Mondelez International, Inc. 10-Q

Item 1. Financial Statements Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of U.S. dollars, except per share data) (Unaudited) For the Three Months Ended March 31, 2026 2025 Net revenues $ 10,080 $ 9,313 Cost of sales ( 7,277 ) ( 6,883 ) Gross profit 2,803 2,430 Selling, general and administrative expenses ( 1,916 ) ( 1,711 ) Asset impairments and exit costs ( 53 ) ( 2 ) Gain on divestiture 1 — Amortization of intangible assets ( 27 ) ( 37 ) Operating income 808 680 Benefit plan non-service income 31 18 Interest and other expense, net ( 64 ) ( 153 ) Earnings before income taxes 775 545 Income tax provision ( 228 ) ( 154 ) Loss on equity method investment transactions ( 3 ) — Equity method investment net earnings 20 16 Net earnings 564 407 less: Noncontrolling interest earnings ( 4 ) ( 5 ) Net earnings attributable to Mondelēz International $ 560 $ 402 Per share data: Basic earnings per share attributable to Mondelēz International $ 0.44 $ 0.31 Diluted earnings per share attributable to Mondelēz International $ 0.44 $ 0.31 See accompanying notes to the condensed consolidated financial statements. 1 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Earnings (in millions of U.S. dollars) (Unaudited) For the Three Months Ended March 31, 2026 2025 Net earnings $ 564 $ 407 Other comprehensive earnings/(losses), net of tax: Currency translation adjustment ( 75 ) 536 Pension and other benefit plans 36 ( 28 ) Derivative cash flow hedges ( 6 ) ( 9 ) Total other comprehensive earnings/(losses) ( 45 ) 499 Comprehensive earnings 519 906 less: Comprehensive earnings/(losses) attributable to noncontrolling interests ( 1 ) ( 12 ) Comprehensive earnings attributable to Mondelēz International $ 518 $ 894 See accompanying notes to the condensed consolidated financial statements. 2 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions of U.S. dollars, except share data) (Unaudited) March 31, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 1,524 $ 2,125 Trade receivables, less allowance ($ 31 and $ 35 , respectively) 4,397 3,903 Other receivables, less allowance ($ 35 and $ 35 , respectively) 985 955 Inventories 4,079 4,419 Other current assets 1,760 1,549 Total current assets 12,745 12,951 Property, plant and equipment, net 10,567 10,667 Operating lease right-of-use assets 725 731 Goodwill 24,226 24,336 Intangible assets, net 19,533 19,628 Prepaid pension assets 1,259 1,220 Deferred income taxes 316 336 Equity method investments 610 667 Other assets 1,141 951 TOTAL ASSETS $ 71,122 $ 71,487 LIABILITIES Short-term borrowings $ 2,881 $ 2,688 Current portion of long-term debt 2,675 1,295 Accounts payable 9,744 10,139 Accrued marketing 2,968 2,787 Accrued employment costs 865 1,000 Other current liabilities 4,368 3,955 Total current liabilities 23,501 21,864 Long-term debt 15,468 17,222 Long-term operating lease liabilities 598 599 Deferred income taxes 3,549 3,530 Accrued pension costs 389 422 Accrued postretirement health care costs 72 74 Other liabilities 1,741 1,885 TOTAL LIABILITIES 45,318 45,596 Commitments and Contingencies (Note 8) EQUITY Common Stock, no par value ( 5,000,000,000 shares authorized, 1,996,537,778 shares issued) — — Additional paid-in capital 32,276 32,322 Retained earnings 36,329 36,413 Accumulated other comprehensive losses ( 11,406 ) ( 11,364 ) Treasury stock, at cost ( 712,903,655 and 714,961,364 shares, respectively) ( 31,449 ) ( 31,533 ) Total Mondelēz International Shareholders’ Equity 25,750 25,838 Noncontrolling interest 54 53 TOTAL EQUITY 25,804 25,891 TOTAL LIABILITIES AND EQUITY $ 71,122 $ 71,487 See accompanying notes to the condensed consolidated financial statements. 3 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Equity (in millions of U.S. dollars, except per share data) (Unaudited) Mondelēz International Shareholders’ Equity Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Earnings/ (Losses) Treasury Stock Non-controlling Interest Total Equity Three Months Ended March 31, 2026 Balances at January 1, 2026 $ — $ 32,322 $ 36,413 $ ( 11,364 ) $ ( 31,533 ) $ 53 $ 25,891 Comprehensive earnings/(losses): Net earnings — — 560 — — 4 564 Other comprehensive earnings/(losses), net of income taxes — — — ( 42 ) — ( 3 ) ( 45 ) Exercise of stock options and issuance of other stock awards — ( 46 ) — — 84 — 38 Cash dividends declared ($ 0.500 per share) — — ( 644 ) — — — ( 644 ) Balances at March 31, 2026 $ — $ 32,276 $ 36,329 $ ( 11,406 ) $ ( 31,449 ) $ 54 $ 25,804 Three Months Ended March 31, 2025 Balances at January 1, 2025 $ — $ 32,276 $ 36,476 $ ( 12,471 ) $ ( 29,349 ) $ 26 $ 26,958 Comprehensive earnings/(losses): Net earnings — — 402 — — 5 407 Other comprehensive earnings/(losses), net of income taxes — — — 492 — 7 499 Exercise of stock options and issuance of other stock awards — ( 43 ) ( 4 ) — 86 — 39 Common Stock repurchased — — — — ( 1,469 ) — ( 1,469 ) Cash dividends declared ($ 0.470 per share) — — ( 611 ) — — — ( 611 ) Balances at March 31, 2025 $ — $ 32,233 $ 36,263 $ ( 11,979 ) $ ( 30,732 ) $ 38 $ 25,823 See accompanying notes to the condensed consolidated financial statements. 4 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in millions of U.S. dollars) (Unaudited) For the Three Months Ended March 31, 2026 2025 CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES Net earnings $ 564 $ 407 Adjustments to reconcile net earnings to operating cash flows: Depreciation and amortization 343 324 Stock-based compensation expense 29 18 Deferred income tax provision/(benefit) 8 ( 96 ) Asset impairments and accelerated depreciation 4 4 Gain on divestiture ( 1 ) — Loss on equity method investment transactions 3 — Equity method investment net earnings ( 20 ) ( 16 ) Distributions from equity method investments 43 44 Unrealized loss on derivative contracts 257 689 Contingent consideration adjustments ( 8 ) ( 12 ) Other non-cash items, net ( 36 ) 56 Change in assets and liabilities, net of acquisitions and divestitures: Receivables, net ( 728 ) ( 379 ) Inventories 314 ( 300 ) Accounts payable ( 320 ) 222 Other current assets ( 1 ) 196 Other current liabilities 83 ( 58 ) Change in pension and postretirement assets and liabilities, net ( 67 ) ( 7 ) Net cash provided by operating activities 467 1,092 CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES Capital expenditures ( 312 ) ( 277 ) Acquisitions, net of cash received — ( 15 ) Proceeds from divestitures 1 4 Proceeds from derivative settlements 52 14 Payments for derivative settlements ( 179 ) — Proceeds from investments 16 22 Proceeds from sales of property, plant and equipment and other — 1 Net cash used in investing activities ( 422 ) ( 251 ) CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES Issuances of commercial paper, maturities greater than 90 days 586 — Net (repayment)/issuance of short-term borrowings ( 368 ) 1,841 Long-term debt repayments ( 262 ) ( 453 ) Repurchases of Common Stock — ( 1,522 ) Dividends paid ( 644 ) ( 623 ) Other 84 53 Net cash used in financing activities ( 604 ) ( 704 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 5 ) 88 Cash, cash equivalents and restricted cash: (Decrease)/increase ( 564 ) 225 Balance at beginning of period 2,195 1,400 Balance at end of period $ 1,631 $ 1,625 See accompanying notes to the condensed consolidated financial statements. 