Group 1 - The core viewpoint of the article is that Mondelez International (MDLZ.US) reported solid fourth-quarter results, but the stock fell 4.5% in pre-market trading due to lower-than-expected future growth projections [1] Group 2 - Mondelez's adjusted earnings per share (EPS) for the fourth quarter was $0.72, representing an 11% year-over-year increase, exceeding market expectations of $0.70 [1] - The company's revenue reached $10.5 billion, a 9% year-over-year growth, surpassing expectations by $207 million [1] - Management forecasts organic sales growth to stabilize at +2% by 2026, with adjusted EPS growth (at constant currency) expected to remain at +5%, both below long-term targets of 3%-5% and high single-digit growth [1]

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [9] Core Insights - The report highlights a structural differentiation in consumer recovery across various segments, with high-end consumption showing signs of recovery while mid-range and mass-market segments lag behind [1] - Foreign brands are facing challenges due to weak demand and a trend towards "de-branding," which has led to overall performance pressure [1] - Companies achieving growth are primarily relying on their own brand strength and channel strategies [1] Alcoholic Beverages - The overseas spirits giants are experiencing performance pressure in China, with Pernod Ricard and Diageo reporting significant declines in sales [2][13] - Diageo's management remains cautious, expecting continued challenges in the market, particularly in the white liquor segment [2][14] - Rémy Cointreau's sales in China have stabilized, but internal performance shows structural differentiation [2][15] Dairy Products - Foreign brands in the dairy sector, particularly in milk beverages and nutritional products, are performing well due to strong brand management and product innovation [3][22] - The market for dairy products is expected to continue growing, especially in segments like low-temperature fresh milk and cheese [3][32] - The high import dependency in certain dairy categories presents opportunities for domestic alternatives [3][32] Soft Drinks - The soft drink industry is experiencing varied performance across segments, with carbonated drinks under pressure while energy drinks and sugar-free tea are expanding [4][33] - Coca-Cola and PepsiCo maintain high market shares in carbonated drinks but face increasing competition from local brands [4][33] - Monster's sales in China are growing rapidly, indicating a positive outlook for the energy drink segment [4][44] Beer - The beer market is under pressure due to weakened dining demand, with Budweiser experiencing a significant decline in sales [5] - Carlsberg has stabilized its performance through product adjustments, while Heineken benefits from partnerships with local brands [5] Snacks - The snack sector is seeing a weak recovery, with foreign brands struggling against local competitors [6] - Mondelez has managed to maintain steady growth in China through localized marketing strategies [6] Condiments - Foreign condiment brands are focusing on improving product value and adapting to changing consumer preferences [7] - The market is shifting towards value-oriented consumption, prompting companies to adjust their strategies [7]

Mondelez (MDLZ) reported $10.5 billion in revenue for the quarter ended December 2025, representing a year-over-year increase of 9.3%. EPS of $0.72 for the same period compares to $0.65 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $10.3 billion, representing a surprise of +1.86%. The company delivered an EPS surprise of +3.14%, with the consensus EPS estimate being $0.70.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Stree ...

Core Viewpoint - Mondelez International forecasts a slowdown in growth this year due to fluctuating cocoa prices, which may create short-term pressures depending on competitors' responses and the stabilization of these prices [1] Group 1: Company Performance - Mondelez, owner of Oreo and Cadbury, reported a 4.8% decline in stock price during after-hours trading, dropping to $56.63 [1] - The company's stock has increased by 3.6% over the past year [1] Group 2: Market Conditions - Recent sudden drops in cocoa prices could lead to unexpected competitive reactions, prompting the company to maintain flexibility in its performance expectations [1] - CEO Dirk Van de Put expressed uncertainty about how the market will evolve in response to these price changes [1]

分组1 - Mondelez reported quarterly earnings of $0.72 per share, exceeding the Zacks Consensus Estimate of $0.70 per share, and up from $0.65 per share a year ago, indicating a positive earnings surprise of +3.14% [1][2] - The company achieved revenues of $10.5 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.86% and increasing from $9.6 billion year-over-year [3] - Mondelez has consistently outperformed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has gained approximately 9% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.9% [4] - The current consensus EPS estimate for the upcoming quarter is $0.76 on revenues of $10.03 billion, and for the current fiscal year, it is $3.13 on revenues of $39.9 billion [8] - The Zacks Industry Rank for Food - Miscellaneous is in the bottom 24% of over 250 Zacks industries, indicating potential challenges for stock performance [9]

