Royal Unibrew Downgraded After Pepsi Deal Loss

Royal Unibrew lost its Pepsi bottling contract for Denmark, Finland, Latvia, Estonia and Lithuania effective Jan 1 2029.
Deutsche Bank and Goldman Sachs downgraded the stock, cutting FY29 earnings forecasts and price targets, citing a 13% revenue hit.
Analysts project a 17% organic EBIT decline in 2029 and a 25% share price drop on the announcement day.
Citi notes Carlsberg will take over Pepsi bottling, while CCEP may become Coca‑Cola bottler, with minimal EPS impact on Carlsberg.