Mondelez International, Inc.

Previous wording

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

Current wording

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

Previous wording

We continue to observe significant market and geopolitical uncertainty, fluctuating consumer demand, inflationary pressures, supply constraints, trade and regulatory uncertainty and exchange rate volatility. As a result, we experienced significantly higher operating costs, including higher overall raw material, labor and energy costs that have continued to rise. In particular, while we expect cocoa costs to be lower in 2026 compared to the current year, we expect to continue to face elevated cocoa costs as compared to historical levels in the near- and medium-term. Refer to Commodity Trends for additional information.

Current wording

We continue to observe significant market and geopolitical uncertainty, fluctuating consumer demand, inflationary pressures, supply constraints, trade and regulatory uncertainty and exchange rate volatility. As a result, we experienced higher operating costs, including higher overall raw material, labor and energy costs that have continued to rise. In particular, cocoa prices are lower compared to prior year but are expected to remain elevated compared to historical levels in the near- and medium-term. Refer to Commodity Trends for additional information.

Previous wording

Our overall outlook for future snacks revenue growth remains strong; however, we anticipate ongoing volatility. While we have responded to elevated raw material costs with pricing increases for certain of our products, the elasticity impacts from those pricing increases has adversely impacted consumer demand, particularly in the United States and Europe. We will continue to proactively manage our business in response to the evolving global economic environment, related uncertainty and business risks while also prioritizing and supporting our employees and customers. We continue to take steps to mitigate impacts to our supply chain, operations, technology and assets.

Current wording

Our overall outlook for future snacks revenue growth remains strong; however, we anticipate ongoing volatility. While we have responded to elevated raw material costs with price increases for certain of our products, the elasticity impacts from those pricing increases have adversely impacted consumer demand, particularly in the United States and Europe. We will continue to proactively manage our business in response to the evolving global economic environment, related uncertainty and business risks while also prioritizing and supporting our employees and customers. We continue to take steps to mitigate impacts to our supply chain, operations, technology and assets.

Previous wording

In many markets, including the United States, certain products or a portion of our products, including significant inputs, are imported from other jurisdictions. As the current geopolitical environment remains unpredictable, we continue to monitor and evaluate the impact of proposed and enacted tariffs, including proposed and enacted retaliatory tariffs or other trade restrictions. We are evaluating the potential impact of these developments as well as our ability to mitigate the impact, as they are expected to adversely impact our revenue and cost of goods sold. If the provisions of certain proposed tariffs for which implementation is currently delayed are ultimately implemented as originally proposed, or if additional tariff actions are implemented, we would expect those adverse impacts on our business operations and financial performance to be significant. For most products and materials imported to the United States from Mexico and Canada, we comply with the terms of the U.S.-Mexico-Canada Agreement and are therefore not subject to tariffs on most products and materials imported from those jurisdictions. However, the current trade environment continues to evolve rapidly and there can be no assurance that such products and materials will continue to be exempt. The implementation of additional protectionist trade measures, and any further retaliatory actions taken in response, could result in increased costs and pricing pressures, disrupt consumer spending patterns, and impact market stability and consumer confidence, any or all of which could adversely affect our operating results. For additional information, see the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2024, including the risk entitled “We are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign governments.”

Current wording

In many markets, including the United States, certain products or a portion of our products, including significant inputs, are imported from other jurisdictions. As the current geopolitical environment remains unpredictable, we continue to monitor and evaluate the impact of proposed and enacted tariffs, including proposed and enacted retaliatory tariffs or other trade restrictions. During the first quarter of 2026, the U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were unlawful. Over the period in which these tariffs were in effect, we paid approximately $20 million of tariffs under the IEEPA. The timing and amount of any refunds of these tariffs remains uncertain at this stage. As such, we have not recorded any anticipated IEEPA tariff refund as of March 31, 2026. Additionally, the U.S. administration has continued to impose new tariffs under other provisions in U.S. trade law and will likely continue to do so in the future. We are evaluating the potential impact of these developments as well as our ability to mitigate the impact, as they are expected to adversely impact our revenue and cost of goods sold. If additional tariff actions are implemented, we would expect those adverse impacts on our business operations and financial performance to be significant. For most products and materials imported to the United States from Mexico and Canada, we comply with the terms of the U.S.-Mexico-Canada Agreement and are therefore not subject to tariffs on most products and materials imported from those jurisdictions. However, the current trade environment continues to evolve rapidly and there can be no assurance that such products and materials will continue to be exempt. The implementation of additional protectionist trade measures, and any further retaliatory actions taken in response, could result in increased costs and pricing pressures, disrupt consumer spending patterns, and impact market stability and consumer confidence, any or all of which could adversely affect our operating results. For additional information, see the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2025, including the risk entitled “We are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign governments.”

