# EDGAR Filing Document

**Accession Number:** 0001739566
**File Stem:** 0001628280-26-030878
**Filing Date:** 2026-5
**Character Count:** 99599
**Document Hash:** 2dc13b7d2651acc0cf28e6b9b2dcfe72
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-030878.hdr.sgml**: 20260506

**ACCESSION NUMBER**: 0001628280-26-030878

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 57

**CONFORMED PERIOD OF REPORT**: 20260506

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260506

**DATE AS OF CHANGE**: 20260506

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Utz Brands, Inc.
- **CENTRAL INDEX KEY:** 0001739566
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 981425274
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0103

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38686
- **FILM NUMBER:** 26945700

**BUSINESS ADDRESS:**
- **STREET 1:** 900 HIGH STREET
- **CITY:** HANOVER
- **STATE:** PA
- **ZIP:** 17331
- **BUSINESS PHONE:** 717-637-6644

**MAIL ADDRESS:**
- **STREET 1:** 900 HIGH STREET
- **CITY:** HANOVER
- **STATE:** PA
- **ZIP:** 17331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Collier Creek Holdings
- **DATE OF NAME CHANGE:** 20180503

?xml version='1.0' encoding='ASCII'? utz-20260506

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **May 6, 2026**

**Utz Brands, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-38686** | **85-2751850** |
| (State or other jurisdiction<br>of incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

**900 High Street**

**Hanover**, **PA 17331**

(Address of principal executive offices, including zip code)

Registrant's telephone number, including area code: **(717) 637-6644**

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, par value $0.0001 per share | UTZ | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On May 6, 2026, Utz Brands, Inc. (NYSE: UTZ) (the "Company") announced via press release the Company's financial results for the fiscal quarter ended March 29, 2026. A copy of the Company's press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.02. The information and exhibit contained in this Item 2.02 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), except as shall be expressly set forth by specific reference in such filing.

**Item 7.01 Regulation FD Disclosure.**

The Company will hold a conference call and webcast on May 6, 2026 (see information in the press release and under "Events & Presentations" of the Company's website https://investors.utzsnacks.com). A copy of the slide materials to be discussed during the conference call and webcast is being furnished pursuant to Regulation FD as Exhibit 99.2 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 7.01. A copy of the slide materials has also been posted to the Company's website at https://investors.utzsnacks.com. The information and exhibit contained in this Item 7.01 is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, nor shall it be incorporated by reference into any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](pressrelease-2026q1earning.htm)</u> | <u>[Utz Brands, Inc. Press Release (dated May 6, 2026)](pressrelease-2026q1earning.htm)</u> |
| <u>[99.2](utz1q26earningspresentat.htm)</u> | <u>[Presentation of Utz Brands, Inc. Q1 2026 Earnings Call (May 6, 2026)](utz1q26earningspresentat.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Utz Brands, Inc.

Date: May 6, 2026

By: <u>/s/ William J. Kelley Jr.</u>

Name: William J. Kelley Jr.

Title: Executive Vice President,

Chief Financial Officer

## Exhibit 99.1

![image.jpg](image.jpg)

**Utz Brands Reports First Quarter 2026 Results and Reaffirms Full Year Guidance**

*Branded Salty Snacks Growth of 5.2%;*

*Significant Improvement in Cash Metrics*

**Hanover, PA – May 6, 2026** – Utz Brands, Inc. (NYSE: UTZ) ("Utz" or the "Company"), a leading U.S. manufacturer of branded Salty Snacks and a small-cap growth and value Staples equity, today reported financial results for the Company's first fiscal quarter ended March 29, 2026.

**1Q'26 Summary**<sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Sales increased 2.6% to $361.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total Organic Net Sales increased 2.6%; Branded Salty Snacks Organic Net Sales increased 5.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross Profit Margin expansion of 200bps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Profit Margin expansion of 210bps

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Income decreased to $(2.4) million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Income decreased 4.5% to $21.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA decreased 12.9% to $30.3 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA increased 6.2% to $47.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted Earnings Per Share decreased to $(0.02)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Earnings Per Share decreased 6.3% to $0.15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash Flow Used in Operations was $12.2 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Free Cash Flow increased to $(25.9) million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Leverage Ratio improved and decreased 0.4x to 3.6x

(1) All comparisons for the first quarter of 2026 are to the first quarter of 2025 (ended March 30, 2025).

"I'm pleased with our solid start to the year, as we delivered 2.6% Net Sales growth and 5.2% Branded Salty Snacks growth, gained dollar share in the Salty Snacks category<sup>(2)</sup>, and continued to expand Adjusted EBITDA margins" said Howard Friedman, Chief Executive Officer of Utz.

Mr. Friedman continued, "The category has demonstrated signs of continued improvement with solid growth in the first quarter. Looking ahead to the remainder of 2026, we expect it to remain a dynamic operating environment and we are committed to our playbook of driving Branded Salty Snacks growth, generating productivity, and reinvesting in marketing and geographic expansion. We believe the flexibility of our model will allow us to succeed in an evolving consumer and category backdrop."

"Adjusted Free Cash Flow improved sharply in the first quarter with our focus on working capital management and normalizing capital expenditures," said BK Kelley, EVP and Chief Financial Officer of Utz. "Leverage at 3.6x was down considerably from a year ago, and we expect leverage to improve further as we progress through 2026. We are reaffirming all aspects of our 2026 guidance."

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| | | | | |
|:---|:---|:---|:---|:---|
| | **13-Weeks Ended** | **13-Weeks Ended** | **13-Weeks Ended** | **13-Weeks Ended** |
|<br>*(in $millions, except per share amounts)* | **March 29, 2026** | **March 30, 2025** | **% Change** | **% Change** |
| Net Sales | $361.3 | $352.1 | 2.6 | % |
| &nbsp;&nbsp;&nbsp;Organic Net Sales | 361.3 | 352.1 | 2.6 | % |
| Gross Profit | 91.9 | 82.4 | 11.5 | % |
| Gross Profit Margin | 25.4% | 23.4% | 200 | bps |
| &nbsp;&nbsp;&nbsp;Adjusted Gross Profit | 111.4 | 101.2 | 10.1 | % |
| &nbsp;&nbsp;&nbsp;Adjusted Gross Profit Margin | 30.8% | 28.7% | 210 | bps |
| Selling, General, and Administrative | 85.4 | 77.4 | 10.3 | % |
| Selling, General, and Administrative Margin | 23.6% | 22.0% | 160 | bps |
| &nbsp;&nbsp;&nbsp;Adjusted Selling, General, and Administrative | 63.5 | 56.1 | 13.2 | % |
| &nbsp;&nbsp;&nbsp;Adjusted Selling, General and Administrative Margin | 17.6% | 15.9% | 170 | bps |
| Net (Loss) Income | (2.4) | 5.7 | nm | nm |
| Net (Loss) Income Margin | (0.7)% | 1.6% | nm | nm |
| &nbsp;&nbsp;&nbsp;Adjusted Net Income | 21.3 | 22.3 | (4.5) | % |
| &nbsp;&nbsp;&nbsp;EBITDA | 30.3 | 34.8 | (12.9) | % |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | 47.9 | 45.1 | 6.2 | % |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA Margin | 13.3% | 12.8% | 50 | bps |
| Basic (Loss) Income Per Share<sup>(1)</sup> | $(0.02) | $0.09 | nm | nm |
| &nbsp;&nbsp;Adjusted Earnings Per Diluted Share<sup>(1)</sup> | $0.15 | $0.16 | (6.3) | % |
| Cash Flow From Operations | (12.2) | (20.2) | 39.6 | % |
| &nbsp;&nbsp;&nbsp;Adjusted Free Cash Flow | (25.9) | (58.2) | 55.5 | % |

---

**First Quarter 2026 Results**

First quarter Net Sales increased 2.6% to $361.3 million compared to $352.1 million in the prior year period. Organic Net Sales increased 2.6% year-over-year, driven by a favorable net price realization of 3.7% partially offset by lower volume/mix contribution of (1.1)%. The Bonus Packs promotion in the prior year first quarter had a net neutral 2.7 point impact on both volume/mix and price. Excluding the Bonus Packs promotion, volume/mix increased 1.6% and net price realization increased 1.0%. Branded Salty Snacks Organic Net Sales<sup>(3)</sup> (representing 89% of total Net Sales) increased 5.2% led by our Power Four Brands, offset by a 14.3% decline in Non-Branded & Non-Salty Snacks Organic Net Sales<sup>(3)</sup>, primarily due to Non-Branded, which was impacted by accelerated elimination of low margin items.

