Mondelez International, Inc.

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 price increases for certain of our products, the elasticity impacts from those pricing increases have adversely impacted consumer demand, particularly in 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 long-term 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 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. 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, of which we have received refunds for approximately $6 million as of June 30, 2026. The timing and amount of any additional refunds of these tariffs remains uncertain at this stage. As such, we have not recorded any additional anticipated IEEPA tariff refunds as of June 30, 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.”

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, of which we have received refunds for approximately $14 million as of September 30, 2026. The timing and amount of any additional refunds of these tariffs remains uncertain at this stage. As such, we have not recorded any additional anticipated IEEPA tariff refunds as of September 30, 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

The war in Ukraine continues to subject our business in the region to periodic disruptions, which may affect production, distribution and the safety of our employees. We continue to suspend new capital investments and advertising in Russia, but we have not ceased operations because we believe that we play a role in the continuity of the food supply. We continue to evaluate our ability to control our operating activities in Ukraine and Russia and comply with applicable international sanctions. We continue to consolidate both subsidiaries. During the second quarter of 2026, Ukraine generated 0.4% and Russia generated 3.8% of our consolidated net revenue.

Current wording

The war in Ukraine continues to subject our business in the region to periodic disruptions, which may affect production, distribution and the safety of our employees. We continue to suspend new capital investments and advertising in Russia, but we have not ceased operations because we believe that we play a role in the continuity of the food supply. We continue to evaluate our ability to control our operating activities in Ukraine and Russia and comply with applicable international sanctions. We continue to consolidate both subsidiaries. During the third quarter of 2026, Ukraine generated 0.3% and Russia generated 3.1% of our consolidated net revenue.

Previous wording

Escalation of military activity in the Middle East has affected, and may continue to affect, our operations in the region, including our manufacturing facility in Bahrain. Shipping disruptions in the Middle East and surrounding waterways have created, and may continue to create, logistical pressures, including reduced availability of certain shipping routes and increased shipping costs and transit times. While we have taken actions to divert our shipping routes, we may not be able to fully mitigate higher shipping rates, longer shipping routes and other adverse impacts in certain AMEA markets. However, to date, these developments have not had a material impact on our business, results of operations or financial condition. We continue to evaluate these developments and we cannot predict if they will have a significant impact in the future. During the second quarter of 2026, Middle Eastern countries impacted by the conflict generated less than 1.0% of our consolidated net revenue.

Current wording

Escalation of military activity in the Middle East has affected, and may continue to affect, our operations in the region, including our manufacturing facility in Bahrain. Shipping disruptions in the Middle East and surrounding waterways have created, and may continue to create, logistical pressures, including reduced availability of certain shipping routes and increased shipping costs and transit times. While we have taken actions to divert our shipping routes, we may not be able to fully mitigate higher shipping rates, longer shipping routes and other adverse impacts in certain AMEA markets. However, to date, these developments have not had a material impact on our business, results of operations or financial condition. We continue to evaluate these developments and we cannot predict if they will have a significant impact in the future. During the third quarter of 2026, Middle Eastern countries impacted by the conflict generated approximately 1.0% of our consolidated net revenue.

Previous wording

Extreme pricing did not have a material impact on our non-GAAP financial measures for the three and six months ended June 30, 2026.

Current wording

Extreme pricing did not have a material impact on our non-GAAP financial measures for the three and nine months ended September 30, 2026.

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 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.

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.

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: restructuring charges; goodwill and intangible asset impairment charges; 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.

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; intangible asset impairment charges; 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.

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 pension participation changes, 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.

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, initial impacts from enacted tax law changes and gains or losses on equity method investment transactions. The tax impacts of the items excluded from our U.S. GAAP results were computed based on the facts and tax assumptions associated with each item, and such impacts have also been excluded from Adjusted EPS. We also evaluate growth in our Adjusted EPS on a constant currency basis.

Previous wording

Incremental costs due to geopolitical conflicts - Reflects impacts related to the ongoing conflicts in the Middle East and Ukraine. Includes costs related to transportation surcharges, evacuation costs and committed compensation.

Current wording

Incremental costs due to geopolitical conflicts – Reflects impacts related to the ongoing conflicts in the Middle East and Ukraine. Includes costs related to conflict-related destruction of inventory, transportation surcharges, evacuation costs and committed compensation.

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 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.

