Mondelez International

Track record is solid. Strategy is to focus on core snacking categories, sharpen the portfolio and reinvest behind brands and capacity.

Executed acquisitions (Chipita, Ricolino, Clif) expanded growth adjacencies and geographies; developed-market gum was divested in 2023. In December 2024 the Board authorized a new 9 billion dollar buyback effective 2025-2027; about 31 million shares were repurchased in the first nine months of 2025 alongside a 6% dividend raise to 0.50 per quarter.

We like the discipline and timing historically, though 2025 buybacks while FCF is cyclically depressed and cocoa is peaking modestly constrain flexibility. Integration execution for Clif and Chipita remains an ongoing task. Evidence: buyback authorization release, Q1 and Q3 10-Q repurchase tables.