Mondelez International, Inc. 10-Q

Item 1. Financial Statements Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Earnings (in millions of U.S. dollars, except per share data) (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net revenues $ 9,355 $ 8,984 $ 19,435 $ 18,297 Cost of sales ( 5,369 ) ( 6,047 ) ( 12,646 ) ( 12,930 ) Gross profit 3,986 2,937 6,789 5,367 Selling, general and administrative expenses ( 2,001 ) ( 1,725 ) ( 3,917 ) ( 3,436 ) Asset impairments and exit costs ( 13 ) ( 2 ) ( 66 ) ( 4 ) Gain on divestiture — — 1 — Amortization of intangible assets ( 26 ) ( 38 ) ( 53 ) ( 75 ) Operating income 1,946 1,172 2,754 1,852 Benefit plan non-service income/(expense) 27 ( 264 ) 58 ( 246 ) Interest and other expense, net ( 74 ) ( 53 ) ( 138 ) ( 206 ) Earnings before income taxes 1,899 855 2,674 1,400 Income tax provision ( 364 ) ( 230 ) ( 592 ) ( 384 ) Loss on equity method investment transactions — — ( 3 ) — Equity method investment net earnings 17 19 37 35 Net earnings 1,552 644 2,116 1,051 less: Noncontrolling interest earnings ( 4 ) ( 3 ) ( 8 ) ( 8 ) Net earnings attributable to Mondelēz International $ 1,548 $ 641 $ 2,108 $ 1,043 Per share data: Basic earnings per share attributable to Mondelēz International $ 1.21 $ 0.49 $ 1.64 $ 0.80 Diluted earnings per share attributable to Mondelēz International $ 1.20 $ 0.49 $ 1.64 $ 0.80 See accompanying notes to the condensed consolidated financial statements. 1 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Earnings (in millions of U.S. dollars) (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net earnings $ 1,552 $ 644 $ 2,116 $ 1,051 Other comprehensive earnings/(losses), net of tax: Currency translation adjustment 94 356 19 892 Pension and other benefit plans 14 87 50 59 Derivative cash flow hedges 12 ( 8 ) 6 ( 17 ) Total other comprehensive earnings/(losses) 120 435 75 934 Comprehensive earnings 1,672 1,079 2,191 1,985 less: Comprehensive earnings/(losses) attributable to noncontrolling interests ( 1 ) ( 20 ) ( 2 ) ( 32 ) Comprehensive earnings attributable to Mondelēz International $ 1,671 $ 1,059 $ 2,189 $ 1,953 See accompanying notes to the condensed consolidated financial statements. 2 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in millions of U.S. dollars, except share data) (Unaudited) June 30, 2026 December 31, 2025 ASSETS Cash and cash equivalents $ 1,716 $ 2,125 Trade receivables, less allowance ($ 30 and $ 35 , respectively) 4,010 3,903 Other receivables, less allowance ($ 35 and $ 35 , respectively) 998 955 Inventories 4,405 4,419 Other current assets 1,809 1,549 Total current assets 12,938 12,951 Property, plant and equipment, net 10,649 10,667 Operating lease right-of-use assets 732 731 Goodwill 24,180 24,336 Intangible assets, net 19,509 19,628 Prepaid pension assets 1,251 1,220 Deferred income taxes 184 336 Equity method investments 619 667 Other assets 1,185 951 TOTAL ASSETS $ 71,247 $ 71,487 LIABILITIES Short-term borrowings $ 2,327 $ 2,688 Current portion of long-term debt 2,663 1,295 Accounts payable 9,411 10,139 Accrued marketing 2,612 2,787 Accrued employment costs 875 1,000 Other current liabilities 3,705 3,955 Total current liabilities 21,593 21,864 Long-term debt 16,460 17,222 Long-term operating lease liabilities 609 599 Deferred income taxes 3,539 3,530 Accrued pension costs 370 422 Accrued postretirement health care costs 72 74 Other liabilities 1,912 1,885 TOTAL LIABILITIES 44,555 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 32,333 32,322 Retained earnings 37,233 36,413 Accumulated other comprehensive losses ( 11,283 ) ( 11,364 ) Treasury stock, at cost ( 716,000,458 and 714,961,364 shares, respectively) ( 31,644 ) ( 31,533 ) Total Mondelēz International Shareholders’ Equity 26,639 25,838 Noncontrolling interest 53 53 TOTAL EQUITY 26,692 25,891 TOTAL LIABILITIES AND EQUITY $ 71,247 $ 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 June 30, 2026 Balances at April 1, 2026 $ — $ 32,276 $ 36,329 $ ( 11,406 ) $ ( 31,449 ) $ 54 $ 25,804 Comprehensive earnings/(losses): Net earnings — — 1,548 — — 4 1,552 Other comprehensive earnings/(losses), net of income taxes — — — 123 — ( 3 ) 120 Exercise of stock options and issuance of other stock awards — 57 — — 15 — 72 Common Stock repurchased — — — — ( 210 ) — ( 210 ) Cash dividends declared ($ 0.500 per share) — — ( 644 ) — — — ( 644 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 2 ) ( 2 ) Balances at June 30, 2026 $ — $ 32,333 $ 37,233 $ ( 11,283 ) $ ( 31,644 ) $ 53 $ 26,692 Six Months Ended June 30, 