PepsiCo Appoints Carlsberg Bottler for Denmark, Finland and Baltics From 2029
PepsiCo will appoint Carlsberg as bottler in Denmark, Finland and the Baltic states from January 1, 2029, replacing expiring Coca-Cola contracts and expanding its European network to 14 countries. Royal Unibrew anticipates a 13% revenue decline and saw shares drop 20% on losing PepsiCo rights.
1. Deal Overview
PepsiCo has struck a long-term agreement appointing Carlsberg as its exclusive bottler in Denmark, Finland and the Baltic states beginning January 1, 2029, after existing Coca-Cola contracts expire at the end of 2028. Carlsberg will handle production, sales and distribution of PepsiCo brands in these markets.
2. Expansion of European Network
This new contract builds on Carlsberg’s 2025 acquisition of Britvic and existing partnerships in Sweden and Norway, extending PepsiCo’s bottling footprint to 14 European and Asian countries. The move is designed to streamline operations and deepen integration within PepsiCo’s regional system.
3. Impact on Royal Unibrew
Royal Unibrew will lose its PepsiCo bottling rights in the affected markets, representing about 13% of its net revenue. The company expects DKK 300 million in transition costs and plans to accelerate its own brands and cut costs to offset the shortfall.
4. Strategic Implications for PepsiCo
By consolidating bottling with Carlsberg, PepsiCo aims to strengthen distribution efficiency and brand presence in Northern Europe. Investors will watch for margin improvements and the long-term earnings uplift from the expanded partnership.