CAGNY 2026 A PROVEN GROWTH MODEL, POSITIONED TO REACCELERATE GROWTH February 17, 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," " ...

Core Insights - Mondelēz International is committed to long-term value creation through its global portfolio of iconic snack brands, focusing on growth in both Developed and Emerging Markets [1][2] Group 1: Strategic Priorities - The company aims to reignite growth in Developed Markets while maintaining momentum in Emerging Markets, supported by significant investments in innovation and brand activation [2][4] - Mondelēz International reaffirms its long-term growth algorithm of 3 to 5 percent organic net revenue growth, high-single-digit adjusted EPS growth, and over $3 billion in free cash flow [3] Group 2: Market Positioning - The company has a strong portfolio of consumer-loved brands and a diversified global footprint, which provides confidence in delivering consistent growth and resilience [2][8] - Approximately 80 percent of net revenues come from core categories of chocolate, biscuits, and baked snacks, with a goal to increase this to 90 percent over time [9] Group 3: Action Plans - Specific action plans are in place to improve volumes in Developed Markets, particularly in U.S. biscuits and European chocolate, while also expanding growth in Emerging Markets like China, India, Brazil, and Mexico [9] - The company is focused on disciplined capital allocation to support brand reinvestment and growth-accretive mergers and acquisitions, while maintaining balance sheet flexibility [9]

公司正在采用生成式AI工具优化营销内容制作，目标是将其相关成本降低30%至50%。这项技术投入对 长期运营效率的影响将是未来的一个观察点。 战略推进 管理层强调，2026年的增长动力将逐步从过去依赖价格上涨，转向由销量增长和产品组合优化驱动。这 一转变在新兴市场(包括中国)的表现尤为关键。 公司业务状况 2025年第四季度，亿滋中国市场被评价为"正在逐步复苏"。公司正加速向折扣店、会员店及线上渠道转 型，并指出中国市场的分销渠道仍有很大拓展空间。收购恩喜村后推出的新品在山姆会员店、盒马鲜生 等渠道的销售情况值得持续关注。 业务与技术发展 经济观察网根据截至2026年2月中旬的公开信息，亿滋国际近期有以下值得关注的事件动态。 公司业绩目标 在发布2025年财报后，公司为2026年设定了明确的业绩目标，包括有机净收入增长率预计持平至2%， 调整后每股收益(按固定汇率计算)增长率预计持平至5%，同时预计全年自由现金流约为30亿美元。市场 将密切关注这些指引的实际达成进度。 品牌市场活动 公司已针对春节等销售节点推出差异化礼盒策略，以应对消费者需求变化。此类重要节假日期间的销售 表现通常会成为市场关注的短期焦点。 以 ...

Core Insights - Lindsell Train Ltd reported an equity portfolio valued at approximately $4.1–4.2 billion, maintaining a focus on a limited number of dominant consumer, media, and financial franchises [1][10] - The portfolio is highly concentrated, with the top 10 holdings accounting for over 90% of total assets, reflecting a belief in long-term brand power and cash generation [2][10] Portfolio Overview - Total Portfolio Value: ~$4.1–4.2 billion [2] - Top 10 Holdings: - TKO Group Holdings: ~$597 million (14.6%) - Alphabet (Class A): ~$543 million (13.3%) - Walt Disney: ~$427 million (10.5%) - Intuit: ~$418 million (10.3%) - Thermo Fisher Scientific: ~$397 million (9.7%) - Fair Isaac: ~$334 million (8.2%) - Mondelez International: ~$314 million (7.7%) - PepsiCo: ~$309 million (7.6%) - PayPal: ~$301 million (7.4%) - eBay: ~$223 million (5.5%) [2] Changes in Holdings - Notable Add: Alphabet (Class A) saw an increase of ~206,000 shares (+10.1% QoQ), reinforcing its role as a core long-term investment [3] - Major Trims: - TKO Group Holdings reduced by ~219,000 shares (-6.9% QoQ) - Walt Disney trimmed by ~361,000 shares (-8.8% QoQ) - Intuit reduced by ~54,000 shares (-8.1% QoQ) - Mondelez International trimmed by ~681,000 shares (-11.9% QoQ) - PepsiCo reduced by ~226,000 shares (-9.3% QoQ) - eBay reduced by ~830,000 shares (-25.3% QoQ) [8] Investment Strategy - The portfolio reflects a quality growth style focused on brand and intellectual property-led businesses, with a very long-term holding period and low turnover [9][10] - The strategy emphasizes disciplined capital allocation and patient ownership of high-return businesses, with modest rebalancing to enhance long-term compounding [11]

