Mondelez International, Inc.

Management did not disclose the full Q2 revenue or EPS figures in this Q&A session, but it did say Q2 top-line growth was 4.4% and gross profit dollars grew 3%. In North America, management said net revenue growth was strong and volume mix was positive; in emerging markets, strong volume and distribution expansion continued. For the full year, Mondelez raised its top-line outlook to at least +2% and kept EPS guidance unchanged. Luca Zaramella said Q3 EPS will be a bit pressured by below-the-line phasing, including cocoa and interest/tax items, with the impact largely reversing in Q4.

Dirk Van de Put framed the quarter as evidence that Mondelez’s model is working structurally, not just cyclically. He emphasized that emerging-market growth is being powered by underpenetrated categories, distribution gains, and a mix of global brands and local brands, while North America is benefiting from disciplined promotions, better innovation, and channel expansion. His tone was confident and upbeat, especially on the sustainability of second-half momentum.

Amit Banati said his early read on Mondelez reinforced the appeal of the portfolio, the team, and the company’s reinvestment culture. Luca Zaramella focused on the financial bridge: Q2 gross profit dollars were up 3%, the company expects acceleration in gross profit dollars in Q3 and Q4, and EBIT should rise in both quarters even as EPS is more back-weighted in Q4 due to cocoa and other below-the-line items. He also said the company is willing to reinvest upside, is absorbing incremental Middle East conflict costs, and remains focused on supply-chain productivity, AI-enabled efficiencies, and overhead savings.

Analysts pressed on whether emerging-market strength and North America’s improvement are durable, and management said the drivers are structural: distribution gains, underpenetrated categories, innovation, and better execution. Questions on Europe and cocoa drew a constructive answer that Europe’s volume trajectory should improve as prior-year pricing rolls off and that cocoa’s market structure is now much better than in 2024, despite some near-term volatility. Analysts also asked about A&C and innovation; management said brand spending is rising in dollar terms but is being spent more efficiently, and that innovation is becoming more focused on bigger bets, with Biscoff as the clearest example.