Exhibit 99.1

Contacts:

Tracey Noe (Media)

Shep Dunlap (Investors)

1-847-943-5678

1-847-943-5454

news@mdlz.com

ir@mdlz.com

Mondelēz International Reports Q2 2025 Results

Second Quarter Highlights1

Net Revenues +7.7%, Organic Net Revenues +5.6%, Volume/Mix -1.5%

Diluted EPS increased 8.9% to $0.49

Adjusted EPS was $0.73 which declined 14.5% on a constant currency basis

Year-to-date cash provided by operating activities was $1.4 billion

and Free Cash Flow was $0.8 billion

Return of capital to shareholders was $2.9 billion in the first half of the year

Announcing +6% increase to quarterly dividend

CHICAGO, Ill. – July 29, 2025 – Mondelēz International, Inc. (Nasdaq: MDLZ) today reported its second quarter 2025 results.

“We posted accelerated top-line growth in Q2 2025 underpinned by strong pricing execution in our chocolate business and robust growth across the vast majority of our geographies,” said Dirk Van de Put, Chair and Chief Executive Officer. “We remain confident in our ability to deliver against our commitments amid a challenging environment, powered by the resiliency of our categories, our advantaged global footprint and the strength of our brands and capabilities. Our agile and experienced team remains focused on executing against our strategic growth agenda while continuing to delight and deliver value to our consumers.”

Net Revenue


$ in millions	Reported Net Revenues				Organic Net Revenue Growth
	Q2 2025		% Chg vs PY		Q2 2025		Vol/Mix		Pricing
Quarter 2
Latin America	$	1,194	(3.1)	%	5.4	%	(2.2)	pp	7.6	pp
Asia, Middle East & Africa	1,821		14.7		8.6		0.7		7.9
Europe	3,412		18.7		12.5		(1.3)		13.8
North America	2,557		(3.5)		(3.4)		(2.4)		(1.0)
Mondelēz International	$	8,984	7.7	%	5.6	%	(1.5)	pp	7.1	pp
Emerging Markets	$	3,638	11.6	%	10.2	%	(0.8)	pp	11.0	pp
Developed Markets	$	5,346	5.2	%	2.7	%	(1.8)	pp	4.5	pp

June Year-to-Date	YTD 2025				YTD 2025
Latin America	$	2,397	(6.0)	%	4.6	%	(2.4)	pp	7.0	pp
Asia, Middle East & Africa	3,837		8.5		4.8		(1.4)		6.2
Europe	6,962		11.5		10.6		(3.0)		13.6
North America	5,101		(3.8)		(3.5)		(2.8)		(0.7)
Mondelēz International	$	18,297	3.8	%	4.3	%	(2.5)	pp	6.8	pp
Emerging Markets	$	7,361	5.3	%	6.9	%	(2.3)	pp	9.2	pp
Developed Markets	$	10,936	2.8	%	2.7	%	(2.6)	pp	5.3	pp

Operating Income and Diluted EPS


$ in millions, except per share data	Reported					Adjusted
	Q2 2025			vs PY (Rpt Fx)		Q2 2025			vs PY (Rpt Fx)		vs PY (Cst Fx)
Quarter 2
Gross Profit	$	2,937		5.0	%	$	3,032		(10.4)	%	(11.3)	%
Gross Profit Margin	32.7		%	(0.8)	pp	33.7		%	(6.8)	pp
Operating Income	$	1,172		37.2	%	$	1,283		(14.0)	%	(16.0)	%
Operating Income Margin	13.0		%	2.8	pp	14.3		%	(3.6)	pp
Net Earnings 2	$	641		6.7	%	$	945		(15.5)	%	(17.7)	%
Diluted EPS	$	0.49		8.9	%	$	0.73		(12.0)	%	(14.5)	%

June Year-to-Date	YTD 2025					YTD 2025
Gross Profit	$	5,367		(28.9)	%	$	6,142		(12.4)	%	(11.7)	%
Gross Profit Margin	29.3		%	(13.5)	pp	33.6		%	(6.2)	pp
Operating Income	$	1,852		(48.3)	%	$	2,658		(17.0)	%	(17.1)	%
Operating Income Margin	10.1		%	(10.2)	pp	14.5		%	(3.7)	pp
Net Earnings 2	$	1,043		(48.2)	%	$	1,908		(19.7)	%	(19.7)	%
Diluted EPS	$	0.80		(46.3)	%	$	1.47		(16.5)	%	(16.5)	%

Second Quarter Commentary

•Net revenues increased 7.7 percent due to Organic Net Revenue1 growth of 5.6 percent, incremental net revenue from our acquisition of Evirth and favorable currency-related items. Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix.

•Gross profit increased $140 million, while gross profit margin decreased 80 basis points to 32.7 percent primarily driven by a decrease in Adjusted Gross Profit1 margin, partially offset by unfavorable year-over-year change in mark-to-market impacts from commodity and currency derivatives. Adjusted Gross Profit decreased $381 million at constant currency, and Adjusted Gross Profit margin decreased 680 basis points to 33.7 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 increased $318 million, and operating income margin was 13.0 percent, up 280 basis points due primarily to favorable year-over-year change in mark-to-market impacts from commodity and currency derivatives, favorable year-over-year change in acquisition-related items and lapping prior-year costs for the completed Simplify to Grow Program, partially offset by lower Adjusted Operating Income1 margin and costs incurred for the ERP System Implementation program. Adjusted Operating Income decreased $239 million at constant currency while Adjusted Operating Income margin decreased 360 basis points to 14.3 percent, driven primarily by higher input cost inflation and unfavorable product mix, partially offset by higher net pricing, lower manufacturing costs driven by productivity, lower advertising and consumer promotion costs and lower overhead costs.

