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Contacts:               Tracey Noe (Media)  Shep Dunlap (Investors)  
  1-847-943-5678  1-847-943-5454  
  news@mdlz.com  ir@mdlz.com  
 
Mondelēz International Reports Q3 2025 Results

Third Quarter Highlights1
Net Revenues +5.9%, Organic Net Revenues +3.4%, Volume/Mix -4.6%

Diluted EPS decreased 9.5% to $0.57
Adjusted EPS was $0.73 which declined 24.2% on a constant currency basis

Year-to-date cash provided by operating activities was $2.1 billion
and Free Cash Flow was $1.2 billion
Return of capital to shareholders was $3.7 billion in the first nine months of the year

Updates FY 2025 Organic Net Revenue and Adjusted EPS growth outlook



    CHICAGO, Ill. – October 28, 2025 – Mondelēz International, Inc. (Nasdaq: MDLZ) today reported its third quarter 2025 results.

"We delivered solid top-line growth despite the impact of record-high cocoa cost inflation, with the third quarter representing peak costs of the year,” said Dirk Van de Put, Chair and Chief Executive Officer. “Although we anticipate challenging conditions to continue in some markets, we are encouraged by recent moderation in cocoa prices, as well as promising signs for a strong cocoa crop this fall. Our teams are focused on executing clear plans for volume improvement, significantly increasing growth investments, and driving meaningful cost efficiencies. We remain confident in our teams' proven track record of navigating volatility, as well as our strong business fundamentals, which position us well for next year and beyond."
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Net Revenue
 
$ in millionsReported
Net Revenues		Organic Net Revenue Growth
 Q3 2025% Chg
vs PY		Q3 2025Vol/MixPricing
Quarter 3
Latin America$1,238 2.8  %4.7  %(4.0) pp8.7  pp
Asia, Middle East & Africa2,017 9.0 5.3 (4.0)9.3 
Europe3,674 10.6 5.1 (7.5)   12.6    
North America2,815 (0.4)(0.3)(1.8)   1.5    
Mondelēz International$9,744 5.9  %3.4  %(4.6) pp8.0  pp
Emerging Markets$3,881 9.9  %7.1  %(4.7) pp11.8  pp
Developed Markets$5,863 3.3  %1.2  %(4.5) pp5.7  pp
September Year-to-DateYTD 2025YTD 2025 
Latin America$3,635 (3.2) %4.7  %(2.8) pp7.5  pp
Asia, Middle East & Africa5,854 8.6 5.0 (2.3)7.3 
Europe10,636 11.2 8.7 (4.5)13.2 
North America7,916 (2.6)(2.4)(2.4)— 
Mondelēz International$28,041 4.5  %4.0  %(3.2) pp7.2  pp
Emerging Markets$11,242 6.8  %6.9  %(3.2) pp10.1  pp
Developed Markets$16,799 3.0  %2.1  %(3.3) pp5.4  pp

Operating Income and Diluted EPS
 
$ in millions, except per share dataReportedAdjusted
 Q3 2025vs PY
(Rpt Fx)		Q3 2025vs PY
(Rpt Fx)		vs PY
(Cst Fx)
Quarter 3
Gross Profit$2,612 (12.9) %$2,964 (20.5) %(21.3) %
Gross Profit Margin26.8  %(5.8) pp30.4  %(10.1) pp
Operating Income$744 (35.5) %$1,171 (32.6) %(33.5) %
Operating Income Margin7.6 %(4.9) pp12.0  %(6.9) pp
Net Earnings 2
$743 (12.9) %$949 (25.7) %(27.2) %
Diluted EPS$0.57 (9.5) %$0.73 (23.2) %(24.2) %
September Year-to-DateYTD 2025YTD 2025  
Gross Profit$7,979 (24.3) %$9,106 (15.2) %(15.0) %
Gross Profit Margin28.5  %(10.8) pp32.5  %(7.6) pp
Operating Income$2,596 (45.2) %$3,829 (22.5) %(22.9) %
Operating Income Margin9.3 %(8.3) pp13.7  %(4.7) pp
Net Earnings 2
$1,786 (37.7) %$2,857 (21.8) %(22.3) %
Diluted EPS$1.37 (35.4) %$2.20 (18.8) %(19.6) %



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Third Quarter Commentary

•Net revenues increased 5.9 percent due to Organic Net Revenue1 growth of 3.4 percent, favorable currency-related items and incremental net revenue from our acquisition of Evirth. Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix.

•Gross profit decreased $387 million, while gross profit margin decreased 580 basis points to 26.8 percent primarily driven by a decrease in Adjusted Gross Profit1 margin, partially offset by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives. Adjusted Gross Profit decreased $796 million at constant currency and Adjusted Gross Profit margin decreased 1,010 basis points to 30.4 percent due primarily to higher raw material and transportation costs and unfavorable product mix, partially offset by higher pricing and lower manufacturing costs driven by productivity.

•Operating income decreased $409 million, and operating income margin was 7.6 percent, down 490 basis points due primarily to lower Adjusted Operating Income1 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 decreased $582 million at constant currency while Adjusted Operating Income margin decreased 690 basis points to 12.0 percent, driven primarily by higher input cost inflation 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.

•Diluted EPS was $0.57, down 9.5 percent, primarily driven by a decrease in Adjusted EPS1, an unfavorable year-over-year change in acquisition-related items, a non-cash loss related to Canadian pension plan settlements, lapping prior-year divestiture-related items and lapping prior-year favorable initial impacts from enacted tax law changes. These unfavorable items were partially offset by a favorable year-over-year change in mark-to-market impacts from commodity and foreign currency derivatives, a gain on an equity method investment transaction, lower intangible asset impairment charges, a favorable impact from the resolution of an indirect tax matter and lapping prior-year costs for the completed Simplify to Grow Program.

•Adjusted EPS was $0.73, down 24.2 percent on a constant currency basis driven by operating declines, partially offset by lower taxes, fewer shares outstanding, higher equity method investment earnings and the impact from an acquisition.

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•Capital Return: The company returned $3.7 billion to shareholders in cash dividends and share repurchases in the first nine months of 2025.

2025 Outlook
Mondelēz International provides its outlook on a non-GAAP basis, as the company cannot predict some elements that are included in reported GAAP results, including future changes in foreign currency rates. Refer to the Outlook section in the discussion of non-GAAP financial measures below for more details.
For 2025, the company now expects Organic Net Revenue growth of 4%+ and Adjusted EPS to decline approximately 15% on a constant currency basis. The company continues to expect 2025 Free Cash Flow1 of $3+ billion. The company currently estimates currency translation would increase 2025 net revenue growth by approximately 0.5 percent3 and increase Adjusted EPS by $0.053.
Outlook is provided in the context of greater than usual volatility, including due to geopolitical, trade and regulatory uncertainty and commodity prices. This outlook does not reflect any potential tariff changes to United States-Mexico-Canada Agreement (USMCA) compliant trade.
Conference Call
Mondelēz International will host a conference call for investors at 5 p.m. ET today. A listen-only webcast will be provided at www.mondelezinternational.com. An archive of the webcast will be available on the company’s web site.
About Mondelēz International
Mondelēz International, Inc. (Nasdaq: MDLZ) empowers people to snack right in over 150 countries around the world. With 2024 net revenues of approximately $36.4 billion, MDLZ is leading the future of snacking with iconic global and local brands such as Oreo, Ritz, LU, Clif Bar and Tate's Bake Shop biscuits and baked snacks, as well as Cadbury Dairy Milk, Milka and Toblerone chocolate. Mondelēz International is a proud member of the Dow Jones Best-in-Class North America and World Indices, formerly Dow Jones Sustainability Indices. Visit www.mondelezinternational.com or follow the company on X at x.com/MDLZ.
End Notes
1.Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of this press release for more information.
2.Net earnings attributable to Mondelēz International.
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3.Currency estimate is based on published rates from XE.com on October 22, 2025.
 
