Slides
Page 1
CAGNY 202
Page 2
Disclaimer Forward-Looking Statements Certain statements made herein are not historical facts but are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. The forward-looking statements generally are accompanied by or include, without limitation, statements such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "goal," "on track," or other similar words, phrases or expressions. These forward-looking statements include future plans for Utz Brands, Inc. (“the Company”), including updated outlook for fiscal 2026, plans with respect to future repurchases under our stock buyback program, plans related to the transformation of the Company’s supply chain, the Company’s product mix, the Company's expectations regarding its level of indebtedness and associated interest expense impacts; the Company’s cost savings plans and the Company’s logistics optimization efforts; the estimated or anticipated future results and benefits of the Company’s plans and operations; the Company’s future capital structure; future opportunities for the Company; the effects of tariffs, inflation or supply chain disruptions on the Company or its business; statements regarding the Company’s project balance sheet and liabilities, including net leverage; and other statements that are not historical facts. These statements are based on the current expectations of the Company’s management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, and the Company’s business and actual results may differ materially. Some factors that could cause actual results to differ include, without limitation: our operation in an industry with high levels of competition and consolidation; our reliance on key customers and ability to obtain favorable contractual terms and protections with customers; changes in demand for our products driven by changes in consumer preferences and tastes or our ability to innovate or market our products effectively; changes in consumers’ loyalty to our brands due to factors beyond our control; impacts on our reputation caused by concerns relating to the quality and safety of our products, ingredients, packaging, or processing techniques; the potential that our products might need to be recalled if they become adulterated or are mislabeled; the loss of retail shelf space and disruption to sales of food products due to changes in retail distribution arrangements; our reliance on third parties to effectively operate both our direct- to-warehouse delivery system and our direct-store-delivery network system; the evolution of e-commerce retailers and sales channels; disruption to our manufacturing operations, supply chain, or distribution channels; the effects of inflation, including rising labor costs; shortages of raw materials, energy, water, and other supplies; changes in the legal and regulatory environments in which we operate, including with respect to tax legislation such as the One Big Beautiful Bill Act; potential liabilities and costs from litigation, claims, legal or regulatory proceedings, inquiries, or investigations into our business; potential adverse effects or unintended consequences related to the implementation of our growth strategy; our ability to successfully identify and execute acquisitions or dispositions and to manage integration or carve out issues following such transactions; the geographic concentration of our markets; our ability to attract and retain highly skilled personnel (including risks associated with our recently announced executive leadership transition); impairment in the carrying value of goodwill or other intangible assets; our ability to protect our intellectual property rights; disruptions, failures, or security breaches of our information technology infrastructure; climate change or legal, regulatory or market measures to address climate change; our exposure to liabilities, claims or new laws or regulations with respect to environmental matters; the increasing focus and opposing views, legislation and expectations with respect to ESG initiatives; restrictions on our operations imposed by covenants in our debt instruments; our exposure to changes in interest rates; adverse impacts from disruptions in the worldwide financial markets, including on our ability to obtain new credit; our exposure to any new or increased income or product taxes; pandemics, epidemics or other disease outbreaks; our exposure to changes to trade policies and tariff and import/export regulations by the United States and other jurisdictions; potential volatility in our Class A Common Stock caused by resales thereof; our dependence on distributions made by our subsidiaries; our payment obligations pursuant to a tax receivable agreement, which in certain cases may exceed the tax benefits we realize or be accelerated; provisions of Delaware law and our governing documents and other agreements that could limit the ability of stockholders to take certain actions or delay or discourage takeover attempts that stockholders may consider favorable; our exclusive forum provisions in our governing documents; the influence of certain significant stockholders and members of Utz Brands Holdings, LLC, whose interests may differ from those of our other stockholders; and other risks and uncertainties set forth in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 29, 2024 and in the other reports we file with the U.S. Securities and Exchange Commission from time to time. