Celsius Distributor Termination Fees vs. Pepsi Reimbursement

Reconciliation through Q2 2026

Item	Amount ($ millions)
FY 2025 distributor termination-fee expense	327.500
H1 2026 distributor termination-fee expense	85.287
Cumulative recognized expense through Q2 2026	412.787
Pepsi contractual reimbursement cap	(275.000)
Recognized expense above Pepsi reimbursement cap	137.787

Pepsi agreed to reimburse Celsius up to $275.0 million, and Celsius reported that the full amount had been received by March 31, 2026. On a recognized-expense basis, the cumulative termination fees therefore exceed the reimbursement cap by approximately $137.8 million.Note: The separate accrued-obligation roll-forward includes an additional $6.2 million pre-acquisition transition item that was not recorded as 2025 termination-fee expense; the table above uses the cleaner income-statement expense measure.