Mondelez International (MDLZ) 10-K risk factor changes: FY2025 vs FY2024

[removed: In] [added: *In] addition to the effects of [added: ongoing macroeconomic volatility and uncertainty, including] current and potential trade and tariff [removed: policies] [added: actions affecting the countries where we operate] and resulting [removed: global] impacts on our business and operations discussed in Item 7 of this Form 10-K and in the risk factors below, additional or unforeseen effects from these [removed: policies] [added: actions] may give rise to or amplify many of these risks discussed below.*

These conditions include global competition for resources; tariffs or other trade barriers; currency fluctuations; geopolitical conditions or conflicts (including the ongoing war in Ukraine and international sanctions imposed on Russia for its invasion of Ukraine, conflicts in the Middle [removed: East and] [added: East,] rising tensions between China and [removed: Taiwan);] [added: Taiwan and recent geopolitical developments in Venezuela);] inflationary pressures related to domestic and global economic conditions or supply chain issues; transportation and labor disruptions; government intervention to introduce living income premiums or similar requirements; changes in environmental or trade policy and regulations, alternative energy and agricultural programs; severe weather; agricultural productivity; [added: animal and] crop disease or pests; water risk; health pandemics; forest fires and other natural disasters; acts of terrorism; geopolitical regional conflicts; cybersecurity incidents; supplier capacity; and consumer or industrial demand.

During [removed: 2024,] [added: 2025,] price volatility and higher aggregate costs were driven by a confluence of factors: [removed: disrupted international supply chains, labor market challenges,] soaring commodity prices (especially for cocoa [removed: beans)] [added: beans), disrupted international supply chains, labor market challenges] and increased transportation and labor costs.

For additional information, [removed: see] [added: refer to] *Item 7, Commodity Trends*.

Likewise, constraints in the supply or availability of key commodities and necessary services like [removed: transportation may limit our ability to grow our net revenues and earnings.]

If our mitigation activities are not effective, if we are unable to price to cover increased costs (including if we are delayed in our ability to raise prices or unable to raise the prices of our products enough to keep up with the rate of inflation), if we must reduce our prices, if increased prices affect demand for our products (including if consumers forego purchasing certain of our products or switch to “private label” or lower-priced product offerings), [added: if we change the recipes of some of our product offerings,] or if we are limited by supply or distribution constraints, our financial condition, results of operations, cash [removed: flows] [added: flows, reputation] and stock price can be materially adversely affected.

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We are a global company and generated [removed: 74.0%] [added: 75.8%] of our [removed: 2024] [added: 2025] net revenues, [removed: 73.4%] [added: 74.0%] of our [removed: 2023] [added: 2024] net revenues and [removed: 73.6%] [added: 73.4%] of our [removed: 2022] [added: 2023] net revenues outside the United States.

- the imposition of increased or new tariffs, sanctions, export controls, quotas, trade barriers, [added: labor reforms,] price floors or similar restrictions on our sales or key commodities like cocoa, potential changes in U.S. trade programs and trade relations with other countries, [added: restrictions on cross-border data transfers,] or regulations, taxes or policies that affect our operations, sales or profitability.

Also [removed: see] [added: refer to] “*We are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign government*s”;

- changing macroeconomic conditions in our markets, including as a result of inflation (and related monetary policy actions by governments in response to inflation), volatile commodity prices, the ongoing longer-term impact of changes in international trade policies [removed: (including Brexit)] and increases in the cost of raw and packaging materials, labor, energy and transportation;

Changes in the import and export policies, including trade restrictions, new or increased tariffs or quotas, embargoes, sanctions and countersanctions, safeguards or customs restrictions by the U.S. and/or other foreign [added: governments, could require us to change the way we conduct business and adversely affect our financial condition, results of operations, reputation and our relationships with customers, suppliers and employees in the short or long term.]

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For additional information, [removed: see *Financial Outlook*] [added: refer to *Business Trends*] – *Trade and Regulatory Uncertainty* under *Management's Discussion and Analysis of Financial Condition and Results of Operations*.

As the business and geopolitical environment continues to change, our operations and activity in Russia, which accounted for [removed: 2.9%] [added: 3.7%] of [removed: 2024] [added: 2025] consolidated net revenues, [removed: or] [added: and/or] Ukraine, which accounted for 0.4% of [removed: 2024] [added: 2025] consolidated net revenues, may decline or be further scaled back.

International sanctions, export controls and other measures, including restrictions on the transfer of funds to and from Russia, that have been imposed on Russian [removed: entities] [added: entities,] make it more difficult to operate in Russia, and failure to comply with applicable sanctions and measures could subject us to regulatory penalties and reputational risk.

The war could also result in the temporary or permanent loss of assets due to expropriation or further curtailment of our ability to conduct business operations in Russia, and our Russian assets may become partially or fully [removed: impaired] [added: impaired,] or our operations may be deconsolidated in future periods, or our business operations [removed: terminated, based on actions taken by Russia, other parties or us.][added: terminated.]

We might not be able to predict or respond to all impacts on a timely basis to prevent near- [added: or long-term adverse impacts to our results.]

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Our ability to adjust distribution methods and pricing, including adapting to fluctuating inflation, new or increased [removed: tariffs] [added: tariffs, taxes] and/or trade barriers, economic conditions and recessions, as well as implementing effective trade incentives is also critical to advancing our priorities.

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Our success depends on our ability to maintain and enhance our brands, expand [added: within and] to new geographies and new distribution platforms such as digital commerce, and evolve our portfolio with new product offerings that meet consumer needs and expectations.

Actual or perceived failure to effectively address the continuing global focus on well-being, including changing consumer acceptance of certain ingredients, industrial manufacturing and processing, nutritional expectations of our products, the sustainability of our ingredients, our supply chain (including human [removed: rights] [added: rights, deforestation,] and animal welfare issues) and our packaging (including plastic packaging and its [removed: ability to be recycled and other environmental impacts) could adversely affect our brands.]

This includes regulations such as front-of-pack labeling and selective food taxes in multiple jurisdictions as well as age-based [added: or location-based] restrictions on sales of products with certain nutritional profiles.

Our brands may [added: also] be associated with or appear alongside harmful content including outputs from generative artificial intelligence [removed: models, before these platforms or our own social media monitoring can detect this risk to our brand.][added: models.]

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There may be further shifts in the relative size of shopping channels in addition to the increasing role of digital [added: tools (including artificial intelligence and machine learning) and] commerce for consumers.

Weak economic conditions, recessions, inflation, new or increased [removed: tariffs,] [added: food regulation, taxes, tariffs] and/or trade barriers, equity market volatility or other factors, such as global or local pandemics, [added: geopolitical tensions, public boycotts, uncertainty regarding the availability of certain governmental subsidies available to our consumers (such as the Supplemental Nutrition Assistance Program in the U.S.),] severe or unusual weather events, and our response to political and social issues or catastrophic events, may affect consumer preferences and demand in [removed: ways that are hard to predict.]

Our sales can be adversely affected when we do not accurately predict which shifts in consumer preferences or category trends will be [removed: long-term] [added: long term] or we fail to introduce new and [removed: improved] [added: evolved] products to satisfy changing preferences.

In addition, because of our varied and geographically diverse consumer base, we must be responsive to local consumer [removed: needs,] [added: preferences,] including with respect to when and how consumers snack and their desire for premium or value offerings.

Increasing and disparate [removed: legal] [added: statutory] or regulatory restrictions on our [added: ingredients,] labeling, advertising and consumer promotions, or our response to those restrictions, could limit our efforts to offer and deliver products that appeal to consumers.

Likewise, new or increased [removed: tariffs] [added: tariffs, taxes] and/or trade barriers and our response to these tariffs [removed: and] [added: and/or trade] barriers could limit our ability to offer and deliver our products on a cost-effective basis.

Demand for our products could decrease and our profitability could suffer if we fail to expand and promote our product offerings successfully across product categories, rapidly develop products in faster growing and more profitable categories or reach consumers in efficient and effective ways leveraging data and [removed: analytics.][added: analytics (including artificial intelligence and machine learning).]

Negative perceptions concerning the health, environmental and social implications of certain food products, ingredients, [added: additives, preservatives,] packaging materials, [removed: and] sourcing or production methods [added: and other company practices] could influence consumer preferences and acceptance of some of our products and marketing programs.

For example, consumers have increasingly focused on well-being, including [added: by] reducing [removed: sodium] [added: their consumption of sodium, processed foods] and [added: foods with] added [removed: sugar consumption or] [added: sugar,] using weight-loss drugs [removed: to reduce consumption overall or change consumption patterns, as well as] [added: and examining] the source and authenticity of ingredients in the foods they consume.

Continuing to focus on and expand our well-being offerings while [removed: refining] [added: evolving] the ingredient and nutrition profiles of existing products is important to our growth, as is maintaining focus on ethical sourcing and supply chain management opportunities to address evolving consumer preferences.

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Our use of information technology and third-party service providers exposes us to cybersecurity [removed: breaches] [added: risks] and other business disruptions.

Global shared service centers managed by third parties provide [removed: an increasing] [added: a] number of services important to conducting our business, including accounting, internal control, human resources and computing functions.

Continuity of business applications and services has been, and may in the future be, disrupted by events such as [removed: infection by] viruses or malware; other cybersecurity attacks; issues with or errors in systems’ maintenance or security; power outages; hardware or software failures; denial of service attacks; telecommunication failures; natural disasters; terrorist attacks; and other catastrophic occurrences.

Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events or contingencies that could materially and adversely affect us in the future.*

transportation may limit our ability to grow our net revenues and earnings.

As of January 2026, the U.S. maintains higher tariffs on imported goods (finished products and inputs) from many trading partners as compared to prior years.

Some of these tariffs have increased our costs for finished products, as well as some ingredients and packaging used to produce and distribute our products.

In some cases, U.S. tariff policy has also resulted in retaliatory measures on U.S. goods entering foreign markets.

ability to be recycled and other environmental impacts) could adversely affect our brands.

ways that are hard to predict.

Statements by public officials relating to alleged risks associated with particular processing methods, ingredients or additives used in our products, or contaminants allegedly present in the larger food or water supply, may affect consumer preferences and/or demand for some of our products.

Regulators in some jurisdictions have also imposed, or may impose, taxes or other restrictions on the manufacture, distribution or sale of food and beverage products based on their nutritional profile or inclusion of particular ingredients, which may reduce overall demand for our products.

We use information technology and third-party service providers to support our global business processes and activities.

Further, we may not always be able to detect cyberattacks immediately, and once detected, their impact and severity may remain unclear until we have completed a full forensic investigation, which may take a significant amount of time.

Taken together, these factors may prevent us from promptly providing complete, accurate and timely information about a cybersecurity incident to our customers, stakeholders, regulators and the public.

from jurisdiction to jurisdiction and may create inconsistent or conflicting requirements.

With respect to acquisitions and joint ventures in particular, we are also exposed to potential risks based on our ability to conform standards, controls, policies and procedures, and business cultures; consolidate and streamline

same negative impacts, as well as expose us to government enforcement actions, fines and private litigation.

Changes in weather patterns around the globe, including as a result of climate change, expose us to physical and transition risks.

The growth of alternative online retail channels, such as

and approximately 22% of our 12,000 U.S. employees.

Furthermore, as the legal and regulatory environment for artificial intelligence and other emerging technologies continues to evolve, our compliance obligations may significantly increase our costs or limit the extent to which we are able to use these technologies.

Our facilities and products, and those of our suppliers, may also be subject to inspection by national, federal, state and local authorities, potentially revealing product quality or safety issues.

operations, cash flows and stock price, and we could incur significant expense responding to such a claim, litigation or investigation.

We cannot be certain that the legal steps we are taking are sufficient to protect our intellectual property rights or that, notwithstanding legal protection, others do not or will not infringe or misappropriate our intellectual property rights.

Furthermore, the use of artificial intelligence and machine learning in our operations may elevate the risk of third-party infringement claims, especially those related to our alleged unauthorized use of third-party tools, technology or content.

On July 4th, 2025, the United States enacted the One Big Beautiful Bill Act (“OBBBA”).

The legislation implemented many new U.S. domestic and international tax provisions.

Although the U.S. Treasury provided some clarifying guidance during 2025, it is expected they will continue to issue additional guidance in 2026.

In addition, many U.S. states have not yet updated their laws to take into account the new federal legislation.

It is possible that OBBBA, or interpretations under it, could change and could have an adverse effect on us, and such effect could be material.

However, on January 5, 2026, the OECD Inclusive Framework members approved changes to the model rules, including the introduction of a “side by side” rule which would exempt U.S.-parented companies from certain aspects of the global minimum tax regime.

The updated model rules will need to be incorporated into local tax legislation to be effective.

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For example, the ongoing conflicts in the Middle East could impact demand for our products or result in increased supply chain costs or other cost impacts.

All of these factors could result in increased costs or decreased revenues and could materially and adversely affect our product sales, financial condition, results of operations, cash flows, stock price, and our relationships with customers, suppliers and employees in the short- or long-term.

governments, could require us to change the way we conduct business and adversely affect our financial condition, results of operations, reputation and our relationships with customers, suppliers and employees in the short- or long-term.

As an example, on February 1, 2025, the U.S. government announced a 25% tariff on product imports from certain countries, including Mexico and Canada, and 10% tariffs on product imports from certain countries, including China.

These actions are expected to result in retaliatory measures on U.S. goods.

If maintained, the newly announced tariffs and the potential escalation of trade disputes could pose a significant risk to our business and would affect our revenue and cost of goods sold.

or long-term adverse impacts to our results.

The ultimate impact of these disruptions also depends on events beyond our knowledge or control, including the scope and duration of the war and actions taken by parties other than us to respond to them.

Any of these disruptions could have a negative impact on our business operations, financial performance, results of operations and stock price, and this impact could be material.