Previous wording

We have suspended new capital investments and our advertising spending in Russia, but as a food company with more than 2,500 employees in the country, we have not ceased operations because we believe that we play a role in the continuity of the food supply. We continue to evaluate the situation in Ukraine and Russia and our ability to control our operating activities and businesses on an ongoing basis and comply with applicable international sanctions. We continue to consolidate both our Ukrainian and Russian subsidiaries. During the third quarter of 2025, Ukraine generated 0.4% and Russia generated 3.7% of our consolidated net revenue and during the third quarter of 2024, Ukraine generated 0.4% and Russia generated 2.9% of our consolidated net revenue. The profitability of and the assets held by our Russian business continue to remain above historic levels. We cannot predict if the recent strength in our Russian business will continue in the future.

Current wording

In February 2022, following the Russian military invasion of Ukraine, we stopped production and closed our facilities in Ukraine; since then, we have taken steps to protect the safety of our employees and to restore operations at our two manufacturing facilities, which were significantly damaged in March 2022. We have suspended new capital investments and our advertising spending in Russia, but as a food company with more than 2,500 employees in the country, we have not ceased operations because we believe that we play a role in the continuity of the food supply. We continue to evaluate the situation in Ukraine and Russia and our ability to control our operating activities and businesses on an ongoing basis and comply with applicable international sanctions. We continue to consolidate both our Ukrainian and Russian subsidiaries. During the first quarter of 2026, Ukraine generated 0.4% and Russia generated 3.1% of our consolidated net revenue. We cannot predict if the recent strength in our Russian business will continue in the future.

Previous wording

In July 2024, our Board of Directors approved funding of $1.2 billion for a multi-year systems transformation program to upgrade our global ERP and supply chain systems (the “ERP System Implementation”). ERP System Implementation spending comprises both capital expenditures and operating expenses, of which a majority is expected to relate to operating expenses. The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations. The ERP System Implementation program will be implemented by region in several phases with spending occurring over the next four years, with expected completion by year-end 2028. Refer to Non-GAAP financial measures for additional information.

Current wording

In July 2024, our Board of Directors approved funding of $1.2 billion for a multi-year systems transformation program to upgrade our global ERP and supply chain systems (the “ERP System Implementation”). ERP System Implementation spending comprises both capital expenditures and operating expenses, of which a majority is expected to relate to operating expenses. The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations. The ERP System Implementation program is being implemented by region in several phases with spending occurring over the next three years, with expected completion by year-end 2028. Refer to Non-GAAP financial measures for additional information.

Previous wording

We continue to monitor existing and potential future tax reform around the world. Numerous countries have enacted the Organization of Economic Cooperation and Development’s model rules on a global minimum tax, effective for 2024. The existing legislation does not have a material impact on our condensed consolidated financial statements. However, we continue to monitor all developments including how the June 28, 2025 G7 announcement that U.S.-parented companies be exempted from certain aspects of the global minimum tax regime will be incorporated into the model rules and local legislation around the world.

Current wording

We continue to monitor existing and potential future tax reform around the world. Numerous countries have enacted the Organization of Economic Cooperation and Development’s model rules on a global minimum tax, effective for 2024. The existing legislation does not have a material impact on our condensed consolidated financial statements. On January 5, 2026, the OECD Inclusive Framework members approved changes to the model rules, including the introduction of a “side by side” rule which would exempt U.S.-parented companies from certain aspects of the global minimum tax regime. The updated model rules will need to be incorporated into local tax legislation to be effective. We do not expect the new rules to have a material impact on our consolidated financial statements.

Previous wording

We also evaluate the operating performance of the company and its international subsidiaries on a constant currency basis. Our non-GAAP measures presented on a constant currency basis exclude the effects of currency translation rate changes and, beginning in the first quarter of 2024, extreme pricing increases in Argentina. For additional information, refer to Extreme Price Growth in Argentina. We determine constant currency operating results by dividing or multiplying, as appropriate, the current-period local currency operating results by the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period.

Current wording

We also evaluate the operating performance of the company and its international subsidiaries on a constant currency basis. Our non-GAAP measures presented on a constant currency basis exclude the effects of currency translation rate changes and, beginning in the first quarter of 2024, extreme pricing increases in Argentina. For additional information, refer to Extreme Price Growth in Argentina and Other Currency-Related Items. We determine constant currency operating results by dividing or multiplying, as appropriate, the current-period local currency operating results by the currency exchange rates used to translate the financial statements in the comparable prior-year period to determine what the current-period U.S. dollar operating results would have been if the currency exchange rate had not changed from the comparable prior-year period.