•Diluted EPS was $0.49, up 8.9 percent, due primarily to favorable year-over-year change in mark-to-market impacts from commodity and currency derivatives, favorable year-over-year change in acquisition-related items, lapping prior year unfavorable initial impacts from enacted tax law changes and lapping prior-year costs for the completed Simplify to Grow Program. These favorable items were partially offset by a non-cash loss related to the settlement of a U.S. pension plan, a decrease in Adjusted EPS1, costs incurred for the ERP System Implementation program and lapping prior-year operating results from divestitures.

•Adjusted EPS was $0.73, down 14.5 percent on a constant currency basis driven by operating declines, higher interest and other expense and lower benefit plan non-service income, partially offset by fewer shares outstanding and the impact from an acquisition.

•Capital Return: The company returned $2.9 billion to shareholders in cash dividends and share repurchases in the first half of 2025. Today, the company's Board of Directors declared a quarterly cash dividend of $0.50 per share of Class A common stock, an increase of 6 percent. This dividend is payable on October 14, 2025, to shareholders of record as of September 30, 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 maintains Organic Net Revenue growth to be approximately 5 percent and Adjusted EPS to decline approximately 10% on a constant currency basis due to unprecedented cocoa cost inflation. The company also expects 2025 Free Cash Flow1 of $3+ billion. The company currently estimates currency translation would not impact 2025 net revenue growth3 nor Adjusted EPS3.

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 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 Standard and Poor’s 500, Nasdaq 100 and Dow Jones Sustainability Index.
Visit www.mondelezinternational.com or follow the company on Twitter at www.twitter.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.Earnings attributable to Mondelēz International.

3.Currency estimate is based on published rates from XE.com on July 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. 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,” “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 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 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;

•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;

•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 most recently filed Annual Report on Form 10-K 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.

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 June 30,						For the Six Months Ended June 30,
	2025			2024			2025			2024
Net revenues	$	8,984		$	8,343		$	18,297		$	17,633
Cost of sales	(6,047)			(5,546)			(12,930)			(10,086)
Gross profit	2,937			2,797			5,367			7,547
Gross profit margin	32.7		%	33.5		%	29.3		%	42.8		%

Selling, general and administrative expenses	(1,725)			(1,891)			(3,436)			(3,829)
Asset impairments and exit costs	(2)			(15)			(4)			(62)
Amortization of intangible assets	(38)			(37)			(75)			(75)
Operating income	1,172			854			1,852			3,581
Operating income margin	13.0		%	10.2		%	10.1		%	20.3		%

Benefit plan non-service (expense)/income	(264)			28			(246)			51
Interest and other expense, net	(53)			(32)			(206)			(100)
Earnings before income taxes	855			850			1,400			3,532

Income tax provision	(230)			(295)			(384)			(927)
Effective tax rate	26.9		%	34.7		%	27.4		%	26.2		%
Loss on equity method investment transactions	—			—			—			(665)
Equity method investment net earnings	19			48			35			79
Net earnings	644			603			1,051			2,019

less: Noncontrolling interest earnings	(3)			(2)			(8)			(6)
Net earnings attributable to Mondelēz International	$	641		$	601		$	1,043		$	2,013

Per share data:
Basic earnings per share attributable to Mondelēz International	$	0.49		$	0.45		$	0.80		$	1.50

Diluted earnings per share attributable to Mondelēz International	$	0.49		$	0.45		$	0.80		$	1.49

Average shares outstanding:
Basic	1,295			1,343			1,298			1,346
Diluted	1,299			1,348			1,301			1,352

Schedule 2

Mondelēz International, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions of U.S. dollars)

(Unaudited)


	June 30, 2025		December 31, 2024
ASSETS
Cash and cash equivalents	$	1,504	$	1,351
Trade receivables	3,528		3,874
Other receivables	1,103		937
Inventories, net	4,951		3,827
Other current assets	1,664		3,253
Total current assets	12,750		13,242
Property, plant and equipment, net	10,313		9,481
Operating lease right-of-use assets	761		767
Goodwill	24,344		23,017
Intangible assets, net	19,729		18,848
Prepaid pension assets	1,121		987
Deferred income taxes	415		333
Equity method investments	665		635
Other assets	922		1,187
TOTAL ASSETS	$	71,020	$	68,497

LIABILITIES
Short-term borrowings	$	1,664	$	71
Current portion of long-term debt	1,107		2,014
Accounts payable	9,975		9,433
Accrued marketing	2,423		2,558
Accrued employment costs	836		928
Other current liabilities	3,878		4,545
Total current liabilities	19,883		19,549
Long-term debt	18,116		15,664
Long-term operating lease liabilities	618		623
Deferred income taxes	3,550		3,425
Accrued pension costs	375		391
Accrued postretirement health care costs	98		98
Other liabilities	2,133		1,789
TOTAL LIABILITIES	44,773		41,539

EQUITY
Common Stock	—		—
Additional paid-in capital	32,280		32,276
Retained earnings	36,293		36,476
Accumulated other comprehensive losses	(11,561)		(12,471)
Treasury stock	(30,819)		(29,349)
Total Mondelēz International Shareholders' Equity	26,193		26,932
Noncontrolling interest	54		26
TOTAL EQUITY	26,247		26,958
TOTAL LIABILITIES AND EQUITY	$	71,020	$	68,497

	June 30, 2025		December 31, 2024		Incr/(Decr)
Short-term borrowings	$	1,664	$	71	$	1,593
Current portion of long-term debt	1,107		2,014		(907)
Long-term debt	18,116		15,664		2,452
Total Debt	20,887		17,749		3,138
Cash and cash equivalents	1,504		1,351		153
Net Debt (1)	$	19,383	$	16,398	$	2,985

(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.

