Slide 1: 2025 CAGNY Presentation
2025 CAGNY Presentation Ramon Laguarta Jamie Caulfield Chairman & CEO EVP & CFO February 19, 2025
Slide 2: Safe Harbor Statement & Non-GAAP Information
Safe Harbor Statement & Non-GAAP Information Safe Harbor Statement business in developing and emerging markets; changes in Securities and Exchange Commission, including its most economic conditions in the countries in which PepsiCo recent annual report on Form 10-K and subsequent reports on Statemen
Slide 3: PepsiCo Overview
PepsiCo Overview PEPSICO
Slide 4: We Are A Large And Diverse Global Beverage & Convenient Food Company
We Are A Large And Diverse Global Beverage & Convenient Food Company NET REVENUE NET REVENUE MIX Nearly CONVENIENT FOOD NORTH AMERICA $92 Billion $53B 58% 42% $55B 60% 40% in 2024 BEVERAGE $39B INTERNATIONAL $37B CORE OPERATING PROFIT CORE DIVISION OPERATING PROFIT MIX (BEFORE CORPORATE EXPENSES) PB
Slide 5: With Many Iconic Brands That Are Well Positioned In Large And Attractive Categories
With Many Iconic Brands That Are Well Positioned In Large And Attractive Categories Convenient Food Beverage • Leader in savory snacks • Strong position in LRB categories • Strong position in refrigerated spreads and dips • Expanding across beverage occasions and hot cereals • Expanding into other c
Slide 6: Strategy Delivering Results
Strategy Delivering Results
Slide 7: Strategy And Culture Emphasize The PepsiCo Way
Strategy And Culture Emphasize The PepsiCo Way Mission Create more smiles with every sip and every bite Be the global leader in beverage and Vision convenient food by winning with FASTER STRONGER BETTER Winning in the marketplace, Transforming our capabilities, Creating growth and value by being mor
Slide 8: We Have Prioritized Investing In Our Business To Strengthen Capabilities And Accelerate Growth
We Have Prioritized Investing In Our Business To Strengthen Capabilities And Accelerate Growth Significant Investments In The Business Developed Advantaged Capabilities Capex | A&M | R&D $12B +47% Strengthened Expanded Bolstered Go to $8B Brands, Portfolio Manufacturing Market Systems & Innovation C
Slide 9: And Delivered Strong Growth Across Our Businesses
And Delivered Strong Growth Across Our Businesses North America Organic Growth International Organic Growth 5 Year CAGR 5 Year CAGR 9% 10% 10% 7% 7% 6% North America North America North America International International Food International Beverage Food Beverage +DD% +DD% Global Global Mexico Brazi
Slide 10: While Raising The Bar On Productivity To Fund Investments And Deliver Profitable Growth
While Raising The Bar On Productivity To Fund Investments And Deliver Profitable Growth Key Productivity Initiatives Core Division Operating Profit Growth (Before Corporate Expenses) Growth since 2019 Network & Route Plant & Warehouse +38% Optimization Automation +7% 5 Year CAGR $16.5B $12B Global C
Slide 11: Resulting In Strong Organic Revenue And Core Constant Currency EPS Growth
Resulting In Strong Organic Revenue And Core Constant Currency EPS Growth Organic Revenue Growth Core Constant Currency EPS Growth Net Revenue Core EPS since 2019 since 2019 +37% +48% 8% 9% +HSD% +4-6% 5 Year CAGR LT Target 5 Year CAGR LT Target Organic revenue, core constant currency EPS and core E
Slide 12: Strategic Priorities & Outlook
Strategic Priorities & Outlook
Slide 13: Consumer Habits And Preferences Are Evolving While The Macroeconomic Environment Remains Volatile