Additional Definitions
Emerging markets consist of the Latin America region in its entirety; the Asia, Middle East and Africa 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.
    Developed markets include the entire North America region, the Europe region excluding the countries included in the emerging markets definition, and Australia, New Zealand and Japan from the Asia, Middle East and Africa region.
Forward-Looking Statements
This press release contains contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management, including for future operations, capital expenditures or share repurchases; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; any statements of belief or expectation; and any statements of assumptions underlying any of the foregoing or other future events. Forward-looking statements may include, among others, the words, and variations of words, “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” "remain," “potential,” “commitment,” “outlook,” “continue” or any other similar words.


Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results or outcomes could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, many of which are beyond our control and are amplified by ongoing macroeconomic volatility and uncertainty, including current and potential trade and tariff actions affecting the countries where we operate. Important factors that could cause our actual results or performance to differ materially from those contained in or implied by our forward-looking statements include, but are not limited to, the following:

•weakness and/or volatility in macroeconomic conditions in our markets, including as a result of inflation (and related monetary policy actions by governments in response to inflation) and the instability of certain financial institutions;
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•risks from operating globally including geopolitical, trade, tariff and regulatory uncertainties affecting developed and emerging markets;
•volatility of cocoa and other commodity input costs, our ability to effectively hedge such costs and the availability of commodities;
•geopolitical uncertainty, including the impact of ongoing or new developments in Ukraine and the Middle East, related current and future sanctions imposed by governments and other authorities and related impacts, including on our business operations, employees, reputation, brands, financial condition and results of operations;
•competition and our response to channel shifts and pricing and other competitive pressures;
•pricing actions and customer and consumer responses to such actions;
•promotion and protection of our reputation and brand image;
•weakness in consumer spending and/or changes in consumer preferences and demand and our ability to predict, identify, interpret and meet these changes;
•the outcome and effects on us of legal and tax proceedings and government investigations;
•use of information technology and third party service providers;
•unanticipated disruptions to our business, such as malware incidents, cyberattacks or other security breaches, and supply, commodity, labor and transportation constraints;
•our ability to identify, complete, manage and realize the full extent of the benefits, cost savings, efficiencies and/or synergies presented by strategic acquisitions and other transactions as well as other strategic initiatives, such as our ERP System Implementation program;
•our investments and our ownership interests in those investments;
•the impact of climate change on our supply chain and operations;
•global or regional health pandemics or epidemics;
•consolidation of retail customers and competition with retailer and other economy brands;
•changes in our relationships with customers, suppliers or distributors;
•management of our workforce and shifts in labor availability or labor costs;
•compliance with legal, regulatory, tax and benefit laws and related changes, claims or actions;
•perceived or actual product quality issues or product recalls;
•failure to maintain effective internal control over financial reporting or disclosure controls and procedures;
•our ability to protect our intellectual property and intangible assets;
•tax matters including changes in tax laws and rates, disagreements with taxing authorities and imposition of new taxes;
•changes in currency exchange rates, controls and restrictions;
•volatility of and access to capital or other markets, interest rates, the effectiveness of our cash management programs and our liquidity;
•pension costs;
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•significant changes in valuation factors that may adversely affect our impairment testing of goodwill and intangible assets; and
•the risks and uncertainties, as they may be amended from time to time, set forth in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent Quarterly Reports on Form 10-Q.



There may be other factors not presently known to us or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statements we make. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this press release except as required by applicable law or regulation. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
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Schedule 1
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Earnings
(in millions of U.S. dollars and shares, except per share data)
(Unaudited)

 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2025202420252024
Net revenues$9,744 $9,204 $28,041 $26,837 
Cost of sales(7,132)(6,205)(20,062)(16,291)
Gross profit2,612 2,999 7,979 10,546 
Gross profit margin26.8 %32.6 %28.5 %39.3 %
Selling, general and administrative expenses(1,795)(1,630)(5,231)(5,459)
Asset impairments and exit costs
(41)(176)(45)(238)
Amortization of intangible assets(32)(40)(107)(115)
Operating income744 1,153 2,596 4,734 
Operating income margin7.6 %12.5 %9.3 %17.6 %
Benefit plan non-service (expense)/income(27)25 (273)76 
Interest and other expense, net(22)(46)(228)(146)
Earnings before income taxes695 1,132 2,095 4,664 
Income tax provision(137)(326)(521)(1,253)
Effective tax rate19.7  %28.8  %24.9  %26.9  %
Gain/(loss) on equity method investment transactions169 (4)169 (669)
Equity method investment net earnings19 54 54 133 
Net earnings746 856 1,797 2,875 
less: Noncontrolling interest earnings(3)(3)(11)(9)
Net earnings attributable to Mondelēz International$743 $853 $1,786 $2,866 
Per share data:
Basic earnings per share attributable to Mondelēz International$0.57 $0.64 $1.38 $2.13 
Diluted earnings per share attributable to Mondelēz International$0.57 $0.63 $1.37 $2.12 
Average shares outstanding:
Basic1,293 1,339 1,296 1,343 
Diluted1,296 1,344 1,300 1,349 
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Schedule 2
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in millions of U.S. dollars)
(Unaudited)

September 30, 2025December 31, 2024
ASSETS
    Cash and cash equivalents$1,367 $1,351 
    Trade receivables4,189 3,874 
    Other receivables1,049 937 
    Inventories, net5,098 3,827 
    Other current assets1,444 3,253 
        Total current assets13,147 13,242 
    Property, plant and equipment, net10,333 9,481 
    Operating lease right-of-use assets750 767 
    Goodwill24,250 23,017 
    Intangible assets, net19,611 18,848 
    Prepaid pension assets1,132 987 
    Deferred income taxes437 333 
    Equity method investments669 635 
    Other assets1,029 1,187 
            TOTAL ASSETS$71,358 $68,497 
LIABILITIES
    Short-term borrowings$2,645 $71 
    Current portion of long-term debt1,543 2,014 
    Accounts payable10,022 9,433 
    Accrued marketing2,650 2,558 
    Accrued employment costs956 928 
    Other current liabilities3,696 4,545 
        Total current liabilities21,512 19,549 
    Long-term debt17,134 15,664 
    Long-term operating lease liabilities611 623 
    Deferred income taxes3,451 3,425 
    Accrued pension costs356 391 
    Accrued postretirement health care costs95 98 
    Other liabilities1,970 1,789 
        TOTAL LIABILITIES45,129 41,539 
EQUITY
    Common Stock— — 
    Additional paid-in capital32,299 32,276 
    Retained earnings36,390 36,476 
    Accumulated other comprehensive losses (11,464)(12,471)
    Treasury stock(31,048)(29,349)
        Total Mondelēz International Shareholders' Equity26,177 26,932 
    Noncontrolling interest52 26 
        TOTAL EQUITY26,229 26,958 
            TOTAL LIABILITIES AND EQUITY$71,358 $68,497 
 September 30, 2025December 31, 2024Incr/(Decr)
Short-term borrowings$2,645 $71 $2,574 
Current portion of long-term debt1,543 2,014 (471)
Long-term debt17,134 15,664 1,470 
Total Debt21,322 17,749 3,573 
Cash and cash equivalents1,367 1,351 16 
Net Debt (1)
$19,955 $16,398 $3,557 


