

1 unchanged sentence

Mark-to-market losses from derivatives

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

General corporate expenses (46) (43)

Amortization of intangible assets (27) (37)

Acquisition-related costs

Gain on divestiture

Operating income $ 808 $ 680

1 unchanged sentence

For the Three Months Ended

September 30,

2026 2025 $ Change

2 unchanged sentences

Segment operating income 149 139 10 7.2 %

For the Nine Months Ended

September 30,

2025 2024 $ Change

(in millions)

Net revenues $ 3,635 $ 3,755 $ (120) (3.2) %

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

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 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).

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 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 $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.

Three Months Ended March 31:

Net revenues increased $145 million (12.1%), due to higher net pricing (8.1 pp) and a favorable impact of currency-related items (7.0 pp), partially offset by unfavorable volume/mix (3.0 pp).

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

Currency-related items were favorable primarily due to currency translation rate changes, reflecting the strength of most currencies relative to the U.S.

dollar, including the Mexican peso, Brazilian real and Colombian peso.

These favorable impacts were partially offset by the strength of the U.S.

dollar relative to a few currencies, primarily the Argentinean peso.

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

Overall, unfavorable volume/mix was driven by declines in all categories except gum.

Segment operating income increased $10 million (7.2%), primarily due to higher pricing, lower manufacturing costs driven by productivity and favorable currency translation rate changes.

These favorable items were partially offset by higher raw materials, unfavorable volume/mix, higher other selling, general and administrative expenses and higher costs incurred for the ERP System Implementation program.

For the Three Months Ended

September 30,

2026 2025 $ Change

2 unchanged sentences

Segment operating income 326 343 (17) (5.0) %

For the Nine Months Ended

September 30,

2025 2024 $ Change

(in millions)

Net revenues $ 5,854 $ 5,388 $ 466 8.6 %

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

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 $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, 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, 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.

Three Months Ended March 31:

Net revenues increased $288 million (14.3%), due to favorable volume/mix (5.8 pp), higher net pricing (5.5 pp) and favorable currency translation rate changes (3.0 pp).

Favorable volume/mix reflected volume growth in all categories except beverages.

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

Favorable currency translation impacts were due to the strength of most currencies in the region relative to the U.S.

dollar, including the Australian dollar, Chinese yuan, South African rand and the Malaysian ringgit, partially offset by the strength of a few currencies relative to the U.S.

dollar, primarily the Indian rupee.

Segment operating income decreased $17 million (5.0%), primarily due to higher raw material costs, higher advertising and consumer promotion costs and incremental costs due to geopolitical conflicts.

These unfavorable items were partially offset by higher net pricing, lower manufacturing costs driven by productivity, favorable volume/mix impact, favorable currency translation rate changes and lower acquisition-related items.

For the Three Months Ended

September 30,

2026 2025 $ Change

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Segment operating income 294 462 (168) (36.4) %

For the Nine Months Ended

September 30,

2025 2024 $ Change

(in millions)

Net revenues $ 10,636 $ 9,565 $ 1,071 11.2 %

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

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 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, 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 ).

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

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

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, gum and refreshment beverages, partially offset by gains in biscuits & baked snacks and cheese & grocery.

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.

Three Months Ended March 31:

Net revenues increased $321 million (9.0%), due to favorable currency translation rate changes (9.6 pp) and higher net pricing (2.6 pp), partially offset by unfavorable volume/mix (3.2pp).

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

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

dollar relative to a few currencies, primarily the Turkish lira.

Higher net pricing, driven by input cost-driven pricing actions, was reflected primarily in chocolate, biscuits & baked snacks, gum and candy.

Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts and was driven by declines in chocolate, candy and beverages, partially offset by gains in meals, biscuits & baked snacks and gum.

Segment operating income decreased $168 million (36.4%), primarily due to higher raw material costs, higher restructuring charges, unfavorable volume/mix and higher advertising and consumer promotion and other selling, general and administrative expenses.

These unfavorable items were partially offset by higher net pricing, favorable currency translation rate changes and by lower manufacturing costs driven by productivity.

North America

For the Three Months Ended

September 30,

2026 2025 $ Change

2 unchanged sentences

Segment operating income 384 485 (101) (20.8) %

For the Nine Months Ended

September 30,

2025 2024 $ Change

(in millions)

Net revenues $ 7,916 $ 8,129 $ (213) (2.6) %

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

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.

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 $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.

Three Months Ended March 31:

Net revenues increased $13 million (0.5%), due to higher net pricing (0.9 pp) and favorable currency translation rate changes (0.4 pp), partially offset by unfavorable volume/mix (0.4 pp) and lapping prior-year net revenue from a divestiture (0.4 pp).

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

Favorable currency translation rate changes were due to the strength of the Canadian dollar relative to the U.S.

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

Segment operating income decreased $101 million (20.8%), primarily due to higher raw material costs, unfavorable volume/mix, higher advertising and consumer promotions and other selling, general and administrative expenses, higher costs incurred for the ERP System Implementation program, unfavorable acquisition-related items reflecting a lower year-over-year benefit from contingent consideration adjustments related to Clif Bar.

