Mondelez International, Inc. (MDLZ) SEC Filings & Earnings Calls

Raw material cost inflation pressuring margins; adjusted operating margin down 120bps.

“higher raw material costs... Adjusted Operating Income margin decreased 120 basis points” · word for word

Geopolitical conflicts and ERP implementation adding costs.

“incremental costs due to geopolitical conflicts, higher costs incurred for the ERP System Implementation program” · word for word

Tariff exposure on imported inputs and finished goods

“If additional tariff actions are implemented, we would expect those adverse impacts on our business operations and financial performance to be significant.” · word for word

Geopolitical conflict in Ukraine and Middle East

“The war in Ukraine continues to subject our business in the region to periodic disruptions, which may affect production, distribution and the safety of our employees.” · word for word

Cocoa price volatility and hedging lag

“While cocoa prices moderated from prior year levels, those declines did not translate into lower costs as our existing hedge positions continue to reflect previously contracted prices.” · word for word

CFO transition risk, though planned and with experienced successor.

“Mr. Banati will report directly to Dirk Van de Put, Chair and Chief Executive Officer”

Significant margin compression from input cost inflation and unfavorable volume/mix.

“Adjusted Gross Profit margin decreased 270 basis points to 30.7 percent driven primarily by higher input cost inflation and unfavorable volume/mix” · word for word

Adjusted EPS declined 14.9% constant currency, indicating underlying earnings pressure.

“Adjusted EPS was $0.67, down 14.9 percent on a constant currency basis” · word for word

Guidance maintained in context of greater than usual volatility, including geopolitical, trade and regulatory uncertainty.

“Outlook is provided in the context of greater than usual volatility, including geopolitical, trade and regulatory uncertainty and commodity prices.” · word for word

Tariff and Trade Policy Risk

“If additional tariff actions are implemented, we would expect those adverse impacts on our business operations and financial performance to be significant” · word for word

Input Cost Inflation Risk

“higher overall raw material, labor and energy costs that have continued to rise” · word for word

Geopolitical Conflict Risk

“shipping disruptions in the Middle East and surrounding waterways have created logistical pressures” · word for word

Commodity price volatility

“The war continues to disrupt commodity markets, including for wheat, energy and energy-related commodities, and continues to contribute to supply chain disruption and inflation.” · word for word

Geopolitical exposure in Russia/Ukraine

“Our operations and activity in Russia, which accounted for 3.7% of 2025 consolidated net revenues, and/or Ukraine, which accounted for 0.4% of 2025 consolidated net revenues, may decline or be further scaled back.” · word for word

Currency exchange risk

“A significant portion of our business is exposed to currency exchange rate fluctuations.” · word for word

Labor shortages

“We are experiencing an increasingly tight and competitive labor market and could face unforeseen challenges in the availability of labor.” · word for word

Unprecedented cocoa cost headwinds severely impacting profitability; adjusted gross margin down 580bps.

“While unprecedented cocoa cost headwinds impacted our profitability... Adjusted Gross Profit margin decreased 580 basis points to 32.0 percent due primarily to higher raw material costs and unfavorable product mix” · word for word

Volume/mix negative at -3.7%, indicating consumer trade-down and potential demand elasticity from pricing.

“Volume/Mix -3.7%... Organic Net Revenue growth was driven by higher net pricing, partially offset by unfavorable volume/mix.”

Key person risk: CFO role vacant during search; dual role may create workload concerns.

“CFO search underway; Zaramella holds both COO and CFO roles temporarily.”

Record-high cocoa cost inflation severely compressing margins; volume/mix negative for fourth consecutive quarter.

“Record-high cocoa cost inflation... Adjusted Gross Profit margin decreased 1,010 basis points to 30.4 percent due primarily to higher raw material and transportation costs.”

Input cost inflation

“Higher raw material costs were primarily due to higher cocoa, dairy, edible oils, packaging, nuts, grains and other ingredient costs.” · word for word

Consumer demand elasticity

“Unfavorable volume/mix was experienced across all regions, driven by pricing elasticity impacts in Europe, Latin America and AMEA, as well as soft consumption in North America.” · word for word

Tariff and trade uncertainty

“If the provisions of certain proposed tariffs for which implementation is currently delayed are ultimately implemented as originally proposed, or if additional tariff actions are implemented, we would expect those adverse impacts on our business operations and financial performance to be significant.” · word for word