Executive Vice President and Chief Financial Officer at Mondelez International
Thank you, Dirk, and good afternoon. Our first quarter performance was strong from top to bottom to cash flow. We delivered revenue growth of 8.6%, with nearly four points of that growth coming from volume mix. Emerging markets continue to show great strength, posting an increase of more than 16%, with strengths across all our major business units. Importantly, volume mix dropped nearly 10 points of this growth, with notable performances from Brazil India, China and Mexico. Developed markets grew 4.2% for the first quarter, with strength in both Europe and North America as demand remains strong. As for emerging markets, also, our developed market volume mix was positive, but pricing drove a good portion of that growth.
Turning to our portfolio performance on slide 11. Chocolate and biscuits continue to demonstrate strong growth and drive our business. Gum and candy also increased significantly as many areas are at/or above pre-pandemic levels. Biscuits grew 6.7% for the quarter, with more than two points coming from volume mix. Similarly to Q4, emerging markets were a significant engine of growth in this category.
Brazil, Mexico, India, Southeast Asia all grew double digit, while China posted high single-digit growth. Oreo, Chips Ahoy!, HU and Tae [Phonetic] are among those brands that deliver double-digit increases. Chocolate grew more than 8% for the quarter, with increases in both developed and emerging markets. Both global and local brands grew well, including Cadbury, Dairy Milk, Milka, Tobleron, Lacta and Riz [Phonetic]
Gum and candy continued to show improvement with growth of 27% related to mobility increases. China, Brazil and Mexico were among some of the larger gum businesses posting strong performances. Now let's review our market share performance on slide 12. We held or gained share in approximately 50% of our revenue base during the quarter, with approximately 25 points of high win due to the inventory situation in the US and related out of stock.
Our chocolate category continued to do well, with 70% of our revenue base holding or gaining share. While our biscuit category held or gained share in 40% of our revenue base, the impact driven by lower inventory levels in North America following the Q3 strike and continued labor shortages at third-party manufacturers is worth 40 points of headwind. We expect these dynamics to improve as we move into the second half of the year.
A few of the more notable areas of share gains in Q1 include China, India, Brazil, Mexico, UK and France Biscuit; UK, Brazil and South Africa chocolate; and China gum. As we move into Q2, we expect our chocolate share to improve in several key markets in Europe and EMEA due to Easter timing where our portfolio is especially strong. Now turning to page 13. For the quarter, profitability was strong due to higher pricing, strong volume leverage and the benefit of hedges related to currency and commodities.
Turning to regional performance on slide 14. Europe grew 4.9% during the quarter, supported by great execution, a strong Easter performance and continued recovery in the convenience away-from-home and travel retail channels. Our results were driven by 3.4 points of volume growth with strong increases in many markets, including the UK, as well as Central and Eastern Europe.
In chocolate, we delivered our best Easter ever with strong sell-in and sellout for the UK and Germany. Biscuits also delivered strong mid-single-digit growth. OI dollar growth for the quarter was more than 10%, driven by continued volume leverage, pricing and strong cost control as well as favorable commodity ForEx hedges. North America grew 7.7% in Q1, driven by higher pricing in biscuits as well as double-digit gum and candy growth. Volume mix was slightly positive, despite lower service levels related to third-party labor constraints. North America OI increased by 13.6% during the quarter due to higher pricing. We announced an additional mid-single-digit pricing increase in the US that will become effective early May.
EMEA grew 8.9% for the quarter with strong volume growth of 6.4%, showing continued strength across much of the region. India grew double digits for the quarter and continues to execute well and reinvest for the future. We continue to extend our leadership position in chocolate, while the growth of our biscuit business continues to outpace larger competitors in the region.
China grew high single digits for the quarter, driven by continued share and gains in both biscuits and gum, despite several challenges due to COVID restrictions. Southeast Asia delivered high single-digit growth, with strength in biscuit, chocolate and beverages. EMEA increased OI dollars by 5.8% for the quarter, volume-driven profit was partially offset by commodities and transportation inflation. Latin America grew more than 25% for the quarter, with strong growth across all categories, driven by both strong pricing and volume mix gains. Brazil, Mexico and our Western Andean business unit all posted double-digit increases this quarter. Adjusted OI dollars for Latin America increased more than 30% for the quarter. These increases were driven by broad-based volume growth across core snacking categories, effective pricing through RGM actions and the mix impact of higher gum and candy sales.
Moving to EPS. Q1 EPS grew 13.9% at constant currency. This growth was primarily driven by top line-driven operating gains. Turning to free cash flow and capital return on slide 16. We delivered Q1 free cash flow of EUR1 billion, driven by strong operating results and further improvements in our cash conversion cycle. We also returned $1.3 billion to shareholders in the form of dividends and share repurchases.
Let me make a few comments with respect to the Ukraine. We stopped all business in Ukraine as the war began, including our two plants in the country that produce products for both Ukraine and broader Europe. In total, this represents about $320 million in revenues on a yearly basis. As a result of this business stoppage, we expect asset write-offs and one-time costs of approximately $143 million, which will be excluded from our adjusted results.
For the remainder of 2022, we expect about $200 million in revenue headwinds from the loss of revenue in Ukraine as well as losses related to finished goods that our Ukraine plant produce for other countries within Europe, where we do not have supply alternative yet. The lost revenue is expected to translate into $0.03 lower EPS.
Now let me provide some color on our revised 2022 outlook on slide 19. We now expect 4% plus top line growth. This factors in the $200 million or roughly one point of negative impact currently anticipated from the Ukraine war in addition to our expectations that we will return to more historical levels of elasticity later this year.
We continue to expect pricing to be a larger driver of top line growth, given its impact in Q1 and we are also announcing price increases across a number of markets for the rest of the year tied to inflation. We now expect input cost inflation in the low double-digit range for 2022 versus our prior view of approximately 8%, despite our coverage is approaching 90% for the year. The revise view of inflation reflects the war in the Ukraine and the related step-up in cost pressure to our commodity basket, including energy, wheat, oil and packaging.
As I said, we also expect additional pricing in a number of markets connected to this inflation, and these actions could cause an increase in elasticity versus what we are seeing today. As a result, we have planned accordingly.
As we gave you guidance for 2022, we had some headroom. So we still feel we have an opportunity to hit high single-digit EPS. But the situation is very volatile. And given these dynamics, we believe it is prudent to call a range of EPS growth between mid-single to high single digit. This also factors in ongoing investment to support our brands and work in media increases that, in some cases, might be increased, given good business momentum to protect versus elasticity driven by incremental price increases.
Our outlook also now factors in $0.17 of headwind related to ForEx impact. $0.06 of this amount was included in our first quarter results. With respect to free cash flow, our view is unchanged as we continue to expect another year of EUR3 billion plus.
With that, let's open the line for questions.