With these agreements, the Carlsberg Group will be responsible for the production, sale and distribution of PepsiCo’s soft drinks portfolio across Georgia and Armenia, strengthening the availability of PepsiCo brands for consumers and customers in the region. Furthermore, adding the two markets will create a strong cluster in the South Caucasus, where the Carlsberg Group will benefit from a well-established and successful business in Azerbaijan.

The Carlsberg Group has reached an agreement to acquire Iberia Refreshments in Georgia and JI Pepsi Cola Bottler Armenia from Revery, the current owner of both businesses. Iberia Refreshments and JI Pepsi Cola Bottler Armenia are the current PepsiCo bottlers in their respective markets. The contemplated acquisitions will mark an important next step in the development of both businesses, creating opportunities for continued growth. Agreements for the acquisitions have been signed, with the transaction involving JI Pepsi Cola Bottler Armenia subject to regulatory approval from the Government of Armenia. Following completion of the entire transaction, Georgia and Armenia will become Carlsberg Group operating markets.

Upon these latest agreements becoming effective, the Carlsberg Group will have bottling agreements with PepsiCo in 17 markets: the United Kingdom, Ireland, Norway, Sweden, Switzerland, Kazakhstan, Kyrgyzstan, Laos and Cambodia, as well as Denmark, Finland, Estonia, Latvia and Lithuania from 2029, Azerbaijan from 2027, and Georgia and Armenia following completion of the contemplated acquisitions.

Nikos Kalaitzidakis, Executive Vice President, Central and Eastern Europe & India, Carlsberg Group, says:

“We’re excited about the expansion of our long-standing partnership with PepsiCo to Georgia and Armenia. About two months ago, we announced the extension of our partnership with PepsiCo to Azerbaijan, and now we’re looking forward to accelerating the PepsiCo business and exploring additional opportunities in Georgia and Armenia. The expanded business will provide a strong platform to further develop a full multi-beverage portfolio across the region.”

Natalia Filippociants, SVP and GM, Internal Beverages Europe, PepsiCo, says:

“The Carlsberg Group has been an important strategic bottling partner for PepsiCo over many years, and these agreements give us a stronger route to market in Georgia and Armenia, combining PepsiCo’s portfolio with Carlsberg Group’s capabilities to unlock the next phase of growth. As we continue to grow our beverages business in Europe, this expanded collaboration supports our consumer-centric growth agenda and helps create long-term value for consumers, customers and our business.”

About the Carlsberg Group

Established in 1847 by brewer J.C. Jacobsen, the Carlsberg Group is one of the leading beverage companies in the world, with an attractive portfolio of beer, soft drinks and other beverage brands. With over 35,000 employees, and with a presence in more than 150 markets, the Group has a purpose of brewing for a better today and tomorrow. Doing business responsibly and sustainably supports that purpose – and drives the efforts to deliver value for employees, consumers, customers and society. For further information, visit carlsberggroup.com or follow the Carlsberg Group on LinkedIn.

About PepsiCo

PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated nearly $94 billion in net revenue in 2025, driven by a complementary beverage and convenient foods portfolio that includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo’s product portfolio includes a wide range of enjoyable foods and drinks, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.

Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that places sustainability at the center of our business strategy, seeking to drive growth and build a stronger, more resilient future for PepsiCo and the communities where we operate. For more information, visit www.pepsico.com, and follow on X (Twitter), Instagram, Facebook, and LinkedIn @PepsiCo.