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Mondelez International — Introduction to MDLZ (company IR deck)
Mondelez International (MDLZ) · 34 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All MDLZ deck slides
Slide 1 — MONDELĒZ
INTRODUCTION TO MONDELĒZ INTERNATIONAL FOR INVESTORS
Slide 2 — FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “likely,” “estimate,” “anticipate,” “objective,” “predict,” “project,” “drive,” “seek,” “aim,” “target,” “potential,” “commitment,” “outlook,” “continue,” “goal” or any other similar words are intended to identify our forward-looking statements. 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, which could cause our actual results to differ materially from those indicated in these forward-looking statements. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this presentation 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. For important information on forward-looking statements, please see our earnings release for Q1 2025 on our investor website at https://www.mondelezinternational.com/investors. NON-GAAP FINANCIAL MEASURES All results shared with this presentation are non-GAAP unless noted as “reported”, in which case we are referring to our results on a GAAP basis. Please see GAAP to non-GAAP reconciliations at the end of this presentation for comparable GAAP measures. Refer to the definitions of these measures in our earnings release for Q1 2025 located at https://www.mondelezinternational.com/investors. 2
Slide 3 — Strategy progress & long-term algorithm
Strategy progress & long-term algorithm Snacking leader with clear competitive advantages Capital allocation priorities DELIVERING GROWTH TODAY, POSITIONED FOR MORE TOMORROW 1 2 3 INTRODUCTION TO MONDELĒZ INTERNATIONAL FOR INVESTORS 3
Slide 4 — LEADER IN ATTRACTIVE AND RESILIENT CATEGORIES
LEADER IN ATTRACTIVE AND RESILIENT CATEGORIES Core Snacks Categories growing ahead of other Snacks and Food Strong Positions in our Core Snacks Categories, Significant Headroom Other Snacks and Food MDLZ Core Snacks Growth of MDLZ Core Snacks2 Categories vs. Other Snacks Cakes & Pastries MDLZ Global Position & Share1 Market Size1 $97B Snack Bars $19B Biscuits Sweet & Savory $125B #1 17.4% Chocolate $134B #2 12.3% #3 3.8% #3 9.1% 1. Source: Euromonitor 2024 2. Source Nielsen Global Data 2024, Category based on available Nielsen Global Data for measured channels in 38 markets. Market data excludes some channels not measured by Nielsen (e.g., World Travel Retail). Core Snacks: Chocolate, Biscuits, C&P, Bars 1.3X 4
Slide 5 — CLEAR LEADER IN GLOBAL BISCUIT CATEGORY
CLEAR LEADER IN GLOBAL BISCUIT CATEGORY Source: Euromonitor 2024 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Global Market Share L5Y cumul. share Δ +0.1pp +0.2pp -0.1pp +0.3pp L5Y CAGR RSV growth +0.1pp +7.6% +9.0% +9.4% +11.3% +7.1% +10.0% +5.0% +8.2% +8.8% +12.0% Top 10 global biscuits manufacturers $125B RSV category +0.4pp -0.3pp +0.1pp +0.1pp +0.1pp 5
Slide 6 — ON TRACK TO REACH #1 POSITION IN ATTRACTIVE & RESILIENT CATEGORY
