Mondelez is riding the wave of price increases and strong emerging markets

Mondelez exceeded expectations in the first quarter of 2026, thanks to price increases and steady demand for snacks. The maker of brands such as Oreo and Milka has demonstrated its ability to protect its margins, even in a volatile environment.

Price increases offset volume losses

Revenue rose to $10.08 billion (€9.37 billion), compared to $9.31 billion in the same period last year. Growth came mainly from emerging markets: in Asia, the Middle East, and Africa, revenue rose by 14%, while Latin America saw 12% growth. Europe recorded a 9% increase, but North America lagged behind with a marginal rise of 0.5%.

The volume trend remained mixed. In North America, volume fell by 0.4 percentage points, though this was a clear improvement compared to the 3.1 percentage point decline a year earlier. At the same time, Mondelez raised its prices again by 3.5 percentage points. Last quarter, prices had already jumped by 6.6 percentage points.

Margins “under control”

However, cocoa prices, which peaked at exceptionally high levels in 2024, have since fallen by about 70%. Now, tensions in the Middle East in particular threaten to drive up costs, although CFO Luca Zaramella himself stated during the investor call that Mondelez has the situation “under control in terms of additional costs.” The company is “well-hedged for oil and packaging costs” through 2027.

Net profit therefore came in at $560 million (€520 million), compared to $402 million (€374 million) a year earlier. Adjusted earnings per share were $0.67 (€0.62), above the analyst estimate of $0.61 (€0.57).

Consumer behavior remains unaffected

Despite inflationary pressures and geopolitical uncertainty, Mondelez has not (yet) observed any changes in consumer behavior. However, management acknowledges that uncertainty is increasing. The company maintained its forecast for 2026: organic revenue growth between 0% and 2% and earnings per share growth between 0% and 5%.

Mondelez is firmly committed to innovation and brand strengthening. New product lines, such as sugar-free Oreo varieties and expansions in chocolate and cookies, are expected to support growth. At the same time, the company is modernizing its supply chain in North America, including through automation and AI-driven distribution centers.