Utz Brands Inc · NYSE:UTZ
Utz Brands — Q1 2026 Earnings Presentation
42 slides from Utz Brands's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation May 6, 2026 1
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.) 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 organi
Slide 4: Business Overview
Business Overview Howard Friedman Chief Executive Officer
Slide 5: Q1'26 Key Business Highlights
Q1’26 Key Business Highlights Delivering on strategies: outgrowing category, margin expansion & improved cash Accelerate Free Outgrow Category ✓ Expand Margins ✓ ✓ Cash Flow Organic Net Sales +2.6%; Adj. Gross Profit Margin Adj. Free Cash Flow Branded Salty Snacks +5.2% expansion +210bps y/y, fueled
Slide 6: Q1'26 Financial Performance
Q1’26 Financial Performance Solid sales and Adjusted EBITDA growth with lower Adj. EPS as expected Organic Net Sales Adj. EBITDA Adj. EPS (in millions) (in millions) $361.3 $0.16 $47.9 $352.1 +2.6% $0.15 $45.1 +6.2% -6.3% $342.2(1) $43.4 $0.14 Q1'24 Q1'25 Q1'26 Q1'24 Q1'25 Q1'26 Q1'24 Q1'25 Q1'26 +2
Slide 7: Q1'26 Organic Net Sales Bridge
Q1’26 Organic Net Sales Bridge Demonstrating continued volume/mix and price growth ex. Bonus Packs lap o Volume/Mix decline of -1.1% Q1’26 Organic Net Sales YoY Growth Decomposition o 1.6% Volume/Mix increase ex. Bonus Packs, -2.7% 3.7% Total Net Price Bonus Packs impact from prior year lap 1.0% 2.6
Slide 8: Q1'26 Organic Net Sales Growth Decomposition
Q1’26 Organic Net Sales Growth Decomposition Strong Organic Branded Salty Snacks Growth o Branded Salty Snacks Organic Net Sales Growth Drivers Net Sales growth of +5.2%, led by (Q1’26 % YoY Change) Boulder Canyon® Total Branded Non-Branded & o Non-Branded & Non-Salty Net Company Salty Snacks Non-Sa
Slide 9: Branded Salty Snacks Net Sales Growth
Branded Salty Snacks Net Sales Growth Multi-year strength in Branded Salty Snacks Branded Salty Snacks Quarterly Organic Net Sales Growth (%YoY Change) 5.4% 5.8% 4.9% 5.2% 4.7% 3.8% 3.1% 4.9% 3-year 2.3% 2.5% CAGR Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Note: See appendix for reconcili
Slide 10: Branded Salty Snacks Portfolio Evolution
Branded Salty Snacks Portfolio Evolution Mix shifting ~10 pts in favor of Branded Salty Snacks since 2023 Branded Salty Snacks % of Net Sales Q1’26 Organic Net Sales Mix 89% 87% 84% 11% 79% 89% Branded Salty Snacks Q1 2023 Q1 2024 Q1 2025 Q1 2026 Non-Branded/Non-Salty Note: See appendix for reconcil
Slide 11: Q1 Retail Dollar & Volume Trends
Q1 Retail Dollar & Volume Trends Q1 Volume Growth Impacted by Year Ago Bonus Packs; 2 Year Stack Strong Q1 2026 Versus Year Ago Q1 2026 2-Year Stack Growth 7.9% 4.6% 4.6% Salty Category 2.4% 2.7% 2.5% Total 1.5% Company 0.9% 0.7% 0.8% (0.1%) (3.0%) Retail Sales $ Volume (lbs.) Price/lb Retail Sales
Slide 12: Power Four Q1 Retail Performance
Power Four Q1 Retail Performance Significant Outperformance Versus Category Q1’26 MULO+ w/Convenience YoY Growth Retail Sales $ 6.7% 4.6% o Dollar share gains for total Company and 2.4% Power Four Brands, driven by Boulder Canyon® o Growth led by Expansion Geographies driven by distribution and velo
Slide 13: Core Geographies Retail Performance
Core Geographies Retail Performance Improved Share Performance in Core vs. Q4’25, Power Four Gained Q1’26 Core Geographies YoY Retail Growth o Slight dollar share loss in Core Geographies but Retail Sales $ improved from Q4’25. Volume performance impacted by lapping Bonus Packs from prior 4.8% year,
Slide 14: Expansion Geographies Retail Performance
Expansion Geographies Retail Performance Continued Dollar Growth Above Category Q1’26 Expansion Geographies YoY Retail Growth o Gained dollar share for total Company and Power Four Brands Retail Sales $ 8.9% 6.5% o Growth driven by distribution and velocity gains 2.1% o Strong dollar growth across U
