Utz Brands Inc · NYSE:UTZ
Utz Brands — Consumer Analyst Group of New York (CAGNY) Conference 2026
97 slides from Utz Brands's conference presentation, Feb 18, 2026
Slide 1: CAGNY 2026
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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'd)
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 pres
Slide 4: Today's Presenters
TODAY’S PRESENTERS Insert Photo Insert Photo Howard Friedman BK Kelley Chief Executive Officer Chief Financial Officer Joined 2022 Joined 2025 PRIOR CPG EXPERIENCE PRIOR CPG EXPERIENCE 4
Slide 5: Key Messages – Why Utz?
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
Slide 6: More Than a Century of Growth
MORE THAN A CENTURY OF GROWTH 1921 2017 2026+ 2011 2020 2024 6
Slide 7: Brand Portfolio Composition
BRAND PORTFOLIO COMPOSITION Net Sales % by Brand(1) Other Branded Salty Snacks Non-Branded & Non-Salty Snacks(3) 17% 11% 4% 89% 16% Branded Salty Snacks(2) 38% 14% (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
Slide 8: Salty Snacks Subcategories
SALTY SNACKS SUBCATEGORIES Net Sales % by Sub-Category(1) Other(2) 14% Pork 3% Cheese 9% 46% Potato Chips 11% Pretzels 17% Tortilla Chips (1) Net Sales represent FY2025 ending 12/28/2025 (2) Other includes Dips/Salsas, Snack Mixes, Potato Snacks, Variety Packs, Popcorn, Veggie, Chocolate Covered Pre
Slide 9: Portfolio Architecture
PORTFOLIO ARCHITECTURE Prioritizing growth in Power 4 with targeted opportunities in other brands National Scale Regional & Category Consistent Revenue Specific and Cash Flow POWER 4 BRANDS 9
Slide 10: Hybrid Distribution Model
HYBRID DISTRIBUTION MODEL Leveraging flexible route-to-market to drive efficiency and reach Net Sales % by Go-to-Market(1) Distributors 5% Direct-to- Direct Store Warehouse 50% Delivery 45% (DTW) (DSD) 10 (1) Net Sales represent FY2025 ending 12/28/2025
Slide 11: Broad Retail Channel Coverage
BROAD RETAIL CHANNEL COVERAGE Growing distribution across all retail channels Retail Sales Mix by Channel(1) Other(2) 13% C-Store 11% 50% Food 9% Club 17% Mass (1) Retail Sales are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025 (2) Other includes all other
Slide 12: Strong Foundation of Organic Growth
STRONG FOUNDATION OF ORGANIC GROWTH Accelerating share growth through geographic expansion Salty Snacking Category Share(1),(2) 2022-2025 Core Geographies Expansion Geographies Organic Net Sales $ Share $ Share CAGR 7.0% 6.6% 2.6% 3.0% 2.4% 2022 2025 2022 2025 lb Share lb Share 8.2% 8.2% 3.6% 4.2% 2
Slide 13: Branded Salty Snack Growth Focus
BRANDED SALTY SNACK GROWTH FOCUS Accelerating topline momentum and mix improvement Quarterly Branded Salty Organic Net Sales Growth Branded Salty Mix Evolution 5.8% 5.4% % of Net Sales 4.9% 4.7% ~89% 3.8% Q4 2025 3.1% De- stocking 2.3% Impact 2.5% ~82% Q1 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2024 2024
Slide 14: Strong Foundation of Operating Efficiency
STRONG FOUNDATION OF OPERATING EFFICIENCY Driving significant margin improvement and earnings growth Productivity Adj. Gross Adj. EBITDA (% of Adj. (1),(2) COGS) Margin Margin 3% 7% 28% 32% 12% 15% 2022 2025 2022 2025 2022 2025 (1) Represents cost savings realized during each 52-week or 53-week fisc
Slide 15: Consistent Adjusted EBITDA Growth
