REPORTING FOURTH QUARTER AND FY 2024 EARNINGS

Tuesday, February 4, 2025

On February 4, 2025, we reported our fourth quarter and FY 2024 results.

"Fiscal 2024 was another strong year of performance for our company. We delivered balanced top-line growth, strong earnings, and robust free cash flow generation, while returning significant capital back to shareholders," said Dirk Van de Put, Chair and Chief Executive Officer. "As we transition into 2025, we remain focused on executing against our long-term growth strategy and delivering on our chocolate business playbook to navigate unprecedented cocoa cost inflation. Our teams are well-equipped to stay agile and take the necessary actions to navigate this challenging operating environment. We believe we are solidly positioned for attractive long-term top- and bottom-line growth."

Fiscal Year 2024 Overview

• Net Revenues +1.2%, Organic Net Revenues¹ +4.3%, Volume/Mix -1.0%
• Diluted EPS declined -5.5% to $3.42
• Adjusted EPS¹ on a constant currency basis up +13.0% to $3.36
• Cash provided by operating activities was $4.9 billion
• Free Cash Flow¹ was $3.5 billion
• Return of capital to shareholders was $4.7 billion

For more information, see our press release here.

1. Organic Net Revenue, Adjusted Gross Profit (and Adjusted Gross Profit margin), Adjusted Operating Income (and Adjusted Operating Income margin), Adjusted EPS, Free Cash Flow and presentation of amounts in constant currency are non-GAAP financial measures. Please see discussion of non-GAAP financial measures at the end of the press release for more information.