(1) Net debt is defined as total debt, which includes short-term borrowings, current portion of long-term debt and long-term debt, less cash and cash equivalents.
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Schedule 3
Mondelēz International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in millions of U.S. dollars)
(Unaudited) 

For the Nine Months Ended September 30,
20252024
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
    Net earnings $1,797 $2,875 
    Adjustments to reconcile net earnings to operating cash flows:
        Depreciation and amortization1,006 971 
        Stock-based compensation expense84 112 
        Deferred income tax (benefit)/provision(158)167 
        Asset impairments and accelerated depreciation55 210 
        Loss on equity method investment transactions— 669 
        Equity method investment net earnings(54)(140)
        Distributions from equity method investments45 115 
        Unrealized loss on derivative contracts
1,161 104 
        Contingent consideration adjustments(26)(311)
        Other non-cash items, net109 93 
        Change in assets and liabilities, net of acquisitions and divestitures:
            Receivables, net(92)(270)
            Inventories, net(967)(710)
            Accounts payable(159)951 
            Other current assets(30)(287)
            Other current liabilities(903)(992)
        Change in pension and postretirement assets and liabilities, net249 (106)
            Net cash provided by operating activities2,117 3,451 
CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
    Capital expenditures(881)(982)
    Acquisitions, net of cash received(15)— 
    Proceeds from divestitures4 4 
    Proceeds from derivative settlements54 191 
    Payments for derivative settlements(165)(150)
    Proceeds from/(contributions to) investments65 (249)
    Proceeds from sale of property, plant and equipment and other8 16 
            Net cash used in investing activities(930)(1,170)
CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
    Net issuance of short-term borrowings2,569 1,065 
    Long-term debt proceeds1,594 1,671 
    Long-term debt repayments(1,782)(2,517)
    Repurchases of Common Stock(1,893)(1,187)
    Dividends paid(1,842)(1,722)
    Other8 132 
            Net cash used in financing activities(1,346)(2,558)
Effect of exchange rate changes on cash, cash equivalents and restricted cash225 (34)
Cash, cash equivalents and restricted cash:
    Increase/(decrease)66 (311)
    Balance at beginning of period1,400 1,884 
    Balance at end of period$1,466 $1,573 
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Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP and Non-GAAP Financial Measures
(Unaudited)
NON-GAAP FINANCIAL MEASURES

In discussing its financial results and guidance, the company presents the following financial measures that are not in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”): Organic Net Revenue growth, Adjusted Gross Profit, Adjusted Operating Income, Adjusted Segment Operating Income, Adjusted Earnings Per Share (“EPS”) and Free Cash Flow. The company also presents financial information, including certain of these non-GAAP financial measures, on a constant currency basis.

Management uses non-GAAP financial measures internally to make operating and strategic decisions, including the preparation of our annual operating plan, evaluation of business performance and as a factor in determining incentive compensation. The company believes that non-GAAP financial measures, when used in connection with results reported in accordance with U.S. GAAP, provide additional information to facilitate comparisons of our historical operating results and to enable a more comprehensive understanding of trends in our underlying operating results. The company also believes that presenting these measures allows investors to view our performance using the same measures that management and our Board of Directors use in evaluating the company’s business performance and trends. However, non-GAAP financial measures should be considered in addition to, and not as substitutes for, financial information prepared in accordance with U.S. GAAP. In addition, the company’s non-GAAP financial measures may not be the same as or comparable to similar non-GAAP measures presented by other companies.

DEFINITIONS OF THE COMPANY’S NON-GAAP FINANCIAL MEASURES

The company’s primary non-GAAP financial measures and corresponding metrics, listed below, reflect how the company evaluates its operating results currently and provide improved comparability of operating results. As new events or circumstances arise, these definitions could change. When these definitions change, the company provides the updated definitions and presents the related non-GAAP historical results on a comparable basis. When items no longer impact the company’s current or future presentation of non-GAAP operating results, the company removes these items from its non-GAAP definitions.
“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. Organic Net Revenue growth is presented on a consolidated and segment basis and for the company’s emerging markets and developed markets.

“Adjusted Gross Profit” is defined as gross profit (the most comparable U.S. GAAP financial measure) excluding, when they occur, the impacts of the Simplify to Grow Program; certain acquisition-related items; certain divestiture-related items; operating results from short-term distributor agreements related to the sale of a business; mark-to-market impacts from commodity and foreign currency derivative contracts economically hedging forecasted transactions; and incremental costs due to the war in Ukraine. The company also presents Adjusted Gross Profit margin, which is subject to the same adjustments as Adjusted Gross Profit. The company also evaluates growth in the company’s Adjusted Gross Profit on a constant currency basis.

“Adjusted Operating Income” and “Adjusted Segment Operating Income” are defined as operating income or segment operating income (the most comparable U.S. GAAP financial measures) excluding, when they occur, the impacts of the items listed in the Adjusted Gross Profit definition as well as gains or losses (including non-cash impairment charges) on goodwill and intangible assets; acquisition-related items, divestiture-related items; remeasurement of net monetary position of highly inflationary countries; impacts from resolution of indirect tax matters; impact from the European Commission legal matter; impact from pension participation changes; and operating costs from the ERP System Implementation program. The company also presents Adjusted Operating Income margin and Adjusted Segment Operating Income margin, which are subject to the same adjustments as Adjusted Operating Income and Adjusted Segment Operating Income. The company also evaluates growth in the company’s Adjusted Operating Income and Adjusted Segment Operating Income on a constant currency basis.

“Adjusted EPS” is defined as diluted EPS attributable to Mondelēz International from continuing operations (the most comparable U.S. GAAP financial measure) 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;
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gains or losses on marketable securities transactions; initial impacts from enacted tax law changes; and gains or losses on equity method investment transactions. The tax impacts of the items excluded from the company’s 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. The company also evaluates growth in the company’s Adjusted EPS on a constant currency basis.

“Free Cash Flow” is defined as net cash provided by operating activities (the most comparable U.S. GAAP financial measure) less capital expenditures. Free Cash Flow is the company’s primary measure used to monitor its cash flow performance.

See the attached schedules for supplemental financial data and corresponding reconciliations of the non-GAAP financial measures referred to above to the most comparable U.S. GAAP financial measures for the three months ended September 30, 2025 and September 30, 2024. See Items Impacting Comparability of Operating Results below for more information about the items referenced in these definitions that specifically impacted the company’s results.