Additionally, the war in Ukraine, or related developments in Russia, Europe or elsewhere, may also materially adversely affect our operating results and financial position in a manner that is not currently known to us or that we do not currently consider to be a significant risk.

During 2024, we continued to operate under our strategy to drive long-term growth by focusing on four strategic priorities: accelerating consumer-centric growth, driving operational excellence, creating a winning growth culture and scaling sustainable snacking.

If our strategy is not effective, we fail to achieve our goals and objectives or identify or prioritize the areas most important to achieving our goals, or we fail to effectively operate under our strategy in a way that minimizes disruptions to our business, it could materially and adversely affect our financial condition, results of operations, cash flows and stock price.

For example, in the United Kingdom, a ban on specific types of TV and online advertising of food containing levels of fat, sugar or salt above specified thresholds is expected to go into effect in October 2025, and new measures restricting certain promotions and in-store placement of some of those products recently went into effect.

Failure to successfully maintain and enhance our

reputation and brand health could materially and adversely affect our company and product brands as well as our product sales, financial condition, results of operations, cash flows and stock price.

Continued negative perceptions or failure to satisfy consumer preferences could materially and adversely affect our reputation, brands, product sales, financial condition, results of operations, cash flows and stock price.

We use information technology and third-party service providers to support our global business processes and activities, including supporting critical business operations such as manufacturing and distribution; communicating with our suppliers, customers and employees; maintaining effective accounting processes and financial and disclosure controls; executing mergers and acquisitions and other corporate transactions; conducting research and development activities; meeting regulatory, legal and tax requirements; and executing various digital marketing and consumer promotion activities.

When risks such as these materialize, the need for us to coordinate with various third-party service providers and for third-party service providers to coordinate amongst themselves might increase challenges and costs to resolve related issues.

Cyber threats to externally-hosted technology and business services are beyond our control.

any future incident, and the cost and operational expense of implementing, maintaining and enhancing protective measures to guard against increasingly complex and sophisticated cyber threats could increase significantly.

For example, the European Union’s General Data Protection Regulation (“GDPR”) has greatly increased the jurisdictional reach of E.U. law, added a broad array of requirements for handling personal data including the public disclosure of significant data breaches, and imposes substantial penalties for non-compliance of up to 4% of global annual revenue for the preceding financial year in addition to potential restrictions on data transfer and processing.

For example, in 2024 we sold our remaining equity investment in JDE Peet’s N.V. and acquired Evirth (Shanghai) Industrial Co., Ltd. In 2023, we completed the sale of our developed market gum business in the United States, Canada and Europe and sold our remaining equity investment in Keurig Dr Pepper Inc., and in 2022 we acquired Chipita Global S.A.,

Clif Bar & Company and Ricolino.

These statements reflect our current plans and do not constitute a guarantee that they will be achieved.

Further, developing and collecting, measuring and reporting ESG-related information and metrics can

Climate change might adversely impact our supply chain or our operations.

Scientific evidence collected by the Intergovernmental Panel on Climate Change demonstrates that carbon dioxide and other greenhouse gases in the atmosphere have caused and will in the future cause changes in weather patterns around the globe that expose us to physical and transition risk.

cost or availability pressures, demand for our products and our market share could suffer.

Any or all of these risks could materially and adversely affect our ability to meet the needs of our customers, reputation, product sales, financial condition, results of operations, cash flows and stock price.

Failure to effectively respond to retail consolidation, increasing retail power and competition from retailer and other economy brands could materially and adversely affect our reputation, brands, product sales, financial condition, results of operations, cash flows and stock price.

Deterioration in the financial condition of significant customers, suppliers or distributors or regulations affecting our relationship with these parties could materially and adversely affect our product sales, financial condition, results of operations, cash flows and stock price.

These risks could materially and adversely affect our reputation, ability to efficiently operate our manufacturing facilities and overall business and meet the needs of our customers, product sales, financial condition, results of operations, cash flows and stock price.

In addition, the results of third-party studies (whether or not scientifically valid) purporting to

We attempt to protect our intellectual property rights by taking

Any of these occurrences could materially and adversely affect our reputation, brand health, ability to introduce new products or improve the quality of existing products, product sales, financial condition, results of operations, cash flows and stock price.

As of January 2025, the change in U.S. presidential administration and control of U.S. Congress may produce changes to U.S. tax legislation.

Unexpected results from one or more such tax audits could significantly adversely affect our effective tax rate, results of operations, cash flows and stock price.

impact our future borrowing costs.

Recent Developments and Significant [removed: Items Affecting Comparability][added: Items]

Additionally, we provide more information on risks related to trade and regulatory uncertainty in our [removed: *Financial Outlook*] [added: *Business Trends*] section and under Item 1A, *Risk Factors*.

[removed: See Note 1, *Summary of Significant Accounting Policies* - *War in Ukraine,* to the consolidated financial statements, and refer] [added: Refer] to *Items Affecting Comparability of Financial Results* for additional information.

We have suspended new capital investments and our advertising spending in Russia, but as a food company with more than 2,500 employees in the country, we have not ceased operations [removed: given] [added: because] we believe [added: that] we play a role in the continuity of the food supply.

During [removed: both 2024 and 2023,] [added: 2025,] Ukraine generated 0.4% and Russia generated [removed: 2.9%] [added: 3.7%] of [added: our] consolidated net revenue.

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[added: In the event this were to] occur, this could lead to the partial or full impairment of our Russian assets or deconsolidation of the operations in Russia in future periods, or the termination of and loss of revenue from our business operations, based on actions taken by Russia, other parties or us.

For additional information, [removed: see] [added: refer to] Item 1A, *Risk Factors*, including the risk entitled “*The war in Ukraine has impacted and could continue to impact our business operations, financial performance and results of operations.*”

[removed: During 2024,] [added: Throughout 2024 and 2025,] we experienced [added: limited adverse] sales impacts related to this conflict in certain AMEA markets, but this did not have a material impact on our business, results of operations or financial condition.

We continue to evaluate the impacts of these [removed: developments] [added: developments, including ongoing geopolitical discussions,] on our business and we cannot predict if it will have a significant impact in the future.

[removed: The] ERP System Implementation spending comprises both capital expenditures and operating expenses, of which a majority is expected to relate to operating expenses.

The ERP System Implementation program will be implemented by region in several phases with spending [removed: occurring] [added: continuing] over the next [removed: five] [added: three] years, with expected completion by year-end 2028.

Refer to *Non-GAAP financial measures* [removed: and Note 1, *Summary of Significant Accounting Policies*] for additional information.

Extreme Price Growth in [removed: Argentina][added: Argentina and Other Currency-Related Items]

The peso's devaluation and potential resulting distortion on our non-GAAP Organic Net Revenue, Organic Net Revenue growth and other constant currency growth rate measures resulted in our decision to exclude the impact of pricing increases in excess of 26% year-over-year ("extreme pricing") in Argentina, from these measures beginning in [removed: Q1] [added: the first quarter of] 2024.

Throughout the following MD&A discussion, we [removed: now exclude, on a prospective basis beginning on January 1, 2024,] [added: exclude] the impact of extreme pricing in Argentina from the net pricing impact of Organic Net Revenue and Organic Net Revenue growth and its related impact on our other non-GAAP financial constant currency growth [removed: measures with a corresponding offset to changes in currency translation rates.][added: measures.]

Additionally within [removed: the] [added: this] MD&A discussion, "currency-related items" [removed: totals] [added: reflect] the [removed: impact] [added: impacts] of extreme pricing and [removed: the] [added: year-over-year] currency translation rate changes.

Currency-related items impacted our non-GAAP financial measures for the year ended December 31, [removed: 2024] [added: 2025] as follows:

- Organic Net Revenue: In total, [removed: unfavorable] [added: favorable] currency-related items of [removed: $710] [added: $241] million [removed: (2.0] [added: (0.7] pp) were driven by [removed: unfavorable] [added: favorable] currency translation rate changes of [removed: $1,877] [added: $192] million [removed: (5.2 pp), partially offset by] [added: (0.6 pp) and] extreme pricing of [removed: $1,167] [added: $49] million [removed: (3.2] [added: (0.1] pp).

In Emerging Markets, unfavorable currency-related items of [removed: $778] [added: $134] million [removed: (5.6] [added: (0.9] pp) were driven by unfavorable currency translation rate changes of [removed: $1,945] [added: $183] million [removed: (13.9] [added: (1.3] pp), partially offset by extreme pricing of [removed: $1,167] [added: $49] million [removed: (8.3] [added: (0.4] pp).

In Developed Markets, favorable currency-related items of [removed: $68] [added: $375] million [removed: (0.3] [added: (1.7] pp) were driven by favorable currency translation rate changes.

- Adjusted Operating Income: [removed: Unfavorable] [added: Favorable] currency-related items of [removed: $191] [added: $94] million were driven by [removed: unfavorable] [added: favorable] currency translation rate changes of [removed: $460 million, partially offset by] [added: $86 million and] extreme pricing of [removed: $269] [added: $8] million.

[removed: - Adjusted EPS: Unfavorable currency-related] [added: Currency-related] items [removed: of $0.12] were [removed: driven by] unfavorable [added: due to] currency translation rate [removed: changes of $0.32,] [added: changes,] partially offset by [added: the impact of] extreme pricing [removed: of $0.20.][added: in Argentina.]

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Refer to Note 2, *Acquisitions and [removed: Divestitures*, and *Liquidity and Capital Resources*] [added: Divestitures*] for additional details.

[removed: Investment] [added: Equity Method Investment] Transactions

[removed: During] [added: In] the first quarter of 2024, we [removed: determined there was an other-than-temporary impairment of our investment in JDEP, resulting in] [added: recorded] an impairment charge of €612 million ($665 [removed: million).][added: million) related to our JDEP investment.]

We [added: received cash proceeds of €255 million ($279 million) and] recorded a loss of €21 million ($23 million).

*Keurig Dr Pepper [removed: Transactions (Nasdaq: "KDP")*][added: Transactions*]

[removed: In] [added: Subsequently in] 2023, we sold the remainder of our shares [added: of KDP and exited our investment] in [removed: KDP, representing approximately 76 million shares.][added: the company.]

[removed: Our reduction in] [added: During the first quarter of 2023, our] ownership [added: in KDP fell] to below 5% [removed: eliminated our significant influence over KDP,] [added: of the outstanding shares,] resulting in a change in [added: the] accounting [added: for our KDP investment,] from equity method investment accounting to accounting for equity interests with readily determinable fair values [removed: in the first quarter of 2023.][added: as we no longer retained significant influence.]

For additional information, refer to Note 7, *Investments* and Note [removed: 10,] [added: 9,] *Financial Instruments.*

During [removed: the third quarter of] 2024, we entered into [removed: an agreement] [added: agreements] with two [removed: third party] [added: third-party] insurance companies [removed: for] [added: to purchase buy-in annuity contracts to cover] the [added: liabilities associated with the] Mondelēz Global LLC Retirement Plan (“MDLZ Global Plan”), the pension plan for [removed: US] [added: U.S.] salaried employees.

[removed: Refer] [added: For additional information, refer] to Note 10, *Benefit [removed: Plans* for additional information.][added: Plans.*]

Numerous countries have [removed: now] enacted the Organization of Economic Cooperation and Development’s [added: (OECD)] model rules [removed: on] [added: for] a global minimum tax, effective [removed: for] [added: in] 2024.

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[removed: Refer to *Non-GAAP Financial Measures* for the definitions] [added: For descriptions] of [added: the items excluded from] our non-GAAP financial [removed: measures and *Consolidated Results] [added: measures, refer to *Items Affecting Comparability] of [removed: Operations* for the respective reconciliations.][added: Financial Results*.]

[removed: In addition to monitoring our key operating metrics, we] [added: We] monitor a number of developments and trends that could impact our revenue and profitability objectives:

We believe these actions will [added: continue to] help drive demand in our categories and strengthen our positions across markets.

Social media increasingly helps consumers find food trends, inspiration and connection [removed: on] [added: across] their [removed: social media and other] feeds.

In particular, while we expect cocoa costs to be lower in 2026 compared to the current year, we expect to continue to face elevated cocoa costs as compared to historical levels in the near- and medium-term.

While we have responded to elevated raw material costs with pricing increases for certain of our products, the elasticity impacts from those pricing increases has adversely impacted consumer demand, particularly in the United States and Europe.

Trade and Regulatory Uncertainty

As of January 2026, the U.S. maintains higher tariffs on imported goods (finished products and inputs) from many trading partners as compared to prior years.

Some of these tariffs have increased our costs for finished products, as well as some ingredients and packaging used to produce and distribute our products.

In some cases, U.S. tariff policy has also resulted in retaliatory measures on U.S. goods entering foreign markets.

For most products and materials imported to the United States from Mexico and Canada, we comply with the terms of the U.S.-Mexico-Canada Agreement and are therefore not subject to tariffs on most products and materials imported from those jurisdictions.

However, the current trade environment continues to evolve rapidly and there can be no assurance that such products and materials will continue to be exempt.

The implementation of additional protectionist trade measures, and any further retaliatory actions taken in response, could result in increased costs and pricing pressures, disrupt consumer spending patterns, and impact market stability and consumer confidence, any or all of which could adversely affect our operating results.

- Adjusted EPS: In 2025, favorable currency-related items of $0.06 were driven by favorable currency translation rate changes of $0.05 and extreme pricing of $0.01.

On August 24, 2025, Keurig Dr Pepper Inc. (*Nasdaq: "KDP")* and JDEP entered into a definitive agreement under which KDP would acquire JDEP.

As a result of that definitive agreement, we became entitled to a cash payment of €145 million ($169 million) from JAB Holding Company (“JAB”) that we received in 2025.

In the fourth quarter of 2024, we sold our remaining 85.9 million shares in JDEP to JAB.

We received €2.2 billion ($2.3 billion) of proceeds and recorded a gain on equity method investment transactions of €313 million ($332 million).