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this communication. The Company cautions investors not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as otherwise required by law. Industry Information Unless otherwise indicated, information contained in this presentation or made orally during this presentation concerning the Company’s industry, competitive position and the markets in which it operates is based on information from independent research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Company’s internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company’s experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates, and the Company’s future performance are necessarily subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by the Company. 2
Page 3
Disclaimer (cont’d) Trademarks This presentation may contain trademarks, service marks, trade names and copyrights of other companies, which are the property of their respective owners. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this presentation may be listed without the TM, SM, © or ® symbols, but we will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Projected Financial Information This presentation contains financial forecasts, which were prepared in good faith by the Company on a basis believed to be reasonable. Such financial forecasts have not been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). The Company’s independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purposes of their inclusion in this presentation, and accordingly, they have not expressed an opinion nor provided any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of the Company’s control, as discussed under Forward-Looking Statements above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Non-GAAP Financial Measures This presentation includes certain financial measures not presented in accordance with GAAP including, but not limited to, Organic Net Sales, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted SD&A,EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted COGS, Adjusted Free Cash Flow, and Net Leverage Ratio, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures do not represent financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations, earnings per share or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Reconciliations of these historical non-GAAP measures to the most directly comparable GAAP measures are set forth in the appendix to this presentation. We believe (i) these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the financial condition and results of operations of the Company to date; and (ii) the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. In addition, quantitative reconciliations are not available for the forward-looking GAAP financial measures used in this presentation without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Net Organic Sales, Adjusted EBITDA, Adjusted Earnings Per Share, and Net Leverage Ratio, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results. 3
Page 4
TODAY’S PRESENTERS Insert Photo Howard Friedman Chief Executive Officer Joined 2022 PRIOR CPG EXPERIENCE BK Kelley Chief Financial Officer Joined 2025 PRIOR CPG EXPERIENCE 4 Insert Photo
Page 5
KEY MESSAGES – WHY UTZ? 1 Leveraging 100+ year history with strong brand portfolio 2 Utilizing multiple topline growth levers to scale nationally 3 Growing faster than category consistently with multi-year runway 4 Building a stronger operational foundation with more margin potential 5 Acceleration cash generation and delevering 5
Page 6
6 MORE THAN A CENTURY OF GROWTH 1921 2011 2017 2020 2024 2026+
Page 7
BRAND PORTFOLIO COMPOSITION Net Sales % by Brand(1) 38% 14% 16% 4% 17% 11% 89% Branded Salty Snacks(2) (1) Net Sales represent 4Q’2025 ending 12/28/2025 (2) Branded Salty Snacks is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz® brand, On The Border®, Zapp’s®, and Boulder Canyon®. Other Brands include Golden Flake®, TORTIYAHS!®, Hawaiian®, Bachman®, Tim’s Cascade®, Dirty Potato Chips®, TGI Fridays® and Vitner’s®. Excludes IO unreported sales (3) Includes IO unreported sales 7 Non-Branded & Non-Salty Snacks(3) Other Branded Salty Snacks See backup tab: 2025 NS BS v NBNS
Page 8
46% 17% 11% 9% 3% 14% SALTY SNACKS SUBCATEGORIES Net Sales % by Sub-Category(1) (1) Net Sales represent FY2025 ending 12/28/2025 (2) Other includes Dips/Salsas, Snack Mixes, Potato Snacks, Variety Packs, Popcorn, Veggie, Chocolate Covered Pretzels, Snack Nuts, Corn Chips, Meat Snacks, Crackers, Plantain, Hard/Soft Tortillas, Baked Goods, Snack Bars, and Candy 8 Potato Chips Tortilla Chips Cheese Pretzels Pork Other(2) See backup tab: 2025 Net Sales by Subcat
