Cadbury ECONOMIC

Audit Phase: Economic Date: 30 August 2026

Cadbury is a Mondelēz International, Inc. confectionery brand rather than a separate SEC registrant. Mondelēz International, Inc. is a Virginia corporation with principal executive offices at 905 West Fulton Market, Suite 200, Chicago, Illinois. ¹

Supply Chain & Sourcing Relationships

Direct Supplier Relationships (Israel / OPT)

No public evidence identified of Cadbury or Mondelēz holding direct procurement contracts with Israeli agricultural aggregators, including Mehadrin, Hadiklaim, Galilee Export, or an Agrexco successor, for ingredients entering Cadbury’s manufacturing supply chain. ^{2, 3, 4} Cadbury’s primary cocoa sourcing has been documented as approximately 70% from Ghana, with the remainder from other West African countries; milk for Cadbury Dairy Milk has been documented as sourced from the British Isles, with no Israeli-origin agricultural ingredients disclosed in the cited public ingredient-sourcing material. ⁵

Mondelēz’s SnackFutures Ventures has engaged Celleste Bio, an Israeli cell-cultured cocoa startup, through R&D and venture investment since 2022. ^{6, 7, 8} In April 2026, Mondelēz produced prototype milk-chocolate bars incorporating Celleste Bio cell-cultured cocoa butter, but no Cadbury branding or commercial sale has been publicly confirmed. ^{9, 10, 11} Mondelēz’s March 2025 portfolio release identified Celleste Bio as a current SnackFutures Ventures portfolio company, confirming continuation of that venture relationship at least through that date. ¹²

Importer of Record and Distribution Structure

Diplomat Israel’s current Mondelēz vendor page lists Cadbury alongside Oreo, Milka, Skippy, Toblerone, and Cote d’Or. ¹³ Diplomat states that it obtained exclusive distribution of Mondelēz in Israel in 2009, and its ESG report includes “Distribution of Mondelez in Israel” in its corporate-history timeline. ^{14, 15} This current first-party distributor evidence supersedes the prior present-tense inference that Carmit distributes Cadbury. ^{13, 14, 16}

Diplomat describes itself as an Israeli FMCG sales-and-distribution company providing supply-chain management, with coverage of 3,000 retail sale points and 900 HoReCa customers and a 30,000 m² distribution centre in Airport City. ¹⁷ Its public materials do not identify Cadbury’s legal importer of record for individual consignments, every Cadbury SKU it distributes, shipment origin, contract terms, or territorial coverage. ^{13, 17} no public evidence identified of a current wholly owned Mondelēz Israeli importer entity. ^{18, 19}

Carmit Candy Industries’ current Mondelēz mandate is distinct from Cadbury. Carmit’s 23 June 2025 report states that it is the official Israeli distributor of Marabou chocolate and that CLIF BAR was added to its Mondelēz distribution agreement; Carmit’s investor page likewise identifies CLIF BAR as the new Mondelēz appointment and does not list Cadbury. ^{20, 21} Carmit’s August 2025 CLIF BAR distribution activity therefore does not establish Cadbury distribution. ^{22, 21}

Historical Carmit Relationship

Cadbury handed Israeli marketing of its chocolates to Carmit in 2001. ²³ Cadbury Schweppes later formalised a deeper commercial relationship in December 2002, investing approximately US$4.5 million in a joint venture trading as “Cadbury Israel,” with stated targets of a 25% share of Israel’s sugar-confectionery market and approximately 12% of its chocolate market by the end of 2004. ^{24, 25}

The targets were not met; Cadbury reportedly captured approximately 3% of the Israeli chocolate market within six months of launch, while the Israeli Antitrust Authority found that Strauss Group’s Elite subsidiary had offered retailers financial incentives to remove Cadbury products from shelves. ^{26, 27, 28} Elite was fined NIS 5 million following that investigation. ^{26, 27}

Carmit sued Strauss Group over the shelf-blocking practices and settled in September 2014, when Strauss paid Carmit NIS 9 million in cash and committed to purchase NIS 50 million of Carmit products over four to ten years. ^{29, 30} Strauss Group’s 2012 annual report records Carmit’s allegation that it had been Cadbury’s exclusive representative-distributor during the early-2000s matter and that Cadbury discontinued its contacts with Carmit in 2005. ¹⁶ The historical Carmit evidence must therefore not be treated as evidence of Cadbury’s current distribution or importer arrangement. ^{16, 13}

Seasonal Sourcing Patterns

No public evidence identified of seasonal procurement by Cadbury or Mondelēz from Israeli suppliers for fresh-produce categories. ^{2, 3, 4}