CONSISTENT ADJUSTED EBITDA GROWTH +8% CAGR +8% $217M +7% +10% $200M $187M $171M % of Net 2022 2023 2024 2025 Sales 12.1% 13.0% 14.2% 15.0% 15 Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures
Slide 16: Marketing Support Acceleration
MARKETING SUPPORT ACCELERATION Driving strong brand awareness and purchase interest Marketing Spending ~40% 1.8% CAGR $26M 1.3% $19M % of Net Sales 0.7% 0.8% $10M $11M $ Millions 2022 2023 2024 2025 16
Slide 17: Household Penetration Growth
HOUSEHOLD PENETRATION GROWTH Gaining penetration in all ages but importantly younger generations Household Penetration (2023-2025)(1),(2),(3) Total U.S. Millennials Utz Total 47.2% 50.2% 43.4% 48.0% Category ~20bps ~33bps (1) Household penetration measured by Circana (% Households Buying) (2) 2023 r
Slide 18: Our Strategy
OUR STRATEGY 1 2 3 4 Outgrow the Expand Accelerate Deploy Category Margins Free Cash Leading Profitably Flow Capabilities Grow 2-3 pp Drive Delever & Build best-in- above Category productivity allocate capital class through and mix efficiently organization Expansion improvement Geographies & strengt
Slide 19: Our Strategy
OUR STRATEGY 1 2 3 4 Outgrow the Expand Accelerate Deploy Category Margins Free Cash Leading Profitably Flow Capabilities Grow 2-3 pp Drive Delever & Build best-in- above Category productivity allocate capital class through and mix efficiently organization Expansion improvement Geographies & strengt
Slide 20: Path to Outgrow the Category
PATH TO OUTGROW THE CATEGORY Driving with Expansion Geographies and Power 4 Growth & innovation +3-4 pp ~Flat+ ~(1) pp Power 4 & +2–3 pp Innovation in Non- Core Branded Geographies & Non-Salty Expansion Geographies Category Utz Total Growth Net Sales Vs. Category 20
Slide 21: Significant Opportunity to Source Share
SIGNIFICANT OPPORTUNITY TO SOURCE SHARE Category with many small regional players; limited Private Label Category Sales(1) Private Label 7% All Other Branded 14% 16% Category Leader Other Top 5 59% 4% Utz 21 (1) Retail sales are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, L52W
Slide 22: Salty Snack Category Trends
SALTY SNACK CATEGORY TRENDS Improving after adjustment period Salty Snacking Category Growth (CAGR)(1) Price / Mix Volume +10.8% +4.7% 1.2% -0.5% Flat Pre- Pandemic Adjustment Recent Trend 2026 Pandemic / Inflation Period 13 Week / Q4 2025 Assumption (2016 - 2019) (2019 - 2023) (2023 - 2025) 22 (1)
Slide 23: Key Growth Differentiators
KEY GROWTH DIFFERENTIATORS Growing faster than the Category profitably +2-3 pp +2-3 vs. pp Salty Snacks versus Salty Category Snacks BOULDER GEOGRAPHIC Category CANYON EXPANSION Fastest growing of Westward expansion Power Four Brands including California +7% STRENGTHENED CORE WINNING GEOGRAPHIES INN
Slide 24: Key Growth Differentiator: Boulder Canyon
Key Growth Differentiator : Boulder Canyon 24
Slide 25: Boulder Canyon: Multiple Growth Levers
BOULDER CANYON: MULTIPLE GROWTH LEVERS Increase distribution and Continue to grow in assortment in Natural Channel underpenetrated channels Build brand by driving Launch innovation awareness via national utilizing BFY credentials marketing 25
Slide 26: Boulder Canyon Platform
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 26
Slide 27: Boulder Canyon: Significant Growth Opportunity
BOULDER CANYON: SIGNIFICANT GROWTH OPPORTUNITY Targeting double digit growth through expanded distribution & velocity Boulder Canyon Net Sales ~$500M+ ~$200M ~$100M ~$60M ~$45M 2022 2023 2024 2025 2026E LT Potential 27
