$PEP · PepsiCo, Inc.

PepsiCo filed a prospectus supplement for an offering of €1 billion aggregate principal amount of senior notes in two tranches. The first is €500 million of 3.750% Senior Notes due 2029, maturing October 16, 2029. The second is €500 million of 4.250% Senior Notes due 2035, maturing October 16, 2035. Interest on each series is paid annually on October 16, beginning October 16, 2027. PepsiCo may redeem the notes before maturity under certain circumstances, including specified tax events.

The 2029 notes were offered at 99.953% of principal, and the 2035 notes at 99.824%. After underwriting discounts and before expenses, total proceeds to PepsiCo are approximately €995.6 million. Deutsche Bank and HSBC acted as joint book-running managers. PepsiCo intends to list the notes on the Nasdaq Bond Exchange, with trading expected to begin within 30 days after the original issue date. The notes will be delivered in book-entry form through Clearstream and Euroclear on or about October 16, 2026.