CARLSBERG SECURES PEPSICO LICENCES IN NORTHERN EUROPE

Carlsberg has struck a significant deal. Carlsberg will assume PepsiCo licences in Denmark, Finland and the Baltics from 2029, ousting Royal Unibrew and concluding Coca-Cola bottling deals. The brewer will become PepsiCo’s sole bottler in the Nordics and Baltics, extending its reach to 14 markets. Royal Unibrew faces a 13% sales hit but eyes brand growth.  

Carlsberg confirmed today that the deal with PepsiCo will cover Denmark, Finland, Estonia, Latvia, and Lithuania, adding to its existing footprint across Ireland, Norway, Sweden, Switzerland, and the UK, as well as Kazakhstan, Kyrgyzstan, Cambodia, and Laos. The announcement marks a decisive shift in northern Europe’s soft drinks landscape, with Carlsberg set to become PepsiCo’s exclusive bottler in the Nordics and Baltics.  

The Copenhagen-based brewer also revealed that its bottling agreements with The Coca-Cola Company in Denmark and Finland will expire at the end of 2028, paving the way for PepsiCo’s expanded presence under Carlsberg’s stewardship. “We’re very pleased that we’ll become the sole PepsiCo bottler in the Nordics and the Baltics,” said Carlsberg CEO Jacob Aarup-Andersen. “This is an exciting move, solidifying our longstanding strategic partnership with PepsiCo. The growth prospects and value creation opportunities from a business model that combines the Carlsberg and PepsiCo beverage portfolios are truly significant.”  

Royal Unibrew, which has managed PepsiCo’s brands in these markets until now, expressed disappointment at the outcome. “While ending the partnership was not our preferred outcome, the contract expiry in 2028 will remove several structural constraints,” said CEO Lars Jensen. “This gives us flexibility to accelerate the growth of our own brands further and to explore new partnership opportunities.” The company estimates a loss of around 13% of annual net sales following the transition, but will continue its PepsiCo arrangement in the BeNeLux region.  

Carlsberg’s latest move follows its acquisition of Britvic in the UK nearly two years ago, which secured the PepsiCo licence there. The expansion underscores Carlsberg’s ambition to strengthen its dual portfolio strategy, combining beer and soft drinks, while PepsiCo gains a consolidated partner across key European territories. The shift also signals a reshaping of alliances in the beverage sector, with Coca-Cola losing ground in Denmark and Finland as PepsiCo deepens its ties with Carlsberg.