Slide 28: Boulder Canyon: Gaining Share in Natural
BOULDER CANYON: GAINING SHARE IN NATURAL Nearly doubled market share since 2022 Boulder Canyon Dollar Market Share in Natural(1) 6.6% 4.9% 3.8% 3.2% 2022 2023 2024 2025 28 (1) SPINS Natural Channel Data; all % represent L52W for each year
Slide 29: Boulder Canyon: Expanding in Other Channels
BOULDER CANYON: EXPANDING IN OTHER CHANNELS Growing both distribution and assortment 3.6 3.3 Avg Items 3.1 2.9 Per Store(1) 50% 25% 27% National 22% ACV % (2) (Ex. Natural) 2022 2023 2024 2025 (1) Average weekly items per store selling are Circana Total US MULO+ w/convenience, custom Utz Brands hier
Slide 30: Boulder Canyon: National Marketing Campaign
BOULDER CANYON: NATIONAL MARKETING CAMPAIGN Driving awareness through integrated digital & in-store marketing Digital & Connected TV Social Media & Point-of-Sale Activation Partnerships 30
Slide 31: Boulder Canyon: Tortilla Chips
BOULDER CANYON: TORTILLA CHIPS Launching nationally throughout 2026 31
Slide 32: Boulder Canyon: Beef Tallow
BOULDER CANYON: BEEF TALLOW Launch begins in Q1 2026 32
Slide 33: Key Growth Differentiator: Geographic Expansion
Key Growth Differentiator : Geographic Expansion 33
Slide 34: Expansion Geographies: Growth Opportunity
EXPANSION GEOGRAPHIES: GROWTH OPPORTUNITY Retail Sales by Geography(1) N Expansion Geographies Core Geographies Utz Total ~45% Utz Total ~55% Category ~64% Category ~36% 34 (1) Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/28/2025
Slide 35: Expansion Geographies: Strong Share Growth
EXPANSION GEOGRAPHIES: STRONG SHARE GROWTH Significant upside if Core Geography share attained Core 6.6% Geography Share National 4.4% Share 2.7% 2.8% 3.0% 2.6% Current Expansion Geography Share 2022 2023 2024 2025 35
Slide 36: Expansion Geographies: Distribution Runway
EXPANSION GEOGRAPHIES: DISTRIBUTION RUNWAY Driving Power 4 distribution & assortment Expansion Geographies ACV % Avg. Items Distribution(1) On-Shelf(2) Utz Brand 67% 8.7 On The Border 64% 3.7 Boulder Canyon 44% 4.0 Zapp's 43% 3.0 (1) ACV, Conventional Channels are Circana Total US MULO+ w/convenienc
Slide 37: Expansion Geographies: Growth by Stage
EXPANSION GEOGRAPHIES: GROWTH BY STAGE Continuing strong growth in initial stage Expansion Geographies Initial Expansion Recent Expansion +5.8% 2025 Retail Sales Growth +11.0% 2025 Retail Sales Growth 9 States 17 States ~34% of Category ~30% of Category AR, CO, FL, GA, IL, IN, TN, TX, MO AZ, CA, ID,
Slide 38: Expansion Geographies: Phased Growth Strategy
EXPANSION GEOGRAPHIES: PHASED GROWTH STRATEGY Leveraging hybrid distribution to scale efficiently from entry to maturity PHASE 3 PHASE 2 Leverage Scale PHASE 1 Build Scale Convert to Independent Market Entry Operator DSD Launch DSD Model and Direct-to-warehouse maintain Distributors and Distributors
Slide 39: Expansion Geographies: Florida Case Study
EXPANSION GEOGRAPHIES: FLORIDA CASE STUDY Leveraging proven playbook to drive retail sales and profitability $118M $108M $99M $83M $57M Retail Sales(1) $49M Contribution Margin(2) 2020 2021 2022 2023 2024 2025 Market Share(1) 2.5% 2.6% 3.2% 3.6% 3.8% 4.3% (1) Retail sales are Circana MULO+ w/conveni
Slide 40: Expansion Geographies: Florida Case Study
