Mondelez (MDLZ) Q4 FY25 earnings call

Mondelez navigated Q4 FY25 with strong emerging markets momentum, but faced challenges in developed markets and unexpected cocoa price volatility. The company is adjusting its chocolate strategy for 2026 with increased brand investment and PPA adjustments, while anticipating significant margin improvement in 2027 from normalized cocoa prices. North America continues to see soft consumer demand, prompting channel expansion and efficiency programs.