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 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. During the quarter ended September 30, 2026, we completed the implementation of the new ERP system for our North America and Latin America segments, which was the first phase of our multi-phase global ERP implementation program. The new ERP systems for our remaining segments continue to be implemented in future phases, with expected completion by year-end 2028.

Previous wording

Net Revenues– increased 4.1% to $9.4 billion in the second quarter of 2026 and increased 6.2% to $19.4 billion in the first six months of 2026 as compared to the same periods in the prior year. Net revenue growth in both the second quarter and first six months of 2026 was driven by favorable currency-related items, as several currencies we operate in strengthened relative to the U.S. dollar, higher net pricing and favorable volume/mix, partially offset by lapping prior year net revenue from a divestiture.

Current wording

–Net revenue growth in the first nine months of 2026 was driven by favorable currency-related items, as several currencies we operate in strengthened relative to the U.S. dollar, higher net pricing and favorable volume/mix, partially offset by lapping prior year net revenue from a divestiture.

Previous wording

Organic Net Revenue– Organic Net Revenue, a non-GAAP financial measure, increased 2.2% to $9.2 billion in the second quarter of 2026 and increased 2.6% to $18.8 billion in the first six months of 2026 as compared to the same periods in the prior year. During both the second quarter and the first six months of 2026 Organic Net Revenue grew due to higher net pricing and favorable 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.

Current wording

Organic Net Revenue– Organic Net Revenue, a non-GAAP financial measure, increased 2.1% to $9.9 billion in the third quarter of 2026 and increased 2.4% to $28.7 billion in the first nine months of 2026 as compared to the same periods in the prior year. During both the third quarter and the first nine months of 2026 Organic Net Revenue grew due to higher net pricing and favorable 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

Diluted EPS – Diluted EPS attributable to Mondelēz International increased 144.9% to $1.20 in the second quarter of 2026 and increased 105.0% to $1.64 in the first six months of 2026 as compared to the same periods in the prior year. Diluted EPS increased in both the second quarter and first six months of 2026, primarily driven by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, lower pension participation charges and initial impacts from enacted tax law changes. These favorable items were partially offset by higher acquisition-related items, higher costs incurred for the ERP System Implementation program and higher incremental costs due to geopolitical conflicts. The first six months of 2026 also reflected higher restructuring charges.

Current wording

–Diluted EPS increased in the first nine months of 2026, primarily driven by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, lapping prior year pension participation charges, a favorable year-over-year change in acquisition-related items and favorable initial impacts from enacted tax law changes. These favorable items were partially offset by lapping a prior year gain on equity method investment transactions, higher restructuring charges, higher costs incurred for the ERP System Implementation program, incremental costs due to geopolitical conflicts, higher intangible asset impairment charges and lapping prior year favorable resolution of tax matters.

Previous wording

Adjusted EPS – Adjusted EPS, a non-GAAP financial measure, was flat at $0.73 in the second quarter of 2026 and decreased 4.8% to $1.40 in the first six months of 2026 as compared to the same periods in the prior year. On a constant currency basis, Adjusted EPS decreased 2.7% to $0.71 in the second quarter of 2026 and decreased 8.8% to $1.34 in the first six months of 2026 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, increased 6.8% to $0.78 in the third quarter of 2026 and decreased 0.9% to $2.18 in the first nine months of 2026 as compared to the same periods in the prior year. On a constant currency basis, Adjusted EPS increased 5.5% to $0.77 in the third quarter of 2026 and decreased 4.1% to $2.11 in the first nine months of 2026 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.

Previous wording

–Adjusted EPS was flat in the second quarter of 2026, as operating declines and higher interest and other expense were offset by lower income tax and favorable currency-related items.

Current wording

–Adjusted EPS increased in the third quarter of 2026, driven by operating increases and fewer shares outstanding, partially offset by higher income tax, higher interest and other expense and lower equity method investment net earnings.

Previous wording

–Adjusted EPS decreased in the first six months of 2026, driven by operating declines, partially offset by favorable currency-related items, lower interest and other expense, higher benefit plan non-service income and fewer shares outstanding.

Current wording

–Adjusted EPS decreased in the first nine months of 2026, driven by operating declines and higher income tax, partially offset by fewer shares outstanding, lower interest and other expense and higher benefit plan non-service income.

