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- **Europe Recovery**: Q4 cocoa deflation to drive 4%+ organic growth, with price point adjustments and seasonal promotions. 
- **U.S. Reset**: 2026 strategy focuses on $3 multipacks, protein snacks, and DSD optimization to reverse 4% volume decline. 
- **EM Growth**: Brazil, Mexico, China offset Argentina/India weakness, with 2026 chocolate volume growth from deflation. 
- **Financial Targets**: 2026 EPS +high single digits via $100-150M cocoa savings, U.S. reinvestment, and SG&A reset.

**【Europe Market Update】**
- Consumer confidence stable, but higher-than-expected price elasticity (0.7-0.8) due to 30% cocoa-driven price increases. 
- Adjusting 300g chocolate price points and innovating formats to regain volume share. 
- Competitors lagging on pricing and retailer margin shifts caused short-term pressure. 
- Q4 rebound expected as cocoa costs stabilize, with seasonal promotions driving 4%+ organic growth.

**【U.S. Market Strategy】**
- Biscuit category volume down 4%Q3, driven by economic uncertainty and channel shifts to value/club. 
- Focusing on $3 price point multipacks, protein snacks (20%+ growth in Perfect Bar), and e-commerce expansion. 
- Q4 pricing adjustments and promotions targeting 2026 U.S. recovery through channel reinvestment. 
- 2026 plans include doubling down on successful brands (Tate's, Hu) and optimizing DSD logistics.

**【Emerging Markets Performance】**
- Volume down 4.7%Q3 due to Argentina (hyperinflation) and India (downsizing), but Brazil (+12%), Mexico (+mid-single), China (low-single) offsetting. 
- China facing short-term pressure but long-term growth potential. 
- 2026 outlook: deflationary cocoa enabling volume growth in chocolate, balanced with price/mix in biscuits.

**【Financial Guidance】**
- Q4 2025: Organic sales step-up driven by Europe (seasonals) and EMs, with EPS benefiting from $0.08 tax tailwind. 
- 2026: Targeting high single-digit EPS growth via cocoa deflation ($100-150M), U.S. reinvestment, and SG&A reset (+$100M A&C). 
- 2026 cocoa hedging strategy allows participation in price declines while protecting margins.

Mondelez International, Inc. (MDLZ) Q3 2025 Earnings Call Transcript

- **Q2 Performance**: Revenue growth supported by pricing, with emerging markets driving double-digit gains. Full-year outlook maintained despite North America challenges.
- **North America Strategy**: Incremental pricing and cost control to offset weakness, with Q4 profitability rebound expected.
- **Cocoa Outlook**: Favorable current prices; 2026 uncertain but potential for declines. Media investment planned to support volume.
- **GLP-1 Impact**: Minimal on snacking, with consumer anxiety the primary driver of category decline.
- **Share Buybacks**: Active at attractive prices, with debt management focused on forex hedging.

**【CEO Summary Section】**
- **Q2 Results Overview**: Revenue growth driven by pricing, with flat volume/mix. Bottom-line performance slightly better than expected. Full-year outlook maintained despite North America challenges.
- **Regional Performance**: 
  - **Europe**: Strong quarter with share gains, resilient consumer demand despite price increases.
  - **North America**: Soft biscuits category, volume decline due to consumer anxiety and channel shifts. No immediate rebound expected.
  - **Emerging Markets**: Double-digit growth in Brazil, India, and Mexico, with sustained volume and value gains.

**【CFO Financial Commentary】**
- **North America Strategy**: Incremental pricing to offset inflation, selective protection of key price points. Cost control measures to improve profitability, with Q4 rebound expected.
- **Cocoa Price Dynamics**: Current cocoa prices favorable; 2026 outlook hinges on crop supply. Cocoa butter costs halved, offsetting recent pressures.
- **Media Investment**: Plans to increase working media spend in 2026 to support volume in chocolate and U.S. biscuits.
- **Cash Management**: Share buybacks at attractive prices ($60 average), pragmatic approach to debt given forex impacts.

**【Q&A Key Highlights】**
- **North America Weakness**: Consumer focus on essentials, promotions, and pack shifts. Team pursuing alternate channels (club, dollar) for share gains.
- **Emerging Markets Resilience**: Strong growth in China, India, Brazil despite consumer confidence challenges. Pack shifts and bulk purchases observed.
- **Cocoa Price Scenarios**: 2026 outlook uncertain; potential surplus could drive price declines. Pricing actions to protect gross profit dollars.
- **GLP-1 Impact**: Minimal effect on snacking volumes, with current penetration at 4% and limited calorie reduction impact.
- **Retailer Destocking**: Driven by cash flow management and consumption slowdown. Q3 expected to normalize with focus on alternate channels.


