PepsiCo Reports Fourth Quarter and Full-Year 2022 Results

Net revenue growth 10.9% Fourth Quarter; 8.7% Full-Year.

Organic revenue growth 14.6% Fourth Quarter; 14.4% Full-Year.

Frito-Lay North America: Operating profit increased 9%, primarily reflecting effective net pricing and productivity savings.

Quaker Foods North America: Operating profit decreased 3%, primarily reflecting a 48-percentage-point impact of higher commodity
costs, mainly grains and packaging materials, certain operating cost increases, including incremental
transportation costs, and higher advertising and marketing expenses. These impacts were partially offset
by effective net pricing and productivity savings.

PepsiCo Beverages North America: Operating profit increased 13%, primarily reflecting effective net pricing, higher income from joint ventures
and productivity savings.

Europe: Operating profit performance was also negatively impacted by a 141-percentage-point impact of higher commodity costs,
primarily packaging materials, cooking oil and potatoes, and certain operating cost increases. These
impacts were partially offset by effective net pricing and productivity savings.

Net Revenue Year over Year % Change Impact of  Effective net pricing (Quarter Ended 12/31/2022):

Frito-Lay North America +18% Effective net pricing.
Quaker Foods North America +16% Effective net pricing.
PepsiCo Beverages North America  +12% Effective net pricing.
Latin America +17% Effective net pricing.
Europe +20% Effective net pricing.
Africa, Middle East and South Asia +23% Effective net pricing.
Asia Pacific, Australia and New Zealand and China Region +9% Effective net pricing.
Total (a) +16% Effective net pricing.

Net Revenue Year over Year % Change Impact of  Effective net pricing (Year Ended 12/31/2022 ):

Frito-Lay North America +17% Effective net pricing.
Quaker Foods North America  +16% Effective net pricing.
PepsiCo Beverages North America +10% Effective net pricing.
Latin America +16% Effective net pricing.
Europe +19% Effective net pricing.
Africa, Middle East and South Asia  +16% Effective net pricing.
Asia Pacific, Australia and New Zealand and China Region +6% Effective net pricing.
Total (b)  +14% Effective net pricing.