Previous wording

Net Revenues – Net revenues increased $371 million (4.1%) to $9,355 million in the second quarter of 2026, and Organic Net Revenue(1) increased $198 million (2.2%) to $9,172 million. Emerging markets net revenues increased 7.4% and emerging markets Organic Net Revenue increased 4.4%(1). Developed markets net revenues increased 1.9% and developed markets Organic Net Revenue increased 0.7%(1). The underlying changes in net revenues and Organic Net Revenue are detailed below:

Current wording

Net Revenues – Net revenues increased $223 million (2.3%) to $9,967 million in the third quarter of 2026, and Organic Net Revenue(1) increased $207 million (2.1%) to $9,942 million. Emerging markets net revenues increased 4.9% and emerging markets Organic Net Revenue increased 4.1%(1). Developed markets net revenues increased 0.5% 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 revenues increase of 4.1%, driven by Organic Net Revenue growth of 2.2% and favorable currency-related items, partially offset by lapping prior year net revenue from a divestiture. Organic Net Revenue growth reflected higher net pricing and favorable volume/mix. Higher net pricing was driven by the benefit of carryover pricing from 2025 as well as input cost-driven pricing actions taken during 2026, and was reflected across all regions except Europe. Favorable volume/mix was driven by growth across most regions and categories, partially offset by Europe where chocolate volume declines are moderating following elevated pricing actions taken in the prior year. Currency-related items increased net revenues by $183 million, primarily due to the strength of most currencies relative to the U.S. dollar, including the Brazilian real, Mexican peso, euro, Chinese yuan, Australian dollar and Russian ruble. These favorable impacts were partially offset by the strength of the U.S. dollar relative to a few currencies, primarily the Indian rupee and Argentinean peso.

Current wording

Net revenues increased 2.3%, driven by by Organic Net Revenue growth of 2.1% and favorable currency-related items, partially offset by lapping prior year net revenue from a divestiture. Organic Net Revenue growth reflected favorable volume/mix and higher net pricing. Favorable volume/mix was driven by growth across all regions and categories, except beverages. Higher net pricing was driven by the benefit of carryover pricing from 2025 as well as input cost-driven pricing actions taken during 2026, and was reflected across all regions except Europe. Currency-related items increased net revenues by $25 million, primarily due to the strength of most currencies relative to the U.S. dollar, including the Mexican peso, Chinese yuan, Brazilian real and Australian dollar. These favorable impacts were partially offset by the strength of the U.S. dollar relative to a few currencies, primarily the Indian rupee, euro and Argentinean peso.

Previous wording

Operating Income – Operating income increased $774 million (66.0%) to $1,946 million in the second quarter of 2026. Adjusted Operating Income(1) decreased $61 million (4.8%) to $1,222 million and Adjusted Operating Income on a constant currency basis(1) decreased $78 million (6.1%) to $1,205 million due to the following:

Current wording

Operating Income – Operating income increased $1,014 million (136.3%) to $1,758 million in the third quarter of 2026. Adjusted Operating Income(1) increased $213 million (18.2%) to $1,384 million and Adjusted Operating Income on a constant currency basis(1) increased $199 million (17.0%) to $1,370 million due to the following:

Previous wording

During the second quarter of 2026, we realized higher net pricing and favorable volume/mix, which was partially offset by increased input costs. Higher net pricing, which included the carryover impact of pricing actions taken in 2025, was reflected across all regions except Europe. The increase in input costs was driven by higher raw material costs, partially offset by lower manufacturing costs driven by productivity. While cocoa prices moderated from prior year levels, the benefit was limited as existing hedge positions continue to reflect previously contracted prices. Higher raw material costs were also driven by higher packaging, nuts, energy, edible oils, grains, and other ingredient costs, as well as unfavorable year-over-year currency exchange impacts on imported materials, partially offset by lower dairy and sugar costs. Overall, favorable volume/mix was driven by growth across most regions and categories, partially offset by Europe where chocolate volume declines are moderating following elevated pricing actions taken in the prior year.

Current wording

During the third quarter of 2026, we realized lower input costs, favorable volume/mix and higher net pricing. The decrease in input costs was driven by lower raw material costs and lower manufacturing costs driven by productivity. Lower raw material costs were primarily due to lower cocoa, dairy and sugar, as well as favorable year-over-year currency exchange impacts on imported materials, partially offset by higher packaging, nuts, edible oils, energy, grains and other ingredient costs. Overall, favorable volume/mix was driven by growth across all categories. Higher net pricing, which included the benefit of carryover pricing from 2025 as well as input cost-driven pricing actions taken during 2026, was reflected across all regions except Europe.