For the 13-week period ended March 29, 2026, the Company's Branded Salty Snacks Retail Sales increased 4.6% versus the prior year period, outperforming the 2.4% increase for the Salty Snack category overall<sup>(3)</sup>. On a 2-year stack basis, total Company Branded Salty Snacks Retail Sales also increased 4.6%, outperforming a 0.7% increase for the Salty Snack category. The Company's Retail Volumes decreased by 3.0%, impacted by the lap of Bonus Packs, compared to a 1.5% increase for the Salty Snack category. On a 2-year stack basis, the Company's Retail Volumes increased 2.7%, outperforming a 0.1% decrease for the Salty Snack category. The Company drove Retail Sales gains in both its Core and Expansion Geographies<sup>(2)(3)</sup>. The Company's Power Four Brands of Utz®, On The Border®, Zapp's® and Boulder Canyon® Retail Sales increased by 6.7%.

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Gross Profit Margin of 25.4% increased 200bps compared to 23.4% in the prior year period. Adjusted Gross Profit Margin of 30.8% expanded 210bps compared to 28.7% in the prior year period. The increase in both Gross Margin and Adjusted Gross Profit Margin was driven by productivity savings, which more than offset supply chain cost inflation.

Selling, General, and Administrative Expenses ("SG&A Expenses") were $85.4 million, or 23.6% of Net Sales, compared to $77.4 million, or 22.0% of Net Sales, in the prior year period. Adjusted SG&A Expenses were $63.5 million, or 17.6% of Net Sales, compared to $56.1 million, or 15.9% of Net Sales, in the prior year period. The increase in both SG&A Expenses and Adjusted SG&A Expenses as a percentage of Net Sales were primarily due to increased marketing, and adding capabilities to support the Company's geographic expansion and growth initiatives.

The Company reported a Net Loss of $2.4 million compared to Net Income of $5.7 million in the prior year period. Net Income in the prior year period benefited from an $11 million gain from the remeasurement of the warrant liability. Adjusted Net Income in the quarter decreased 4.5% to $21.3 million compared to $22.3 million in the prior year period. Adjusted Earnings Per Share decreased 6.3% to $0.15 compared to $0.16 in the prior year period. The Adjusted Earnings Per Share decrease was primarily the result of lower Adjusted Net Income, driven by an increase in depreciation and amortization.

The Company reported EBITDA of $30.3 million compared to EBITDA of $34.8 million in the prior year period. Adjusted EBITDA increased 6.2% to $47.9 million, or 13.3% as a percentage of Net Sales, compared to $45.1 million, or 12.8% as a percentage of Net Sales, in the prior year period. The increase in Adjusted EBITDA was driven by Adjusted Gross Profit Margin expansion, which more than offset the increase in Adjusted SG&A expenses.

(1) Versus prior year period.

(2) As measured by Circana MULO+ w/convenience.

(3) See "Other Defined Terms" for definitions.

**Balance Sheet and Cash Flow Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** As of March 29, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Total liquidity of $196.1 million, consisting of cash on hand of $73.7 million and $122.4 million available under the Company's revolving credit facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Net debt of $780.3 million resulting in a Net Leverage Ratio of 3.6x based on trailing twelve months&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA of $219.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the thirteen weeks ended March 29, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Cash flow used in operations was $12.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Capital expenditures were $13.8 million, and dividends and distributions paid were $9.7 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Adjusted Free Cash Flow of $(25.9) million.

**Share Repurchase Program**

The Company did not repurchase shares during the first quarter of 2026 and has $50 million remaining under its stock repurchase program adopted in February 2026.

**Fiscal Year 2026 Outlook**

The Company will benefit from a 53rd week in the fourth quarter of 2026. Guidance has indicated the impact of the 53rd week, where appropriate. The Company is reiterating all aspects of 2026 guidance. For the fiscal year 2026, the

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Company continues to expect:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Organic Net Sales** growth of 2% to 3%, assuming a flat Salty Snacks category at midpoint, led by continued Branded Salty Snacks growth, particularly the Power Four Brands. This metric excludes the 53rd week

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We expect that the 53rd week will benefit **Reported Net Sales** by approximately $20 million in the fourth quarter of 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Productivity savings** of approximately 4% of Adjusted COGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted EBITDA** growth of 5% to 8% and Adjusted EBITDA margin expansion, led by Adjusted Gross Margin expansion fueled by strong productivity cost savings and improved product mix. This metric includes the 53rd week<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We expect that the 53rd week will benefit Adjusted EBITDA by approximately $3 million in the fourth quarter of 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EPS decline in range of 3% to 6%,** driven primarily by higher depreciation and amortization of approximately $13 million, higher interest expense, and a higher tax rate, the impact of these three items equating to approximately 12 cents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We expect that the 53rd week will benefit Adjusted EPS by 2 cents in the fourth quarter of 2026<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adjusted Free Cash Flow** in the range of $60 and $80 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Adjusted Free Cash Flow** is defined as Cash Flows From Operating Activities less Capital Expenditures Plus Net Sales of Property and Equipment

**The Company also continues to expect:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An effective tax rate (normalized GAAP basis tax expense, which excludes one-time items) of between 17-19%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense in the range of $47 to $49 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization in the range of $93 to $97 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures in the range of $60 to $65 million with the majority focused on delivering accelerated productivity savings and supporting targeted growth initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Leverage Ratio between 3.0x - 3.2x at fiscal year-end 2026

Quantitative reconciliations are not available for the forward-looking non-GAAP financial measures used herein without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted COGS, Adjusted EBITDA, Adjusted Free Cash Flow, Net Leverage Ratio, normalized GAAP basis tax expense, excluding one-time items, and Adjusted Earnings Per Share, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results.

**Conference Call and Webcast Presentation** 

The Company has also posted a pre-recorded management discussion of its first quarter results to its website at https://investors.utzsnacks.com. In addition, the Company will host a live question and answer session with analysts at 8:30 a.m. Eastern Time today. Please visit the "Events & Presentations" section of Utz's Investor Relations website at https://

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investors.utzsnacks.com to access the live listen-only webcast. Participants can also dial in over the phone by calling 1-888-596-4144. The Event Plus passcode is 3860587. The Company has also posted presentation slides and additional supplemental financial information, which are available now on Utz's Investor Relations website.

**About Utz Brands, Inc.** 

Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of savory snacks through popular brands, including Utz®, On The Border® Chips & Dips, Zapp's®, and Boulder Canyon®, among others.

After over a century with a strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz's products are distributed nationally through grocery, mass merchandisers, club, convenience, drug, and other channels. Based in Hanover, Pennsylvania, Utz has multiple manufacturing facilities located across the U.S. to serve our growing customer base. For more information, please visit the Company's website or call 1-800-FOR-SNAX.

Investors and others should note that Utz announces material financial information to its investors using its Investor Relations website, U.S. Securities and Exchange Commission (the "Commission") filings, press releases, public conference calls, and webcasts. Utz uses these channels, as well as social media, to communicate with our stockholders and the public about the Company, the Company's products, and other Company information. It is possible that the information that Utz posts on social media could be deemed to be material information. Therefore, Utz encourages investors, the media, and others interested in the Company to review the information posted on the social media channels listed on Utz's Investor Relations website.

**Investor Contact**

Trevor Martin

Utz Brands, Inc.

tmartin@utzsnacks.com

**Media Contact**

Colleen Farley

Utz Brands, Inc.

cfarley@utzsnacks.com

**Forward-Looking Statements**

This press release includes certain statements made herein that 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 accompanied by or include, without limitation, statements such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target" "goal", "on track" or other similar words, phrases or expressions. These forward-looking statements include future plans for the Company, including outlook for fiscal 2026, assumptions for category performance, plans related to the transformation of the Company's supply chain, the Company's product mix, the Company's expectations regarding its level of indebtedness and associated interest expense impacts; the estimated or anticipated future results and benefits of the Company's future plans and operations; the Company's cost savings plans and the Company's logistics optimization efforts; the effects of tariffs, inflation or supply chain disruptions on the Company or its business; the benefits of the Company's productivity initiatives; the effects of the Company's marketing and innovation initiatives; the Company's future capital structure; future opportunities for the Company's growth; statements regarding the Company's projected balance sheet and liabilities, including net leverage; and other statements that are not historical facts.