Page 9
PORTFOLIO ARCHITECTURE POWER 4 BRANDS National Scale Regional & Category Specific Consistent Revenue and Cash Flow Prioritizing growth in Power 4 with targeted opportunities in other brands 9
Page 10
50% 45% 5% 10 HYBRID DISTRIBUTION MODEL Leveraging flexible route-to-market to drive efficiency and reach Net Sales % by Go-to-Market(1) (1) Net Sales represent FY2025 ending 12/28/2025 See backup tab: 2025 GTM Direct-to- Warehouse (DTW) Direct Store Delivery (DSD) Distributors
Page 11
50% 17% 9% 11% 13% 11 BROAD RETAIL CHANNEL COVERAGE Growing distribution across all retail channels Retail Sales Mix by Channel(1) (1) Retail Sales are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 (2) Other includes all other channels, incl. Dollar, Third Party Distributors, Vending, Drug, and Independent Grocers Note: Does not include untracked channels See backup tab: 2025 RS Breakdowns Food Mass Other(2) C-Store Club
Page 12
12 STRONG FOUNDATION OF ORGANIC GROWTH Accelerating share growth through geographic expansion Organic Net Sales CAGR 2.4% Core Geographies Expansion Geographies (1) Retail sales are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 (2) See Appendix for Utz Core and Expansion geography state groupings 2022-2025 7.0% 6.6% 2022 2025 $ Share 8.2% 8.2% 2022 2025 lb Share 2.6% 3.0% 2022 2025 $ Share 3.6% 4.2% 2022 2025 lb Share See backup tab: 2022-2025 RS Salty Snacking Category Share(1),(2) See backup tab: 2022-2025 Financials
Page 13
13 BRANDED SALTY SNACK GROWTH FOCUS Accelerating topline momentum and mix improvement Quarterly Branded Salty Organic Net Sales Growth 4.7% 2.3% 3.8% 3.1% 4.9% 5.4% 5.8% 2.5% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Branded Salty Mix Evolution ~82% Q1 2023 ~89% See backup tab: 2022-2025 Financials De- stocking Impact % of Net Sales Q4 2025 See backup tab: Branded Salty Growth Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures
Page 14
14 STRONG FOUNDATION OF OPERATING EFFICIENCY Driving significant margin improvement and earnings growth Productivity (% of Adj. COGS) (1),(2) Adj. Gross Margin Adj. EBITDA Margin (1) Represents cost savings realized during each 52-week or 53-week fiscal year as a percentage of prior fiscal year Adjusted COGS. Refer to reconciliations for Adjusted COGS in the appendix (2) Pro Forma for acquisitions and divestitures Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures 28% 32% 2022 2025 12% 15% 2022 2025 See backup tab: 2022-2025 Financials 3% 7% 2022 2025
Page 15
CONSISTENT ADJUSTED EBITDA GROWTH 2022 2023 2024 2025 15 $200M 14.2% $171M $187M $217M 13.0%12.1% 15.0% Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures See backup tab: 2022-2025 Financials % of Net Sales +10% +7% +8% +8% CAGR
Page 16
16 MARKETING SUPPORT ACCELERATION Driving strong brand awareness and purchase interest $10M 0.7% 2022 $11M 0.8% 2023 $19M 1.3% 2024 $26M 1.8% 2025 $ Millions Marketing Spending See backup tab: 2022-2025 Financials % of Net Sales ~40% CAGR
Page 17
Gaining penetration in all ages but importantly younger generations HOUSEHOLD PENETRATION GROWTH 17 (1) Household penetration measured by Circana (% Households Buying) (2) 2023 represents L52W as of 12/31/2023; 2025 represents L52W ending 12/28/2025 (3) Millennials (Born 1981-1996) See backup tab: Generation Data Household Penetration (2023-2025)(1),(2),(3) 43.4% 48.0% Millennials 47.2% 50.2% Total U.S. Utz Total Category ~20bps ~33bps
Page 18
18 OUR STRATEGY 1 Outgrow the Category Profitably Grow 2-3 pp above Category through Expansion Geographies & strengthened Core 2 Expand Margins Drive productivity and mix improvement 3 Accelerate Free Cash Flow Delever & allocate capital efficiently 4 Deploy Leading Capabilities Build best-in- class organization
Page 19
19 OUR STRATEGY 1 Outgrow the Category Profitably Grow 2-3 pp above Category through Expansion Geographies & strengthened Core 2 Expand Margins Drive productivity and mix improvement 3 Accelerate Free Cash Flow Delever & allocate capital efficiently 4 Deploy Leading Capabilities Build best-in- class organization
Page 20
20 PATH TO OUTGROW THE CATEGORY Category Growth Expansion Geographies +3-4 pp Power 4 & Innovation in Core Geographies ~Flat+ Non- Branded & Non-Salty ~(1) pp Utz Total Net Sales Vs. Category +2–3 pp Driving with Expansion Geographies and Power 4 Growth & innovation 20
Page 21
21 SIGNIFICANT OPPORTUNITY TO SOURCE SHARE Category with many small regional players; limited Private Label 21 59% 4% 16% 14% 7% Category Sales(1) Other Top 5 Category Leader Utz All Other Branded Private Label (1) Retail sales are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 See backup tab: Comp Market Shares
Page 22