ON TRACK TO REACH #1 POSITION IN ATTRACTIVE & RESILIENT CATEGORY Source: Euromonitor 2024 0% 2% 4% 6% 8% 10% 12% 14% 16% Top 10 global chocolate manufacturers $134B RSV category +5.9% +8.1% +6.4% +6.4% +19.4% +9.3% +4.9% Global Market Share L5Y cumul. share Δ +7.1% +8.8% +6.3% -0.7pp -0.6pp +0.1pp -0.0pp +0.6pp -0.3pp -0.2pp L5Y CAGR RSV growth +0.0pp +0.8pp +0.9pp 6
Slide 7 — 91%
CONSUMERS CONTINUE TO PREFER SNACKING HABITS 1. State of Snacking, 2024, Mondelēz International & The Harris Poll. It’s mindful It’s prioritized It’s durable It’s growing 91% of consumers snack daily1 71% will continue snacking through price and pack changes1 81% snack to find quiet moments to themselves1 69% look for snacks that are portion controlled1 73% of Millennials cannot live without Snacks1 +9% from 20231 74% of Gen Z and Millennials seek portion controlled snacks 7
Slide 8 — VERY STRONG POSITIONS AND BEST PORTFOLIO TO WIN
VERY STRONG POSITIONS AND BEST PORTFOLIO TO WIN 1. Euromonitor 2024 Iconic $1B+ Brands1 Leading “Taste of Nation” Local Jewels Chocolate Biscuits, Protein/Energy Snack Bars Chocolate Biscuits, Cakes & Pastries Biscuits #1 in Key Snacks Markets1 8
Slide 9 — ADVANTAGED GEOGRAPHIC FOOTPRINT ENABLING GROWTH POTENTIAL
ADVANTAGED GEOGRAPHIC FOOTPRINT ENABLING GROWTH POTENTIAL 30% 37% 20% 13% Europe Strong Growth Across All Regions Org. Net Revenue L5Y CAGR: +7.1% Emerging Markets Growing Double Digits Developed Markets Org. Net Revenue L5Y CAGR: +5.6% Emerging Markets Org. Net Revenue L5Y CAGR: +12.3% North America Org. Net Revenue L5Y CAGR: +6.5% Latin America Org. Net Revenue L5Y CAGR: +17.4% AMEA Org. Net Revenue L5Y CAGR: +7.8% 39% 61% 2024 Net Revenues $36.4B 2024 Net Revenues $36.4B 9
Slide 10 — CONTINUED PROGRESS ON SUSTAINABILITY GOALS
CONTINUED PROGRESS ON SUSTAINABILITY GOALS Lead Where We Matter Most Drive Change Where the World Needs it Most Ingredients Social Climate Packaging Cocoa & Wheat Human Rights CO2 Emissions Waste 10
Slide 11 — CONTINUED PROGRESS AGAINST OUR SUSTAINABILITY OBJECTIVES
• Cocoa volume for Chocolate sourced via Cocoa Life2 • Palm Oil volume RSPO certification Social Ingredients 2024 Progress1 • Child Labor Monitoring & Remediation Systems (CLMRS) in Cocoa Life communities in West Africa ~91% ~100% ~89% • Reduction in food waste in internal manufacturing (vs 2018) • CO2e end-to-end emissions reduction (vs 2018) Climate • Reduction in water usage in priority sites (vs 2018) ~-30% ~-15% ~-12% 2025 Goals1 100% 100% 100% -15% -10% Net Zero • Packaging is designed to be recyclable Packaging ~96%3 98% by 2050 CONTINUED PROGRESS AGAINST OUR SUSTAINABILITY OBJECTIVES 11 1. Additional detail about our ESG goals and progress against our goals can be found in our 2024 Snacking Made Right report on page 56-58. 2. Reported information for cocoa volume sourced is based on a mass balance approach, which means that the equivalent volume of cocoa needed for the products sold under our chocolate brands is sourced from the Cocoa Life program. 3. Indicator covers period Dec 1, 2023 to Nov 30, 2024.
