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PepsiCo : 2025 Apex Independent Assurance Statement - Environment (2025 Apex Independent Assurance Statement Scope 3 GHG Emissions)
PepsiCo : 2025 Apex Independent Assurance Statement - Environment (2025 Apex Independent Assurance Statement Scope 3 GHG
About this update from Pepsico, Inc.
VERIFICATION OPINION DECLARATION GREENHOUSE GAS EMISSIONS DATA To: The Stakeholders of PepsiCo, Inc. Apex Companies, LLC (Apex) was engaged to conduct an independent verification of the greenhouse gas (GHG) emissions data reported by PepsiCo, Inc. (PepsiCo) for the period stated below. This verification opinion declaration applies to the related information included within the scope of work described below. The determination of the GHG emissions data is the sole responsibility of PepsiCo. PepsiCo is responsible for the preparation and fair presentation of the GHG emissions data statement in accordance with the criteria. Apex's sole responsibility was to provide independent verification on the accuracy of the GHG emissions data reported, and on the underlying systems and processes used to collect, analyze and review the information. Apex is responsible for expressing an opinion on the GHG emissions data statement based on the verification. Verification activities applied in a limited level of assurance verification are less extensive in nature, timing and extent than in a reasonable level of assurance verification. Boundaries of the reporting company GHG emissions data covered by the verification: Operational Control Global Types of GHGs: CO 2 , N 2 O, CH 4 , HFCs 2025 Scope 3 Forest, Land, and Agriculture (FLAG) Emissions 1 Category 1 - Purchased Goods & Services (FLAG) - metric tons of CO 2 equivalent (tCO 2 e) 13,474,362 2025 Scope 3 Energy and Industry (E&I) Emissions Category 1 - Purchased Goods & Services (E&I) - tCO 2 e 27,493,163 Category 2 - Capital Goods - tCO 2 e 650,570 Category 3 - Fuel and Energy Related Activities (Well-to-tank only) - tCO 2 e 1,173,060 Category 4 - Upstream Transportation and Distribution - tCO 2 e 1,410,736 Category 5 - Waste Generated in Operations (manufacturing/warehouse only) - tCO 2 e 174,845 Category 6 - Business Travel - tCO 2 e 86,762 Category 7 - Employee Commuting - tCO 2 e 206,206 Category 9 - Downstream Transportation and Distribution - tCO 2 e 2,607,973 Category 10 - Processing of Sold Products - tCO2e 79,936 Category 12 - End-of-Life Treatment of Sold Products - tCO 2 e 1,362,623 Category 14 - Franchises - tCO 2 e 1,169,491 Category 15 - Investments - tCO 2 e 168,125 Total Scope 3 FLAG emissions- tCO 2 e 13,474,362 Total Scope 3 E&I emissions - tCO 2 e 36,583,489 1 See Calculation Methodology for detail on how PepsiCo measures progress on this metric. Metric published August 13, 2026 WATER • ENVIRONMENTAL • HEALTH & SAFETY • COMPLIANCE & ASSURANCE • INFRASTRUCTURE Apex Companies, LLC • (800) 733-2739 • https://www.apexcos.com Data and information supporting the Scope 3 GHG emissions assertion were in many cases estimated rather than historical in nature. Global Warming Potential (GWP) and Emission factor data sets Global Warming Potential (GWP) values were primarily based on the IPCC Fifth Assessment Report (AR5). Where GWPs were embedded within underlying emission factor datasets, AR4 or AR6 values were applied as provided by the source and disclosed accordingly. United States Environmental Protection Agency (US EPA), Emission Factors Hub, January 2025 World Food LCA Database (WFLDB), Version 3.12, January 2026 AdAstra, Orbae Land Use Change Database, Version 2.2, January 2026 Cool Farm Tool and Cool Farm Platform, 2025 Kynetec farmer practice survey data (2020-2024), used to develop supply shed emission factors for key crops using the Cool Farm Tool, updated February 2026 Supplier-specific emission factors and life cycle assessment (LCA) data for seasonings and other unique commodities (2025-2026) Franklin Associates, life cycle assessment data, 2025 Global Logistics Emissions Council (GLEC) Framework, Version 3.1, 2024 US EPA SmartWay, 2025 International Energy Agency (IEA), 2025 United Kingdom Department for Energy Security and Net Zero (DESNZ), 2025 US EPA Supply Chain Greenhouse Gas Emission