2026 Balances at January 1, 2026 $ — $ 32,322 $ 36,413 $ ( 11,364 ) $ ( 31,533 ) $ 53 $ 25,891 Comprehensive earnings/(losses): Net earnings — — 2,108 — — 8 2,116 Other comprehensive earnings/(losses), net of income taxes — — — 81 — ( 6 ) 75 Exercise of stock options and issuance of other stock awards — 11 — — 99 — 110 Common Stock repurchased — — — — ( 210 ) — ( 210 ) Cash dividends declared ($ 1.000 per share) — — ( 1,288 ) — — — ( 1,288 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 2 ) ( 2 ) Balances at June 30, 2026 $ — $ 32,333 $ 37,233 $ ( 11,283 ) $ ( 31,644 ) $ 53 $ 26,692 Three Months Ended June 30, 2025 Balances at April 1, 2025 $ — $ 32,233 $ 36,263 $ ( 11,979 ) $ ( 30,732 ) $ 38 $ 25,823 Comprehensive earnings/(losses): Net earnings — — 641 — — 3 644 Other comprehensive earnings/(losses), net of income taxes — — — 418 — 17 435 Exercise of stock options and issuance of other stock awards — 47 — — 24 — 71 Common Stock repurchased — — — — ( 111 ) — ( 111 ) Cash dividends declared ($ 0.470 per share) — — ( 611 ) — — — ( 611 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 4 ) ( 4 ) Balances at June 30, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247 Six Months Ended June 30, 2025 Balances at January 1, 2025 $ — $ 32,276 $ 36,476 $ ( 12,471 ) $ ( 29,349 ) $ 26 $ 26,958 Comprehensive earnings/(losses): Net earnings — — 1,043 — — 8 1,051 Other comprehensive earnings/(losses), net of income taxes — — — 910 — 24 934 Exercise of stock options and issuance of other stock awards — 4 ( 4 ) — 110 — 110 Common Stock repurchased — — — — ( 1,580 ) — ( 1,580 ) Cash dividends declared ($ 0.940 per share) — — ( 1,222 ) — — — ( 1,222 ) Dividends paid on noncontrolling interest and other activities — — — — — ( 4 ) ( 4 ) Balances at June 30, 2025 $ — $ 32,280 $ 36,293 $ ( 11,561 ) $ ( 30,819 ) $ 54 $ 26,247 See accompanying notes to the condensed consolidated financial statements. 4 Table of Contents Mondelēz International, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (in millions of U.S. dollars) (Unaudited) For the Six Months Ended June 30, 2026 2025 CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES Net earnings $ 2,116 $ 1,051 Adjustments to reconcile net earnings to operating cash flows: Depreciation and amortization 693 663 Stock-based compensation expense 87 65 Deferred income tax provision/(benefit) 149 ( 69 ) Asset impairments and accelerated depreciation 10 9 Gain on divestiture ( 1 ) — Loss on equity method investment transactions 3 — Equity method investment net earnings ( 37 ) ( 35 ) Distributions from equity method investments 44 44 Unrealized (gain)/loss on derivative contracts ( 509 ) 800 Contingent consideration adjustments 3 ( 38 ) Other non-cash items, net ( 5 ) 105 Change in assets and liabilities, net of acquisitions and divestitures: Receivables, net ( 424 ) 536 Inventories ( 16 ) ( 775 ) Accounts payable ( 538 ) ( 177 ) Other current assets 142 108 Other current liabilities ( 296 ) ( 1,125 ) Change in pension and postretirement assets and liabilities, net ( 99 ) 238 Net cash provided by operating activities 1,322 1,400 CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES Capital expenditures ( 654 ) ( 582 ) Acquisitions, net of cash received — ( 15 ) Proceeds from divestitures 1 4 Proceeds from derivative settlements 179 19 Payments for derivative settlements ( 270 ) ( 55 ) Proceeds from investments 25 30 Proceeds from sales of property, plant and equipment and other 3 8 Net cash used in investing activities ( 716 ) ( 591 ) CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES Issuances of commercial paper, maturities greater than 90 days 1,584 — Repayments of commercial paper, maturities greater than 90 days ( 587 ) — Net (repayment)/issuance of short-term borrowings ( 1,313 ) 1,589 Long-term debt proceeds 1,074 1,594 Long-term debt repayments ( 304 ) ( 1,242 ) Repurchases of Common Stock ( 212 ) ( 1,653 ) Dividends paid ( 1,287 ) ( 1,233 ) Other 6 83 Net cash used in financing activities ( 1,039 ) ( 862 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 3 ) 240 Cash, cash equivalents and restricted cash: (Decrease)/increase ( 436 ) 187 Balance at beginning of period 2,195 1,400 Balance at end of period $ 1,759 $ 1,587 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 June 30, 2026, our consolidated entities in Argentina, Türkiye, Egypt and Nigeria are operating in highly inflationary economies and represent 1.6 %, 0.5 %, 0.5 % and 0.3 %, respectively, of our consolidated net revenues for the three months ended