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February 21, 2024Performingto PotentialRamonLaguartaChairman & CEOJamieCaulfieldEVP & CFO

Safe Harbor Statement & Non-GAAP InformationSafe Harbor StatementStatements in this communication that are “forward-looking statements,” including our long-term targets, arebased on currently available information, operating plansand projections about future events and trends.Terminology such as “aim,” “anticipate,” “believe,” “drive,”“estimate,” “expect,” “expressed confidence,” “forecast,”“future,” “goal,” “guidance,” “intend,” “may,” “objective,”“outlook,” “plan,” “position,” “potential,” “project,” “seek,”“should,” “strategy,” “target,” “will” or similar statementsor variations of such words and other similar expressionsare intended to identify forward-looking statements,although not all forward-looking statements contain suchterms. Forward-looking statements inherently involve risksand uncertainties that could cause actual results to differmaterially from those predicted in such forward-lookingstatements. Such risks and uncertainties include, but arenot limited to: the risks associated with the deadly conflictin Ukraine; future demand for PepsiCo’s products;damage to PepsiCo’s reputation or brand image; productrecalls or other issues or concerns with respect to productquality and safety; PepsiCo’s ability to compete effectively;PepsiCo’s ability to attract, develop and maintain a highlyskilled and diverse workforce or effectively managechanges in our workforce; water scarcity; changes in theretail landscape or in sales to any key customer;disruption of PepsiCo’s manufacturing operations orsupply chain, including continued increased commodity,packaging, transportation, labor and other input costs;political, social or geopolitical conditions in the marketswhere PepsiCo’s products are made, manufactured,distributed or sold; PepsiCo’s ability to grow its businessin developing and emerging markets; changes ineconomic conditions in the countries in which PepsiCooperates; future cyber incidents and other disruptions toour information systems; failure to successfully completeor manage strategic transactions; PepsiCo’s reliance onthird-party service providers and enterprise-wide systems;climate change or measures to address climate changeand other sustainability matters; strikes or workstoppages; failure to realize benefits from PepsiCo’sproductivity initiatives; deterioration in estimates andunderlying assumptions regarding future performance ofour business or investments that can result in impairmentcharges; fluctuations or other changes in exchange rates;any downgrade or potential downgrade of PepsiCo’scredit ratings; imposition or proposed imposition of newor increased taxes aimed at PepsiCo’s products;imposition of limitations on the marketing or sale ofPepsiCo’s products; changes in laws and regulationsrelated to the use or disposal of plastics or otherpackaging materials; failure to comply with personal dataprotection and privacy laws; increase in income tax rates,changes in income tax laws or disagreements with taxauthorities; failure to adequately protect PepsiCo’sintellectual property rights or infringement on intellectualproperty rights of others; failure to comply with applicablelaws and regulations; and potential liabilities and costsfrom litigation, claims, legal or regulatory proceedings,inquiries or investigations.For additional information on these and other factors thatcould cause PepsiCo’s actual results to materially differfrom those set forth herein, please see PepsiCo’s filingswith the Securities and Exchange Commission, includingits most recent annual report on Form 10-K andsubsequent reports on Forms 10-Q and 8-K. Investors arecautioned not to place undue reliance on any suchforward-looking statements, which speak only as of thedate they are made. PepsiCo undertakes no obligation toupdate any forward-looking statements, whether as aresult of new information, future events or otherwise.Non-GAAP InformationPlease refer to PepsiCo’s website at www.pepsico.com inthe “Investors” section under “Financial Information –Events and Presentations,” and PepsiCo’s filings with theSecurities and Exchange Commission, to find disclosureand a reconciliation of any non-GAAP financial measurescontained herein. PepsiCo provides guidance on a non-GAAP basis as the Company cannot predict certainelements which are included in reported GAAP results,including the impact of foreign exchange and mark-to-market adjustments.2

WHO WE ARE1WHO WE ARE WHERE WE ARE WHERE WE AREGOINGCAPITAL ALLOCATION& FINANCIAL TARGETS3

We are a globalbeverage andconvenient foodcompany withlarge, iconic andtrusted brands4NET REVENUEMore than$91BILLIONin 2023ICONIC GLOBALBRANDSSold inOVER200countries andterritoriesCORE OPERATINGPROFITNearly$14BILLIONin 20232023 reported operating profit was $12.0 billion. Core operating profit is a non-GAAP financial measure that excludes certain items.