22 SALTY SNACK CATEGORY TRENDS Improving after adjustment period Price / Mix Volume +4.7% Pre- Pandemic (2016 - 2019) +10.8% Pandemic / Inflation (2019 - 2023) -0.5% Adjustment Period (2023 - 2025) 1.2% Recent Trend 13 Week / Q4 2025 (1) Retail sales are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy Salty Snacking Category Growth (CAGR)(1) 2026 Assumption Flat See backup tab: Salty Snack Trends
Page 23
23 KEY GROWTH DIFFERENTIATORS Growing faster than the Category profitably BOULDER CANYON Fastest growing of Power Four Brands GEOGRAPHIC EXPANSION Westward expansion including California STRENGTHENED CORE GEOGRAPHIES Power 4 growth and brand investment WINNING INNOVATION New products focused on Power Four +2-3 pp versus Salty Snacks Category +2-3 pp vs. Salty Snacks Category +7%
Page 24
Key Growth Differentiator : Boulder Canyon 24
Page 25
25 BOULDER CANYON: MULTIPLE GROWTH LEVERS Continue to grow in Natural Channel Increase distribution and assortment in underpenetrated channels Build brand by driving awareness via national marketing Launch innovation utilizing BFY credentials
Page 26
26 BOULDER CANYON PLATFORM Attracting new consumers with better-for-you snacking #1 Salty Snack Brand In the Natural Channel(1) • Seed-Oil Free, Non-GMO • Snacking choice that resonates with modern consumers without sacrificing taste • Stretching into multiple Salty Snack sub-categories and formats (1) Total Natural Channel measured by SPINS; Leading market share in dollars & units for L12 and L52W ending 12/28/2025 See backup tab: BC Natural
Page 27
2022 2023 2024 2025 2026E LT Potential Boulder Canyon Net Sales 27 BOULDER CANYON: SIGNIFICANT GROWTH OPPORTUNITY Targeting double digit growth through expanded distribution & velocity ~$200M ~$100M ~$500M+ See backup tab: Net Sales by Brand (24-25) ~$60M~$45M
Page 28
3.2% 3.8% 4.9% 6.6% 2022 2023 2024 2025 Boulder Canyon Dollar Market Share in Natural(1) 28 BOULDER CANYON: GAINING SHARE IN NATURAL See backup tab: Boulder By Year (1) SPINS Natural Channel Data; all % represent L52W for each year Nearly doubled market share since 2022
Page 29
29 BOULDER CANYON: EXPANDING IN OTHER CHANNELS Growing both distribution and assortment National ACV % (2) (Ex. Natural) Avg Items Per Store(1) 22% 25% 27% 50% 3.1 3.3 2.9 3.6 2022 2023 2024 2025 See backup tab: BC ACV (1) Average weekly items per store selling are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy (2) ACV, Conventional Channels are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy
Page 30
30 BOULDER CANYON: NATIONAL MARKETING CAMPAIGN Driving awareness through integrated digital & in-store marketing Digital & Connected TV Social Media & Partnerships Point-of-Sale Activation
Page 31
31 BOULDER CANYON: TORTILLA CHIPS Launching nationally throughout 2026
Page 32
32 BOULDER CANYON: BEEF TALLOW Launch begins in Q1 2026
Page 33
Key Growth Differentiator : Geographic Expansion 33
Page 34
34 EXPANSION GEOGRAPHIES: GROWTH OPPORTUNITY N Expansion Geographies Utz Total ~45% Category ~64% Core Geographies Utz Total ~55% Category ~36% Retail Sales by Geography(1) See backup tab: 2025 RS Breakdowns (1) Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025
Page 35
35 EXPANSION GEOGRAPHIES: STRONG SHARE GROWTH Significant upside if Core Geography share attained 2.6% 2022 2.7% 2023 2.8% 2024 3.0% 2025 National Share Core Geography Share Current Expansion Geography Share See backup tab: 2022-2025 RS 4.4% 6.6%
Page 36
36 EXPANSION GEOGRAPHIES: DISTRIBUTION RUNWAY Driving Power 4 distribution & assortment Expansion Geographies ACV % Distribution(1) Avg. Items On-Shelf(2) Utz Brand 67% 8.7 On The Border 64% 3.7 Boulder Canyon 44% 4.0 Zapp's 43% 3.0 See backup tab: ACV and Items on Shelf (1) ACV, Conventional Channels are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 (2) Average weekly items per store selling are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025
Page 37
37 EXPANSION GEOGRAPHIES: GROWTH BY STAGE Continuing strong growth in initial stage Expansion Geographies Initial Expansion +5.8% AR, CO, FL, GA, IL, IN, TN, TX, MO Recent Expansion +11.0% AZ, CA, ID, IA, KS, KY, MI, MN, NE, NV, NM, OK, OR, SD, UT, WI, WY Measured in Retail sales; Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 2025 Retail Sales Growth 9 States ~34% of Category See backup tab: RS Share by State 2025 Retail Sales Growth 17 States ~30% of Category
Page 38
38 EXPANSION GEOGRAPHIES: PHASED GROWTH STRATEGY Leveraging hybrid distribution to scale efficiently from entry to maturity PHASE 1 Market Entry PHASE 2 Build Scale Launch DSD Model and maintain Distributors PHASE 3 Leverage Scale Convert to Independent Operator DSD Criteria for DSD Activation • Concentrated population centers • Large retail partner interest • Supply chain proximity Direct-to-warehouse and Distributors
Page 39
39 EXPANSION GEOGRAPHIES: FLORIDA CASE STUDY Leveraging proven playbook to drive retail sales and profitability Retail Sales(1) Contribution Margin(2) Market Share(1) $49M 2020 $57M 2021 $83M 2022 $99M 2023 $108M 2024 $118M 2025 2.5% 4.3% (1) Retail sales are Circana MULO+ w/convenience, custom Utz Brands hierarchy (2) Adj. Gross Profit less Selling See backup tab: Florida 2.6% 3.2% 3.6% 3.8%