June 30, 2026 and 1.4 %, 0.5 %, 0.5 % and 0.3 % of our consolidated net revenues for the six months ended June 30, 2026. The aggregate losses from remeasurements of monetary assets and liabilities into our reporting currency for the highly inflationary countries were $ 11 million and $ 8 million for the three months ended June 30, 2026 and 2025, respectively, and $ 16 million and $ 15 million for the six months ended June 30, 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 $ 43 million as of June 30, 2026 and $ 70 million as of December 31, 2025. Total cash, cash equivalents and restricted cash was $ 1,759 million as of June 30, 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 4 1 — Currency and other 1 ( 1 ) — Balance at June 30, 2026 $ ( 30 ) $ ( 35 ) $ ( 18 ) Transfers of Financial Assets The outstanding principal amount of receivables under our uncommitted revolving non-recourse accounts receivable factoring arrangements amounted to $ 585 million as of June 30, 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 $ 105 million in operating lease and $ 102 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2026 and $ 71 million in operating lease and $ 94 million in finance lease right-of-use assets obtained in exchange for lease obligations during the six months ended June 30, 2025. 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 $ 2.9 billion and $ 3.6 billion as of June 30, 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. 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 early adopted the ASU on a modified retrospective basis effective January 1, 2026, and there was no impact on our consolidated financial statements. 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 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. In May 2026, the FASB issued an ASU that establishes guidance for the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. The ASU is effective for annual periods beginning after December 15, 2027, with early adoption permitted. The guidance must be applied retrospectively. 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 June 30, 2026 As of December 31, 2025 (in millions) Raw materials $ 1,032 $ 1,015 Finished product 3,373 3,404 Inventories $ 4,405 $ 4,419 Note 3. Property, Plant and Equipment Property, plant and equipment consisted of the following: As of June 30, 2026 As of December 31, 2025 (in millions) Land and land improvements $ 437 $ 404 Buildings and building improvements 4,007 3,963 Machinery and equipment 14,975 14,610 Construction in progress 917 1,085 20,336 20,062 Accumulated depreciation ( 9,687 ) ( 9,395 ) Property, plant and equipment, net $ 10,649 $ 10,667 For the six months ended June 30, 2026, capital expenditures of $ 654 million excluded $ 346 million of accrued capital expenditures remaining unpaid at June 30, 2026 and included payment for the $ 481 million of capital expenditures that were accrued and unpaid at December 31, 2025. For the six months ended June 30, 2025, capital expenditures of $ 582 million excluded $ 366 million of accrued capital expenditures remaining unpaid at June 30, 2025 and included payment for the $ 458 million of capital expenditures that were accrued and unpaid at December 31, 2024. 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 53 24 ( 211 ) ( 22 ) ( 156 ) Balance at June 30, 2026 $ 1,553 $ 3,152 $ 8,673 $ 10,802 $ 24,180 Intangible Assets Intangible assets consisted of the following: As of June 30, 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 $ 18,572 $ — $ 18,572 $ 18,647 $ — $ 18,647 Definite-life intangible assets 3,470 ( 2,533 ) 937 3,477 ( 2,496 ) 981 Total $ 22,042 $ ( 2,533 ) $ 19,509 $ 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 $ 26 million and $ 38 million for the three months ended June 30, 2026 and 2025, respectively, and $ 53 million and $ 75 million for the six months ended June 30, 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 second 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 Asia, Middle East and Africa ("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 June 30, 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 June 30, 2026 As of December 31, 2025 Amount Outstanding Weighted- Average Rate Amount Outstanding Weighted- Average Rate (in millions, except percentages) Commercial paper $ 2,285 2.9 % $ 2,614 3.5 % Bank loans 42 13.9 % 74 7.7 % Total short-term borrowings $ 2,327 $ 2,688 Our uncommitted and committed credit facilities available include: As of June 30, 2026 As of December 31, 