These unfavorable items were partially offset by lower manufacturing costs due to productivity and higher net pricing.

Liquidity and Capital Resources

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Our most significant ongoing short-term cash requirements relate primarily to funding operations (including expenditures for raw materials, labor, manufacturing and distribution, trade and promotions, advertising and marketing, tax liabilities, benefit plan obligations and lease expenses) as well as periodic expenditures for acquisitions, shareholder returns (such as dividend payments and share repurchases), property, plant and equipment and any significant non-operating items.

Long-term cash requirements primarily relate to funding long-term debt repayments (refer to Note 7, Debt and Borrowing Arrangements ), our U.S.

tax reform transition tax liability and deferred taxes (refer to Note 16, Income Taxes, in our Annual Report on Form 10-K for the year ended December 31, 2024), our long-term benefit plan obligations (refer to Note 9, Benefit Plans, in Item 1 herein and Note 11 , Benefit Plans, in our Annual report on Form 10-K for the year ended December 31, 2024) and commodity-related purchase commitments and derivative contracts (refer to Note 8, Financial Instruments ).

Long-term cash requirements primarily relate to funding long-term debt repayments (refer to Note 5, Debt and Borrowing Arrangements ), deferred taxes (refer to Note 16, Income Taxes, in our Annual Report on Form 10-K for the year ended December 31, 2025), long-term benefit plan obligations (refer to Note 7, Benefit Plans, in Item 1 herein and Note 10 , Benefit Plans, in our Annual report on Form 10-K for the year ended December 31, 2025) and commodity-related purchase commitments and derivative contracts (refer to Note 6, Financial Instruments ).

We generally fund short- and long-term cash requirements with cash from operating activities as well as cash proceeds from short- and long-term debt financing (refer to Debt below).

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Our cash flow activity is noted below:

For the Nine Months Ended

September 30,

For the Three Months Ended

(in millions)

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Net Cash Provided by Operating Activities

The reduction in net cash provided by operating activities was primarily due to lower cash-basis net earnings, combined with higher year-over-year working capital movements.

The reduction in net cash provided by operating activities was primarily due to lower cash-basis net earnings, combined with unfavorable year-over-year working capital movements.

Net Cash Used in Investing Activities

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.

The increase in net cash used in investing activities was primarily driven by net payments for derivative settlements in the current year versus net proceeds in the prior year, and higher capital expenditures in the current year.

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 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 reduction in cash used in financing activities was primarily due to lower share repurchases in the current year, partially offset by higher debt repayments, lower proceeds from debt issuances and higher dividends paid in the first three months of 2026 compared to the same prior year period.

We paid dividends of $644 million in the first three months of 2026 and $623 million in the first three months of 2025.

The first quarter 2026 dividend of $0.50 per share, declared on February 12, 2026 for shareholders of record as of March 31, 2026, was paid on April 14, 2026.

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

As of March 31, 2026 and December 31, 2025, 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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At its December 2025 meeting, the Board of Directors approved a new $4 billion long-term financing authorization that replaced the prior long-term financing authorization of $4 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.

As of March 31, 2026, $4 billion of the long-term financing authorization remained available.

On April 10, 2026, we issued three Swiss franc-denominated notes with an aggregate principal amount of Fr.850 (USD $1,074 ) , which reduced our long-term financing authorization by a corresponding amount.

Our total debt was $21.0 billion as of March 31, 2026 and $21.2 billion as of December 31, 2025.

Our debt-to-capitalization ratio was 0.45 at March 31, 2026 and 0.45 at December 31, 2025.

At March 31, 2026, the weighted-average term of our outstanding long-term debt was 7.1 years.

Our average daily commercial paper borrowings outstanding were $3.4 billion in the first three months of 2026 and $1.7 billion in the first three months of 2025.

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

(“MIHN”), has outstanding debt.

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.

The operations held by MIHN generated approximately 76.2% (or $7.7 billion) of the $10.1 billion of consolidated net revenue for the three months ended March 31, 2026.

The operations held by MIHN represented approximately 97.7% (or $25.2 billion) of the $25.8 billion of consolidated net assets as of March 31, 2026.

Refer to Note 5, 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 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.

Other drivers of the increase in our aggregate commodity costs during the first three months of 2026 included higher packaging, edible oils, nuts, energy, dairy and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and grain 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, 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 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.

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 our profitability.

During the first three months of 2026, 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, cocoa costs are lower compared to prior year but are expected to remain elevated compared to historical levels 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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Additionally, our costs for major raw materials will not necessarily reflect market price fluctuations because of our forward purchasing and hedging practices.

For example, our hedging positions resulted in our current period costs not fully reflecting the decline in cocoa market prices during the first quarter of 2026.

Due to competitive or market conditions, planned trade or promotional incentives, fluctuations in currency exchange rates or other factors, our pricing actions may also lag commodity cost changes temporarily.

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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:

Important factors that could cause our actual results or performance to differ

materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following:

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

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• our investments and our ownership interests in those investments;

• restructuring actions and other transformation initiatives not yielding the anticipated benefits;

• changes in the assumptions on which restructuring actions or other transformation initiatives are based;

• the impact of climate change on our supply chain and operations;

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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