Mercedes-AMG Petronas F1 CEO Toto Wolff & PepsiCo's Eugene Willemsen Talk F1

Summary

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Bloomberg Talks: Mercedes-AMG Petronas F1 CEO Toto Wolff & PepsiCo's Eugene Willemsen Talk F1

Date: December 5, 2025
Host: Bloomberg
Guests: Toto Wolff (CEO, Mercedes-AMG Petronas F1 Team), Eugene Willemsen (CEO, International Beverages, PepsiCo)

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Episode Overview

This episode spotlights the strategic partnership between Mercedes-AMG Petronas Formula 1 Team and PepsiCo, with a focus on reaching a younger, more diverse audience and tapping into Formula 1's global expansion. The discussion explores changing F1 demographics, the business logic behind the collaboration, the value of sports science, and the commercial prospects for both organizations amid F1’s transformation into a mainstream entertainment powerhouse.

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Key Discussion Points & Insights

1. The Changing Landscape of Formula 1

• Rapid Shift in F1 Audience (01:06–01:47):
  • Toto Wolff highlights the sport's dramatic demographic shift in recent years.
  • Strongest audience growth is among young fans and women, especially females aged 15–24.
  • Female fans now comprise 42% of Mercedes F1's total fanbase.
  • Social media engagement is "contrary to the past," with current young drivers actively engaging fans online.
  • Media phenomena like "Drive to Survive" have fueled F1’s mainstream appeal.

Quote:

“Our strongest growing audiences are very young people, females between 15 and 24, and our female fan population is 42% of the total.”
— Toto Wolff [01:18]

2. PepsiCo’s Strategic Entry into Formula 1

• Timing the Move (02:11–02:58):
  • Eugene Willemsen explains why now is the opportune moment for PepsiCo’s entry.
  • F1’s rapid global growth: 1.6 billion fans, 21 countries, 24 races.
  • Partnership aims to tap into expanding, youthful markets, and leverage the synergy between three PepsiCo brands—Gatorade, Sting, Doritos—and F1’s audience.

Quote:

“Formula One is a fantastic platform … We feel now is the right time for us to come into the sport. … And very much looking forward to tap into this growing fan base across the world.”
— Eugene Willemsen [02:14]

3. Reaching New Customers and Emerging Markets

• Capitalizing on the F1 Platform (03:09–04:26):
  • PepsiCo sees F1 as a gateway to emerging markets with rapidly expanding fan bases.
  • F1 now attracts an almost 50/50 gender split—rare among global sports audiences.
  • Gatorade will be the flagship brand within the partnership, with a focus on leveraging its sports science pedigree to support F1 drivers’ peak performance.
  • Gatorade’s sports-science legacy (“60 years … starting at the University of Florida with the Gators”) is pitched as a value add for driver performance.

Quote:

“Specifically with Gatorade … a unique opportunity to help fuel the drivers and help them perform at their peak. As you know, drivers lose a lot of body weight during the races. … Looking forward to bring that sports science to the world of Formula One.”
— Eugene Willemsen [03:44]

4. Monetization & Future Growth of F1 Teams

• F1 as a Maturing Business (04:26–06:32):
  • Wolff discusses the commercial growth and stability of F1.
  • All races are sold out; huge attendance highlights (e.g., 440,000 at Austin, the largest U.S. event).
  • Sponsorship, promotion, and media contracts now offer predictability (three to ten-year deals).
  • F1’s evolution must be managed carefully; balance between growth and preserving the sport’s core.
  • On team ownership: Wolff references recent sales but emphasizes long-term family and partnership commitment—“not just a venture capital play.”
  • Strategic partnership with George Kurtz (CrowdStrike) to boost U.S. reach.

Quotes:

“Formula One continues to grow very strong. We have all races are sold out. … The contracts that we sign … are very predictable. … So that’s why let’s say in the mid-term we have good visibility.”
— Toto Wolff [05:07]

“The sport needs evolution or evolution and we need to, you know, handle it with great care.”
— Toto Wolff [05:42]

5. Lighter Moments & Outlook

• Season Finale Predictions (06:32–06:48):
  • Prompted to predict the race outcome, Wolff supports his own driver, George Russell, but notes he'll also just be watching the fierce competition unfold.

Quote:

“Well, I hope that George can win the race and beyond that I would be just like a fan and getting my popcorn out and watching what happens to the other three guys.”
— Toto Wolff [06:39]

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Notable Quotes (With Timestamps)

• Toto Wolff [01:18]: "Our strongest growing audiences are very young people, females between 15 and 24, and our female fan population is 42% of the total."
• Eugene Willemsen [02:14]: "Formula One is a fantastic platform ... We feel now is the right time..."
• Eugene Willemsen [03:44]: "Specifically with Gatorade ... a unique opportunity to help fuel the drivers and help them perform at their peak."
• Toto Wolff [05:07]: "Formula One continues to grow very strong. We have all races are sold out..."
• Toto Wolff [05:42]: "The sport needs evolution or evolution and we need to, you know, handle it with great care."
• Toto Wolff [06:39]: "Well, I hope that George can win the race and beyond that I would be just like a fan and getting my popcorn out..."