2025 Facility Amount Borrowed Amount Facility Amount Borrowed Amount (in millions) Uncommitted credit facilities $ 843 $ 42 $ 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 June 30, 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 six months ended June 30, 2026, we repaid the following notes (in millions): Interest Rate Maturity Date Amount USD Equivalent 3.625 % February 2026 $ 222 $ 222 During the six months ended June 30, 2025, we repaid the following notes (in millions): Interest Rate Maturity Date Amount USD Equivalent 3.250 % March 2025 C$ 600 $ 417 1.500 % May 2025 $ 750 $ 750 10 Table of Contents Debt Issuances During the six months ended June 30, 2026, we issued the following notes (in millions): Issuance Date Interest Rate Maturity Date Principal Amount Principal Amount USD Equivalent April 2026 0.958 % April 2029 Fr. 325 $ 411 April 2026 1.271 % November 2032 Fr. 245 $ 309 April 2026 1.625 % April 2036 Fr. 280 $ 354 During the six months ended June 30, 2025, we issued the following notes (in millions): Issuance Date Interest Rate Maturity Date Principal Amount Principal Amount USD Equivalent May 2025 4.250 % May 2028 $ 700 $ 700 May 2025 4.500 % May 2030 $ 500 $ 500 May 2025 5.125 % May 2035 $ 400 $ 400 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 June 30, 2026 As of December 31, 2025 (in millions) Fair Value $ 19,829 $ 19,553 Carrying Value $ 21,450 $ 21,205 Interest and Other Expense, net Interest and other expense, net consisted of: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Interest expense $ 144 $ 151 $ 292 $ 288 Other income, net ( 70 ) ( 98 ) ( 154 ) ( 82 ) Interest and other expense, net $ 74 $ 53 $ 138 $ 206 Other income, net includes amortization of amounts excluded from our assessment of hedge effectiveness related to our net investment hedge derivative contracts, foreign currency transaction gains and losses on certain foreign currency denominated assets and liabilities, gains and losses on certain foreign currency and interest rate 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 June 30, 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 $ 18 $ 89 $ 3 $ 300 Interest rate contracts CF/FV 6 14 1 3 Cross-currency swap contracts CF/NIH 178 367 238 370 $ 202 $ 470 $ 242 $ 673 Derivatives not designated as accounting hedges: Foreign currency contracts $ 178 $ 221 $ 161 $ 182 Commodity contracts 1,089 1,076 422 924 Interest rate contracts 1 — 1 1 1,268 1,297 584 1,107 Total fair value $ 1,470 $ 1,767 $ 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 June 30, 2026 As of December 31, 2025 (in millions) Other current assets $ 1,207 $ 664 Other assets 263 162 Other current liabilities 1,275 1,328 Other liabilities 492 452 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 $ 87 million and $ 364 million as of June 30, 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 June 30, 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 $ ( 114 ) $ — $ ( 114 ) $ — Commodity contracts 13 ( 18 ) 31 — Interest rate contracts ( 7 ) — ( 7 ) — Cross-currency swap contracts ( 189 ) — ( 189 ) — Total derivatives $ ( 297 ) $ ( 18 ) $ ( 279 ) $ — 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 June 30, 2026 As of December 31, 2025 (in millions) Foreign currency contracts $ 16,974 $ 19,853 Commodity contracts 10,897 14,463 Interest rate contracts 2,731 1,932 Cross-currency swap contracts 9,652 6,912 Non-U.S. dollar debt designated as net investment hedges: Euro notes 3,638 3,741 Canadian dollar notes 458 474 Cash Flow Hedges Our derivative instruments designated as cash flow hedges include interest rate swaps and cross-currency swaps. As of June 30, 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, less than $ 1 million, net of taxes, included in accumulated other comprehensive earnings/(losses) from cash flow hedges as of June 30, 2026 are expected to be recognized into earnings during the next 12 months. As of June 30, 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 18 years, 9 months . Fair Value Hedges Our derivative instruments designated as fair value hedges include interest rate swaps. As of June 30, 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 June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Interest rate contracts Hedged items $ ( 7 ) $ — $ 2 $ — Hedging derivatives 8 — ( 1 ) — Net impact of fair value hedges $ 1 $ — $ 1 $ — 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 June 30, 2026 As of December 31, 2025 As of June 30, 2026 As of December 31, 2025 (in millions) Long-term