These statements are based on the current expectations of the Company's management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties and the Company's business and actual results may differ materially. Some factors that could cause actual results to differ include, without limitation:

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we operate in the highly competitive and increasingly consolidated snack food industry; demand for our products may be adversely affected by changes in consumer preferences and tastes or if we are unable to innovate or market our products effectively; our reputation or brand image might be impacted as a result of issues or concerns relating to the quality and safety of our products, ingredients or packaging, processing techniques, which in turn could negatively impact our operating results; changes in retail distribution arrangements can result in the loss of retail shelf space and disrupt sales of food products, causing our sales to fall; our DTW delivery network system relies on a significant number of brokers, wholesalers and logistics companies, and our DSD network system and regional third-party distributor network relies on a significant number of independent operators and third-party distributors, and such reliance could affect our ability to effectively and profitably distribute and market products, maintain existing markets and expand business into other geographic markets; the evolution of e-commerce retailers and sales channels may adversely affect us; disruption to our manufacturing operations, supply chain or distribution channels could impair our ability to produce or deliver finished products and negatively impact our operating results; our results of operations and profitability may continue to be adversely affected by inflation, including from rising labor costs and the effects of shortages of raw materials, energy, water and other supplies; all of our products must be compliant with laws and regulations promulgated by various governmental authorities, and changes in the legal and regulatory environment, including with respect to the One Big Beautiful Bill Act, could limit our business activities, increase our operating costs, reduce demand for our products or result in litigation or other regulatory action; we may be unable to successfully identify and execute acquisitions or dispositions or to successfully integrate acquisitions or carve out dispositions; the geographic concentration of our markets may adversely impact us if we are unable to effectively diversify the markets in which we participate; we may not be able to attract and retain the highly skilled people we need to support our business; impairment in the carrying value of goodwill or other intangible assets could have an adverse impact on our results; our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brands; climate change or legal, regulatory or market measures to address climate change may negatively affect our business and operations or damage our reputation, and liabilities, claims or new laws or regulations with respect to environmental matters could have a significant negative impact on our business; we are subject to increasing focus on ESG issues, including those related to climate change, and any perceived failure by us to meet ESG initiatives may negatively impact our business; our debt instruments contain covenants that impose restrictions on our operations that may adversely affect our ability to operate our business if we fail to meet those covenants or otherwise suffer a default thereunder; we are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign governments; resales of shares of our Class A Common Stock could affect the market price of our Class A Common Stock; we are a holding company dependent upon distributions made by our subsidiaries to pay taxes, make payments under the Company's Tax Receivable Agreement (the "TRA") and pay dividends; pursuant to the TRA, we are required to make certain payments to certain noncontrolling interest holders, and those payments may be substantial; Delaware law, our organizational documents and certain other agreements contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts; our Certificate of Incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders; certain of our significant stockholders whose interests may differ from those of our other stockholders have the ability to significantly influence our business and management; and other risks and uncertainties set forth in Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 28, 2025 and in the other reports we file with the Commission from time to time.

Forward-looking statements provide the Company's expectations, plans or forecasts of future events and views as of the date of this communication. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication. The Company cautions investors not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as otherwise required by law.

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**Non-GAAP Financial Measures:** 

Utz uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results and identify trends in our underlying operating results, and it provides additional insight and transparency on how we evaluate the business. We use non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate our performance. These non-GAAP financial measures do not represent financial performance in accordance with generally accepted accounted principles in the United States ("GAAP") and may exclude items that are significant to understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations, earnings per share or other measures of profitability, liquidity, or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly titled measures used by other companies.

Management believes that non-GAAP financial measures should be considered as supplements to the GAAP measures reported, should not be considered replacements for, or superior to, the GAAP measures, and may not be comparable to similarly named measures used by other companies. The Company's calculation of the non-GAAP financial measures may differ from methods used by other companies. We believe that these non-GAAP financial measures provide useful information to investors regarding certain financial and business trends relating to the financial condition and results of operations of the Company to date when considered with both the GAAP results and the reconciliations to the most comparable GAAP measures, and that the presentation of non-GAAP financial measures is useful to investors in the evaluation of our operating performance compared to other companies in the Salty Snack industry, as similar measures are commonly used by the companies in this industry. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of management judgment about which items of expense and income are excluded or included in determining these non-GAAP financial measures. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures. As new events or circumstances arise, these definitions could change. When the definitions change, we will provide the updated definitions and present the related non-GAAP historical results on a comparable basis.

During the first quarter of 2026, the Company revised the categorization of certain charges and gains that were historically categorized as acquisition, divestitures and investments, business transformation, and financing-related costs. The Company is now presenting the associated charges and gains within the categories supply chain transformation and corporate transformation. The nature of the charges and gains included in these adjustments, as well as the total amount of all of these adjustments in all prior periods presented, are unchanged We believe that this change provides a better reflection of the impact of the charges and gains and aligns with how management views the adjustments internally. Prior period balances have been reclassified to conform to the current presentation. Additionally, the Company has revised the presentation of its reconciliations of Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Selling, General, and Administrative Expenses, EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share to the most directly comparable GAAP measures. We believe the revised presentation of reconciliation information provides investors with helpful context on the impacts of the adjustments.

Utz uses the following non-GAAP financial measures in its financial communications, and in the future could use others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic Net Sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Profit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Gross Profit as % of Net Sales (Adjusted Gross Profit Margin)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Cost of Goods Sold (COGS)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Selling, General and Administrative Expense

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Selling, General and Administrative Expense as % of Net Sales (Adjusted Selling, General and Administrative Expense Margin)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Earnings Per Share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Earnings Before Taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA as % of Net Sales (Adjusted EBITDA Margin)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective Normalized Tax Rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Leverage Ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted COGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Branded Salty Snacks Organic Net Sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-Branded & Non-Salty Snacks Organic Net Sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Free Cash Flow

**<u>Organic Net Sales</u>** is defined as Net Sales excluding the impacts of acquisitions, divestitures and independent operator ("IO") route conversions that took place after 1Q'2024.

**<u>Adjusted Gross Profit</u>** represents Gross Profit excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Gross Profit excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, supply chain transformation, and corporate transformation. Adjusted Gross Profit is one of the key performance indicators that our management uses to evaluate operating performance. We also report Adjusted Gross Profit as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Gross Profit Margin.

**<u>Adjusted Cost of Goods Sold (COGS)</u>** represents Net Sales less Adjusted Gross Profit

**<u>Adjusted Selling, General and Administrative Expense</u>** is defined as all Selling, General and Administrative expense excluding Depreciation and Amortization expense, a non-cash item. In addition, Adjusted Selling, General and Administrative Expense excludes the impact of costs that fall within the categories of non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, supply chain transformation, and corporate transformation. We also report Adjusted Selling, General and Administrative Expense as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Selling, General and Administrative Margin.

**<u>Adjusted Net Income</u>** is defined as Net Income excluding Depreciation and Amortization expense, a non-cash item, related to fair value adjustments on property, plant, and equipment, and definite-lived intangibles relating to business combinations recorded in prior periods. In addition, Adjusted Net Income excludes deferred financing fees, interest income, and expense relating to IO loans and certain non-cash adjustments and/or other cash adjustment items such as those related to stock-based compensation, hedging, and purchase commitments adjustments, asset impairments, supply chain transformation, corporate transformation, remeasurement of warrant liabilities. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments.

**<u>Adjusted Earnings Before Taxes</u>** is defined as Adjusted Net Income before normalized GAAP basis tax expense.

**<u>Adjusted Earnings Per Share</u>** is defined as Adjusted Net Income divided by the weighted average shares outstanding for each period on a fully diluted basis assuming the shares of Class V Common Stock of the Company are converted to Class A Common Stock of the Company.

