Q&A – Annual Shareholders' Meeting 2025

Below are PepsiCo, Inc.’s responses to additional questions submitted by shareholders during the 2025 Annual Shareholders’ Meeting that were not otherwise addressed during the meeting. In a few cases, we have made edits for clarity and/or corrected typos. Our responses to these questions, including any forward-looking statements, are as of the date of the meeting (May 7, 2025) and we do not undertake any obligation to update any such statements which are subject to risks and uncertainties (for additional information please refer to our most recent filings with the Securities and Exchange Commission).

Q – On behalf of ShareAction's Healthy Markets Initiative, will PepsiCo commit to using an externally recognized nutrient profiling model to disclose the share of sales from healthier products?

A – We offer a wide variety of products that meet many dietary needs and preferences for our consumers, and we are very proud of our progress to transform our portfolio.

With pep+, we aim to continue to evolve our portfolio of foods and beverages to provide consumers with even more choices, with specific goals to reduce added sugar, saturated fat, and sodium, and incorporate more diverse ingredients in both new and existing food products that deliver nutritional benefits.

We believe reporting systems should acknowledge portfolio renovation efforts such as these, and the role a product or portfolio plays in the diet to ensure suitable context.

As you may know, independent groups such as Access to Nutrition Initiative (ATNI) also assess our portfolio.

In the meantime, we intend to continue to focus our resources on making progress against our stated goals and look for other areas to make progress as well, and we plan to continue with our annual reporting and independent verification process.

We also disclose our progress toward these goals and our nutrition ambitions on our website, including as percentages of our portfolio.

Q – What is PepsiCo doing to eliminate high fructose corn syrup from its products?

A – PepsiCo stands by the safety of our products and the ingredients we use, including high fructose corn syrup (HFCS) which is widely accepted as a food ingredient globally.

Across our portfolio, we offer a wide array of sweetener options to meet consumer needs and preferences, and we continue to evolve our portfolio in line with science, regulation, and consumer expectations.

Q – What are your plans to return the stock price to growth?

A – We continue to operate in large, attractive, growing categories with large, trusted brands that offer consumers convenience, variety, availability, and affordability.

We remain focused on consumer-centric innovation – including by innovating with our brands and through strategic acquisitions such as Siete and Sabra – leveraging our brands across beverages, snacks and meals, and being available always and everywhere.

We also continue to see a long runway for profitable growth in our international business. We remain committed to expanding our presence across geographies by offering a tailored assortment of products, flavors and pack sizes that make our global brands locally relevant.

We’re also elevating and accelerating our productivity initiatives to fuel investments that aim to stimulate growth and improve our marketplace competitiveness.

Q – What is the status of the Pepsi Museum?

A – We firmly support the idea of a museum that will celebrate Pepsi in its birthplace. The project is still in early stages, but we continue to work with local community and New Bern officials as well as Pepsi independent bottlers in support of the project.

Q – What is PepsiCo’s strategy in Asia and other emerging markets? Do you forecast this area to be a strong area of growth in next 5 to 10 yrs?

A – We continue to see a long runway for profitable growth in our nearly $37 billion International business which includes Asia and emerging markets, which represented 40% of PepsiCo’s 2024 net revenue.

We will continue to take actions to build, scale and expand our international presence, deliver more flavor and texture combinations that address local preferences, adapt our price pack architecture to offer consumers more value and convenience, and elevate our focus on productivity initiatives to help fund investments for growth.