Mondelēz puts hopes in volume growth as cocoa prices ease

Mondelēz's 2025 full-year results do not bode well for the Cadbury and Toblerone maker: substantial profit declines, as well as falling volumes, persist. Nevertheless, the company hopes that lower cocoa prices in 2026 will remove the need for price increases at retail level, therefore opening up the potential for better volume growth. Meanwhile, Mondelēz announces its diversification, not only into different regions but into lab-grown cocoa, and assesses the threat from GLP-1s.