Prior to the change in accounting for our KDP investment, we sold 30 million shares of that investment.

In total during 2023, we sold approximately 76 million shares and received proceeds of $2.4 billion.

Mondelēz Global and Canada Retirement Plan Settlements

*Mondelēz Global LLC Retirement Plan Settlement*

The agreements provided us with the option to elect a buy-out conversion, at which time full responsibility of the MDLZ Global Plan obligations would transfer to the insurance companies.

On June 12, 2025 we elected the buy-out conversion and recognized a non-cash pre-tax settlement loss of $282 million as a component of our net periodic pension cost in the second quarter of 2025.

*Mondelez Canada Inc. - Trusteed Hourly Retirement Plan and Retirement Plan Settlement*

During the third quarter of 2025, we entered into an agreement with a third-party insurance company to buy-out the retiree participants' obligations of the Mondelez Canada Inc. Trusteed Hourly Retirement Plan and Mondelez Canada Inc. Retirement Plan.

On September 11, 2025, the obligations were transferred to the insurance company and we recognized a non-cash pre-tax settlement loss of $54 million as a component of our net periodic pension cost in the third quarter of 2025.

The existing legislation does not have a material impact on our consolidated financial statements.

On January 5, 2026, the OECD Inclusive Framework members approved changes to the model rules, including the introduction of a “side by side” rule which would exempt U.S.-parented companies from certain aspects of the global minimum tax regime.

The updated model rules will need to be incorporated into local tax legislation to be effective.

We do not expect the new rules to have a material impact on our consolidated financial statements.

On July 4, 2025, the OBBBA was signed into U.S. law.

While we continue to monitor supplemental guidance released by the government, there was no material impact to our financial statements for the year ended December 31, 2025.

Business Trends

In many markets, including the United States, a portion of our products, including significant inputs, are imported from other jurisdictions.

As of January 2026, the U.S. maintains higher tariffs on imported goods (finished products and inputs) from many trading partners.

Some of these tariffs have increased our costs for finished products, as well as some ingredients and packaging used to produce and distribute our products.

In some cases, U.S. tariff policy has also resulted in retaliatory measures on U.S. goods entering foreign markets.

We also believe that presenting these measures allows investors to view our performance using the same measures that management and our Board of Directors use in evaluating our business performance and trends.

However, non-GAAP financial measures should be considered in addition to, and not as substitutes for, financial information prepared in accordance with U.S. GAAP.

We also evaluate the operating performance of the company and its international subsidiaries on a constant currency basis.

Our non-GAAP measures presented on a constant currency basis exclude the effects of currency translation rate changes and, beginning in the first quarter of 2024, extreme pricing increases in Argentina.

For additional information, refer to *Extreme Price Growth in Argentin*a *and Other Currency-Related Items*.

| | | | Refer to Note | | | | | | 2025 | | | | | | 2024 | | | | | | | | |

In particular, we expect to continue to face higher cocoa costs, as the market price for cocoa beans has increased significantly year-over-year and it is likely that prices will remain elevated for some time.

In the event this were to

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

During 2022, we completed the following acquisitions to strategically complement and expand our existing portfolio:

- Ricolino, a confectionery business with products sold primarily in Mexico

- Clif Bar & Company (“Clif Bar”), a leading U.S. maker of nutritious energy bars with organic ingredients

- Chipita Global S.A. ("Chipita"), a high-growth leader in the central and Eastern European croissant and baked snacks category

Additionally in the fourth quarter of 2022, we announced an agreement to sell the developed market gum business.

On October 1, 2023, we completed the sale of our developed market gum business to Perfetti Van Melle Group, excluding the Portugal business which we retained pending regulatory approval.

After obtaining the regulatory approval, we completed the sale of the Portugal business to Perfetti Van Melle Group on October 23, 2023.

On November 29, 2024, we sold our remaining 85.9 million shares to JAB Holdings Company and recorded a gain of €313 million ($332 million)

In 2022, we sold approximately 18.6 million of our shares back to JDEP, which reduced our ownership interest by approximately 3.0 percentage points.

We recorded a loss of €8 million ($8 million).

Prior to this change, we recorded a pre-tax gain on equity method transactions of $493 million ($368 million after-tax) in 2023.

After the change in accounting, we recorded pre-tax gains for marketable securities of $606 million in 2023.

Benefit Plans

The agreement features a buy-in of the plan assets with an option to elect a future buy-out conversion.

The MDLZ Global Plan was terminated on December 31, 2024, and we intend to execute the buy-out conversion in 2025.

Important details of these minimum tax regimes are still being considered.

Based on the guidance available thus far, this legislation did not have a material impact on our consolidated financial statements, but we will continue to evaluate it as additional guidance and clarification becomes available.

Financial Outlook

We seek to achieve profitable, long-term growth and manage our business to attain this goal using our key operating metrics: Organic Net Revenue, Adjusted Operating Income and Adjusted EPS.

We use these non-GAAP financial metrics and related computations, particularly growth in profit dollars, to evaluate and manage our business and to plan and make near- and long-term operating and strategic decisions.

As such, we believe these metrics are useful to investors as they provide supplemental information in addition to our U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) financial results.

We believe it is useful to provide investors with the same financial information that we use internally to make comparisons of our historical operating results, identify trends in our underlying operating results and evaluate our business.

We believe our non-GAAP financial measures should always be considered in relation to our GAAP results.

On February 1, 2025, the United States government announced tariffs up to 25% on imports from certain countries, including Mexico and Canada, and 10% tariffs on product imports from certain countries, including China.

While we are still evaluating the potential impact of these actions as well as our ability to mitigate the impact, they are expected to adversely impact our revenue and cost of goods sold in the United States.

If the provisions of those tariffs were maintained as proposed, we would expect those adverse impacts to be significant.

In addition, retaliatory tariffs imposed by other countries or other potential government actions, would likely result in further adverse impacts to our revenue and cost of goods sold.

–Net revenues increased in 2023, driven by higher net pricing, incremental net revenues from our acquisitions of Clif Bar and Ricolino in 2022, favorable volume/mix and incremental net revenue from a short-term distributor agreement related to the sale of our developed market gum business, partially offset by a significant impact from unfavorable currency translation, as the U.S. dollar strengthened relative to most currencies we operate in compared to exchange rates in the prior year, and the impact of our developed market gum divestiture in 2023.

- Organic Net Revenue, a non-GAAP financial measure, increased 4.3% to $37.1 billion in 2024 and increased 14.7% to $35.6 billion in 2023.

In 2023, Organic Net Revenue grew due to higher net pricing and favorable volume/mix.

- Diluted EPS attributable to Mondelēz International decreased 5.5% to $3.42 in 2024 and increased 84.7% to $3.62 in 2023.

–Diluted EPS decreased in 2024 driven by lapping prior-year gain on marketable securities, lapping prior-year gain on equity method investment transactions, 2024 net loss on equity method transactions including an impairment, lapping prior-year gain and operating results from the developed market gum business divested in 2023, higher intangible asset impairment charges and costs incurred for the ERP Systems Implementation program.

These unfavorable items were partially offset by an increase in Adjusted EPS, favorable year-over-year change in acquisition integration costs and contingent consideration adjustments, favorable year-over-year change in mark-to-market impacts from commodity and currency derivatives, lower divestiture-related costs, lower remeasurement loss of net monetary position, favorable year-over-year change in initial impacts from enacted tax law changes and lapping prior-year impact from the European Commission legal matter.

–Diluted EPS increased in 2023 driven by an increase in Adjusted EPS, a gain on marketable securities, favorable year-over-year change in mark-to-market impacts from currency and commodity derivatives, higher net gain on equity method investment transactions, lower impact from the European Commission legal matter, lapping prior year acquisition-related costs, lapping prior year incremental costs due to the war in Ukraine, a gain on divestiture, lapping prior year loss on debt extinguishment, lower intangible asset impairment charges and lapping prior year inventory step-up charges.

These favorable items were partially offset by lower operating results from divestitures, higher acquisition integration costs and contingent consideration adjustments, higher negative initial impacts from enacted tax law changes, higher remeasurement loss of net monetary position, higher divestiture-related costs, lapping prior year 2017 malware incident net recoveries and higher Simplify to Grow program costs.

- Adjusted EPS, a non-GAAP financial measure, increased 9.1% to $3.36 in 2024 and increased 15.4% to $3.08 in 2023.

For additional information on our derivative activity and the types of derivative instruments we use to hedge our currency exchange, commodity price and interest rate exposures, [removed: see] [added: refer to] Note [removed: 10,] [added: 9,] *Financial Instruments*.

[removed: See] [added: Refer to] *Consolidated Results of Operations* and *Results of Operations by Operating Segment* under *Discussion and Analysis of Historical Results* for currency exchange effects on our financial results.

For additional information on the impact of currency policies, recent currency devaluations and highly inflationary accounting on our financial condition and results of operations, also [removed: see] [added: refer to] Note 1, *Summary of Significant Accounting Policies* *– Currency Translation and Highly Inflationary Accounting*.

Refer to *Recent Developments and Significant Items Affecting Comparability* and [removed: *Financial Outlook*] [added: *Business Trends*] above for updates on recent supply chain, labor and other disruptions that are increasing operating costs and impacting our results.

For more information on our debt activity, [removed: see] [added: refer to] Note [removed: 9,] [added: 8,] *Debt and Borrowing Arrangements*.

[removed: See] [added: Refer to] Note [removed: 10,] [added: 9,] *Financial Instruments*, for more information on our derivative activity.

The VAR analysis [removed: was done separately] [added: is computed] as of each quarter end for our currency exchange, fixed income and commodity risk portfolios using historical market movements.

The instruments included in the VAR [removed: computation were] [added: computations are] currency exchange [removed: forwards] [added: forwards, swaps] and options for currency exchange risk, debt and swaps for interest rate risk, and commodity [removed: forwards,] futures and options for commodity risk.

Excluded from the [removed: computation were] [added: computations are] anticipated transactions, [added: foreign] currency [added: denominated] trade payables and receivables, and net investments in non-U.S. subsidiaries, which the above-mentioned instruments are intended to hedge.

| | | | [removed: 63] [added: 56] | | | [removed: ] [added: ] | | |

The parameters used for estimating the expected return distributions were determined by observing interest rate, currency exchange and commodity price movements over the prior quarter for the calculation of VAR amounts at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and over each of the four prior quarters for the calculation of average VAR amounts during each year.

As of December 31, [removed: 2024] [added: 2025] and December 31, [removed: 2023,] [added: 2024,] the estimated potential one-day loss in fair value of our interest rate-sensitive instruments, primarily debt, and the estimated potential one-day loss in pre-tax earnings from our currency and commodity instruments, as calculated in the VAR model, were:

| | | | At [removed: 12/31/23] [added: 12/31/25] | | | | | | Average | | | | | | High | | | | | | Low | | | | | | At [removed: 12/31/23] [added: 12/31/25] | | | | | | Average | | | | | | High | | | | | | Low | | |

| Interest rates | | | | | | | | | | | | | | | | | | | | | | | | | | | $ | [removed: 119] [added: 42] | | | | | $ | [removed: 144] [added: 63] | | | | | $ | [removed: 234] [added: 84] | | | | | $ | [removed: 89] [added: 42] | |

| Foreign currency rates | | | $ | [removed: 14] [added: 44] | | | | | $ | [removed: 17] [added: 38] | | | | | $ | [removed: 18] [added: 44] | | | | | $ | [removed: 14] [added: 27] | | | | | | | | | | | | | | | | | | | | | | | | | |

| Commodity prices | | | [removed: 21] [added: 32] | | | | | | [removed: 40] [added: 46] | | | | | | [removed: 86] [added: 104] | | | | | | [removed: 18] [added: 22] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | [removed: 64] [added: 57] | | | [removed: ] [added: ] | | |

We are one of the world’s largest snack companies with global net revenues of [removed: $36.4] [added: $38.5] billion and net earnings of [removed: $4.6] [added: $2.5] billion in [removed: 2024.][added: 2025.]

We plan to test, learn and scale new product offerings quickly to meet diverse and evolving [removed: local and] global [added: and local] snacking demand.

| | | | 3 | | | [removed: ] [added: ] | | |

This includes ongoing efforts to sustainably source key ingredients, reduce our end-to-end environmental impact and [removed: innovate] [added: enhance] our processes and packaging to reduce waste and promote recycling.

Please [removed: see] [added: refer to] our *Sustainability and Mindful Snacking* section [removed: below.][added: below for additional information.]

We sell our products in over 150 countries and have operations in approximately 80 countries, including [removed: 147] [added: 145] principal manufacturing and processing facilities across [removed: 46] [added: 49] countries.

The portion of our net revenues generated outside the United States was [removed: 74.0%] [added: 75.8%] in [removed: 2024, 73.4%] [added: 2025, 74.0%] in [removed: 2023] [added: 2024] and [removed: 73.6%] [added: 73.4%] in [removed: 2022.][added: 2023.]

For more information on our U.S. and non-U.S. operations, refer to Note 18, *Segment Reporting;* on our manufacturing and other facilities, refer to Item 2, *Properties*; and on risks related to our operations outside the United States, [removed: see] [added: refer to] Item 1A, *Risk Factors*.

Please [removed: see] [added: refer to] Note 18, *Segment Reporting and Management’s* *Discussion and Analysis of Financial Condition* *and Results of Operations* for additional information.

| | | | 4 | | | [removed: ] [added: ] | | |

No single customer accounted for 10% or more of our net revenues from continuing operations in [removed: 2024.][added: 2025.]

For a discussion of long-term demographics, consumer trends and demand, refer to [removed: our *Financial Outlook*] [added: *Business Trends*] within *Management’s Discussion and Analysis of Financial Condition and Results of Operations*.