Schedule 3

Mondelēz International, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in millions of U.S. dollars)

(Unaudited)


	For the Six Months Ended June 30,
	2025		2024
CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Net earnings	$	1,051	$	2,019
Adjustments to reconcile net earnings to operating cash flows:
Depreciation and amortization	663		636
Stock-based compensation expense	65		69
Deferred income tax (benefit)/provision	(69)		205
Asset impairments and accelerated depreciation	9		22
Loss on equity method investment transactions	—		665
Equity method investment net earnings	(35)		(79)
Distributions from equity method investments	44		82
Unrealized loss/(gain) on derivative contracts	800		(605)
Contingent consideration adjustments	(38)		39
Other non-cash items, net	105		94
Change in assets and liabilities, net of acquisitions and divestitures:
Receivables, net	536		348
Inventories, net	(775)		(516)
Accounts payable	(177)		358
Other current assets	108		(406)
Other current liabilities	(1,125)		(721)
Change in pension and postretirement assets and liabilities, net	238		(64)
Net cash provided by operating activities	1,400		2,146

CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES
Capital expenditures	(582)		(666)
Acquisitions, net of cash received	(15)		—
Proceeds from divestitures	4		4
Proceeds from derivative settlements	19		114
Payments for derivative settlements	(55)		(114)
Proceeds from/(contributions to) investments	30		(200)
Proceeds from sale of property, plant and equipment and other	8		15
Net cash used in investing activities	(591)		(847)

CASH PROVIDED BY/(USED IN) FINANCING ACTIVITIES
Net issuance of short-term borrowings	1,589		414
Long-term debt proceeds	1,594		702
Long-term debt repayments	(1,242)		(569)
Repurchases of Common Stock	(1,653)		(1,074)
Dividends paid	(1,233)		(1,151)
Other	83		74
Net cash used in financing activities	(862)		(1,604)

Effect of exchange rate changes on cash, cash equivalents and restricted cash	240		(108)

Cash, cash equivalents and restricted cash:
Increase/(decrease)	187		(413)
Balance at beginning of period	1,400		1,884
Balance at end of period	$	1,587	$	1,471

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;

gains or losses on interest rate swaps no longer designated as accounting cash flow hedges due to changed financing and hedging plans; 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 June 30, 2025 and June30, 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 the company’s 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 and contingent consideration adjustments, inventory step-ups and gains from acquisitions. Acquisition-related costs include third-party advisor, investment banking and legal fees, one-time compensation expense related to the buyout of non-vested employee stock ownership plan shares and realized gains or losses from hedging activities associated with acquisition funds. Acquisition integration costs and contingent consideration adjustments include one-time costs related to the integration of acquisitions as well as any adjustments 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 associated with acquired companies related to the fair market valuation of the acquired inventory and acquisition gains, when they occur, 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.

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 or settlements, including the settlement of a pension plan for U.S. salaried employees during the second quarter of 2025, as well as other 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.

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.

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 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 – 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. Initial impacts include items such as the remeasurement of deferred tax balances and transition taxes from tax reforms.

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 of 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.

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.

Schedule 4a

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Net Revenues

(in millions of U.S. dollars)

(Unaudited)


	Latin America			AMEA			Europe			North America			Mondelēz International
For the Three Months Ended June 30, 2025
Reported (GAAP)	$	1,194		$	1,821		$	3,412		$	2,557		$	8,984
Acquisitions	—			(102)			—			—			(102)
Currency-related items	104			4			(179)			3			(68)
Organic (Non-GAAP)	$	1,298		$	1,723		$	3,233		$	2,560		$	8,814

For the Three Months Ended June 30, 2024
Reported (GAAP)	$	1,232		$	1,587		$	2,874		$	2,650		$	8,343
No adjusting items	—			—			—			—			—
Organic (Non-GAAP)	$	1,232		$	1,587		$	2,874		$	2,650		$	8,343

$ Change - Reported (GAAP)	$	(38)		$	234		$	538		$	(93)		$	641
$ Change - Organic (Non-GAAP)	66			136			359			(90)			471

% Change - Reported (GAAP)	(3.1)		%	14.7		%	18.7		%	(3.5)		%	7.7		%
Acquisitions	—		pp	(6.4)		pp	—		pp	—		pp	(1.3)		pp
Currency-related items	8.5			0.3			(6.2)			0.1			(0.8)
% Change - Organic (Non-GAAP)	5.4		%	8.6		%	12.5		%	(3.4)		%	5.6		%

Vol/Mix	(2.2)		pp	0.7		pp	(1.3)		pp	(2.4)		pp	(1.5)		pp
Pricing	7.6			7.9			13.8			(1.0)			7.1