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Timestamps for Key Segments

• 01:06 — Toto comments on changing F1 audience and brand alignment
• 02:11 — Eugene lays out PepsiCo's rationale for entering F1 now
• 03:09 — Discussion on reaching new, global, and Gen Z audiences
• 04:26 — Wolff breaks down the business transformation and future of team ownership
• 06:32 — Lighthearted race weekend prediction from Wolff

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Conclusion

This episode provides insight into the commercial alliances reshaping Formula 1 and highlights how both legacy brands and recent commercial entrants are evolving to engage new, global, and diverse fanbases. The partnership between Mercedes F1 and PepsiCo exemplifies this shift, harnessing sports science, digital media, and demographic momentum while maintaining long-term business strategies and a passion for the sport.

Transcript

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[Toto Wolff]

Bloomberg.

[Interviewer]

Audio Studios podcasts, radio news Mercedes F1 and PepsiCo are teaming up to capitalize on the sport's increasingly young audience and their shifting consumption habits. The companies say the partnership is designed to capture the next decade of growth across emerging markets. For more, we're joined now by the Mercedes F1 CEO Toto Wolff and PepsiCo CEO of International Beverages, Eugene Williamson. Thank you both for joining us. Can I come to you first, Toto? I know you're probably very excited about what lies ahead at the weekend and the actual racing, but thinking about this deal with PepsiCo, I mean, what is it that you can offer to a business such as PepsiCo in terms of the people you're reaching, the ability of your, of your brand brand to spread their message?

[Toto Wolff]

Good morning. First of all, it's important for us to have an alignment with the brands that we partner up. And you mentioned the audiences. Our strongest growing audiences are very young people, females between 15 and 24, and our female fan population is 42% of the total. Our young drivers have lots of social media activity contrary to the past. We have great sport and entertainment on, on the track and obviously some of the, you know, drive to survive episodes topped by the audiences as well.

[Interviewer]

Eugene, let me come to you. I just picking up on what Toto is talking about that Formula One has changed kind of beyond recognition over the last few years. New ownership, new kind of narrative drive to survives had a massive impact. The demos changed quite significantly. The US fan base has changed quite significantly. Why have you waited so long to get involved? Why isn' now the right time to get involved?

[Eugene Williamson]

Formula One is a fantastic platform. Globally, it's growing rapidly. 1.6 billion fans across the world, races in 21 countries, 24 races across the world. And we feel now is the right time for us to come into the sport. So we signed up with Formula One early this year. And then this week we're announcing an amazing partnership with Mercedes, amg, Petronas, Formula one team, Toto and his team. And very much looking forward to to tap into this grow fan base across the world and really leverage that fan base also with three of our brands, Gatorade, Sting and Doritos. Three brands with distinctive audiences. And yeah, looking forward to an amazing couple of years in this partnership.

[Interviewer]

Can I ask you then a bit more about that Eugene, I mean, how does this help you secure demand from a new group of customers? I mean, what kind of customers does this put you in front of that you wouldn't have found anyway?

[Eugene Williamson]

Yeah. So I think there's a couple of ways to look at this. So first of all, as I said, Formula One is a truly global platform. So for us, we have an opportunity to expand some of these brands across the world, especially in developing and emerging markets where Formula One already has a lot of races, but also where the fan base is growing and growing rapidly. Also, Formula One now is stepping into Gen Z, so younger audience. It is also an audience that is almost 5050 split between male and female consumer customers. So for us, a unique opportunity to expand the penetration for all these three brands. And specifically with Gatorade, which is going to be the phase of our partnership with the Mercedes AMG Petronas team as a unique opportunity to help fuel the drivers and help them perform at their peak. As you know, drivers lose a lot of body weight during the races. Gatorade has 60 years of sports science started at the University of Florida fueling the Gators and the the football team in the US and now we're looking forward also to bring that sports science to the world of Formula One, working with the team and helping them perform at their peak.

[Interviewer]

So let me come back to you. The situation around Formula One is kind of beyond recognition as to where it was even just a few years ago. The sport has changed massively. You've recently sold a stake in your part of the team, 15% stake in your holding, 5% stake of the team. Effectively.

Can I ask kind of whether or not you think that there is further sales to come, whether or not you think some of your partners are going to be selling down as well? People looking now to crystallize the value that has been created over the last few years in this huge transformation that has taken place around some of these F1 teams.

[Toto Wolff]

I think you need to split the question into Formula One continues to grow very strong. We have all races are sold out. When you consider Austin last year was the single largest event in the United States with 440,000 people. So it is growing a good situation in terms of, let's say our business side is that the contracts that we sign beats sponsorship or promotion with racetracks or TV money. They are very predictable. They are between three and 10 years now. So that's why let's say in the mid term we have good visibility how the sport develops. But you then you also need to stay humble and you need to look at things that function and other things that don't. The sport needs evolution or evolution and we need to, you know, handle it with great care. But Stefano, Dominical and Liberty do just that when it comes to, you know, monetization. I my background is venture capital, but I don't see the team as this. This is our family holding. We have three shareholders say this, Ineos and myself. But George Kurtz, the founder of CrowdStrike is somebody that we've known since a long time. His company has been a partner since a long time. He's a racer and he's going to leverage our network in the United States. And this is why we've partnered up in my investment holding and I believe on the business side will, will help us to grow further.

[Interviewer]

So just give me a name. Who's going to win at the weekend? This is an amazing end to the season. Who's going to win?

[Toto Wolff]

Well, I hope that Georgia Kimmy win the race and beyond that I would be just like a fan and getting my popcorn out and watching what happens to the other three guys.

[Interviewer]

Okay, the other three guys. Oh yeah, quite it's going to be.

You might have heard of them.

It's going to be quite the weekend. Okay guys, thank you very much indeed. Toto Wolff, Eugene Williamson. Great to get their story.

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