Mondelez International Inc "Key Takeaways Post Management Meetings" (Neutral)

研报英文原文证据摘录

Mondelez International Inc "Key Takeaways Post Management Meetings" (Neutral)

were completed by mid-March (and went as expected). While pricing is generally

more attainable during periods of broader industry inflation, management was

measured on the US, noting that further increases unaccompanied by wage

growth could trigger cross-category spending / worsening consumer sentiment.

On the promotional front, management was explicit that 2025's approach did not

yield the results they expected, leaving the company settled on a more balanced

approach favoring differentiated value and innovation. Management noted the

strategy is gaining traction, with the company now gaining more than ~1pt of

share at a key mass retailer.

Health & Wellness: On portfolio evolution, the company outlined a three-

pronged approach to addressing the potential opportunity. (1) dedicated

acquisitions (Grenade, Clif Bar) intended to boost market share in key growing

categories, (2) healthier variants within existing power brands (zero-sugar, gluten

free, etc.), and (3) phased ingredient changes as the company expects to remove

all artificial colors by end of FY27 (already completed in Europe) with artificial

flavors to follow.

Channel Strategy: Against the backdrop of consumers gravitating towards

value-oriented channels (mass, club, and dollar) management highlighted that

they have recalibrated their portfolio approach to include more everyday lower

priced items with high/low promotional strategies across other retailers.With last

year's promotional activity disproportionately weighted towards 1H25,

management noted that the strategy's benefits should be more visible in 2H,

supported by incremental supply chain initiatives aimed at lowering the cost to

serve in these channels.