Royal Unibrew Shares Fall 24% After PepsiCo

Royal Unibrew shares fell over 24% after announcing termination of PepsiCo licensing in key Northern European markets, affecting ~13% revenue.
The partnership ends in 2028, with PepsiCo products to cease production, sale, distribution from 2029, except BeNeLux where it continues.
Royal Unibrew expects DKK 300 million transition costs and will rely on higher‑margin own brands (Faxe Kondi, Jaffa, Novelle) to offset revenue loss.
The company maintains its 6‑8% organic EBIT growth target through 2028, forecasting lower net revenue in 2029 but higher EBIT from 2030.