REPORTING THIRD QUARTER 2025 EARNINGS

Tuesday, October 28, 2025

On October 28, 2025, we reported our third quarter 2025 results.

"We delivered solid top-line growth despite the impact of record-high cocoa cost inflation, with the third quarter representing peak costs of the year,” said Dirk Van de Put, Chair and Chief Executive Officer. “Although we anticipate challenging conditions to continue in some markets, we are encouraged by recent moderation in cocoa prices, as well as promising signs for a strong cocoa crop this fall. Our teams are focused on executing clear plans for volume improvement, significantly increasing growth investments, and driving meaningful cost efficiencies. We remain confident in our teams' proven track record of navigating volatility, as well as our strong business fundamentals, which position us well for next year and beyond."

Third Quarter Highlights¹

• Net Revenues +5.9%, Organic Net Revenues +3.4%, Volume/Mix -4.6%
• Diluted EPS decreased 9.5% to $0.57
• Adjusted EPS was $0.73 which declined 24.2% on a constant currency basis
• Year-to-date cash provided by operating activities was $2.1 billion and Free Cash Flow was $1.2 billion
• Return of capital to shareholders was $3.7 billion in the first nine months of the year
• Updates FY 2025 Organic Net Revenue and Adjusted EPS growth outlook

For more information, see our press release here.

1. Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of the press release for more information.