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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

MDLZ

MDLZ fundamentals

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