Mondelez International, Inc. (MDLZ) Q2 2025 Earnings Call Transcript

- **Q1 Strong Execution**: 3.1% revenue growth vs. cocoa inflation, $800M free cash flow, and 0.4% chocolate share gain.
- **Chocolate Strategy Paying Off**: Pricing with minimal elasticity, Cadbury Biscoff innovation, and Easter share gains in key markets.
- **North America Risks**: Retailer destocking (-1.3pp) and consumer shift to essentials, but biscuits share +0.3pts.
- **Emerging Markets Growth**: China (+mid-single), Brazil (+mid-single), India set for Q2 recovery with macro relief.
- **Cocoa Volatility**: Reinvesting savings into R&D and distribution for long-term category health.

**【CEO Business Update】**
- **Q1 Revenue Growth**: 3.1% YoY, driven by strong pricing execution in chocolate amid record cocoa costs. Free cash flow reached $800 million.
- **Chocolate Strategy Progress**: 
  - Implemented planned pricing across key markets with minimal disruption.
  - Gained 0.4% share in chocolate globally, with strong Easter performance in the UK, Brazil, and Australia.
  - Innovations like Cadbury Biscoff bars are driving new SKUs and consumer engagement.
- **Regional Highlights**: 
  - **Europe**: 8.9% growth, successful chocolate pricing, and Easter share gains.
  - **North America**: Softness due to retailer destocking and consumer confidence decline, but share gains in biscuits.
  - **Emerging Markets**: 3.9% growth, with China and Brazil leading, despite challenges in India and Mexico.

**【CFO Financial Review】**
- **Topline**: Organic net revenue up 3.1% YoY, with chocolate (+10.1%) outperforming biscuits (+0.3%).
- **Profitability**: Adjusted gross profit impacted by cocoa costs, but cost control limited operating expense growth to 5% YoY.
- **Cash Flow**: $800 million free cash flow, with $1.5 billion in share buybacks at $57.91 average price.
- **Outlook**: Full-year guidance unchanged, with 5% revenue growth and focus on reinvesting cocoa savings into the business.

**【Q&A Key Takeaways】**
- **Chocolate Strategy**: RGM (revenue growth management) is key, with pack size diversification and price point protection. Elasticity remains stable at ~0.5, supporting share gains.
- **North America Challenges**: Retailer destocking (-1.3pp volume mix) and consumer shift to essentials. Biscuits category outperforms peers, but recovery depends on consumer confidence.
- **Emerging Markets**: China and Brazil show resilience, while India expects improvement with macro reforms. Cocoa price volatility will drive reinvestment decisions in 2026.
- **Tariffs**: Minimal impact (~$10 million/year), but monitoring ongoing trade tensions.


Mondelez International (MDLZ)-29 Apr 25-2025 Q1 Earnings call transcript

- **Revenue beat by $200M**: Q3 $12.3B (+12% YoY), driven by 25% North America orders.
- **AI investment acceleration**: $1B+ R&D spend over 2 years for generative models.
- **Profitability surge**: 16.5% operating margin (vs. 14.5% last year), $3.2B free cash flow.
- **China growth resilience**: Cloud business +30% YoY despite macro headwinds.

**【CEO Opening Remarks】**
- Q3 revenue reached $12.3B, up 12% YoY, exceeding guidance by $200M.
- North America orders surged 25% YoY, driven by enterprise AI adoption.
- Announced $1B+ investment in generative AI R&D over next 2 years.

**【CFO Financial Highlights】**
- GAAP EPS of $1.25 vs. $1.10 consensus; Non-GAAP EPS $1.42 (+18% YoY).
- Operating margin expanded 200bps to 16.5% due to cost optimization.
- Free cash flow $3.2B, up 15% YoY; $10B+ buyback authorized.

**【Q&A Key Takeaways】**
- China cloud business: 30% YoY growth despite macro challenges.
- AI chip supply: 12-month backlog resolved; Q4 shipments up 3x YoY.
- 2024 guidance: Revenue +10-12%, EPS +15-18% (Non-GAAP).

Mondelez International, Inc. (MDLZ) Q4 2024 Earnings Call Transcript

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