Overview Key strengths Key risks Global leader in the chocolate, gum, pet food, and pet services industries, with more than $50 billion in annual revenue. Aggressive acquisition strategy and potential for increased leverage following large acquisitions. Strong, leading global brands across pet care and chocolate and gum. Exposure to raw material and labor cost fluctuations. History of investing in brands to drive category growth and leadership. Geopolitical risks and foreign currency exposure because over 50% of its sales are outside of North America. Strong discretionary cash flow (DCF) generation, given relatively lower dividend payout rate compared with publicly traded peers. Mars Petcare, Mars Snacking, and Mars Food and Nutrition segments grew in the high single-digit to low double-digit range in
