1、 Disclosures&Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix,and with the Disclaimer,which forms part of it.Issuer of report:HSBC Mxico,SA,Institucin de Banca Mltiple,Grupo Financiero HSBC View HSBC Global Investment Research at:http

2、s:/ Listen to our insightsFind out moreHSBCGlobal InvestmentResearchPodcasts Adj.operating income and adj.EPS beat consensus by c5%and c6%,respectively Price driven organic growth muted by margin contractions across all regions;unprecedented cocoa inflation holds Maintain Buy;slightly decrease TP to

3、 USD76(from USD77),implying c17%upside HSBC View:Negative.As expected,Mondelez released weak 2Q25 results,with adj.operating income of USD1.3bn(-14.0%y-o-y),c5%above the Visible Alpha(VA)consensus estimates,leading to a 14.3%adj.operating margin or 360bp y-o-y contraction.Despite beating expectation

4、s on revenues(1.5%above consensus),adjusted operating income(4.6%above consensus),and adjusted diluted EPS(5.9%above consensus),we believe results were overall negative as margin deterioration came much worse-than-expected,including contractions of 680bp in adjusted gross margin and 360bp in adjuste

5、d operating margin.In that sense,we attribute the beat to pricing actions rather than efficiencies.Despite the weak set of earnings,we remain constructive on the name,as we see a fair valuation on normalized earnings in 2026,earnings momentum after a tough 2025 supported by the potential easing of c

6、ocoa inflation,growth potential amid distribution opportunities in LatAm,the potential to become the global chocolate confectionery leader,and an opportunity to expand its snack bars footprint outside the US.Conference call highlights:Management mentioned that despite the fact that consumer sentimen