Financial Data and Key Metrics Changes - The company is pleased with the momentum in emerging markets and has seen sequential improvements in developed markets, although not fully recovered [12] - The guidance for 2026 is cautious due to short-term pressures, particularly in the U.S. biscuit category, which is expected to remain subdued in the first half of the year [12][13] - The company anticipates a significant impact of $500 million in the first quarter due to inventory accounting adjustments [21] Business Line Data and Key Metrics Changes - The chocolate category has shown resilience despite price volatility, with successful execution of the chocolate strategy through pricing and revenue growth management [5][7] - In North America, the biscuit category has seen a volume decline of 4% in the last three months and 3% for the year 2025, indicating a challenging operating environment [26] - The company plans to invest more in brand awareness and improve frequency and quantity of purchases in North America [27] Market Data and Key Metrics Changes - Emerging markets are expected to continue growing, with high single-digit growth anticipated, while developed markets may decline in the low to mid-single digits [36] - The North American market is characterized by low consumer confidence and a shift towards value-seeking behavior among consumers [25] Company Strategy and Development Direction - The company aims to increase investments behind its brands, particularly in chocolate, to drive volume growth and improve profitability [8][54] - There is a focus on innovation and new product activations, particularly with successful collaborations like Biscoff [8][10] - The company is also modernizing its supply chain to improve efficiency and flexibility over the next 3-4 years [28] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the unexpected decline in cocoa prices and the potential for competitive reactions, emphasizing the need for flexibility in guidance [9][13] - The outlook for 2027 is optimistic, with expectations of improved margins in the chocolate business due to lower cocoa prices [9][54] - The company is cautious about the North American market, expecting volume declines to ease but not necessarily grow [48] Other Important Information - The company is investing in cocoa-growing regions outside of West Africa to diversify supply and reduce risks associated with crop diseases [68][70] - There is an expectation of lab-grown cocoa becoming more available, which could positively impact the supply chain [70] Q&A Session Summary Question: Insights on chocolate strategy and cocoa price impact - The company has executed well on its chocolate strategy, but higher elasticity in northern European markets has necessitated adjustments for 2026 [7][9] Question: Guidance and cocoa environment outlook - The guidance for 2026 is cautious due to recent cocoa dynamics, with a focus on maintaining pricing and managing costs [12][13] Question: North American market challenges - The company is adapting to consumer behavior changes in North America, focusing on value and brand penetration [25][27] Question: Advertising and investment levels - The company plans to significantly increase investments in advertising and promotions over the next two years [42] Question: Emerging markets performance - The performance in LATAM is mixed, with Argentina facing challenges while Brazil and Mexico show strong growth [43][44] Question: Volume trajectory expectations - The company expects volume growth primarily from EMEA and Latin America, with North America anticipated to stabilize rather than grow [48][49] Question: Long-term cocoa supply strategy - The company is diversifying cocoa supply sources to mitigate risks associated with reliance on traditional regions [68][70]

Financial Data and Key Metrics Changes - The company is pleased with the momentum in emerging markets and has seen sequential improvements in developed markets, although not fully recovered [12] - The guidance for 2026 is cautious due to short-term pressures, particularly in the U.S. biscuit category, which is expected to remain subdued in the first half of the year [12][13] - The company anticipates a significant impact of $500 million in the first quarter due to inventory accounting adjustments [21] Business Line Data and Key Metrics Changes - The chocolate category has shown resilience despite price volatility, with successful execution of the chocolate strategy through pricing and revenue growth management [5][7] - In North America, the biscuit category has seen a volume decline of 4% in the last three months and 3% for the year 2025, indicating a challenging operating environment [26] - The company plans to invest more in brand awareness and improve frequency and quantity of purchases in North America, focusing on successful products like Perfect Bar and Tate's Premium Biscuit [27][28] Market Data and Key Metrics Changes - Emerging markets are expected to continue growing, with high single-digit growth anticipated, while developed markets may decline in the low to mid-single digits [36] - The company is adjusting pricing strategies in Europe, expecting stability in the chocolate category after significant price increases in 2025 [12][13] - The North American market is characterized by low consumer confidence and a shift towards value-seeking behavior, affecting overall snacking categories [25][26] Company Strategy and Development Direction - The company aims to increase investments behind its brands to drive volume growth and improve profitability, particularly in the chocolate segment [8][54] - There is a focus on innovation and new product activations, with plans to enhance the chocolate strategy further during the CAGNY Conference [10] - The company is diversifying its cocoa supply sources to mitigate risks associated with reliance on traditional cocoa-growing regions [68][69] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the recent decline in cocoa prices, which may lead to competitive reactions and necessitate flexibility in guidance for 2026 [9][13] - The company expects to see improved margins in the chocolate business by 2027, driven by better cocoa pricing and strategic investments [9][54] - Management is optimistic about returning to pre-2025 profitability levels in the European chocolate division, with plans for selective price investments if necessary [59][60] Other Important Information - The company is investing in cocoa-growing regions outside of West Africa to balance supply and reduce long-term risks [68][69] - There is an expectation of a significant uplift in chocolate margins in 2027, with a focus on reinvesting part of the gains back into the business [54] Q&A Session Summary Question: What is the company's outlook on cocoa pricing and its impact on guidance? - Management indicated that recent cocoa dynamics might require adjustments and flexibility in guidance, with a focus on winning with consumers and in the marketplace [13][14] Question: How does the company plan to address cost phasing and pricing in 2026? - The company plans to maintain flat pricing in chocolate while managing costs, with a significant impact expected in the first quarter due to inventory adjustments [20][21] Question: What is the strategy for North America given the current market conditions? - Management highlighted the need to adapt to consumer behavior, focusing on value-seeking strategies and increasing market share through targeted investments [25][27] Question: How does the company view the impact of GLP-1 medications on its business? - Management believes that the adoption rate of GLP-1 medications will not significantly impact overall business volumes in the short term [65][66] Question: What are the company's plans for investments in cocoa-growing regions? - The company is diversifying its cocoa supply sources to reduce risks and is investing in regions like Ecuador and Brazil to enhance output [68][69]