Previous wording

Total selling, general and administrative expenses increased $276 million from the second quarter of 2025, which included unfavorable currency-related impacts to expenses, an unfavorable year-over-year change in acquisition-related items and higher costs incurred for the ERP System Implementation program. Excluding these unfavorable factors, selling, general and administrative expenses increased $182 million from the second quarter of 2025. The increase was driven primarily by higher other selling, general and administrative expenses and higher advertising and consumer promotion costs.

Current wording

Total selling, general and administrative expenses increased $217 million from the third quarter of 2025, which included higher costs incurred for the ERP System Implementation program, lapping prior year favorable resolution of tax matters and unfavorable currency-related impacts to expenses, which were partially offset by favorable year-over-year change in acquisition integration costs. Excluding these factors, selling, general and administrative expenses increased $227 million from the third quarter of 2025. The increase was driven primarily by higher advertising and consumer promotion costs and higher other selling, general and administrative expenses.

Previous wording

Currency-related items increased operating income by $17 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 Brazilian real, Mexican peso and Chinese yuan, partially offset by the strength of the U.S. dollar relative to a few currencies, primarily the Egyptian pound and Indian rupee.

Current wording

Currency-related items increased operating income by $14 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 Chinese yuan, Brazilian real, Australian dollar and Mexican peso, partially offset by the strength of the U.S. dollar relative to a few currencies, primarily the Indian rupee, the euro and the Turkish lira.

Previous wording

Operating income margin increased from 13.0% in the second quarter of 2025 to 20.8% in the second 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, an unfavorable year-over-year change in acquisition-related items, higher costs incurred for the ERP System Implementation program, higher restructuring charges and incremental costs due to geopolitical conflicts. Adjusted Operating Income margin decreased from 14.3% for the second quarter of 2025 to 13.1% for the second quarter of 2026. The decrease was driven primarily by higher raw material costs, higher other selling, general and administrative expenses and higher advertising and consumer promotion costs, partially offset by higher net pricing and lower manufacturing costs driven by productivity.

Current wording

Operating income margin increased from 7.6% in the third quarter of 2025 to 17.6% in the third 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, higher Adjusted Operating Income margin and a favorable year-over-year change in acquisition-related items, partially offset by higher restructuring charges, higher intangible asset impairment charges, incremental costs due to geopolitical conflicts and higher costs incurred for the ERP System Implementation program. Adjusted Operating Income margin increased from 12.0% for the third quarter of 2025 to 13.9% for the third quarter of 2026. The increase was driven primarily by lower raw material costs, lower manufacturing costs driven by productivity, higher net pricing and favorable volume/mix, partially offset by higher other selling, general and administrative expenses and higher advertising and consumer promotion costs.

Previous wording

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.

Current wording

Income Taxes – Our effective tax rate was 24.6% for the third quarter of 2026 as compared to 19.7% in the third quarter of 2025. The higher current quarter effective tax rate was driven by prior year tax benefits that did not recur in the current period, including benefits related to the provision for final tax return filings and the tax treatment of certain foreign pension assets. These items were partially offset by current period tax benefits from a legal entity reorganization and a more favorable jurisdictional mix of earnings, including mark-to-market gains and losses on commodity and foreign currency derivatives.

Previous wording

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $1,548 million increased by $907 million (141.5%) in the second quarter of 2026. Diluted EPS attributable to Mondelēz International was $1.20 in the second quarter of 2026, up $0.71 (144.9%) from the second quarter of 2025. Adjusted EPS(1) was $0.73 in the second quarter of 2026, flat as compared to the second quarter of 2025. Adjusted EPS on a constant currency basis(1) was $0.71 in the second quarter of 2026, down $0.02 (2.7%) from the second quarter of 2025.

Current wording

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $1,305 million increased by $562 million (75.6%) in the third quarter of 2026. Diluted EPS attributable to Mondelēz International was $1.02 in the third quarter of 2026, up $0.45 (78.9%) from the third quarter of 2025. Adjusted EPS(1) was $0.78 in the third quarter of 2026, up $0.05 (6.8%) as compared to the third quarter of 2025. Adjusted EPS on a constant currency basis(1) was $0.77 in the third quarter of 2026, up $0.04 (5.5%) from the third quarter of 2025.

Previous 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.