Slide 12 — 3-5%
COMPETITIVE ADVANTAGES PROVIDE CONFIDENCE IN LONG-TERM ALGORITHM Competitive Advantages Algorithm Reflects Strategy Effectiveness 3-5% HSD $3B+ Free Cash Flow Organic Net Revenue Growth Adj. EPS Growth (cst fx) Categories Footprint Brands Capabilities Culture 12
Slide 13 — Strategy progress & long-term algorithm
Strategy progress & long-term algorithm Snacking leader with clear competitive advantages Capital allocation priorities DELIVERING GROWTH TODAY, POSITIONED FOR MORE TOMORROW 1 2 3 INTRODUCTION TO MONDELĒZ INTERNATIONAL FOR INVESTORS 13
Slide 14 — SUCCESSFUL REPOSITIONING OF THE BUSINESS HAS DRIVEN GROWTH
SUCCESSFUL REPOSITIONING OF THE BUSINESS HAS DRIVEN GROWTH From To Power Brands across chocolate, biscuits, gum, candy, cheese Brands & Portfolio Chocolate & biscuits focus, leveraging M&A Centralized to control cost, opaque geo/category matrix Commercial Org. Local-first approach, consumer focused, clear accountability Transformation management, cost control Key Capabilities Marketing & sales excellence, Growth mindset, Digital acumen Regional level, limited focus on growth metrics Incentives BU level, growth-focused metrics aligned to strategy Cost reduction, percentage margins Financial Focus Volume-driven profitable growth funding reinvestment 14
Slide 15 — CONSISTENT DELIVERY ON LONG-TERM ALGORITHM ACROSS ALL METRICS
CONSISTENT DELIVERY ON LONG-TERM ALGORITHM ACROSS ALL METRICS 1. 5-Year CAGR 2. Volume growth is defined as organic volume growth which excludes the impacts of acquisitions and divestitures 3. At cst FX 4. 2020-2024 average Key Performance Metric Volume Growth2 Adjusted Gross Profit Growth3 A&C Change in Spend3 Adjusted EPS Growth3 Free Cash Flow Organic Net Revenue Growth +1.6% +8.7% +11.0% +12.8% +8.1% $3.3B4 2020-20241 15
Slide 16 — CONTINUED ADVANCEMENT IN OUR EVOLUTION
CONTINUED ADVANCEMENT IN OUR EVOLUTION 2012-13 Launch 2018-21 Growth 2014-17 Cost reduction 2022+ Acceleration & Focus 16
Slide 17 — EVOLVING OUR STRATEGY & ENHANCING OUR LONG-TERM ALGORITHM
EVOLVING OUR STRATEGY & ENHANCING OUR LONG-TERM ALGORITHM GROWTH EXECUTION SUSTAINABILITY CULTURE Accelerate consumer- centric growth Drive operational excellence Build a winning growth culture Scale sustainable snacking 17
Slide 18 — KEY OPPORTUNITIES TO ACHIEVE AN ENHANCED LONG-TERM ALGORITHM
KEY OPPORTUNITIES TO ACHIEVE AN ENHANCED LONG-TERM ALGORITHM 1 2 3 4 Accelerating & increasing focus on the core of chocolate & biscuits Filling geographic white spaces Expanding presence in high growth channels Increasing presence in under-represented segments & price tiers Sustain & accelerate LT profitable growth 18
Slide 19 — RESHAPING PORTFOLIO TOWARDS CORE CATEGORIES
RESHAPING PORTFOLIO TOWARDS CORE CATEGORIES Execution of Four Pillar Strategy Organic Growth Rate Core Categories ~90% Core Categories 80% Core Categories 59% Other 41% Other 20% Other ~10% Biscuits & Baked Snacks, Chocolate Net Revenues by Category Vision 2012 2024 19
Slide 20 — WE ARE CONFIDENT IN DELIVERING SUSTAINABLE EARNINGS GROWTH