	Latin America			AMEA			Europe			North America			Mondelēz International
For the Six Months Ended June 30, 2025
Reported (GAAP)	$	2,397		$	3,837		$	6,962		$	5,101		$	18,297
Acquisitions	—			(201)			—			—			(201)
Currency-related items	272			72			(87)			17			274
Organic (Non-GAAP)	$	2,669		$	3,708		$	6,875		$	5,118		$	18,370

For the Six Months Ended June 30, 2024
Reported (GAAP)	$	2,551		$	3,537		$	6,242		$	5,303		$	17,633
Short-term distributor agreements	—			—			(25)			—			(25)
Organic (Non-GAAP)	$	2,551		$	3,537		$	6,217		$	5,303		$	17,608

$ Change - Reported (GAAP)	$	(154)		$	300		$	720		$	(202)		$	664
$ Change - Organic (Non-GAAP)	118			171			658			(185)			762

% Change - Reported (GAAP)	(6.0)		%	8.5		%	11.5		%	(3.8)		%	3.8		%
Short-term distributor agreements	—		pp	—		pp	0.5		pp	—		pp	0.1		pp
Acquisitions	—			(5.7)			—			—			(1.2)
Currency-related items	10.6			2.0			(1.4)			0.3			1.6
% Change - Organic (Non-GAAP)	4.6		%	4.8		%	10.6		%	(3.5)		%	4.3		%

Vol/Mix	(2.4)		pp	(1.4)		pp	(3.0)		pp	(2.8)		pp	(2.5)		pp
Pricing	7.0			6.2			13.6			(0.7)			6.8

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 June 30, 2025
Reported (GAAP)	$	3,638		$	5,346		$	8,984
Acquisitions	(102)			—			(102)
Currency-related items	58			(126)			(68)
Organic (Non-GAAP)	$	3,594		$	5,220		$	8,814

For the Three Months Ended June 30, 2024
Reported (GAAP)	$	3,260		$	5,083		$	8,343
No adjusting items	—			—			—
Organic (Non-GAAP)	$	3,260		$	5,083		$	8,343

$ Change - Reported (GAAP)	$	378		$	263		$	641
$ Change - Organic (Non-GAAP)	334			137			471

% Change - Reported (GAAP)	11.6		%	5.2		%	7.7		%
Acquisitions	(3.2)		pp	—		pp	(1.3)		pp
Currency-related items	1.8			(2.5)			(0.8)
% Change - Organic (Non-GAAP)	10.2		%	2.7		%	5.6		%

Vol/Mix	(0.8)		pp	(1.8)		pp	(1.5)		pp
Pricing	11.0			4.5			7.1


	Emerging Markets			Developed Markets			Mondelēz International
For the Six Months Ended June 30, 2025
Reported (GAAP)	$	7,361		$	10,936		$	18,297
Acquisitions	(201)			—			(201)
Currency-related items	310			(36)			274
Organic (Non-GAAP)	$	7,470		$	10,900		$	18,370

For the Six Months Ended June 30, 2024
Reported (GAAP)	$	6,993		$	10,640		$	17,633
Short-term distributor agreements	(3)			(22)			(25)
Organic (Non-GAAP)	$	6,990		$	10,618		$	17,608

$ Change - Reported (GAAP)	$	368		$	296		$	664
$ Change - Organic (Non-GAAP)	480			282			762

% Change - Reported (GAAP)	5.3		%	2.8		%	3.8		%
Short-term distributor agreements	—		pp	0.2		pp	0.1		pp
Acquisitions	(2.8)			—			(1.2)
Currency-related items	4.4			(0.3)			1.6
% Change - Organic (Non-GAAP)	6.9		%	2.7		%	4.3		%

Vol/Mix	(2.3)		pp	(2.6)		pp	(2.5)		pp
Pricing	9.2			5.3			6.8

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 June 30, 2025
	Net Revenues		Gross Profit			Gross Profit Margin		Operating Income			Operating Income Margin
Reported (GAAP)	$	8,984	$	2,937		32.7	%	$	1,172		13.0	%
Simplify to Grow Program	—		(1)					(4)
Mark-to-market (gains)/losses from derivatives	—		93					93
Acquisition-related items	—		(1)					(21)
Divestiture-related items	—		—					(3)
Incremental costs due to war in Ukraine	—		—					1
ERP System Implementation costs	—		5					37
Remeasurement of net monetary position	—		(1)					8
Adjusted (Non-GAAP)	$	8,984	$	3,032		33.7	%	$	1,283		14.3	%
Currency-related items			(30)					(30)
Adjusted @ Constant FX (Non-GAAP)			$	3,002				$	1,253

	For the Three Months Ended June 30, 2024
	Net Revenues		Gross Profit			Gross Profit Margin		Operating Income			Operating Income Margin
Reported (GAAP)	$	8,343	$	2,797		33.5	%	$	854		10.2	%
Simplify to Grow Program	—		11					15
Mark-to-market (gains)/losses from derivatives	—		570					571
Acquisition-related items	—		4					36
European Commission legal matter	—		—					(3)
Incremental costs due to war in Ukraine	—		1					1
ERP System Implementation costs	—		—					9
Remeasurement of net monetary position	—		—					9
Adjusted (Non-GAAP)	$	8,343	$	3,383		40.5	%	$	1,492		17.9	%