EXPANSION GEOGRAPHIES: FLORIDA CASE STUDY Continuing to increase points of distribution and assortment depth 5,431 2.6x 4,886 Growth in 4,633 TDP 4,330 Total 2,609 2,111 Distribution 24.4 26.9 Points(1) 23.5 2.4x Growth in avg items 18.9 Avg Items 12.3 / Store(2) 11.4 2020 2021 2022 2023 2024 2025 (
Slide 41: Expansion Geographies: California Opportunity
EXPANSION GEOGRAPHIES: CALIFORNIA OPPORTUNITY Retail Sales by Geography(1) N California Expansion Geographies Core Geographies Utz Total ~5% Utz Total ~45% Utz Total ~55% Category ~10% Category ~64% Category ~36% 41 (1) Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/18/2025
Slide 42: Expansion Geographies: California Opportunity
EXPANSION GEOGRAPHIES: CALIFORNIA OPPORTUNITY Expanding in California can add ~$125M of Retail Sales California Retail Sales Opportunity +$125M Incremental +$85M Retail Sales +$45M $82M Market Share 2.0% 3% 4% 5% Current(1) Note: Assumes flat category performance 42 (1) Retail sales are Circana MULO
Slide 43: Expansion Geographies: California Opportunity
EXPANSION GEOGRAPHIES: CALIFORNIA OPPORTUNITY Capturing huge distribution and assortment opportunity Total Distribution Avg Items / Store(2) Points in California(1) 61,266 31.2 15.4 9.0 1,643 Category UBI UBI UBI UBI Core Expansion California (1) Circana MULO+ w/convenience, custom Utz Brands hierar
Slide 44: Expansion Geographies: California Key to Growth
EXPANSION GEOGRAPHIES: CALIFORNIA KEY TO GROWTH California should accelerate Expansion growth by ~2 pp long-term Potential Retail Sales Growth(1) ~+2pp ~HSD% ~MSD% Expansion California Total Geographies Impact Expansion ex-California Geographies 44 (1) Retail sales are Circana MULO+ w/convenience, c
Slide 45: Key Growth Differentiator: Strengthen Core Geographies
Key Growth Differentiator : Strengthen Core Geographies 45
Slide 46: Core Geographies: Critical to Hold Share
CORE GEOGRAPHIES: CRITICAL TO HOLD SHARE Focused on Continuing to Improve Core Performance Retail Sales by Geography(1) N Expansion Geographies Core Geographies Utz Total ~45% Utz Total ~55% Category ~64% Category ~36% 46 (1) Circana MULO+ w/convenience, custom Utz Brands hierarchy, L52W ending 12/1
Slide 47: Core Geographies: Utz Brand Key
CORE GEOGRAPHIES: UTZ BRAND KEY Retail Sales by Brand in Core Geographies(1),(2) Other Branded Salty Snacks 19% 4% 6% 61% 11% Note: numbers may not foot due to rounding (1) Excludes Non-Branded & Non-Salty Snacks. Excludes IO unreported sales 47 (2) Retail sales are Circana MULO+ w/convenience, cust
Slide 48: Core Geographies: Strategies
CORE GEOGRAPHIES: STRATEGIES Invest behind Utz Expand distribution of and ensure optimal On the Border, Boulder price points Canyon, and Zapp’s Build distribution in Launch on-trend faster growing innovation channels with across Power 4 optimized assortment 48
Slide 49: Core Geographies: Total Utz Trends
CORE GEOGRAPHIES: TOTAL UTZ TRENDS Holding volume share with stable retail sales Total Utz Branded Salty in Core Geographies Volume 8.2% 8.0% 8.1% 8.2% Share Retail Sales $982M $1,038M $1,023M $1,014M 2022 2023 2024 2025 49 Retail sales are Circana MULO+ w/convenience, custom Utz Brands hierarchy
Slide 50: Core Geographies: Utz Ingredient Marketing
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 50
Slide 51: Core Geographies: Price Ladder
CORE GEOGRAPHIES: PRICE LADDER Leveraging brands across the price spectrum Premium Elevated Mainstream Value 51