Core Insights - Mondelēz International (MDLZ) reported its Q4 and full-year 2025 results, highlighting recovery in the Chinese market, channel transformation, and technology applications [1] Financial Performance - For the full year 2025, net sales reached $38.537 billion, a year-over-year increase of 5.8% - Q4 net sales were $10.496 billion, reflecting a 9.3% year-over-year growth - The growth was partly attributed to the acquisition of the Chinese frozen baked goods company, Enxi Village [2] Business Status - In FY2025, Mondelēz's performance in the Chinese market showed fluctuations: high single-digit growth in Q1, in-line expectations in Q2, low single-digit negative growth in Q3, and a gradual recovery in Q4 - The company is accelerating its transformation towards discount stores, membership stores, and online channels, planning to shift growth drivers from price to volume and product mix in 2026 [3] Strategic Initiatives - Following the completion of the controlling acquisition of Enxi Village in 2024, Mondelēz China has launched new products through partnerships and entered channels like Sam's Club and Hema Fresh - A new position for "Head of Frozen Cake Team for Greater China" has been established, indicating a strategic focus on the frozen baked goods business [4] Business and Technology Development - The company is utilizing generative AI tools to optimize marketing content production, aiming to reduce related costs by 30% to 50% - This technological investment may impact long-term operational efficiency [5] Future Development - Management indicated that growth in emerging markets, including China, will gradually shift from price-driven to volume and product mix-driven strategies in 2026 - Differentiated gift box strategies for occasions like the Spring Festival have begun to be implemented to address changing consumer demands [6]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Viewpoint - Mondelez International, Inc. is facing challenges in the current economic environment, with management's outlook for 2026 indicating lower-than-expected growth due to competitive pressures and consumer behavior shifts [2][3][6]. Group 1: Financial Outlook - TD Cowen raised its price target for Mondelez to $65 from $62 while maintaining a Buy rating, despite management's organic growth forecast for 2026 being below consensus at 0%-2% [2]. - Mondelez anticipates organic net revenue growth in 2026 to be flat to 2%, which is below the previously expected 3.84% increase [6]. - Adjusted profit growth is projected at 0%-5%, compared to analyst expectations of approximately 8.3% [6]. Group 2: Market Conditions - Cocoa prices surged by about 160% in 2024 but have recently eased due to a global surplus; however, Mondelez has secured cocoa supply for 2026 at prices above current market levels, limiting pricing flexibility [4]. - The company is experiencing volume weakness in North America, with consumers shifting towards cheaper options and buying fewer items due to multiple price increases aimed at offsetting rising cocoa costs [3][5]. - CEO Dirk Van de Put highlighted that US consumer confidence is fragile, with higher-income customers moving towards healthier snack options, while European chocolate volumes are expected to stabilize after previous price hikes [5].

Core Insights - Mondelez International reported a net sales of $10.496 billion for Q4 2025, representing a year-over-year growth of 9.3% and an organic net sales increase of 5.1% [1] Q4 2025 Performance - Chocolate net sales reached $3.8 billion, growing by 17.4% [1] - Biscuit and baked snacks net sales amounted to $4.7 billion, with a growth of 3.2% [1] - Regional performance showed North America at $2.8 billion, a decline of 0.6%; Latin America at $1.3 billion, an increase of 7.9%; Europe at $4.4 billion, a growth of 17.3%; and Asia, Middle East, and Africa at $2.1 billion, growing by 8.9% [1] Full Year 2025 Performance - For the full year 2025, Mondelez International reported net sales of $38.537 billion, reflecting a year-over-year growth of 5.8% and an organic net sales increase of 4.3% [1] - The CEO, Dirk Van de Put, highlighted the challenging environment in 2025 but noted the achievement of robust net sales growth, strong cash flow generation, and substantial returns to shareholders [1]