$91BNet RevenueThat are well-positioned inlarge, attractivecategories5Leader insavory snacksCONVENIENTFOODExpanding into otherconvenient food occasionsStrong position inall LRB categoriesExpanding acrossbeverage occasions$53B $38BPepsiCo data based on 2023 reported net revenue. Market share data(retail sales for savory snacks and beverages) based on 2023 Euromonitor.59% 41%

Europe14%LatAm13%AMESA7%APAC5%PBNA30%FLNA27%QFNA3%INCLUDING A DIVISIONAL STRUCTURE DESIGNED TOOPERATE WITH A LOCAL FOCUS ON THE CONSUMER6PepsiCo data based on 2023 reported net revenue. Percentages may not sum due to rounding.Developed and Developing & Emerging Markets were 69% and 31% of PepsiCo’s 2023 reported net revenue, respectively.International$36BNorthAmerica$55BDivision / GeographyNet Revenue Breakdown61% 39%$91B

LED BY A DIVERSE PORTFOLIO OF TRUSTED BRANDS LOVEDBY CONSUMERS IN NORTH AMERICA7 PepsiCo data based on 2023 reported net revenue.Net Revenue~$28BNet Revenue~$25BNet Revenue~$3BPEPSICO BEVERAGESNORTH AMERICAFRITO LAYNORTH AMERICAQUAKER FOODSNORTH AMERICABrands that span across Salty,Savory and MacrosnacksBroad presence across LRBincluding CSD, Sports/Hydration,RTD Coffee/Tea and EnergyStrong presence in Breakfastofferings, Lite snacks andSide/Pasta dishes#1 Manufacturer Ranking Kantar PoweRanking Survey 8th Consecutive Year

AND AN EXPANSIVE REACH ACROSS INTERNATIONALMARKETS8PepsiCo data based on 2023 reported net revenue.Food and beverage mix sourced from 2023 Form 10-K filed with the SEC.Net Revenue~$12BNet Revenue~$13BNet Revenue~$6BNet Revenue~$5BBrazilMexico ColombiaU.K. FranceTurkey Egypt IndiaSouthAfricaChina Australia ThailandSaudi Pakistan Vietnam PhilippinesChilePoland Spain PeruFood / Beverage %52% / 48%Food / Beverage % Food / Beverage % Food / Beverage %91% / 9% 71% / 29% 77% / 23%EUROPE LATIN AMERICA AMESA APAC

SHARING A STRATEGIC FRAMEWORK AND CULTURE THATEMPHASIZES PERFORMANCE, OWNERSHIP AND INCLUSIVITY9Create more smiles with every sip and every biteBe the global leader in beverages andconvenient foods by winning withFASTERWinning in the marketplace,being more consumer-centricand accelerating investmentfor topline growthSTRONGERTransforming our capabilities, costand culture by operating as onePepsiCo, leveraging technology,winning locally and globally enabledBETTERCreating growth and value byoperating within planetaryboundaries and inspiring positivechange for the planet and peopleMISSIONVISIONTHEPEPSICOWAY

WHO WE ARE WHERE WE ARE2WHERE WE ARE WHERE WE AREGOINGCAPITAL ALLOCATION& FINANCIAL TARGETS10

SINCE 2019, WEHAVE PRIORITIZEDINVESTMENTSAND BUILTCAPABILITIESTO BECOMEFASTER,STRONGERAND BETTER11FASTERINVESTEDBrands &InnovationManufacturingCapacityGo to MarketSystemsAway FromHomeE-CommerceSTRONGERELEVATEDHolistic CostManagementDigitizationIT HarmonizationTalent andCultureBETTERADVANCEDPositive ChoicesIntegratePurpose intoStrategyPositive ValueChainPositiveAgriculture

INCLUDING INVESTMENTS TO ACCELERATE GROWTHAND BUILD FOR THE FUTURE12STRONGERFASTERBETTER$4.2B$5.7B2018 2023$3.1B$5.3B2018 2023ADVERTISING & MARKETING NET CAPEX+36%+69%Net capex is capital spending less cash proceeds from sales of property, plant and equipment which is a non-GAAP financial measure.