WE ARE CONFIDENT IN DELIVERING SUSTAINABLE EARNINGS GROWTH Desired outcomes • Strong resilient, categories • Share gains • Strong reinvestment and flow through to OI/EPS • Targeting 100% NI to FCF conversion • Dividend growth > Adj. EPS • Double-digit TSR Sustainable growth model Generate strong cash flow Drive operational efficiency & productivity Reinvest where it matters Revenue growth & leverage Deliver strong TSR Value- enhancing capital allocation 20
Slide 21 — Strategy progress & long-term algorithm
Strategy progress & long-term algorithm Snacking leader with clear competitive advantages Capital allocation priorities DELIVERING GROWTH TODAY, POSITIONED FOR MORE TOMORROW 1 2 3 INTRODUCTION TO MONDELĒZ INTERNATIONAL FOR INVESTORS 21
Slide 22 — CAPITAL ALLOCATION PRIORITIES SUPPORT GROWTH ALGORITHM
• Target dividend growth > Adj. EPS growth • Balance repurchase flexibility with M&A needs • Maintain solid IG rating & tier 2 CP access • Vast majority of debt fixed at attractive rates • Flexibility for opportunistic acquisitions • Advertising Consumer • Digital • Route to market • Capabilities • High-growth platforms & capabilities • Adjacencies • Announced the sale of developed market gum CAPITAL ALLOCATION PRIORITIES SUPPORT GROWTH ALGORITHM M&A Shareholder Return Maintain strong balance sheet Invest to drive top-tier growth 22
Slide 23 — Our M&A Playbook
Our M&A Playbook Executing Playbook DRIVING VALUE THROUGH $3B+ IN TARGETED BOLT-ON ACQUISITIONS 1. On October 1, 2023 Mondelēz completed the sale of its developed markets gum business in the U.S., Canada and Europe to Perfetti Van Melle. Acquire right opportunities Realize value through strong integration Accelerate growth Gum DM1 $1.4B in proceeds +HSD annual growth rate Divest non-core assets >$3.1B annual net revenue added 10 Acquisitions completed since 2018 23
Slide 24 — TARGETED ACQUISITIONS STRENGTHEN PORTFOLIO & FILL KEY GAPS
TARGETED ACQUISITIONS STRENGTHEN PORTFOLIO & FILL KEY GAPS 1. Defined as <10% share of core category (biscuits or chocolate) in key market Acquisition Strategic Growth Driver 2018 2019 2020 2021 ANZ Crackers US Chocolate Cakes & Pastries Protein / Energy Bars Cakes & Pastries Protein / Energy Bars 2022 MEX Choc & Candy Protein / Energy Bars Core White Space1 Adjacent Category Well-Being Premium 2024 Cakes & Pastries 24
Slide 25 — 10.5%
SIGNIFICANT RETURN OF CAPITAL TO SHAREHOLDERS 1. Percentage based only on the amount of shares repurchased by the company under Board of Directors approved share repurchase programs during 2018 to 2024 Double-Digit Dividend Growth Opportunistic Share Repurchase +DD increase 9 of past 10 years ~$13B returned since 2018 CAGR past 5 years Reduction in share count1 10.5% 15% Cumulative Capital Return Returned over 7 years 2018-2024 $25.8B 25
Slide 26 — POSITIONED FOR CONTINUED ACCELERATION & VALUE CREATION
