Mondelez International beat second-quarter estimates on steady demand and raised its full-year top-line outlook to at least 2% growth, the company reported.

Chairman and CEO Dirk Van de Put said Mondelez delivered 4.4% top-line growth in Q2 2026, supported by strong volume. He noted the categories remain under-penetrated and the company has a long runway for growth.

CFO Amit Banati highlighted Mondelez's advantaged emerging markets platform and opportunities to increase penetration, distribution, and new consumption occasions through innovation.

In North America, business accelerated sequentially from Q1 2026, recording positive volume mix and strong net revenue growth while gaining share, according to the company. Consumer confidence has rebounded from lows but remains subdued, with inflation and energy prices pressuring household budgets.

Mondelez is seeing a 'K-shaped' consumer environment, with shoppers moving toward lower-priced formats while premium and better-for-you offerings also perform well. High-single-digit growth in value channels and mid-single-digit growth in away-from-home channels helped support results.

Van de Put pointed to RITZ crackers, RITZ Drizzled, Sour Patch Kids Chews, Oreo, ZBar, Give & Go, Perfect Snacks, Tate's, and Hu as areas of strength. The Biscoff collaboration could be worth between $500 million and $1 billion in the coming years, he said.

Mondelez plans to accelerate reinvestment during the second half of 2026. COO Luca Zaramella said European chocolate business is on a positive volume-mix trajectory, with volumes expected to improve in the second half.

The company maintained its EPS outlook and intends to reinvest upside into areas showing momentum. Incremental costs tied to the Middle East conflict are incorporated into the outlook. Gross profit dollars rose 3% in Q2 and should accelerate in Q3 and Q4.

The cocoa market is fundamentally in a better position than during the 2024 crisis, with an expected surplus of at least 500,000 metric tons (10% of total demand) and industry coverage at 10 months (vs. 7 months in 2024). According to the company, Mondelez expects its 2027 earnings to be insulated from commodity volatility through volume mix, productivity, AI efficiencies, and reduced cocoa intensity.

According to the company, products introduced in the past three years account for slightly more than 10% of net revenue, with a goal of 15%.