Consumer Habits And Preferences Are Evolving While The Macroeconomic Environment Remains Volatile Shifting Consumer Habits And Preferences Volatile Macroeconomic Landscape VALUE-SEEKING FISCAL | MONETARY | TRADE POLICIES FUNCTIONAL MULTICULTURAL INTEREST RATES GEOPOLITICS ACTIVE EXPERIENTIAL INFLATI
Slide 14: Our Categories Remain Attractive, Profitable And Provide Us With Many Opportunities For Growth
Our Categories Remain Attractive, Profitable And Provide Us With Many Opportunities For Growth Global Beverage and Convenient Food Opportunity >$1.3 Trillion CSD Salty Opportunity Savory +MSD% Estimated Long-Term Convenient Growth Foods LRB HSD% PEP Share ALL DRINKING ALL EATING of Global Beverage &
Slide 15: With An Expansive International Growth Runway
With An Expansive International Growth Runway North International America 5% 95% Global Global Population Population Mix Mix PepsiCo Net Revenue Mix 60% PepsiCo Net Revenue Mix 40% +7% +10% Organic Organic Revenue Revenue 5 Year CAGR 5 Year CAGR Population data sourced from Central Intelligence Agen
Slide 16: Priorities Aligned Towards Capturing More Opportunities To Win In The Marketplace
Priorities Aligned Towards Capturing More Opportunities To Win In The Marketplace Always Win With Reach Consumers Modernize To The Consumer Everywhere Fuel Growth Offer consumers Continue to grow Modernize & transform Strategic end-to-end diverse, broad portfolio our scale and extend our costs in a
Slide 17: Refreshing Our Iconic Offerings
PORTFOLIO Refreshing Our Iconic Offerings Real Food, Real Joy, Real Connections • Reduction in sodium & saturated fat in top Rooted in Real. Simple, real global markets food moments Sodium Saturated Fat Removal of that bring Reduction Reduction Artificial Colors • Advancing new people together aspir
Slide 18: Advancing Options That Meet Evolving Consumer Preferences
PORTFOLIO Advancing Options That Meet Evolving Consumer Preferences Advance Positive Choices • Permissible • Diverse ingredients • Nutrient-dense Pepsi Low / Zero Sugar >$10B RSV 5 Year CAGR Volume +MSD% Value +HSD% Pepsi low/zero sugar based on 2024 estimated global Retail Sales Value (RSV). 5-year
Slide 19: Broadening Within Attractive, Consumer-Preferred Segments
PORTFOLIO Broadening Within Attractive, Consumer-Preferred Segments Functional Offerings • Hydration • Energy Gatorade Energy • Protein Propel • Fiber >$12B ~$7B RSV RSV 5 Year 5 Year CAGR CAGR Volume +LSD% Volume +DD% Value +HSD% Value +DD% Gatorade/Propel and Energy based on 2024 estimated global
Slide 20: Expanding To Capture Diverse Set Of Cohorts
PORTFOLIO Expanding To Capture Diverse Set Of Cohorts Expand Cohorts • Multicultural • Premiumization
Slide 21: Offering Portion Control Solutions
PORTFOLIO Offering Portion Control Solutions Portion Control Multipack • Multipack and Variety packs ~$4.5B RSV • Canisters • Minis Multipack/Canisters based on 2024 estimated U.S. MULOC+ Retail Sales Value (RSV) of PepsiCo Foods U.S. variety and multipack.
Slide 22: Bringing Consumers Convenience And Value Optionality
PORTFOLIO Bringing Consumers Convenience And Value Optionality Value And Affordability • Price pack architecture • Value Line • Bonus bags
Slide 23: Innovating To Provide Consumers With Customized Options That Go Beyond The Bottle
PORTFOLIO Innovating To Provide Consumers With Customized Options That Go Beyond The Bottle Personalization Customization > $1B RSV > $1.5B RSV SodaStream Gatorade / Propel Powders Meet Specific Consumer Needs Based on 2024 estimated global Retail Sales Value (RSV).
