Mondelez (MDLZ) official guidance

Reality is that, as we mentioned a few times, 2027 earnings are expected to be strong and quite frankly, earnings are insulated from commodity volatility for us at least.

You are going to see an acceleration of the gross profit dollar number, particularly in Q3, also in Q4.

You are going to see an acceleration of the gross profit dollar number, particularly in Q3, also in Q4.

The EBIT in absolute dollar terms is going to be up in both Q3 and Q4, more in Q4, quite frankly, for a series of reasons.

The EBIT in absolute dollar terms is going to be up in both Q3 and Q4, more in Q4, quite frankly, for a series of reasons.

We feel good about the top line. I think you've seen us take the top line to at least +2%.

Europe, I think, was pressured, but you're going to see a sequential improvement. I wouldn't guide you necessarily to volume mix for the second part of the year, but it will be positive.

The company currently estimates currency translation would increase 2026 net revenue growth by approximately 2.0 percent3 and increase Adjusted EPS by $0.053.

The company currently estimates currency translation would increase 2026 net revenue growth by approximately 2.0 percent3 and increase Adjusted EPS by $0.053.

The company maintains its Adjusted EPS growth in the range of flat to 5 percent on a constant currency basis.

The company also expects 2026 Free Cash Flow of approximately $3 billion.

For 2026, the company now expects at least 2 percent Organic Net Revenue growth, which reflects the strength of its year-to-date performance.

At this point in time, to be able to swallow it, we had to confirm guidance on the bottom line. Clearly, we are confident, but as I said also quite a few times, given there is a bit of momentum, particularly in emerging markets and in some brands both in Europe and in the U.S., if EPS upside materializes, we would like most likely to invest it back in the business and really continue momentum ahead of clearly what we committed to, which is a strong 2027 EPS growth.

It is a brand that most likely for the year is gonna grow double-digit, and we have still plenty of opportunities, and Chews has been an amazing innovation that is incremental.

Dirk Van de PutChairman and CEO at Mondelēz International (00:26:24): Yes. I mean, if I go through the regions, we clearly expect EMEA overall, if you look at how we're doing in India, in Australia, China, coming back. So we see EMEA as being a big source of volume growth for us.

Cocoa will be deflationary in 2026, and we wanted you to hear that our goal is clear in terms of EPS growth for next year.

Cocoa will be deflationary in 2026, and we wanted you to hear that our goal is clear in terms of EPS growth for next year. We are really targeting a high single-digit EPS growth for 2026, even after the material investments that we're going to put into the business to really protect the long-term growth of our categories.

The third element is the overhead. This year, specifically, there is a positive impact due to our incentive plan that is not as high as we had it last year. Importantly, as we go forward, I think the team is working on initiatives that will deliver further SG&A savings. We expect that line to be leveled to 2025 in 2026, with the exception, obviously, of the incentive that will be planned at 100% for 2026.

Four is the year-to-date organic net revenue growth. We are guiding you at more than 4%.

All those activities combined at this stage make us believe that we can get to positive growth next year in the U.S.

Going forward, you will see a big step up of that line into 2026.

For 2025, the company now expects Organic Net Revenue growth of 4%+ and Adjusted EPS to decline approximately 15% on a constant currency basis.

The company continues to expect 2025 Free Cash Flow1 of $3+ billion.