Previous wording

•“Organic Net Revenue” is defined as net revenues (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of acquisitions, divestitures, short-term distributor agreements related to the sale of a business and currency-related items. We believe that Organic Net Revenue reflects the underlying growth from the ongoing activities of our business and provides improved comparability of results. Organic Net Revenue growth is presented on a consolidated basis, for each of our segments and for our emerging markets and developed markets, and these underlying measures are also reconciled to the most comparable U.S. GAAP financial measures above.

Current wording

•“Organic Net Revenue” is defined as net revenues (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of acquisitions, divestitures and currency-related items. We believe that Organic net revenue reflects the underlying growth from the ongoing activities of our business and provides improved comparability of results. Organic Net Revenue growth is presented on a consolidated basis, for each of our segments and for our emerging markets and developed markets, and these underlying measures are also reconciled to the most comparable U.S. GAAP financial measures.

Previous wording

•Our emerging markets include our Latin America region in its entirety; the AMEA region, excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Russia, Ukraine, Türkiye, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.

Current wording

•Our emerging markets include the entire Latin America region; the AMEA region, excluding Australia, New Zealand and Japan; and the following countries from the Europe region: Russia, Ukraine, Türkiye, Kazakhstan, Georgia, Poland, Czech Republic, Slovak Republic, Hungary, Bulgaria, Romania, the Baltics and the East Adriatic countries.

Previous wording

•“Adjusted Operating Income” is defined as operating income (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of the Simplify to Grow Program; gains or losses (including non-cash impairment charges) on goodwill and intangible assets; divestiture-related items; acquisition-related items; operating results from short-term distributor agreements related to the sale of a business; remeasurement of net monetary position of highly inflationary countries; mark-to-market impacts from commodity and foreign currency derivative contracts economically hedging forecasted transactions; impacts from resolution of indirect tax matters; incremental costs due to the war in Ukraine; impact from the European Commission legal matter; the impact from pension participation changes; and operating costs from the ERP System Implementation program. We also present Adjusted Operating Income margin, which is subject to the same adjustments as Adjusted Operating Income. We also evaluate growth in our Adjusted Operating Income on a constant currency basis. We believe these measures provide improved comparability of underlying operating results.

Current wording

•“Adjusted Operating Income” is defined as operating income (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of: restructuring charges; gains or losses (including non-cash impairment charges) on goodwill and intangible assets; divestiture-related items; acquisition-related items; remeasurement of net monetary position of highly inflationary countries; mark-to-market impacts from commodity and foreign currency derivative contracts economically hedging forecasted transactions; resolution of tax matters; incremental costs due to geopolitical conflicts and operating costs from the ERP System Implementation program. We also present Adjusted Operating Income margin, which is subject to the same adjustments as Adjusted Operating Income. We also evaluate growth in our Adjusted Operating Income on a constant currency basis. We believe these measures provide improved comparability of underlying operating results.

Previous wording

•“Adjusted EPS” is defined as diluted EPS attributable to Mondelēz International (the most comparable U.S. GAAP financial measure) from continuing operations excluding, when they occur, the impacts of the items listed in the Adjusted Operating Income definition as well as gains or losses on debt extinguishment and related expenses; gains or losses on marketable securities transactions; initial impacts from enacted tax law changes; and gains or losses on equity method investment transactions. We also evaluate growth in our Adjusted EPS on a constant currency basis. We believe Adjusted EPS provides improved comparability of underlying operating results.

Current wording

•“Adjusted EPS” is defined as diluted EPS attributable to Mondelēz International (the most comparable U.S. GAAP financial measure) from continuing operations excluding, when they occur, the impacts of the items listed in the Adjusted Operating Income definition as well as pension participation changes and gains or losses on equity method investment transactions. We also evaluate growth in our Adjusted EPS on a constant currency basis. We believe Adjusted EPS provides improved comparability of underlying operating results.

Previous wording

The below table and subsequent commentary present income or (expense) items that affected the comparability of our results of operations and provides details of each item. Please refer to the notes to the condensed consolidated financial statements indicated below for additional information. These items are excluded from our non-GAAP earnings measures to better facilitate comparisons of our underlying operating performance across periods. Refer to the Consolidated Results of Operations – Net Earnings and Earnings per Share Attributable to Mondelēz International table for the after-tax per share impacts of these items and to the Non-GAAP Financial Measures section for definitions of our non-GAAP financial measures.

Current wording

The below table and subsequent commentary present income or (expense) items that affected the comparability of our results of operations and provides details of each item. Please refer to the notes to the condensed consolidated financial statements indicated below for additional information. We consider quantitative and qualitative factors in assessing whether to adjust for the impact of items that may be significant or that could affect an understanding of our ongoing financial and business performance and trends. These items are excluded from our non-GAAP earnings measures to better facilitate comparisons of our underlying operating performance across periods. Refer to the Consolidated Results of Operations – Net Earnings and Earnings per Share Attributable to Mondelēz International table for the after-tax per share impacts of these items and to the Non-GAAP Financial Measures section for definitions of our non-GAAP financial measures.