I N S U M M A R Y POSITIONED FOR CONTINUED ACCELERATION & VALUE CREATION Proven track record of results Strong, growing & durable portfolio Superior brands & advantaged footprint Investing in brands, capabilities & talent Portfolio reshaping / M&A firepower 26
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Slide 28 — GAAP TO NON-GAAP RECONCILIATIONS
GAAP TO NON-GAAP RECONCILIATIONS Mondelēz International For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 2024 5 Year CAGR 2020 2021 2022 2023 2024 2024 5 Year CAGR Reported (GAAP) 17,484 $ 18,588 $ 19,312 $ 22,005 $ 22,278 $ 9,097 $ 10,132 $ 12,184 $ 14,011 $ 14,163 $ Divestitures (446) (486) (471) (479) - (36) (47) (27) (5) - Short-term distributor agreements - - - (20) (22) - - - (2) (3) Acquisitions (445) (254) (620) (529) - - - (596) (507) (72) Currency (109) (528) 1,139 (42) (68) 739 64 743 1,138 778 Organic (Non-GAAP) 16,484 $ 17,320 $ 19,360 $ 20,935 $ 22,188 $ 9,800 $ 10,149 $ 12,304 $ 14,635 $ 14,866 $ For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Reported (GAAP) 16,193 $ 17,484 $ 18,588 $ 19,312 $ 22,005 $ 9,675 $ 9,097 $ 10,132 $ 12,184 $ 14,011 $ Divestitures (572) (446) (486) (471) (479) (95) (36) (47) (27) (5) Short-term distributor agreements - - - - (20) - - - (2) (2) Organic (Non-GAAP) 15,621 $ 17,038 $ 18,102 $ 18,841 $ 21,506 $ 9,580 $ 9,061 $ 10,085 $ 12,157 $ 14,044 $ % Change - Reported (GAAP) 8.0 % 6.3 % 3.9 % 13.9 % 1.2 % 6.6 % (6.0)% 11.4 % 20.3 % 15.0 % 1.1 % 7.9 % % Change - Organic (Non-GAAP) 5.5 % 1.7 % 6.9 % 11.1 % 3.2 % 5.6 % 2.3 % 12.0 % 22.0 % 20.4 % 6.2 % 12.3 % Emerging Markets Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) Developed Markets 28
Slide 29 — GAAP TO NON-GAAP RECONCILIATIONS
GAAP TO NON-GAAP RECONCILIATIONS For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 2024 5 Year CAGR 2020 2021 2022 2023 2024 2024 5 Year CAGR Reported (GAAP) 2,477 $ 2,797 $ 3,629 $ 5,006 $ 4,926 $ 5,740 $ 6,465 $ 6,767 $ 7,075 $ 7,296 $ Divestitures (32) (43) (22) - - - (35) - - - Acquisitions - - (98) (507) - - (47) (15) - (72) Currency 536 176 123 363 309 70 (222) 483 486 287 Organic (Non-GAAP) 2,981 $ 2,930 $ 3,632 $ 4,862 $ 5,235 $ 5,810 $ 6,161 $ 7,235 $ 7,561 $ 7,511 $ For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Reported (GAAP) 3,018 $ 2,477 $ 2,797 $ 3,629 $ 5,006 $ 5,770 $ 5,740 $ 6,465 $ 6,767 $ 7,075 $ Divestitures (36) (32) (43) (22) - (55) - (35) - - Organic (Non-GAAP) 2,982 $ 2,445 $ 2,754 $ 3,607 $ 5,006 $ 5,715 $ 5,740 $ 6,430 $ 6,767 $ 7,075 $ % Change - Reported (GAAP) (17.9)% 12.9 % 29.7 % 37.9 % (1.6)% 10.3 % (0.5)% 12.6 % 4.7 % 4.6 % 3.1 % 4.8 % % Change - Organic (Non-GAAP) 0.0 % 19.8 % 31.9 % 34.8 % 4.6 % 17.4 % 1.7 % 7.3 % 12.5 % 11.7 % 6.2 % 7.8 % For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 2024 5 Year CAGR 2020 2021 2022 2023 2024 2024 5 Year CAGR Reported (GAAP) 10,207 $ 11,156 $ 11,420 $ 12,857 $ 13,309 $ 8,157 $ 8,302 $ 9,680 $ 11,078 $ 10,910 $ Divestitures (180) (179) (178) (174) (25) (270) (276) (298) (310) - Short-term distributor agreements - - - (22) - - - - - - Acquisitions - (63) (707) - - (445) (144) (396) (529) - Currency 