Utz Brands Inc · NYSE:UTZ
Utz Brands — Q4 2025 Earnings Presentation
38 slides from Utz Brands's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter and Full-Year 2025 Earnings Presentation
Utz Brands, Inc. Fourth Quarter and Full-Year 2025 Earnings Presentation February 12, 2026
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: 4Q'25 Solid Retail Sales Growth, Substantial Adj. Margin Expansion
4Q’25 Solid Retail Sales Growth, Substantial Adj. Margin Expansion o 4Q’25 Net Sales growth of 0.4% led by Branded Salty Snacks Organic Net Sales growth of 2.5%(1) o Retail Sales growth of +3.5%, led by Power Four Brands +5.3%; reported sales impacted by inventory de-stocking o Salty Snacks category
Slide 6: 4Q'25 – Flattish Sales with Strong Adj. EBITDA Margin and Adj. EPS Growth
4Q’25 – Flattish Sales with Strong Adj. EBITDA Margin and Adj. EPS Growth Organic Net Sales Adj. EBITDA Adj. EPS (in millions) (in millions) $341.0 (1) $341.0 $342.2 $62.4 $0.26 $49.4 (1) $53.1 $0.22 +0.4% +17.5% +18.2% (1) $0.16 4Q’23 4Q’24 4Q’25 4Q’23 4Q’24 4Q’25 4Q’23 4Q’24 4Q’25 (2) (2) (2) +0.2
Slide 7: Continue to Deliver Best-in-Class Productivity Savings
Continue to Deliver Best-in-Class Productivity Savings Productivity Savings (1)(2)(3) 7% 6% 4% 3% 2% 1% 2020 2021 2022 2023 2024 2025 (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 Adjus
Slide 8: Sales Led by Solid Dollar and Volume/Mix Gains in Branded Salty Snacks
Sales Led by Solid Dollar and Volume/Mix Gains in Branded Salty Snacks o Total Net Sales growth of +0.4% Net Sales Growth Drivers with volume/mix -0.1% and price (4Q’25 % YoY Change) +0.5% Total Branded Non-Branded & o Branded Salty Snacks Organic Company Salty Snacks Non-Salty Snacks (89% of Net Sa
Slide 9: Continued Growth of Branded Salty Snacks
Continued Growth of Branded Salty Snacks Branded Salty Snacks 4Q’25 Organic Net Sales Quarterly Organic Net Sales Growth Mix (%YoY Change) Non-Branded, Non-Salty Snacks 11% 5.8% 5.4% 4.7% 4.9% 3.8% 3.1% Destocking 2.3% Impact 2.5% 89% Branded Salty 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 4Q’25 Sna
Slide 10: Ten Consecutive Quarters of Retail Volume Growth in Salty Snacks Category
Ten 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% 3.5% 3.0% 1.6% 2.1% 0.5% 1.0% 0.8% 0.5% 0.0% -0.6% 3Q’23 4Q’23 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 2Q
Slide 11: Our Power Four Brands Continued to Gain Share in 4Q'25
Our Power Four Brands Continued to Gain Share in 4Q’25 4Q’25 MULO+ w/Convenience YoY Growth Retail Volume (lbs.) 1.5% 0.5% o Dollar and volume share gains for total 0.3% Company and Power Four Brands, driven by Boulder Canyon® Retail Sales $ 5.3% 3.5% o Growth led by Expansion Geographies driven by
Slide 12: Macro Headwinds in our Core Geographies, Power Four Gaining Share
Macro Headwinds in our Core Geographies, Power Four Gaining Share o Dollar share and volume share loss in Core 4Q’25 Core Geographies YoY Retail Growth Geographies, as these markets impacted Retail Volume (lbs.) disproportionately by SNAP delays and government shutdown 0.2% o Dollar and volume share
Slide 13: Continued Growth in Expansion Geographies
Continued Growth in Expansion Geographies 4Q’25 Expansion Geographies YoY Retail Growth o Tenth consecutive quarter of both dollar and volume share gains Retail Volume (lbs.) o Gained dollar and volume share for total Company 5.1% and Power Four Brands 3.7% 0.4% o Growth driven by distribution and v
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 Expansion MT ND ME OR VT MN NH Geographies in Q4, Core Geographies believed to ID SD WI NY MA WY MI CT RI IA PA have greater impact from SNAP d
Slide 15: Share Gains in Potato Chips, Cheese, and Pork
Share Gains in Potato Chips, Cheese, and Pork Total Sub-Category 4Q’25 Sub-Category Retail Sales YoY Growth Potato Chips Tortilla Chips Pretzels Cheese Snacks Pork Rinds 11.3% 7.9% 6.4% 3.6% 2.2% 1.1% 1.0% -0.2% -2.3% -3.9% % of UBI Retail 41% 18% 14% 10% 4% Sales Source: Retail sales are Circana To
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 65.7 55 65 63.1 75 50.2% 70.2% 50 48.5% 60 69.4% 70 45 55 65 40 50 35 45 60 Latest 52-weeks 2024 2025 2024 2025 2024 2025 Total Company +137bps +16
Slide 17: Financial Review
Financial Review BK Kelley Chief Financial Officer 17
Slide 18: 4Q'25 Financial Results Summary
4Q’25 Financial Results Summary 4Q’25 4Q’24 13-weeks ended 13-weeks Ended YoY o Organic Net Sales +0.4% In $ millions, except per share December 28, December 29, amounts 2025 2024 Change o Volume/mix -0.1% and +0.5% price Net Sales 342.2 341.0 +0.4% o Branded Salty Snacks Organic Net Sales +2.5% Org
Slide 19: 4Q'25 Net Sales Bridge
4Q’25 Net Sales Bridge 4Q’25 Net Sales YoY Growth Decomposition o Volume/Mix decline of -0.1% 0.5% o Branded Salty Snacks volume/mix growth of +2.1%, led by Power Four Brands -0.1% 0.4% o Non-Branded & Non-Salty Snacks volume/mix decline of 15.1% primarily due to Partner Brands and Dips & Salsas o P
Slide 20: 4Q'25 Adj. EBITDA Margin Bridge
4Q’25 Adj. EBITDA Margin Bridge 4Q’25 Adjusted EBITDA Margin Change Decomposition o Continued productivity savings across manufacturing/logistics and procurement, partially offset by supply chain costs and 6.2% (2.0%) inflation (0.8%) (0.4%) 18.2% o Pricing positive given revenue 15.6% (0.7%) 0.3% m
Slide 21: Cash Flow and Balance Sheet Highlights
Cash Flow and Balance Sheet Highlights o Cash flow reflects seasonal working capital release and other working capital efficiency Cash Flow Highlights 52-Weeks Ended December 28, 2025 initiatives Net Cash Provided By Operations $112.2M Capital Expenditures $102.8M o Capital investments to support ma
Slide 22: 2026 – An Inflection Point in our Evolution
2026 – An Inflection Point in our Evolution o Planning for top-line growth profitably ahead of category, driven by Expansion Markets (entering California, growing the remainder), Boulder Canyon space gains and innovation, and increased marketing support o Completing supply chain investment cycle; 20
Slide 23: Introducing Full Year 2026 Outlook
Introducing Full Year 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 Ad
Slide 24: Introducing Full Year 2026 Outlook (Additional Outlook)
Introducing Full Year 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.
Slide 25: Appendix
Appendix 25
Slide 26: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 26
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 29: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 30: 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 Initiat
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: Appendix Additional Reconciliations as Previously Disclosed
Appendix Additional Reconciliations as Previously Disclosed 32
Slide 33: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 33
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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Slide 36: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 37: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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Slide 38: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
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