CLAIM #39907 · Mondelez International Inc (MDLZ) · 2025Q2 earnings call · Jul 29, 2025

“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.”

Dirk Van De Put · CEO

How to check this claim

Look at: Chocolate category/segment retail pricing (list price or net price realization) year-over-year

It came true if: No significant price reduction; chocolate pricing remains flat to up year-over-year (not down more than a low single-digit %) through the 2026 fiscal year

Where: Company commentary on pricing/net price realization by segment (10-K/10-Q segment disclosures, earnings call transcripts)

Knowable after: 2026-07-29

In context

“good cash for the company. Operator: [Operator Instructions] We will go next to Robert Moskow with TD Cowen. Robert Moskow: And maybe just a couple of things to clarify, Luca. The comment that you need to invest in working media in 2026, a lot of other companies do that when they reduced media in a given year. So it doesn't sound like that's what you're doing. So maybe you could explain whether that's like a catch-up in '26 or not. And then I'll ask a quick follow-up. Dirk Van de Put: Yes, Rob, I'll take that. So the way I would describe it is that we will have a chocolate category whereby the price will have gone up 30% to 50% in the last 2 years. And what we see is consumers are staying 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. L”

Verify independently

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