Financial Data and Key Metrics Changes - The company reported a significant focus on the chocolate category, which has shown resilience despite price volatility in 2025 [6][9] - Cocoa prices have recently declined unexpectedly, which may lead to short-term pressures for the industry [8][9] - The company aims to increase margins in the chocolate business significantly by 2027 due to improved cocoa pricing [9] Business Line Data and Key Metrics Changes - The chocolate strategy has been effective, with successful execution in major markets like India, Brazil, and Australia, while adjustments are needed in northern European markets due to higher elasticity [6][7] - The company plans to invest more in brand marketing and innovation, particularly with successful collaborations like Biscoff [8][9] Market Data and Key Metrics Changes - Emerging markets have shown strong momentum, with expectations for continued growth in high single digits, while developed markets are expected to see declines in the low to mid-single digits [36][38] - The North American market is facing challenges, with consumer confidence at historic lows and a decline in the biscuit category [25][28] Company Strategy and Development Direction - The company is focusing on brand investments and innovation to drive volume growth, particularly in North America and Europe [29][30] - There is a strategic emphasis on adapting to consumer behavior changes, with a focus on value-seeking consumers [25][28] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the 2026 guidance, highlighting the need for flexibility due to recent cocoa price dynamics [12][13] - The company anticipates a gradual improvement in volume and revenue throughout 2026, with a focus on maintaining pricing strategies [22][24] Other Important Information - The company is investing in cocoa-growing regions outside of West Africa to diversify supply and reduce risks associated with crop diseases [69][70] - There is an ongoing exploration of lab-grown cocoa as a sustainable alternative, which may gain regulatory approval in the future [70][71] Q&A Session Summary Question: What is the outlook for the chocolate strategy given cocoa price changes? - Management noted that the chocolate category has shown resilience and that adjustments will be made to pricing strategies in response to cocoa price fluctuations [6][7] Question: How does the company plan to address cost phasing in 2026? - The company will face a one-time inventory adjustment impacting costs, with expectations for sequential improvements in volume and revenue throughout the year [22][24] Question: What is the strategy for North America amidst weak volume trends? - Management highlighted the need for increased investments to drive consumer awareness and adapt to changing shopping behaviors, focusing on value and promotions [25][28] Question: How will emerging markets perform in 2026? - Emerging markets are expected to continue growing, with Brazil and Mexico showing strong performance, while Argentina's economic issues are impacting overall regional results [44][45] Question: What are the expectations for profitability recovery in European chocolate? - The company aims to return to pre-2025 profitability levels by investing in brand marketing and adjusting pricing strategies as cocoa prices stabilize [60][61]

Q4 & FY 2025 RESULTS February 3, 2026 FORWARD-LOOKING STATEMENTS This presentation and accompanying prepared remarks contain forward-looking statements. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws. Words, and variations of words, such as "will," "may," "expect," "would," "could," "might," "intend," "plan," "believe," "likely," "estimate," "anticipate," "objective," "predict," "project," "drive," "seek," "aim," "ta ...

Core Insights - The owner of Oreo and Cadbury reported a quarterly profit of $665 million, which represents a significant decline from $1.75 billion in the same quarter last year [1] Financial Performance - Quarterly profit decreased by approximately 62% year-over-year, from $1.75 billion to $665 million [1]