Our innovation and new product development objectives include [removed: continuous improvement in food safety and quality,] growth through new products, superior consumer [removed: satisfaction and] [added: satisfaction,] reduced production [removed: costs.][added: costs and continuous improvement in food safety and quality.]

These bundles enhance our portfolio to address evolving consumer [removed: preferences and] [added: preferences,] market [removed: trends,] [added: trends and] nutritional [removed: needs] [added: needs,] as well as reduce our environmental impact.

We work to introduce new varieties of our core products, including new taste or nutrition profiles that cater to evolving consumer preferences, such as the launch [removed: in the UK] of [added: co-branded chocolate innovations combining *Biscoff* with] *Cadbury Dairy [removed: Milk & MORE*, a multi-dimensional tablet designed to deliver a richer, more indulgent eating experience, zero-sugar *Oreo’s* in China] [added: Milk, Milka*] and [removed: reduced] [added: other key brands in Europe as well as zero] sugar [removed: candies under *The Natural Confectionary Company* brand] [added: *Bournvita*] in [removed: Australia.][added: India.]

[removed: We] [added: Additionally, we] continue to expand our portfolio of cakes and pastries in new markets and with updated formats including [removed: *Milka* brownies *a*nd] *Oreo* [removed: cakes*.*][added: cakester line extensions and *Milka* and *Lacta* croissants in Europe and Brazil, respectively.]

[removed: We also have a] [added: Our] dedicated innovation and venture hub, SnackFutures, [added: is] specifically tailored to leverage emerging consumer trends and growth opportunities in mindful snacking.

[removed: Our advantaged global] footprint, operating scale and portfolio of brands have all significantly contributed to building our market-leading positions across most of the product categories in which we sell.

| | | | 5 | | | [removed: ] [added: ] | | |

[added: To grow and maintain our market positions, we] focus on meeting consumer needs and preferences through a local-first commercial focus with a broad array of product formats, pack sizes and price points, new digital and other sales and marketing initiatives, product innovation and high standards of product quality.

A number of external factors such as the current macroeconomic environment, including global inflation and the effects of geopolitical uncertainty, [removed: climate and] [added: climate,] weather [removed: conditions, trade] and [removed: regulatory uncertainty,] [added: other conditions affecting plant health and crop yield,] commodity, transportation and labor market conditions, [removed: supply chain disruptions, currency fluctuations] [added: exchange rate volatility] and the effects of [added: global and local regulations, including trade policies,] governmental agricultural or other programs affect the cost and availability of raw materials and agricultural materials used in our products.

We use hedging techniques to limit the impact of fluctuations in the cost of our principal raw materials; however, we may not be able to fully hedge against commodity cost changes, [added: such as dairy, where there is a limited ability to hedge,] and our hedging strategies may not protect us from increases in specific raw material costs.

[removed: All our] [added: Our] employees contribute to our success and help us drive strong financial performance.

*Workforce Profile*: At December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 90,000] [added: 91,000] employees.

At December 31, [removed: 2024, we had] [added: 2025, our workforce was composed of] approximately 12,000 U.S. employees and approximately [removed: 78,000] [added: 79,000] employees outside the United States, with employees represented by labor unions or workers’ councils representing approximately [removed: 20%] [added: 22%] of our U.S. employees and approximately [removed: 60%] [added: 56%] of our employees outside the United States.

*Workplace Safety and Wellness*: We [added: seek to] promote a strong culture of safety and prioritize keeping [removed: all] our employees, contractors and visitors safe.

Specifically, we review strategic positions regularly and identify potential internal candidates to fill those roles, evaluating job skill sets to identify competency gaps and creating developmental plans to facilitate employee [removed: professional growth.]

| | | | 6 | | | [removed: ] [added: ] | | |

Additionally, coaching, mentoring and team-based development solutions are provided to colleagues [removed: across all levels] to support leadership, team effectiveness and performance.

We continue to focus on creating an inclusive culture for employees, providing [removed: all] employees with opportunities through our development programs and policies.

*Total Rewards*: As part of our total rewards philosophy, we [added: aim to] offer competitive compensation and benefits to attract and retain top talent.

Further, to foster a strong sense of ownership and align the interests of employees with shareholders, we grant stock-based incentives to [removed: most] [added: many] senior-level employees.

We provide access to medical and welfare benefits and offer programs to [removed: all] employees that support work-life balance, including paid parental [removed: leave, as well as financial, physical and mental health resources, including employee assistance programs that reach all global colleagues.][added: leave.]

We are committed to equal pay for equal work, regardless of [removed: gender, race, ethnicity or other] personal characteristics.

With the support of an independent third-party [removed: expert] [added: consultant] in this field, we conduct global pay equity reviews for salaried employees based on gender and, in the United States, race (as permitted by local country law).

Our last global analysis in [removed: 2024] [added: 2025] encompassed [removed: 82] [added: 78] countries and [removed: over] [added: approximately] 36,000 employees.

The [removed: 2024] [added: 2025] independent analysis found no systemic issues and no negative pay gap between non-white and white employees when performing substantially similar work at Mondelēz.

We have a [removed: clear] [added: defined] strategic approach to making snacking right, so we can drive innovative, more sustainable business growth.

We focus [removed: in] [added: on] key areas where we believe we can deliver greater long-term [added: growth while having a] positive impact.

Our strategy and goals in these key focus areas are [removed: central to] [added: part of] supporting our growth around the world and underpinned by our focus on promoting a culture of safety, quality and inclusivity.

In 2025, we further enhanced these capabilities through the expansion of our R&D Innovation and Consumer Research Centers as well as collaborative programs that support early-stage ideation and experimentation to challenge traditional product development.

Our advantaged global

professional growth.

Additionally, we offer physical and mental health resources, including employee assistance programs, to our global employees.

Our goals include more sustainable sourcing of key ingredients, reducing our environmental footprint, promoting the rights of people across

sourcing of raw materials; cross-border trade concessions or border barriers; corporate tax policies of the United States and other countries; and packaging taxes.

Differences in government measures and/or uneven enforcement of similar measures across jurisdictions could impact our operations.

He previously served as President, Hygiene at Reckitt Benckiser Group Plc, a global consumer products company, from May 2021 until December 2024, and as Chief Transformation Officer from January 2020 until April 2021.

Prior to joining Reckitt, Mr. Volker spent 26 years at Procter & Gamble, a global consumer products company, holding positions of increasing responsibility in finance, marketing, business development and general management.

Prior to joining Mondelēz International, Mr. Lozano spent more than 21 years at Danone SA, a global food and beverage company, in a variety of roles with increasing responsibility.

To grow and maintain our market positions, we

In 2024, we made progress against these goals, such as receiving validation for our 2030 near-

term and 2050 long-term Net Zero goal from the Science Based Targets Initiative and continuing to increase the ratio of renewable energy used within several of our owned manufacturing facilities across the world.

In addition, increased attention to environmental and social issues in industry supply chains has led to the development of differences in government rules across jurisdictions.

The lack of a harmonized approach can lead to uneven scrutiny or enforcement, which can impact our operations.

restrictions, labeling requirements such as front-of-pack labeling based on nutrient profiles or environmental claims; sales or media and marketing restrictions such as those on promotions or advertising products with specified nutrient profiles on certain channels or platforms or during certain hours of the day; sanctions; export controls on sales or sourcing of raw materials; cross-border trade concessions or border barriers; corporate tax policies of the United States and other countries; and packaging taxes.

He previously served as President, Western Europe from October 2016 to December 2018 and President, Chocolate, Europe from August 2011 to September 2016.

Mr. Gruber was formerly employed by Mondelēz International, in various capacities, from 1989 until 2000 and resumed his employment in September 2007.

Mr. Lozano spent more than 24 years at Danone in various leadership roles across Latin America including President, Danone Brazil.

Prior to joining

Information regarding legal proceedings is available in Note [removed: 14,] [added: 11,] *Commitments and Contingencies*, to the consolidated financial statements in this report.

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

The aggregate market value of the shares of Class A Common Stock held by non-affiliates of the registrant, computed by reference to the closing price of such stock on June 30, [removed: 2024,] [added: 2025,] was [removed: $87.4] [added: $87.1] billion.

At January [removed: 31, 2025,] [added: 30, 2026,] there were [removed: 1,293,525,167] [added: 1,281,845,669] shares of the registrant’s Class A Common Stock outstanding.

Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with its annual meeting of shareholders expected to be held on May [removed: 21, 2025] [added: 20, 2026] are incorporated by reference into Part III hereof.

| Item 1. | | | [removed: [Business](#i77f03d285834400ba37d8d8124081b72_16)] [added: [Business](#id0f78c590fa149f3bbb4d22a3bad1c64_16)] | | | [removed: [3](#i77f03d285834400ba37d8d8124081b72_16)] [added: [3](#id0f78c590fa149f3bbb4d22a3bad1c64_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i77f03d285834400ba37d8d8124081b72_19)] [added: Factors](#id0f78c590fa149f3bbb4d22a3bad1c64_19)] | | | [removed: [12](#i77f03d285834400ba37d8d8124081b72_19)] [added: [12](#id0f78c590fa149f3bbb4d22a3bad1c64_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i77f03d285834400ba37d8d8124081b72_22)] [added: Comments](#id0f78c590fa149f3bbb4d22a3bad1c64_22)] | | | [removed: [27](#i77f03d285834400ba37d8d8124081b72_22)] [added: [26](#id0f78c590fa149f3bbb4d22a3bad1c64_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#i77f03d285834400ba37d8d8124081b72_25)] [added: [Cybersecurity](#id0f78c590fa149f3bbb4d22a3bad1c64_25)] | | | [removed: [27](#i77f03d285834400ba37d8d8124081b72_25)] [added: [27](#id0f78c590fa149f3bbb4d22a3bad1c64_25)] | | |

| Item 2. | | | [removed: [Properties](#i77f03d285834400ba37d8d8124081b72_28)] [added: [Properties](#id0f78c590fa149f3bbb4d22a3bad1c64_28)] | | | [removed: [29](#i77f03d285834400ba37d8d8124081b72_28)] [added: [29](#id0f78c590fa149f3bbb4d22a3bad1c64_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i77f03d285834400ba37d8d8124081b72_31)] [added: Proceedings](#id0f78c590fa149f3bbb4d22a3bad1c64_31)] | | | [removed: [29](#i77f03d285834400ba37d8d8124081b72_31)] [added: [29](#id0f78c590fa149f3bbb4d22a3bad1c64_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i77f03d285834400ba37d8d8124081b72_34)] [added: Disclosures](#id0f78c590fa149f3bbb4d22a3bad1c64_34)] | | | [removed: [29](#i77f03d285834400ba37d8d8124081b72_34)] [added: [29](#id0f78c590fa149f3bbb4d22a3bad1c64_34)] | | |

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder [removed: Matters](#i77f03d285834400ba37d8d8124081b72_40) [](#i77f03d285834400ba37d8d8124081b72_40)[and] [added: Matters and] Issuer Purchases of Equity [removed: Securities](#i77f03d285834400ba37d8d8124081b72_40)] [added: Securities](#id0f78c590fa149f3bbb4d22a3bad1c64_40)] | | | [removed: [30](#i77f03d285834400ba37d8d8124081b72_40)] [added: [30](#id0f78c590fa149f3bbb4d22a3bad1c64_40)] | | |

| Item 6. | | | [removed: [Reserved](#i77f03d285834400ba37d8d8124081b72_43)] [added: [Reserved](#id0f78c590fa149f3bbb4d22a3bad1c64_43)] | | | [removed: [31](#i77f03d285834400ba37d8d8124081b72_43)] [added: [31](#id0f78c590fa149f3bbb4d22a3bad1c64_43)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations:](#i77f03d285834400ba37d8d8124081b72_46)] [added: Operations:](#id0f78c590fa149f3bbb4d22a3bad1c64_46)] | | | [removed: [32](#i77f03d285834400ba37d8d8124081b72_46)] [added: [32](#id0f78c590fa149f3bbb4d22a3bad1c64_46)] | | |

| | | | [Recent Developments and Significant [removed: Items Affecting Comparability](#i77f03d285834400ba37d8d8124081b72_49)] [added: Items](#id0f78c590fa149f3bbb4d22a3bad1c64_49)] | | | [removed: [32](#i77f03d285834400ba37d8d8124081b72_49)] [added: [32](#id0f78c590fa149f3bbb4d22a3bad1c64_49)] | | |

| | | | [Summary of [removed: Results](#i77f03d285834400ba37d8d8124081b72_55)] [added: Results](#id0f78c590fa149f3bbb4d22a3bad1c64_55)] | | | [removed: [36](#i77f03d285834400ba37d8d8124081b72_55)] [added: [41](#id0f78c590fa149f3bbb4d22a3bad1c64_55)] | | |

| | | | [Discussion and Analysis of Historical [removed: Results](#i77f03d285834400ba37d8d8124081b72_58)] [added: Results](#id0f78c590fa149f3bbb4d22a3bad1c64_58)] | | | [removed: [37](#i77f03d285834400ba37d8d8124081b72_58)] [added: [41](#id0f78c590fa149f3bbb4d22a3bad1c64_58)] | | |

| | | | [Liquidity and Capital [removed: Resources](#i77f03d285834400ba37d8d8124081b72_70)] [added: Resources](#id0f78c590fa149f3bbb4d22a3bad1c64_70)] | | | [removed: [54](#i77f03d285834400ba37d8d8124081b72_70)] [added: [49](#id0f78c590fa149f3bbb4d22a3bad1c64_70)] | | |

| | | | [Commodity [removed: Trends](#i77f03d285834400ba37d8d8124081b72_73)] [added: Trends](#id0f78c590fa149f3bbb4d22a3bad1c64_73)] | | | [removed: [56](#i77f03d285834400ba37d8d8124081b72_73)] [added: [51](#id0f78c590fa149f3bbb4d22a3bad1c64_73)] | | |