Slide 52: Core Geographies: Price Pack Architecture
CORE GEOGRAPHIES: PRICE PACK ARCHITECTURE Club Party Pack Size Family Size Single Serve 52
Slide 53: Core Geographies: Pricing Strategy
CORE GEOGRAPHIES: PRICING STRATEGY Channel Strategy EDLP Retailers Everyday Low Price Discount Retailers Price per Unit Club Price per Ounce High / Low Shelf Price and Feature Price Retailers 53
Slide 54: Key Growth Differentiator: Winning Innovation
Key Growth Differentiator : Winning Innovation 54
Slide 55: Winning Innovation: Key Consumer Drivers
WINNING INNOVATION: KEY CONSUMER DRIVERS Deliver Capture Drive Expand Positive Craveable Occasions Value Choices Flavor 55
Slide 56: Winning Innovation: Utz Brand Drivers
WINNING INNOVATION: UTZ BRAND DRIVERS On-Trend Flavors Limited Edition Seasonal Items 56
Slide 57: Winning Innovation: Utz Protein Pretzels
WINNING INNOVATION: UTZ PROTEIN PRETZELS Launching nationally in Q2 2026 10 Grams 8 Grams 8 Grams Protein / Serving 57
Slide 58: Winning Innovation: Utz Protein Cheese Curls
WINNING INNOVATION: UTZ PROTEIN CHEESE CURLS Launching nationally in Q2 2026 10 Grams 10 Grams Protein / Serving 58
Slide 59: Winning Innovation: Value Platform
WINNING INNOVATION: VALUE PLATFORM Launching nationally in Second Half 2026 59
Slide 60: Winning Innovation: Marketing Support
WINNING INNOVATION: MARKETING SUPPORT Driving sales short term and brand equity long term Marketing Spending ~3-4% ~40% CAGR ~2.0% 1.8% % of Net 1.3% $26M Sales 0.7% 0.8% $19M $10M $11M $ Millions 2022 2023 2024 2025 2026E Long Term Target 60
Slide 61: Significant Long Term Revenue Potential
SIGNIFICANT LONG TERM REVENUE POTENTIAL Outgrowing the Category Profitably Strengthened Boulder Core* ~$1.9B+ Canyon Expansion Geographies* ~$1.4B at ~4% Share ~$500M 2025 Long Term Net Sales Potential * excl. Boulder Canyon 61
Slide 62: Our Strategy
OUR STRATEGY 1 2 3 4 Outgrow the Expand Accelerate Deploy Category Margins Free Cash Leading Profitably Flow Capabilities Grow 2-3 pp Drive Delever & Build best-in- above Category productivity allocate capital class through and mix efficiently organization Expansion improvement Geographies & strengt
Slide 63: Supply Chain and Productivity Outperformance
SUPPLY CHAIN AND PRODUCTIVITY OUTPERFORMANCE Year End 2022 Year End 2025 # of Plants 16 7 Average Revenue ~$60M ~$207M(1) Per Plant Network Capacity ~55% 80%+ Utilization(2) Productivity Cost ~$22M ~$66M Savings(3) (1) Average revenue per plant at FY2025 end includes Company's 7 primary plants and e
Slide 64: Significant Gross Margin Expansion
SIGNIFICANT GROSS MARGIN EXPANSION Driving 400bps of improvement through operational excellence Adj. Gross Margin as % of Net Sales +110 bps +260 bps 32.3% +40 bps 29.7% 28.2% 28.6% 2022 2023 2024 2025 64
Slide 65: Substantial Investment in Focused Network
SUBSTANTIAL INVESTMENT IN FOCUSED NETWORK Reduced network from 16 plants in 2022 to 7 plants today (1) Algona, WA Wilkes-Barre, PA ~$200M Capex Investment Hanover, PA 2024 - 2025 (3 Primary Plants) Goodyear, AZ Kings Mountain, NC 65 (1) Includes Company's 7 primary plants and excludes Plant 1 in Han
Slide 66: Capex Normalizing After Substantial Ramp