AS WE ELEVATED OUR FOCUS ON CONSUMER-CENTRICINNOVATION THAT DRIVES CONSUMPTION13FUNCTIONALANDHYDRATIONPOSITIVECHOICESPepsiLow/ZeroSugar>$9BSunChips/Baked>$2BReduced sugar and sodium, wholegrain and baked offeringsExpanding our presence to meetconsumer preferencesPACKAGESIZESVarietyMultipack &Canisters>$3BExpansive set of portion controloptionsBOLDFLAVORSBold flavors with greater assortmentand varietyGatorade +Propel>$11BBased on 2023 global estimated Retail Sales Value (RSV).Variety Multipack is U.S. MULOC retail sales.STRONGERFASTERBETTEREnergy>$6B

WHICH HAS RESULTED IN STRONG REVENUE GROWTHACROSS OUR GLOBAL CATEGORIES AND BRANDS142016 –2018 average reported net revenue grew 0.1% for Global Beverage and 1.6% for Global Convenient Food. 2019-2023 average reported net revenue growth was 5.0% for GlobalBeverage and 9.1% for Global Convenient Food. Brand growth rates are 2021-2023 CAGR based on constant currency net revenue data from 25 key markets. Organic revenue growth andconstant currency net revenue are non-GAAP financial measures that exclude certain items. Reported Brand 2021-2023 net revenue CAGR are 12% Gatorade, 8% Pepsi, 8% MountainDew, 15% Doritos, 14% Cheetos and 10% Lay's.2%5%7%10%Global Beverage Global Convenient Food2016-18 Average 2019-23 AverageORGANIC REVENUE GROWTHBY CATEGORYNET REVENUE GROWTHBY BRAND (2021-’23 CAGR)+13%+16%+14%+10%+8%+12%STRONGERFASTERBETTER

AS WELL AS ACROSS GEOGRAPHIES AND MARKETS152016 –2018 average reported net revenue grew 1.7% for North America and declined (0.3)% for International. 2019-2023 average reported net revenue growth was 6.9% for NorthAmerica and 7.8% for International. Organic revenue growth is a non-GAAP financial measure that excludes certain items.NET REVENUEBY GEOGRAPHYORGANIC REVENUE GROWTHBY GEOGRAPHY1.5%6%7%10%North America International2016-18 Average 2019-23 Average$40B $55B$25B$36B2018 2023NORTH AMERICAINTERNATIONALSTRONGERFASTERBETTER$65B$91BNetRevenue+$26B

LED BY SIGNIFICANT GROWTH WITHIN OUR NORTH AMERICABUSINESSES16Divested juice business includes Tropicana, Naked and other select juice brandsContribution to U.S. Food & Beverage growth based on Circana syndicated dataSTRONGERFASTERBETTER$40B$55BNORTH AMERICA NET REVENUEPBNAFLNAQFNA2018 2023• Expanded presence acrossLRB while deliveringprofitable growth• Increased zero sugar andenergy presence• Started to advanceBeyond the BottleStrategy• Divested Juice businessPBNAFLNANet Revenue>$6B SINCE 2018Net Revenue>$8B SINCE 2018• Gained Savory share• Expanded packagingoptionality• Introduced bold newflavors and textures• Broadened permissibleportfolioPepsiCo was the #1 contributor to U.S. Food & Beverage growth for four consecutive years

WHICH WE LEVERAGE TO BUILD AND EXPAND OURINTERNATIONAL BUSINESSES17 Metrics for China, Brazil and Mexico for value share and per capita consumption are 2018-2023.STRONGERFASTERBETTEROtherInternationalMexicoChinaUnited KingdomBrazilSouth Africa2018 2023$25B$36BINTERNATIONAL NET REVENUE22023NET REVENUE(in USD$)CUMULATIVEVALUE SHAREGAINPER CAPITACONSUMPTIONINCREASEMexicoChinaBrazilBUILDING SCALE IN KEY D&E MARKETSEXPANDING THE PRESENCE OF OUR BRANDS$7B~$3B~$2B

