Slide 1: Hungry & Thirsty for Growth
HUNGRY & THIRSTY FOR GROWTH Ramon Laguarta Steve Schmitt Chairman & CEO CFO 2026
Slide 2: Safe Harbor Statement & Non-GAAP Information
SAFE HARBOR STATEMENT & NON-GAAP INFORMATION Safe Harbor Statement Statements in this communication that are “forward - looking statements,” including our guidance and long - term targets, are based on currently available information, operating plans and projections about future events and trends. T
Slide 3: Agenda
AGENDA 1 PepsiCo Overview 2 Outlook And Strategic Priorities 3 Financial Overview 3
Slide 4: PepsiCo Overview
PEPSICO OVERVIEW 4
Slide 5: Positioned well to win in large convenient food and beverage markets
POSITIONED WELL TO WIN IN LARGE CONVENIENT FOOD AND BEVERAGE MARKETS GLOBALLY NET REVENUE Portfolio of more than 30 Billion - dollar brands $94B in 2025 Leader in Savory Snacks CORE OPERATING PROFIT $15B in 2025 Strong position in LRB Product offerings across many GLOBAL CATEGORIES dayparts and occa
Slide 6: Led by the North America business
LED BY THE NORTH AMERICA BUSINESS NORTH AMERICA CORE OPERATING PROFIT PepsiCo PepsiCo Foods $10B Beverages NET REVENUE North America In 2025 $56B North America CORE OPERATING MARGIN 18% In 2025 +35% Net Revenue Growth +$14B Since 2019 In 2025 North America 2025 reported net revenue was $55.7B and re
Slide 7: Featuring leading and well recognized portfolio of brands
FEATURING LEADING AND WELL RECOGNIZED PORTFOLIO OF BRANDS PEPSICO BEVERAGES #1 Modern Soda NORTH AMERICA Sports Drink RTD Coffee RTD Tea Potato Chips PEPSICO FOODS Tortilla Chips NORTH AMERICA Curls & Puffs Grits & Hot Cereal Source: Circana, Total US MULOC+, 52 weeks ending January 11, 2026 7
Slide 8: And a significant international presence
AND A SIGNIFICANT INTERNATIONAL PRESENCE LARGE & PROFITABLE INTERNATIONAL BUSINESS CORE OPERATING PROFIT $7B Asia Pacific Foods International Europe, Middle Beverages NET REVENUE East, Africa In 2025 Franchise $38B CORE OPERATING MARGIN Latin America Foods In 2025 +48% Net Revenue Growth +$12B Since
Slide 9: Enabling solid long-term growth for PepsiCo
ENABLING SOLID LONG-TERM GROWTH FOR PEPSICO ORGANIC REVENUE GROWTH CORE CONSTANT CURRENCY EPS GROWTH Net Revenue Core EPS since 2019 since 2019 +40% +47% 8% +HSD% 7% ORGANIC REVENUE GROWTH CORE CONSTANT CURRENCY EPS GROWTH +MSD% 2020-2025 CAGR LT Target 2020-2025 CAGR LT Target Organic revenue growt
Slide 10: Outlook and Strategic Priorities
OUTLOOK AND STRATEGIC PRIORITIES 10
Slide 11: The consumer and macro environment remain dynamic
THE CONSUMER AND MACRO ENVIRONMENT REMAIN DYNAMIC SHIFTING CONSUMER HABITS & VOLATILE MACROECONOMIC PREFERENCES LANDSCAPE Functional Health Fiscal & & Wellness Monetary Policies Multicultural Flavors Tech Disruption Omnichannel Geopolitical Risks Experiential & Trade / Mobility Away - From - Home 11
Slide 12: >$1 trillion opportunity with our categories providing a long runway
WITH OUR CATEGORIES PROVIDING A LONG RUNWAY FOR GROWTH GLOBAL CONVENIENT FOOD GLOBAL BEVERAGE PEP SHARE Salty CSDs HSD% Of Global Beverage & Savory Convenient LRBs Food Convenient Foods All Eating All Drinking ESTIMATED Occasions Occasions CATEGORY GROWTH >$1 TRILLION OPPORTUNITY +MSD% PepsiCo defin