SEGMENT OPERATING INCOME
The company uses segment operating income to evaluate segment performance and allocate resources. The company believes it is appropriate to disclose this measure to help investors analyze segment performance and trends. Segment operating income excludes certain mark-to-market impacts on commodity and foreign currency derivatives (which are primarily a component of cost of sales), general corporate expenses (which are a component of selling, general and administrative expenses), amortization of intangibles, gains and losses on divestitures and acquisition-related costs (which are a component of selling, general and administrative expenses) in all periods presented. The company excludes these items from segment operating income in order to provide better transparency of its segment operating results. Furthermore, the company centrally manages benefit plan non-service income and interest and other expense, net. The company does not present the items above by segment because they are excluded from the segment profitability measure that management reviews.
ITEMS IMPACTING COMPARABILITY OF OPERATING RESULTS FOR THE CURRENT PERIODS
The company considers 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 its ongoing financial and business performance and trends. The company identifies these based on how management views the company’s business; makes financial, operating and planning decisions; and evaluates the company’s ongoing performance. The below items are adjusted for in the company’s non-GAAP financial measures to better facilitate comparisons of its underlying performance across periods, as they are highly variable or unusual and of a size that may substantially impact its reported operations for a period. In addition, the company discloses the impact of currency-related items on its financial results to reflect results on a constant currency basis. See below for a description of adjustments to the company’s U.S. GAAP financial measures included herein.

Divestiture-related items – includes operating results from divestitures, divestiture-related costs and gains/(losses) on divestitures. Divestitures include completed 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 our divestitures (including one-time costs such as severance related to elimination of stranded costs) as well as costs incurred associated with our publicly announced processes to sell businesses. For 2024, operating results from divestitures include the operating results from the company’s JDE Peet’s equity method investment earnings which was sold in the fourth quarter of 2024.

Operating results from short-term distributor agreements – the company excludes the operating results from short-term distributor agreements that have been executed in conjunction with the sale of a business. The company’s agreement with the buyer of its developed market gum business to distribute gum products in certain European markets ended in the first quarter of 2024.

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. Other acquisition-related items include incremental costs from inventory step-ups
12



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 the remaining equity shares of the investee.

Simplify to Grow Program – reflects restructuring charges incurred under the company’s Simplify to Grow Program to reduce both its supply chain and overhead costs. It comprises charges, such as severance, asset write-downs, and other costs of implementing that program, partially offset by gains on sales of assets disposed of in connection with the program. The company completed its Simplify to Grow Program in the fourth quarter of 2024. Following the completion of the program, any adjustments to the liability of previously recorded charges will be reflected within this item.

Intangible asset impairment charges – Reflects non-cash impairment charges of certain of the company's brands in connection with our indefinite-life intangible asset impairment testing.

Mark-to-market impacts from derivatives – the company excludes unrealized gains and losses (mark-to-market impacts) from commodity and foreign currency derivative contracts economically hedging forecasted transactions from its non-GAAP earnings measures. The mark-to-market impacts of those derivatives are excluded until the related gains or losses are realized. Since the company purchases commodity and foreign currency derivative contracts to mitigate price volatility primarily for inventory requirements in future periods, the company makes this adjustment to remove the volatility of these future inventory purchases on current operating results to facilitate comparisons of its underlying operating performance across periods.

Remeasurement of net monetary position of highly inflationary countries– the company excludes 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 net monetary assets or liabilities from its non-GAAP earnings measures. The company’s operations in Argentina, Türkiye, Egypt and Nigeria are currently accounted for as highly inflationary.

Impact from pension participation changes – consists of the charges incurred, primarily gains or losses from pension curtailments and settlements, including settlement losses from the company's buyout of a pension plan for U.S. salaried employees during the second quarter of 2025 and the company's buyout 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.

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.

Incremental costs due to the war in Ukraine – in February 2022, Russia began a military invasion of Ukraine and the company temporarily stopped our production and closed its manufacturing facilities in Trostyanets and Vyshhorod due to damage incurred during the conflict. In the second quarter of 2024, the company fully resumed production at both facilities after completing targeted repairs. Incremental costs incurred by the company related to the ongoing war in Ukraine include asset write-downs, net of recoveries.

European commission legal matter – in November 2019, the European Commission informed the company that it initiated an investigation into the company's alleged infringement of European Union competition law through certain practices allegedly restricting cross-border trade within the European Economic Area. The company reached a negotiated resolution to this matter in the second quarter of 2024. The company adjusted its accrual accordingly and fulfilled its payment obligation in August 2024. Due to the unique nature of this matter, the company believes it to be infrequent and unusual and therefore exclude it from our non-GAAP earnings measures to better facilitate comparisons of the company's underlying operating performance across periods.

ERP System Implementation costs – comprised of operating expenses associated with the company’s ERP System Implementation, which 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 the company's existing SAP financial systems and various other expenses, all associated with the implementation of the company's information
13



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

Initial impacts from enacted tax law changes – includes items such as the remeasurement of deferred tax balances and transition taxes from tax reforms. The company excludes initial impacts from enacted tax law changes from its non-GAAP financial measures as they do not reflect its ongoing tax obligations under the enacted tax law.

Gains and losses on equity method investment transactions – the company excludes gains and losses from partial or full sales of equity method investments as well as impairments or other non-routine transactions related to those investments. In addition, the company excludes from our non-GAAP financial measures any gains or losses realized on economic hedges of sales proceeds from our equity method investment transactions. During the fourth quarter of 2024, the company sold its remaining 85.9 million shares in JDE Peets N.V. ("JDEP") to JAB Holding Company ("JAB") and fully exited the investment. On August 24, 2025, Keurig Dr. Pepper Inc. ("KDP") and JDEP entered into a definitive agreement under which KDP will acquire JDEP. As a result of that definitive agreement, the company became entitled to a cash payment of €145 million ($169 million) from JAB that it received in the third quarter of 2025.

Currency-related items – Management also evaluates the operating performance of the company and its international subsidiaries on a constant currency basis. The company's non-GAAP measures presented on a constant currency basis exclude the effects of currency translation rate changes and extreme pricing increases in Argentina.
•Currency translation rate changes - the company determines its 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 company’s 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. Therefore, currency translation rate changes are equal to current period local currency operating results multiplied by the change in average foreign currency exchange rates between the current fiscal period and the corresponding period of the prior fiscal year.
•Extreme Pricing - during December 2023, the Argentinean peso significantly devalued. The peso's devaluation and potential resulting distortion on the company's non-GAAP Organic Net Revenue, Organic Net Revenue growth and other constant currency growth rate measures resulted in the company's decision to exclude the impact of pricing increases in excess of 26% year-over-year ("extreme pricing") in Argentina, from these measures beginning in the first quarter of 2024. The benchmark of 26% represents the minimum annual inflation rate for each year over a 3-year period which would result in a cumulative inflation rate in excess of 100%, the level at which an economy is considered hyperinflationary under U.S. GAAP.