WITH A BROAD SET OF PRODUCTIVITY INITIATIVES THAT HELPFUND INVESTMENTS AND IMPROVE GLOBAL PROFITABILITY18STRONGERFASTERBETTERDRIVING EXCELLENCE AT THE BASICSKEY INITIATIVESOptimized LaborThrough GlobalBusiness ServicesNetwork & RouteOptimizationAutomated Plants& WarehousesTransitioned from functional silos toend-to-end approachDigitally connected GTM to optimizeselling and merchandisingSimplified and harmonized routedesign and aligned products withoptimal GTM systemAutomated Warehouse storage andoptimized packaging operationsDIVISION PROFITElevated Store GTM & Execution Delivering Productivity Across Many Dimensions$8B$10B$4B$6B2018 2023$12B$16BNORTH AMERICAINTERNATIONALFigures for profit are division core operating profit which is a non-GAAP financial measure that excludes certain items. Division reported operating profit in 2018 was $7.9B and $3.6B forNorth America and International, respectively and in 2023 was $9.8B and $4.5B for North America and International, respectively.

AS WE CONTINUE TO MAKE PROGRESSAGAINST OUR GOALS19STRONGERFASTERBETTERMetrics through 2022, PepsiCo 2022 ESG Summary.1 Metric counts the cumulative number of regenerative acres globally since 2021. Regenerative acres reported for 2022 include U.S., Mexico, Canada and 17 European countries only.2 Metric counts the cumulative people impacted since 20213 Measured versus a 2015 baseline. In 2022, we remeasured the 2015 baseline to reflect the divestiture of Tropicana, enhancements in our calculation methodology and the inclusion of additional data.4 25% improvement goal measured against 2015 baseline. In 2022, we remeasured the 2015 baseline and prior results to reflect the divestiture of Tropicana.5 PepsiCo considers packaging to be recyclable, compostable, biodegradable or reusable (RCBR) if certain end-of-life waste management criteria is achieved.6 As of 2022, based on Top 26 Beverage markets, which represented 78% of our global beverages volume and Top 23 Convenient Foods markets, which represented 86% of our global convenient foods volume. Resultsreflect exclusion of Be & Cheery portfolio.POSITIVE AGRICULTURE POSITIVE VALUE CHAIN POSITIVE CHOICES2M+Acre collaboration withWalmart that aims toadopt regenerativeagriculture0.9M+Acres adoptedregenerativepractices since2021111K+Livelihoodsimproved in oursupply chain andcommunities223% Reduction in Scope 1and Scope 2 emissions322% Water efficiency improvementvs 2025 goal of 25%3, 4~8.7B Liters of water replenishedinto watersheds in 202288%Of global packagingis recyclable, compostable,biodegradable orreusable556% Of beverages portfoliomeeting added sugarsreduction target668%Of convenient foodsportfolio meetingsodium reductiontarget675%Of convenient foodsportfolio meetingsaturated fat reductiontarget6

WHICH HAS RESULTED IN FINANCIAL PERFORMANCE THATHAS EXCEEDED OUR LONG-TERM TARGETS IN RECENT YEARS202021-23 average reported net revenue growth was 9.2% and 2021-23 average reported EPS growth was 8.8%. Organic revenue growth and core constant currency EPS growth are non-GAAP financial measures that exclude certain items.ORGANIC REVENUE GROWTH CORE CONSTANT CURRENCY EPS11%2021-23 Average Long Term Target+4-6%12%2021-23 Average Long Term Target+HSD

AND FAVORABLE RECOGNITION BY PARTNERSAND STAKEHOLDERS21#1 Manufacturer8th Consecutive Year

WHERE WE AREGOINGWHO WE ARE WHERE WE ARE3WHERE WE AREGOINGCAPITAL ALLOCATION& FINANCIAL TARGETS22

WE CONTINUE TO OPERATE IN LARGE, GLOBAL CATEGORIESWITH AN ATTRACTIVE GROWTH PROFILE23PepsiCo defined convenient foods includes savory, sweet, grains and dairy foods categories. PepsiCo defined beverages includes liquid refreshment beverages and dairy categories.Figures exclude foodservice. Market size (2022) based on retail sales value of top 80 PepsiCo countries from PepsiCo Portfolio Growth Model. Share is based on 2022 retail value sharefrom Euromonitor. $1.2T opportunity includes LRB and Convenient Foods, not Away From Home.GLOBAL BEVERAGE & CONVENIENT FOOD OPPORTUNITYSavorySaltyCONVENIENTFOODSALL EATINGOCCASIONSLRBCSDALL DRINKINGOCCASIONSHSD% PEP Shareof Global Beverage &Convenient Food>$1.2 TrillionOpportunity+MSD%Estimated Long-TermGrowth