5 Table of Contents Mondelēz International, Inc. and Subsidiaries Notes to Condensed Consolidated Financial Statements (Unaudited) Note 1. Basis of Presentation Our interim condensed consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted. It is management’s opinion that these financial statements include all normal and recurring adjustments necessary for a fair presentation of our results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results. For a complete set of consolidated financial statements and related notes, refer to our Annual Report on Form 10-K for the year ended December 31, 2025. Principles of Consolidation The condensed consolidated financial statements include Mondelēz International, Inc. as well as our wholly owned and majority owned subsidiaries, except our Venezuelan subsidiaries that were deconsolidated in 2015. All intercompany transactions are eliminated. The noncontrolling interest represents the noncontrolling investors' interests in the results of subsidiaries that we control and consolidate. We account for investments in common stock or in-substance common stock over which we exercise significant influence under the equity method of accounting. Highly Inflationary Accounting As of March 31, 2026, our consolidated entities in Argentina, Türkiye, Egypt and Nigeria are operating in highly inflationary economies and represent 1.2 %, 0.5 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended March 31, 2026. The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $( 5 ) million and $( 7 ) million for the three months ended March 31, 2026 and 2025, respectively. Given the continued volatility of these currencies, impacts to our financial statements in future periods could be significantly different from historical levels. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include demand deposits with banks and all highly liquid investments with original maturities of three months or less. Restricted cash primarily includes cash held on behalf of financial institutions in accordance with accounts receivable factoring arrangements and letters of credit arrangements with legally restricted cash collateral provisions. Restricted cash is recorded within other current assets and was $ 107 million as of March 31, 2026 and $ 70 million as of December 31, 2025. Total cash, cash equivalents and restricted cash was $ 1,631 million as of March 31, 2026 and $ 2,195 million as of December 31, 2025. Allowances for Credit Losses Changes in allowances for credit losses consisted of: Allowance for Trade Receivables Allowance for Other Current Receivables Allowance for Long-Term Receivables (in millions) Balance at January 1, 2026 $ ( 35 ) $ ( 35 ) $ ( 18 ) Net recovery for expected credit losses 3 1 — Currency and other 1 ( 1 ) — Balance at March 31, 2026 $ ( 31 ) $ ( 35 ) $ ( 18 ) Transfers of Financial Assets The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 892 million as of March 31, 2026 and $ 674 million as of December 31, 2025. The incremental costs of factoring receivables under these arrangements were recorded in selling, general and administrative expenses in the condensed consolidated statements of earnings and were not material for all periods presented. The proceeds from the sales of receivables are included in cash from operating activities in the condensed consolidated statements of cash flows. 6 Table of Contents Non-Cash Lease Transactions We recorded $ 47 million in operating lease and $ 43 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2026 and $ 38 million in operating lease and $ 51 million in finance lease right-of-use assets obtained in exchange for lease obligations during the three months ended March 31, 2025. Supply Chain Financing As part of our continued efforts to improve our working capital efficiency, we have worked with our suppliers over the past several years to optimize our terms and conditions, which include the extension of payment terms. We also facilitate voluntary supply chain financing (“SCF”) programs through several participating financial institutions. Amounts due to our suppliers that elected to participate in the SCF program are included in accounts payable in our condensed consolidated balance sheets . Our outstanding obligations confirmed as valid under our SCF program are $ 3.3 billion and $ 3.6 billion as of March 31, 2026 and December 31, 2025, respectively. New Accounting Pronouncements - Adopted In July 2025, the FASB issued an ASU which introduces a practical expedient that allows entities to measure expected credit losses on current accounts receivable and current contract assets by assuming that the conditions existing at the balance sheet date remain unchanged over the remaining life of those assets. The guidance is intended to simplify the application of the current expected credit loss model by reducing the need to develop forward-looking forecasts for short-term trade receivables. We adopted the practical expedient on a prospective basis during the quarter ended March 31, 2026 and the impact on our consolidated financial statements was not material. New Accounting Pronouncements - Not Yet Adopted In November 2024, the FASB issued an ASU that will require incremental disclosures in the notes to the financial statements to disaggregate income statement expense line items into specified expense categories and to provide additional information about certain expenses. The ASU is effective for the first annual reporting period beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The guidance may be applied either on a prospective or retrospective basis. We currently