Previous wording

Acquisition-related items –Includes acquisition-related costs, acquisition integration costs, contingent consideration adjustments, inventory step-ups and gains from acquisitions. Acquisition-related costs include third-party advisor, investment banking and legal fees. Acquisition integration costs include costs related to the integration of operations from acquisitions. Contingent consideration adjustments include any changes made to contingent compensation liabilities for earn-outs related to acquisitions that do not relate to recurring employee compensation expense. See Note 8, Financial Instruments - Fair Value of Contingent Consideration for additional information. Other acquisition-related items include incremental costs from inventory step-ups associated with acquired companies related to the fair market valuation of the acquired inventory and acquisition gains from the remeasurement of an existing noncontrolling investment to fair value when the company acquires a controlling interest in the investee.

Current wording

Acquisition-related items –Includes acquisition-related costs, acquisition integration costs, contingent consideration adjustments, inventory step-ups and gains from acquisitions. Acquisition-related costs include third-party advisor, investment banking and legal fees. Acquisition integration costs include costs related to the integration of operations from acquisitions. Contingent consideration adjustments include any changes made to contingent compensation liabilities for earn-outs related to acquisitions that do not relate to recurring employee compensation expense. Refer to Note 6, Financial Instruments - Fair Value of Contingent Consideration for additional information. Other acquisition-related items include incremental costs from inventory step-ups associated with acquired companies related to the fair market valuation of the acquired inventory and acquisition gains from the remeasurement of an existing noncontrolling investment to fair value when the company acquires a controlling interest in the investee.

Previous wording

Divestiture-related items – Includes operating results from divestitures, divestiture-related costs and gains/(losses) on divestitures. Divestitures may include sales of businesses, exits of major product lines upon completion of a sale or licensing agreement, or sales of equity method investments. Divestiture-related costs include costs incurred in relation to the preparation and completion of divestiture transactions (including one-time costs such as severance related to the elimination of stranded costs) as well as costs incurred associated with publicly announced processes to sell businesses. For 2024, operating results from divestitures (which are not reflected in the table above) include the operating results from the company’s JDE Peet’s equity method investment earnings which was sold in the fourth quarter of 2024.

Current wording

Divestiture-related items – Includes operating results from divestitures, divestiture-related costs and gains or losses on divestitures. Divestitures may include sales of businesses, exits of major product lines upon completion of a sale or licensing agreement, or sales of equity method investments. Divestiture-related costs include costs incurred in relation to the preparation and completion of divestiture transactions (including one-time costs such as severance related to the elimination of stranded costs) as well as costs incurred associated with publicly announced processes to sell businesses.

Previous wording

ERP system implementation costs– In July 2024, our Board of Directors approved funding of $1.2 billion for a multi-year systems transformation program to upgrade our global ERP and supply chain systems, which is comprised of both capital expenditures and operating expenses, of which a majority is expected to be operating expenses. The ERP System Implementation program will be implemented in several phases with spending occurring over the next four years, with expected completion by year-end 2028. The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations. These expenses include third-party consulting fees, direct labor costs associated with the program, accelerated depreciation of our existing SAP financial systems and various other expenses, all associated with the implementation of our information technology upgrades.

Current wording

ERP System Implementation costs– In July 2024, our Board of Directors approved funding of $1.2 billion for a multi-year systems transformation program to upgrade our global ERP and supply chain systems, which is comprised of both capital expenditures and operating expenses, of which a majority is expected to be operating expenses. The ERP System Implementation program is being implemented by region in several phases with spending continuing over the next three years, with expected completion by year-end 2028. The operating expenses associated with the ERP System Implementation represent incremental transformational costs above the normal ongoing level of spending on information technology to support operations. These expenses include third-party consulting fees, direct labor costs associated with the program, accelerated depreciation of our existing SAP financial systems and various other expenses, all associated with the implementation of our information technology upgrades.

Previous wording

Remeasurement of net monetary position of highly inflationary countries – The company’s operations in Argentina, Türkiye, Egypt and Nigeria are currently accounted for as highly inflationary. We exclude remeasurement gains and losses of the monetary assets and liabilities of its subsidiaries in highly inflationary economies and the realized gains and losses from derivatives that mitigate the foreign currency volatility related to the remeasurement of the respective monetary assets or liabilities from its non-GAAP earnings measures to facilitate comparisons of our underlying operating performance across periods.

Current wording

Remeasurement of net monetary position of highly inflationary countries – Our operations in Argentina, Türkiye, Egypt and Nigeria are currently accounted for as highly inflationary. We exclude remeasurement gains and losses of the monetary assets and liabilities of our subsidiaries in highly inflationary economies and the realized gains and losses from derivatives that mitigate the foreign currency volatility related to the remeasurement of the respective monetary assets or liabilities from our non-GAAP earnings measures to facilitate comparisons of our underlying operating performance across periods.