AND WILL AIM TO GROW OUR GLOBAL PRESENCEACROSS OUR KEY CATEGORIESPopulation information sourced from Central Intelligence Agency 2021 “The World Factbook”.GLOBAL PRESENCEMultiple opportunities to build our international presence wherepopulation trends are favorablePepsiCo Net Revenue PopulationPER CAPITA CONSUMPTION OPPORTUNITIESLRB Savory1.7x3.0xNORTH AMERICAINTERNATIONAL24INTERNATIONAL NORTHAMERICANORTHAMERICAINTERNATIONAL

WITH A CLEAR SET OF PRIORITIES WITHIN OUR CATEGORIESAND GEOGRAPHIES25GLOBAL BEVERAGES GLOBAL CONVENIENT FOODSConsumer-Centric Innovation, Leverage Our Brands, Be Available Always And EverywhereNorth America• Drive profitable growth by addressing consumer trendsacross all LRB categoriesNorth America• Accelerate growth by capturing new needs and occasions,innovation and precision executionInternational• Develop greater scale in high growth LRB categories• Strategically invest to be profitable #1 or #2 playerInternational• Broaden portfolio, expand to new categories & occasions• Build scale by driving affinity, availability and affordability,especially in developing markets

SHIFTINGCONSUMERBEHAVIORSON-THE-GO:WORK, SCHOOL,TRAVELVALUESEEKINGCHOICEFUL ANDDEMANDINGEXPERIENTIALACTIVEAS CONSUMER PREFERENCES AND THE ENVIRONMENTCONTINUE TO EVOLVE26FISCAL/MONETARYPOLICIESHOUSEHOLDSAVINGSINFLATIONINTEREST RATESGLOBALTENSIONSGEOPOLITICSEVOLVINGMACROECONOMICLANDSCAPE

WE WILL ADVANCE OUR CONSUMER-CENTRIC INNOVATIONCAPABILITIESCONSUMER-CENTRICITYINNOVATIVE SOLUTIONSNEW OCCASIONSCROSS SELL EXCITINGPRODUCTS ACROSSPORTFOLIOSTRONGERFASTERBETTERPOSITIVE CHOICESMAKE MY OWNBEVERAGESEXPAND OURBRANDS INTOMEALOCCASIONSEXTEND TOOTHERCATEGORIES27

AND EXPAND THE SCOPE AND SCALE OF OUR BRANDS28LEVERAGE OUR BRANDSSTRONGERFASTERBETTER

STRONGERFASTERBETTERWHILE ALSO WIDENING OUR REACH ACROSS CHANNELSAT HOME E-COMMERCE AWAY FROM HOMEMeaningfulF&B experiencesENSURING OUR PRODUCTS ARE EVERYWHERE29

WITH BRANDS THAT CAN SPAN ACROSS MULTIPLE OCCASIONSAND DESTINATIONS30STRONGERFASTERBETTERALWAYS EVERYWHEREExperientialEcosystem

STRONGERFASTERBETTERWE WILL ALSO ELEVATE OUR PRODUCTIVITY INITIATIVESTHAT WILL HELP FUND OUR INVESTMENTS FOR GROWTHKEY INITIATIVESProductivityInvestment forGrowthScaleEfficiencyAdvancingDigitalization & AIto deliver deep consumerintimacy and Precision at ScaleAccelerating NetworkOptimization &Automation at Plants &WarehousesDesign to Value &PortfolioOptimizationExpanding theScope of GlobalBusiness ServicesModelTO DRIVE ELEVATED PRODUCTIVITY31