Product Origin, Labeling & Regulatory Compliance

Settlement-Origin Products

No public evidence identified of Cadbury-branded products being flagged in the cited NGO or intergovernmental materials as sourcing ingredients from the West Bank, the Jordan Valley, or the Golan Heights. ^{31, 32, 33, 34, 35} The 2025 OHCHR settlement-business database update concerns 158 enterprises involved in specified settlement-related activities; the document-scoped review found no Cadbury or Mondelēz mention. ^{33, 36} This is a report-scoped finding and does not establish an absence outside the database’s defined activities. ^{33, 36}

The November 2024 DBIO IV report’s listed companies with identified European financial relationships do not include Cadbury or Mondelēz. ³⁴ A document-scoped review also found no Cadbury or Mondelēz mention in DBIO’s 2025 report. ^{37, 35} These findings are limited to the respective reports and do not establish a broader database-wide absence. ^{34, 37, 35}

Diplomat’s stated nationwide distribution coverage does not identify individual retail outlets and is insufficient to establish that Cadbury products are supplied to, or excluded from, settlement retailers. ¹⁷ no public evidence identified that Cadbury, Mondelēz, Diplomat, or Carmit sells, supplies, services, sources from, or operates in West Bank settlements, East Jerusalem settlements, or the Golan Heights. ^{31, 33, 36, 17}

Labeling Compliance

No public evidence identified of government advisories, regulatory enforcement actions, customs-audit findings, or settlement-origin labelling incidents relating specifically to Cadbury products. ^{2, 3, 31, 33} No DEFRA enforcement action specific to Cadbury or Mondelēz labelling practices was identified in the preserved research record. ^{2, 3}

Corporate Labeling Policy

No public evidence identified of a publicly stated Cadbury or Mondelēz policy specifically addressing sourcing or labelling of goods from occupied or contested territories. ^{1, 38}

NGO and Authoritative Database Status

Cadbury and Mondelēz are not named in UN Special Rapporteur Francesca Albanese’s 2025 report From economy of occupation to economy of genocide. ³¹ Mondelēz does not appear in the cited Wikipedia list of multinational companies with research and development centres in Israel. ³⁹ The prior AFSC finding should be treated as unrefreshed because the reviewed AFSC page did not permit a complete database-wide text search; it is not proof of database-wide absence. ²

Irish Times reporting and a Canadian BDS Coalition campaign page referenced Mondelēz in connection with Israeli FoodTech investments and the historical Carmit distribution relationship. ^{40, 41} Those references do not displace the primary evidence showing that Cadbury’s currently presented Israeli distribution relationship is with Diplomat and that Carmit’s current Mondelēz mandate concerns Marabou and CLIF BAR. ^{13, 21, 16}

Investment, Capital & Financial Exposure

Foreign Direct Investment (Israel / OPT)

Cadbury Schweppes invested approximately US$4.5 million in the “Cadbury Israel” joint venture with Carmit in late 2002 and early 2003, directed at market entry rather than disclosed Israeli production infrastructure. ^{24, 25} no public evidence identified that Cadbury or Mondelēz retained an equity stake arising from that historical investment beyond the market-entry period. ^{29, 30, 16}

Mondelēz International Israel Ltd, company number 514755602, was incorporated in Bnei Brak on 25 March 2012 and is reported as voluntarily or wilfully dissolved, with its last annual filing in 2016. ¹⁹ Mondelēz’s filed subsidiary schedule as of 31 December 2025 contains no Israel-incorporated entity and no entry for Mondelēz International Israel Ltd. ¹⁸ This does not rule out non-subsidiary contractual activity or the separately disclosed Israel branch. ^{18, 38}

Mondelēz’s current privacy-entity list identifies “Mondelez Europe Services GmbH – Israel branch” at Rehov Hermon 6, Lod, Israel 7136300. ³⁸ The list does not state the branch’s function, staffing, revenue, tax status, legal registration number, or importer-of-record role. ³⁸ no public evidence identified of a current Mondelēz or Cadbury factory, data centre, logistics hub, or real-estate holding in Israel or the OPT. ^{19, 18, 38}

R&D and Innovation Partnerships

In April 2019, Mondelēz announced a collaboration agreement with The Kitchen, an Israeli FoodTech-focused incubator owned by Strauss Group. ^{42, 43, 44} The announced arrangement gave The Kitchen entrepreneurs access to Mondelēz technical centres, pilot plants, and expertise in R&D, food safety, marketing insights, and operations. ^{42, 43} No financial contribution amount was publicly disclosed, and the collaboration’s post-2020 status has not been publicly confirmed. ^{42, 44}