Slide 24: We Have Opportunities Everywhere To Capture New Occasions
PRESENCE We Have Opportunities Everywhere To Capture New Occasions STRENGTH STRENGTH Muffin from Frozen Energy Tacos Office Break Drink on Food Truck Room Drive Home Coffee Snack Box Afternoon Snack Dinner Made at Home at Office Veggies & Dip at Home Before Work OPPORTUNITIES OPPORTUNITY OPPORTUNITI
Slide 25: Extending The Presence Of Our Large Brands Into Meals
PRESENCE Extending The Presence Of Our Large Brands Into Meals Culinary And Meal Occasions
Slide 26: Leveraging Our Brands In Away From Home Segments
PRESENCE Leveraging Our Brands In Away From Home Segments Experiential N.A. AFH 3 Year CAGR +12% N.A. AFH Net Revenue ~$7B Timeframe for 3-year net revenue CAGR is 2022 to 2024. Net revenue size is 2024.
Slide 27: We Continue To Elevate And Accelerate Our Multi-Year Productivity Initiatives
PRODUCTIVITY We Continue To Elevate And Accelerate Our Multi-Year Productivity Initiatives Key Initiatives Global Capability Centers & Digital Organizational Transformation Efficiency INVESTMENTS GROWTH PRODUCTIVITY Automation & Simplify & Supply Chain Harmonize IT Systems Optimization
Slide 28: With A Focus On Utilizing Digital Capabilities To Modernize Our Value Chain And Ways Of Working
PRODUCTIVITY With A Focus On Utilizing Digital Capabilities To Modernize Our Value Chain And Ways Of Working Key Technologies To Fuel Growth And Efficiency Digital Capabilities Desired Outcomes Consumer More tailored and focused innovation and AI & Machine Learning Engagement: communication Sales Di
Slide 29: Delivering Results Against Our pep+ Agenda
pep+ Delivering Results Against Our pep+ Agenda 2023 Results highlights ResultsPositive highlights Positive Positive Agriculture Value Chain Choice 75B 1.8MM+ 13% 25% portions of our global convenient foods portfolio delivered more diverse ingredients such as acres farmed with regenerative legumes,
Slide 30: Capital Allocation & Long-Term Algorithm
Capital Allocation & Long-Term Algorithm
Slide 31: We Will Remain Disciplined With Our Capital Allocation Priorities
We Will Remain Disciplined With Our Capital Allocation Priorities We are committed to a strong financial foundation, maintaining an appropriate capital structure, and improving our free cash flow 1 Invest in our business 2 Pay and grow our dividends • Fund initiatives that drive growth and productiv
Slide 32: Our Investments Focus On Growth And Elevating Our Productivity Agenda
Our Investments Focus On Growth And Elevating Our Productivity Agenda Net Capital Spending (% Net Revenue) 2024 Capital Spending Breakdown 6.0% 5.9% 5.6% 5.7% 5.8% 5.4% Sustainability Growth Agriculture Innovation 4.9% Climate Manufacturing 4.4% Packaging Capacity Go-to-market Systems Productivity &
Slide 33: Returning Significant Cash To Our Shareholders
Returning Significant Cash To Our Shareholders 7.5% CAGR Dividend per 53 share Consecutive years of dividend increases Dividend Yield ~3.8% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividend per $1.89 $2.03 $2.13 $2.24 $2.53 $2.76 $2.96 $3.17 $3.59 $3.79 $4.02 $
Slide 34: Judiciously Refreshing Our Portfolio
Judiciously Refreshing Our Portfolio Acquisitions Partnerships / Investments Divestitures
Slide 35: And Aiming To Deliver Our Long-Term Financial Targets
And Aiming To Deliver Our Long-Term Financial Targets Long-Term Targets TH P W Capture new O Annual productivity RO GR occasions and Automation +4-6% • DU INE expand presence • Optimization CTI TOP L • Omnichannel • Modernization Organic Revenue Growth VITY • Away from home • Transformation +20-30 b