expect to adopt the guidance when it becomes effective, for our annual reporting for the year ending December 31, 2027 and for our interim reporting in the first quarter of 2028. We are currently assessing the impact on our consolidated financial statements and related disclosures, as well as whether we will adopt the guidance on a prospective or retrospective basis. In September 2025, the FASB issued an ASU that refines the scope of derivative accounting by introducing a new exception for contracts whose underlyings are based on the operations or activities of one of the parties among other updates. The ASU is effective for interim and annual periods beginning after December 15, 2026, with early adoption permitted. The guidance may be applied either on a prospective or modified retrospective basis. We do not expect this ASU to have a material impact on our consolidated financial statements and related disclosures. In September 2025, the FASB issued an ASU that improves the accounting for internal-use software by replacing the previous capitalization guidance, which focused on a project's stage of development, with a principles-based "probable-to-complete" recognition threshold. The ASU is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The guidance may be applied on a prospective or retrospective basis. We are currently assessing the impact on our consolidated financial statements and related disclosures. In December 2025, the FASB issued an ASU that establishes accounting guidance for government grants received by a business entity, including grants related to an asset and grants related to income. The ASU is effective for interim and annual periods beginning after December 15, 2028, with early adoption permitted. The guidance may be applied on a modified prospective, modified retrospective or retrospective basis. We are currently assessing the impact on our consolidated financial statements and related disclosures. 7 Table of Contents Note 2. Inventories Inventories consisted of the following: As of March 31, 2026 As of December 31, 2025 (in millions) Raw materials $ 981 $ 1,015 Finished product 3,098 3,404 Inventories $ 4,079 $ 4,419 Note 3. Property, Plant and Equipment Property, plant and equipment consisted of the following: As of March 31, 2026 As of December 31, 2025 (in millions) Land and land improvements $ 401 $ 404 Buildings and building improvements 3,957 3,963 Machinery and equipment 14,700 14,610 Construction in progress 991 1,085 20,049 20,062 Accumulated depreciation ( 9,482 ) ( 9,395 ) Property, plant and equipment, net $ 10,567 $ 10,667 For the three months ended March 31, 2026, capital expenditures of $ 312 million excluded $ 392 million of accrued capital expenditures remaining unpaid at March 31, 2026 and included payment for a portion of the $ 481 million of capital expenditures that were accrued and unpaid at December 31, 2025. For the three months ended March 31, 2025, capital expenditures of $ 277 million excluded $ 397 million of accrued capital expenditures remaining unpaid at March 31, 2025 and included payment for a portion of the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024. 8 Table of Contents Note 4. Goodwill and Intangible Assets Goodwill Changes in goodwill consisted of: Latin America AMEA Europe North America Total (in millions) Balance at December 31, 2025 $ 1,500 $ 3,128 $ 8,884 $ 10,824 $ 24,336 Currency 23 11 ( 134 ) ( 10 ) ( 110 ) Balance at March 31, 2026 $ 1,523 $ 3,139 $ 8,750 $ 10,814 $ 24,226 Intangible Assets Intangible assets consisted of the following: As of March 31, 2026 As of December 31, 2025 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount (in millions) Indefinite-life intangible assets $ 18,577 $ — $ 18,577 $ 18,647 $ — $ 18,647 Definite-life intangible assets 3,461 ( 2,505 ) 956 3,477 ( 2,496 ) 981 Total $ 22,038 $ ( 2,505 ) $ 19,533 $ 22,124 $ ( 2,496 ) $ 19,628 Indefinite-life intangible assets consist principally of brand names purchased through our acquisitions of Nabisco Holdings Corp., the global LU biscuit business of Groupe Danone S.A., Cadbury Limited and Clif Bar. Definite-life intangible assets consist primarily of customer-related intangibles, process technology and trademarks. The weighted-average amortization period for our definite-life intangible assets is approximately 16 years, which is primarily driven by recently acquired customer-related intangibles. Amortization expense for definite-life intangible assets was $ 27 million and $ 37 million for the three months ended March 31, 2026 and 2025, respectively. Impairment Assessments We test our reporting units and indefinite-life intangible assets for impairment annually as of July 1, or more frequently if events or circumstances indicate it is more likely than not that the fair value of a reporting unit or brand is less than its carrying amount. During the first quarter of 2026, we evaluated our goodwill impairment risk and intangible asset impairment risk through an assessment of potential triggering events. We considered qualitative and quantitative information in our assessment and concluded there were no impairment indicators. During our 2025 annual impairment test, we recognized impairment charges of $ 33 million related to two biscuit brands in the Europe segment, one biscuit brand in the AMEA segment and one candy brand in the Latin America segment. Including the four brand intangibles for which we recognized impairments in 2025, we identified five brand intangibles, as part of our annual test, for which fair value exceeded book value by less than 10%. The aggregate carrying value of those five brand intangibles was $ 1.5 billion as of March 31, 2026. We are closely monitoring the performance of those brands and if there are adverse changes to the related sales and earnings forecasts in the future, whether caused by business-specific or broader macroeconomic factors, one or more of those indefinite-life intangible assets could become impaired. 