			Gross Profit					Operating Income
$ Change - Reported (GAAP)			$	140				$	318
$ Change - Adjusted (Non-GAAP)			(351)					(209)
$ Change - Adjusted @ Constant FX (Non-GAAP)			(381)					(239)

% Change - Reported (GAAP)			5.0		%			37.2		%
% Change - Adjusted (Non-GAAP)			(10.4)		%			(14.0)		%
% Change - Adjusted @ Constant FX (Non-GAAP)			(11.3)		%			(16.0)		%

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 Six Months Ended June 30, 2025
	Net Revenues		Gross Profit			Gross Profit Margin		Operating Income			Operating Income Margin
Reported (GAAP)	$	18,297	$	5,367		29.3	%	$	1,852		10.1	%
Simplify to Grow Program	—		(1)					(6)
Mark-to-market (gains)/losses from derivatives	—		766					762
Acquisition-related items	—		(2)					(29)
Divestiture-related items	—		—					(7)
Incremental costs due to war in Ukraine	—		—					1
ERP System Implementation costs	—		13					70
Remeasurement of net monetary position	—		(1)					15
Adjusted (Non-GAAP)	$	18,297	$	6,142		33.6	%	$	2,658		14.5	%
Currency-related items			52					(3)
Adjusted @ Constant FX (Non-GAAP)			$	6,194				$	2,655

	For the Six Months Ended June 30, 2024
	Net Revenues		Gross Profit			Gross Profit Margin		Operating Income			Operating Income Margin
Reported (GAAP)	$	17,633	$	7,547		42.8	%	$	3,581		20.3	%
Simplify to Grow Program	—		11					68
Mark-to-market (gains)/losses from derivatives	—		(556)					(553)
Acquisition-related items	—		11					79
Divestiture-related items	—		—					4
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	—		—					9
Remeasurement of net monetary position	—		—					17
Adjusted (Non-GAAP)	$	17,608	$	7,012		39.8	%	$	3,202		18.2	%

			Gross Profit					Operating Income
$ Change - Reported (GAAP)			$	(2,180)				$	(1,729)
$ Change - Adjusted (Non-GAAP)			(870)					(544)
$ Change - Adjusted @ Constant FX (Non-GAAP)			(818)					(547)

% Change - Reported (GAAP)			(28.9)		%			(48.3)		%
% Change - Adjusted (Non-GAAP)			(12.4)		%			(17.0)		%
% Change - Adjusted @ Constant FX (Non-GAAP)			(11.7)		%			(17.1)		%

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 June 30, 2025
	Operating Income		Benefit plan non-service expense / (income)		Interest and other expense, net		Earnings before income taxes		Income taxes (1)		Effective tax rate		Equity method investment transactions		Equity method investment net losses / (earnings)		Non-controlling interest earnings		Net Earnings attributable to Mondelēz International		Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	1,172	$	264	$	53	$	855	$	230	26.9	%	$	—	$	(19)	$	3	$	641	$	0.49
Simplify to Grow Program	(4)		—		—		(4)		(2)				—		—		—		(2)		—
Mark-to-market (gains)/losses from derivatives	93		—		—		93		16				—		—		—		77		0.06
Acquisition-related items	(21)		—		—		(21)		(9)				—		—		—		(12)		(0.01)
Divestiture-related items	(3)		—		—		(3)		—				—		—		—		(3)		—
Incremental costs due to war in Ukraine	1		—		—		1		—				—		—		—		1		—
ERP System Implementation costs	37		—		—		37		10				—		—		—		27		0.02
Remeasurement of net monetary position	8		—		—		8		—				—		—		—		8		0.01
Impact from pension participation changes	—		(282)		(3)		285		73				—		—		—		212		0.16
Initial impacts from enacted tax law changes	—		—		—		—		1				—		—		—		(1)		—
Gain on marketable securities	—		—		—		—		3				—		—		—		(3)		—
Adjusted (Non-GAAP)	$	1,283	$	(18)	$	50	$	1,251	$	322	25.7	%	$	—	$	(19)	$	3	$	945	$	0.73
Currency-related items																			(24)		(0.02)
Adjusted @ Constant FX (Non-GAAP)																			$	921	$	0.71

Diluted Average Shares Outstanding																					1,299
	For the Three Months Ended June 30, 2024
	Operating Income		Benefit plan non-service expense / (income)		Interest and other expense, net		Earnings before income taxes		Income taxes (1)		Effective tax rate		Equity method investment transactions		Equity method investment net losses / (earnings)		Non-controlling interest earnings		Net Earnings attributable to Mondelēz International		Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	854	$	(28)	$	32	$	850	$	295	34.7	%	$	—	$	(48)	$	2	$	601	$	0.45
Simplify to Grow Program	15		—		—		15		6				—		—		—		9		0.01
Mark-to-market (gains)/losses from derivatives	571		—		(2)		573		111				—		—		—		462		0.34
Acquisition-related items	36		—		—		36		7				—		—		—		29		0.02
Divestiture-related items	—		—		—		—		—				—		24		—		(24)		(0.02)
European Commission legal matter	(3)		—		—		(3)		(1)				—		—		—		(2)		—
Incremental costs due to war in Ukraine	1		—		—		1		—				—		—		—		1		—
ERP System Implementation costs	9		—		—		9		2				—		—		—		7		—
Remeasurement of net monetary position	9		—		—		9		—				—		—		—		9		0.01
Impact from pension participation changes	—		—		(3)		3		1				—		—		—		2		—
Initial impacts from enacted tax law changes	—		—		—		—		(25)				—		—		—		25		0.02
Adjusted (Non-GAAP)	$	1,492	$	(28)	$	27	$	1,493	$	396	26.5	%	$	—	$	(24)	$	2	$	1,119	$	0.83

Diluted Average Shares Outstanding																					1,348

(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.

