Mondelēz Q2 snack sales climb as emerging markets and North America deliver growth

Mondelēz International reports stronger second-quarter sales, as consumers continued to spend on snacks despite a challenging economic backdrop. Growth was driven by emerging markets and a solid performance in North America. 

The Oreo, Cadbury, Ritz, Toblerone, and Clif Bar maker posted net revenues of US$9.36 billion for the quarter ended June 30, up 4.1% year over year. This is up from US$8.98 billion in the prior-year period.

Organic sales, which strip out currency movements and portfolio changes, increased 2.2%, supported by a combination of modest pricing and higher volumes.

During the quarter, volume and mix contributed 0.7 percentage points to organic growth, while pricing added 1.5 percentage points. This suggests consumers continue to buy branded snacks even as the global snacking giant adjusts pricing to offset higher input costs.

Emerging markets remained the standout performer. Latin America delivered double-digit reported sales growth, while the Asia, Middle East, and Africa region also recorded strong gains, helped by robust consumer demand and higher volumes. 

North America also posted positive organic growth, reflecting steady demand across the company’s portfolio.

Investments in brands

However, organic sales declined in Europe during the quarter, as volumes and pricing came under pressure. Even so, Mondelēz said market share trends in the region are beginning to improve, with CEO Dirk Van de Put describing the early signs as encouraging.

“Our second quarter results were marked by robust top-line expansion, coupled with volume growth and share improvement, along with improved profitability,” he says. “We delivered continued strength across our emerging markets, as well as strong growth and elevated execution in our North America business.”The Oreo maker delivered second-quarter sales growth as consumers continued to buy its core snack brands.

“In Europe, share dynamics are showing early positive trends, and we believe the business is well-positioned to build on that progress. We are encouraged by the momentum in our business, and we remain focused on executional excellence coupled with reinvesting behind our brands to enable sustained performance for years to come.”

The company continues to invest in its brands despite ongoing cost pressures, viewing marketing and innovation as key drivers of long-term growth. Increased spending on advertising and consumer promotions weighed on adjusted earnings during the quarter, but reflects Mondelēz’s strategy of maintaining brand strength across its global portfolio of biscuits, chocolate, and baked snacks.

Higher raw material costs

The company generated more than US$1.3 billion in operating cash flow during the first half of the year and returned approximately US$1.5 billion through dividends and share repurchases. It also announced a 4% increase in its quarterly dividend.

The latest results reinforce Mondelēz’s confidence in the resilience of the global snacking category, even as consumers face inflationary pressures and geopolitical uncertainty. 

While raw material costs remain elevated and supply chains continue to present challenges for food manufacturers, the company believes its broad geographic footprint and portfolio of established brands leave it well-positioned.

Mondelēz’s full-year outlook

Reflecting the stronger first-half performance, Mondelēz raised its full-year outlook for organic net revenue growth and now expects at least 2% growth in 2026. 

For the wider F&B industry, the results suggest that consumers are continuing to prioritize familiar snack brands, particularly in fast-growing emerging markets.

While input cost inflation continues to pressure margins, Mondelēz’s ability to deliver both volume growth and pricing gains indicates demand for everyday snacking remains resilient, even in an uncertain economic environment.