Slide 15: Expansion Geographies Growth by Entry Stage
Expansion Geographies Growth by Entry Stage Continuing strong growth in Expansion Geographies vs. Q1 2025 National Market Share of 4.4%(1) Expansion Geographies ~45% 3.1% WA MT ND VT ME of Retail +6.5% Market OR vs. prior yr(1) SD MN NH MA Sales(2) share(1) ID WI NY WY MI CT RI IA PA NE NJ Initial E
Slide 16: Q1 2026 Innovation Launches
Q1 2026 Innovation Launches Boulder Canyon Tallow & Flavored Tortillas demonstrating strong early traction • Tapping into strong consumer interest in non- • Launched 4 Flavored Tortillas SKUs in Natural seed fats Channel Q1 2026 • Expect to accelerate rollout to more retailers • Plans to expand to o
Slide 17: Household Penetration
Household Penetration Increasing Household Penetration and Adding Buyers at Strong Repeat Rates Utz Household Penetration Utz Buyers (millions) Total Utz Buyer Repeat Rate 65.8 63.9 50.2% 70.0% 69.4% 49.1% Latest 52-weeks 2025 2026 2025 2026 2025 2026 Vs. Prior Year Total Company +1.2pts +1.1pts +2.
Slide 18: Financial Review
Financial Review BK Kelley Chief Financial Officer
Slide 19: Q1'26 Financial Results Summary
Q1’26 Financial Results Summary Q1’26 Q1’25 In $ millions, except per share 13-weeks ended 13-weeks Ended YoY o Organic Net Sales +2.6% amounts March 29, 2026 March 30, 2025 Change o Volume/mix -1.1% and +3.7% price Net Sales 361.3 352.1 +2.6% o Ex. Bonus Packs, Volume/mix +1.6%. Price +1% o Branded
Slide 20: Q1'26 Adj. EBITDA Margin Bridge
Q1’26 Adj. EBITDA Margin Bridge o Continued productivity savings across Q1’26 Adjusted EBITDA manufacturing/logistics and procurement, Margin Change Decomposition partially offset by supply chain costs and inflation 4.2% (3.5%) o Price positive given lapping Bonus Packs (0.5%) 1.0% (0.9%) from prior
Slide 21: Q1'26 Cash Flow & Balance Sheet Highlights
Q1’26 Cash Flow & Balance Sheet Highlights o Cash flow used in operations reflects seasonal Cash Flow Highlights 13-Weeks Ended March 29, 2026 working capital build Net Cash Provided By Operations ($12.2M) o Capital investments moderating as planned Capital Expenditures $13.8M Adjusted Free Cash Flo
Slide 22: Adjusted Free Cash Flow Improving Sharply
Adjusted Free Cash Flow Improving Sharply Improved Cash from Operations and lower CapEx versus year ago Adj. Free Cash Flow Decomposition Y/Y ($ millions) Adj. FCF Improvement Proceeds from Sales Cash from Ops CapEx $0.8 of P&E Adjusted FCF +$32.3M $0.1 Key Drivers: -$12.2 -$13.8 -$20.2 Net working
Slide 23: Reaffirming 2026 Outlook
Reaffirming 2026 Outlook Metric Guidance Range Key Assumptions Organic Net Sales Growth +2% to 3% Assumes flat category at midpoint. Continued Branded Salty Snacks growth, particularly the Power Four Brands, California expansion launch late Q1 2026. Excludes 53rd week. Productivity % of Adj. COGs ~4
Slide 24: Reaffirming 2026 Outlook
Reaffirming 2026 Outlook Additional Outlook Assumptions: Guidance Range Key Assumptions Depreciation & $93M-$97M ~$13m increase (at midpoint) in D&A from prior year due to 2025 capital Amortization projects in service for entirety of 2026. Effective Normalized 17%-19% Tax rate increase vs. ~16% prio
Slide 25: Appendix
Appendix
Slide 26: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 27: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 28: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 32: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 33: Appendix: Additional Reconciliations as Previously Disclosed
Appendix Additional Reconciliations as Previously Disclosed
Slide 34: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 35: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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