debt $ 1,591 $ — $ ( 2 ) $ — 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 June 30, 2026, the aggregate notional value of those derivatives was $ 9.4 billion. Net investment hedge derivative contract pre-tax impacts on other comprehensive earnings/(losses) and net earnings were: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions) (Loss)/gain on NIH contracts (1) Foreign currency contracts $ 10 $ ( 333 ) $ 29 $ ( 394 ) Cross-currency swap contracts ( 20 ) ( 466 ) 91 ( 606 ) Total $ ( 10 ) $ ( 799 ) $ 120 $ ( 1,000 ) Amounts excluded from the assessment of hedge effectiveness (2) Foreign currency contracts $ 16 $ 34 $ 43 $ 48 Cross-currency swap contracts 44 33 84 76 Total $ 60 $ 67 $ 127 $ 124 (1) Amounts recorded for unsettled and settled NIH derivative contracts are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses). (2) We assess the effectiveness of NIH relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net. Non-U.S. dollar debt designated as net investment hedges Pre-tax gains/(losses) related to non-U.S. dollar debt designated as hedges of net investments in international operations, which are recorded within the cumulative translation adjustment section of other comprehensive earnings/(losses), were: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Euro notes $ 42 $ ( 310 ) $ 103 $ ( 457 ) Swiss franc notes — ( 26 ) — ( 32 ) Canadian dollar notes 9 ( 25 ) 16 ( 25 ) Total $ 51 $ ( 361 ) $ 119 $ ( 514 ) 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 June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Foreign currency contracts: Cost of sales $ ( 22 ) $ ( 34 ) $ ( 64 ) $ ( 165 ) Selling, general and administrative expenses — ( 6 ) — ( 6 ) Interest and other expense, net 26 ( 63 ) ( 14 ) 27 Commodity contracts - Cost of sales 608 19 122 ( 390 ) Interest rate contracts - Interest and other expense, net — 1 ( 9 ) 1 Total $ 612 $ ( 83 ) $ 35 $ ( 533 ) 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 $ 156 million and $ 149 million as of June 30, 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 arrangements include an earn-out 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 June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Liability at beginning of period $ 143 $ 167 $ 149 $ 179 Changes in fair value 11 ( 26 ) 3 ( 38 ) Currency 2 1 4 1 Liability at end of period $ 156 $ 142 $ 156 $ 142 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 June 30, For the Three Months Ended June 30, 2026 2025 2026 2025 (in millions) Service cost $ — $ — $ 15 $ 16 Interest cost 4 17 68 66 Expected return on plan assets ( 5 ) ( 20 ) ( 111 ) ( 107 ) Amortization of net loss and prior service cost 1 2 19 18 Settlement losses — 288 — — Net periodic pension cost/(benefit) $ — $ 287 $ ( 9 ) $ ( 7 ) U.S. Plans Non-U.S. Plans For the Six Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Service cost $ 1 $ 1 $ 31 $ 31 Interest cost 7 26 135 135 Expected return on plan assets ( 10 ) ( 33 ) ( 220 ) ( 211 ) Amortization of net loss and prior service cost 2 2 37 35 Settlement (gains)/losses ( 3 ) 292 — — Net periodic pension (benefit)/cost $ ( 3 ) $ 288 $ ( 17 ) $ ( 10 ) Employer Contributions During the six months ended June 30, 2026, we contributed $ 2 million and $ 46 million to our U.S. and non-U.S. pension plans, respectively. We make contributions to our pension plans in accordance with local funding arrangements and statutory minimum funding requirements. Discretionary contributions are made to the extent that they are tax deductible and do not generate an excise tax liability. As of June 30, 2026, we plan to make no further contributions to our U.S. plans and further contributions of approximately $ 31 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. Mondelēz Global LLC Retirement Plan Settlement During 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. During the second quarter of 2025, we elected the buy-out conversion and recognized a non-cash pre-tax settlement loss of $ 282 million as a component of our net periodic pension cost. 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 and $ 3 million for the three months ended June 30, 2026 and 2025, respectively, and $ 4 million and $ 5 million for the six months ended June 30, 2026 and 2025, respectively, within interest and other expense, net in the condensed consolidated statements of earnings. As of June 30, 2026, the remaining discounted 17 Table of Contents withdrawal liability was $ 285 million, with $ 17 million recorded in other current liabilities and $ 268 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 June 30, 2026 and 2025, respectively, and $ 10 million and $ 6 million for the six months ended June 30, 2026 and 2025, respectively. Net periodic postemployment cost was $ 4 million and $ 6 million for the three months ended June 30, 2026 and 2025, respectively, and $ 8 million and $ 11 million for the six months ended June 30, 2026 and 2025 , respectively. 