$PEP · PepsiCo, Inc.

Robert C. Pohlad, a director of PepsiCo, Inc., filed a Form 4 reporting changes in his beneficial ownership. On October 14, 2026, he acquired a total of 184,646 shares of PepsiCo common stock at $128.28 per share through the exercise of his power to substitute assets of equivalent value in irrevocable trusts. In exchange, his revocable trust, of which he is sole trustee and beneficiary, transferred cash equal to the fair market value of the shares to those irrevocable trusts. These acquired shares are held indirectly by his revocable trust.

The filing also discloses that 168,632 shares previously reported as directly owned by Pohlad were transferred to his revocable trust. In addition, 27 shares previously reported as directly owned by his spouse were transferred to a revocable trust of his spouse, for which Pohlad is a co-trustee and his spouse is sole beneficiary. Following the reported transactions, Pohlad indirectly holds 433,009 shares through his revocable trust and directly holds 22,953.5012 shares. The filing is a routine Section 16(a) ownership report.