9 Table of Contents Note 5. Debt and Borrowing Arrangements Short-Term Borrowings Our short-term borrowings and related weighted-average interest rates consisted of: As of March 31, 2026 As of December 31, 2025 Amount Outstanding Weighted- Average Rate Amount Outstanding Weighted- Average Rate (in millions, except percentages) Commercial paper $ 2,805 2.9 % $ 2,614 3.5 % Bank loans 76 14.1 % 74 7.7 % Total short-term borrowings $ 2,881 $ 2,688 Our uncommitted and committed credit facilities available include: As of March 31, 2026 As of December 31, 2025 Facility Amount Borrowed Amount Facility Amount Borrowed Amount (in millions) Uncommitted credit facilities $ 867 $ 76 $ 882 $ 71 Credit facilities (1) : February 18, 2026 — — 1,500 — February 17, 2027 1,500 — — — February 19, 2030 4,500 — 4,500 — (1) On February 18, 2026, our $ 1.5 billion 364-day senior unsecured revolving credit agreement dated as of February 19, 2025 expired and we entered into a $ 1.5 billion 364-day senior unsecured revolving credit agreement that will expire on February 17, 2027. We maintain senior unsecured revolving credit facilities for general corporate purposes, including working capital needs, and to support our commercial paper program. The revolving credit agreements include a covenant that we maintain a minimum shareholders' equity of at least $ 25.0 billion, excluding accumulated other comprehensive earnings/(losses), the cumulative effects of any changes in accounting principles and earnings/(losses) recognized in connection with any mark-to-market accounting for pensions and other retirement plans. At March 31, 2026, we complied with this covenant. The revolving credit facility also contains customary representations, covenants and events of default. There are no credit rating triggers, provisions or other financial covenants that could require us to post collateral as security. Debt Repayments During the three months ended March 31, 2026, we repaid the following notes (in millions): Interest Rate Maturity Date Amount USD Equivalent 3.625 % February 2026 $ 222 $ 222 During the three months ended March 31, 2025, we repaid the following notes (in millions): Interest Rate Maturity Date Amount USD Equivalent 3.250 % March 2025 C$ 600 $ 417 Debt Issuances During the three months ended March 31, 2026 and 2025, respectively, we did no t complete any debt issuances. On April 10, 2026, we issued the following notes (in millions): Interest Rate Maturity Date Principal Amount Principal Amount USD Equivalent 0.958 % April 2029 Fr. 325 $ 411 1.271 % November 2032 Fr. 245 $ 309 1.625 % April 2036 Fr. 280 $ 354 10 Table of Contents Fair Value of Our Debt The fair value of our short-term borrowings reflects current market interest rates and approximates the amounts we have recorded on our condensed consolidated balance sheets. The fair value of our long-term debt, excluding finance lease obligations, was determined using quoted prices in active markets (Level 1 valuation data). As of March 31, 2026 As of December 31, 2025 (in millions) Fair Value $ 19,220 $ 19,553 Carrying Value $ 21,024 $ 21,205 Interest and Other Expense, net Interest and other expense, net consisted of: For the Three Months Ended March 31, 2026 2025 (in millions) Interest expense $ 148 $ 137 Other (income)/expense, net ( 84 ) 16 Interest and other expense, net $ 64 $ 153 Other (income)/expense, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency derivative contracts, interest income and other non-operating items. Refer to Note 6, Financial Instruments for additional information about our hedging activities. 11 Table of Contents Note 6. Financial Instruments Derivatives and Hedging Activities Derivative instruments and corresponding hedge type were recorded at fair value in the condensed consolidated balance sheets as follows: As of March 31, 2026 As of December 31, 2025 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Type of Hedge (1) (in millions) Derivatives designated as accounting hedges (2) : Foreign currency contracts NIH $ 7 $ 152 $ 3 $ 300 Interest rate contracts CF/FV 2 15 1 3 Cross-currency swap contracts CF/NIH 255 345 238 370 $ 264 $ 512 $ 242 $ 673 Derivatives not designated as accounting hedges: Foreign currency contracts $ 209 $ 220 $ 161 $ 182 Commodity contracts 715 1,500 422 924 Interest rate contracts 1 — 1 1 $ 925 $ 1,720 $ 584 $ 1,107 Total fair value $ 1,189 $ 2,232 $ 826 $ 1,780 (1) Derivative contracts designated as either cash flow ("CF"), fair value ("FV") or net investment hedging ("NIH") instruments. (2) We designate some of our non-U.S. dollar denominated debt to hedge a portion of our net investments in our non-U.S. operations. This debt is not reflected in the table above, but is included in long-term debt discussed in Note 5, Debt and Borrowing Arrangements . Non-U.S. dollar denominated debt designated as net investment hedges is also disclosed in the Notional Amounts of Derivatives and Other Hedging Instruments table and the Hedges of Net Investments in International Operations section appearing later in this footnote. We recorded the fair value of our derivative instruments in the condensed consolidated balance sheets as follows: As of March 31, 2026 As of December 31, 2025 (in millions) Other current assets $ 868 $ 664 Other assets 321 162 Other current liabilities 1,916 1,328 Other liabilities 316 452 Certain exchange-traded commodity contracts require us to receive from or pay to a broker an amount of cash related to the daily fluctuation in value of the futures contract. Such cash collateral held or placed is known as variation margin and is recorded as other current assets and liabilities. The net asset variation margin balances for futures contracts were $ 318 million and $ 364 million as of March 31, 2026 and December 31, 2025, respectively. These balances are excluded from the table above. Our over-the-counter ("OTC") derivative transactions are governed by International Swaps and Derivatives Association agreements and other standard industry contracts. Under these agreements, we do not post nor require collateral from our counterparties. The majority of our derivative contracts do not have a legal right of set-off. We manage the credit risk in connection with these and all our derivatives by entering into transactions with counterparties with investment grade credit ratings, limiting the amount of exposure with each counterparty and monitoring the financial condition of our counterparties. 