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 June 30, 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 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 3,190,140 61.43 Exercised (1) ( 1,260,284 ) 42.27 $ 22 million Canceled ( 329,518 ) 63.01 Balance at June 30, 2026 17,322,257 58.93 6 years $ 61 million (1) Cash received from options exercised was $ 15 million and $ 53 million in the three and six months ended June 30, 2026, respectively. The excess income tax benefit from stock option exercises was $ 2 million and $ 3 million in the three and six months ended June 30, 2026, respectively. Performance Share Units ("PSU") and Deferred Stock Units ("DSU") PSU and DSU activity is reflected below: Number of Shares Weighted-Average Grant Date Fair Value Per Share (3) Weighted-Average Aggregate Grant Date Fair Value Balance at January 1, 2026 5,337,124 $ 67.73 Units granted: Performance share units (1) 1,089,805 65.40 Deferred stock units 1,994,725 59.27 Total units granted (1) 3,084,530 61.44 $ 190 million Vested (1) (2) ( 1,638,597 ) 66.80 $ 109 million Forfeited ( 264,753 ) 65.17 Balance at June 30, 2026 6,518,304 65.09 (1) Includes incremental PSUs issued over target. (2) The income tax shortfall upon vesting of PSUs and DSUs was zero and $ 2 million in the three and six months ended June 30, 2026, respectively. (3) The grant date fair value of PSUs is determined based on the Monte Carlo simulation model for the market-based total shareholder return component and the closing market price of the Company’s stock on the grant date for performance-based components. The Monte Carlo simulation model incorporates the probability of achieving the total shareholder return market condition. Compensation expense is recognized using the grant date fair values regardless of whether the market condition is achieved, as long as the requisite service has been provided. Share Repurchase Program Effective January 1, 2025, our Board of Directors replaced our prior share repurchase program by approving a program authorizing the repurchase of up to $ 9.0 billion of our Common Stock through December 31, 2027. Repurchases under the program are determined by management and are wholly discretionary. During the six months ended June 30, 2026, we repurchased approximately 3 million shares of Common Stock at an average cost of $ 60.69 per share, or an aggregate cost of approximately $ 210 million, all of which was paid during the period except for approximately $ 18 million settled in July 2026. All share repurchases were funded through available cash and commercial paper issuances. As of June 30, 2026, we have approximately $ 6.5 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 $( 27 ) million and $( 284 ) million in the second quarter of 2026 and 2025, respectively, and $( 38 ) million and $( 331 ) million in the first six months of 2026 and 2025, respectively. For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Currency Translation Adjustments: Balance at beginning of period $ ( 10,252 ) $ ( 10,488 ) $ ( 10,180 ) $ ( 11,017 ) Currency translation adjustments 72 274 7 823 Tax effect 22 82 12 69 Other comprehensive earnings/(losses) 94 356 19 892 less: other comprehensive (earnings)/loss attributable to noncontrolling interests 3 ( 17 ) 6 ( 24 ) Balance at end of period ( 10,155 ) ( 10,149 ) ( 10,155 ) ( 10,149 ) Pension and Other Benefit Plans: Balance at beginning of period $ ( 1,099 ) $ ( 1,430 ) $ ( 1,135 ) $ ( 1,402 ) Net actuarial gain/(loss) arising during period — ( 51 ) 9 ( 51 ) Tax effect on net actuarial gain/(loss) — 13 ( 2 ) 13 Losses/(gains) reclassified into net earnings: Amortization of net loss and prior service (1) 16 17 30 31 Settlement losses/(gains) (1) — 288 ( 3 ) 292 Tax expense/(benefit) on reclassifications (3) ( 4 ) ( 80 ) ( 6 ) ( 82 ) Currency impact 2 ( 100 ) 22 ( 144 ) Other comprehensive earnings/(losses) 14 87 50 59 Balance at end of period ( 1,085 ) ( 1,343 ) ( 1,085 ) ( 1,343 ) Derivative Cash Flow Hedges: Balance at beginning of period $ ( 55 ) $ ( 61 ) $ ( 49 ) $ ( 52 ) Interest rate contracts gains/(losses) ( 3 ) 3 ( 6 ) 1 