PepsiCo announced that it will transfer its bottling licence for Denmark, Finland and the Baltic states to Carlsberg, ending its long‑standing partnership with Royal Unibrew. The change will take effect on January 1 2029, when Carlsberg will become the sole PepsiCo bottler in those markets.
Royal Unibrew’s licensing agreements with PepsiCo will conclude at the end of 2028, after the company was unable to reach a new agreement. The loss of the PepsiCo business, which accounts for roughly 13 % of Royal Unibrew’s net revenue, will prompt the company to accelerate growth of its own brands and seek new partnership opportunities.
PepsiCo’s decision to consolidate its Nordic and Baltic bottling operations with Carlsberg is part of a broader strategy to simplify its supply chain by dealing with fewer bottlers. The company’s full‑year 2025 revenues reached $93.9 billion, up from $91.9 billion in 2024, and its Q1 2026 net revenue of $19.443 billion represented an 8.5 % increase from Q1 2025.
Carlsberg CEO Jacob Aarup‑Andersen said, “We are delighted to become the sole PepsiCo bottling partner in the Nordics and Baltics. This is an exciting move that strengthens our long‑standing strategic partnership with PepsiCo.” The new arrangement also coincides with the end of Carlsberg’s existing Coca‑Cola bottling agreements in Denmark and Finland, which run through December 31 2028.
PepsiCo CEO Ramon Laguarta noted, “We are pleased with our first‑quarter results, which featured an acceleration in both net revenue and organic revenue growth – with a notable improvement in convenient foods organic volume. An extensive commercial agenda, which includes the restaging of large global brands, innovation activity and certain affordability initiatives, is being executed well and business performance improved.” He added that the company remains confident in its international business and is affirming fiscal 2026 guidance.
The market reaction to the announcement was driven primarily by Royal Unibrew’s loss of a significant revenue stream. Analysts highlighted the 13 % revenue impact and the transition costs of approximately 300 million Danish kroner. Carlsberg’s market reaction was muted, reflecting the strategic expansion balanced against the upcoming end of its Coca‑Cola agreements.
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