12 Table of Contents Fair Value Measurements of Derivative Instruments Level 1 fair value measurements use quoted prices in active markets for identical assets or liabilities. Level 1 financial assets and liabilities consist of exchange-traded commodity futures and listed options. The fair value of these instruments is determined based on quoted market prices on commodity exchanges. Level 2 fair value measurements use quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or model-based valuations in which significant inputs are observable in the market. Level 2 financial assets and liabilities consist primarily of OTC foreign currency forwards, options and swaps; OTC commodity options; interest rate swaps; and cross-currency swaps. Commodity derivatives are valued using an income approach based on the observable market commodity index prices less the contract rate multiplied by the notional amount or based on pricing models that rely on market observable inputs such as commodity prices. Our calculation of the fair value of foreign currency contracts, interest rate swaps, and cross-currency swaps is derived from a discounted cash flow model based on the terms of the contract and the observable market inputs such as interest rate curves and forward rates. Our calculation of the fair value of financial instruments takes into consideration the risk of nonperformance, including counterparty credit risk. Level 3 fair value measurements use significant unobservable inputs and include the use of judgment by management about the assumptions market participants would use in pricing the asset or liability. The fair value measurements (asset/(liability)) of our derivative instruments were classified in the fair value hierarchy as follows: As of March 31, 2026 Total Fair Value of Net Asset/(Liability) Quoted Prices in Active Markets for Identical Assets/(Liabilities) (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Foreign currency contracts $ ( 156 ) $ — $ ( 156 ) $ — Commodity contracts ( 785 ) ( 198 ) ( 587 ) — Interest rate contracts ( 12 ) — ( 12 ) — Cross-currency swap contracts ( 90 ) — ( 90 ) — Total derivatives $ ( 1,043 ) $ ( 198 ) $ ( 845 ) $ — As of December 31, 2025 Total Fair Value of Net Asset/(Liability) Quoted Prices in Active Markets for Identical Assets/(Liabilities) (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (in millions) Foreign currency contracts $ ( 318 ) $ — $ ( 318 ) $ — Commodity contracts ( 502 ) ( 188 ) ( 314 ) — Interest rate contracts ( 2 ) — ( 2 ) — Cross-currency swap contracts ( 132 ) — ( 132 ) — Total derivatives $ ( 954 ) $ ( 188 ) $ ( 766 ) $ — 13 Table of Contents Notional Amounts of Derivatives and Other Hedging Instruments The gross notional values of our derivative instruments, as well as non-U.S. dollar debt designated as net investment hedging instruments, were: Notional Amount As of March 31, 2026 As of December 31, 2025 (in millions) Foreign currency contracts $ 18,220 $ 19,853 Commodity contracts 9,820 14,463 Interest rate contracts 3,149 1,932 Cross-currency swap contracts 9,949 6,912 Non-U.S. dollar debt designated as net investment hedges: Euro notes 3,680 3,741 Canadian dollar notes 467 474 Cash Flow Hedges Our derivative instruments designated as cash flow hedges include interest rate swaps and cross-currency swaps. As of March 31, 2026, the aggregate notional value of those derivatives was $ 2.1 billion. Cash flow hedge activity, net of taxes, is recorded within accumulated other comprehensive earnings/(losses) and reclassified to earnings in the periods in which the hedged item affects earnings. Refer to Note 10, Accumulated Other Comprehensive Earnings/(Losses) for additional information on current period activity. Based on current market conditions, $ 4 million of losses, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of March 31, 2026 are expected to be recognized into earnings during the next 12 months. As of March 31, 2026, our longest dated cash flow hedge was a cross-currency swap that hedges currency exchange risk on certain debt denominated in a different currency than the functional currency of the borrowing entity over the next 10 years. Fair Value Hedges Our derivative instruments designated as fair value hedges include interest rate swaps. As of March 31, 2026, the aggregate notional value of those derivatives was $ 1.6 billion. Fair value hedge pre-tax gains/(losses) recorded within interest and other expense, net were: For the Three Months Ended March 31, 2026 2025 (in millions) Interest rate contracts Hedged items $ 9 $ — Hedging derivatives ( 9 ) — Net impact of fair value hedges $ — $ — Amounts recorded in our condensed consolidated balance sheets related to hedged items in fair value hedging relationships were: Carrying Amount of the Hedged Items Cumulative Fair Value Hedging Adjustments As of March 31, 2026 As of December 31, 2025 As of March 31, 2026 As of December 31, 2025 (in millions) Long-term debt $ 1,602 $ — $ ( 9 ) $ — 14 Table of Contents Hedges of Net Investments in International Operations Derivative contracts designated as net investment hedges Our derivative instruments designated as net investment hedges include foreign currency contracts and cross-currency swaps. As of March 31, 2026, the aggregate notional value of those derivatives was $ 10.1 billion. Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were: For the Three Months Ended March 31, 2026 2025 (in millions) Gain/(loss) on NIH contracts (1) Foreign currency contracts $ 19 $ ( 61 ) Cross-currency swap contracts 111 ( 140 ) Total $ 130 $ ( 201 ) Amounts excluded from the assessment of hedge effectiveness (2) Foreign currency contracts $ 27 $ 14 Cross-currency swap contracts 40 43 Total $ 67 $ 57 (1) Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses). (2) We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net. Non-U.S. dollar debt designated as net investment hedges Pre-tax gains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were: For the Three Months Ended March 31, 2026 2025 (in millions) Euro notes $ 61 $ ( 147 ) Swiss franc notes — ( 6 ) Canadian dollar notes 7 — Total $ 68 $ ( 153 ) 15 Table of Contents Derivatives Not Designated as Accounting Hedges Pre-tax gains/(losses) recorded in net earnings for economic hedges were: For the Three Months Ended March 31, 2026 2025 (in millions) Foreign currency contracts: Cost of sales $ ( 42 ) $ ( 131 ) Interest and other expense, net ( 40 ) 90 Commodity contracts - Cost of sales ( 486 ) ( 409 ) Interest rate contracts - Interest and other expense, net ( 9 ) — Total $ ( 577 ) $ ( 450 ) Fair Value of Contingent Consideration Contingent consideration liabilities, which reflect earn-out arrangements from business combinations, are recorded at fair value each period, with changes in fair value reported in earnings. The fair values of our contingent consideration liabilities were $ 143 million and $ 149 million as of March 31, 2026 and December 31, 2025, respectively. Contingent