Page 40
40 EXPANSION GEOGRAPHIES: FLORIDA CASE STUDY Continuing to increase points of distribution and assortment depth Total Distribution Points(1) Avg Items / Store(2) 2,111 2020 2,609 2021 4,330 2022 4,633 2023 4,886 2024 5,431 2025 11.4 12.3 18.9 23.5 24.4 26.9 (1) Circana MULO+ w/convenience, custom Utz Brands hierarchy (2) Average weekly items per store selling are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy See backup tab: Florida 2.6x Growth in TDP 2.4x Growth in avg items
Page 41
41 EXPANSION GEOGRAPHIES: CALIFORNIA OPPORTUNITY N Expansion Geographies Utz Total ~45% Category ~64% Core Geographies Utz Total ~55% Category ~36% Retail Sales by Geography(1) See backup tab: 2025 RS BreakdownsSee backup tab: RS Share by State California Utz Total ~5% Category ~10% (1) Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/18/2025
Page 42
42 EXPANSION GEOGRAPHIES: CALIFORNIA OPPORTUNITY Expanding in California can add ~$125M of Retail Sales Note: Assumes flat category performance (1) Retail sales are Circana MULO+ w/convenience, custom Utz Brands hierarchy, , L52W ending 12/28/2025 42 2.0% Current(1) +$45M 3% +$85M 4% +$125M 5% Market Share Incremental Retail Sales California Retail Sales Opportunity See backup tab: RS Share by State $82M
Page 43
1,643 Category UBI 43 EXPANSION GEOGRAPHIES: CALIFORNIA OPPORTUNITY Capturing huge distribution and assortment opportunity Total Distribution Points in California(1) Avg Items / Store(2) (1) Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 (2) Average weekly items per store selling are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 See backup tab: California 61,266 31.2 15.4 9.0 UBI Core UBI Expansion UBI California See backup tab: ACV and Items on Shelf
Page 44
44 EXPANSION GEOGRAPHIES: CALIFORNIA KEY TO GROWTH ~MSD% Expansion Geographies ex-California ~+2pp California Impact ~HSD% Total Expansion Geographies Potential Retail Sales Growth(1) (1) Retail sales are Circana MULO+ w/convenience, custom Utz Brands hierarchy California should accelerate Expansion growth by ~2 pp long-term See backup tab: UBI vs. Comp
Page 45
Key Growth Differentiator : Strengthen Core Geographies 45
Page 46
46 N Expansion Geographies Utz Total ~45% Category ~64% Core Geographies Utz Total ~55% Category ~36% Retail Sales by Geography(1) See backup tab: 2025 RS Breakdowns CORE GEOGRAPHIES: CRITICAL TO HOLD SHARE Focused on Continuing to Improve Core Performance (1) Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/18/2025
Page 47
47 CORE GEOGRAPHIES: UTZ BRAND KEY 61% 11% 6% 4% 19% Retail Sales by Brand in Core Geographies(1),(2) Note: numbers may not foot due to rounding (1) Excludes Non-Branded & Non-Salty Snacks. Excludes IO unreported sales (2) Retail sales are Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 See backup tab: 2025 RS Breakdowns Other Branded Salty Snacks
Page 48
48 CORE GEOGRAPHIES: STRATEGIES Invest behind Utz and ensure optimal price points Expand distribution of On the Border, Boulder Canyon, and Zapp’s Launch on-trend innovation across Power 4 Build distribution in faster growing channels with optimized assortment
Page 49
49 Retail Sales Volume Share $982M $1,038M $1,023M $1,014M 8.2% 8.0% 8.1% 8.2% 2022 2023 2024 2025 Total Utz Branded Salty in Core Geographies Retail sales are Circana MULO+ w/convenience, custom Utz Brands hierarchy CORE GEOGRAPHIES: TOTAL UTZ TRENDS Holding volume share with stable retail sales See backup tab: 2022-2025 RS
Page 50
50 CORE GEOGRAPHIES: UTZ INGREDIENT MARKETING • Addressing consumer interest in simple & clean labels • Broader than just ingredient story with “Snacking Made Simple” • Messaging across consumer touchpoints
Page 51
CORE GEOGRAPHIES: PRICE LADDER 51 Leveraging brands across the price spectrum Elevated Premium Mainstream Value
Page 52
CORE GEOGRAPHIES: PRICE PACK ARCHITECTURE 52 Single Serve Party Size Family Size Club Pack
Page 53
CORE GEOGRAPHIES: PRICING STRATEGY 53 EDLP Retailers Club High / Low Retailers StrategyChannel Shelf Price and Feature Price Price per Ounce Everyday Low Price Discount Retailers Price per Unit
Page 54
Key Growth Differentiator : Winning Innovation 54
Page 55
Capture Occasions 55 WINNING INNOVATION: KEY CONSUMER DRIVERS Deliver Craveable Flavor Drive Value Expand Positive Choices
Page 56
56 WINNING INNOVATION: UTZ BRAND DRIVERS On-Trend Flavors Limited Edition Seasonal Items
Page 57
57 WINNING INNOVATION: UTZ PROTEIN PRETZELS Launching nationally in Q2 2026 8 Grams 8 Grams10 Grams Protein / Serving
Page 58
58 WINNING INNOVATION: UTZ PROTEIN CHEESE CURLS Launching nationally in Q2 2026 10 Grams 10 Grams Protein / Serving
Page 59
59 WINNING INNOVATION: VALUE PLATFORM Launching nationally in Second Half 2026
Page 60
60 WINNING INNOVATION: MARKETING SUPPORT Driving sales short term and brand equity long term $10M 0.7% 2022 $11M 0.8% 2023 $19M 1.3% 2024 $26M 1.8% 2025 ~2.0% 2026E ~3-4% Long Term Target Marketing Spending See backup tab: 2022-2025 Financials $ Millions % of Net Sales ~40% CAGR