Slide 13: We are prioritizing an accelerated growth agenda
WE ARE PRIORITIZING AN ACCELERATED GROWTH AGENDA GLOBAL PRIORITIES FASTER STRONGER BETTER PORTFOLIO INNOVATION ONE PEPSICO POSITIVE AGRICULTURE TECH-ENABLED AWAY FROM HOME POSITIVE VALUE CHAIN TRANSFORMATION 13
Slide 14: Faster
FASTER Evolve our portfolio with innovation to bring new consumers into the category and capture new occasions in Away - From - Home and meals 14
Slide 15: Restaging large iconic brands
RESTAGING LARGE ICONIC BRANDS • Quality ingredients with farm grown potatoes • New offerings across chips and dips • Expand alternative oil offerings • Traditional recipes and simple ingredients • Advanced Hydration for sports and • Portfolio for multiple benefits: gut health, everyday occasions hea
Slide 16: Lay's holistic brand restage
LAY’S HOLISTIC BRAND RESTAGE 16
Slide 17: Broadening options for large global brands
BROADENING OPTIONS FOR LARGE GLOBAL BRANDS Addressing Consumer Preferences Low & Zero Sugar Reduced Sodium No Artificial Alternative Cooking Portion Snacks Colors & Flavors Methods & Oils Control 17
Slide 18: Growing functional offerings
GROWING FUNCTIONAL OFFERINGS Expanding Emerging & Functional Options Whole Fiber Protein Hydration Energy Grains 18
Slide 19: Offering greater affordability
OFFERING GREATER AFFORDABILITY Enhancing Portfolio Value 19
Slide 20: Scaling the away-from-home opportunity
SCALING THE AWAY-FROM-HOME OPPORTUNITY Broadening The Usage And Presence Of Our Brands & Assets CSDs Hydration Pairings Macrosnacks Crafted Bevs Meals 20
Slide 21: Leveraging formulas and mixology for crafted beverages
LEVERAGING FORMULAS AND MIXOLOGY FOR CRAFTED BEVERAGES Scaling DRIPS By Pepsi Building Crafted with experience-led destinations and a scalable differentiated portfolio 21
Slide 22: Extending brand platforms
EXTENDING BRAND PLATFORMS Building And Experimenting With Doritos Loaded CORE BRAND BRAND EXPERIENCES GROWTH Food trucks & outlets Brand building On - label recipes SCALED DTC Foodservice in store Kitchens and Aggregators RETAIL PACKAGED AWAY-FROM-HOME READY TO EAT PARTNERS Mexican - inspired portfo
Slide 23: Exploring incremental opportunities in meals
EXPLORING INCREMENTAL OPPORTUNITIES IN MEALS Diversifying Options For Consumers Food Inspired by modern Mediterranean tastes Mexican Heritage Cuisine Joyful Ingredients & Culinary Ready To Eat meals made from natural ingredients that deliver full flavor without compromise 23
Slide 24: Stronger
STRONGER Leverage One PepsiCo advantage and accelerate tech - enabled transformation 24
Slide 25: Focused on elevated productivity
ACCELERATING MULTIYEAR PRODUCTIVITY PLAN Procurement GROSS PRODUCTIVITY 2021-’25 FOCUSED ON ELEVATED PRODUCTIVITY Reduce Efficiencies ACROSS THE ENTIRE BUSINESS Expenses Value Engineering 2x Redesign Work Digitalization Automation / Global Capability Centers Rethink Business Processes Network Optimi
Slide 26: Driving technology-enabled transformation
DRIVING TECHNOLOGY-ENABLED TRANSFORMATION Integrated Design to Value INNOVATE PLAN Business Planning Transportation DELIVER MARKET AI-powered marketing Control Tower SELL MAKE Next-Gen Go-to-Market Digital Twins 26
Slide 27: Modernizing North America operations