Previous wording

Impact from pension participation changes– Consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including settlement losses from our buy-out of a pension plan for U.S. salaried employees during the second quarter of 2025 and our buy-out of the retiree participants' obligations for two Canadian pension plans during the third quarter of 2025, as well as costs incurred when employee groups are withdrawn from multiemployer pension plans. We exclude these charges from our non-GAAP results because those amounts do not reflect our ongoing pension obligations.

Current wording

Pension participation changes– Consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including settlement losses from the full or partial buy-out of our pension plans, as well as costs incurred when employee groups are withdrawn from multiemployer pension plans. We exclude these charges from our non-GAAP results because those amounts do not reflect our ongoing pension obligations.

Previous wording

Impact from resolution of tax matters – Consists of the reversals and settlements of unusual and significant indirect tax matters. Due to the unique nature of these resolutions, we believe it to be infrequent and therefore exclude it from our non-GAAP earnings measures to better facilitate comparisons of our underlying operating performance across periods.

Current wording

Resolution of tax matters – Consists of the charges and credits related to unusual and significant indirect tax matters. Due to the unique nature of these resolutions, we believe them to be infrequent and therefore exclude them from our non-GAAP earnings measures to better facilitate comparisons of our underlying operating performance across periods.

Previous wording

–Net revenue growth in the third quarter of 2025 was driven by higher net pricing, favorable currency-related items, as several currencies we operate in strengthened relative to the U.S. dollar compared to exchange rates in the prior year, and incremental net revenue from our acquisition of Evirth, partially offset by unfavorable volume/mix.

Current wording

Net Revenues– increased 8.2% to $10.1 billion in the first quarter of 2026 as compared to the same period in the prior year. Net revenue growth in the first quarter of 2026 was driven by higher net pricing and favorable currency-related items, as several currencies we operate in strengthened relative to the U.S. dollar compared to exchange rates in the prior year, partially offset by unfavorable volume/mix and lapping prior-year net revenue from a divestiture.

Previous wording

•Organic Net Revenue, a non-GAAP financial measure, increased 3.4% to $9.5 billion in the third quarter of 2025 and increased 4.0% to $27.9 billion in the first nine months of 2025 as compared to the same periods in the prior year. During both the third quarter and the first nine months of 2025, Organic Net Revenue grew due to higher net pricing, partially offset by unfavorable volume/mix. Organic Net Revenue is reported on a constant currency basis and excludes revenue from acquisitions and divestitures. Refer to Non-GAAP Financial Measuresfor the definition of Organic Net Revenue and Consolidated Results of Operationsfor our reconciliation with net revenues.

Current wording

Organic Net Revenue– Organic Net Revenue, a non-GAAP financial measure, increased 3.0% to $9.6 billion in the first quarter of 2026 as compared to the same period in the prior year due to higher net pricing, partially offset by unfavorable volume/mix. Organic Net Revenue is reported on a constant currency basis and excludes revenue from acquisitions and divestitures. Refer to Non-GAAP Financial Measuresfor the definition of Organic Net Revenue and Consolidated Results of Operations for our reconciliation with net revenues.

Previous wording

•Adjusted EPS, a non-GAAP financial measure, decreased 23.2% to $0.73 in the third quarter of 2025 and decreased 18.8% to $2.20 in the first nine months of 2025 as compared to the same periods in the prior year. On a constant currency basis, Adjusted EPS decreased 24.2% to $0.72 in the third quarter of 2025 and decreased 19.6% to $2.18 in the first nine months of 2025 as compared to the same periods in the prior year. Refer to Non-GAAP Financial Measuresfor the definition of Adjusted EPS and Consolidated Results of Operationsfor our reconciliation with diluted EPS.

Current wording

Adjusted EPS – Adjusted EPS, a non-GAAP financial measure, decreased 9.5% to $0.67 in the first quarter of 2026 as compared to the same period in the prior year. On a constant currency basis, Adjusted EPS decreased 14.9% to $0.63 in the first quarter of 2026 as compared to the same period in the prior year. Refer to Non-GAAP Financial Measuresfor the definition of Adjusted EPS and Consolidated Results of Operationsfor our reconciliation with diluted EPS. The decrease in Adjusted EPS was driven by operating declines and higher income taxes, partially offset by lower interest and other expense, favorable currency-related items and fewer shares outstanding.