17 (370) 1,241 216 99 7 (48) 35 31 15 Organic (Non-GAAP) 10,044 $ 10,544 $ 11,776 $ 12,877 $ 13,383 $ 7,449 $ 7,834 $ 9,021 $ 10,270 $ 10,925 $ For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Reported (GAAP) 9,972 $ 10,207 $ 11,156 $ 11,420 $ 12,857 $ 7,108 $ 8,157 $ 8,302 $ 9,680 $ 11,078 $ Divestitures (221) (180) (179) (178) (174) (355) (270) (276) (298) (310) Short-term distributor agreements - - - - (22) - - - - - Organic (Non-GAAP) 9,751 $ 10,027 $ 10,977 $ 11,242 $ 12,661 $ 6,753 $ 7,887 $ 8,026 $ 9,382 $ 10,768 $ % Change - Reported (GAAP) 2.4 % 9.3 % 2.4 % 12.6 % 3.5 % 6.0 % 14.8 % 1.8 % 16.6 % 14.4 % (1.5)% 9.0 % % Change - Organic (Non-GAAP) 3.0 % 5.2 % 7.3 % 14.5 % 5.7 % 7.1 % 10.3 % (0.7)% 12.4 % 9.5 % 1.5 % 6.5 % AMEA North America Latin America Europe Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) 29
Slide 30 — GAAP TO NON-GAAP RECONCILIATIONS
GAAP TO NON-GAAP RECONCILIATIONS For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 2024 5 Year CAGR Reported (GAAP) 26,581 $ 28,720 $ 31,496 $ 36,016 $ 36,441 $ Divestitures (482) (533) (498) (484) - Short-term distributor agreements - - - (22) (25) Acquisitions (445) (254) (1,216) (1,036) (72) Currency 630 (464) 1,882 1,096 710 Organic (Non-GAAP) 26,284 $ 27,469 $ 31,664 $ 35,570 $ 37,054 $ For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 Reported (GAAP) 25,868 $ 26,581 $ 28,720 $ 31,496 $ 36,016 $ Divestitures (667) (482) (533) (498) (484) Short-term distributor agreements - - - - (22) Organic (Non-GAAP) 25,201 $ 26,099 $ 28,187 $ 30,998 $ 35,510 $ % Change - Reported (GAAP) 2.8 % 8.0 % 9.7 % 14.4 % 1.2 % 7.1 % % Change - Organic (Non-GAAP) 4.3 % 5.2 % 12.3 % 14.7 % 4.3 % 8.1 % Net Revenues to Organic Net Revenue (in millions of U.S. dollars) (Unaudited) Mondelēz International 30
Slide 31 — GAAP TO NON-GAAP RECONCILIATIONS
GAAP TO NON-GAAP RECONCILIATIONS For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 2024 5 Year CAGR Reported (GAAP) 10,446 $ 11,254 $ 11,312 $ 13,764 $ 14,257 $ Simplify to Grow Program 90 114 45 9 30 Mark-to-market (gains)/losses from derivatives (16) (279) 324 (185) (550) Acquisition integration costs and contingent consideration adjustments 1 1 6 25 12 Inventory step-up - - 25 - 3 Acquisition-related costs - - 72 - - Divestiture-related costs - - 3 - 1 Operating results from divestitures (218) (238) (251) (274) - Operating results from short-term distributor agreements - - - (5) (3) 2017 malware incident net recoveries - - (25) - - Incremental costs due to war in Ukraine - - 36 - 2 ERP System Implementation costs - - - - 14 Impact from pension participation changes - 20 (1) - - Rounding - 1 - - - Adjusted (Non-GAAP) 10,303 $ 10,873 $ 11,546 $ 13,334 $ 13,766 $ Currency 181 (209) 653 383 242 Adjusted @ Constant FX (Non-GAAP) 10,484 $ 10,664 $ 12,199 $ 13,717 $ 14,008 $ For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 Reported (GAAP) 10,337 $ 10,446 $ 11,254 $ 11,312 $ 13,764 $ Simplify to Grow Program 101 90 114 45 9 Mark-to-market (gains)/losses from derivatives (92) (16) (279) 324 (185) Acquisition integration costs and contingent consideration adjustments - 1 1 6 25 Inventory step-up 25 - Acquisition-related costs 72 - Divestiture-related costs 1 - - 3 - Operating results from divestitures (330) (218) (238) (251) (274) Operating results from short-term distributor agreements - - - - (5) 2017 malware incident net recoveries (25) - Incremental costs due to war in Ukraine 36 - Impact from pension participation changes - - 20 (1) - Rounding - - 1 - - Adjusted (Non-GAAP) 10,017 $ 10,303 $ 10,873 $ 11,546 $ 13,334 $ % Change - Reported (GAAP) 1.1 % 7.7 % 0.5 % 21.7 % 3.6 % 6.6 % % Change - Adjusted (Non-GAAP) 2.9 % 5.5 % 6.2 % 15.5 % 3.2 % 6.6 % % Change - Adjusted @ Constant FX (Non-GAAP) 4.7 % 3.5 % 12.2 % 18.8 % 5.1 % 8.7 % Gross Profit To Adjusted Gross Profit (in millions of U.S. dollars) (Unaudited) Mondelēz International 31
Slide 32 — GAAP TO NON-GAAP RECONCILIATIONS
GAAP TO NON-GAAP RECONCILIATIONS For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 2024 5 Year CAGR Reported (GAAP) 2,236 $ 2,483 $ 2,635 $ 3,126 $ 3,255 $ Operating results from divestitures (75) (78) (69) (58) - Incremental costs due to war in Ukraine - - (1) - - Adjusted (Non-GAAP) 2,161 $ 2,405 $ 2,565 $ 3,068 $ 3,255 $ Currency 36 (50) 155 52 41 Adjusted @ Constant FX (Non-GAAP) 2,197 $ 2,355 $ 2,720 $ 3,120 $ 3,296 $ For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 Reported (GAAP) 2,227 $ 2,236 $ 2,483 $ 2,635 $ 3,126 $ Operating results from divestitures (88) (75) (78) (69) (58) Incremental costs due to war in Ukraine - - - (1) - Adjusted (Non-GAAP) 2,139 $ 2,161 $ 2,405 $ 2,565 $ 3,068 $ % Change - Reported (GAAP) 0.4 % 11.0 % 6.1 % 18.6 % 4.1 % 8.3 % % Change - Adjusted (Non-GAAP) 1.0 % 11.3 % 6.7 % 19.6 % 6.1 % 9.2 % % Change - Adjusted @ Constant FX (Non-GAAP) 2.7 % 9.0 % 13.1 % 21.6 % 7.4 % 11.0 % Mondelēz International Advertising and Consumer Promotions To Adjusted Advertising and Consumer Promotions (in millions of U.S. dollars) (Unaudited) 32
Slide 33 — GAAP TO NON-GAAP RECONCILIATIONS
GAAP TO NON-GAAP RECONCILIATIONS For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 2024 5 Year CAGR Diluted EPS attributable to Mondelēz International (GAAP) 2.47 $ 3.04 $ 1.96 $ 3.62 $ 3.42 $ Simplify to Grow Program 0.20 0.17 0.07 0.08 0.09 Intangible asset impairment charges 0.08 0.02 0.05 0.01 0.08 Mark-to-market (gains)/losses from derivatives (0.01) (0.17) 0.19 (0.12) (0.32) Acquisition integration costs and contingent consideration adjustments - (0.02) 0.05 0.14 (0.17) Inventory step-up - - 0.01 - - Acquisition-related costs 0.01 0.01 0.19 - - Gain on divestitures - - - (0.08) - Divestiture-related costs - 0.01 0.01 0.04 - Operating results from divestitures (0.26) (0.27) (0.30) (0.17) (0.07) Costs associated with the JDEP coffee business transactions 0.20 - - - - 2017 Malware incident net recoveries - - (0.02) - - European Commission legal matter - - 0.23 0.01 - Incremental costs due to war