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 Six Months Ended June 30, 2025
	Operating Income		Benefit plan non-service expense / (income)		Interest and other expense, net		Earnings before income taxes		Income taxes (1)		Effective tax rate		Equity method investment transactions		Equity method investment net losses / (earnings)		Non-controlling interest earnings		Net Earnings attributable to Mondelēz International		Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	1,852	$	246	$	206	$	1,400	$	384	27.4	%	$	—	$	(35)	$	8	$	1,043	$	0.80
Simplify to Grow Program	(6)		—		—		(6)		(2)				—		—		—		(4)		—
Mark-to-market (gains)/losses from derivatives	762		—		(4)		766		152				—		—		—		614		0.47
Acquisition-related items	(29)		—		—		(29)		(14)				—		—		—		(15)		(0.01)
Divestiture-related items	(7)		—		—		(7)		(1)				—		—		—		(6)		—
Incremental costs due to war in Ukraine	1		—		—		1		—				—		—		—		1		—
ERP System Implementation costs	70		—		—		70		18				—		—		—		52		0.04
Remeasurement of net monetary position	15		—		—		15		—				—		—		—		15		0.01
Impact from pension participation changes	—		(282)		(5)		287		73				—		—		—		214		0.16
Initial impacts from enacted tax law changes	—		—		—		—		3				—		—		—		(3)		—
Gain on marketable securities	—		—		—		—		3				—		—		—		(3)		—
Adjusted (Non-GAAP)	$	2,658	$	(36)	$	197	$	2,497	$	616	24.7	%	$	—	$	(35)	$	8	$	1,908	$	1.47
Currency-related items																			—		—
Adjusted @ Constant FX (Non-GAAP)																			$	1,908	$	1.47

Diluted Average Shares Outstanding																					1,301
	For the Six Months Ended June 30, 2024
	Operating Income		Benefit plan non-service expense / (income)		Interest and other expense, net		Earnings before income taxes		Income taxes (1)		Effective tax rate		Loss on equity method investment transactions		Equity method investment net losses / (earnings)		Non-controlling interest earnings		Net Earnings attributable to Mondelēz International		Diluted EPS attributable to Mondelēz International
Reported (GAAP)	$	3,581	$	(51)	$	100	$	3,532	$	927	26.2	%	$	665	$	(79)	$	6	$	2,013	$	1.49
Simplify to Grow Program	68		—		—		68		17				—		—		—		51		0.04
Mark-to-market (gains)/losses from derivatives	(553)		—		(2)		(551)		(116)				—		—		—		(435)		(0.32)
Acquisition-related items	79		—		—		79		17				—		—		—		62		0.05
Divestiture-related items	4		—		—		4		1				—		33		—		(30)		(0.02)
Operating results from short-term distributor agreements	(2)		—		—		(2)		(1)				—		—		—		(1)		—
European Commission legal matter	(3)		—		—		(3)		(1)				—		—		—		(2)		—
Incremental costs due to war in Ukraine	2		—		—		2		—				—		—		—		2		—
ERP System Implementation costs	9		—		—		9		2				—		—		—		7		—
Remeasurement of net monetary position	17		—		—		17		—				—		—		—		17		0.01
Impact from pension participation changes	—		—		(5)		5		1				—		—		—		4		—
Initial impacts from enacted tax law changes	—		—		—		—		(23)				—		—		—		23		0.02
Loss on equity method investment transactions	—		—		—		—		—				(665)		—		—		665		0.49
Adjusted (Non-GAAP)	$	3,202	$	(51)	$	93	$	3,160	$	824	26.1	%	$	—	$	(46)	$	6	$	2,376	$	1.76

Diluted Average Shares Outstanding																					1,352

(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.

Schedule 7a

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Three Months Ended June 30,
	2025		2024		$ Change		% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.49	$	0.45	$	0.04	8.9	%
Simplify to Grow Program	—		0.01		(0.01)
Mark-to-market losses/(gains) from derivatives	0.06		0.34		(0.28)
Acquisition-related items	(0.01)		0.02		(0.03)
Divestiture-related items	—		(0.02)		0.02
ERP System Implementation costs	0.02		—		0.02
Remeasurement of net monetary position	0.01		0.01		—
Impact from pension participation changes	0.16		—		0.16
Initial impacts from enacted tax law changes	—		0.02		(0.02)
Adjusted EPS (Non-GAAP)	$	0.73	$	0.83	$	(0.10)	(12.0)	%
Currency-related items	(0.02)		—		(0.02)
Adjusted EPS @ Constant FX (Non-GAAP)	$	0.71	$	0.83	$	(0.12)	(14.5)	%

Adjusted EPS @ Constant FX - Key Drivers
Decrease in operations					$	(0.14)
Impact from acquisitions					0.01
Change in benefit plan non-service income					(0.01)
Change in interest and other expense, net					(0.01)
Change in shares outstanding					0.03
					$	(0.12)