OUTLOOK
The company’s outlook for 2025 Organic Net Revenue growth, Adjusted EPS growth on a constant currency basis and Free Cash Flow are non-GAAP financial measures that exclude or otherwise adjust for items impacting comparability of financial results such as the impact of changes in currency exchange rates, intangible asset impairments, acquisitions and divestitures. The company is not able to reconcile its projected Organic Net Revenue growth to its projected reported net revenue growth for the full-year 2025 because the company is unable to predict during this period the impact from potential acquisitions or divestitures, as well as the impact of currency translation due to the unpredictability of future changes in currency exchange rates, which could be material as a significant portion of the company’s operations are outside the U.S. The company is not able to reconcile its projected Adjusted EPS growth on a constant currency basis to its projected reported diluted EPS growth for the full-year 2025 because the company is unable to predict during this period mark-to-market impacts from derivative contracts, impacts of any impairment charges that may arise in a future period, and impacts from potential acquisitions or divestitures, as well as the impact of currency translation due to the unpredictability of future changes in currency exchange rates, which could be material as a significant portion of the company’s operations are outside the U.S. The company is not able to reconcile its projected Free Cash Flow to its projected net cash from operating activities for the full-year 2025 because the company is unable to predict during this period the timing and amount of capital expenditures impacting cash flow. Therefore, because of the uncertainty and variability of the nature and amount of future adjustments, which could be significant, the company is unable to provide a reconciliation of these measures without unreasonable effort.


14



Schedule 4a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues
(in millions of U.S. dollars)
(Unaudited) 
Latin AmericaAMEAEuropeNorth AmericaMondelēz International
For the Three Months Ended September 30, 2025
Reported (GAAP)$1,238 $2,017 $3,674 $2,815 $9,744 
Acquisitions— (87)— — (87)
Currency-related items23 20 (183)3 (137)
Organic (Non-GAAP)$1,261 $1,950 $3,491 $2,818 $9,520 
For the Three Months Ended September 30, 2024
Reported (GAAP)$1,204 $1,851 $3,323 $2,826 $9,204 
No adjusting items— — — — — 
Organic (Non-GAAP)$1,204 $1,851 $3,323 $2,826 $9,204 
$ Change - Reported (GAAP)$34 $166 $351 $(11)$540 
$ Change - Organic (Non-GAAP)57 99 168 (8)316 
% Change - Reported (GAAP)2.8  %9.0  %10.6  %(0.4) %5.9  %
Acquisitions— pp(4.7)pp— pp— pp(1.0)pp
Currency-related items1.9 1.0 (5.5)0.1 (1.5)
% Change - Organic (Non-GAAP)4.7  %5.3  %5.1  %(0.3) %3.4  %
Vol/Mix(4.0)pp(4.0)pp(7.5)pp(1.8)pp(4.6)pp
Pricing8.7 9.3 12.6 1.5 8.0 
Latin AmericaAMEAEuropeNorth AmericaMondelēz International
For the Nine Months Ended September 30, 2025
Reported (GAAP)$3,635 $5,854 $10,636 $7,916 $28,041 
Acquisitions— (288)— — (288)
Currency-related items295 92 (270)20 137 
Organic (Non-GAAP)$3,930 $5,658 $10,366 $7,936 $27,890 
For the Nine Months Ended September 30, 2024
Reported (GAAP)$3,755 $5,388 $9,565 $8,129 $26,837 
Short-term distributor agreements— — (25)— (25)
Organic (Non-GAAP)$3,755 $5,388 $9,540 $8,129 $26,812 
$ Change - Reported (GAAP)$(120)$466 $1,071 $(213)$1,204 
$ Change - Organic (Non-GAAP)175 270 826 (193)1,078 
% Change - Reported (GAAP)(3.2) %8.6  %11.2  %(2.6) %4.5  %
Short-term distributor agreements— pp— pp0.3 pp— pp0.1 pp
Acquisitions— (5.4)— — (1.1)
Currency-related items7.9 1.8 (2.8)0.2 0.5 
% Change - Organic (Non-GAAP)4.7  %5.0  %8.7  %(2.4) %4.0  %
Vol/Mix(2.8)pp(2.3)pp(4.5)pp(2.4)pp(3.2)pp
Pricing7.5 7.3 13.2 — 7.2 
15



Schedule 4b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Revenues — Markets
(in millions of U.S. dollars)
(Unaudited) 
Emerging
Markets		Developed
Markets		Mondelēz
International
For the Three Months Ended September 30, 2025
Reported (GAAP)$3,881 $5,863 $9,744 
Acquisitions(87)— (87)
Currency-related items(14)(123)(137)
Organic (Non-GAAP)$3,780 $5,740 $9,520 
For the Three Months Ended September 30, 2024
Reported (GAAP)$3,530 $5,674 $9,204 
No adjusting items— — — 
Organic (Non-GAAP)$3,530 $5,674 $9,204 
$ Change - Reported (GAAP)$351 $189 $540 
$ Change - Organic (Non-GAAP)250 66 316 
% Change - Reported (GAAP)9.9  %3.3  %5.9  %
Acquisitions(2.4) pp—  pp(1.0) pp
Currency-related items(0.4)(2.1)(1.5)
% Change - Organic (Non-GAAP)7.1 %1.2 %3.4 %
Vol/Mix(4.7) pp(4.5) pp(4.6) pp
Pricing11.8 5.7 8.0 
 Emerging MarketsDeveloped MarketsMondelēz
International
For the Nine Months Ended September 30, 2025
Reported (GAAP)$11,242 $16,799 $28,041 
Acquisitions(288)— (288)
Currency-related items296 (159)137 
Organic (Non-GAAP)$11,250 $16,640 $27,890 
For the Nine Months Ended September 30, 2024
Reported (GAAP)$10,523 $16,314 $26,837 
Short-term distributor agreements(3)(22)(25)
Organic (Non-GAAP)$10,520 $16,292 $26,812 
$ Change - Reported (GAAP)$719 $485 $1,204 
$ Change - Organic (Non-GAAP)730 348 1,078 
% Change - Reported (GAAP)6.8  %3.0  %4.5  %
Short-term distributor agreements
0.1  pp0.1  pp0.1  pp
Acquisitions(2.8)— (1.1)
Currency-related items2.8 (1.0)0.5 
% Change - Organic (Non-GAAP)6.9 %2.1 %4.0 %
Vol/Mix(3.2) pp(3.3) pp(3.2) pp
Pricing10.1 5.4 7.2 
16