Core Viewpoint - The snack food industry is facing pressure from both foreign giants and local brands, with companies like Mondelez International and PepsiCo reporting revenue growth but significant declines in net profit due to high raw material costs, particularly cocoa [2][4]. Group 1: Financial Performance - Mondelez International reported a net revenue of $38.537 billion for fiscal year 2025, a 5.8% increase year-over-year, but net income fell by 46.8% to $2.451 billion due to high cocoa prices [2]. - PepsiCo's fiscal year 2025 results showed a revenue increase of 2.25% and a net profit decline of 13.97%, prompting the company to announce price cuts of nearly 15% on certain snack products [4]. Group 2: Pricing Strategies - Companies in the snack food sector, including Mondelez, have raised product prices to offset rising raw material costs, which contributed to an 8% organic net revenue growth for Mondelez in fiscal year 2025 [6]. - Recent data indicates that cocoa prices have started to decline, which may impact pricing strategies for chocolate products moving forward [6]. Group 3: Market Dynamics - The North American market is experiencing consumer pressure, with a shift towards lower-priced products and discount channels, affecting sales for both Mondelez and PepsiCo [7][8]. - Mondelez's CEO noted that the company does not plan to match PepsiCo's significant price cuts, indicating a strategic approach to pricing based on market conditions [8]. Group 4: China Market Strategy - Mondelez has made organizational adjustments in China, including the acquisition of a local frozen bakery company, which has contributed to revenue growth [9]. - The company is focusing on expanding distribution channels in China, with plans to introduce differentiated product offerings for the upcoming Chinese New Year [9][10].

Employee and Organizational Structure - The company had approximately 91,000 employees as of December 31, 2025, with 12,000 in the U.S. and 79,000 internationally[39]. - The company conducts annual engagement surveys to enhance its culture and improve employee engagement[46]. - The company’s last global pay equity analysis in 2025 found a pay gap of less than 1% between male and female employees performing similar work[50]. - The company has a diverse executive team with extensive experience in the food and beverage industry, enhancing its strategic leadership[64][65][66][67][68][69][70][71][72]. Product and Innovation Focus - The company focuses on five product categories: Biscuits & Baked Snacks, Chocolate, Gum & Candy, Beverages, and Cheese & Grocery[26]. - The company aims to enhance its innovation capabilities through the expansion of R&D Innovation and Consumer Research Centers in 2025[30]. - The company has a robust framework for innovation to drive a technology pipeline supporting new product development across various time horizons[30]. - The company has established a dedicated innovation hub, SnackFutures, to leverage emerging consumer trends in mindful snacking[32]. Sustainability and Compliance - The company is committed to sustainability, focusing on mindful snacking and reducing its environmental footprint[51]. - The company is subject to various laws and regulations affecting its operations, including workplace safety, data privacy, and environmental compliance[60][61][62]. - The company has implemented programs to meet environmental compliance requirements, including adherence to the Clean Air Act and Clean Water Act in the U.S.[62]. - The company is subject to extended producer responsibility (EPR) policies in the EU, making it responsible for recycling costs of food and beverage packaging[61]. Financial Risk Management - The company monitors currency exchange rates, commodity prices, and interest rates as part of its risk management program to mitigate financial volatility[308][311]. - The company utilizes derivative instruments to hedge against fluctuations in currency exchange rates, commodity prices, and interest rates[309][312]. - The company regularly evaluates its debt structure and uses interest rate swaps to manage its exposure to interest rate fluctuations[312]. - The company employs a Value at Risk (VAR) model to estimate potential losses in the fair value of its financial instruments[314]. - The VAR computation is a risk analysis tool designed to estimate maximum expected daily loss under specified confidence intervals[316]. - The computation does not represent actual losses and does not consider favorable changes in market rates[316]. - The company cannot predict actual future movements in market rates[316]. - The VAR results are not indicative of future movements in market rates or their impact on future financial results[316]. Cost and Pricing Strategy - The company has experienced input cost volatility due to international demand and macroeconomic conditions, prompting it to take pricing actions to mitigate impacts on earnings[311]. - As of December 31, 2025, the estimated potential one-day loss in fair value for interest rate-sensitive instruments is between $42 million (low) and $84 million (high)[316]. - For foreign currency rates, the estimated potential one-day loss in pre-tax earnings is $27 million (low) to $44 million (high) as of December 31, 2025[316]. - The potential one-day loss in commodity prices ranges from $22 million (low) to $104 million (high) as of December 31, 2025[316]. - As of December 31, 2024, the estimated potential one-day loss in fair value for interest rate-sensitive instruments is between $76 million (low) and $95 million (high)[316]. - For foreign currency rates, the estimated potential one-day loss in pre-tax earnings is $22 million (low) to $46 million (high) as of December 31, 2024[316]. - The potential one-day loss in commodity prices ranges from $14 million (low) to $99 million (high) as of December 31, 2024[316].