Slide 1: Second Quarter 2025 Earnings Presentation
Utz Brands, Inc. Second Quarter 2025 Earnings Presentation July 31, 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: 2Q'25 Volume-Led Growth, Strategic Capital Deployment, Updating Guidance
2Q'25 Volume-Led Growth, Strategic Capital Deployment, Updating Guidance o 2Q’25 Net Sales growth of 2.9% led by Branded Salty Snacks growth of 5.4%(1) o Dollar and Volume share gains in Salty Snacks Category(2), posting our 8th consecutive quarter of volume share growth, significant outperformance
Slide 6: Supply chain transformation driving productivity and enabling growth
Supply chain transformation driving productivity and enabling growth Closing Grand Rapids reduces manufacturing footprint from 8 primary plants today to 7 (1) Algona, WA Network benefits Grand Rapids, MI Plan to allocate more volume to remaining facilities, driving fixed Wilkes-Barre, PA cost levera
Slide 7: 2Q'25 – Sales Momentum and Investment in Growth
2Q’25 – Sales Momentum and Investment in Growth Organic Net Sales Adj. EBITDA Adj. EPS (in millions) (in millions) $351.1 $356.2 $366.7 +2.9% (1) $49.7 $48.7 $0.19 $45.2 $0.17 -2.0% (1) -10.5% $0.13 2Q’23 2Q’24 2Q’25 2Q’23 2Q’24 2Q’25 2Q’23 2Q’24 2Q’25 +2.2% CAGR +4% CAGR +15% CAGR Note: See appendi
Slide 8: Sales Momentum Powered by Strong Dollar and Volume Gains in Branded Salty
Sales Momentum Powered by Strong Dollar and Volume Gains in Branded Salty o Total Net Sales growth of +2.9% Net Sales Growth Drivers led by strong volume/mix growth (2Q’25 % YoY Change) of +3.9% Total Branded Non-Branded & o Branded Salty Snacks Net Sales Company Salty Snacks Non-Salty Snacks (88% o
Slide 9: Accelerating Growth of Branded Salty Snacks
Accelerating Growth of Branded Salty Snacks Branded Salty Snacks Quarterly Net Sales Growth (%YoY Change) 2Q’25 Non-Branded, Non-Salty 12% Snacks 5.4% 4.7% 4.9% 3.8% 3.3% 2.9% 88% Branded Salty 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 Snacks Note: See appendix for reconciliation of Utz Non-GAAP financial
Slide 10: Eight Consecutive Quarters of Volume Growth in Salty Snacks
Eight Consecutive Quarters of Volume Growth in Salty Snacks Category, Driven by Power Four Brands 3rd largest company %YoY Retail Volume Growth in Salty Snacking today, %YoY Retail Dollar Growth with 5.7% Volume Share and 4.3% Dollar Share 5.7% 5.7% 4.4% 4.9% 4.7% 4.5% 4.3% 3.8% 3.3% 1.6% 2.1% 0.5%
Slide 11: Our Power Four Brands Continue to Gain Share in 2Q'25
Our Power Four Brands Continue to Gain Share in 2Q’25 2Q’25 MULO+ w/Convenience YoY Growth Retail Volume (lbs.) 6.3% 4.3% o Dollar and volume share gains for total Company and Power Four Brands, led by -1.5% Boulder Canyon® Retail Sales $ 5.7% 3.3% o Growth led by Expansion Geographies driven by bot
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 2Q’25 Core Geographies YoY Retail Growth Company and Power Four Brands supported by Retail Volume (lbs.) increased marketing, promotional activities and active portfolio assortment management 2.0% 0.
