Mondelez International, Inc.

Good afternoon and welcome to the Mondelez International second quarter 2026 earnings question and answer session. Your lines have been placed on listen only until it's your turn to ask a question. In order to ask a question, please press the star key followed by the number one on your touchtone phone at any time. To remove yourself from the queue, press star two. On today's call are Dirk Van de Put, Chairman and CEO. Luca Zaramella, COO, Amit Banadi, CFO, and Shep Dunlap, SVP of Investor Relations. Earlier this afternoon, the company posted a press release and prepared remarks, both of which are available on its website. During this call, the company will make forward-looking statements about performance. These statements are based on how the company sees things today. Actual results may differ materially due to risks and uncertainties. Please refer to the cautionary statements and risk factors contained in the company's 10-K, 10-Q, and 8-K filings for more details on forward-looking statements. As the company discusses results today, unless noted as reported, it will be referencing non-GAAP financial measures, which adjust for certain items included in the company's GAAP results. In addition, the company provides year-over-year growth on a constant currency basis unless otherwise noted. You can find the comparable gap measures and gap-to-non-gap reconciliations within the company's earnings release and at the back of the slide presentation. We will now move to our first question. Our first question comes from Andrew Lazar of Barclays. Your line is open. Please go ahead.

Great. Thanks so much, and welcome, Mohit. Maybe to start off, Dirk, emerging markets, again, remarkably strong for the second quarter in a row this year, a trend we've seen from some other multinationals recently as well. I was hoping you could talk briefly maybe about some of the key highlights that give you confidence in the second half outlook in those markets.

Yeah. Thank you, Andrew. I would say at this moment what's really driving the strong top line that we have, which was 4.4%, and then also strong volume in Q2, we feel that there's a very solid backdrop as it relates to snacking, which continues to perform well across the major emerging markets. Consumer confidence in the emerging markets, I would say, overall is stable and pretty good. India is very strong. Mexico, Brazil, consumer is solid. And then in China, it's softer, but we feel overall that things will gradually improve. Value growth is holding up very well, particularly in biscuits and chocolates. And if you think about what It's sort of driving this, for sure, the expansion of our distribution. We added another 100,000 stores in India. Brazil is now at 1 million stores. China keeps on building out its distribution. In Southeast Asia, we're expanding. The categories are still very under-penetrated, so we still have a long runway of more consumers consuming more every day. We have now multi-years of sustained reinvestment. I think the mixture between global brands and local jewels is working well for us in this market. So we hit all the different price tiers. And then we have a very good build-up in our channels and RGM. So I think it's a very structural situation. It's not cyclical. And I think that we will continue to see some strong growth in emerging markets for us.