Cross-currency swap contracts gains/(losses) — ( 47 ) ( 13 ) ( 86 ) Other derivative gains/(losses) ( 3 ) ( 16 ) — ( 12 ) Tax effect on net derivative gain/(loss) 3 ( 3 ) 7 ( 2 ) Losses/(gains) reclassified into net earnings: Interest rate contracts (2) 2 2 5 3 Cross-currency swap contracts (2) 18 52 19 79 Tax expense/(benefit) on reclassifications (3) ( 5 ) 5 ( 7 ) 8 Currency impact — ( 4 ) 1 ( 8 ) Other comprehensive earnings/(losses) 12 ( 8 ) 6 ( 17 ) Balance at end of period ( 43 ) ( 69 ) ( 43 ) ( 69 ) Accumulated other comprehensive losses attributable to Mondelēz International: Balance at beginning of period $ ( 11,406 ) $ ( 11,979 ) $ ( 11,364 ) $ ( 12,471 ) Total other comprehensive earnings/(losses) 120 435 75 934 less: other comprehensive (earnings)/loss attributable to noncontrolling interests 3 ( 17 ) 6 ( 24 ) Other comprehensive earnings/(losses) attributable to Mondelēz International 123 418 81 910 Balance at end of period $ ( 11,283 ) $ ( 11,561 ) $ ( 11,283 ) $ ( 11,561 ) (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 new restructuring actions to reduce our cost structure and streamline our operations. Those restructuring actions, which were primarily undertaken by our Europe segment, included initiatives to optimize our supply chain network and reduce our overhead costs. We recorded restructuring charges related to those actions, consisting of severance and related costs, of $ 11 million and $ 59 million in the three and six months ended June 30, 2026, which are classified within asset impairment and exit costs. The activity for the liabilities related to these restructuring actions for the six months ended June 30, 2026 was: Total (in millions) Liability balance, December 31, 2025 $ 23 Charges 59 Payments ( 18 ) Currency ( 1 ) Liability balance, June 30, 2026 $ 63 At June 30, 2026, $ 40 million of our restructuring liabilities were recorded within other current liabilities and $ 23 million were recorded within other long-term liabilities. Note 12. Income Taxes Our effective tax rate was 19.2 % for the second quarter of 2026 as compared to 26.9 % in the second quarter of 2025. The decrease in our effective tax rate was driven by our jurisdictional mix of earnings, in particular the impact of mark-to-market gains and losses on commodity and foreign currency derivatives on a year over year basis, as well as tax benefits recorded in the current quarter related to a legal entity reorganization and a U.S. amended tax return filing. Our effective tax rate for the six months ended June 30, 2026 was 22.1 % as compared to 27.4 % for the six months ended June 30, 2025. The decrease in our year-to-date effective tax rate was driven by our jurisdictional mix of earnings, in particular the impact of mark-to-market gains and losses on commodity and foreign currency derivatives on a year over year basis, as well as tax benefits related to a legal entity reorganization and a U.S. amended tax return filing in the six months ended June 30, 2026, partially offset by tax benefits from releases of liabilities for uncertain tax positions due to audit developments in the six months ended June 30, 2025. Note 13. Earnings per Share Basic and diluted earnings per share (EPS) were calculated as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 (in millions, except per share data) Net earnings $ 1,552 $ 644 $ 2,116 $ 1,051 less: Noncontrolling interest earnings ( 4 ) ( 3 ) ( 8 ) ( 8 ) Net earnings attributable to Mondelēz International $ 1,548 $ 641 $ 2,108 $ 1,043 Weighted-average shares for basic EPS 1,284 1,295 1,283 1,298 plus: Dilutive effect of outstanding stock awards 3 4 3 3 Weighted-average shares for diluted EPS 1,287 1,299 1,286 1,301 Basic earnings per share attributable to Mondelēz International $ 1.21 $ 0.49 $ 1.64 $ 0.80 Diluted earnings per share attributable to Mondelēz International $ 1.20 $ 0.49 $ 1.64 $ 0.80 We exclude antidilutive Mondelēz International share-based payment awards from our calculation of weighted-average shares for diluted EPS. We excluded antidilutive stock options, deferred stock units and performance share 21 Table of Contents units of 11.4 million and 4.6 million for the three months ended June 30, 2026 and 2025, respectively, and 10.6 million and 3.8 million for the six months ended June 30, 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 segments. 