Current wording

(1)Refer to the Non-GAAP Financial Measures section for additional information. The tax expense/(benefit) of each of the items excluded was as follows:

Previous wording

•For the three months ended June 30, 2025, taxes for the: mark-to-market losses from derivatives were $(16) million, acquisition-related items were $9 million, ERP System Implementation program were $(10) million, pension participation changes were $(73) million and initial impacts from enacted tax law changes were $(1) million.

Current wording

•For the three months ended September 30, 2025, taxes for the: intangible asset impairment charges were $(9) million, mark-to-market losses from derivatives were $(71) million, acquisition-related items were $5 million, ERP System Implementation program were $(10) million, remeasurement of net monetary position was zero, pension participation changes were $(14) million, resolution of tax matters was $10 million and gain on equity method investment transactions was zero.

Previous wording

Net Revenues – Net revenues increased $1,138 million (6.2%) to $19,435 million in the first six months of 2026, and Organic Net Revenue(1)increased $477 million (2.6%) to $18,753 million. Emerging markets net revenues increased 9.5% and emerging markets Organic Net Revenue increased 5.3%(1). Developed markets net revenues increased 4.0% and developed markets Organic Net Revenue increased 0.8%(1). The underlying changes in net revenues and Organic Net Revenue are detailed below:

Current wording

Net Revenues – Net revenues increased $1,361 million (4.9%) to $29,402 million in the first nine months of 2026, and Organic Net Revenue(1)increased $684 million (2.4%) to $28,695 million. Emerging markets net revenues increased 7.9% and emerging markets Organic Net Revenue increased 4.9%(1). Developed markets net revenues increased 2.8% 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 revenues increase of 6.2%, driven by favorable currency-related items and Organic Net Revenue growth of 2.6%, partially offset by lapping prior year net revenue from a divestiture. Currency-related items increased net revenues by $682 million, primarily due to the strength of most currencies relative to the U.S. dollar, including the euro, Brazilian real, Mexican peso, Russian ruble, Australian dollar, British pound sterling and Chinese yuan, partially offset by the strength of the U.S. dollar relative to a few currencies, primarily the Indian rupee and Argentinean peso. Organic Net Revenue growth was driven by higher net pricing, while volume/mix was essentially flat. Higher net pricing reflected the carryover benefit of pricing actions taken in 2025, as well as input cost-driven pricing actions taken during the first six months of 2026, and was reflected across regions. Favorable volume/mix in AMEA and North America was partially offset by unfavorable volume/mix in Europe and Latin America, driven by pricing elasticity impacts.

Current wording

Net revenues increased 4.9%, driven by favorable currency-related items and Organic Net Revenue growth of 2.4%, partially offset by lapping prior year net revenue from a divestiture. Currency-related items increased net revenues by $707 million, primarily due to the strength of most currencies relative to the U.S. dollar, including the euro, Brazilian real, Mexican peso, Australian dollar, Chinese yuan, Russian ruble and British pound sterling, partially offset by the strength of the U.S. dollar relative to a few currencies, primarily the Indian rupee and Argentinean peso. Organic Net Revenue growth was driven by higher net pricing and favorable volume/mix. Higher net pricing reflected the carryover benefit of pricing actions taken in 2025, as well as input cost-driven pricing actions taken during the first nine months of 2026, and was reflected across all regions except Europe. Favorable volume/mix in AMEA and North America was partially offset by unfavorable volume/mix in Europe and Latin America, driven by pricing elasticity impacts.

Previous wording

Operating Income – Operating income increased $902 million (48.7%) to $2,754 million in the first six months of 2026. Adjusted Operating Income(1)decreased $253 million (9.5%) to $2,404 million and Adjusted Operating Income on a constant currency basis(1)decreased $339 million (12.8%) to $2,318 million due to the following:

Current wording

Operating Income – Operating income increased $1,916 million (73.8%) to $4,512 million in the first nine months of 2026. Adjusted Operating Income(1)decreased $40 million (1.0%) to $3,788 million and Adjusted Operating Income on a constant currency basis(1)decreased $140 million (3.7%) to $3,688 million due to the following:

Previous wording

During the first six months 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 as well as the effects of input cost-driven pricing actions taken during the first six months of 2026, 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 cocoa prices moderated from prior year levels, those declines did not translate into lower costs as our existing hedge positions continue to reflect previously contracted prices. Higher raw material costs were also driven by higher packaging, nuts, edible oils, energy, grains and other ingredient costs, as well as unfavorable year-over-year currency exchange impacts on imported materials, partially offset by lower dairy and sugar costs. Overall, unfavorable volume/mix was experienced across all regions except AMEA, reflecting pricing elasticity impacts.