STRONGERFASTERBETTERWHICH INCLUDE FOCUSED EFFORTS TO DIGITALIZE OURCOMPANY AND BUILD CAPABILITIESDigital & AI CapabilitiesDIGITAL, DATA, AND AI TRANSFORMATION ACROSS END-TO-END VALUE CHAININNOVATE + MARKETDELIVERSELLPLANMAKEOutcomes• Leverage AI models to capture consumerpreferences and trends• Personalization, direct to consumer• Precision at Scale for seamless execution anddeliver cross selling strategies• Net revenue management for efficient promotional activity• Automated order building and truck loading• Intelligent, dynamic routing• Integrated business planning• AI Forecasting• Agile networks• Digital simulations32

STRONGERFASTERBETTERAND ADVANCE OUR BOLD AND AMBITIOUSAGENDA THROUGHOUT OUR ORGANIZATIONNote: Positive Agriculture goals are 2030 goals. Become Net Water Positive and Cut virgin plastic per serving by 50% are 2030 goals.POSITIVEAGRICULTURECut virgin plasticper serving byacross our global food& beverage portfolio100%50%of our key crops+ ingredientsNetWaterPositiveReduce use +replenish moreDiversifying ingredientsExecute our DE&Iagenda, invest morethan7millionacres AchieveNet-Zeroemissionsby 2040Evolve our portfolio of products so they arebetter for the planet + people, by:POSITIVEVALUE CHAINPOSITIVECHOICESLeverage our iconicbrands to inspirepositive choicesLay’s will support farmersmoving to regenerativepracticesmillion in ourRacial Equality Journeyby 2025$570Scaling little to nosingle-use packagingplatformsAccelerating science-based targetsExpanding position innuts & seeds categorySpread regenerativeagriculture acrossSustainably source33

CAPITAL ALLOCATION& FINANCIAL TARGETSWHO WE ARE WHERE WE ARE WHERE WE AREGOING4CAPITAL ALLOCATION& FINANCIAL TARGETS34

WE WILL REMAIN DISCIPLINED WITH OUR CAPITALALLOCATION PRIORITIESWhile creating shareholder value by prioritizing capital spending and dividends:Committed to a strong financial foundation and maintaining an appropriate capital structureINVESTING INTHE BUSINESS1• Fund initiatives that drivegrowth and productivitythrough effective and efficientuse of capital• Advance our capabilities andreinforce sustainable businessRETURNING CASH TOSHAREHOLDERS2• Pay and grow dividendsSELECTIVELY CONSIDERACQUISITIONS,PARTNERSHIPS &DIVESTITURES3• That meet strict strategic andfinancial criteriaSHARE REPURCHASES435

WITH A FOCUS ON INVESTING FOR GROWTH AND ELEVATINGOUR PRODUCTIVITY INITIATIVESNet capex is capital spending less cash proceeds from sales of property, plant and equipment which is a non-GAAP financial measure.4.4%4.9%6.0% 5.9%5.6% 5.7% 5.8%2017 2018 2019 2020 2021 2022 2023▪ ITHarmonization▪ Automation▪ Logistics▪ Digitalization▪ Innovation▪ ManufacturingCapacity▪ Go-to-MarketSystems▪ Agriculture▪ Climate▪ PackagingSustainability▪ Maintenance$2.8B $3.1B $4.1B $4.2B $4.5B $5.0B $5.3BNetCapexNET CAPITAL SPENDING (% NR) 2023 CAPITAL SPENDING BREAKDOWN36

AND RETURNING CASH TO SHAREHOLDERS WITH OUR 52NDCONSECUTIVE ANNUAL DIVIDEND INCREASE2024 dividend increase effective with the dividend expected to be paid in June 2024. We expect to repurchase $1.0 billion worth of shares in 2024.52Consecutive years ofdividend increasesCASH DIVIDENDS PAID PER SHARE$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$5.332010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024CAGR7.7%37

AS WE AIM TO DELIVER ON OUR LONG-TERM TARGETS TOCREATE VALUE FOR SHAREHOLDERSOrganic revenue growth, core operating margin and core constant currency EPS growth are non-GAAP financial measures.PEPSICO LONG-TERM TARGETSCREATE SHAREHOLDERVALUEOrganic Revenue Growth +4-6%Core Operating Margin Expansion +20-30bpsCore Constant CurrencyEarnings Per Share GrowthDividend ~3% Yield38+HSD

February 21, 2024Q&ARamonLaguartaChairman & CEOJamieCaulfieldEVP & CFO

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