Schedule 7b

Mondelēz International, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Diluted EPS

(Unaudited)


	For the Six Months Ended June 30,
	2025		2024		$ Change		% Change
Diluted EPS attributable to Mondelēz International (GAAP)	$	0.80	$	1.49	$	(0.69)	(46.3)	%
Simplify to Grow Program	—		0.04		(0.04)
Mark-to-market losses/(gains) from derivatives	0.47		(0.32)		0.79
Acquisition-related items	(0.01)		0.05		(0.06)
Divestiture-related items	—		(0.02)		0.02
ERP System Implementation costs	0.04		—		0.04
Remeasurement of net monetary position	0.01		0.01		—
Impact from pension participation changes	0.16		—		0.16
Initial impacts from enacted tax law changes	—		0.02		(0.02)
Loss on equity method investment transactions	—		0.49		(0.49)
Adjusted EPS (Non-GAAP)	$	1.47	$	1.76	$	(0.29)	(16.5)	%
Currency-related items	—		—		—
Adjusted EPS @ Constant FX (Non-GAAP)	$	1.47	$	1.76	$	(0.29)	(16.5)	%

Adjusted EPS @ Constant FX - Key Drivers
Decrease in operations					$	(0.30)
Impact from acquisitions					0.01
Change in benefit plan non-service income					(0.01)
Change in interest and other expense, net					(0.05)
Change in equity method investment net earnings					(0.01)
Change in income taxes					0.02
Change in shares outstanding					0.05
					$	(0.29)

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 June 30, 2025
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities		General Corporate Expenses			Amortization of Intangibles			Mondelēz International
Net Revenue
Reported (GAAP)	$	1,194		$	1,821		$	3,412		$	2,557		$	—	$	—		$	—		$	8,984
No adjusting items	—			—			—			—			—		—			—
Adjusted (Non-GAAP)	$	1,194		$	1,821		$	3,412		$	2,557		$	—	$	—		$	—		$	8,984

Operating Income
Reported (GAAP)	$	133		$	271		$	514		$	454		$	(93)	$	(69)		$	(38)		$	1,172
Simplify to Grow Program	—			—			(3)			—			—		(1)			—			(4)
Mark-to-market (gains)/losses from derivatives	—			—			—			—			93		—			—			93
Acquisition-related items	2			13			—			(37)			—		1			—			(21)
Divestiture-related items	—			—			(4)			—			—		1			—			(3)
Incremental costs due to war in Ukraine	—			—			1			—			—		—			—			1
ERP System Implementation costs	14			(2)			(2)			26			—		1			—			37
Remeasurement of net monetary position	3			—			4			—			—		1			—			8
Adjusted (Non-GAAP)	$	152		$	282		$	510		$	443		$	—	$	(66)		$	(38)		$	1,283
Currency-related items	8			—			(36)			—			—		(2)			—			(30)
Adjusted @ Constant FX (Non-GAAP)	$	160		$	282		$	474		$	443		$	—	$	(68)		$	(38)		$	1,253

$ Change - Reported (GAAP)	$	(11)		$	(19)		$	(36)		$	(91)		n/m		$	(2)		$	(1)		$	318
$ Change - Adjusted (Non-GAAP)	(12)			(10)			(48)			(136)			n/m		(2)			(1)			(209)
$ Change - Adjusted @ Constant FX (Non-GAAP)	(4)			(10)			(84)			(136)			n/m		(4)			(1)			(239)

% Change - Reported (GAAP)	(7.6)		%	(6.6)		%	(6.5)		%	(16.7)		%	n/m		(3.0)		%	(2.7)		%	37.2		%
% Change - Adjusted (Non-GAAP)	(7.3)		%	(3.4)		%	(8.6)		%	(23.5)		%	n/m		(3.1)		%	(2.7)		%	(14.0)		%
% Change - Adjusted @ Constant FX (Non-GAAP)	(2.4)		%	(3.4)		%	(15.1)		%	(23.5)		%	n/m		(6.3)		%	(2.7)		%	(16.0)		%

Operating Income Margin
Reported %	11.1		%	14.9		%	15.1		%	17.8		%									13.0		%
Reported pp change	(0.6)pp			(3.4)pp			(4.0)pp			(2.8)pp											2.8 pp
Adjusted %	12.7		%	15.5		%	14.9		%	17.3		%									14.3		%
Adjusted pp change	(0.6)pp			(2.9)pp			(4.5)pp			(4.5)pp											(3.6)pp


	For the Three Months Ended June 30, 2024
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities		General Corporate Expenses		Amortization of Intangibles		Mondelēz International
Net Revenue
Reported (GAAP)	$	1,232		$	1,587		$	2,874		$	2,650		$	—	$	—	$	—	$	8,343
No adjusting items	—			—			—			—			—		—		—		—
Adjusted (Non-GAAP)	$	1,232		$	1,587		$	2,874		$	2,650		$	—	$	—	$	—	$	8,343

Operating Income
Reported (GAAP)	$	144		$	290		$	550		$	545		$	(571)	$	(67)	$	(37)	$	854
Simplify to Grow Program	2			—			7			6			—		—		—		15
Mark-to-market (gains)/losses from derivatives	—			—			—			—			571		—		—		571
Acquisition-related items	9			1			1			25			—		—		—		36
Divestiture-related items	—			—			—			1			—		(1)		—		—
European Commission legal matter	—			—			(3)			—			—		—		—		(3)
Incremental costs due to war in Ukraine	—			—			1			—			—		—		—		1
ERP System Implementation costs	1			1			1			2			—		4		—		9
Remeasurement of net monetary position	8			—			1			—			—		—		—		9
Adjusted (Non-GAAP)	$	164		$	292		$	558		$	579		$	—	$	(64)	$	(37)	$	1,492