Schedule 5a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit / Operating Income
(in millions of U.S. dollars)
(Unaudited) 
For the Three Months Ended September 30, 2025
Net RevenuesGross ProfitGross Profit MarginOperating IncomeOperating Income Margin
Reported (GAAP)$9,744$2,612 26.8  %$744 7.6  %
Simplify to Grow Program—(2)(6)
Intangible asset impairment charges—— 33 
Mark-to-market (gains)/losses from derivatives—348 348 
Acquisition-related items—1 18 
Divestiture-related items—(1)— 
ERP System Implementation costs—5 41 
Remeasurement of net monetary position—1 9 
Impact from resolution of tax matters—— (16)
Adjusted (Non-GAAP)$9,744$2,964 30.4  %$1,171 12.0  %
Currency-related items(31)(15)
Adjusted @ Constant FX (Non-GAAP)$2,933 $1,156 
For the Three Months Ended September 30, 2024
Net RevenuesGross ProfitGross Profit MarginOperating IncomeOperating Income Margin
Reported (GAAP)$9,204$2,999 32.6  %$1,153 12.5  %
Simplify to Grow Program—8 12 
Intangible asset impairment charges—— 153 
Mark-to-market (gains)/losses from derivatives—712 710 
Acquisition-related items—3 (326)
Divestiture-related items—— (2)
ERP System Implementation costs—7 29 
Remeasurement of net monetary position—— 9 
Adjusted (Non-GAAP)$9,204$3,729 40.5  %$1,738 18.9  %
Gross ProfitOperating Income
$ Change - Reported (GAAP)$(387)$(409)
$ Change - Adjusted (Non-GAAP)(765)(567)
$ Change - Adjusted @ Constant FX (Non-GAAP)(796)(582)
% Change - Reported (GAAP)(12.9) %(35.5) %
% Change - Adjusted (Non-GAAP)(20.5) %(32.6) %
% Change - Adjusted @ Constant FX (Non-GAAP)(21.3)%(33.5)%
17



Schedule 5b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Gross Profit / Operating Income
(in millions of U.S. dollars)
(Unaudited) 
For the Nine Months Ended September 30, 2025
Net RevenuesGross ProfitGross Profit MarginOperating IncomeOperating Income Margin
Reported (GAAP)$28,041$7,979 28.5  %$2,596 9.3  %
Simplify to Grow Program—(3)(12)
Intangible asset impairment charges—— 33 
Mark-to-market (gains)/losses from derivatives—1,114 1,110 
Acquisition-related items—(1)(11)
Divestiture-related items—(1)(7)
Incremental costs due to war in Ukraine—— 1 
ERP System Implementation costs—18 111 
Remeasurement of net monetary position—— 24 
Impact from resolution of tax matters—— (16)
Adjusted (Non-GAAP)$28,041$9,106 32.5  %$3,829 13.7  %
Currency-related items21 (18)
Adjusted @ Constant FX (Non-GAAP)$9,127 $3,811 
For the Nine Months Ended September 30, 2024
Net RevenuesGross ProfitGross Profit MarginOperating IncomeOperating Income Margin
Reported (GAAP)$26,837$10,546 39.3  %$4,734 17.6  %
Simplify to Grow Program—19 80 
Intangible asset impairment charges—— 153 
Mark-to-market (gains)/losses from derivatives—156 157 
Acquisition-related items—14 (247)
Divestiture-related items—— 2 
Operating results from short-term distributor agreements(25)(3)(2)
European Commission legal matter—— (3)
Incremental costs due to war in Ukraine—2 2 
ERP System Implementation costs—7 38 
Remeasurement of net monetary position—— 26 
Adjusted (Non-GAAP)$26,812$10,741 40.1  %$4,940 18.4  %
Gross ProfitOperating Income
$ Change - Reported (GAAP)$(2,567)$(2,138)
$ Change - Adjusted (Non-GAAP)(1,635)(1,111)
$ Change - Adjusted @ Constant FX (Non-GAAP)(1,614)(1,129)
% Change - Reported (GAAP)(24.3) %(45.2) %
% Change - Adjusted (Non-GAAP)(15.2) %(22.5) %
% Change - Adjusted @ Constant FX (Non-GAAP)(15.0)%(22.9)%
18



Schedule 6a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data) (Unaudited)
For the Three Months Ended September 30, 2025
Operating IncomeBenefit plan non-service expense / (income) Interest and other expense, netEarnings before income taxes
Income taxes (1)
Effective tax rateGain on equity method investment transactionsEquity method investment net losses / (earnings)Non-controlling interest earningsNet Earnings attributable to Mondelēz InternationalDiluted EPS attributable to Mondelēz International
Reported (GAAP)$744 $27 $22 $695 $137 19.7  %$(169)$(19)$3 $743 $0.57 
Simplify to Grow Program(6)— — (6)(1)— — — (5)— 
Intangible asset impairment charges33 — — 33 9 — — — 24 0.02 
Mark-to-market (gains)/losses from derivatives348 — 3 345 71 — — — 274 0.21 
Acquisition-related items18 — — 18 (5)— — — 23 0.02 
ERP System Implementation costs41 — — 41 10 — — — 31 0.02 
Remeasurement of net monetary position9 — — 9 — — — — 9 0.01 
Impact from pension participation changes— (54)(2)56 14 — — — 42 0.03 
Impact from resolution of tax matters(16)— 16 (32)(10)— — — (22)(0.02)
Initial impacts from enacted tax law changes— — — — 1 — — — (1)— 
Gain on equity method investment transactions— — — — — 169 — — (169)(0.13)
Adjusted (Non-GAAP)$1,171 $(27)$39 $1,159 $226 19.5  %$— $(19)$3 $949 $0.73 
Currency-related items(19)(0.01)
Adjusted @ Constant FX (Non-GAAP)$930 $0.72 
Diluted Average Shares Outstanding1,296 
For the Three Months Ended September 30, 2024
Operating IncomeBenefit plan non-service expense / (income) Interest and other expense, netEarnings before income taxes
Income taxes (1)
Effective tax rateLoss on equity method investment transactionsEquity method investment net losses / (earnings)Non-controlling interest earningsNet Earnings attributable to Mondelēz InternationalDiluted EPS attributable to Mondelēz International
Reported (GAAP)$1,153 $(25)$46 $1,132 $326 28.8 %$4 $(54)$3 $853 $0.63 
Simplify to Grow Program12 — — 12 2 — — — 10 0.01 
Intangible asset impairment charges153 — — 153 40 — — — 113 0.08 
Mark-to-market (gains)/losses from derivatives710 — 3 707 144 — — — 563 0.42 
Acquisition-related items(326)— — (326)(84)— — — (242)(0.18)
Divestiture-related items(2)— — (2)(1)— 44 — (45)(0.03)
European Commission legal matter— — — — 1 — — — (1)— 
ERP System Implementation costs29 — — 29 6 — — — 23 0.02 
Remeasurement of net monetary position9 — — 9 — — — — 9 0.01 
Impact from pension participation changes— — (2)2 1 — — — 1 — 
Initial impacts from enacted tax law changes— — — — 11 — — — (11)(0.01)
Loss on equity method investment transactions— — — — — (4)— — 4 — 
Adjusted (Non-GAAP)$1,738 $(25)$47 $1,716 $446 26.0 %$— $(10)$3 $1,277 $0.95 
Diluted Average Shares Outstanding1,344 
(1)Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item.
19



