1) Strategy & Leadership
- Mondelez's chocolate strategy has shown resilience despite cocoa price volatility, with successful execution of revenue growth management through price pack architecture.
- The company plans to increase brand investments in 2026, leveraging improved cocoa costs to enhance consumption frequency and quantity.
- A strong innovation agenda is in place, particularly with the successful collaboration with Biscoff, which is expected to expand in 2026.
- The leadership is focused on adapting to market dynamics, particularly in North America, where consumer confidence is low, impacting snacking categories.

2) Financial & Segment Results
- The company reported a challenging environment in North America, with biscuit category volumes down 4% in Q4 2025 and 3% for the year.
- Emerging markets showed high single-digit growth, particularly in Brazil and Mexico, while Argentina's economic turmoil masked overall performance in Latin America.
- The guidance for 2026 is cautious, reflecting potential short-term pressures and the need for flexibility due to recent cocoa price dynamics.
- Cocoa prices have recently declined, which could lead to competitive reactions and necessitate adjustments in pricing strategies.

3) Problems / Headwinds
- North American consumer confidence is at historic lows, leading to a shift towards value-seeking behavior and impacting overall snacking volumes.
- The biscuit category is expected to remain subdued in the first half of 2026, with anticipated marginal improvements in the second half.
- The company faces challenges in managing cocoa costs due to locked-in pricing for 2026, which may not align with current market conditions.

4) Operational or Product Plans
- Mondelez plans to enhance marketing investments, particularly in working media, to drive brand awareness and improve consumer engagement.
- The company is implementing a supply chain modernization program to improve efficiency and flexibility over the next few years.
- There is a focus on expanding in under-indexed channels and increasing market share through targeted product offerings, such as protein bars and premium biscuits.

5) Guidance & Outlook / Investor Angle
- The guidance for organic sales growth in 2026 is set at 0-2%, with expectations for emerging markets to continue performing well while developed markets may see declines.
- The company aims for a neutral to positive balance between pricing and costs in the chocolate segment, with expectations for improved margins in 2027 as cocoa prices stabilize.
- The leadership emphasizes the importance of continued investment in brands and innovation to drive future growth, particularly in light of anticipated cocoa price reductions.

Bottom line: Mondelez is navigating a complex market landscape with a focus on strategic investments and innovation to drive growth, particularly in emerging markets. While facing challenges in North America, the company is positioning itself for a rebound in profitability by 2027, contingent on effective management of cocoa costs and consumer engagement strategies.