Overview Key strengths Key risks Global leader in the chocolate, gum, pet food, and pet services industries, with more than $40 billion in annual revenue. Aggressive acquisition strategy, especially in veterinary hospitals. Strong, leading global brands across pet care and chocolate and gum. Potential for elevated leverage following large acquisitions. History of investing in brands to drive category growth and leadership. Exposure to raw materials and logistics cost fluctuations. Strong discretionary cash flow generation, given relatively lower dividend payout rate compared with publicly traded peers. Ongoing recovery in the Mars Wrigley segment. Mars Petcare, Mars Snacking, and multisales segments? organic revenues all increased in the high- to- low-double-digit percentages in 2021. The only segment that declined in the mid-single-digit percentages