**<u>EBITDA</u>** is defined as Net Income Before Interest, Income Taxes, and Depreciation and Amortization.

**<u>Adjusted EBITDA</u>** is defined as EBITDA further adjusted to exclude certain non-cash adjustments and/or other cash adjustment items, such as stock-based compensation, hedging and purchase commitments adjustments, asset impairments, supply chain transformation, and corporate transformation. Adjusted EBITDA is one of the key performance indicators we use in evaluating our operating performance and in making financial, operating, and planning decisions. We believe Adjusted EBITDA is useful to the users of this release because the financial information contained in the release can be used in the evaluation of Utz's operating performance compared to other companies in the Salty

------

Snack industry, as similar measures are commonly used by companies in this industry. In this release, we also provide Adjusted EBITDA as a percentage of Net Sales as an additional measure for readers to evaluate our Adjusted EBITDA Margin.

**<u>Adjusted Free Cash Flow</u>** is defined as Cash Flow from Operating Activities on the Consolidated Statements of Cash Flows less Purchases of Property and Equipment (Capital Expenditures) plus Net Proceeds from Sale of Property and Equipment, both included in Cash flow from investing activities on the Consolidated Statements of Cash Flows.

**<u>Effective Normalized Tax Rate</u>** is defined as normalized GAAP basis tax expense, which excludes one-time items, divided by Adjusted Earnings before Taxes.

**<u>Net Leverage Ratio</u>** is defined as trailing twelve month Adjusted EBITDA divided by Net Debt. Net Debt is defined as Gross Debt less Cash and Cash Equivalents.

**Other Defined Terms:** 

**<u>Branded Salty Snacks</u>** is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz® brand, On The Border®, Zapp's®, and Boulder Canyon®. Other Brands include Golden Flake®, TORTIYAHS!®, Hawaiian®, Bachman®, Tim's Cascade®, Dirty Potato Chips®, TGI Fridays® and Vitner's®.

**<u>Non-Branded & Non-Salty Snacks</u>** is defined as partner brands, private label, co-manufacturing for which we are the manufacturer, Utz branded non-salty snacks such as On The Border*®* Dips and Salsa, and sales not attributable to specific brands.

------

**Utz Brands, Inc.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

**For the thirteen weeks ended March 29, 2026 and March 30, 2025**

**(In millions, except share information)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Thirteen weeks ended March 29, 2026** | **Thirteen weeks ended March 30, 2025** |
| **Net sales** | $361.3 | $352.1 |
| **Cost of goods sold** | 269.4 | 269.7 |
| Gross profit | 91.9 | 82.4 |
| **Selling, general, and administrative expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling | 51.1 | 41.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 34.3 | 35.9 |
| Total selling, general, and administrative expenses | 85.4 | 77.4 |
| **Gain on sale of assets, net** | 1.3 | 0.7 |
| Income from operations | 7.8 | 5.7 |
| **Other loss, net** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (10.4) | (11.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | (0.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 0.8 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on remeasurement of warrant liability |  | 11.0 |
| Other loss, net | (9.6) | (0.6) |
| (Loss) income before taxes | (1.8) | 5.1 |
| **Income tax expense (benefit)** | 0.6 | (0.6) |
| Net (loss) income | (2.4) | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interest | 0.7 | 1.8 |
| Net (loss) attributable to controlling interest | $(1.7) | $7.5 |
| **(Loss) income per Class A Common stock: *(in dollars)*** |  |  |
| Basic | $(0.02) | $0.09 |
| Diluted | $(0.02) | $0.09 |
| **Weighted-average shares of Class A Common stock outstanding** |  |  |
| Basic | 88347854 | 85721393 |
| Diluted | 88347854 | 87535340 |
| **Net (loss) income** | $(2.4) | $5.7 |
| **Other comprehensive income (loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap | 2.3 | (6.4) |
| **Comprehensive loss** | (0.1) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net comprehensive (income) loss attributable to noncontrolling interest | (0.2) | 4.3 |
| Net comprehensive (loss) income attributable to controlling interest | $(0.3) | $3.6 |

---

------

**Utz Brands, Inc.**

**CONSOLIDATED BALANCE SHEETS**

**March 29, 2026 and December 28, 2025**

**(In millions, except per share information)**

---

| | | |
|:---|:---|:---|
| | **As of<br>March 29, 2026** | **As of December 28, 2025** |
| | (Unaudited) | |
| **ASSETS** |  |  |
| **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $73.7 | $120.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, less allowance of $3.3 for each period | 113.4 | 100.8 |
| &nbsp;&nbsp;&nbsp;Inventories | 122.5 | 119.3 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 46.3 | 39.9 |
| &nbsp;&nbsp;&nbsp;Current portion of notes receivable | 4.0 | 4.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 359.9 | 384.4 |
| **Non-current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Assets held for sale | 10.4 | 10.3 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 379.9 | 379.2 |
| &nbsp;&nbsp;&nbsp;Goodwill | 865.2 | 865.2 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 956.5 | 963.9 |
| &nbsp;&nbsp;&nbsp;Non-current portion of notes receivable | 10.8 | 10.8 |
| &nbsp;&nbsp;&nbsp;Other assets | 203.4 | 179.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 2426.2 | 2409.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $**2786.1** | $**2793.6** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of term debt | $30.3 | $31.4 |
| &nbsp;&nbsp;&nbsp;Current portion of other notes payable | 6.1 | 6.5 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 188.3 | 197.4 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other | 90.3 | 87.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 315.0 | 323.2 |
| &nbsp;&nbsp;&nbsp;Non-current portion of term debt and revolving credit facility | 812.0 | 818.2 |
| &nbsp;&nbsp;&nbsp;Non-current portion of other notes payable | 13.1 | 14.2 |
| &nbsp;&nbsp;&nbsp;Non-current accrued expenses and other | 181.4 | 166.5 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | 127.2 | 126.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 1133.7 | 1125.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1448.7 | 1448.7 |
| **Commitments and Contingencies** |  |  |
| **Equity** |  |  |
| &nbsp;&nbsp;Shares of Class A Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 88,430,658 and 87,509,774 shares issued and outstanding as of March 29, 2026 and December 28, 2025, respectively |  |  |
| &nbsp;&nbsp;Shares of Class V Common Stock, $0.0001 par value; 61,249,000 shares authorized; 55,349,000 shares issued and outstanding as of both March 29, 2026 and December 28, 2025 |  |  |
| &nbsp;&nbsp;Additional paid-in capital | 1039.2 | 1037.0 |
| &nbsp;&nbsp;Accumulated deficit | (334.4) | (326.6) |
| &nbsp;&nbsp;Accumulated other comprehensive income | 4.7 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 709.5 | 713.7 |
| Noncontrolling interest | 627.9 | 631.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1337.4 | 1344.9 |
| Total liabilities and equity | $**2786.1** | $**2793.6** |

---

------

**Utz Brands, Inc.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**For the thirty-nine weeks ended March 29, 2026 and March 30, 2025**

**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Thirteen weeks ended March 29, 2026** | **Thirteen weeks ended March 30, 2025** |
| **Cash flows from operating activities** | | |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(2.4) | $5.7 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 22.5 | 18.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on remeasurement of warrant liability |  | (11.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of assets | (1.3) | (0.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 3.9 | 4.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 0.6 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred financing costs | 0.3 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (12.6) | (15.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (3.2) | (6.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (3.5) | (7.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses and other | (16.5) | (9.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (12.2) | (20.2) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (13.8) | (38.8) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 0.1 | 0.8 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of routes | 8.3 | 5.0 |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of IO notes | 1.5 | 0.5 |
| &nbsp;&nbsp;&nbsp;Purchases of IO routes and other changes in note receivables | (11.6) | (8.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (15.5) | (40.7) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;Borrowings on line of credit | 60.0 | 85.0 |
| &nbsp;&nbsp;&nbsp;Repayments on line of credit | (60.0) | (35.2) |
| &nbsp;&nbsp;&nbsp;Borrowings on term debt and notes payable |  | 38.5 |
| &nbsp;&nbsp;&nbsp;Repayments on term debt and notes payable | (7.6) | (8.0) |
| &nbsp;&nbsp;&nbsp;Payment of debt issuance cost |  | (1.7) |
| &nbsp;&nbsp;&nbsp;Payments of tax withholding requirements for employee stock awards | (1.7) | (2.2) |
| &nbsp;&nbsp;&nbsp;Dividends paid | (6.2) | (5.4) |
| &nbsp;&nbsp;&nbsp;Distribution to noncontrolling interest | (3.5) | (3.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by financing activities | (19.0) | 67.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) increase in cash and cash equivalents | (46.7) | 6.6 |
| **Cash and cash equivalents at beginning of period** | 120.4 | 56.1 |
| **Cash and cash equivalents at end of period** | $73.7 | $62.7 |

---

------

**<u>Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures</u>**

(Amounts may not sum due to rounding)

**Net Sales and Organic Net Sales**

---

| | | | |
|:---|:---|:---|:---|
| | **13-Weeks Ended** | **13-Weeks Ended** | |
|<br>*(dollars in millions)* | **March 29, 2026** | **March 30, 2025** | **Change** |
| **Net Sales as Reported** | $361.3 | $352.1 | 2.6% |
| **Organic Net Sales** <sup>(1)</sup> | $**361.3** | $352.1 | **2.6%** |

---

(1) Organic Net Sales excludes the Impact of Dispositions.

