Five years after agreeing to acquire Chipita, Mondelez is beginning to show one of the key strategic advantages of that investment. The Milka croissant appears to be one of the clearest examples.
On the conference call to discuss third-quarter 2026 results, the company’s chief executive, Dirk Van de Put, named the product, saying that innovations such as Biscoff and the Milka croissant “are being very well received” (are landing very well).
Although no separate sales figures were given for the Milka croissant, management’s mention of it comes as Mondelez seeks to return to growth through higher volumes, rather than relying solely on price increases.
“Consumers in Europe remain very cautious,” Van de Put said, pointing to pressure from energy prices and the cost of living. In Europe, volume and mix grew by 1.6%, but organic sales fell by 2.1%, as the negative impact of pricing reached 3.7%.
After raising prices in 2025, the group made selective price adjustments, mainly in chocolate, in an effort to revive consumption.
“Our goal is to offer consumers the right price points,” said COO Luca Zaramella. Management also confirmed that the negative impact of pricing on growth in Europe would continue in the coming quarters.
Mondelez is also continuing to pursue targeted acquisitions, most recently agreeing to acquire a majority stake in Undercover Snacks, a US snack company whose products are made with quinoa.
“Our portfolio needs to evolve gradually towards healthier snacks,” Van de Put said, explaining that the new investment would strengthen the group’s presence in the better-for-you category. The deal is expected to close in early 2027, subject to the necessary approvals.
He also said the strategy remained focused on complementary acquisitions, which could involve companies with annual sales of $500 million to $1 billion.
“We are not necessarily looking for anything larger,” he said, explaining that the priority was to fill specific gaps in markets and product categories.
Cocoa, inflation and 2027
On the raw materials front, Mondelez believes the cocoa market is in a better position than during previous periods of sharp price increases. For 2025-2026, it forecasts a surplus of almost 500,000 tonnes, while for 2026-2027 it expects a possible deficit of about 190,000 tonnes, which it believes can be absorbed by available stocks. Management is, however, warning of higher costs for dairy products, oils, packaging and transport.
Despite the pressures, the company maintained its forecast for strong growth in earnings per share in 2027, underpinned by a recovery in volumes, emerging markets and cost savings. “We remain confident that we can deliver strong growth in earnings per share in 2027,” management told analysts.