Mondelez International, Inc. 8-K Report, Regulation FD Disclosure (Jan 15, 2025)

On January 15, 2025, Mondelēz International (MDLZ) furnished supplemental non-GAAP information under Regulation FD to recast its historical Adjusted EPS following the completion of its sale of the remaining 85.9 million shares of JDE Peet's (JDEP) to JAB Holdings on November 29, 2024.

The shares were sold for approximately €2.2 billion ($2.4 billion^a), or €25.10 per share. Because Mondelēz no longer holds an equity method investment in JDEP as of year-end 2024, it will treat the sale as a divestiture beginning in the fourth quarter of 2024, rather than in the following quarter as it did under the one-quarter reporting lag. The recast removes JDEP equity method earnings from Adjusted EPS for all historical periods presented.

U.S. GAAP results, including historical JDEP equity earnings, are unchanged. The adjustment lowers reported Adjusted EPS by roughly $0.01 to $0.04^b per quarter. For example, full-year 2023 Adjusted EPS falls to $3.08 from $3.19, and full-year 2022 falls to $2.67 from $2.79.

For the first nine months of 2024, Adjusted EPS is $2.71^c versus $2.80 previously, a change of about 3%. Growth rates are affected only modestly, because the comparable prior-year periods are recast on the same basis. For investors, the key point is comparability rather than underlying performance.

The change makes Adjusted EPS reflect only the continuing operating business, and it removes the contribution of a stake that has now been fully exited. Investors modeling forward earnings should use the recast figures as the base. The filing states that this supplemental disclosure does not amend any prior SEC filings, and Exhibit 99.1 provides the detailed reconciliations.