**Net Sales Growth Drivers**

---

| | | | |
|:---|:---|:---|:---|
| | **13-Weeks Ended March 29, 2026** | **13-Weeks Ended March 29, 2026** | **13-Weeks Ended March 29, 2026** |
| *(% change in prior year net sales)* | **Branded Salty Snacks** <sup>(1)</sup> | **Non-Branded & Non-Salty Snacks** <sup>(2)</sup> | **Total** |
| **Net Sales as Reported** | $**321.7** | $**39.6** | $**361.3** |
| **Net Sales as Reported Growth Versus Prior Year** | **5.2%** | **(14.3)%** | **2.6%** |
| Volume/mix | 1.1% | (15.1)% | (1.1)% |
| Pricing | 4.1 | 0.8 | 3.7 |
| **Organic Net Sales Growth Versus Prior Year** | **5.2%** | **(14.3)%** | **2.6%** |
| Divestiture |  |  |  |
| **Net Sales as Reported Growth Versus Prior Year** | **5.2%** | **(14.3)%** | **2.6%** |

---

(1) Branded Salty Snacks sales excluding IO unreported sales.

(2) Non-Branded & Non-Salty Snacks including IO unreported sales.

------

**Adjusted Gross Profit; Adjusted Gross Margin, Adjusted Selling, General, and Administrative Expenses, EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings per Share**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** | **13-weeks Ended March 29, 2026** |
| *(dollars in millions)* | **As Reported** | **Depreciation and Amortization** | **Other Adj.** |  | **EBITDA** | <sup>(5)</sup><br>**Supply Chain Transformation** | <sup>(6)</sup><br>**Corporate Transformation** | <sup>(7)</sup><br>**Other** <br>**Non-Cash Adj.** | **Other Adj.** | **Adjusted EBITDA** |  | <sup>(9)</sup><br>**Other Adj.** | **Adjusted Net Income** |  |
| Net sales | $361.3 | $— | $— |  | $361.3 | $— | $— | $— | $— | $361.3 |  | $— | $361.3 |  |
| Cost of goods sold | (269.4) | 10.9 |  |  | (258.5) | 7.6 | 2.5 | (1.5) |  | (249.9) |  | (8.9) | (258.8) |  |
| **Gross profit** | **91.9** | **10.9** | **—** |  | **102.8** | **7.6** | **2.5** | **(1.5)** | **—** | **111.4** | <sup>(1)</sup> | **(8.9)** | **102.5** |  |
| **Gross margin** | **25.4%** |  |  |  |  |  |  |  |  | **30.8%** | <sup>(1)</sup> |  |  |  |
| Selling, general and administrative expenses | (85.4) | 11.6 |  |  | (73.8) | 0.3 | 4.7 | 5.3 |  | (63.5) | <sup>(2)</sup> | (2.9) | (66.4) |  |
| Gain on sale of assets, net | 1.3 |  |  |  | 1.3 |  | (1.3) |  |  |  |  |  |  |  |
| **Income from operations** | **7.8** | **22.5** | **—** |  | **30.3** | **7.9** | **5.9** | **3.8** | **—** | **47.9** |  | **(11.8)** | **36.1** |  |
| Interest expense | (10.4) |  | 10.4 |  |  |  |  |  |  |  |  | (10.1) | (10.1) |  |
| Other income, net | 0.8 |  | (0.8) | <sup>(8)</sup> |  |  |  |  |  |  |  | 0.1 | 0.1 |  |
| **Loss (income) before income taxes** | **(1.8)** | **22.5** | **9.6** |  | **30.3** | **7.9** | **5.9** | **3.8** | **—** | **47.9** |  | **(21.8)** | **26.1** |  |
| Income tax expense | 0.6 |  | (0.6) |  |  |  |  |  |  |  |  | 4.8 | 4.8 |  |
| **Net loss (income)** | $**(2.4)** | $**22.5** | $**10.2** |  | $**30.3** | $**7.9** | $**5.9** | $**3.8** | $**—** | $**47.9** | <sup>(3)</sup> | $**(26.6)** | $**21.3** | <sup>(4)</sup> |
|  |  |  |  |  |  | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **143.7** |  |
|  |  |  |  |  |  | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **143.9** |  |
|  |  |  |  |  |  | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | $**0.15** |  |

---

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** | **13-weeks Ended March 30, 2025** |
| *(dollars in millions)* | **As Reported** | **Depreciation and Amortization** | **Other Adj.** |  | **EBITDA** | <sup>(5)</sup><br>**Supply Chain Transformation** | <sup>(6)</sup><br>**Corporate Transformation** | <sup>(7)</sup><br>**Other** <br>**Non-Cash Adj.** | **Other Adj.** | **Adjusted EBITDA** |  | **(9)<br>Other Adj.** | **Adjusted Net Income** |  |
| ***Net sales*** | $352.1 | $— | $— |  | $352.1 | $— | $— | $— | $— | $352.1 |  | $— | $352.1 |  |
| **Cost of goods sold** | (269.7) | 8.0 |  |  | (261.7) | 8.3 | 1.4 | 1.1 |  | (250.9) |  | (5.7) | (256.6) |  |
| **Gross profit** | **82.4** | **8.0** | **—** |  | **90.4** | **8.3** | **1.4** | **1.1** | **—** | **101.2** | <sup>(1)</sup> | **(5.7)** | **95.5** |  |
| **Gross margin** | **23.4%** |  |  |  |  |  |  |  |  | **28.7%** | <sup>(1)</sup> |  |  |  |
| **Selling, general and administrative expenses** | (77.4) | 10.7 |  |  | (66.7) | 0.7 | 5.3 | 4.6 |  | (56.1) | <sup>(2)</sup> | (2.2) | (58.3) |  |
| **Gain on sale of assets, net** | 0.7 |  |  |  | 0.7 | (0.3) | (0.4) |  |  |  |  |  |  |  |
| **Income from operations** | **5.7** | **18.7** | **—** |  | **24.4** | **8.7** | **6.3** | **5.7** | **—** | **45.1** |  | **(7.9)** | **37.2** |  |
| **Interest expense** | (11.5) |  | 11.5 |  |  |  |  |  |  |  |  | (10.5) | (10.5) |  |
| **Loss on debt extinguishment** | (0.5) |  |  |  | (0.5) |  | 0.5 |  |  |  |  |  |  |  |
| **Gain on remeasurement of warrant liability** | 11.0 |  |  |  | 11.0 |  |  |  | (11.0) |  |  |  |  |  |
| **Other income, net** | 0.4 |  | (0.5) | <sup>(8)</sup> | (0.1) |  | 0.1 |  |  |  |  | 0.5 | 0.5 |  |
| **Income before income taxes** | **5.1** | **18.7** | **11.0** |  | **34.8** | **8.7** | **6.9** | **5.7** | **(11.0)** | **45.1** |  | **(17.9)** | **27.2** |  |
| **Income tax (benefit) expense** | (0.6) |  | 0.6 |  |  |  |  |  |  |  |  | 4.9 | 4.9 |  |
| **Net (loss) income** | $**5.7** | $**18.7** | $**10.4** |  | $**34.8** | $**8.7** | $**6.9** | $**5.7** | $**(11.0)** | $**45.1** | <sup>(3)</sup> | $**(22.8)** | $**22.3** | <sup>(4)</sup> |
|  |  |  |  |  |  | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **Average Weighted Basic Shares Outstanding on an As-Converted Basis** | **141.4** |  |
|  |  |  |  |  |  | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **Fully Diluted Shares on an As-Converted Basis** | **143.2** |  |
|  |  |  |  |  |  | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | **Adjusted Earnings Per Share** | $**0.16** |  |

---

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(1) Adjusted Gross Profit and Adjusted Gross Margin were $111.4 million and 30.8%, respectively for the thirteen weeks ended March 29, 2026, and $101.2 million and 28.7% for the thirteen weeks ended March 30, 2025, respectively.