Schedule 6b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Earnings and Tax Rate
(in millions of U.S. dollars and shares, except per share data) (Unaudited)
For the Nine Months Ended September 30, 2025
Operating IncomeBenefit plan non-service expense / (income)Interest and other expense, netEarnings before income taxesIncome taxes (1)Effective tax rateGain on equity method investment transactionsEquity method investment net losses / (earnings)Non-controlling interest earningsNet Earnings attributable to Mondelēz InternationalDiluted EPS attributable to Mondelēz International
Reported (GAAP)$2,596 $273 $228 $2,095 $521 24.9  %$(169)$(54)$11 $1,786 $1.37 
Simplify to Grow Program(12)— — (12)(3)— — — (9)(0.01)
Intangible asset impairment charges33 — — 33 9 — — — 24 0.02 
Mark-to-market (gains)/losses from derivatives1,110 — (1)1,111 223 — — — 888 0.68 
Acquisition-related items(11)— — (11)(19)— — — 8 0.01 
Divestiture-related items(7)— — (7)(1)— — — (6)— 
Incremental costs due to war in Ukraine1 — — 1 — — — — 1 — 
ERP System Implementation costs111 — — 111 28 — — — 83 0.06 
Remeasurement of net monetary position24 — — 24 — — — — 24 0.02 
Impact from pension participation changes— (336)(7)343 87 — — — 256 0.20 
Impact from resolution of tax matters(16)— 16 (32)(10)— — — (22)(0.02)
Initial impacts from enacted tax law changes— — — — 4 — — — (4)— 
Gain on marketable securities— — — — 3 — — — (3)— 
Gain on equity method investment transactions— — — — — 169 — — (169)(0.13)
Adjusted (Non-GAAP)$3,829 $(63)$236 $3,656 $842 23.0  %$— $(54)$11 $2,857 $2.20 
Currency-related items(19)(0.02)
Adjusted @ Constant FX (Non-GAAP)$2,838 $2.18 
Diluted Average Shares Outstanding1,300 
For the Nine Months Ended September 30, 2024
Operating IncomeBenefit plan non-service expense / (income)Interest and other expense, netEarnings before income taxesIncome taxes (1)Effective tax rateLoss on equity method investment transactionsEquity method investment net losses / (earnings)Non-controlling interest earningsNet Earnings attributable to Mondelēz InternationalDiluted EPS attributable to Mondelēz International
Reported (GAAP)$4,734 $(76)$146 $4,664 $1,253 26.9 %$669 $(133)$9 $2,866 $2.12 
Simplify to Grow Program80 — — 80 19 — — — 61 0.05 
Intangible asset impairment charges153 — — 153 40 — — — 113 0.08 
Mark-to-market (gains)/losses from derivatives157 — 1 156 28 — — — 128 0.09 
Acquisition-related items(247)— — (247)(67)— — — (180)(0.13)
Divestiture-related items2 — — 2 — — 77 — (75)(0.05)
Operating results from short-term distributor agreements(2)— — (2)(1)— — — (1)— 
European Commission legal matter(3)— — (3)— — — — (3)— 
Incremental costs due to war in Ukraine2 — — 2 — — — — 2 — 
ERP System Implementation costs38 — — 38 8 — — — 30 0.02 
Remeasurement of net monetary position26 — — 26 — — — — 26 0.02 
Impact from pension participation changes— — (7)7 2 — — — 5 — 
Initial impacts from enacted tax law changes— — — — (12)— — — 12 0.01 
Loss on equity method investment transactions— — — — — (669)— — 669 0.50 
Adjusted (Non-GAAP)$4,940 $(76)$140 $4,876 $1,270 26.0 %$— $(56)$9 $3,653 $2.71 
Diluted Average Shares Outstanding1,349 
(1)Taxes were computed for each of the items excluded from the company’s GAAP results based on the facts and tax assumptions associated with each item.
20



Schedule 7a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Three Months Ended September 30,
20252024$ Change% Change
Diluted EPS attributable to Mondelēz International (GAAP)$0.57 $0.63 $(0.06)(9.5) %
Simplify to Grow Program— 0.01 (0.01)
Intangible asset impairment charges0.02 0.08 (0.06)
Mark-to-market losses/(gains) from derivatives0.21 0.42 (0.21)
Acquisition-related items0.02 (0.18)0.20 
Divestiture-related items— (0.03)0.03 
ERP System Implementation costs0.02 0.02 — 
Remeasurement of net monetary position0.01 0.01 — 
Impact from pension participation changes0.03 — 0.03 
Impact from resolution of tax matters(0.02)— (0.02)
Initial impacts from enacted tax law changes— (0.01)0.01 
Gain on equity method investment transactions(0.13)— (0.13)
Adjusted EPS (Non-GAAP)$0.73 $0.95 $(0.22)(23.2) %
Currency-related items(0.01)— (0.01)
Adjusted EPS @ Constant FX (Non-GAAP)$0.72 $0.95 $(0.23)(24.2) %
Adjusted EPS @ Constant FX - Key Drivers
Decrease in operations$(0.33)
Impact from acquisitions0.01 
Change in equity method investment net earnings0.01 
Change in income taxes0.05 
Change in shares outstanding0.03 
$(0.23)
21



Schedule 7b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Diluted EPS
(Unaudited)
For the Nine Months Ended September 30,
20252024$ Change% Change
Diluted EPS attributable to Mondelēz International (GAAP)$1.37 $2.12 $(0.75)(35.4) %
Simplify to Grow Program(0.01)0.05 (0.06)
Intangible asset impairment charges0.02 0.08 (0.06)
Mark-to-market losses/(gains) from derivatives0.68 0.09 0.59 
Acquisition-related items0.01 (0.13)0.14 
Divestiture-related items— (0.05)0.05 
ERP System Implementation costs0.06 0.02 0.04 
Remeasurement of net monetary position0.02 0.02 — 
Impact from pension participation changes0.20 — 0.20 
Impact from resolution of tax matters(0.02)— (0.02)
Initial impacts from enacted tax law changes— 0.01 (0.01)
(Gain)/loss on equity method investment transactions(0.13)0.50 (0.63)
Adjusted EPS (Non-GAAP)$2.20 $2.71 $(0.51)(18.8) %
Currency-related items(0.02)— (0.02)
Adjusted EPS @ Constant FX (Non-GAAP)$2.18 $2.71 $(0.53)(19.6) %
Adjusted EPS @ Constant FX - Key Drivers
Decrease in operations$(0.63)
Impact from acquisitions0.02 
Change in benefit plan non-service income(0.01)
Change in interest and other expense, net(0.05)
Change in income taxes0.07 
Change in shares outstanding0.07 
$(0.53)

