CLAIM #39896 · Mondelez International Inc (MDLZ) · 2025Q2 earnings call · Jul 29, 2025

“And so I believe the sentiment, the overall sentiment is that sooner or later, cocoa prices will have to come down.”

Luca Zaramella · CFO

How to check this claim

Look at: Cocoa price, London/ICE futures nearby contract, GBP per tonne

It came true if: Cocoa price falls below the GBP 5,000 per tonne level referenced in the quote at some point before deadline

Where: ICE/London cocoa futures price data (e.g., FRED, exchange data, financial press)

Knowable after: 2026-07-29

In context

“think you saw the grinding numbers being down 7%, 8%, and that drove a couple of weeks ago a low level of cocoa price below the GBP 5,000 per tonne mark. Clearly, we took advantage of that. And it is what we said to you many times, which is many adjacent categories are reformulating out of real chocolate and moving into what we call compound. The pod count in West Africa is very promising. The weather has been cooperating. And look, notwithstanding the fact that there is still a long way to go, today, with the 50% confidence level, we can say that the season is going to be good in terms of the crop. And so potentially, there is a material and meaningful upside between supply and demand into the 2026 season. The level of the industry stock is still low. So many are on the watch out still. And so I believe the sentiment, the overall sentiment is that sooner or later, cocoa prices will have to come down. On the cocoa butter, which is the most noble part of cocoa and it is the one we use the most around the world, and that is what allows you to call chocolate, chocolate for instance, in places like Europe, it has come down dramatically, I would say, versus last year. It is usually traded as a ratio to the overall cocoa prices. Last year, it was, most likely at a certain point in time, even higher than 3, and it went almost to 4. And today, I think we can strike a contract with supplier for most likely half of that price and ratio. And so there is a material benefit coming, which obviously is offsetting the cost we have seen as of late. But in general, we feel like cocoa prices will have to come down. Operator: We'll go next to Megan Clapp with Morgan Stanley. Megan Christine Alexander: May”

Verify independently

SEC filings for MDLZ ↗ · Quote is verbatim from the 2025Q2 earnings call.