Utz Brands Inc · NYSE:UTZ
Utz Brands — Q3 2025 Earnings Presentation
39 slides from Utz Brands's earnings presentation, Oct 30, 2025
Slide 1: Utz Brands, Inc. Third Quarter 2025 Earnings Presentation
Utz Brands, Inc. Third Quarter 2025 Earnings Presentation October 30, 2025
Slide 2: Disclaimer
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 acco
Slide 3: Disclaimer (cont.)
Disclaimer (cont.) 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 prese
Slide 4: Business Overview
Business Overview Howard Friedman Chief Executive Officer 4
Slide 5: 3Q'25 Accelerating Growth, Confident in Full-Year Trajectory
3Q’25 Accelerating Growth, Confident in Full-Year Trajectory o 3Q’25 Net Sales growth of 3.4% led by Branded Salty Snacks Organic Net Sales growth of 5.8%(1) o Dollar and Volume share gains in Salty Snacks category(2), posting our 9th consecutive quarter of volume share growth, outperforming the 0.2
Slide 6: California Expansion Strategy
California Expansion Strategy Sizing the Opportunity % of Salty Snacks consumed in US ~$41.4B Total Salty Snacks Consumption in US o Insignia direct store delivery (DSD) transaction includes routes across California and the Midwest California Unreported 10.0% o Proven strategy of route acquisitions
Slide 7: 3Q'25 – Sales Momentum and Adj. Margin Expansion
3Q’25 – Sales Momentum and Adj. Margin Expansion Organic Net Sales Adj. EBITDA Adj. EPS (in millions) (in millions) (1) $365.5 $377.8 $60.3 $0.23 $358.8 (1) $54 $0.21 +3.4% $52.1 +11.7% $0.17 (1) +9.5% 3Q’23 3Q’24 3Q’25 3Q’23 3Q’24 3Q’25 3Q’23 3Q’24 3Q’25 (2) (2) (2) +2.6% CAGR +7.6% CAGR +16.3% CAG
Slide 8: Sales Momentum Powered by Strong Dollar and Volume Gains in Branded Salty Snacks
Sales Momentum Powered by Strong Dollar and Volume Gains in Branded Salty Snacks o Total Net Sales growth of +3.4% Net Sales Growth Drivers led by strong volume/mix growth (3Q’25 % YoY Change) of +4.5% Total Branded Non-Branded & o Branded Salty Snacks Organic Company Salty Snacks Non-Salty Snacks (
Slide 9: Accelerating Growth of Branded Salty Snacks
Accelerating Growth of Branded Salty Snacks Branded Salty Snacks Quarterly Organic Net Sales Growth 3Q’25 (%YoY Change) Non-Branded, Non-Salty Snacks 11% 5.4% 5.8% 4.7% 4.9% 3.8% 2.9% 2.3% 89% Branded Salty 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 Snacks Note: See appendix for reconciliation of Utz
Slide 10: Nine Consecutive Quarters of Retail Volume Growth in Salty Snacks
Nine Consecutive Quarters of Retail Volume Growth in Salty Snacks Category, Driven by Power Four Brands %YoY Retail Volume Growth %YoY Retail Dollar Growth 5.7% 5.7% 4.4% 4.9% 4.7% 4.5% 4.3% 4.8% 3.8% 3.3% 3.0% 1.6% 2.1% 0.5% 1.0% 0.8% 0.0% -0.6% 3Q’23 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25
Slide 11: Our Power Four Brands Continue to Gain Share in 3Q'25
Our Power Four Brands Continue to Gain Share in 3Q’25 3Q’25 MULO+ w/Convenience YoY Growth Retail Volume (lbs.) 4.4% 3.0% o Dollar and volume share gains for total Company and Power Four Brands, driven by -1.2% Boulder Canyon® Retail Sales $ 7.1% 4.8% o Growth led by Expansion Geographies driven by
Slide 12: Volume and Dollar Share Gains in our Core Geographies
Volume and Dollar Share Gains in our Core Geographies o Core dollar and volume share gains for total 3Q’25 Core Geographies YoY Retail Growth Company and Power Four Brands Retail Volume (lbs.) o Dollar and volume share growth in Boulder 2.0% Canyon®, Zapp’s® potato chips, Utz® pretzels, & 1.1% Utz®
Slide 13: Continued Growth in Expansion Geographies
Continued Growth in Expansion Geographies 3Q’25 Expansion Geographies YoY Retail Growth o Ninth consecutive quarter of both dollar and volume share gains Retail Volume (lbs.) o Gained dollar and volume share for total Company 7.4% and Power Four Brands 5.4% o Growth driven by distribution and veloci
Slide 14: Significant Geographic White Space Opportunity Remains
Significant Geographic White Space Opportunity Remains Utz Core and Expansion Geographies Executing a proven playbook WA o Gained volume and dollar share in both core and MT ND ME OR VT MN NH MA expansion markets in Q3 ID SD WI NY WY MI CT RI IA PA NE NJ NV OH IL IN DE UT WV CO MD o Growing dollar s
Slide 15: Share Gains in Potato Chips and Pork Rinds
Share Gains in Potato Chips and Pork Total Sub-Category 3Q’25 Sub-Category Retail Sales YoY Growth Potato Chips Tortilla Chips Pretzels Cheese Snacks Pork Rinds 16.7% 12.8% 3.3% 3.3% 0.2% -0.7% -0.6% -1.3% -1.7% -7.4% % of UBI Retail 45% 18% 12% 8% 4% Sales Source: Retail sales are Circana Total US