(2) Adjusted Selling, General and Administrative was $63.5 million and $56.1 million for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, respectively.

(3) Adjusted EBITDA was $47.9 million and $45.1 million for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, respectively.

(4) Adjusted Net Income was $21.3 million and $22.3 million for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, respectively.

(5) Supply Chain Transformation initiatives representing start-up costs, warehousing and logistical transformations, restructuring and cost reduction activities as part of efforts to enhance long-term profitability, and other manufacturing initiatives that do no reflect the cost of normal business operations. For the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, supply chain transformation initiatives were $7.9 million and $8.7 million, respectively.

(6) Corporate Transformation are comprised primarily of costs related to severance and other people restructuring costs, Insignia integration, information technology and data transformation, litigation, gain and losses realized from the sale of distribution rights to IOs, gain and losses on the sale of assets, and consulting and professional fees related to transformation initiatives. For the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, corporate transformation initiatives were $5.9 million and $6.9 million, respectively.

(7) Other Non-Cash Adjustments for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025 are comprised primarily of $3.4 million and $3.5 million, respectively, of share-based compensation awards to employees and directors associated with the 2020 Omnibus Equity Incentive Plan; $0.4 million and $2.2 million, respectively, of unrealized gains on mark-to-market adjustments of the Company's commodity options; amortization of cloud computing, purchase commitments, certain lease adjustments, amortization of tolling assets, and other non-cash adjustments.

(8) Other income/(expense), net represents the Company's non-operating income and expense related to interest income, fees associated with our receivable finance program, and mark-to-market on notional portion of interest rate swap not accounted for under interest rate hedge accounting, expense related to changes in the Company's tax receivable liability, monetary conversion, other items not related to our operations.

(9) Includes $11.8 million and $7.9 million related to Core depreciation and amortization for the thirteen weeks ended March 29, 2026 and thirteen weeks ended March 30, 2025, respectively, interest expense excluding amortization of deferred financing fees, and other income/(expense) excluding the mark-to-market on the notional portion of our interest rate swap not accounted for under interest rate hedge accounting and gains or losses related to changes in the Company's tax receivable liability. Income tax adjustment is calculated as (loss) income before taxes plus (i) acquisition, Step-Up depreciation and amortization and (ii) other non-cash and/or cash adjustments, multiplied by a normalized GAAP effective tax rate, minus the actual tax provision recorded in the Consolidated Statement of Operations and Comprehensive Loss. The normalized GAAP effective tax rate excludes one-time items such as the impact of tax rate changes on deferred taxes and changes in valuation allowances.

**Depreciation & Amortization**

---

| | | |
|:---|:---|:---|
| | **13-Weeks Ended** | **13-Weeks Ended** |
|<br>*(dollars in millions)* | **March 29, 2026** | **March 30, 2025** |
| Core D&A - Non-Acquisition-related included in Gross Profit | $8.9 | $5.7 |
| Step-Up D&A - Transaction-related included in Gross Profit | 2.0 | 2.3 |
| ***Depreciation & Amortization - included in Gross Profit*** | ***10.9*** | ***8.0*** |
| Core D&A - Non-Acquisition-related included in SG&A Expense | $2.9 | 2.2 |
| Step-Up D&A - Transaction-related included in SG&A Expense | 8.7 | 8.5 |
| ***Depreciation & Amortization - included in SG&A Expense*** | ***11.6*** | ***10.7*** |
| ***Depreciation & Amortization - Total*** | $***22.5*** | $***18.7*** |
| Core Depreciation and Amortization | $11.8 | $7.9 |
| Step-Up Depreciation and Amortization | $10.7 | 10.8 |
| ***Total Depreciation and Amortization*** | $***22.5*** | $***18.7*** |

---

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**Trailing Twelve Months (TTM) Adjusted EBITDA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FY 2025** | **FY 2025** | **FY 2025** | **FY 2025** | | **2026** | |
|<br>*(dollars in millions)* | **Q1** | **Q2** | **Q3** | **Q4** | **FY 2025** | **Q1** | **TTM** |
| **Adjusted EBITDA** | $**45.1** | $**48.7** | $**60.3** | $**62.4** | $**216.5** | $**47.9** | $**219.3** |

---

**Net Debt and Leverage Ratio**

---

| | |
|:---|:---|
| *(dollars in millions)* | **As of March 29, 2026** |
| Term Loan | $630.3 |
| Real Estate Loan | 56.4 |
| ABL Facility | 0.2 |
| Equipment Loans and Finance Leases<sup>(1)</sup> | 167.1 |
| **Gross Debt**<sup>(2)</sup> | **854.0** |
| Cash and Cash Equivalents | 73.7 |
| **Total Net Debt** | $**780.3** |
| Last 52-Weeks Adjusted EBITDA | $219.3 |
| **Net Leverage Ratio**<sup>(3)</sup> | **3.6x** |

---

(1) Equipment loans and finance leases include leases accounted for as finance leases under US GAAP and loans for equipment.

(2) Includes Term Loan B, ABL Facility, Equipment Loans, and Finance Leases. Excludes amounts related to guarantees on IO loans which are collateralized by routes. The Company has the ability to recover substantially all of the outstanding IO loan value in the event of a default scenario, which historically has been uncommon.

(3) Based on trailing twelve month Adjusted EBITDA of $219.3 million.

**Adjusted Free Cash Flow**

---

| | | |
|:---|:---|:---|
| | **13-Weeks Ended** | **13-Weeks Ended** |
|<br>*(dollars in millions)* | **March 29, 2026** | **March 30, 2025** |
| Cash Flow From Operations | $(12.2) | $(20.2) |
| Capital Expenditures | (13.8) | (38.8) |
| Proceeds from sale of property and equipment | 0.1 | 0.8 |
| Adjusted Free Cash Flow | $(25.9) | $(58.2) |

---

## Exhibit 99.2

![](utz1q26earningspresentat001.jpg)

1 First Quarter 2026 Earnings Presentation May 6, 2026

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![](utz1q26earningspresentat002.jpg)