CAPEX NORMALIZING AFTER SUBSTANTIAL RAMP Investments in capacity, automation, modernization largely complete Capital Expenditures 7.0% 7.1% $99M $103M % of 3.9% ~4% Net 3.5% ~3% Sales $56M $60M- $50M(1) $65M 2022 2023 2024 2025 2026E 2027E + Long Term 66 (1) Excludes King's Mountain acquisition purc
Slide 67: Normalized Capex Delivering Strong ROI
NORMALIZED CAPEX DELIVERING STRONG ROI Capex strategy supporting growth, productivity and maintenance Normalized Capex Split High ROI ~80% Productivity & Average ROI Growth Projects significantly above Cost of Capital Maintenance ~20% Projects 67
Slide 68: Pursuing New Efficiency Initiatives
PURSUING NEW EFFICIENCY INITIATIVES Multiple upside levers in addition to base productivity Base Distribution Technology Driven Productivity Network Enterprise Model Optimization ~3% ~1% Incremental ~4% Productivity Target 68 Note: figures represent annual productivity savings as % of prior year adj
Slide 69: Sources of Base Productivity
SOURCES OF BASE PRODUCTIVITY Expect continuing base productivity sourced from key areas Sources of Base Productivity Procurement ~45% • • Value engineering Strategic sourcing Manufacturing ~35% • • Automation Line efficiency Route optimization ~20% • Logistics • Integrated Planning 69 Productivity r
Slide 70: DSD: A Strategic Asset Delivering ~50% of Sales
DSD: A STRATEGIC ASSET DELIVERING ~50% OF SALES DSD network is scaling nationally with independent operators ~99% ~2,500 ~130 Independent Total DSD Routes DSD Warehouses Operators (1) Serving ~125K+ Retail Outlets Weekly 70 (1) 99% IO Statistic does not include routes that are being held for sale
Slide 71: Distribution Network Optimization
DISTRIBUTION NETWORK OPTIMIZATION Improving network effectiveness and service at lower costs Productivity through drop size improvement, digital enablement ~1% Productivity per year from Better asset utilization by ensuring Distribution the most efficient network Network Optimization Working capital
Slide 72: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Delivering solid topline growth while expanding margins and profitability 2022-2025 CAGR Organic Adj. Adj. Adj. Net Sales Gross Profit EBITDA EPS +2.4% +5.5% +8.3% +13.8% 72 Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly com
Slide 73: Plan to Deliver Consistent Profitable Growth
PLAN TO DELIVER CONSISTENT PROFITABLE GROWTH Growing profitably versus category with continuing margin expansion Organic Net Continuing Adj. EBITDA Adj. EPS Sales Growth Adj. EBITDA Growth Growth Margin ~in-line with 2 -3pp Expansion 6-8% Adj. EBITDA Growth Above Category 73 Note: See appendix for r
Slide 74: Significant Margin Opportunity Remains
SIGNIFICANT MARGIN OPPORTUNITY REMAINS Multi-year path to higher Adj. EBITDA margins 17.0%+ 15.0% ~15.4% 14.2% 12.1% 13.0% 2022 2023 2024 2025 2026E Longer Term Potential 74 Metric: Adjusted EBITDA as % of Net Sales
Slide 75: Our Strategy
OUR STRATEGY 1 2 3 4 Outgrow the Expand Accelerate Deploy Category Margins Free Cash Leading Profitably Flow Capabilities Grow 2-3 pp Drive Delever & Build best-in- above Category productivity allocate capital class through and mix efficiently organization Expansion improvement Geographies & strengt
Slide 76: Historical Cash Flow Generation
HISTORICAL CASH FLOW GENERATION Improving operating cash flow offset by Capex step-up $106 $112 $99 $103 ($ Millions) $88 Cash from Ops $77 Capex $56 Net $48 Property/ Equipment $27 $25 Sales $10 $4 2022 2023 2024 2025 Adj. Free ($36) $30 $34 $34 Cash Flow 76 (1) Adjusted Free Cash Flow = Cash from
