Q4 2025 Mondelez International Inc Earnings Call Transcript
Key Points
- Mondelez International Inc (MDLZ) has executed well against its chocolate strategy in 2025, particularly in markets like India, Brazil, Australia, and South Africa.
- The company plans to increase investments behind its brands due to better cocoa cost coverage in 2026, aiming to boost consumption frequency and quantity.
- Mondelez International Inc (MDLZ) is pushing hard on innovation, with successful collaborations like Biscoff expected to reach new levels in 2026.
- Emerging markets have shown strong momentum, with expectations for continued high single-digit growth in 2026.
- The company is modernizing its supply chain to improve efficiency and costs, which is expected to strengthen its position in North America.
- Higher-than-expected price elasticity in northern European markets like Germany, the Nordics, and the UK has necessitated adjustments in 2026.
- The sudden decline in cocoa prices may lead to unexpected competitive reactions, creating short-term pressures.
- The biscuit category in the US remains subdued, with expectations of continued softness in the first half of 2026.
- Mondelez International Inc (MDLZ) faces potential customer disruption in Europe due to the usual negotiation processes in the first part of the year.
- The company anticipates a $0.5 billion impact from inventory accounting adjustments related to cocoa costs, affecting the first half of 2026.
Good afternoon, and welcome to the Mondelez International 2025 fourth-quarter and full year earnings question-and-answer Session. (Operator Instructions) On today's call are Dirk Van de Put, Chairman and CEO; Luca Zaramella, COO and CFO; and Shep Dunlap, SVP of Investor Relations. Earlier this afternoon, the company posted a press release and prepared remarks, both of which are available on its website.
During this call, the company will make forward-looking statements about performance. These statements are based on how the company sees things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in the company's 10-K, 10-Q and 8-K filings for more details on forward-looking statements.
As the company discusses results today, unless noted as reported, it will be referencing non-GAAP financial measures, which adjust for certain items included in the company's GAAP results. In addition, the company provides year-over-year growth on a constant currency basis, unless otherwise noted. You can find the
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