consideration liabilities are primarily recorded in other liabilities in the condensed consolidated balance sheets and changes in their fair values are primarily recorded in selling, general and administrative expenses in the condensed consolidated statements of earnings. The estimated fair values of our contingent consideration liabilities were primarily determined using Monte Carlo simulations. Significant assumptions used in assessing the fair value of the liabilities include financial projections for net revenue, gross profit and EBITDA, as well as discount and volatility rates. Fair value measurements of contingent consideration liabilities are classified as Level 3 in the fair value hierarchy because they use significant unobservable inputs. Contingent consideration liabilities include an earn-out arrangement related to the acquisition of Clif Bar & Company (“Clif Bar”) in 2022. The possible payments under that arrangement range from zero to a maximum total of $ 2.4 billion, with higher payouts requiring the achievement of targets that generate rates of returns in excess of our base financial projections for the business. The following is a summary of our contingent consideration liability activity: For the Three Months Ended March 31, 2026 2025 (in millions) Liability at beginning of period $ 149 $ 179 Changes in fair value ( 8 ) ( 12 ) Currency 2 — Liability at end of period $ 143 $ 167 16 Table of Contents Note 7. Benefit Plans Pension Plans Components of Net Periodic Pension (Benefit)/Cost Net periodic pension (benefit)/cost consisted of the following: U.S. Plans Non-U.S. Plans For the Three Months Ended March 31, For the Three Months Ended March 31, 2026 2025 2026 2025 (in millions) Service cost $ 1 $ 1 $ 16 $ 15 Interest cost 3 9 67 69 Expected return on plan assets ( 5 ) ( 13 ) ( 109 ) ( 104 ) Amortization of net loss and prior service cost 1 — 18 17 Settlement (gains)/losses ( 3 ) 4 — — Net periodic pension (benefit)/cost $ ( 3 ) $ 1 $ ( 8 ) $ ( 3 ) Employer Contributions During the three months ended March 31, 2026, we contributed $ 2 million and $ 30 million to our U.S. and non-U.S. pension plans, respectively. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability. As of March 31, 2026, we plan to make no further contributions to our U.S. plans and further contributions of approximately $ 47 million to our non-U.S. plans for the remainder of 2026. However, our actual contributions may be different due to many factors, including changes in tax and other benefit laws, significant differences between expected and actual pension asset performance or changes in interest rates. Multiemployer Pension Plans On July 11, 2019, we received a withdrawal liability assessment from the Bakery and Confectionery Union and the Industry International Pension Fund requiring pro-rata monthly payments over 20 years and we recorded a discounted liability of $ 491 million at that time. In connection with the discounted long-term liability, we recorded accreted interest of $ 2 million for both the three months ended March 31, 2026 and 2025 within interest and other expense, net in the condensed consolidated statements of earnings. As of March 31, 2026, the remaining discounted withdrawal liability was $ 289 million, with $ 16 million recorded in other current liabilities and $ 273 million recorded in other liabilities in the condensed consolidated balance sheets. Postretirement and Postemployment Benefit Plans Net periodic postretirement benefit was $ 5 million and $ 3 million for the three months ended March 31, 2026 and 2025, respectively. Net periodic postemployment cost was $ 4 million and $ 5 million for the three months ended March 31, 2026 and 2025, respectively. 17 Table of Contents Note 8. Commitments and Contingencies Legal Proceedings We routinely are involved in various pending or threatened legal proceedings, claims, disputes, regulatory matters and governmental inquiries, inspections or investigations arising in the ordinary course of or incidental to our business, including those noted below in this section. We record provisions in the consolidated financial statements for pending legal matters when we determine that an unfavorable outcome is probable, and the amount of the loss can be reasonably estimated. For matters we have not provided for that are reasonably possible to result in an unfavorable outcome, management is unable to estimate the possible loss or range of loss or such amounts have been determined to be immaterial. At present we believe that the ultimate outcome of these legal proceedings and regulatory and governmental matters, individually and in the aggregate, will not materially harm our financial position, results of operations or cash flows. However, legal proceedings and regulatory and governmental matters are subject to inherent uncertainties, and unfavorable rulings or other events could occur. Unfavorable resolutions could involve substantial fines, civil or criminal penalties, and other expenditures. In addition, in matters for which conduct remedies are sought, unfavorable resolutions could include an injunction or other order prohibiting us from selling one or more products at all or in particular ways, precluding particular business practices or requiring other equitable remedies. An unfavorable outcome might result in a material adverse impact on our business, results of operations or financial position. On April 1, 2015, the U.S. Commodity Futures Trading Commission ("CFTC") filed a complaint against Kraft Foods Group and Mondelēz Global LLC (“Mondelēz Global”) in the U.S. District Court for the Northern District of Illinois (the "District Court") related to the trading of December 2011 wheat futures contracts that occurred prior to the spin-off of Kraft Foods Group. The complaint alleged that Mondelēz Global: (1) manipulated or attempted to manipulate the wheat markets during the fall of 2011; (2) violated position limit levels for wheat futures; and (3) engaged in non-competitive trades. On May 13, 2022, the District Court approved a settlement agreement between the CFTC and Mondelēz Global. The terms of the settlement, which are available in the District Court’s docket, had an immaterial impact on our financial position, results of operations and cash flows and did not include an admission by Mondelēz Global. Several class action complaints also were filed against Mondelēz Global in the District Court by investors who copied and expanded upon