PEPSICO INC

ITEM 1. Legal Proceedings.

The following information should be read in conjunction with the discussion set forth under Part I, “Item 3. Legal Proceedings” in our 2024 Form 10-K and Part II, “Item 1. Legal Proceedings” in our Quarterly Report on Form 10-Q for the quarter ended March 22, 2025 and our Quarterly Report on Form 10-Q for the quarter ended June 14, 2025 (Q2 2025 Form 10-Q).

As previously disclosed, on June 20, 2024, the Mayor and City Council of Baltimore, Maryland filed a lawsuit against PepsiCo, Inc., Frito-Lay, Inc., Frito-Lay North America, Inc., and several other unrelated parties asserting claims for public nuisance, deceptive acts or practices in the conduct of business, and other related claims based on allegations that the defendants’ conduct allegedly resulted in plastic pollution in Baltimore (the Baltimore Matter). On July 21, 2025, the Circuit Court for Baltimore City, Maryland dismissed with prejudice all claims except for public nuisance. The court did not opine on the public nuisance claim and stayed the case pending a decision in three cases unrelated to PepsiCo that are before the Maryland Supreme Court. Please refer to Part I, “Item 3. Legal Proceedings” in our 2024 Form 10-K for additional information.

In addition, we and our subsidiaries are party to a variety of litigation, claims, legal or regulatory proceedings, inquiries and investigations. While the results of the NYS Matter and Los Angeles Matters (each, as defined in our 2024 Form 10-K), the Baltimore Matter, the USVI Matter (as defined in the Q2 2025 Form 10-Q) and each such other litigation, claim, legal or regulatory proceeding, inquiry and investigation cannot be predicted with certainty, management believes that the final outcome of the foregoing is not expected to have a material adverse effect on our financial condition, results of operations or cash flows. See also “Item 1. Business – Regulatory Matters” and “Item 1A. Risk Factors” in our 2024 Form 10-K.