Slide 16: Increasing Household Penetration and Adding Buyers at Strong Repeat Rates
Increasing Household Penetration and Adding Buyers at Strong Repeat Rates Utz Household Penetration Utz Buyers (millions) Total Utz Buyer Repeat Rate 70 65.3 65 75 55 62.7 50.0% 60 70.1% 50 48.3% 70 69.5% 45 55 65 40 50 35 45 60 Latest 52-weeks 2024 2025 2024 2025 2024 2025 Total Company +181bps +16
Slide 17: Communicating Our Ingredients Front of Pack
Communicating Our Ingredients Front of Pack Three No Simple Artificial Ingredients Colors or Flavors o Highlight 3 ingredients on select o Clear front of pack call-out for products potato chip bags without artificial colors/flavors o Aligned with consumer desire for o In September 2025, Utz announce
Slide 18: Financial Review
Financial Review BK Kelley Chief Financial Officer 18
Slide 19: 3Q'25 Financial Results Summary
3Q’25 Financial Results Summary 3Q’25 3Q’24 13-weeks ended 13-weeks Ended YoY o Organic Net Sales +3.4% In $ millions, except per share September 28, September 29, Change amounts 2025 2024 o +4.5% volume/mix and (1.1%) price Net Sales 377.8 365.5 +3.4% o Branded Salty Snacks Organic Net Sales +5.8%
Slide 20: 3Q'25 Net Sales Bridge
3Q’25 Net Sales Bridge 3Q’25 Net Sales YoY Growth Decomposition o Volume/Mix growth of 4.5% 4.5% o Branded Salty Snacks volume/mix growth of +7.0%, led by Power Four Brands 3.4% o Non-Branded & Non-Salty Snacks volume/mix (1.1%) decline of 12.7% primarily due to Partner Brands and Dips & Salsas o Pr
Slide 21: 3Q'25 Adj. EBITDA Margin Bridge
3Q’25 Adj. EBITDA Margin Bridge 3Q’25 Adjusted EBITDA Margin Change Decomposition o Continued productivity savings across manufacturing/logistics and procurement, partially offset by supply chain costs and 4.8% (2.8%) inflation (0.1%) (0.2%) 16.0% o Pricing investments to support expansion 0.3% (0.8
Slide 22: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights o Cash flow reflects pacing of net working capital, capital investments and related transformation Cash Flow Highlights 39-Weeks Ended September 28, 2025 costs Net Cash Provided By Operations $47.3M Capital Expenditures $89.2M o Capital investments to support m
Slide 23: Continue to Deliver Best-in-Class Productivity Savings
Continue to Deliver Best-in-Class Productivity Savings Productivity Savings (1)(2)(3) 6% ~6% 4% 3% 2% 1% 2020 2021 2022 2023 2024 2025E (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 Adj
Slide 24: Updating Full Year 2025 Outlook
Updating Full Year 2025 Outlook FY’25 Expected Growth vs. FY’24 Actual Results New Previous Key Assumptions Organic Net Sales ~+3% +2.5% or better Continued Branded Salty Snacks growth, particularly the Power Four Brands, reflecting YTD outperformance through 3Q’25 Adj. EBITDA Unchanged +7% to +10%
Slide 25: 2026 – An Inflection Point in our Evolution
2026 – An Inflection Point in our Evolution o Driving top-line growth ahead of category, driven by Expansion Markets (entering California, growing the remainder), Boulder Canyon space gains, and increased Marketing support o Winding down supply chain investment cycle; 2026 capital expenditures expec
Slide 26: Appendix
Appendix 26
Slide 27: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 27
Slide 28: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 28
Slide 29: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 29
Slide 30: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 30
Slide 31: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures (1) Interest Income (IO loans) refers to interest income that we earn from IO notes receivable that has resulted from our initiatives to transition from RSP distribution to IO distribution ("Business Transformation Initiati
Slide 32: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 32
Slide 33: Appendix Additional Reconciliations as Previously Disclosed
Appendix Additional Reconciliations as Previously Disclosed 33
Slide 34: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 34
Slide 35: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 35
Slide 36: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 36
Slide 37: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 37
Slide 38: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 38
Slide 39: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 39