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Schedule 8a
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Segment Data
(in millions of U.S. dollars) (Unaudited)
For the Three Months Ended September 30, 2025
Latin AmericaAMEAEuropeNorth AmericaUnrealized G/(L) on Hedging ActivitiesGeneral Corporate ExpensesAmortization of IntangiblesOther ItemsMondelēz International
Net Revenue
Reported (GAAP)$1,238$2,017$3,674$2,815$—$—$—$—$9,744
No adjusting items—————————
Adjusted (Non-GAAP)$1,238$2,017$3,674$2,815$—$—$—$—$9,744
Operating Income
Reported (GAAP)$147$199$275$547$(348)$(44)$(32)$—$744
Simplify to Grow Program(1)—(4)(1)————(6)
Intangible asset impairment charges31218—————33
Mark-to-market (gains)/losses from derivatives————348———348
Acquisition-related items2373(21)—(3)——18
ERP System Implementation costs12—321—5——41
Remeasurement of net monetary position415——(1)——9
Impact from resolution of tax matters(16)———————(16)
Adjusted (Non-GAAP)$151$249$300$546$—$(43)$(32)$—$1,171
Currency-related items11(20)1—11—(15)
Adjusted @ Constant FX (Non-GAAP)$152$250$280$547$—$(42)$(31)$—$1,156
$ Change - Reported (GAAP)$22$(136)$(330)$(371)n/m$34$8n/m$(409)
$ Change - Adjusted (Non-GAAP)9(99)(461)(47)n/m238n/m(567)
$ Change - Adjusted @ Constant FX (Non-GAAP)10(98)(481)(46)n/m249n/m(582)
% Change - Reported (GAAP)17.6  %(40.6) %(54.5) %(40.4)%n/m43.6  %20.0 %n/m(35.5) %
% Change - Adjusted (Non-GAAP)6.3  %(28.4) %(60.6)%(7.9) %n/m34.8  %20.0 %n/m(32.6) %
% Change - Adjusted @ Constant FX (Non-GAAP)7.0 %(28.2) %(63.2)%(7.8) %n/m36.4  %22.5 %n/m(33.5)%
Operating Income Margin
Reported %11.9 %9.9  %7.5 %19.4 %7.6 %
Reported pp change1.5  pp(8.2) pp(10.7) pp(13.1) pp(4.9) pp
Adjusted %12.2 %12.3  %8.2 %19.4 %12.0 %
Adjusted pp change0.4  pp(6.5) pp(14.7) pp(1.6) pp(6.9) pp
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For the Three Months Ended September 30, 2024
Latin AmericaAMEAEuropeNorth AmericaUnrealized G/(L) on Hedging ActivitiesGeneral Corporate ExpensesAmortization of IntangiblesOther ItemsMondelēz International
Net Revenue
Reported (GAAP)$1,204$1,851$3,323$2,826$—$—$—$—$9,204
No adjusting items—————————
Adjusted (Non-GAAP)$1,204$1,851$3,323$2,826$—$—$—$—$9,204
Operating Income
Reported (GAAP)$125$335$605$918$(710)$(78)$(40)$(2)$1,153
Simplify to Grow Program14(7)11—3——12
Intangible asset impairment charges55143—————153
Mark-to-market (gains)/losses from derivatives————710———710
Acquisition-related items2—9(341)—2—2(326)
Divestiture-related items——(2)—————(2)
ERP System Implementation costs5485—7——29
Remeasurement of net monetary position4—5—————9
Adjusted (Non-GAAP)$142$348$761$593$—$(66)$(40)$—$1,738
Operating Income Margin
Reported %10.4 %18.1 %18.2 %32.5 %12.5 %
Adjusted %11.8 %18.8 %22.9 %21.0 %18.9 %

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Schedule 8b
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Segment Data
(in millions of U.S. dollars) (Unaudited) 
For the Nine Months Ended September 30, 2025
Latin AmericaAMEAEuropeNorth AmericaUnrealized G/(L) on Hedging ActivitiesGeneral Corporate ExpensesAmortization of IntangiblesOther ItemsMondelēz International
Net Revenue
Reported (GAAP)$3,635$5,854$10,636$7,916$—$—$—$—$28,041
No adjusting items—————————
Adjusted (Non-GAAP)$3,635$5,854$10,636$7,916$—$—$—$—$28,041
Operating Income
Reported (GAAP)$419$813$1,251$1,486$(1,110)$(156)$(107)$—$2,596
Simplify to Grow Program(2)—(8)(1)—(1)——(12)
Intangible asset impairment charges31218—————33
Mark-to-market (gains)/losses from derivatives————1,110———1,110
Acquisition-related items7643(82)—(3)——(11)
Divestiture-related items——(7)—————(7)
Incremental costs due to war in Ukraine——1—————1
ERP System Implementation costs3431159—4——111
Remeasurement of net monetary position7215—————24
Impact from resolution of tax matters(16)———————(16)
Adjusted (Non-GAAP)$452$894$1,284$1,462$—$(156)$(107)$—$3,829
Currency-related items1616(53)3————(18)
Adjusted @ Constant FX (Non-GAAP)$468$910$1,231$1,465$—$(156)$(107)$—$3,811
$ Change - Reported (GAAP)$(7)$(223)$(495)$(526)n/m$56$8n/m$(2,138)
$ Change - Adjusted (Non-GAAP)(32)(158)(676)(289)n/m368n/m(1,111)
$ Change - Adjusted @ Constant FX (Non-GAAP)(16)(142)(729)(286)n/m368n/m(1,129)
% Change - Reported (GAAP)(1.6) %(21.5) %(28.4) %(26.1)%n/m26.4  %7.0 %n/m(45.2) %
% Change - Adjusted (Non-GAAP)(6.6) %(15.0) %(34.5)%(16.5) %n/m18.8  %7.0 %n/m(22.5) %
% Change - Adjusted @ Constant FX (Non-GAAP)(3.3)%(13.5) %(37.2)%(16.3) %n/m18.8  %7.0 %n/m(22.9)%
Operating Income Margin
Reported %11.5 %13.9  %11.8 %18.8 %9.3 %
Reported pp change0.2  pp(5.3) pp(6.5) pp(6.0) pp(8.3) pp
Adjusted %12.4 %15.3  %12.1 %18.5 %13.7 %
Adjusted pp change(0.5) pp(4.2) pp(8.4) pp(3.0) pp(4.7) pp

25



For the Nine Months Ended September 30, 2024
Latin AmericaAMEAEuropeNorth AmericaUnrealized G/(L) on Hedging ActivitiesGeneral Corporate ExpensesAmortization of IntangiblesOther ItemsMondelēz International
Net Revenue
Reported (GAAP)$3,755$5,388$9,565$8,129$—$—$—$—$26,837
Short-term distributor agreements——(25)—————(25)
Adjusted (Non-GAAP)$3,755$5,388$9,540$8,129$—$—$—$—$26,812
Operating Income
Reported (GAAP)$426$1,036$1,746$2,012$(157)$(212)$(115)$(2)$4,734
Simplify to Grow Program554121—8——80
Intangible asset impairment charges55143—————153
Mark-to-market (gains)/losses from derivatives————157———157
Acquisition-related items28111(290)—1—2(247)
Divestiture-related items——11————2
Operating results from short-term distributor agreements——(2)—————(2)
European Commission legal matter——(3)—————(3)
Incremental costs due to war in Ukraine——2—————2
ERP System Implementation costs6597—11——38
Remeasurement of net monetary position14—12—————26
Adjusted (Non-GAAP)$484$1,052$1,960$1,751$—$(192)$(115)$—$4,940
Operating Income Margin
Reported %11.3 %19.2 %18.3 %24.8 %17.6 %
Adjusted %12.9 %19.5 %20.5 %21.5 %18.4 %

26



Schedule 9
Mondelēz International, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Measures
Net Cash Provided by Operating Activities to Free Cash Flow
(in millions of U.S. dollars)
(Unaudited)
For the Nine Months Ended September 30,
20252024$ Change
Net Cash Provided by Operating Activities (GAAP)$2,117 $3,451 $(1,334)
Capital Expenditures(881)(982)101 
Free Cash Flow (Non-GAAP) $1,236 $2,469 $(1,233)

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