Page 61
61 SIGNIFICANT LONG TERM REVENUE POTENTIAL Outgrowing the Category Profitably ~$1.4B 2025 Net Sales Strengthened Core*Boulder Canyon Expansion Geographies* ~$1.9B+ Long Term Potential * excl. Boulder Canyon at ~4% Share ~$500M
Page 62
62 OUR STRATEGY 1 Outgrow the Category Profitably Grow 2-3 pp above Category through Expansion Geographies & strengthened Core 2 Expand Margins Drive productivity and mix improvement 3 Accelerate Free Cash Flow Delever & allocate capital efficiently 4 Deploy Leading Capabilities Build best-in- class organization
Page 63
63 SUPPLY CHAIN AND PRODUCTIVITY OUTPERFORMANCE (1) Average revenue per plant at FY2025 end includes Company's 7 primary plants and excludes Plant 1 in Hanover, PA given limited production and Grand Rapids, MI plant which was sold in 4Q 2025 and operated at limited capacity at end of 2025 (2) Network Capacity Utilization includes Continuous, Kettle, and Tortilla Chip Capacity, representing ~70% of our total sales (3) Represents Annual savings Average Revenue Per Plant ~$60M ~$207M(1) Year End 2022 Year End 2025 Network Capacity Utilization(2) ~55% 80%+ Productivity Cost Savings(3) ~$66M ~$22M # of Plants 16 7 See backup tab: 2022-2025 FinancialsSee backup tab: Utilization
Page 64
64 SIGNIFICANT GROSS MARGIN EXPANSION Driving 400bps of improvement through operational excellence 28.2% 2022 28.6% 2023 29.7% 2024 32.3% 2025 +40 bps +110 bps +260 bps See backup tab: 2022-2025 Financials Adj. Gross Margin as % of Net Sales
Page 65
65 SUBSTANTIAL INVESTMENT IN FOCUSED NETWORK Reduced network from 16 plants in 2022 to 7 plants(1) today ~$200M Capex Investment 2024 - 2025 (1) Includes Company's 7 primary plants and excludes Plant 1 in Hanover, PA given limited production and Grand Rapids, MI plant w hich was sold in Q4 2025 and operated at limited capacity at end of 2025 Algona, WA Goodyear, AZ Kings Mountain, NC Wilkes-Barre, PA Hanover, PA (3 Primary Plants)
Page 66
66 CAPEX NORMALIZING AFTER SUBSTANTIAL RAMP Investments in capacity, automation, modernization largely complete $50M(1) 2022 $56M 2023 $99M 2024 $103M 2025 $60M- $65M 2026E 2027E + Long Term 3.5% 3.9% 7.0% 7.1% ~4% ~3% % of Net Sales See backup tab: 2022-25 Financials Capital Expenditures (1) Excludes King's Mountain acquisition purchase price
Page 67
67 NORMALIZED CAPEX DELIVERING STRONG ROI Capex strategy supporting growth, productivity and maintenance Normalized Capex Split ~80% ~20% High ROI Productivity & Growth Projects Maintenance Projects Average ROI significantly above Cost of Capital
Page 68
68 PURSUING NEW EFFICIENCY INITIATIVES Multiple upside levers in addition to base productivity Base Productivity Distribution Network Optimization Technology Driven Enterprise Model ~3% ~1% Incremental ~4% Productivity Target Note: figures represent annual productivity savings as % of prior year adj. COGS
Page 69
69 SOURCES OF BASE PRODUCTIVITY Expect continuing base productivity sourced from key areas Sources of Base Productivity Manufacturing ~45%Procurement Logistics Productivity represents cost savings realized during each 52 -week or 53-week fiscal year as a percentage of prior fiscal year Ad justed COGS • Value engineering • Strategic sourcing ~35% • Automation • Line efficiency ~20% • Route optimization • Integrated Planning
Page 70
~99% Independent Operators(1) 70 DSD: A STRATEGIC ASSET DELIVERING ~50% OF SALES DSD network is scaling nationally with independent operators ~2,500 Total DSD Routes Serving ~125K+ Retail Outlets Weekly ~130 DSD Warehouses (1) 99% IO Statistic does not include routes that are being held for sale See backup tab: GTMSee backup tab: IO Routes
Page 71
71 Productivity through drop size improvement, digital enablement Working capital benefits from improving inventory turns Better asset utilization by ensuring the most efficient network DISTRIBUTION NETWORK OPTIMIZATION Improving network effectiveness and service at lower costs ~1% Productivity per year from Distribution Network Optimization
Page 72
72 HISTORICAL FINANCIAL PERFORMANCE Delivering solid topline growth while expanding margins and profitability Organic Net Sales +2.4% 2022-2025 CAGR See backup tab: 2022-2025 Financials Adj. Gross Profit +5.5% Adj. EBITDA +8.3% Adj. EPS +13.8% Note: See appendix for reconciliation of Utz Non -GAAP financial measures to most directly comparable GAAP measures
Page 73
73 PLAN TO DELIVER CONSISTENT PROFITABLE GROWTH Growing profitably versus category with continuing margin expansion Continuing Adj. EBITDA Margin Expansion Organic Net Sales Growth 2 -3pp Above Category Adj. EBITDA Growth 6-8% Adj. EPS Growth ~in-line with Adj. EBITDA Growth Note: See appendix for reconciliation of Utz Non -GAAP financial measures to most directly comparable GAAP measures
Page 74