Previous wording

Net Revenues – Net revenues increased $540 million (5.9%) to $9,744 million in the third quarter of 2025, and Organic Net Revenue(1) increased $316 million (3.4%) to $9,520 million. Emerging markets net revenues increased 9.9% and emerging markets Organic Net Revenue increased 7.1%(1). Developed markets net revenues increased 3.3% and developed markets Organic Net Revenue increased 1.2%(1). The underlying changes in net revenues and Organic Net Revenue are detailed below:

Current wording

Net Revenues – Net revenues increased $767 million (8.2%) to $10,080 million in the first quarter of 2026, and Organic Net Revenue(1) increased $279 million (3.0%) to $9,581 million. Emerging markets net revenues increased 11.4% and emerging markets Organic Net Revenue increased 6.3%(1). Developed markets net revenues increased 6.1% and developed markets Organic Net Revenue increased 0.8%(1). The underlying changes in net revenues and Organic Net Revenue are detailed below:

Previous wording

Net revenue increase of 5.9% was driven by our underlying Organic Net Revenue growth of 3.4%, favorable currency-related items and the impact of an acquisition. Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix. Higher net pricing was due to the benefit of carryover pricing from 2024 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2025. Higher net pricing was reflected in all regions. Unfavorable volume/mix was experienced across all regions, driven by pricing elasticity impacts in Europe, Latin America and AMEA, as well as soft consumption in North America. Currency-related items increased net revenues by $137 million, driven by favorable currency translation rate changes and the impact of extreme pricing in Argentina. Refer to Recent Developments and Significant Items Affecting Comparabilityfor additional information. Favorable currency translation rate changes were due to the strength of several currencies relative to the U.S. dollar, primarily the euro, Russian ruble, British pound sterling, Polish zloty, Brazilian real, Mexican peso and Swedish krona, partially offset by the strength of the U.S. dollar relative to several currencies, primarily the Argentinean peso, Indian rupee and Turkish lira. The November 1, 2024 acquisition of Evirth added incremental net revenues of $87 million (constant currency basis) in the third quarter of 2025. Refer to Note 2, Acquisitions and Divestitures, for additional information.

Current wording

Net revenue increase of 8.2% was driven by our underlying Organic Net Revenue growth of 3.0% and favorable currency-related items, partially offset by lapping prior-year net revenue from a divestiture. Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix. Higher net pricing was due to the benefit of carryover pricing from 2025 as well as the effects of input cost-driven pricing actions taken during 2026. Higher net pricing was reflected in all regions. Unfavorable volume/mix was experienced in Europe, Latin America and North America, driven by volume declines reflecting pricing elasticity impacts in Europe and Latin America, as well as soft biscuits & baked snacks consumption in North America. Currency-related items increased net revenues by $499 million, primarily driven by favorable currency translation rate changes, due to the strength of most currencies relative to the U.S. dollar, including the euro, British pound sterling, Mexican peso, Brazilian real, Russian ruble, Australian dollar and Chinese yuan. These favorable impacts were partially offset by the strength of the U.S. dollar relative to a few currencies, primarily the Argentinean peso, Indian rupee and Turkish lira.

Previous wording

Operating Income – Operating income decreased $409 million (35.5%) to $744 million in the third quarter of 2025. Adjusted Operating Income(1) decreased $567 million (32.6%) to $1,171 million and Adjusted Operating Income on a constant currency basis(1) decreased $582 million (33.5%) to $1,156 million due to the following:

Current wording

Operating Income – Operating income increased $128 million (18.8%) to $808 million in the first quarter of 2026. Adjusted Operating Income(1) decreased $192 million (14.0%) to $1,182 million and Adjusted Operating Income on a constant currency basis(1) decreased $261 million (19.0%) to $1,113 million due to the following:

Previous wording

During the third quarter of 2025, we realized higher net pricing, which was more than offset by increased input costs and unfavorable volume/mix. Higher net pricing, which included the carryover impact of pricing actions taken in 2024 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2025, was reflected across all regions. The increase in input costs was driven by higher raw material costs, partially offset by lower manufacturing costs driven by productivity. Higher raw material costs were primarily due to higher cocoa, dairy, edible oils, packaging, nuts, grains and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and energy costs. Overall, unfavorable volume/mix was experienced across all regions, reflecting pricing elasticity impacts as well as biscuit & baked snacks category softness in North America.

Current wording

During the first quarter of 2026, we realized higher net pricing, which was more than offset by increased input costs and unfavorable volume/mix. Higher net pricing, which included the carryover impact of pricing actions taken in 2025, was reflected across all regions. The increase in input costs was driven by higher raw material costs, partially offset by lower manufacturing costs driven by productivity. While there were declines in cocoa market prices during the first quarter of 2026, those declines did not translate into lower costs due to our existing hedge positions and sales of higher cost inventory that we held at the beginning of the period, Higher raw material costs were also driven by higher packaging, edible oils, nuts, energy, dairy and other ingredient costs, as well as unfavorable year-over-year currency exchange transaction costs on imported materials, partially offset by lower sugar and grain costs. Overall, unfavorable volume/mix was experienced in Europe, Latin America and North America, reflecting pricing elasticity impacts as well as biscuits & baked snacks category softness in North America.