Slide 13: Continued Growth Acceleration in Expansion Geographies
Continued Growth Acceleration in Expansion Geographies 2Q’25 Expansion Geographies YoY Retail Growth o Eighth consecutive quarter of both dollar and volume share gains Retail Volume (lbs.) o Gained dollar and volume share for total 11.7% Company and Power Four Brands 9.0% o Growth driven by distribu
Slide 14: Significant Geographic White Space Opportunity Remains
Significant Geographic White Space Opportunity Remains Utz Core and Expansion Geographies Executing a proven playbook WA MT ND ME o Offering customers Direct to Warehouse delivery and/or OR VT ID SD MN WI NY NH MA Direct Store Delivery through our hybrid distribution WY MI CT NE IA PA NJ RI model NV
Slide 15: Share Gains in Potato Chips, Cheese Snacks, and Pork
Share Gains in Potato Chips, Cheese Snacks, and Pork Total Sub-Category 2Q’25 Sub-Category Retail Sales YoY Growth Potato Chips Tortilla Chips Pretzels Cheese Snacks Pork Rinds 15.2% 10.9% 8.2% 3.8% 2.6% 0.5% -1.8% -1.8% -3.0% -4.4% % of UBI Retail 44% 19% 11% 9% 4% Sales Boulder Canyon® growth in L
Slide 16: Investment in New Product Innovation across Channels
Investment in New Product Innovation across Channels Small Large Food Format Format Service Expansion Limited Partnership Edition o 2oz single-serve offering unlocks o 15oz Utz Fried Dill Pickle flavored o Foodservice collaboration impulse buying and incremental LTO for Club o Potbelly's signature h
Slide 17: Marketing Investment is Driving National Awareness
Marketing Investment is Driving National Awareness Utz Limited Edition Strategic marketing Lemonade Chips investments driving are sparking national media national coverage conversation 17
Slide 18: 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 69.8% 69.6% 65 70 55 61.9 50.0% 68 50 47.8% 60 66 45 55 64 40 50 62 35 45 60 Latest 52-weeks 2024 2025 2024 2025 2024 2025 Total Company +143b
Slide 19: Financial Review
Financial Review Bill Kelley Chief Financial Officer 19
Slide 20: 2Q'25 Financial Results Summary
2Q’25 Financial Results Summary 2Q’25 2Q’24 In $ millions, except per share 13-weeks ended 13-weeks Ended YoY o Organic Net Sales +2.9 % amounts June 29, 2025 June 30, 2024 Change o +3.9% volume/mix and (1.0%) price Net Sales 366.7 356.2 +2.9% o Branded Salty Snacks Net Sales +5.4% Organic Net Sales
Slide 21: 2Q'25 Net Sales Bridge
2Q’25 Net Sales Bridge 2Q’25 Net Sales YoY Growth Decomposition o Volume/Mix growth of 3.9%; 3.1% excl. bonus packs in April 3.9% Total Vol / Mix (1.0%) Total Net Price o Branded Salty Snacks volume/mix growth of +6.9%, 0.8% (0.8%) led by Power Four Brands 3.1% (0.2%) o Non-Branded & Non-Salty Snack
Slide 22: 2Q'25 Adj. EBITDA Margin Bridge
2Q’25 Adj. EBITDA Margin Bridge 2Q’25 Adjusted EBITDA Margin Change Decomposition o Continued Productivity savings across manufacturing/logistics and procurement 3.7% (0.7%) (0.7)% o Pricing investments to support expansion (2.1)% 14.0% 0% (0.9)% and targeted promotions 13.3% o Increased Marketing s
Slide 23: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights Cash Flow Highlights 26-Weeks Ended June 29, 2025 o Cash flow reflects pacing of net working capital & capital investments Net Cash Used in Operations $3.9M Capital Expenditures $65.7M o Capital investments to support manufacturing Dividends and Distributions P
Slide 24: Continued Investments in Supply Chain Across Manufacturing, Packaging and Distribution
Continued Investments in Supply Chain Across Manufacturing, Packaging and Distribution to Support Growth and Drive Productivity Automation o Hanover, Pennsylvania o Central palletizing o Cheeseball automation o Operating since April '25 Insourcing Warehousing New Potato Chip Line o Birmingham, Alaba
Slide 25: Continue to Deliver Strong Productivity Savings with Accelerating Trends
Continue to Deliver Strong Productivity Savings with Accelerating Trends 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 recon
Slide 26: 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 +2.5% or better Low-single digits Continued Branded Salty Snacks growth, particularly the Power Four Brands, reflecting first half outperformance versus initial guidance Adj.
Slide 27: Appendix
Appendix 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 31
Slide 32: 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 33: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures See footnotes in Utz’s 1Q’25 earnings press release dated May 1, 2025 33
Slide 34: Appendix Additional Reconciliations as Previously Disclosed
Appendix Additional Reconciliations as Previously Disclosed 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
Slide 40: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 40