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 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 June 30, 2026 (in millions) Latin America AMEA Europe North America Total Net revenues $ 1,374 $ 1,971 $ 3,377 $ 2,633 $ 9,355 Segment cost of sales ( 903 ) ( 1,291 ) ( 2,361 ) ( 1,641 ) ( 6,196 ) Segment selling, general and administrative expenses (1) ( 305 ) ( 426 ) ( 634 ) ( 561 ) ( 1,926 ) Segment operating income $ 166 $ 254 $ 382 $ 431 1,233 Mark-to-market gains from derivatives 827 General corporate expenses ( 88 ) Amortization of intangible assets ( 26 ) Operating income $ 1,946 22 Table of Contents Three Months Ended June 30, 2025 (in millions) Latin America AMEA Europe North America Total Net revenues $ 1,194 $ 1,821 $ 3,412 $ 2,557 $ 8,984 Segment cost of sales ( 807 ) ( 1,189 ) ( 2,343 ) ( 1,615 ) ( 5,954 ) Segment selling, general and administrative expenses (1) ( 254 ) ( 361 ) ( 555 ) ( 488 ) ( 1,658 ) Segment operating income $ 133 $ 271 $ 514 $ 454 1,372 Mark-to-market losses from derivatives ( 93 ) General corporate expenses ( 69 ) Amortization of intangible assets ( 38 ) Operating income $ 1,172 Six Months Ended June 30, 2026 (in millions) Latin America AMEA Europe North America Total Net revenues $ 2,722 $ 4,275 $ 7,248 $ 5,190 $ 19,435 Segment cost of sales ( 1,814 ) ( 2,853 ) ( 5,258 ) ( 3,275 ) ( 13,200 ) Segment selling, general and administrative expenses (1) ( 593 ) ( 842 ) ( 1,314 ) ( 1,100 ) ( 3,849 ) Segment operating income $ 315 $ 580 $ 676 $ 815 2,386 Mark-to-market gains from derivatives 554 General corporate expenses ( 134 ) Amortization of intangible assets ( 53 ) Gain on divestiture 1 Operating income $ 2,754 Six Months Ended June 30, 2025 (in millions) Latin America AMEA Europe North America Total Net revenues $ 2,397 $ 3,837 $ 6,962 $ 5,101 $ 18,297 Segment cost of sales ( 1,622 ) ( 2,459 ) ( 4,884 ) ( 3,198 ) ( 12,163 ) Segment selling, general and administrative expenses (1) ( 503 ) ( 764 ) ( 1,102 ) ( 964 ) ( 3,333 ) Segment operating income $ 272 $ 614 $ 976 $ 939 2,801 Mark-to-market losses from derivatives ( 762 ) General corporate expenses ( 112 ) Amortization of intangible assets ( 75 ) Operating income $ 1,852 (1) SG&A for all reportable segments includes: Advertising & consumer expenses and overhead expenses. 23 Table of Contents Total depreciation expense and capital expenditures by segment, reflecting our current segment structure for all periods presented, were: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Depreciation expense (2) : Latin America $ 43 $ 35 $ 84 $ 69 AMEA 45 43 90 84 Europe 83 79 166 150 North America 45 45 89 88 Corporate 11 10 21 21 Total depreciation expense $ 227 $ 212 $ 450 $ 412 (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. Six Months Ended June 30, 2026 2025 (in millions) Capital expenditures: Latin America $ ( 153 ) $ ( 82 ) AMEA ( 106 ) ( 124 ) Europe ( 286 ) ( 235 ) North America ( 104 ) ( 134 ) Corporate ( 5 ) ( 7 ) Total capital expenditures $ ( 654 ) $ ( 582 ) 24 Table of Contents Disaggregation of Net Revenue Net revenues by product category, reflecting our current segment structure for all periods presented, were: For the Three Months Ended June 30, 2026 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 343 $ 735 $ 1,311 $ 2,346 $ 4,735 Chocolate 372 742 1,517 90 2,721 Gum & Candy 436 282 152 197 1,067 Beverages 84 115 27 — 226 Meals 139 97 370 — 606 Total net revenues $ 1,374 $ 1,971 $ 3,377 $ 2,633 $ 9,355 For the Three Months Ended June 30, 2025 (3) Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 295 $ 686 $ 1,289 $ 2,294 $ 4,564 Chocolate 345 657 1,589 81 2,672 Gum & Candy 361 261 146 182 950 Beverages 79 122 26 — 227 Meals 114 95 362 — 571 Total net revenues $ 1,194 $ 1,821 $ 3,412 $ 2,557 $ 8,984 For the Six Months Ended June 30, 2026 Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 644 $ 1,551 $ 2,523 $ 4,560 $ 9,278 Chocolate 803 1,694 3,620 207 6,324 Gum & Candy 835 557 306 423 2,121 Beverages 172 269 60 — 501 Meals 268 204 739 — 1,211 Total net revenues $ 2,722 $ 4,275 $ 7,248 $ 5,190 $ 19,435 For the Six Months Ended June 30, 2025 (3) Latin America AMEA Europe North America Total (in millions) Biscuits & Baked Snacks $ 582 $ 1,422 $ 2,377 $ 4,506 $ 8,887 Chocolate 714 1,430 3,529 189 5,862 Gum & Candy 701 504 308 406 1,919 Beverages 175 286 63 — 524 Meals 225 195 685 — 1,105 Total net revenues $ 2,397 $ 3,837 $ 6,962 $ 5,101 $ 18,297 (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 $ 11 million and $ 19 million of product category net revenues from biscuits & baked snacks to chocolate for the three and six months ended June 30, 2025, respectively, on a basis consistent with the 2026 presentation. 25 Table of Contents