the CFTC allegations in a series of private claims for monetary damages as well as injunctive, declaratory, and other unspecified relief. In June 2015, these suits were consolidated in the United States District Court for the Northern District of Illinois as case number 15-cv-2937, Harry Ploss et al. v. Kraft Foods Group, Inc. and Mondelēz Global LLC. On January 3, 2020, the District Court granted plaintiffs' request to certify a class. In November 2022, the District Court adjourned the trial date it had previously set for November 30, 2022 and ordered the parties to brief Kraft’s motions to decertify the class and for summary judgment, which has been completed. It is not possible to predict the outcome of these matters; however, based on our Separation and Distribution Agreement with Kraft Foods Group dated as of September 27, 2012, we expect to bear any monetary penalties or other payments in connection with the class action. Third-Party Guarantees We enter into third-party guarantees primarily to cover long-term obligations of our vendors. As part of these transactions, we guarantee that third parties will make contractual payments or achieve performance measures. As of March 31, 2026 and December 31, 2025, we had no material third-party guarantees recorded on our condensed consolidated balance sheets. Tax Matters We are a party to various tax matter proceedings incidental to our business. These proceedings are subject to inherent uncertainties, and unfavorable outcomes could subject us to additional tax liabilities and could materially adversely impact our business, results of operations or financial position. 18 Table of Contents Note 9. Shareholders' Equity Stock Award Activity Stock Options Stock option activity is reflected below: Shares Subject to Option Weighted- Average Exercise or Grant Price Per Share Average Remaining Contractual Term Aggregate Intrinsic Value Balance at January 1, 2026 15,721,919 $ 57.17 5 years $ 55 million Granted 3,163,100 61.47 Exercised (1) ( 912,964 ) 41.42 $ 16 million Canceled ( 185,349 ) 60.95 Balance at March 31, 2026 17,786,706 58.70 6 years $ 64 million (1) Cash received from options exercised was $ 38 million in the three months ended March 31, 2026. We recognized $ 1 million of excess income tax benefits from stock option exercises in the three months ended March 31, 2026. Performance Share Units ("PSU") and Deferred Stock Units ("DSU") PSU and DSU activity is reflected below: Number of Shares Weighted-Average Fair Value Per Share (3) Weighted-Average Aggregate Fair Value Balance at January 1, 2026 5,337,124 $ 67.73 Units granted: Performance share units (1) 1,080,785 65.43 Deferred stock units 1,897,510 59.31 Total units granted (1) 2,978,295 61.53 $ 183 million Vested (1) (2) ( 1,608,782 ) 66.75 $ 107 million Forfeited ( 87,344 ) 66.62 Balance at March 31, 2026 6,619,293 65.19 (1) Includes incremental PSUs issued over target. (2) The income tax shortfall upon vesting of PSUs and DSUs was $ 2 million in the three months ended March 31, 2026. (3) The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, as long as the requisite service has been provided. Share Repurchase Program Effective January 1, 2025, our Board of Directors replaced our prior share repurchase program by approving a program authorizing the repurchase of up to $ 9.0 billion of our Common Stock through December 31, 2027. Repurchases under the program are determined by management and are wholly discretionary. During the three months ended March 31, 2026, we did no t repurchase any shares. As of March 31, 2026, we have approximately $ 6.7 billion in remaining share repurchase capacity. 19 Table of Contents Note 10. Accumulated Other Comprehensive Earnings/(Losses) The following table summarizes the changes in accumulated balances of each component of accumulated other comprehensive earnings/(losses) attributable to Mondelēz International. Amounts reclassified from accumulated other comprehensive earnings/(losses) to net earnings (net of tax) were net losses of $( 11 ) million and $( 47 ) million in the first quarter of 2026 and 2025, respectively. For the Three Months Ended March 31, 2026 2025 (in millions) Currency Translation Adjustments: Balance at beginning of period $ ( 10,180 ) $ ( 11,017 ) Currency translation adjustments ( 65 ) 549 Tax effect ( 10 ) ( 13 ) Other comprehensive earnings/(losses) ( 75 ) 536 less: other comprehensive (earnings)/loss attributable to noncontrolling interests 3 ( 7 ) Balance at end of period ( 10,252 ) ( 10,488 ) Pension and Other Benefit Plans: Balance at beginning of period $ ( 1,135 ) $ ( 1,402 ) Net actuarial gain/(loss) arising during period 9 — Tax effect on net actuarial gain/(loss) ( 2 ) — Losses/(gains) reclassified into net earnings: Amortization of net loss and prior service (1) 14 14 Settlement losses/(gains) (1) ( 3 ) 4 Tax expense/(benefit) on reclassifications (3) ( 2 ) ( 2 ) Currency impact 20 ( 44 ) Other comprehensive earnings/(losses) 36 ( 28 ) Balance at end of period ( 1,099 ) ( 1,430 ) Derivative Cash Flow Hedges: Balance at beginning of period $ ( 49 ) $ ( 52 ) Interest rate contracts gains/(losses) ( 3 ) ( 2 ) Cross-currency swap contracts gains/(losses) ( 13 ) ( 39 ) Other derivative gains/(losses) 3 4 Tax effect on net derivative gain/(loss) 4 1 Losses/(gains) reclassified into net earnings: Interest rate contracts (2) 3 1 Cross-currency swap contracts (2) 1 27 Tax expense/(benefit) on reclassifications (3) ( 2 ) 3 Currency impact 1 ( 4 ) Other comprehensive earnings/(losses) ( 6 ) ( 9 ) Balance at end of period ( 55 ) ( 61 ) Accumulated other comprehensive losses attributable to Mondelēz International: Balance at beginning of period $ ( 11,364 ) $ ( 12,471 ) Total other comprehensive earnings/(losses) ( 45 ) 499 less: other comprehensive (earnings)/loss attributable to noncontrolling interests 3 ( 7 ) Other comprehensive earnings/(losses) attributable to Mondelēz International ( 42 ) 492 Balance at end of period $ ( 11,406 ) $ ( 11,979 ) (1) These reclassified losses/(gains) are included in net periodic benefit costs disclosed in Note 7, Benefit Plans . (2) These reclassified gains or losses are recorded within interest and other expense, net. (3) Taxes reclassified to earnings are recorded within the provision for income taxes. 