74 SIGNIFICANT MARGIN OPPORTUNITY REMAINS Multi-year path to higher Adj. EBITDA margins 12.1% 2022 13.0% 2023 14.2% 2024 15.0% 2025 2026E 17.0%+ Longer Term Potential Metric: Adjusted EBITDA as % of Net Sales See backup tab: 2022-2025 Financials ~15.4%
Page 75
75 OUR STRATEGY 1 Outgrow the Category Profitably Grow 2-3 pp above Category through Expansion Geographies & strengthen Core 2 Expand Margins Drive productivity and mix improvement 3 Accelerate Free Cash Flow Delever & allocate capital efficiently 4 Deploy Leading Capabilities Build best-in- class organization
Page 76
76 HISTORICAL CASH FLOW GENERATION Improving operating cash flow offset by Capex step-up $48 $77 $106 $112 $88 $56 $99 $103 $4 $10 $27 $25 2022 2023 2024 2025 (1) Adjusted Free Cash Flow = Cash from Ops - Capex + Net Property / Equipment Sales See backup tab: 2022-2025 Cash Flow ($ Millions) Cash from Ops Capex Net Property/ Equipment Sales Adj. Free Cash Flow ($36) $30 $34 $34
Page 77
77 INCREASING FOCUS ON ADJUSTED FREE CASH FLOW Multiple drivers to improve Cash Conversion by 2027 Cash Conversion Cycle Improvement through Working Capital Initiatives Normalizing Capex to ~3% of Net Sales Monetizing Non-Core Real Estate Assets 80-90% Adj. Net Income Conversion to Adj. Free Cash Flow Targeting
Page 78
78 CASH FLOW ACCELERATING ON MULTI-YEAR BASIS 2024 - 2025 Actual ~$34M 2026 Target $60-80M See backup tab: 2022-2025 Financials 2027+ $100M+ Adjusted Free Cash Flow
Page 79
79 CAPITAL ALLOCATION PRIORITIES 1 Organic Business Growth 2 Debt Paydown and Deleverage 3 Dividend Growth 4 Share Repurchase 5 Opportunistic M&A
Page 80
80 STRONGER CASH FLOW ENABLING DELEVERING Targeting ~2.5x leverage ratio long term 5.0x 2022 4.6x 2023 3.6x 2024 3.4x 2025 ~3.0-3.2x 2026E ~2.7x-3.0x 2027E See backup tab: 2022-2025 Financials ~2.5x Long Term Net Debt / Adjusted EBITDA (1) Net Leverage Ratio is defined as trailing twelve month Adjusted EBITDA divided by Net Debt (2) Assuming modest dividend growth
Page 81
• Transaction-savvy management team and experienced board • Supply chain network for synergies and scale • Incremental to brand portfolio from consumer and retailer perspective • Ideal RMT candidate OPPORTUNISTC M&A PART OF CAPITAL ALLOCATION Remaining very disciplined on Valuation and Leverage impact 81
Page 82
82 OUR STRATEGY 1 Outgrow the Category Profitably Grow 2-3 pp above Category through Expansion Geographies & strengthened Core 2 Expand Margins Drive productivity and mix improvement 3 Accelerate Free Cash Flow Delever & allocate capital efficiently 4 Deploy Leading Capabilities Build best-in- class organization
Page 83
83 TECHNOLOGY ENABLEMENT & AI OPPORTUNITIES Deploying advanced analytics to drive end-to-end efficiency Commercial Digital Supply Chain ▪ Planning and Forecasting ▪ Predictive analysis on promotion ROI ▪ Optimized Manufacturing/Distribution ▪ Automated workflows and processes ▪ Common Unified Data ▪ Integrated Business Planning
Page 84
WHAT YOU HEARD TODAY– WHY UTZ? 1 Delivering 2-3 pts sales growth above category given differentiators 2 Focusing on continued and sustainable margin improvement 3 Targeting Adj. EBITDA growth of 6-8% per year 4 Accelerating Adjusted Free Cash Flow to delever 84
Page 85
Appendix 85
Page 86
86 2026 OUTLOOK Delivering growth above category and margin expansion Note: Quantitative reconciliations are not available for the forward -looking Non-GAAP financial measures used herein without unr easonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted EBITDA, Net Leverage Ratio, normalized GAAP basi s tax expense, excluding one-time items, and Adjusted Earnings Per Share, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impa ct on our future financial results Organic Net Sales Growth Adj. Free Cash Flow Adj. EPS Growth Productivity (% Adj. COGS) 53rd Week Adj. EBITDA Growth +2-3% (Category Flat) +5-8% (3%) to (6%) $60-80M ~4% will benefit Reported Net Sales by ~$20M, Adj. EBITDA by ~3M, and Adj. EPS by ~2c Key Metrics
Page 87
87 2026 OUTLOOK Delivering growth above category and margin expansion Note: Quantitative reconciliations are not available for the forward -looking Non-GAAP financial measures used herein without unr easonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted EBITDA, Net Leverage Ratio, normalized GAAP basi s tax expense, excluding one-time items, and Adjusted Earnings Per Share, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impa ct on our future financial results (1) Normalized GAAP basis tax expense, which excludes one -time items Depreciation & Amortization $93-97M Interest Expense $47-49M Capital Expenditures $60-65M Effective Normalized Tax Rate(1) 17-19% Net Leverage Ratio 3.0x-3.2x Supporting Metrics
Page 88