Previous wording

Total selling, general and administrative expenses increased $165 million from the third quarter of 2024, which was driven by a number of factors noted in the table above, including in part, an unfavorable year-over-year change in acquisition-related items, higher costs incurred for the ERP System Implementation program and the impact from an acquisition, partially offset by a favorable impact from the resolution of an indirect tax matter, a favorable currency-related impact to expenses and lapping prior-year implementation costs for the completed Simplify to Grow Program. Excluding these factors, selling, general and administrative expenses decreased $195 million from the third quarter of 2024. The decrease was driven primarily by lower advertising and consumer promotion costs and lower overhead costs.

Current wording

Total selling, general and administrative expenses increased $205 million from the first quarter of 2025, which was net of several unfavorable factors noted in the table above, including in part, an unfavorable currency-related impacts to expenses and higher costs incurred for the ERP System Implementation program. Excluding these factors, selling, general and administrative expenses increased $104 million from the first quarter of 2025. The increase was driven primarily by higher advertising and consumer promotion costs and higher other selling, general and administration expenses.

Previous wording

Currency-related items increased operating income by $18 million, due to favorable currency translation rate changes and the impact of extreme pricing in Argentina. Favorable currency translation rate changes were primarily due to the strength of several currencies relative to the U.S. dollar, including the Russian ruble, euro and British pound sterling, partially offset by the strength of the U.S. dollar relative to several currencies, including the Mexican peso, Brazilian real, Australian dollar, Swiss franc and Indian rupee.

Current wording

Currency-related items increased operating income by $69 million due to favorable currency translation rate changes, as the impact of extreme pricing in Argentina was not material. Favorable currency translation rate changes were primarily due to the strength of several currencies relative to the U.S. dollar, including the euro, British pound sterling, Russian ruble, Brazilian real, Chinese yuan and Mexican peso, partially offset by the strength of the U.S. dollar relative to several currencies, including the Swiss franc and Indian rupee.

Previous wording

Operating income margin decreased from 12.5% in the third quarter of 2024 to 7.6% in the third quarter of 2025. The decrease in operating income margin was driven primarily by lower Adjusted Operating Income margin and an unfavorable year-over-year change in acquisition-related items, partially offset by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives and lower intangible asset impairment charges. Adjusted Operating Income margin decreased from 18.9% for the third quarter of 2024 to 12.0% for the third quarter of 2025. The decrease was driven primarily by higher raw material costs and unfavorable product mix, partially offset by higher net pricing, lower advertising and consumer promotion costs, lower manufacturing costs driven by productivity and lower overhead costs.

Current wording

Operating income margin increased from 7.3% in the first quarter of 2025 to 8.0% in the first quarter of 2026. The increase in operating income margin was driven primarily by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, partially offset by lower Adjusted Operating Income margin, higher restructuring charges and higher costs incurred for the ERP System Implementation program. Adjusted Operating Income margin decreased from 14.8% for the first quarter of 2025 to 11.7% for the first quarter of 2026. The decrease was driven primarily by higher raw material costs, unfavorable product mix, higher advertising and consumer promotion costs and general and administrative expenses, partially offset by higher pricing and lower manufacturing costs driven by productivity.

Previous wording

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $743 million decreased by $110 million (12.9%) in the third quarter of 2025. Diluted EPS attributable to Mondelēz International was $0.57 in the third quarter of 2025, down $0.06 (9.5%) from the third quarter of 2024. Adjusted EPS(1) was $0.73 in the third quarter of 2025, down $0.22 (23.2%) from the third quarter of 2024. Adjusted EPS on a constant currency basis(1) was $0.72 in the third quarter of 2025, down $0.23 (24.2%) from the third quarter of 2024.

Current wording

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $560 million increased by $158 million (39.3%) in the first quarter of 2026. Diluted EPS attributable to Mondelēz International was $0.44 in the first quarter of 2026, up $0.13 (41.9%) from the first quarter of 2025. Adjusted EPS(1) was $0.67 in the first quarter of 2026, down $0.07 (9.5%) from the first quarter of 2025. Adjusted EPS on a constant currency basis(1) was $0.63 in the first quarter of 2026, down $0.11 (14.9%) from the first quarter of 2025.

Previous wording

(1)Refer to the Non-GAAP Financial Measures section above for additional information. The tax expense/(benefit) of each of the pre-tax items excluded from our U.S. GAAP results was computed based on the facts and tax assumptions associated with each item, and such impacts have also been excluded from Adjusted EPS.

Current wording

(1)Refer to the Non-GAAP Financial Measures section for additional information. The tax expense/(benefit) of each of the pre-tax items excluded from our U.S. GAAP results was computed based on the facts and tax assumptions associated with each item, and such impacts have also been excluded from Adjusted EPS.

