Pepsico Guidance and Outlook The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and commodity mark-to-market net impacts. Consistent with its previous guidance for 2024, the Company continues to expect: • At least 4 percent increase in organic revenue; • At least 8 percent increase in core constant currency EPS; • A core annual effective tax rate of 20 percent; and • Total cash returns to shareholders of approximately $8.2 billion, comprised of dividends of $7.2 billion and share repurchases of $1.0 billion. In addition, the Company continues to expect an approximate 1-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth based on current market consensus rates. This assumption and the guidance above imply 2024 core EPS of at least $8.15, a 7 percent increase compared

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We maintain a 12-month target of $200, based on a 2025 P/E of 22.2x, a discount to its 5-year mean forward P/E of 24.5x. We raise our adjusted EPS estimates by $0.10 to $8.25 for 2024 and by $0.10 to $9.00 for 2025. PEP posts Q1 adjusted EPS of $1.61 vs. $1.50 (+7%), nine cents ahead of consensus. The beat was driven by a stronger-than-expected top line, as net revenue rose 2.2% to $18.25B ($150M above consensus) driven by higher prices, as volume fell 0.5% for Convenient Foods and was flat for Beverages. Notably, volumes were higher across both product types across the Europe, Asia, and Africa markets, helping offset weakness in North America. Gross margin contracted 40 bps to 54.8% (60 bps below consensus). PEP maintained

The following is a summary of the PepsiCo, Inc. (PEP) Q1 2024 Earnings Call Transcript: Financial Performance: PepsiCo’s international business is currently valued at $36 billion, increasing at a high single-digit level, resulting in strong international profit results for the third consecutive quarter. Frito-Lay’s operating margins were slightly weak in Q1 due to growth investments, but are expected to improve over time as the company continues to invest in the business. Business Progress: PepsiCo continues to build scaled operations in Vietnam, China, India, Mexico, and Poland, signaling a substantial investment in international markets. The strategic decision to de-emphasize certain products in North America shows the company’s focus on increasing profitability. Partnership with CELSIUS shows PepsiCo’s diversification into the energy drink sector, reflecting an innovative approach to market expansion. PepsiCo remains committed to maintaining market positions across various global regions through local food understanding, value-driven strategy, and innovative commercial propositions. PepsiCo