20 Table of Contents Note 11. Restructuring Beginning in the fourth quarter of 2025, we initiated restructuring actions to reduce our cost structure and streamline our operations. We incurred charges of $ 48 million in connection with these actions for employee severance and related costs during the three months ended March 31, 2026, which are classified within asset impairment and exit costs. The liability for those restructuring actions undertaken in the first quarter of 2026 and the fourth quarter of 2025 was $ 62 million as of March 31, 2026 and $ 23 million as of December 31, 2025 and is included within other current liabilities and other liabilities. Current period cash payments for those restructuring actions were no t material. Note 12. 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. Note 13. Earnings per Share Basic and diluted earnings per share (EPS) were calculated as follows: For the Three Months Ended March 31, 2026 2025 (in millions, except per share data) Net earnings $ 564 $ 407 less: Noncontrolling interest earnings ( 4 ) ( 5 ) Net earnings attributable to Mondelēz International $ 560 $ 402 Weighted-average shares for basic EPS 1,283 1,301 plus: Dilutive effect of outstanding stock awards 3 4 Weighted-average shares for diluted EPS 1,286 1,305 Basic earnings per share attributable to Mondelēz International $ 0.44 $ 0.31 Diluted earnings per share attributable to Mondelēz International $ 0.44 $ 0.31 We exclude antidilutive Mondelēz International share-based payment awards from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options and performance share units of 11.7 million and 6.4 million for the three months ended March 31, 2026 and 2025, respectively. Note 14. Segment Reporting We manufacture and market primarily snack food products, including chocolate, biscuits and baked snacks, as well as gum & candy, meals and beverages. We manage our global business and report operating results through geographic units. We manage our operations by region to leverage regional operating scale, manage different and changing business environments more effectively and pursue growth opportunities as they arise across our key markets. Our regional management teams have responsibility for the business, product categories and financial results in the regions. Our operations and management structure are organized into four operating segments which are also our reportable segments: • Latin America • AMEA • Europe • North America Our Chief Operating Decision Maker ("CODM") is our Chief Executive Officer. Our CODM uses segment operating income in the annual plan and forecasting process and considers actual versus plan variances in assessing the performance of the segment. The CODM also uses segment operating income as an input to the overall compensation measures for segment management under our incentive compensation plans. Segment operating 21 Table of Contents income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. We exclude these items from segment operating income in order to provide better transparency of our segment operating results. Furthermore, we centrally manage benefit plan non-service income and interest and other expense, net. Accordingly, we do not present these items by segment because they are excluded from the segment profitability measure that our CODM reviews. Additionally, assets for reportable segments are not disclosed as such information is not regularly reviewed by the Company's CODM. Our segment net revenue, significant segment expenses and operating income by reportable segment were as follows: Three Months Ended March 31, 2026 (in millions) Latin America AMEA Europe North America Total Net revenues $ 1,348 $ 2,304 $ 3,871 $ 2,557 $ 10,080 Segment cost of sales ( 911 ) ( 1,562 ) ( 2,897 ) ( 1,634 ) ( 7,004 ) Segment selling, general and administrative expenses (1) ( 288 ) ( 416 ) ( 680 ) ( 539 ) ( 1,923 ) Segment operating income $ 149 $ 326 $ 294 $ 384 1,153 Mark-to-market losses from derivatives ( 273 ) General corporate expenses ( 46 ) Amortization of intangible assets ( 27 ) Gain on divestiture 1 Operating income $ 808 Three Months Ended March 31, 2025 (in millions) Latin America AMEA Europe North America Total Net revenues $ 1,203 $ 2,016 $ 3,550 $ 2,544 $ 9,313 Segment cost of sales ( 815 ) ( 1,270 ) ( 2,541 ) ( 1,583 ) ( 6,209 ) Segment selling, general and administrative expenses (1) ( 249 ) ( 403 ) ( 547 ) ( 476 ) ( 1,675 ) Segment operating income $ 139 $ 343 $ 462 $ 485 1,429 Mark-to-market losses from derivatives ( 669 ) General corporate expenses ( 43 ) Amortization of intangible assets ( 37 ) Operating income $ 680 (1) SG&A for all reportable segments includes: Advertising & consumer expenses and overhead expenses. 22 Table of Contents Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were: Three Months Ended March 31, 2026 2025 (in millions) Depreciation expense (2) : Latin America $ 41 $ 34 AMEA 45 41 Europe 83 71 North America 44 43 Corporate 10 11 Total depreciation expense $ 223 $ 200 (2) Includes depreciation expense related to owned property, plant and equipment. Does not include amortization of intangible assets or leased assets. Refer to the condensed consolidated statements of cash flows for total depreciation and amortization expenses. Three Months Ended March 31, 2026 2025 (in millions) Capital expenditures: Latin America $ ( 58 ) $ ( 35 ) AMEA ( 53 ) ( 54 ) Europe ( 144 ) ( 123 ) North America ( 56 ) ( 64 ) Corporate ( 1 ) ( 1 ) Total capital expenditures $ ( 312 ) $ ( 277 ) 23 Table of Contents Disaggregation of Net Revenue Net revenues by product category, reflecting our current segment structure for all periods presented, were: For the Three Months Ended March 31, 2026 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 301 $ 816 $ 1,212 $ 2,214 $ 4,543 Chocolate 431 952 2,103 117 3,603 Gum & Candy 399 275 154 226 1,054 Beverages 88 154 33 — 275 Meals 129 107 369 — 605 Total net revenues $ 1,348 $ 2,304 $ 3,871 $ 2,557 $ 10,080 For the Three Months Ended March 31, 2025 (3) Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 287 $ 736 $ 1,088 $ 2,212 $ 4,323 Chocolate 369 773 1,940 108 3,190 Gum & Candy 340 243 162 224 969 Beverages 96 164 37 — 297 Meals 111 100 323 — 534 Total net revenues $ 1,203 $ 2,016 $ 3,550 $ 2,544 $ 9,313 (3) During the first quarter of 2026, we realigned some of our products between our biscuits & baked snacks and chocolate categories in the North America segment; as such, we reclassified $ 8 million of product category net revenues from biscuits & baked snacks to chocolate in the first quarter of 2025 on a basis consistent with the 2026 presentation. 24 Table of Contents