Current wording

During the first nine months of 2026, we realized higher net pricing and favorable volume/mix, partially offset by higher input costs. Higher net pricing, which included the carryover impact of pricing actions taken in 2025 as well as the effects of input cost-driven pricing actions taken during the first nine months of 2026, was reflected across all regions, except Europe. Overall, favorable volume/mix was mainly driven by AMEA, partially offset by all other 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 packaging, nuts, edible oils, energy, grains and other ingredient costs, as well as unfavorable year-over-year currency exchange impacts on imported materials, partially offset by lower cocoa, dairy and sugar.

Previous wording

Total selling, general and administrative expenses increased $481 million from the first six months of 2025, which included unfavorable currency-related impacts to expenses, an unfavorable year-over-year change in acquisition-related items and higher costs incurred for the ERP System Implementation program. Excluding these unfavorable factors, selling, general and administrative expenses increased $286 million from the first six months of 2025. The increase was driven primarily by higher other selling, general and administrative expenses and higher advertising and consumer promotion costs.

Current wording

Total selling, general and administrative expenses increased $698 million from the first nine months of 2025, which included unfavorable currency-related impacts to expenses, higher costs incurred for the ERP System Implementation program and lapping prior year favorable resolution of tax matters. Excluding these unfavorable factors, selling, general and administrative expenses increased $513 million from the first nine months of 2025. The increase was driven primarily by higher other selling, general and administrative expenses and higher advertising and consumer promotion costs.

Previous wording

Currency-related items increased operating income by $86 million, primarily due to the strength of several currencies relative to the U.S. dollar, including the euro, Brazilian real, Chinese yuan, Mexican peso and Russian ruble.

Current wording

Currency-related items increased operating income by $100 million, primarily due to the strength of several currencies relative to the U.S. dollar, including the Brazilian real, Chinese yuan, the euro and the Mexican peso.

Previous wording

Operating income margin increased from 10.1% in the first six months of 2025 to 14.2% in the first six months 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, higher costs incurred for the ERP System Implementation program, an unfavorable year-over-year change in acquisition-related items and incremental costs due to geopolitical conflicts. Adjusted Operating Income margin decreased from 14.5% for the first six months of 2025 to 12.4% for the first six months of 2026. The decrease was driven primarily by higher raw material costs, higher other selling, general and administrative expenses, higher advertising and consumer promotion costs and unfavorable product mix, partially offset by higher net pricing and lower manufacturing costs driven by productivity.

Current wording

Operating income margin increased from 9.3% in the first nine months of 2025 to 15.3% in the first nine months 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 and a favorable year-over-year change in acquisition-related items, partially offset by lower Adjusted Operating Income margin, higher restructuring charges, higher costs incurred for the ERP System Implementation program, higher incremental costs due to geopolitical conflicts and higher intangible asset impairment charges. Adjusted Operating Income margin decreased from 13.7% for the first nine months of 2025 to 12.9% for the first nine months of 2026. The decrease was driven primarily by higher raw material costs, higher other selling, general and administrative expenses and higher advertising and consumer promotion costs, partially offset by higher net pricing, lower manufacturing costs driven by productivity and lower amortization of intangible assets.

Previous wording

Income Taxes– 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.

Current wording

Income Taxes– Our effective tax rate for the nine months ended September 30, 2026 was 23.1% as compared to 24.9% for the nine months ended September 30, 2025. The lower year-to-date effective tax rate was driven by current period tax benefits from legal entity reorganizations, an amended tax return filing in the U.S., and a more favorable jurisdictional mix of earnings, including mark-to-market gains and losses on commodity and foreign currency derivatives. These items were partially offset by prior year tax benefits that did not recur in the current period, including benefits related to the provision for final tax return filings, the tax treatment of certain foreign pension assets, and the release of liabilities for uncertain tax positions due to audit developments and statute of limitation expirations.

Previous wording

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $2,108 million increased by $1,065 million (102.1%) in the first six months of 2026. Diluted EPS attributable to Mondelēz International was $1.64 in the first six months of 2026, up $0.84 (105.0%) from the first six months of 2025. Adjusted EPS(1) was $1.40 in the first six months of 2026, down $0.07 (4.8%) from the first six months of 2025. Adjusted EPS on a constant currency basis(1) was $1.34 in the first six months of 2026, down $0.13 (8.8%) from the first six months of 2025.

