North America

Second half of FY 2025

no prior guidance [N/A]

No material rebound anticipated for the rest of the year. Incremental pricing will take effect soon due to rising inflation and higher costs " "

no prior guidance

Chocolate Elasticity

Second half of FY 2025

no prior guidance [N/A]

Vigilance on chocolate elasticity for the second half of the year, considering the heat wave in Europe affecting chocolate volumes. Caution regarding tariffs and consumer confidence in the U.S. " "

no prior guidance

Emerging Markets

Second half of FY 2025

no prior guidance [N/A]

Continued double-digit growth expected, with sustained volume and value growth. Multiple waves of pricing implemented in major markets like India and Brazil, with caution about elasticity impacts " "

no prior guidance

Biscuits Business

Second half of FY 2025

no prior guidance [N/A]

Excluding North America, the biscuits business is performing well, with year-to-date revenue up more than 7%. This trend is projected to continue "

no prior guidance

Cocoa Prices

Second half of FY 2025

no prior guidance [N/A]

Monitoring cocoa market fundamentals, anticipating potential upside in supply and demand for the 2026 season, which could lead to cocoa prices decreasing " "

no prior guidance

Media Investment

Second half of FY 2025

no prior guidance [N/A]

Plans to increase media investment next year to support brands and maintain volume in the chocolate category, addressing the weak consumer situation in North America "

no prior guidance

Geographic Diversification

Emphasized robust performance in Europe with growth in key markets such as the U.K., France, and Germany, and noted resilience despite global trade volatility " "

Highlighted a strong global balance with Europe showing good results and North America struggling, while the rest-of-world helped offset weaknesses "

Recurring topic with a shift in emphasis; while Q1 focused on European growth, Q2 stresses balancing North America weakness with strength in other regions " " "

Emerging Markets Strength

Discussed emerging markets performance with overall modest growth (3.9%) and mixed results across regions including strength in Brazil and China but softness in India and Southeast Asia " " "

Reported double-digit growth in emerging markets with strong share gains in Brazil, India, and Mexico, despite some softness in Mexico "

Consistent focus with more positive and robust growth sentiment in Q2 compared to the mixed performance in Q1 " " "

Effective Pricing Strategy and Execution

Detailed execution of aggressive pricing in the chocolate segment, successful regional pricing in Europe and emerging markets, and a well-managed RGM strategy with stable elasticity around 0.5% " " "

Announced incremental pricing in North America targeting cocoa‐impacted items along with continued global RGM actions and selective price increases " "

Recurring topic; both periods stress effective pricing with Q2 placing additional emphasis on “surgical” pricing in North America while maintaining the overall strategy " " "

Cost & Margin Management and Commodity Procurement

Focused on better-than-expected profit dollar generation, productivity initiatives accelerating cost control, and opportunistic procurement of commodities while managing tariff impacts " "

Emphasized cost control and productivity improvements amid North American challenges, while leveraging favorable cocoa butter prices and benefits from commodity procurement " " "

Sustained focus with Q2 adding emphasis on cost control in a challenging consumer sentiment environment compared to Q1’s positive productivity momentum " " "

Commodity Volatility, Cocoa Prices & Inflation

Addressed record cocoa inflation, supply-demand pressures, and the need for pricing to manage rising costs, with heavy emphasis on elasticity and innovation to combat inflationary pressures " " " " "

Noted an improvement in cocoa prices with levels dropping below a key benchmark and favorable cocoa butter pricing, while still highlighting inflation’s impact on consumer sentiment " " "

Consistent topic; sentiment shifts from a focus on record inflation in Q1 to a more measured outlook in Q2 with some commodity market improvements, yet inflation remains a concern " " "

North American Market Weakness & U.S. Consumer Sentiment

Detailed significant destocking in North America, a decline in the biscuits category, and sharp drops in consumer confidence driven by inflation fears and economic uncertainty " " "

Continued to highlight consumer anxiety, channel shifts to essentials, and challenges in North America with incremental pricing introduced to mitigate the effect of consumer caution " "

Persisting challenge in both periods; Q2 reiterates the issues from Q1 but with additional strategic pricing and channel initiatives to address consumer sentiment " " "

Retailer Destocking and Channel Demand Concerns

Reported sizeable retailer destocking leading to a significant volume headwind, particularly in food and mass channels, with expectations that these impacts would be mostly nonrecoverable " "

Identified destocking as driven by retailers’ efforts to manage cash flow; however, management now expects the issue to be resolved by Q3 and is shifting focus to alternative channels like value and e-commerce "

Recurring topic with a positive turn; Q1 highlighted large headwinds while Q2 shows optimism for resolution and strategic channel shifting " " "

Innovative Product Launches and New Product Initiatives

Highlighted new product initiatives such as the Oreo collaboration and the Cadbury Dairy Milk Biscoff bar innovation, with expansion plans in multiple markets " " "

No specific discussion of new product launches was mentioned during the period [N/A]

Topic no longer mentioned in Q2, indicating a potential de-prioritization or shift in focus from product innovation compared to Q1 [N/A] "

Robust Seasonal Performance and Rebound Potential

Reported robust Easter season performance with strong share gains in key markets and an anticipated rebound in North America and emerging markets driven by seasonal factors " " "

No explicit reference to robust seasonal performance or rebound potential was noted, aside from indirect mentions of seasonal effects in commodity and chocolate volume trends " "

Topic less emphasized in Q2; whereas Q1 detailed strong seasonal performance and rebound expectations, Q2 lacks an explicit focus on this area " "

Tariff Headwinds and Trade Pressure

Mentioned tariffs as a small, manageable impact with some additional trade pressures leading to retailer destocking; overall considered manageable with supplier negotiations " "

Discussed tariffs as exacerbating consumer anxiety and driving retailer destocking, with a focus on anticipating tariff effects later in the year " "

Recurring topic with increased emphasis in Q2 on the negative impacts of tariffs on consumer sentiment and inventory behavior compared to the more measured tone in Q1 " "

Margin Dilution Risk from Aggressive Pricing amid Volume Declines

Directly addressed the risks associated with aggressive pricing balanced against volume declines, noting manageable elasticity and a long-term reinvestment strategy to protect margins despite a 3.5% volume/mix decline " " " "

Although aspects of pricing and volume management are discussed, there is no explicit mention of margin dilution risk under this label in Q2; pricing is described as “surgical” with volume declines largely attributed to market sentiment " "

Less explicitly discussed in Q2; while Q1 directly addressed margin dilution concerns, Q2 focuses more on targeted pricing actions and cost management without explicitly framing it as a margin dilution risk " "