MODERNIZING NORTH AMERICA OPERATIONS GROWTH EFFICIENCY OPTIONALITY Fuel topline momentum Capture sustainable savings Build flexible go - to - market & provide leading through automation & models to adapt to service consolidation marketplace evolution 27
Slide 28: Better
BETTER pep+ in action – people, resources and operations 28
Slide 29: Building resilience with pep+
BUILDING RESILIENCE WITH PEP+ Select 2030 Goals POSITIVE POSITIVE POSITIVE AGRICULTURE VALUE CHAIN CHOICES 10MM acres farmed with 50% 100% 100MM reduction in Regenerative agriculture, Scope 1&2 emissions renewable electricity in people reached with safe water access 4 restorative, or (vs 2022 baseli
Slide 30: Financial Overview
FINANCIAL OVERVIEW 30
Slide 31: Building momentum
BUILDING MOMENTUM INTERNATIONAL Net Revenue Organic Revenue RESILIENCE Growth Growth 5.6% 2.1% 1.2% NORTH AMERICA STRENGTHENING (1.8)% Q1’25 Q4’25 Q1’25 Q4’25 ACTIVELY REFRESHING / RESHAPING PORTFOLIO Organic revenue growth is a non - GAAP financial measure. 31
Slide 32: Encouraging Q4'25 results
ENCOURAGING Q4'25 RESULTS ORGANIC REVENUE NET REVENUE GROWTH 5.6% GROWTH 2.1% CORE OPERATING CCC OPERATING MARGIN CHANGE +140 bps MARGIN CHANGE +120 bps CORE EPS GROWTH 16% CCC EPS GROWTH 11% Organic revenue, core operating margin, core constant currency operating margin, core EPS and core constant
Slide 33: Disciplined capital allocation priorities
DISCIPLINED CAPITAL ALLOCATION PRIORITIES 01 Invest in the business 02 Pay and grow dividends Selectively consider 03 acquisitions, partnerships & divestitures 04 Share repurchases 33
Slide 34: Moderating capital spend while balancing business needs
MODERATING CAPITAL SPEND WHILE BALANCING BUSINESS NEEDS GROSS CAPITAL SPENDING (% NET REVENUE) 2025 CAPITAL SPENDING BREAKDOWN Growth 6% Innovation Manufacturing Capacity <5% Go - to- market Operating Sustainability Necessity Maintenance/ Replacement Productivity & Other IT Harmonization Automation
Slide 35: Targeting improvements in free cash flow conversion
TARGETING IMPROVEMENTS IN FREE CASH FLOW CONVERSION FCF CONVERSION Core Operating Margin to Increase at least 100 bps RATIO Over Next 3 Fiscal Years >90% in 2027 Tighter Working Capital Management Moderate Capital Spending as % of Net Revenue Core operating margin and Free Cash Flow (“FCF”) conversi
Slide 36: Returning significant cash to shareholders
RETURNING SIGNIFICANT CASH TO SHAREHOLDERS 7% CAGR 54 Dividend per share Consecutive years of dividend increases 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividend $1.89 $2.03 $2.13 $2.24 $2.53 $2.76 $2.96 $3.17 $3.59 $3.79 $4.02 $4.25 $4.53 $4.95 $5.33 $5.
Slide 37: Reshaping the portfolio to accelerate growth
RESHAPING THE PORTFOLIO TO ACCELERATE GROWTH ACQUISITIONS STRATEGIC INVESTMENTS DIVESTITURES AND & PARTNERSHIPS TRANSITIONS (Case Pack Water) 37
Slide 38: Our ambition is to deliver long-term shareholder value
OUR AMBITION IS TO DELIVER LONG-TERM SHAREHOLDER VALUE Build presence and LONG-TERM TARGETS capture new occasions TH P +MSD% W Organic Revenue Growth RO O GR DU TOP LINE Structural cost CTIV reductions CORE OPERATING ITY MARGIN EXPANSION IN V E S T M E N TS +HSD% Invest in brands Core Constant Curre
Slide 39: Q&A
Q&A V4) NI pepsico Food. Drinks. Smiles.