| | | | [Non-GAAP Financial [removed: Measures](#i77f03d285834400ba37d8d8124081b72_79)] [added: Measures](#id0f78c590fa149f3bbb4d22a3bad1c64_79)] | | | [removed: [57](#i77f03d285834400ba37d8d8124081b72_79)] [added: [37](#id0f78c590fa149f3bbb4d22a3bad1c64_79)] | | |

| | | | [Critical Accounting [removed: Estimates](#i77f03d285834400ba37d8d8124081b72_82)] [added: Estimates](#id0f78c590fa149f3bbb4d22a3bad1c64_82)] | | | [removed: [60](#i77f03d285834400ba37d8d8124081b72_82)] [added: [52](#id0f78c590fa149f3bbb4d22a3bad1c64_82)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i77f03d285834400ba37d8d8124081b72_85)] [added: Risk](#id0f78c590fa149f3bbb4d22a3bad1c64_85)] | | | [removed: [63](#i77f03d285834400ba37d8d8124081b72_85)] [added: [56](#id0f78c590fa149f3bbb4d22a3bad1c64_85)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data:](#i77f03d285834400ba37d8d8124081b72_88)] [added: Data:](#id0f78c590fa149f3bbb4d22a3bad1c64_88)] | | | [removed: [65](#i77f03d285834400ba37d8d8124081b72_88)] [added: [58](#id0f78c590fa149f3bbb4d22a3bad1c64_88)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i77f03d285834400ba37d8d8124081b72_91)] [added: Firm](#id0f78c590fa149f3bbb4d22a3bad1c64_91)] | | | [removed: [65](#i77f03d285834400ba37d8d8124081b72_91)] [added: [58](#id0f78c590fa149f3bbb4d22a3bad1c64_91)] | | |

| | | | [Consolidated Statements of Earnings for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i77f03d285834400ba37d8d8124081b72_94)] [added: 2023](#id0f78c590fa149f3bbb4d22a3bad1c64_94)] | | | [removed: [68](#i77f03d285834400ba37d8d8124081b72_94)] [added: [60](#id0f78c590fa149f3bbb4d22a3bad1c64_94)] | | |

| | | | [Consolidated Statements of Comprehensive Earnings for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i77f03d285834400ba37d8d8124081b72_97)] [added: 2023](#id0f78c590fa149f3bbb4d22a3bad1c64_97)] | | | [removed: [69](#i77f03d285834400ba37d8d8124081b72_97)] [added: [61](#id0f78c590fa149f3bbb4d22a3bad1c64_97)] | | |

| | | | [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#i77f03d285834400ba37d8d8124081b72_100)] [added: 2024](#id0f78c590fa149f3bbb4d22a3bad1c64_100)] | | | [removed: [70](#i77f03d285834400ba37d8d8124081b72_100)] [added: [62](#id0f78c590fa149f3bbb4d22a3bad1c64_100)] | | |

| | | | [Consolidated Statements of Equity for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i77f03d285834400ba37d8d8124081b72_103)] [added: 2023](#id0f78c590fa149f3bbb4d22a3bad1c64_103)] | | | [removed: [71](#i77f03d285834400ba37d8d8124081b72_103)] [added: [63](#id0f78c590fa149f3bbb4d22a3bad1c64_103)] | | |

| | | | [Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i77f03d285834400ba37d8d8124081b72_106)] [added: 2023](#id0f78c590fa149f3bbb4d22a3bad1c64_106)] | | | [removed: [72](#i77f03d285834400ba37d8d8124081b72_106)] [added: [64](#id0f78c590fa149f3bbb4d22a3bad1c64_106)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#i77f03d285834400ba37d8d8124081b72_109)] [added: Statements](#id0f78c590fa149f3bbb4d22a3bad1c64_109)] | | | [removed: [73](#i77f03d285834400ba37d8d8124081b72_109)] [added: [65](#id0f78c590fa149f3bbb4d22a3bad1c64_109)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i77f03d285834400ba37d8d8124081b72_166)] [added: Disclosure](#id0f78c590fa149f3bbb4d22a3bad1c64_166)] | | | [removed: [120](#i77f03d285834400ba37d8d8124081b72_166)] [added: [110](#id0f78c590fa149f3bbb4d22a3bad1c64_166)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i77f03d285834400ba37d8d8124081b72_169)] [added: Procedures](#id0f78c590fa149f3bbb4d22a3bad1c64_169)] | | | [removed: [120](#i77f03d285834400ba37d8d8124081b72_169)] [added: [110](#id0f78c590fa149f3bbb4d22a3bad1c64_169)] | | |

| Item 9B. | | | [Other [removed: Information](#i77f03d285834400ba37d8d8124081b72_172)] [added: Information](#id0f78c590fa149f3bbb4d22a3bad1c64_172)] | | | [removed: [121](#i77f03d285834400ba37d8d8124081b72_172)] [added: [111](#id0f78c590fa149f3bbb4d22a3bad1c64_172)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i77f03d285834400ba37d8d8124081b72_175)] [added: Inspections](#id0f78c590fa149f3bbb4d22a3bad1c64_175)] | | | [removed: [121](#i77f03d285834400ba37d8d8124081b72_175)] [added: [111](#id0f78c590fa149f3bbb4d22a3bad1c64_175)] | | |

| [removed: [Part III](#i77f03d285834400ba37d8d8124081b72_178)] | | | [added: [Part III](#id0f78c590fa149f3bbb4d22a3bad1c64_178)] | | | | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i77f03d285834400ba37d8d8124081b72_181)] [added: Governance](#id0f78c590fa149f3bbb4d22a3bad1c64_181)] | | | [removed: [122](#i77f03d285834400ba37d8d8124081b72_181)] [added: [112](#id0f78c590fa149f3bbb4d22a3bad1c64_181)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i77f03d285834400ba37d8d8124081b72_184)] [added: Compensation](#id0f78c590fa149f3bbb4d22a3bad1c64_184)] | | | [removed: [122](#i77f03d285834400ba37d8d8124081b72_184)] [added: [112](#id0f78c590fa149f3bbb4d22a3bad1c64_184)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and [removed: Management](#i77f03d285834400ba37d8d8124081b72_187) [](#i77f03d285834400ba37d8d8124081b72_187)[and] [added: Management and] Related Stockholder [removed: Matters](#i77f03d285834400ba37d8d8124081b72_187)] [added: Matters](#id0f78c590fa149f3bbb4d22a3bad1c64_187)] | | | [removed: [122](#i77f03d285834400ba37d8d8124081b72_187)] [added: [112](#id0f78c590fa149f3bbb4d22a3bad1c64_187)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i77f03d285834400ba37d8d8124081b72_190)] [added: Independence](#id0f78c590fa149f3bbb4d22a3bad1c64_190)] | | | [removed: [122](#i77f03d285834400ba37d8d8124081b72_190)] [added: [112](#id0f78c590fa149f3bbb4d22a3bad1c64_190)] | | |

| | | | [Part I](#id0f78c590fa149f3bbb4d22a3bad1c64_13) | | | | | |

| | | | [Part II](#id0f78c590fa149f3bbb4d22a3bad1c64_37) | | | | | |

| | | | [Business Trends](#id0f78c590fa149f3bbb4d22a3bad1c64_52) | | | [35](#id0f78c590fa149f3bbb4d22a3bad1c64_52) | | |

| | | | [Items Affecting Comparability of Financial Results](#id0f78c590fa149f3bbb4d22a3bad1c64_61) | | | [38](#id0f78c590fa149f3bbb4d22a3bad1c64_61) | | |

| | | | [Signatures](#id0f78c590fa149f3bbb4d22a3bad1c64_205) | | | [117](#id0f78c590fa149f3bbb4d22a3bad1c64_205) | | |

- restructuring actions and other transformation initiatives not yielding the anticipated benefits;

- changes in the assumptions on which restructuring actions or other transformation initiatives are based;

| | | | | | | | | |

| [Part I](#i77f03d285834400ba37d8d8124081b72_13) | | | | | | | | |

| [Part II](#i77f03d285834400ba37d8d8124081b72_37) | | | | | | | | |

| | | | [Financial Outlook](#i77f03d285834400ba37d8d8124081b72_52) | | | [35](#i77f03d285834400ba37d8d8124081b72_52) | | |

| | | | [Signatures](#i77f03d285834400ba37d8d8124081b72_205) | | | [128](#i77f03d285834400ba37d8d8124081b72_205) | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 26 | | |  | | |

Our Management Leadership Team, with oversight from the Board of Directors, has implemented a comprehensive cybersecurity program, including incident response process, aligned with the National Institute of Standards and Technology (NIST) Cybersecurity Framework and NIST Computer Security Incident Handling Guide (NIST SP 800-61) to assess, identify, address and manage risks from cybersecurity [removed: threats] [added: risks] that may result in material adverse effects on the confidentiality, integrity and availability of our business and information systems.

Our CISO is supported by a team of [removed: enterprise] information system security and risk professionals, including regional information security officers responsible for overseeing cybersecurity strategy and operations in each business unit.

The Cybersecurity Steering Committee has been established to meet and to discuss our cybersecurity risk management measures designed to identify and mitigate [added: data protection and cybersecurity risks, along with procedures and practices related to incident response, including escalation and notification.]

| | | | 27 | | | [removed: ] [added: ] | | |

We also leverage assessors, consultants, auditors and third-party service [removed: providers, including threat intelligence] [added: providers] to inform our understanding of the cybersecurity threat landscape and enable risk-based measures to defend against evolving threats.

[removed: While we] [added: We] have not experienced a known material information security breach [added: of our systems] nor incurred material breach-related expenses over the last three [removed: years,] [added: years; however,] there can be no guarantee that we will not be the subject of future cybersecurity threats or incidents.

| | | | 28 | | | [removed: ] [added: ] | | |

Additionally, we maintain cybersecurity insurance to mitigate costs that may be associated with a cybersecurity incident.

- Develop governance and roles, as well as escalation paths;

data protection and cybersecurity risks, along with procedures and practices related to incident response, including escalation and notification.

On December 31, [removed: 2024,] [added: 2025,] we had approximately [removed: 147] [added: 145] manufacturing and processing facilities in [removed: 46] [added: 49] countries and [removed: 107] [added: 101] principal distribution centers and warehouses worldwide that we owned or leased.

| Latin America (1) | | | [removed: 17] [added: 16] | | | | | | [removed: 16] [added: 13] | | |

| AMEA | | | 48 | | | | | | [removed: 24] [added: 22] | | |

| Europe | | | 61 | | | | | | [removed: 6] [added: 5] | | |

| North America | | | [removed: 21] [added: 20] | | | | | | 61 | | |

| Owned | | | 123 | | | | | | [removed: 13] [added: 12] | | |

| Leased | | | [removed: 24] [added: 22] | | | | | | [removed: 94] [added: 89] | | |

| | | | As of December 31, 2025 | | | | | | | | |

| Total | | | 145 | | | | | | 101 | | |

| Total | | | 145 | | | | | | 101 | | |

| | | | As of December 31, 2024 | | | | | | | | |

| Total | | | 147 | | | | | | 107 | | |

| | | | 29 | | | [removed: ] [added: ] | | |

Our Common Stock is listed on The Nasdaq Global Select Market under the symbol “MDLZ.” At January [removed: 31, 2025,] [added: 30, 2026,] there were [removed: 34,057] [added: 31,743] holders of record of our Common Stock.

[removed: ][added: ]

The Mondelēz International performance peer group consists of the following companies considered our market competitors or that have been selected on the basis of industry, global focus or industry leadership: Campbell Soup Company, The Coca-Cola Company, Colgate-Palmolive Company, Danone S.A., General Mills, Inc., The Hershey Company, [removed: Kellanova,] The Kraft Heinz Company, Nestlé S.A., PepsiCo, Inc., The Procter & Gamble Company and Unilever PLC.

| | | | 30 | | | [removed: ] [added: ] | | |

Our stock repurchase activity for each of the three months in the quarter ended December 31, [removed: 2024] [added: 2025] was:

| Period | | | | | | Total Number of Shares Purchased (1) | | | | | | Average Price Paid per Share (1) | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) (3) | | | | | | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs [removed: (2)] [added: (2) (4)] | | |

(1)The total number of shares purchased (and the average price paid per share) reflects: (i) shares purchased pursuant to the repurchase program described in (2) below; and (ii) shares tendered to us by employees who used shares to exercise options and to pay the related taxes for grants of deferred stock units that vested, totaling [removed: 3,497] [added: 17,533] shares, [removed: 1,818] [added: 1,378] shares and [removed: 34] [added: 210] shares for the [removed: fiscal] months of October, November and December [removed: 2024,] [added: 2025,] respectively.

[removed: (2)Dollar] [added: (4)Dollar] values stated in millions.

[removed: Effective] [added: (2)Effective] January 1, [removed: 2023,] [added: 2025,] our Board of Directors authorized a program for the repurchase of up to [removed: $6.0] [added: $9.0] billion of our Common Stock through December 31, [removed: 2025,] [added: 2027,] excluding excise [removed: tax.][added: taxes.]

[removed: See] [added: Refer to] related information in Note [removed: 13,] [added: 12,] *Capital Stock*.