Slide 77: Increasing Focus on Adjusted Free Cash Flow
INCREASING FOCUS ON ADJUSTED FREE CASH FLOW Multiple drivers to improve Cash Conversion by 2027 Cash Conversion Cycle Improvement through Working Capital Initiatives Targeting 80-90% Normalizing Capex to Adj. Net Income ~3% of Net Sales Conversion to Adj. Free Cash Flow Monetizing Non-Core Real Esta
Slide 78: Cash Flow Accelerating on Multi-Year Basis
CASH FLOW ACCELERATING ON MULTI-YEAR BASIS Adjusted Free Cash Flow 2024 - 2025 Actual 2026 Target 2027+ ~$34M $60-80M $100M+ 78
Slide 79: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES 1 Organic Business Growth 2 Debt Paydown and Deleverage 3 Dividend Growth 4 Share Repurchase 5 Opportunistic M&A 79
Slide 80: Stronger Cash Flow Enabling Delevering
STRONGER CASH FLOW ENABLING DELEVERING Targeting ~2.5x leverage ratio long term Net Debt / Adjusted EBITDA 5.0x 4.6x 3.6x 3.4x ~3.0-3.2x ~2.7x-3.0x ~2.5x 2022 2023 2024 2025 2026E 2027E Long Term (1) Net Leverage Ratio is defined as trailing twelve month Adjusted EBITDA divided by Net Debt 80 (2) As
Slide 81: Opportunistic M&A Part of Capital Allocation
OPPORTUNISTC M&A PART OF CAPITAL ALLOCATION Remaining very disciplined on Valuation and Leverage impact • 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 candida
Slide 82: Our Strategy
OUR STRATEGY 1 2 3 4 Outgrow the Expand Accelerate Deploy Category Margins Free Cash Leading Profitably Flow Capabilities Grow 2-3 pp Drive Delever & Build best-in- above Category productivity allocate capital class through and mix efficiently organization Expansion improvement Geographies & strengt
Slide 83: Technology Enablement & AI Opportunities
TECHNOLOGY ENABLEMENT & AI OPPORTUNITIES Deploying advanced analytics to drive end-to-end efficiency ▪ Planning and Forecasting Commercial ▪ Predictive analysis on promotion ROI ▪ Optimized Manufacturing/Distribution Supply Chain ▪ Automated workflows and processes ▪ Common Unified Data Digital ▪ In
Slide 84: What You Heard Today – Why Utz?
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
Slide 85: Appendix
Appendix 85
Slide 86: 2026 Outlook
2026 OUTLOOK Delivering growth above category and margin expansion Key Metrics Organic Net Sales Growth +2-3% (Category Flat) Productivity (% Adj. COGS) ~4% Adj. EBITDA Growth +5-8% Adj. EPS Growth (3%) to (6%) Adj. Free Cash Flow $60-80M will benefit Reported Net Sales by ~$20M, 53rd Week Adj. EBIT
Slide 87: 2026 Outlook
2026 OUTLOOK Delivering growth above category and margin expansion Supporting Metrics Depreciation & Amortization $93-97M Effective Normalized Tax Rate(1) 17-19% Interest Expense $47-49M Capital Expenditures $60-65M Net Leverage Ratio 3.0x-3.2x Note: Quantitative reconciliations are not available fo
Slide 88: Defined Terms
Defined Terms • 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 i
Slide 89: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 90: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 93: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 94: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 96: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 97: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Utz Brands — Consumer Analyst Group of New York (CAGNY) Conference 2026 on 6ix