Factors, Version 1.4, 2025 Period covered by GHG emissions data verification January 1, 2025 to December 31, 2025 GHG Reporting Protocols against which verification was conducted World Resources Institute (WRI)/World Business Council for Sustainable Development (WBCSD) Greenhouse Gas Protocol, Corporate Accounting and Reporting Standard, Revised Edition (Scope 1 and 2) and the GHG Protocol Scope 2 Guidance, an amendment to the GHG Protocol Corporate Standard WRI/WBCSD Corporate Value Chain (Scope 3) Accounting and Reporting Standard GHG Verification Protocols used to conduct the verification ISO 14064-3 Second Edition 2019-04: Greenhouse gases - Part 3: Specification with guidance for the verification and validation of greenhouse gas statements Level of Assurance and Qualifications Limited This verification used a materiality threshold of ±5% for aggregate errors in sampled data for each of the above indicators GHG Verification Methodology Evidence-gathering procedures included, but were not limited to: Interviews with relevant personnel of PepsiCo; Review of documentary evidence produced by PepsiCo; Review of documentary evidence, data, information systems, and methodologies used for the collection, aggregation, analysis, and review of selected environmental and sustainability metrics was conducted through in-person and virtual meetings with representatives from PepsiCo's Global Sustainability Office and nine (9) global locations: 6th of October, Egypt; Beijing NPC, China; Casa Grande, Arizona, United States (US); Corlu, Turkey; Hattar, Pakistan; Multan Snack, Pakistan; Phoenix, Arizona, US; SabMfg Vallejo, Mexico; and Suadiye, Turkey; Review of PepsiCo data and information systems and methodology for collection, aggregation, analysis and review of information used to determine GHG emissions data; and Audit of sample of data used by PepsiCo to determine GHG emissions. Verification Opinion Based on the verification process and procedures conducted to a limited assurance level of the GHG emissions data statement shown above, Apex found no evidence that the GHG emissions statement data: is not materially correct and is not a fair representation of the GHG emissions data and information; and has not been prepared in accordance with the WRI/WBCSD GHG Protocol Corporate Accounting and Reporting Standard (Scope 1 and 2), WRI/WBCSD Greenhouse Gas Protocol Corporate Value Chain Accounting and Reporting Standard (Scope 3). It is our opinion that PepsiCo has established appropriate systems for the collection, aggregation and analysis of quantitative data for determination of these GHG emissions data for the stated period and boundaries. Statement of independence, impartiality and competence Apex is an independent professional services company that specializes in Health, Safety, Social and Environmental management services including assurance with over 30 years history in providing these services. No member of the verification team has a business relationship with PepsiCo, its Directors or Managers beyond that required of this assignment. We conducted this verification independently and to our knowledge there has been no conflict of interest. Apex has implemented a Code of Ethics across the business to maintain high ethical standards among staff in their day-to-day business activities. The verification team has extensive experience in conducting assurance over environmental, social, ethical and health and safety information, systems and processes, has over 20 years combined experience in this field and an excellent understanding of Apex's standard methodology for the verification of greenhouse gas emissions data. Attestation Scott Johnston ESG Principal Consultant [email protected] Miami, Florida Trevor Donaghu ESG Director [email protected] Pleasant Hill, California August 13, 2026 This verification opinion declaration, including the opinion expressed herein, is provided to PepsiCo, Inc. and is solely for the benefit of PepsiCo, Inc. in accordance with the terms of our agreement. We consent to the release of this declaration to the public or other organizations but without accepting or assuming any responsibility or liability on our part to any other party who may have access to this declaration.