CLAIM #39909 · Mondelez International Inc (MDLZ) · 2025Q2 earnings call · Jul 29, 2025 · due Dec 31, 2026
“I'm not expecting that, that immediately will be better next year.”
Dirk Van De Put · CEO
How to check this claim
Look at: US biscuits category consumer weakness / category volume trend, as described by management commentary
It came true if: Management characterizes US biscuits category consumer environment as still weak/anxious (not improved) in commentary next year, consistent with category volume growth remaining <= 0%
Where: Company earnings call management commentary and reported category/segment volume trends (10-K/10-Q, earnings call transcripts)
In context
“in the category, but they're diminishing their frequency and they're diminishing the quantity bought. So we expect that after all the price increases -- and even if cocoa comes down, I'm not expecting that it will come down enough for us to see significant price reductions in chocolate. We will have to support our brands and make sure that the volume in the category remains or it goes back to where it historically has been. I don't know where we will end the year, but you could expect chocolate volumes around the world to be down. So far, we see it down 6%, 7%. That's the latest news on grinding for cocoa. So that's the main reason why we think we will have to reinvest. On top of that, as it relates to biscuits, particularly in the U.S., we see a very anxious and weak consumer situation. I'm not expecting that, that immediately will be better next year. So I'm expecting that we will have to increase our investment in our brands also in North America next year. Those are the 2 main reasons why we believe that it is appropriate to increase our media investment next year. Luca Zaramella: And you're right, we have protected working media. This year, what we have cut is the nonworking part. And so I wouldn't say the baseline is terrible. But this year, unlike other years, we haven't increased working media much. Robert Moskow: Okay. And my follow-up is, I noticed Luca, that you said category volume down about 3% in biscuits in first half. You expect it to be similar in the second half. But then you're also raising prices in the U.S., and you've mentioned that the consumer is under a lot of pressure. Is this one of the flex points that might g”
Verify independently
SEC filings for MDLZ ↗ · Claim quote is verbatim from the 2025Q2 earnings call.