Mondelez International Inc Scouting Report: What To Expect From MDLZ’s 2Q

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Mondelez International Inc Scouting Report: What To Expect From MDLZ’s 2Q

Global Research

19 July 2026ab

Mondelez International Inc Equities

AmericasScouting Report: What To Expect From MDLZ's

2Q Food Products

12-month rating Neutral

12m price target US$64.00A Solid Quarter Expected, But Cost Outlook Back In Focus

MDLZ is scheduled to report 2Q EPS on Tuesday (7/28) after the close. For the quarter,

we are forecasting EPS of $0.67, which is penny below Visible Alpha consensus. While Price (17 Jul 2026) US$62.85

concerns around 2H phasing, European demand, and higher cocoa costs have weighed RIC: MDLZ.O BBG: MDLZ US

on shares in recent weeks, our conversations suggest MDLZ remains one of the more

favored names across Packaged Food. Investor interest continues to be supported by Trading data and key metrics

improving organic sales trends and optimism around a meaningful earnings recovery in 52-wk range US$70.75-51.51

FY27. On the quarter itself, we think the setup remains attractive, with potential for Market cap. US$84.4b

modest upside to organic sales expectations driven by stronger execution in North Shares o/s 1,343m (COM)

America and continued momentum in emerging markets. While sentiment moving Free float 100%

forward is likely to hinge on the magnitude of the earnings recovery looking out to next Avg. daily volume ('000) 8,506

year, we do not see material risk to near-term estimates and believe a solid quarter could Avg. daily value (m) US$514.9

be enough to support the stock. That said, with valuation more or less in-line with Common s/h equity (12/26E) US$25.4b

historical averages relative to multinational peers, we think greater visibility into the EPS P/BV (12/26E) 3.1x

trajectory will be needed to drive outperformance from here.