[removed: Any] [added: (3)Any] excise tax incurred on share repurchases is recognized as part of the cost basis of the shares [removed: acquired in the consolidated statements of equity.][added: acquired.]

| 2020 | | | | | | $ | 100.00 | | | | | $ | 100.00 | | | | | $ | 100.00 | |

| 2021 | | | | | | 115.87 | | | | | | 128.71 | | | | | | 114.42 | | |

| 2022 | | | | | | 119.26 | | | | | | 105.40 | | | | | | 113.05 | | |

| 2023 | | | | | | 132.58 | | | | | | 133.10 | | | | | | 111.02 | | |

| 2024 | | | | | | 112.30 | | | | | | 166.40 | | | | | | 112.02 | | |

| 2025 | | | | | | 104.41 | | | | | | 196.16 | | | | | | 115.27 | | |

| October 1-31, 2025 | | | | | | 17,533 | | | | | | $ | 62.75 | | | | | — | | | | | | $ | 7,194 | |

| November 1-30, 2025 | | | | | | 1,777,595 | | | | | | 55.82 | | | | | | 1,776,217 | | | | | | 7,095 | | |

| December 1-31, 2025 | | | | | | 7,226,026 | | | | | | 54.42 | | | | | | 7,225,816 | | | | | | 6,702 | | |

| For the Quarter Ended December 31, 2025 | | | | | | 9,021,154 | | | | | | 54.71 | | | | | | 9,002,033 | | | | | | | | |

During the year ended December 31, 2025, we repurchased $2.3 billion, and as of December 31, 2025, we had approximately $6.7 billion in share repurchase authorization remaining.

| 2019 | | | | | | $ | 100.00 | | | | | $ | 100.00 | | | | | $ | 100.00 | |

| 2020 | | | | | | 108.58 | | | | | | 118.40 | | | | | | 109.42 | | |

| 2021 | | | | | | 125.82 | | | | | | 152.39 | | | | | | 125.09 | | |

| 2022 | | | | | | 129.50 | | | | | | 124.79 | | | | | | 123.92 | | |

| 2023 | | | | | | 143.96 | | | | | | 157.59 | | | | | | 121.46 | | |

| 2024 | | | | | | 121.94 | | | | | | 197.02 | | | | | | 123.32 | | |

| October 1-31, 2024 | | | | | | 3,497 | | | | | | $ | 79.25 | | | | | — | | | | | | $ | 3,266 | |

| November 1-30, 2024 | | | | | | 3,587,410 | | | | | | 64.43 | | | | | | 3,585,592 | | | | | | 3,035 | | |

| December 1-31, 2024 | | | | | | 15,935,293 | | | | | | 60.96 | | | | | | 15,935,259 | | | | | | 2,064 | | |

| For the Quarter Ended December 31, 2024 | | | | | | 19,526,200 | | | | | | $ | 61.60 | | | | | 19,520,851 | | | | | | | | |

During the year ended December 31, 2023, we repurchased approximately $1.6 billion of Common Stock pursuant to this authorization.

During the year ended December 31, 2024, we repurchased $2.4 billion.

On December 10, 2024, our Board of Directors authorized a new program for the repurchase of up to $9.0 billion of our Common Stock through December 31, 2027, excluding excise tax.

This authorization, effective January 1, 2025, replaced our prior share repurchase program.

(3)As of January 1, 2023, our share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act.

| | | | 31 | | | [removed: ] [added: ] | | |

We have audited the accompanying consolidated balance sheets of Mondelēz International, Inc. and its subsidiaries (the [removed: “Company”)] [added: "Company")] as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the related consolidated statements of earnings, [added: of] comprehensive earnings, [added: of] equity and [added: of] cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] including the related notes (collectively referred to as the [removed: “consolidated] [added: "consolidated] financial [removed: statements”).][added: statements").]

We also have audited the Company's internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2023] [added: 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

| | | | [removed: 65] [added: 58] | | | [removed: ] [added: ] | | |

A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made [removed: only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.]

*Indefinite-Life Intangible Assets Annual [added: Quantitative] Impairment Assessments for Certain Brand Names*

As described in Notes 1 and 6 to the consolidated financial statements, the Company’s consolidated indefinite-life intangible assets balance was [removed: $17.8] [added: $18.6] billion as of December 31, [removed: 2024, which consists principally] [added: 2025,] of [added: which a portion relates to certain] brand names.

Management [removed: estimates fair value using] [added: uses] several accepted valuation methods, including relief from royalty, excess earnings and excess margin, that utilize estimates of future sales, earnings growth rates, royalty rates and discount rates to [removed: determine a brand name’s] [added: estimate] fair value.

The principal considerations for our determination that performing procedures relating to the indefinite-life intangible assets annual [added: quantitative] impairment assessments for certain brand names is a critical audit matter are (i) the significant judgment by management when developing the fair value [added: estimate] of the indefinite-life intangible assets [added: using the relief from royalty method] for certain brand names; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating [added: certain of] management’s significant assumptions [added: used in the relief from royalty method] related to estimates of future sales, earnings growth rates, royalty rates, and discount rates for certain brand names; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

These procedures included testing the effectiveness of controls relating to the indefinite-life intangible assets impairment assessments, including controls over the annual valuation of certain brand [removed: names.][added: names using the relief from royalty method.]

These procedures also included, among [removed: others] [added: others, for certain brand names] (i) testing management’s process for developing the fair value [added: estimate] of the indefinite-life intangible assets [removed: for certain brand names;] [added: using the relief from royalty method;] (ii) evaluating the appropriateness of the [removed: valuation methods;] [added: relief from royalty method;] (iii) testing the completeness and accuracy of underlying data used in the [removed: valuation methods;] [added: relief from royalty method;] and (iv) evaluating the reasonableness of [added: certain of] the significant assumptions used by management [added: in the relief from royalty method] related to estimates of future sales, earnings growth rates, royalty rates, and discount rates.

| | | | [removed: 66] [added: 59] | | | [removed: ] [added: ] | | |

[added: Professionals with] specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the [removed: Company’s valuation methods] [added: relief from royalty method] and (ii) the reasonableness of the royalty rate and discount rate significant assumptions.

[added: |] February [removed: 5,] [added: 19,] 2025 [added: | | | — | | | | | | — | | | | | | 1,500 | | | | | | — | | |]

| | | | [removed: 67] [added: 60] | | | [removed: ] [added: ] | | |

| | | | [removed: 2024] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net revenues | | | $ | [removed: 36,441] [added: 38,537] | | | | | $ | [removed: 36,016] [added: 36,441] | | | | | $ | [removed: 31,496] [added: 36,016] | |

| Cost of sales | | | [removed: (22,184)] [added: (27,602)] | | | | | | [removed: (22,252)] [added: (22,184)] | | | | | | [removed: (20,184)] [added: (22,252)] | | |

| Gross profit | | | [removed: 14,257] [added: 10,935] | | | | | | [removed: 13,764] [added: 14,257] | | | | | | [removed: 11,312] [added: 13,764] | | |

| Selling, general and administrative expenses | | | [removed: (7,439)] [added: (7,173)] | | | | | | [removed: (8,002)] [added: (7,439)] | | | | | | [removed: (7,384)] [added: (8,002)] | | |

| Asset [removed: impairment] [added: impairments] and exit costs | | | [removed: (324)] [added: (85)] | | | | | | [removed: (217)] [added: (324)] | | | | | | [removed: (262)] [added: (217)] | | |

| Gain on [removed: acquisition and] divestitures [added: and acquisition] | | | [removed: 4] [added: 13] | | | | | | [removed: 108] [added: 4] | | | | | | [removed: —] [added: 108] | | |

| Amortization of intangible assets | | | [removed: (153)] [added: (142)] | | | | | | [removed: (151)] [added: (153)] | | | | | | [removed: (132)] [added: (151)] | | |

| Operating income | | | [removed: 6,345] [added: 3,548] | | | | | | [removed: 5,502] [added: 6,345] | | | | | | [removed: 3,534] [added: 5,502] | | |

| Benefit plan non-service [removed: income] [added: (expense)/income] | | | [removed: 96] [added: (252)] | | | | | | [removed: 82] [added: 96] | | | | | | [removed: 117] [added: 82] | | |

| Interest and other expense, net | | | [removed: (180)] [added: (282)] | | | | | | [removed: (310)] [added: (180)] | | | | | | [removed: (423)] [added: (310)] | | |

| Gain on marketable securities | | | — | | | | | | [removed: 606] [added: —] | | | | | | [removed: —] [added: 606] | | |

| Earnings before income taxes | | | [removed: 6,261] [added: 3,014] | | | | | | [removed: 5,880] [added: 6,261] | | | | | | [removed: 3,228] [added: 5,880] | | |

| Income tax provision | | | [removed: (1,469)] [added: (782)] | | | | | | [removed: (1,537)] [added: (1,469)] | | | | | | [removed: (865)] [added: (1,537)] | | |

| [removed: (Loss)/gain] [added: Loss/(gain)] on equity method investment transactions | | | [removed: (337)] [added: —] | | | | | | [removed: 465] [added: 337] | | | | | | [removed: (22)] [added: (465)] | | |

| Equity method investment net earnings | | | [removed: 168] [added: 65] | | | | | | [removed: 160] [added: 168] | | | | | | [removed: 385] [added: 160] | | |

| Net earnings | | | [removed: 4,623] [added: 2,466] | | | | | | [removed: 4,968] [added: 4,623] | | | | | | [removed: 2,726] [added: 4,968] | | |

| less: Noncontrolling interest earnings | | | [removed: (12)] [added: (15)] | | | | | | [removed: (9)] [added: (12)] | | | | | | (9) | | |

| Net earnings attributable to Mondelēz International | | | $ | [removed: 4,611] [added: 2,451] | | | | | $ | [removed: 4,959] [added: 4,611] | | | | | $ | [removed: 2,717] [added: 4,959] | |

| Basic earnings per share attributable to Mondelēz International | | | $ | [removed: 3.44] [added: 1.89] | | | | | $ | [removed: 3.64] [added: 3.44] | | | | | $ | [removed: 1.97] [added: 3.64] | |

| Diluted earnings per share attributable to Mondelēz International | | | $ | [removed: 3.42] [added: 1.89] | | | | | $ | [removed: 3.62] [added: 3.42] | | | | | $ | [removed: 1.96] [added: 3.62] | |

| | | | [removed: 68] [added: 61] | | | [removed: ] [added: ] | | |

| Net earnings | | | $ | [removed: 4,623] [added: 2,466] | | | | | $ | [removed: 4,968] [added: 4,623] | | | | | $ | [removed: 2,726] [added: 4,968] | |

| Currency translation adjustment | | | [removed: (1,453)] [added: 861] | | | | | | [removed: 229] [added: (1,453)] | | | | | | [removed: (725)] [added: 229] | | |

only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Management tests indefinite-life intangible assets for impairment on an annual basis on July 1 or whenever events or changes in circumstances indicate that the fair value of the indefinite-life intangible asset is more likely than not below its carrying value.

February 4, 2026

| Net earnings | | | — | | | | | | — | | | | | | 2,451 | | | | | | — | | | | | | — | | | | | | 15 | | | | | | 2,466 | | |

| Balances at December 31, 2025 | | | $ | — | | | | | $ | 32,322 | | | | | $ | 36,413 | | | | | $ | (11,364) | | | | | $ | (31,533) | | | | | $ | 53 | | | | | $ | 25,891 | |

| Net earnings | | | $ | 2,466 | | | | | $ | 4,623 | | | | | $ | 4,968 | |

| Increase | | | 795 | | | | | | (484) | | | | | | (64) | | |

Additionally, we also consider for consolidation, entities where we may have controlling financial interests that do not involve ownership interests, voting rights or significant financial support.

Such an entity, is known as a variable interest entity (“VIE”) and is required to be consolidated by its primary beneficiary.

We hold a variable interest in a VIE due to an exclusive supply arrangement.

We are not the primary beneficiary as we do not have the power to direct the activities of the VIE that most significantly impact its economic performance.

We record currency translation adjustments within equity as a component of other comprehensive earnings/(losses).

Currency transaction gains and losses from the remeasurement of monetary assets and liabilities denominated in a currency other than the subsidiary’s functional currency are recorded in earnings.

It requires our U.S. dollar reporting currency to be considered the functional currency of our subsidiaries in highly inflationary economies.

Monetary assets and liabilities of subsidiaries in highly inflationary economies that are denominated in local currency must be remeasured into the U.S. dollar each period, with currency remeasurement gains or losses recorded in earnings.

| Balance at December 31, 2025 | | | $ | (35) | | | | | $ | (35) | | | | | $ | (18) | |

Definite-life intangible assets are amortized by the straight-line method over their estimated useful lives.

In those circumstances, we group assets and liabilities at the lowest level such that the identifiable cash flows relating to the group are largely independent of the cash flows of other assets and liabilities.

The carrying values of the assets or asset groups are compared with the related estimated undiscounted future cash flows to determine if an impairment exists.

If the asset or asset group is impaired, the related impairment charge is measured as the amount by which the carrying value of the asset (or asset group) exceeds its fair value.

We classify our leases as operating or finance leases at the lease commencement date.

Finance leases are generally those leases for which we will pay substantially all of the underlying asset’s fair value or will use the asset for all or a major part of its economic life, including circumstances in which we will ultimately own the asset.

All other leases are classified as operating leases.

For finance leases, we recognize interest expense using the effective interest method and we recognize amortization expense on the right-of-use (“ROU”) asset over the shorter of the lease term or the useful life of the leased asset.

For operating leases, we recognize lease cost on a straight-line basis over the term of the lease.

Interest expense on finance leases is recorded in interest and other expense, net.

Contingent consideration arrangements are subsequently remeasured to fair value each reporting period, with changes in fair value recognized in earnings.

We test goodwill and indefinite-life intangible assets for impairment on an annual basis on July 1 or whenever events or changes in circumstances indicate that the fair value of the reporting unit or indefinite-life intangible asset is more likely than not below its carrying value.

We have the option to assess goodwill for impairment by initially performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value.

If we determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then the quantitative goodwill impairment test is not required to be performed.

If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, or if we elect not to perform an initial qualitative assessment, we perform a quantitative goodwill impairment test by comparing the estimated fair value of the reporting unit to its carrying value.

We have the option to assess our indefinite-life intangible assets (primarily brand intangible assets) by initially performing qualitative assessments to determine whether it is more likely than not that the fair values of the indefinite-life intangible assets are less than their carrying values.