Operating Income Margin
Reported %	11.7		%	18.3		%	19.1		%	20.6		%							10.2		%
Adjusted %	13.3		%	18.4		%	19.4		%	21.8		%							17.9		%

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 Six Months Ended June 30, 2025
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities		General Corporate Expenses			Amortization of Intangibles			Mondelēz International
Net Revenue
Reported (GAAP)	$	2,397		$	3,837		$	6,962		$	5,101		$	—	$	—		$	—		$	18,297
No adjusting items	—			—			—			—			—		—			—			—
Adjusted (Non-GAAP)	$	2,397		$	3,837		$	6,962		$	5,101		$	—	$	—		$	—		$	18,297

Operating Income
Reported (GAAP)	$	272		$	614		$	976		$	939		$	(762)	$	(112)		$	(75)		$	1,852
Simplify to Grow Program	(1)			—			(4)			—			—		(1)			—			(6)
Mark-to-market (gains)/losses from derivatives	—			—			—			—			762		—			—			762
Acquisition-related items	5			27			—			(61)			—		—			—			(29)
Divestiture-related items	—			—			(7)			—			—		—			—			(7)
Incremental costs due to war in Ukraine	—			—			1			—			—		—			—			1
ERP System Implementation costs	22			3			8			38			—		(1)			—			70
Remeasurement of net monetary position	3			1			10			—			—		1			—			15
Adjusted (Non-GAAP)	$	301		$	645		$	984		$	916		$	—	$	(113)		$	(75)		$	2,658
Currency-related items	15			15			(33)			2			—		(1)			(1)			(3)
Adjusted @ Constant FX (Non-GAAP)	$	316		$	660		$	951		$	918		$	—	$	(114)		$	(76)		$	2,655

$ Change - Reported (GAAP)	$	(29)		$	(87)		$	(165)		$	(155)		n/m		$	22		$	—		$	(1,729)
$ Change - Adjusted (Non-GAAP)	(41)			(59)			(215)			(242)			n/m		13			—			(544)
$ Change - Adjusted @ Constant FX (Non-GAAP)	(26)			(44)			(248)			(240)			n/m		12			(1)			(547)

% Change - Reported (GAAP)	(9.6)		%	(12.4)		%	(14.5)		%	(14.2)		%	n/m		16.4		%	—		%	(48.3)		%
% Change - Adjusted (Non-GAAP)	(12.0)		%	(8.4)		%	(17.9)		%	(20.9)		%	n/m		10.3		%	—		%	(17.0)		%
% Change - Adjusted @ Constant FX (Non-GAAP)	(7.6)		%	(6.3)		%	(20.7)		%	(20.7)		%	n/m		9.5		%	(1.3)		%	(17.1)		%

Operating Income Margin
Reported %	11.3		%	16.0		%	14.0		%	18.4		%									10.1		%
Reported pp change	(0.5)pp			(3.8)pp			(4.3)pp			(2.2)pp											(10.2)pp
Adjusted %	12.6		%	16.8		%	14.1		%	18.0		%									14.5		%
Adjusted pp change	(0.8)pp			(3.1)pp			(5.2)pp			(3.8)pp											(3.7)pp


	For the Six Months Ended June 30, 2024
	Latin America			AMEA			Europe			North America			Unrealized G/(L) on Hedging Activities		General Corporate Expenses		Amortization of Intangibles		Mondelēz International
Net Revenue
Reported (GAAP)	$	2,551		$	3,537		$	6,242		$	5,303		$	—	$	—	$	—	$	17,633
Short-term distributor agreements	—			—			(25)			—			—		—		—		(25)
Adjusted (Non-GAAP)	$	2,551		$	3,537		$	6,217		$	5,303		$	—	$	—	$	—	$	17,608

Operating Income
Reported (GAAP)	$	301		$	701		$	1,141		$	1,094		$	553	$	(134)	$	(75)	$	3,581
Simplify to Grow Program	4			1			48			10			—		5		—		68
Mark-to-market (gains)/losses from derivatives	—			—			—			—			(553)		—		—		(553)
Acquisition-related items	26			1			2			51			—		(1)		—		79
Divestiture-related items	—			—			3			1			—		—		—		4
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 costs	1			1			1			2			—		4		—		9
Remeasurement of net monetary position	10			—			7			—			—		—		—		17
Adjusted (Non-GAAP)	$	342		$	704		$	1,199		$	1,158		$	—	$	(126)	$	(75)	$	3,202

Operating Income Margin
Reported %	11.8		%	19.8		%	18.3		%	20.6		%							20.3		%
Adjusted %	13.4		%	19.9		%	19.3		%	21.8		%							18.2		%


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 Six Months Ended June 30,
	2025		2024		$ Change
Net Cash Provided by Operating Activities (GAAP)	$	1,400	$	2,146	$	(746)
Capital Expenditures	(582)		(666)		84
Free Cash Flow (Non-GAAP)	$	818	$	1,480	$	(662)

Mondelez International, Inc. 8-K