2 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 accompanied by or include, without limitation, statements such as "may," "can," "should," "will," "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target," "goal," "on track," or other similar words, phrases or expressions. These forward-looking statements include future plans for Utz Brands, Inc. ("the Company"), including outlook for fiscal 2026, assumptions for category performance, plans with respect to future repurchases under the Company's stock buyback program, plans related to the transformation of the Company's supply chain, the Company's product mix, the Company's expectations regarding its level of indebtedness and associated interest expense impacts; the Company's cost savings plans and the Company's logistics optimization efforts; the estimated or anticipated future results and benefits of the Company's plans and operations; the Company's future capital structure; future opportunities for the Company; the effects of tariffs, inflation or supply chain disruptions on the Company or its business; statements regarding the Company's projected balance sheet and liabilities, including net leverage; and other statements that are not historical facts. These statements are based on the current expectations of the Company's management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, and the Company's business and actual results may differ materially. Some factors that could cause actual results to differ include, without limitation: we operate in the highly competitive and increasingly consolidated snack food industry; demand for our products may be adversely affected by changes in consumer preferences and tastes or if we are unable to innovate or market our products effectively; our reputation or brand image might be impacted as a result of issues or concerns relating to the quality and safety of our products, ingredients or packaging, processing techniques, which in turn could negatively impact our operating results; changes in retail distribution arrangements can result in the loss of retail shelf space and disrupt sales of food products, causing our sales to fall; our DTW delivery network system relies on a significant number of brokers, wholesalers and logistics companies, and our DSD network system and regional third-party distributor network relies on a significant number of independent operators and third-party distributors, and such reliance could affect our ability to effectively and profitably distribute and market products, maintain existing markets and expand business into other geographic markets; the evolution of e-commerce retailers and sales channels may adversely affect us; disruption to our manufacturing operations, supply chain or distribution channels could impair our ability to produce or deliver finished products and negatively impact our operating results; our results of operations and profitability may continue to be adversely affected by inflation, including from rising labor costs and the effects of shortages of raw materials, energy, water and other supplies; all of our products must be compliant with laws and regulations promulgated by various governmental authorities, and changes in the legal and regulatory environment, including with respect to the One Big Beautiful Bill Act, could limit our business activities, increase our operating costs, reduce demand for our products or result in litigation or other regulatory action; we may be unable to successfully identify and execute acquisitions or dispositions or to successfully integrate acquisitions or carve out dispositions; the geographic concentration of our markets may adversely impact us if we are unable to effectively diversify the markets in which we participate; we may not be able to attract and retain the highly skilled people we need to support our business; impairment in the carrying value of goodwill or other intangible assets could have an adverse impact on our results; our intellectual property rights are valuable, and any inability to protect them could reduce the value of our products and brands; climate change or legal, regulatory or market measures to address climate change may negatively affect our business and operations or damage our reputation, and liabilities, claims or new laws or regulations with respect to environmental matters could have a significant negative impact on our business; we are subject to increasing focus on ESG issues, including those related to climate change, and any perceived failure by us to meet ESG initiatives may negatively impact our business; our debt instruments contain covenants that impose restrictions on our operations that may adversely affect our ability to operate our business if we fail to meet those covenants or otherwise suffer a default thereunder; we are subject to risks from changes to the trade policies and tariff and import/export regulations by the U.S. and/or other foreign governments; resales of shares of our Class A Common Stock could affect the market price of our Class A Common Stock; we are a holding company dependent upon distributions made by our subsidiaries to pay taxes, make payments under the Company's Tax Receivable Agreement (the "TRA") and pay dividends; pursuant to the TRA, we are required to make certain payments to certain noncontrolling interest holders, and those payments may be substantial; Delaware law, our organizational documents and certain other agreements contain certain provisions, including anti- takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts; our Certificate of Incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders; certain of our significant stockholders whose interests may differ from those of our other stockholders have the ability to significantly influence our business and management; and other risks and uncertainties set forth in Part I, Item 1A "Risk Factors" in our Annual Report on Form 10-K for the year ended December 28, 2025 and in the other reports we file with the U.S. Securities and Exchange Commission from time to time. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication. The Company cautions investors not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as otherwise required by law.

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![](utz1q26earningspresentat003.jpg)

3 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 organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Company's internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company's experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates, and the Company's future performance are necessarily subject to uncertainty and risk due to a variety of factors, which could cause results to differ materially from those expressed in the estimates made by the independent parties and by the Company. 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 presentation may be listed without the TM, SM,© or® symbols, but we will assert, to the fullest extent under applicable law, the rights of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights. Projected Financial Information This presentation contains financial forecasts, which were prepared in good faith by the Company on a basis believed to be reasonable. Such financial forecasts have not been prepared in conformity with U.S. generally accepted accounting principles ("GAAP"). The Company's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purposes of their inclusion in this presentation, and accordingly, they have not expressed an opinion nor provided any other form of assurance with respect thereto for the purpose of this presentation. These projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. Certain of the above-mentioned projected information has been provided for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Projections are inherently uncertain due to a number of factors outside of the Company's control, as discussed under Forward-Looking Statements above. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of the Company or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. Non-GAAP Financial Measures This presentation includes certain financial measures not presented in accordance with GAAP including, but not limited to, Organic Net Sales, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted SG&A, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Adjusted COGS, Modified Free Cash Flow, Adjusted Free Cash Flow and Net Leverage Ratio, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures do not represent financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations, earnings per share or other measures of profitability, liquidity or performance under GAAP. You should be aware that the presentation of these measures may not be comparable to similarly-titled measures used by other companies. Reconciliations of these historical non-GAAP measures to the most directly comparable GAAP measures are set forth in the appendix to this presentation. We believe (i) these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the financial condition and results of operations of the Company to date; and (ii) the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends in comparing financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. These non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. In addition, quantitative reconciliations are not available for the forward-looking GAAP financial measures used in this presentation without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted EBITDA, Adjusted Earnings Per Share, and Net Leverage Ratio, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results.

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![](utz1q26earningspresentat004.jpg)

Business Overview Howard Friedman Chief Executive Officer

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![](utz1q26earningspresentat005.jpg)

5 Q1'26 Key Business Highlights Delivering on strategies: outgrowing category, margin expansion & improved cash Outgrow Category Organic Net Sales +2.6%; Branded Salty Snacks +5.2% Retail Sales +4.6%, outgrowing category of +2.4%; Power Brands +6.7% Dollar share gains; volume share impacted by prior year Bonus Packs lap Expand Margins Adj. Gross Profit Margin expansion +210bps y/y, fueled by strong productivity Adj. EBITDA +6.2% y/y, driven by Adjusted Gross Margin expansion partially offset by Adjusted SG&A investments Adjusted EBITDA Margin expansion +50bps y/y Accelerate Free Cash Flow Adj. Free Cash Flow improvement of $32.3m versus year ago Net Leverage Ratio of 3.6x, 0.4x reduction versus year ago 2026 OUTLOOK: Reaffirming all aspects of 2026 guidance ✓ ✓ ✓ Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures.

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![](utz1q26earningspresentat006.jpg)

6 Q1'26 Financial Performance Solid sales and Adjusted EBITDA growth with lower Adj. EPS as expected Organic Net Sales (in millions) $342.2(1) $352.1 $361.3 Q1'24 Q1'25 Q1'26 +2.6% +2.8% CAGR(2) Adj. EBITDA (in millions) $43.4 $45.1 $47.9 Q1'24 Q1'25 Q1'26 +6.2% +5.1% CAGR(2) Adj. EPS $0.14 $0.16 $0.15 Q1'24 Q1'25 Q1'26 -6.3% +3.5% CAGR(2) Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures. (1) Organic net sales excludes the Impact of Dispositions that took place after Q1 2024 (2) Compound annual growth rates referenced are on a two-year basis

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![](utz1q26earningspresentat007.jpg)

7 Q1'26 Organic Net Sales Bridge Note: See appendix for reconciliation of Non-GAAP financial measures to most directly comparable GAAP measures. o Volume/Mix decline of -1.1% o 1.6% Volume/Mix increase ex. Bonus Packs, -2.7% Bonus Packs impact from prior year lap o Pricing impact of +3.7% o 1.0% Net Price benefit ex. Bonus Packs, +2.7% Bonus Packs Impact. Driven by targeted price and revenue growth management actions Q1'26 Organic Net Sales YoY Growth Decomposition Vol / Mix (excl. Bonus Pack) (2.7%) Vol / Mix 2.7% Net Price 1.0% Other Net Price 2.6% Q1'26 Total Organic Net Sales Growth 1.6% -1.1% Total Vol / Mix Neutral Net Impact of Bonus Pack 3.7% Total Net Price Demonstrating continued volume/mix and price growth ex. Bonus Packs lap

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![](utz1q26earningspresentat008.jpg)

Q1'26 Organic Net Sales Growth Decomposition Strong Organic Branded Salty Snacks Growth 8 Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures. Note: Branded Salty Snacks is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz® brand, On The Border®, Zapp's®, and Boulder Canyon®. Other Brands include Golden Flake®, TORTIYAHS!®, Hawaiian®, Bachman®, Tim's Cascade®, Dirty Potato Chips®, TGI Fridays®, Vitner's®, and others. Non-Branded & Non-Salty Snacks (11% of Net Sales) Total Company -1.1% 3.7% 2.6% 1.1% 4.1% 5.2% -15.1% 0.8% -14.3% (Q1'26 % YoY Change) Volume/Mix Price Total Net Sales Growth Driverso Branded Salty Snacks Organic Net Sales growth of +5.2%, led by Boulder Canyon® o Non-Branded & Non-Salty Net Sales declined 14.3%, primarily due to Non-Branded, which was impacted by accelerated elimination of low margin items Branded Salty Snacks (89% of Net Sales)

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![](utz1q26earningspresentat009.jpg)