Previous wording

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

Current wording

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

Previous wording

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.

Current wording

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

Previous wording

Net revenues increased $34 million (2.8%), due to higher net pricing (8.7 pp), partially offset by unfavorable volume/mix (4.0 pp) and an unfavorable impact of currency-related items (1.9 pp). Higher net pricing, net of extreme pricing in Argentina, was driven by input cost-driven pricing actions and reflected across all categories, primarily in Brazil, Argentina and Mexico. Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts, primarily in Argentina. Overall, unfavorable volume/mix was driven by declines in refreshment beverages, biscuits & baked snacks and candy, partially offset by gains in chocolate, grocery & cheese and gum. Currency-related items were unfavorable due to currency translation rate changes, partially offset by the impact of extreme pricing in Argentina. Unfavorable currency translation impacts were primarily due to the strength of the U.S. dollar relative to a few currencies in the region, primarily the Argentinean peso, partially offset by the strength of several currencies relative to the U.S. dollar, including the Brazilian real and Mexican peso.

Current wording

Net revenues increased $145 million (12.1%), due to higher net pricing (8.1 pp) and a favorable impact of currency-related items (7.0 pp), partially offset by unfavorable volume/mix (3.0 pp). Higher net pricing was driven by input cost-driven pricing actions and reflected across all categories, primarily in Argentina, Brazil and Mexico. Currency-related items were favorable primarily due to currency translation rate changes, reflecting the strength of most currencies relative to the U.S. dollar, including the Mexican peso, Brazilian real and Colombian peso. These favorable impacts were partially offset by the strength of the U.S. dollar relative to a few currencies, primarily the Argentinean peso. Unfavorable volume/mix reflected volume declines due to pricing elasticity impacts across most markets, primarily in Argentina and Mexico. Overall, unfavorable volume/mix was driven by declines in all categories except gum.

Previous wording

Segment operating income increased $22 million (17.6%), primarily due to higher pricing, lower advertising and consumer promotion costs, a favorable impact from the resolution of an indirect tax matter, lower manufacturing costs driven by productivity and lower other selling, general and administrative expenses. These favorable items were partially offset by higher raw material costs, unfavorable volume/mix and higher costs incurred for the ERP System Implementation program.

Current wording

Segment operating income increased $10 million (7.2%), primarily due to higher pricing, lower manufacturing costs driven by productivity and favorable currency translation rate changes. These favorable items were partially offset by higher raw materials, unfavorable volume/mix, higher other selling, general and administrative expenses and higher costs incurred for the ERP System Implementation program.

Previous wording

Segment operating income decreased $371 million (40.4%), primarily due to a lower year-over-year benefit from contingent consideration adjustments related to Clif Bar net of lower acquisition integration costs, higher raw material costs, unfavorable volume/mix and higher costs incurred for the ERP System Implementation program. These unfavorable items were partially offset by lower advertising and consumer promotion costs, higher net pricing, lower manufacturing costs due to productivity, lower other selling, general and administrative expenses and lapping prior-year costs for the completed Simplify to Grow program.

Current wording

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

Previous wording

Long-term cash requirements primarily relate to funding long-term debt repayments (refer to Note 7, Debt and Borrowing Arrangements), our U.S. tax reform transition tax liability and deferred taxes (refer to Note 16, Income Taxes, in our Annual Report on Form 10-K for the year ended December 31, 2024), our long-term benefit plan obligations (refer to Note 9, Benefit Plans, in Item 1 herein and Note 11, Benefit Plans, in our Annual report on Form 10-K for the year ended December 31, 2024) and commodity-related purchase commitments and derivative contracts (refer to Note 8, Financial Instruments).

Current wording

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

Previous wording

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

Current wording

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

Previous wording

The reduction in net cash used in investing activities was largely driven by net proceeds from investments in the current year as compared to net contributions in the prior year and lower capital expenditures, partially offset by lower proceeds from derivative settlements. We continue to make capital expenditures primarily to modernize manufacturing facilities, implement new product manufacturing and support productivity initiatives. We expect 2025 capital expenditures to be up to $1.3 billion, including capital expenditures in connection with funding our strategic priorities. We expect to continue to fund these expenditures with cash from operations.

Current wording

The increase in net cash used in investing activities was primarily driven by net payments for derivative settlements in the current year versus net proceeds in the prior year, and higher capital expenditures in the current year. We continue to make capital expenditures primarily to modernize manufacturing facilities, implement new product manufacturing and support productivity initiatives. We expect 2026 capital expenditures to be up to $1.4 billion, including capital expenditures in connection with funding our strategic priorities. We expect to continue to fund these expenditures with cash from operations.

Previous wording

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

Current wording

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