Finance
Royal Unibrew Sinks as PepsiCo Hands Bottling Licence to Carlsberg
Published by Global Banking & Finance Review®
Posted on April 21, 2026
2 min readLast updated: April 21, 2026
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Royal Unibrew shares plunged sharply—around 20–26%—on April 21, 2026, after PepsiCo announced it will transfer its Nordic and Baltic bottling licences to Carlsberg starting 2029, impacting about 13% of Royal Unibrew’s revenue but freeing up capacity for its own brands (Investing.com, Tradingpedia, R
Royal Unibrew Shares Drop Sharply After PepsiCo Awards Licence to Carlsberg
PepsiCo’s Nordic Bottling Shift Impacts Royal Unibrew and Carlsberg
By Boleslaw Lasocki
April 21 (Reuters) - Shares in Royal Unibrew lost more than a quarter of their value on Tuesday after PepsiCo reshuffled its Nordic bottling contracts, handing Carlsberg a long-term win and dealing a blow to its smaller Danish rival.
Royal Unibrew’s Stock Plummets
Royal Unibrew tumbled 26%, setting the stock on course for its worst day ever and pushing it to its lowest level since October 2022, after the company said its partnership with PepsiCo in parts of northern Europe would end in 2028.
Details of the Lost Partnership
The Danish brewer failed to agree terms to extend licences covering Denmark, including German border trade, Finland and the Baltic states - a business that in total accounts for around 13% of group revenue.
"It has not been possible to reach an agreement," Royal Unibrew said in a statement. The company will remain a PepsiCo partner in the Benelux countries.
Carlsberg’s New Agreement with PepsiCo
Separately on Tuesday, Carlsberg said it agreed with PepsiCo to take over the sales, production and distribution of Pepsi drinks in Denmark, Finland and the Baltic states from the start of 2029. Carlsberg said its current bottling agreements with Coca-Cola in Denmark and Finland would run until they expire at the end of 2028.
Market and Analyst Reactions
Citi said the loss could drive sharp earnings downgrades at Royal Unibrew, while the move should be well received by Carlsberg shareholders as it clarifies the group's strategy and confirms it as PepsiCo's preferred partner in Europe.
Expert Commentary
"We believe Royal Unibrew would have liked to have continued to work with Pepsi and the loss of this contract will leave a big hole in the group's Scandi portfolio," said Simon Hales, analyst at the U.S. bank.
Carlsberg Shares Movement
Carlsberg shares were down 1.4%.
(Additional reporting by Danilo MasoniEditing by Keith Weir)
Key Takeaways
- •Royal Unibrew stock tumbled ~20–26%, marking its worst day on record and lowest share price since October 2022 (investing.com)
- •PepsiCo’s contracts for Denmark, Finland, the Baltics and German border trade won’t be renewed after end‑2028; Carlsberg will take over from January 1, 2029 (carlsberggroup.com)
- •Affected licensing accounts for ~13% of Royal Unibrew’s group revenue; the brewer sees opportunity to grow its own brands and reduce capex, though expects DKK 300 m in transition costs (investing.com)
References
Frequently Asked Questions about Royal Unibrew sinks as PepsiCo hands bottling licence to Carlsberg
1Why did Royal Unibrew shares fall sharply?
Shares dropped 26% after PepsiCo decided not to renew its Nordic bottling contract with Royal Unibrew, handing it to Carlsberg instead.
2Which regions are affected by the end of Royal Unibrew's deal with PepsiCo?
The affected regions include Denmark, German border trade, Finland, and the Baltic states.
3When will Carlsberg take over the PepsiCo bottling licence?
Carlsberg will take over sales, production, and distribution of Pepsi drinks in the affected regions starting in 2029.
4How much of Royal Unibrew's revenue is affected by the lost PepsiCo contract?
The lost contract accounts for around 13% of Royal Unibrew's group revenue.
5Will Royal Unibrew maintain any partnership with PepsiCo?
Yes, Royal Unibrew will remain a PepsiCo partner in the Benelux countries.