88 • Organic Net Sales is defined as Net Sales excluding the impacts of acquisitions, divestitures and independent operator (“IO”) route conversions that took place after 1Q’2024. • Adjusted Gross Profit represents Gross Profit excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Gross Profit excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock -based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing -related costs. Adjusted Gross Profit is one of the key performance indicators that our management uses to evaluate operating performance. We also report Adjusted Gross Profit as a percentage of Net Sales as an ad ditional measure for investors to evaluate our Adjusted Gross Profit Margin. • Adjusted Cost of Goods Sold (COGS) represents Net Sales less Adjusted Gross Profit • Adjusted Selling, General and Administrative Expense is defined as all Selling, General and Administrative expense excluding Depreciation and Amortization expense, a non -cash item. In addition, Adjusted Selling, General and Administrative Expense excludes the impact of costs that fall within the categories o f non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and i ntegration costs, business transformation initiatives, and financing-related costs. We also report Adjusted Selling, General and Administrative Expense as a percentage of Net Sales a s an additional measure for investors to evaluate our Adjusted Selling, General and Administrative Margin. • Adjusted Net Income is defined as Net Income excluding Depreciation and Amortization expense, a non-cash item, related to fair value adjustments on property, plant, and equipment, and definite-lived intangibles relating to business combinations recorded in prior periods. In addition, Adjusted Net Income exclude s deferred financing fees, interest income, and expense relating to IO loans and certain non-cash adjustments and/or other cash adjustment items such as those related to stock -based compensation, hedging, and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, remeasurement of warr ant liabilities and financing-related costs. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments. • Adjusted Earnings Before Taxes is defined as Adjusted Net Income before normalized GAAP basis tax expense. • Adjusted Earnings Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding for each period on a fully diluted basis assuming the shares of Class V Common Stock of the Company are converted to Class A Common Stock of the Company. • EBITDA is defined as Net Income Before Interest, Income Taxes, and Depreciation and Amortization. • Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash adjustments and/or other cash adjustment items, such as stock -based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. Adjusted EBITDA is one of the key performance indicators we use in evaluating our operating performance and in making financial, operating, and planning decisi ons. We believe Adjusted EBITDA is useful to the users of this release because the financial information contained in the release can be used in the evaluation of Utz’s operating performan ce compared to other companies in the Salty Snack industry, as similar measures are commonly used by companies in this industry. In this release, we also provide Adjusted EBITDA as a perce ntage of Net Sales as an additional measure for readers to evaluate our Adjusted EBITDA Margin. • Adjusted Free Cash Flow is defined as Cash Flow from Operating Activities on the Consolidated Statements of Cash Flows less Purchases of Property and Equipment (Capital Expenditures) plus Net Proceeds from Sale of Property and Equipment, both included in Cash flow from investing activities on the Consolidated Statements of Cash Flows. • Effective Normalized Tax Rate is defined as normalized GAAP basis tax expense, which excludes one-time items, divided by Adjusted Earnings before Taxes. • Net Leverage Ratio is defined as trailing twelve month Adjusted EBITDA divided by Net Debt. • Net Debt is defined as Gross Debt less Cash and Cash Equivalents. • Branded Salty Snacks is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz® brand, On The Border®, Zapp’s®, and Boulder Canyon®. Other Brands include Golden Flake®, TORTIYAHS!®, Hawaiian®, Bachman®, Tim’s Cascade®, Dirty Potato Chips®, TGI Fridays® and Vitner's®. • Non-Branded & Non-Salty Snacks is defined as partner brands, private label, co-manufacturing for which we are the manufacturer, Utz branded non-salty snacks such as On The Border® Dips and Salsa, and sales not attributable to specific brands. • Normalized Adjusted EBITDA is defined as Adjusted EBITDA after giving effect to pre-acquisition Adjusted EBITDA for certain acquisitions and dispositions from time to time. Defined Terms
Page 89
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 89
Page 90
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 90
Page 91
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 91
Page 92
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 92
Page 93
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 93
Page 94
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 94
Page 95
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 95
Page 96
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 96
Page 97
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 97