Current wording

Net Earnings and Earnings per Share Attributable to Mondelēz International – Net earnings attributable to Mondelēz International of $3,413 million increased by $1,627 million (91.1%) in the first nine months of 2026. Diluted EPS attributable to Mondelēz International was $2.66 in the first nine months of 2026, up $1.29 (94.2%) from the first nine months of 2025. Adjusted EPS(1) was $2.18 in the first nine months of 2026, down $0.02 (0.9%) from the first nine months of 2025. Adjusted EPS on a constant currency basis(1) was $2.11 in the first nine months of 2026, down $0.09 (4.1%) from the first nine months 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 above for additional information. The tax expense/(benefit) of each of the items excluded was as follows:

Previous wording

•For the six months ended June 30, 2026, taxes for the: restructuring charges were $(13) million, mark-to-market gains from derivatives were $113 million, acquisition-related items were $3 million, ERP System Implementation program were $(28) million and initial impacts from enacted tax law changes were $(29) million.

Current wording

•For the nine months ended September 30, 2026, taxes for the: restructuring charges were $(24) million, intangible asset impairment charges were $(16) million, mark-to-market gains from derivatives were $223 million, acquisition-related items were $1 million, incremental costs due to geopolitical conflicts were $(4) million, ERP System Implementation program were $(45) million, remeasurement of net monetary position was zero and initial impacts from enacted tax law changes were $(29) million.

Previous wording

Net revenues increased $180 million (15.1%), due to higher net pricing (7.9 pp), favorable impact of currency-related items (6.7 pp) and favorable volume/mix (0.5 pp). Higher net pricing was driven by input cost-driven pricing actions and reflected across all categories, primarily in Brazil and Argentina. Currency-related items were favorable due to the strength of most currencies relative to the U.S. dollar, including the Brazilian real and Mexican peso, partially offset by the strength of the U.S. dollar relative to the Argentinean peso. Favorable volume/mix reflected volume growth in Mexico and Argentina, partially offset by declines in Brazil. Overall, favorable volume/mix driven by gains in gum & candy, biscuits & baked snacks and meals, partially offset by chocolate and beverages.

Current wording

Net revenues increased $149 million (12.0%), due to higher net pricing (6.1 pp), favorable impact of currency-related items (5.1 pp) and favorable volume/mix (0.8 pp). Higher net pricing was driven by input cost-driven pricing actions and reflected across all categories. Currency-related items were favorable due to the strength of most currencies relative to the U.S. dollar, including the Mexican peso, Brazilian real and Colombian peso, partially offset by the strength of the U.S. dollar relative to the Argentinean peso. Favorable volume/mix reflected volume growth in Argentina, partially offset by declines in Brazil and Mexico. Overall, favorable volume/mix was driven by gains in biscuits & baked snacks, gum & candy and meals, partially offset by chocolate and beverages.

Previous wording

Net revenues increased $325 million (13.6%), due to higher net pricing (8.0 pp) and favorable impact of currency-related items (6.9 pp), partially offset by unfavorable volume/mix (1.3 pp). Higher net pricing was driven by input cost-driven pricing actions and reflected across all categories, primarily in Brazil, Argentina and Mexico. Currency-related items were favorable due to the strength of most currencies relative to the U.S. dollar, primarily the Brazilian real and Mexican peso, partially offset by the strength of the U.S. dollar relative to the Argentinean peso. Unfavorable volume/mix reflected pricing elasticity, mainly in Argentina and Brazil. Overall, unfavorable volume/mix was driven by declines in chocolate and beverages, partially offset by gains in gum & candy, meals and biscuits & baked snacks.

Current wording

Net revenues increased $474 million (13.0%), due to higher net pricing (7.4 pp) and favorable impact of currency-related items (6.2 pp), partially offset by unfavorable volume/mix (0.6 pp). Higher net pricing was driven by input cost-driven pricing actions and reflected across all categories. Currency-related items were favorable due to the strength of most currencies relative to the U.S. dollar, primarily the Brazilian real and Mexican peso, partially offset by the strength of the U.S. dollar relative to the Argentinean peso. Unfavorable volume/mix reflected pricing elasticity, mainly in Brazil. Overall, unfavorable volume/mix was driven by declines in chocolate and beverages, partially offset by gains in gum & candy, biscuits & baked snacks and meals.