SnackFutures made an undisclosed seed investment in Torr, an Israeli FoodTech company based in Rishpon, in November 2020 alongside The Kitchen/Strauss Group. ^{45, 46, 47} No subsequent public update on Torr’s operational status or Mondelēz’s continuing stake was identified in the evidence supplied. ^{45, 47}

SnackFutures Ventures participated in Celleste Bio’s US$4.5 million seed round in December 2024 and was reported as having first invested in the company in 2022. ^{6, 7, 8, 48} The December 2024 round reportedly included Supply Change Capital, Consensus Business Group, The Trendlines Group, Barrel Ventures, and Regba Agriculture, and Celleste Bio’s reported total funding stood at US$5.6 million. ^{6, 7, 8, 48} Mondelēz’s specific contribution and ownership percentage were not publicly disclosed. ^{6, 8, 12}

Celleste Bio has described Mondelēz as a strategic partner and investor providing consumer-data access, R&D consultation, and regulatory guidance. ^{8, 48} The December 2024 investment occurred after the ICJ Advisory Opinion of 19 July 2024 and the ICC arrest warrants issued in November 2024. ^{6, 8} The April 2026 prototype announcement likewise occurred after those dates. ^{9, 10}

The prototype bars reportedly met Mondelēz internal standards for taste, texture, and melt profile. ^{9, 10} Celleste Bio was described as awaiting food-safety approval in the United States, United Kingdom, European Union, and Israel before commercial sale, with a reported launch target of approximately 2027. ^{9, 10, 49} No Cadbury branding has been publicly confirmed on the prototypes. ^{9, 10, 11}

Parent, Ownership, and Portfolio Exposure

Mondelēz’s current consolidated-subsidiary schedule includes Cadbury Limited, Cadbury Schweppes Overseas Limited, Cadbury UK Limited, Cadbury Nominees Limited, and Cadbury Ghana Limited. ¹⁸ Cadbury was acquired by Kraft Foods Inc. on 2 February 2010 for approximately £11.5 billion; after Kraft split on 1 October 2012, Mondelēz retained the global snacks and confectionery business and Cadbury became a portfolio brand. ^{50, 5}

No primary disclosure reviewed establishes an Israeli ≥10% beneficial owner, Israeli controlling shareholder, or Israeli state ownership of Mondelēz. ^{1, 51} The supplied research did not complete a technically retrievable review of the 2026 proxy’s beneficial-ownership table or a director-by-director review of personal and family-office Israeli investments; this evidence gap should not be treated as proof that none exist. ⁵¹

No public evidence identified of Mondelēz or Cadbury holding Israeli sovereign bonds, Israel Bonds, or Israel-focused investment funds, or underwriting Israeli sovereign debt or war bonds. ^{1, 51, 33}

Operational Presence & Market Activity

Physical Footprint

Mondelēz International Israel Ltd is a discontinued historical entity, while Mondelēz’s current privacy-entity list identifies a Mondelez Europe Services GmbH Israel branch in Lod. ^{19, 38} The public branch listing does not establish the branch’s operational function, employee count, sales role, warehouse activity, or Cadbury-import role. ³⁸

Cadbury is currently presented in Diplomat Israel’s Mondelēz portfolio. ¹³ Diplomat’s public materials support an Israeli market-distribution relationship, but do not establish Cadbury manufacturing in Israel. ^{13, 17} no public evidence identified of Cadbury manufacturing in Israel or the OPT. ^{19, 18, 38}

Carmit began construction of a northern Israel manufacturing plant in late 2019. ⁵² That facility reflects Carmit’s independent operations and does not establish Cadbury manufacturing or a current Carmit–Cadbury distribution mandate. ^{52, 21, 16}

Employment and Tax Contribution

No public evidence identified of a current Mondelēz employee headcount specific to Israel. ^{1, 38} no public evidence identified of the Israel branch’s tax registration, direct tax contribution, or revenue. ³⁸ The dissolved Bnei Brak entity is historical registry evidence and does not establish current direct tax activity. ^{19, 18}

Market Positioning and Boycott Impact

Israel is not separately identified in the reviewed Mondelēz reporting; its revenues were previously subsumed within the Asia, Middle East and Africa segment, which generated US$7.30 billion in FY2024, approximately 20% of total net revenues. ⁵³ No Israel-specific revenue figure is disclosed in the cited public reporting. ⁵³

During Mondelēz’s Q1 2024 earnings call, CEO Dirk Van de Put said that disruption with certain European clients and boycotts of Western products in the Middle East and Southeast Asia affected sales. ⁵⁴ CFO Luca Zaramella indicated that the boycott dynamic was expected to moderate during Q2 and the remainder of 2024. ^{54, 53} Those statements concern regional conditions and do not provide an Israel-specific revenue or sales figure. ^{54, 53}