If we determine that it is more likely than not that an indefinite-life intangible asset is impaired, or if we elect not to perform an initial qualitative assessment, we perform a quantitative impairment test by comparing the estimated fair value of the indefinite-life intangible asset to its carrying value.

*Derivative Instruments and Hedging Activities*

Derivatives are presented on a gross basis and are classified as short-term or long-term based on the maturity date of the instrument.

We designate certain of our derivative contracts as hedging instruments in cash flow and net investment hedges.

Gains and losses on cash flow hedges are classified in the same manner as the hedged item, primarily within interest and other expense, net.

We have designated certain foreign currency and cross-currency swap derivative contracts, as well as certain of our non-U.S. dollar debt, as hedges of our net investments in certain of our foreign operations.

We assess the effectiveness of net investment hedge relationships based on spot rates and amortize the initial value attributable to the excluded component to earnings over the life of the hedging instrument within interest and other expense, net.

For derivatives that are not designated as accounting hedges (“economic hedges”), which include all of our commodity derivative contracts and certain of our foreign currency and interest rate derivative contracts, gains and losses are recorded in earnings.

As described in the Report of Management on Internal Control Over Financial Reporting, management has excluded Evirth (Shanghai) Industrial Co., Ltd (“Evirth”) from its assessment of internal control over financial reporting as of December 31, 2024 because it was acquired by the Company in a purchase business combination during 2024.

We have also excluded Evirth from our audit of internal control over financial reporting.

Evirth is a majority-owned subsidiary whose total assets and total net revenues excluded from management’s assessment and our audit of internal control over financial reporting represent 0.37% and 0.19%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

At least annually management assesses indefinite-life intangible assets for impairment and if significant potential impairment risk exists for a specific asset, management quantitatively tests the asset for impairment by comparing its estimated fair value with its carrying value.

Professionals with

| Balances at January 1, 2022 | | | $ | — | | | | | $ | 32,097 | | | | | $ | 30,806 | | | | | $ | (10,624) | | | | | $ | (24,010) | | | | | $ | 54 | | | | | $ | 28,323 | |

| Net earnings | | | — | | | | | | — | | | | | | 2,717 | | | | | | — | | | | | | — | | | | | | 9 | | | | | | 2,726 | | |

| Decrease | | | (484) | | | | | | (64) | | | | | | (1,605) | | |

Investments over which we do not have significant influence or control are not material and as there is no readily determinable fair value for the equity interests, these investments are carried at cost with changes in the investment recognized to the extent cash is received.

*War in Ukraine*

In February 2022, Russia began a military invasion of Ukraine and we closed our operations and facilities in Ukraine.

In March 2022, our two Ukrainian manufacturing facilities in Trostyanets and Vyshhorod were significantly damaged.

During the first quarter of 2022, we evaluated and impaired these and other related assets.

We recorded $143 million of total expenses ($145 million after-tax) incurred as a direct result of the war.

We reversed $22 million during the remainder of 2022 of previously recorded charges primarily as a result of higher than expected collection of trade receivables and inventory recoveries.

In the second quarter of 2024, we fully resumed production at both facilities after completing targeted repairs.

We continue to consolidate both our Ukrainian and Russian subsidiaries and continue to evaluate our ability to control our operating activities and businesses on an ongoing basis.

We continue to evaluate the uncertainty of the ongoing effects of the war in Ukraine and its impact on the global economic environment, and we cannot predict if it will have a significant impact in the future.

We record currency translation adjustments as a component of equity (except for highly inflationary currencies) and realized exchange gains and losses on transactions in earnings.

It requires the remeasurement of financial statements of subsidiaries in the country, from the functional currency of the subsidiary to our U.S. dollar reporting currency, with currency remeasurement gains or losses recorded in earnings.

At this time, within our consolidated entities, Argentina, Türkiye, Egypt and Nigeria are accounted for as highly inflationary economies.

| Recoveries of amounts previously written off | | | (1) | | | | | | — | | | | | | (1) | | |

The

We review long-lived assets, including definite-life intangible assets, for realizability on an ongoing basis.

We amortize definite-life intangible assets over their estimated useful lives and evaluate them for impairment as we do other long-lived assets.

In those circumstances, we perform undiscounted operating cash flow analyses for asset groups at the lowest level for which cash flows are separately identifiable to determine if an impairment exists.

Any impairment loss is calculated as the excess of the asset’s carrying value over its estimated fair value.

Fair value is estimated based on the discounted cash flows for the asset group over the remaining useful life or based on the expected cash proceeds for the asset less costs of disposal.

The non-recurring fair value measurement is classified as Level 3 as no fair value inputs are observable.

Interest expense is recorded over the lease term and is recorded in interest expense (based on a front-loaded interest expense pattern) for finance leases and is recorded in cost of sales or selling, general and administrative expenses for operating leases.

Finance lease ROU assets are presented in property, plant and equipment and the related finance lease liabilities are presented in the current portion of long-term debt and long-term debt.

consolidated statement of cash flows.

We test goodwill and indefinite-life intangible assets for impairment on an annual basis on July 1.

We assess goodwill impairment risk throughout the year by performing a qualitative review of entity-specific, industry, market and general economic factors affecting our goodwill reporting units.

Annually, we may perform qualitative testing, or depending on factors such as prior year test results, current year developments, current risk evaluations and other practical considerations, we may elect to do quantitative testing instead.

In our quantitative testing, we compare a reporting unit’s estimated fair value with its carrying value.

Annually, we assess indefinite-life intangible assets for impairment by performing a qualitative review and assessing events and circumstances that could affect the fair value or carrying value of these intangible assets.

If potential impairment risk exists for a specific asset, we quantitatively test it for impairment by comparing its estimated fair value with its carrying value.

Management, together with our CEO and CFO, evaluated the effectiveness of the Company’s disclosure controls and procedures as of December 31, [removed: 2024.][added: 2025.]

Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of December 31, [removed: 2024.][added: 2025.]

Management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on this assessment, management concluded that the Company’s internal control over financial reporting is effective as of December 31, [removed: 2024,] [added: 2025,] based on the criteria in *Internal Control Integrated Framework* issued by the COSO.

PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] as stated in their report that appears under Item 8.

| | | | [removed: 120] [added: 110] | | | [removed: ] [added: ] | | |

Management, together with our CEO and CFO, evaluated the changes in our internal control over financial reporting during the quarter ended December 31, [removed: 2024.][added: 2025.]

There were no changes in our internal control over financial reporting during the quarter ended December 31, [removed: 2024,] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

The scope of Management’s assessment of internal control over financial reporting excludes Evirth as it was acquired in 2024.

The total assets and total net revenues of Evirth represent 0.37% and 0.19% of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.

February 5, 2025

[removed: *(c) Insider] [added: *Insider] Trading Arrangements*

During the quarter ended December 31, [removed: 2024,] [added: 2025,] no such plans or other arrangements were adopted or terminated.

| | | | [removed: 121] [added: 111] | | | [removed: ] [added: ] | | |

The information required under this item, with the exception of “Information About Our Executive Officers” and “Ethics and Governance” located under Item 1, “Business” of this Annual Report on Form 10-K, is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

Information required by this Item 10 is included under the heading “Information about our Executive Officers” in Part I, Item 1 of this Form 10-K, as well as under the headings “Election of Directors,” “Corporate Governance – Governance Guidelines,” “Corporate Governance – Codes of Conduct,” “Board Committees and Membership – Audit Committee” and “Ownership of Equity Securities – Delinquent Section 16(a) Reports” in our definitive Proxy Statement for our Annual Meeting of Shareholders scheduled to be held on May 21, 2025 (“2025 Proxy Statement”).

All of this information from the 2025 Proxy Statement is incorporated by reference into this Annual Report.

Mondelēz International has adopted a comprehensive insider trading policy governing the purchase, sale and other dispositions of its securities by directors, officers, employees, and other designated individuals, which is designed to promote compliance with all applicable insider trading laws, rules and regulations.

A copy of this policy is filed as Exhibit 19.1 to this Form 10-K.

The information required under this item is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

Information required by this Item 11 is included under the headings “Board Committees and Membership – People and Compensation Committee,” “Compensation of Non-Employee Directors,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “People and Compensation Committee Report for the Year Ended December 31, 2024” and “CEO Pay Ratio” in our 2025 Proxy Statement.

All of this information is incorporated by reference into this Annual Report.

The number of shares to be issued upon exercise or vesting of grants issued under, and the number of shares remaining available for future issuance under, our equity compensation plans at December 31, [removed: 2024] [added: 2025] were:

| Equity compensation plans approved by security holders | | | [removed: 21,015,743] [added: 21,059,043] | | | | | | [removed: $54.51] [added: $57.17] | | | | | | [removed: 50,900,000] [added: 47,000,000] | | |

The information required under this item is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

Information related to the security ownership of certain beneficial owners and management is included in our 2025 Proxy Statement under the heading “Ownership of Equity Securities” and is incorporated by reference into this Annual Report.

The information required under this item is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

Information required by this Item 13 is included under the headings “Corporate Governance – Director Independence” and “Corporate Governance – Review of Transactions with Related Persons” in our 2025 Proxy Statement.

All of this information is incorporated by reference into this Annual Report.

| | | | [removed: 122] [added: 112] | | | [removed: ] [added: ] | | |

The information required under this item is incorporated by reference to the Company’s definitive proxy statement pursuant to Regulation 14A, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the Company’s fiscal year ended December 31, 2025.

Information required by this Item 14 is included under the heading “Board Committees and Membership – Audit Committee” in our 2025 Proxy Statement.

All of this information is incorporated by reference into this Annual Report.

| [Report of Independent Registered Public Accounting [removed: Firm](#i77f03d285834400ba37d8d8124081b72_91)] [added: Firm](#id0f78c590fa149f3bbb4d22a3bad1c64_91)] (PCAOB ID 238) | | | [removed: [65](#i77f03d285834400ba37d8d8124081b72_91)] [added: [58](#id0f78c590fa149f3bbb4d22a3bad1c64_91)] | | |

| [Consolidated Statements of Earnings for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i77f03d285834400ba37d8d8124081b72_94)] [added: 2023](#id0f78c590fa149f3bbb4d22a3bad1c64_94)] | | | [removed: [68](#i77f03d285834400ba37d8d8124081b72_94)] [added: [60](#id0f78c590fa149f3bbb4d22a3bad1c64_94)] | | |

| [Consolidated Statements of Comprehensive Earnings for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i77f03d285834400ba37d8d8124081b72_97)] [added: 2023](#id0f78c590fa149f3bbb4d22a3bad1c64_97)] | | | [removed: [69](#i77f03d285834400ba37d8d8124081b72_97)] [added: [61](#id0f78c590fa149f3bbb4d22a3bad1c64_97)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2024] [added: 2025] and [removed: 2023](#i77f03d285834400ba37d8d8124081b72_100)] [added: 2024](#id0f78c590fa149f3bbb4d22a3bad1c64_100)] | | | [removed: [70](#i77f03d285834400ba37d8d8124081b72_100)] [added: [62](#id0f78c590fa149f3bbb4d22a3bad1c64_100)] | | |

| [Consolidated Statements of Equity for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i77f03d285834400ba37d8d8124081b72_103)] [added: 2023](#id0f78c590fa149f3bbb4d22a3bad1c64_103)] | | | [removed: [71](#i77f03d285834400ba37d8d8124081b72_103)] [added: [63](#id0f78c590fa149f3bbb4d22a3bad1c64_103)] | | |

| [Consolidated Statements of Cash Flows for the Years Ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022](#i77f03d285834400ba37d8d8124081b72_106)] [added: 2023](#id0f78c590fa149f3bbb4d22a3bad1c64_106)] | | | [removed: [72](#i77f03d285834400ba37d8d8124081b72_106)] [added: [64](#id0f78c590fa149f3bbb4d22a3bad1c64_106)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i77f03d285834400ba37d8d8124081b72_109)] [added: Statements](#id0f78c590fa149f3bbb4d22a3bad1c64_109)] | | | [removed: [73](#i77f03d285834400ba37d8d8124081b72_109)] [added: [65](#id0f78c590fa149f3bbb4d22a3bad1c64_109)] | | |

| 2.1 | | | | | | [Separation and Distribution Agreement between the Registrant and Kraft Foods Group, Inc., dated as of September 27, 2012 (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 1, [removed: 2012)](https://www.sec.gov/Archives/edgar/data/1103982/000119312512411522/d418430dex21.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000119312512411522/d418430dex21.htm)] [added: 2012).](https://www.sec.gov/Archives/edgar/data/1103982/000119312512411522/d418430dex21.htm)] | | | | | | | | |

| 2.2 | | | | | | [Canadian Asset Transfer Agreement, by and between Mondelez Canada Inc. and Kraft Canada Inc., dated as of September 29, 2012 (incorporated by reference to Exhibit 2.3 to the Registrant’s Annual Report on Form 10-K filed with the SEC on February 25, [removed: 2013)](https://www.sec.gov/Archives/edgar/data/1103982/000119312513073227/d456052dex23.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000119312513073227/d456052dex23.htm)] [added: 2013).](https://www.sec.gov/Archives/edgar/data/1103982/000119312513073227/d456052dex23.htm)] | | | | | | | | |

| 4.7 | | | | | | [Indenture, by and between [removed: Mondel](https://www.sec.gov/Archives/edgar/data/1103982/000119312516750814/d281401dex41.htm)[e](https://www.sec.gov/Archives/edgar/data/1103982/000119312516750814/d281401dex41.htm)[z] [added: Mondelez] International Holdings Netherlands B.V, the Registrant and Deutsche Bank Trust Company Americas, dated as of October 28, 2016 (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 28, 2016).](https://www.sec.gov/Archives/edgar/data/1103982/000119312516750814/d281401dex41.htm) | | | | | | | | |