in Ukraine - - 0.09 - - Remeasurement of net monetary position 0.01 0.01 0.03 0.07 0.02 ERP System Implementation costs - - - - 0.04 Impact from pension participation changes 0.01 0.02 0.01 0.01 0.01 Loss on debt extinguishment and related expenses 0.10 0.07 0.07 - - Loss related to interest rate swaps 0.05 - - - - Impact from resolution of tax matters (0.02) - - - - Initial impacts from enacted tax law changes 0.02 0.07 0.01 0.06 0.02 Gain on marketable securities - - - (0.34) - (Gain)/loss on equity method investment transactions (0.55) (0.39) 0.02 (0.25) 0.24 Adjusted EPS (Non-GAAP) 2.31 $ 2.57 $ 2.67 $ 3.08 $ 3.36 $ Impact of unfavorable currency 0.04 (0.08) 0.22 0.13 0.12 Adjusted EPS @ Constant FX (Non-GAAP) 2.35 $ 2.49 $ 2.89 $ 3.21 $ 3.48 $ For the Twelve Months Ended December 31, 2019 2020 2021 2022 2023 Diluted EPS attributable to Mondelēz International (GAAP) 2.69 $ 2.47 $ 3.04 $ 1.96 $ 3.62 $ Simplify to Grow Program 0.24 0.20 0.17 0.07 0.08 Intangible asset impairment charges 0.03 0.08 0.02 0.05 0.01 Mark-to-market (gains)/losses from derivatives (0.05) (0.01) (0.17) 0.19 (0.12) Acquisition integration costs and contingent consideration adjustments - - (0.02) 0.05 0.14 Inventory step-up - - - 0.01 - Acquisition-related costs - 0.01 0.01 0.19 - Gain on divestitures (0.03) - - - (0.08) Divestiture-related costs - - 0.01 0.01 0.04 Operating results from divestitures (0.37) (0.26) (0.27) (0.30) (0.17) Costs associated with the JDEP coffee business transactions - 0.20 - - - 2017 Malware incident net recoveries - - - (0.02) - European Commission legal matter - - - 0.23 0.01 Incremental costs due to war in Ukraine - - - 0.09 - Remeasurement of net monetary position - 0.01 0.01 0.03 0.07 Impact from pension participation changes (0.02) 0.01 0.02 0.01 0.01 CEO transition renumeration 0.01 - - - - Loss on debt extinguishment and related expenses - 0.10 0.07 0.07 - Loss related to interest rate swaps 0.08 0.05 - - - Impact from resolution of tax matters 0.05 (0.02) - - - Initial impacts from enacted tax law changes (0.52) 0.02 0.07 0.01 0.06 Gain on marketable securities - - - - (0.34) (Gain)/loss on equity method investment transactions 0.01 (0.55) (0.39) 0.02 (0.25) Adjusted EPS (Non-GAAP) 2.12 $ 2.31 $ 2.57 $ 2.67 $ 3.08 $ % Change - Reported (GAAP) (8.2)% 23.1 % (35.5)% 84.7 % (5.5)% 4.9 % % Change - Adjusted (Non-GAAP) 9.0 % 11.3 % 3.9 % 15.4 % 9.1 % 9.7 % % Change - Adjusted @ Constant FX (Non-GAAP) 10.8 % 7.8 % 12.5 % 20.2 % 13.0 % 12.8 % Diluted EPS to Adjusted EPS (Unaudited) Mondelēz International 33
Slide 34 — GAAP TO NON-GAAP RECONCILIATIONS
GAAP TO NON-GAAP RECONCILIATIONS For the Twelve Months Ended December 31, 2020 2021 2022 2023 2024 Net Cash Provided by Operating Activities (GAAP) 3,964 $ 4,141 $ 3,908 $ 4,714 $ 4,910 $ Capital Expenditures (863) (965) (906) (1,112) (1,387) Free Cash Flow (Non-GAAP) 3,101 $ 3,176 $ 3,002 $ 3,602 $ 3,523 $ 2020-2024 average 3,281 $ Mondelēz International Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) 34