Royal Warrant and Russia Context

Cadbury held a royal warrant from the Victorian era. ⁵⁵ Buckingham Palace did not renew Cadbury’s royal warrant in December 2024, according to CNN reporting. ⁵⁵ Buckingham Palace did not publicly state its reasons; B4Ukraine linked its campaign to Mondelēz’s continued operation of three Russian factories after the February 2022 invasion of Ukraine and reported Russian profit-tax payments, while a March 2024 Cadbury World protest raised the same Russia-related issue. ^{56, 57} no public evidence identified of a comparable Buckingham Palace action related to Cadbury’s Israeli market activity. ⁵⁵

Corporate Structure & Foundational Ties

Founding and Incorporation History

Cadbury was founded in Birmingham, England, in 1824 by John Cadbury, who opened a grocer’s shop at 93 Bull Street selling cocoa and drinking chocolate. ⁵ Richard and George Cadbury subsequently developed the business. ⁵ Cadbury merged with J.S. Fry & Sons in 1919 and with Schweppes in 1969, becoming Cadbury Schweppes plc. ⁵

Cadbury has no Israeli founding history, Israeli origin, or Israeli-origin brand identity in the supplied evidence. ⁵ Mondelēz International, Inc. is the current ultimate corporate parent. ¹

Headquarters and Domicile

Mondelēz International, Inc. is incorporated in Virginia and has principal executive offices in Chicago, Illinois. ¹ Cadbury products are manufactured principally at Bournville, Birmingham, United Kingdom, alongside other Mondelēz global manufacturing facilities. ⁵ no public evidence identified of Cadbury manufacturing in Israel. ^{19, 18, 38}

Governance and Institutional Linkages

Mondelēz’s executive officers as of 4 February 2026 included Chair and CEO Dirk Van de Put, EVP/COO/CFO Luca Zaramella, and EVP and President for Asia Pacific, Middle East and Africa Deepak D. Iyer. ¹ The 2026 proxy identified ten director nominees, including Van de Put, Ertharin Cousin, Cees ’t Hart, Nancy McKinstry, Brian McNamara, Jorge S. Mesquita, Jane Hamilton Nielsen, Paula A. Price, Patrick T. Siewert, and Michael A. Todman. ⁵¹

No public evidence identified of Israeli state ownership, Israeli government board appointees, Israeli government contracts, Israeli defence or IDF contracts, Israeli Preferred Technology Enterprise status, or Innovation Israel awards in relation to Cadbury or Mondelēz. ^{1, 51, 33} no public evidence identified of golden shares, founder shares, or charter restrictions linking Mondelēz or Cadbury’s operations or mission to the Israeli state. ^{1, 51}

Israeli-Nexus Foundational Checklist

Profit Repatriation & Economic Contribution

Revenue Attribution

No Israel-specific Mondelēz revenue figure is publicly disclosed in the cited reporting. ⁵³ Israeli sales were previously subsumed within Mondelēz’s AMEA segment, which generated US$7.30 billion in FY2024. ⁵³ Diplomat’s public information does not disclose Cadbury sales volume, Israeli revenue, distributor margin, or the financial terms of its Mondelēz relationship. ^{13, 17}

Profit Flows

Cadbury is a Mondelēz brand, and Mondelēz International, Inc. is the US-based parent identified in its SEC filing. ¹ Diplomat’s current portfolio evidence establishes a distribution relationship but does not disclose contractual payment flows, royalties, wholesale margins, transfer pricing, or profit repatriation arrangements for Cadbury products. ^{13, 14, 17}

The historical Carmit litigation settlement and joint-venture material remain evidence of past commercial activity, not evidence of current Cadbury profit flows. ^{24, 25, 29, 30, 16} Carmit’s current disclosed Mondelēz relationship concerns Marabou and CLIF BAR rather than Cadbury. ^{20, 21}

Economic Ecosystem Role

No public evidence identified of a publicly available assessment, industry report, or government designation characterising Cadbury or Mondelēz as a key employer, sector anchor, or critical-infrastructure provider in the Israeli economy. ^{1, 38, 33} Strauss Group’s Elite brand historically held approximately 70% of the Israeli chocolate market during the Cadbury market-entry period, while Cadbury occupied a minor imported-brand position. ²⁶ Carmit’s manufacturing-plant expansion reflects Carmit’s own economic footprint rather than a demonstrated current Cadbury manufacturing presence. ^{52, 21, 16}