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Research Alert: Mdlz: A Tough Consumer Environment In Q1

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

MDLZ kicked off 2026 with Q1 adjusted EPS of $0.67, beating consensus by $0.06 but declining 15% in constant currency. Net revenues rose 8.2% to $10.1B with 2.0% organic growth, though adjusted gross margins compressed 270 bps to 30.7% and operating margins narrowed 310 bps to 11.7%. Emerging and developed markets diverged, with emerging markets delivering robust 6.3% organic growth (AMEA +11.3%) while developed markets managed only 0.8% organic growth. MDLZ reiterated 2026 guidance of 0%-2% organic growth and 0%-5% constant currency EPS growth, with free cash flow expected at $3.0B. Cocoa-related headwinds persist in chocolate with continued volume pressure in developed markets, while MDLZ's hedging program limits benefits from recent commodity declines until 2027. Biscuits face ongoing weakness in developed markets, particularly North America. We expect 2026 to be a heavy investment year as MDLZ prioritizes volume stabilization through increased advertising and commercial spending.

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