| | | | [removed: 123] [added: 113] | | | [removed: ] [added: ] | | |

| 4.8 | | | | | | [removed: [First] [added: [Second] Supplemental Indenture, dated as of [removed: September 19,] [added: October 2,] 2019, by and among [removed: Mondel](https://www.sec.gov/Archives/edgar/data/1103982/000119312519249830/d807102dex42.htm)[e](https://www.sec.gov/Archives/edgar/data/1103982/000119312519249830/d807102dex42.htm)[z] [added: Mondelez] International Holdings Netherlands B.V., as issuer, Mondelēz International, Inc., as guarantor, and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on [removed: September 20, 2019).](https://www.sec.gov/Archives/edgar/data/1103982/000119312519249830/d807102dex42.htm)] [added: October 2, 2019).](https://www.sec.gov/Archives/edgar/data/1103982/000119312519260755/d804026dex42.htm)] | | | | | | | | |

| 4.9 | | | | | | [removed: [Second] [added: [Third] Supplemental Indenture, dated as of [removed: October 2, 2019,] [added: September 22, 2020,] by and among Mondelez International Holdings Netherlands B.V., as issuer, Mondelēz International, Inc., as guarantor, and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on [removed: October 2, 2019).](https://www.sec.gov/Archives/edgar/data/1103982/000119312519260755/d804026dex42.htm)] [added: September 24, 2020).](https://www.sec.gov/Archives/edgar/data/1103982/000119312520253361/d69877dex42.htm)] | | | | | | | | |

| [removed: 4.10] [added: 4.11] | | | | | | [removed: [Third] [added: [Fifth] Supplemental Indenture, dated as of September [removed: 22, 2020,] [added: 24, 2021,] by and among Mondelez International Holdings Netherlands B.V., as issuer, Mondelēz International, Inc., as guarantor, and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.2 to the [removed: Registrant’s] [added: Registrant's] Current Report on Form 8-K filed with the SEC on September 24, [removed: 2020).](https://www.sec.gov/Archives/edgar/data/1103982/000119312520253361/d69877dex42.htm)] [added: 2021).](https://www.sec.gov/Archives/edgar/data/1103982/000119312521282494/d205090dex42.htm)] | | | | | | | | |

| [removed: 4.11] [added: 4.10] | | | | | | [Fourth Supplemental Indenture, dated as of September 9, 2021, by and among Mondelez International Holdings Netherlands B.V., as issuer, Mondelēz International, Inc., as guarantor, and Deutsche Bank Trust Company Americas, as trustee, paying agent, transfer agent and registrar (incorporated by reference to Exhibit 4.2 to the Registrant's Current Report on Form 8-K filed with the SEC on September 13, 2021).](https://www.sec.gov/Archives/edgar/data/1103982/000119312521270208/d224864dex42.htm) | | | | | | | | |

| 4.12 | | | | | | [removed: [Fifth] [added: [Sixth] Supplemental Indenture, dated as of September [removed: 24, 2021,] [added: 15, 2022,] by and among Mondelez International Holdings Netherlands B.V., as issuer, Mondelēz International, Inc., as guarantor, and Deutsche Bank Trust Company Americas, as trustee (incorporated by reference to Exhibit 4.2 to the [removed: Registrant's] [added: Registrant’s] Current Report on Form 8-K filed with the SEC on September [removed: 24, 2021).](https://www.sec.gov/Archives/edgar/data/1103982/000119312521282494/d205090dex42.htm)] [added: 16, 2022)](https://www.sec.gov/Archives/edgar/data/1103982/000119312522246483/d364250dex42.htm).] | | | | | | | | |

| 10.1 | | | | | | [removed: [364-Day] [added: [364 Day] Revolving Credit Agreement, dated [added: as of] February [removed: 21, 2024,] [added: 19, 2025,] by and among Mondelēz International, Inc., the lenders named [removed: therein] [added: therein,] and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 to the [removed: Registrant’s] [added: Registrants] Current Report on Form 8-K filed with the SEC on February [removed: 21, 2024)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000027/ex_101.htm).] [added: 20, 2025).](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000065/ex101_2x19x25.htm)] | | | | | | | | |

| 10.2 | | | | | | [removed: [Five-Year] [added: [Five Year] Revolving Credit Agreement, dated [added: as of] February [removed: 23, 2022,] [added: 19, 2025,] by and among Mondelēz International, Inc., the lenders named [removed: therein] [added: therein,] and JPMorgan Chase Bank, [removed: N.A.,] [added: N.A](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000065/ex102_2x19x25.htm)[.,] as Administrative Agent (incorporated by reference to Exhibit 10.2 to the [removed: Registrant’s] [added: Registrants] Current Report on Form 8-K filed with the SEC on February [removed: 23, 2022).](https://www.sec.gov/Archives/edgar/data/1103982/000119312522049955/d320598dex102.htm)] [added: 20, 2025).](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000065/ex102_2x19x25.htm)] | | | | | | | | |

| 10.3 | | | | | | [removed: [Revolving Credit] [added: [Tax Sharing and Indemnity] Agreement, [removed: dated April 6, 2023,] by and [removed: among Mondelēz International, Inc.,] [added: between] the [removed: lenders named therein] [added: Registrant] and [removed: Mizuho Bank, Ltd.,] [added: Kraft Foods Group, Inc., dated] as [removed: Administrative Agent] [added: of September 27, 2012] (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on [removed: April 6, 2023](https://www.sec.gov/Archives/edgar/data/1103982/000119312523094173/d451281dex101.htm)).] [added: October 1, 2012).](https://www.sec.gov/Archives/edgar/data/1103982/000119312512411522/d418430dex101.htm)] | | | | | | | | |

| [removed: 10.4] [added: 10.35] | | | | | | [removed: [Tax Sharing and Indemnity Agreement, by and] [added: [Offer of Employment Letter,] between the Registrant and [removed: Kraft Foods Group, Inc.,] [added: Dirk Van de Put,] dated [removed: as of September] [added: July] 27, [removed: 2012] [added: 2017] (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on [removed: October 1, 2012).](https://www.sec.gov/Archives/edgar/data/1103982/000119312512411522/d418430dex101.htm)] [added: August 2, 2017).](https://www.sec.gov/Archives/edgar/data/1103982/000119312517244953/d627607dex101.htm)+] | | | | | | | | |

| [removed: 10.5] [added: 10.4] | | | | | | [Mondelēz International, Inc. Amended and Restated 2005 Performance Incentive Plan, amended and restated as of February 3, 2017 (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on May 3, 2017).](https://www.sec.gov/Archives/edgar/data/1103982/000119312517155252/d346910dex102.htm)+ | | | | | | | | |

| [removed: 10.6] [added: 10.5] | | | | | | [First Amendment of the Mondelēz International, Inc. Amended and Restated 2005 Performance Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex101_63024.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex101_63024.htm)[(incorporated] [added: Plan (incorporated] by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on July 30, [removed: 2024)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex101_63024.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex101_63024.htm)+] [added: 2024).](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex101_63024.htm)+] | | | | | | | | |

| [removed: 10.7] [added: 10.6] | | | | | | [Mondelēz International, Inc. 2024 Performance Incentive [removed: Plan](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000071/ex43.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000071/ex43.htm)[(incorporated] [added: Plan (incorporated] by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-8 filed with the SEC on May 22, 2024)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000071/ex43.htm).+ | | | | | | | | |

| [removed: 10.8] [added: 10,8] | | | | | | [removed: [2022] [added: [2024] Form of Mondelēz International, Inc. Amended and Restated 2005 Performance Incentive Plan Non-Qualified Global Stock [removed: Option] [added: Options] Agreement (incorporated by reference to Exhibit [removed: 10.4] [added: 10.2] to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April [removed: 26, 2022).](https://www.sec.gov/Archives/edgar/data/1103982/000110398222000007/ex104_33122.htm)+] [added: 30, 2024).](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm)+] | | | | | | | | |

| [removed: 10.9] [added: 10.7] | | | | | | [2023 Form of Amended and Restated 2005 Performance Incentive Plan Non-Qualified Global Stock Options Agreement (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 27, 2023).](https://www.sec.gov/Archives/edgar/data/1103982/000110398223000018/ex102_33123.htm)+ | | | | | | | | |

| [removed: 10.10] [added: 10.18] | | | | | | [2024 Form of Mondelēz International, Inc. Amended and Restated 2005 Performance Incentive Plan [removed: Non-Qualified] Global [added: Deferred] Stock [removed: Options Agreement](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm)[(incorporated] [added: Unit Agreement (incorporated] by reference to Exhibit [removed: 10.2] [added: 10.4] to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on [removed: April](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm) [30](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm)[4](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm)[)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex102_33124.htm)+] [added: April 30, 2024.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex104_33124.htm)+] | | | | | | | | |

| [removed: 10.11] [added: 10.9] | | | | | | [2024 Form of Mondelēz International, Inc. 2024 Performance Incentive Plan Non-Qualified Global Stock Options [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex103_63024.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex103_63024.htm)[(incorporated] [added: Agreement (incorporated] by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex103_63024.htm)[3](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex103_63024.htm) [to] [added: 10.3 to] the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on July 30, [removed: 2024)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex103_63024.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex103_63024.htm)+] [added: 2024).](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex103_63024.htm)+] | | | | | | | | |

| [removed: 10.12] [added: 10.10] | | | | | | [2024 Form of Mondelēz International, Inc. 2024 Performance Incentive Plan Non-Qualified Global Stock Options Agreement (California [removed: Agreement)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex104_63024.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex104_63024.htm)[(incorporated] [added: Agreement) (incorporated] by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex104_63024.htm)[4](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex104_63024.htm) [to] [added: 10.4 to] the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on July 30, [removed: 2024)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex104_63024.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex104_63024.htm)+] [added: 2024).](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex104_63024.htm)+] | | | | | | | | |

| | | | [removed: 124] [added: 114] | | | [removed: ] [added: ] | | |

| 10.13 | | | | | | [removed: [2022] [added: [2024] Form of Mondelēz International, Inc. Amended and Restated 2005 Performance Incentive Plan Global Long-Term Incentive Grant Agreement (incorporated by reference to Exhibit [removed: 10.5] [added: 10.3] to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April [removed: 26, 2022).](https://www.sec.gov/Archives/edgar/data/1103982/000110398222000007/ex105_33122.htm)+] [added: 30, 2024](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex103_33124.htm).+] | | | | | | | | |

| [removed: 10.14] [added: 10.12] | | | | | | [2023 Form of Amended and Restated 2005 Performance Incentive Plan Global Long-Term Incentive Grant Agreement (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April 27, 2023).](https://www.sec.gov/Archives/edgar/data/1103982/000110398223000018/ex103_33123.htm)+ | | | | | | | | |

| [removed: 10.15] [added: 10.16] | | | | | | [removed: [2](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex103_33124.htm)[024] [added: [2025] Form of Mondelēz International, Inc. [removed: Amended and Restated 2005] [added: 2024] Performance Incentive Plan Global Long-Term Incentive Grant [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex103_33124.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex103_33124.htm)[(incorporated] [added: Agreement](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000127/ex104_33125.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000127/ex104_33125.htm)[(incorporated] by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex103_33124.htm)[3](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex103_33124.htm)] [added: 10.](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000127/ex104_33125.htm)[4](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000127/ex104_33125.htm)] [to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April [removed: 30, 2024](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000055/ex103_33124.htm).+] [added: 29, 2025)](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000127/ex104_33125.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000110398225000127/ex104_33125.htm)+] | | | | | | | | |

| [removed: 10.16] [added: 10.14] | | | | | | [2024 Form of Mondelēz International, Inc. 2024 Performance Incentive Plan Global Long-Term Incentive Grant [removed: Agreement](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex105_63024.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex105_63024.htm)[(incorporated] [added: Agreement (incorporated] by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex105_63024.htm)[5](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex105_63024.htm) [to] [added: 10.5 to] the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on July 30, [removed: 2024)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex105_63024.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex105_63024.htm)+] [added: 2024).](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex105_63024.htm)+] | | | | | | | | |

| [removed: 10.17] [added: 10.15] | | | | | | [2024 Form of Mondelēz International, Inc. 2024 Performance Incentive Plan Global Long-Term Incentive Grant Agreement. (California [removed: Agreement)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex106_63024.htm) [](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex106_63024.htm)[(incorporated] [added: Agreement) (incorporated] by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex106_63024.htm)[6](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex106_63024.htm) [to] [added: 10.6 to] the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on July 30, [removed: 2024)](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex106_63024.htm)[.](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex106_63024.htm)+] [added: 2024).](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex106_63024.htm)+] | | | | | | | | |

| [removed: 10.18] [added: 10.17] | | | | | | [removed: [2022] [added: [2023] Form of [removed: Mondelēz International, Inc.] Amended and Restated 2005 Performance Incentive Plan Global Deferred Stock Unit Agreement (incorporated by reference to Exhibit [removed: 10.6] [added: 10.4] to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on April [removed: 26, 2022).](https://www.sec.gov/Archives/edgar/data/1103982/000110398222000007/ex106_33122.htm)+] [added: 27, 2023).](https://www.sec.gov/Archives/edgar/data/1103982/000110398223000018/ex104_33123.htm)+] | | | | | | | | |

| 10.19 | | | | | | [removed: [2023] [added: [2024] Form of [removed: Amended and Restated 2005] [added: Mondelēz International, Inc. 2024] Performance Incentive Plan Global Deferred Stock Unit Agreement (incorporated by reference to Exhibit [removed: 10.4] [added: 10.7] to the Registrant’s Quarterly Report on Form 10-Q filed with the SEC on [removed: April 27, 2023).](https://www.sec.gov/Archives/edgar/data/1103982/000110398223000018/ex104_33123.htm)+] [added: July 30, 2024).](https://www.sec.gov/Archives/edgar/data/1103982/000110398224000092/ex107_63024.htm)+] | | | | | | | | |