9 Branded Salty Snacks Net Sales Growth Multi-year strength in Branded Salty Snacks Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures. Note: Branded Salty Snacks is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz® brand, On The Border®, Zapp's®, and Boulder Canyon®. Other Brands include but are not limited to Golden Flake®, TORTIYAHS!®, Hawaiian®, Bachman®, Tim's Cascade®, Dirty Potato Chips®, TGI Fridays®, Vitner's® and others. Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 4.7% 2.3% 3.8% 3.1% 4.9% 5.4% 5.8% 2.5% 5.2% Branded Salty Snacks Quarterly Organic Net Sales Growth (%YoY Change) 4.9% 3-year CAGR

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![](utz1q26earningspresentat010.jpg)

10 Branded Salty Snacks Portfolio Evolution Note: See appendix for reconciliation of Utz Non-GAAP financial measures to most directly comparable GAAP measures. Note: Branded Salty Snacks is defined as Power Four Brands and Other Brands. Power Four Brands consist of the Utz® brand, On The Border®, Zapp's®, and Boulder Canyon®. Other Brands include but are not limited to Golden Flake®, TORTIYAHS!®, Hawaiian®, Bachman®, Tim's Cascade®, Dirty Potato Chips®, TGI Fridays®, Vitner's® and others. Mix shifting ~10 pts in favor of Branded Salty Snacks since 2023 79% 84% 87% 89% Q1 2023 Q1 2024 Q1 2025 Q1 2026 Branded Salty Snacks % of Net Sales Q1'26 Organic Net Sales Mix 89% 11% Branded Salty Snacks Non-Branded/Non-Salty

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![](utz1q26earningspresentat011.jpg)

11 Q1 Retail Dollar & Volume Trends Q1 Volume Growth Impacted by Year Ago Bonus Packs; 2 Year Stack Strong Source: Retail sales are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, 13-weeks ended 3/29/26; % YoY change compared to the 13-weeks ended 3/30/25 on a pro forma basis. Utz Retail Sales breakdown is Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, 13-weeks ended 3/29/26. Salty Category Total Company 2.4% 1.5% 0.9% 0.7% (0.1%) 0.8% 4.6% (3.0%) 7.9% 4.6% 2.7% 2.5% Retail Sales $ Volume (lbs.) Price/lb Retail Sales $ Volume (lbs.) Price/lb Q1 2026 Versus Year Ago Q1 2026 2-Year Stack Growth

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![](utz1q26earningspresentat012.jpg)

12 Power Four Q1 Retail Performance Significant Outperformance Versus Category 1.5% -3.0% -2.3% Retail Volume (lbs.) Total Salty Category Total Company Power Four Brands 0.9% 7.9% 9.2% Retail Price/lb. 2.4% 4.6% 6.7% Retail Sales $ Source: Retail sales and volume are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, 13-weeks ended 3/29/26; % YoY growth compared to the 13-weeks ended 3/30/25 on a pro forma basis. (1) Measured using MULO+ w/Convenience and Company 1Q'26 internal Net Sales data. May not sum due to rounding o Dollar share gains for total Company and Power Four Brands, driven by Boulder Canyon® o Growth led by Expansion Geographies driven by distribution and velocity gains o Retail Volume impacted by lapping Bonus Packs from prior year, more than offset by price benefit o Retail price per pound increased due to product mix, Bonus Packs lap, and targeted price and revenue growth management actions Q1'26 MULO+ w/Convenience YoY Growth

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![](utz1q26earningspresentat013.jpg)

13 Core Geographies Retail Performance Improved Share Performance in Core vs. Q4'25, Power Four Gained Retail Volume (lbs.) Source: Retail sales and volume are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, 13-weeks ended 3/29/26; % YoY growth compared to the 13-weeks ended 3/30/25 on a pro forma basis. Total Salty Category Total Company Power Four Brands 3.0% 2.7% 4.8% 1.7% -4.8% -3.9% Retail Sales $o Slight dollar share loss in Core Geographies but improved from Q4'25. Volume performance impacted by lapping Bonus Packs from prior year, offset by price benefit o Dollar and volume share growth in Boulder Canyon®, Golden Flake® Pork Rinds & Utz® Pretzels o Dollar share gains in On the Border® Tortilla Chips Q1'26 Core Geographies YoY Retail Growth

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14 Expansion Geographies Retail Performance Continued Dollar Growth Above Category o Gained dollar share for total Company and Power Four Brands o Growth driven by distribution and velocity gains o Strong dollar growth across Utz® Cheese/Pretzels, Boulder Canyon®, Dirty® Potato Chips and Golden Flake® Pork Rinds o Retail volume impacted by lapping Bonus Packs from prior year, offset by price benefit Retail Volume (lbs.) Total Salty Category Total Company Power Four Brands 2.1% 6.5% 8.9% 1.4% -1.3% -0.6% Retail Sales $ Source: Retail sales and volume are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, 13-weeks ended 3/29/25; % YoY growth compared to the 13-weeks ended 3/30/25 on a pro forma basis. Q1'26 Expansion Geographies YoY Retail Growth

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15 Expansion Geographies Growth by Entry Stage Continuing strong growth in Expansion Geographies vs. Q1 2025 FL NM DE MD TX OK KS NE SD NDMT WY CO UT ID AZ NV WA CA OR KY ME NY PA VT NH MA RI CT WV INIL NC TN SC ALMS AR LA MO IA MN WI NJ GA DC VA OH MI HI AK +6.5% vs. prior yr(1) 3.1% Market share(1) Expansion Geographies Initial Expansion Geographies +4.3% vs. Q1 prior yr(1) 3.6% Market share(1) 9 States Source: Retail sales are Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, 13-weeks ended 3/29/26. (1) Circana Total US MULO+ w/convenience Retail Sales, custom Utz Brands hierarchy, 13-weeks ended 3/29/26. +10.1% vs. Q1 prior yr(1) 2.6% Market share(1) 17 States Recent Expansion Geographies ~45% of Retail Sales(2) Core 6.6% Recent Expansion Initial Expansion Market share(1) National Market Share of 4.4%(1)

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16 Q1 2026 Innovation Launches Boulder Canyon Tallow & Flavored Tortillas demonstrating strong early traction • Tapping into strong consumer interest in non- seed fats • Expect to accelerate rollout to more retailers during remainder of 2026 • Launched 4 Flavored Tortillas SKUs in Natural Channel Q1 2026 • Plans to expand to other channels throughout 2026

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17 Household Penetration Increasing Household Penetration and Adding Buyers at Strong Repeat Rates Utz Household Penetration Utz Buyers (millions) Total Utz Buyer Repeat Rate Source: Circana Scan Panel Total U.S. All Outlets 52-weeks data through 3/22/26 compared to the 52-weeks ended 3/23/25. Note: Amounts may not sum due to rounding. 2025 2026 49.1% 50.2% 2025 2026 69.4% 70.0% 63.9 65.8 2025 2026 Total Company Salty Snack Category +1.1pts ~flat +1.9M +0.8M +0.6pts ~flat +1.2pts ~flat +2.0M +1.1M ~flat ~flat Latest 52-weeks Vs. Prior Year

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Financial Review BK Kelley Chief Financial Officer

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19 Q1'26 Financial Results Summary o Organic Net Sales +2.6% o Volume/mix -1.1% and +3.7% price o Ex. Bonus Packs, Volume/mix +1.6%. Price +1% o Branded Salty Snacks Organic Net Sales +5.2% o Adj. Gross Profit Margin expansion of +210bps o Benefits from productivity programs net of inflation o Adj. SG&A Expense increase of +13.2% o Marketing increase of 35% y/y, investments in growth, geographic expansion, and capabilities o Adj. EBITDA increased 6.2% to $47.9M o Adj. EBITDA Margin increased by 50bps o Adj. EPS decrease of 6.3% to $0.15 o Higher Adj. EBITDA, offset by higher D&A as contemplated in guidance YoY Change Q1'25Q1'26 13-weeks Ended March 30, 2025 13-weeks ended March 29, 2026 In $ millions, except per share amounts +2.6%352.1361.3Net Sales +2.6%352.1361.3Organic Net Sales +10.1%101.2111.4Adj. Gross Profit +210 bps28.7%30.8%% of Net Sales 13.2%56.163.5Adj. SG&A Expense +170 bps15.9%17.6%% of Net Sales 6.2%45.147.9Adj. EBITDA +50 bps12.8%13.3%% of Net Sales (4.5%)22.321.3Adj. Net Income (6.3%)$0.16$0.15Adj. EPS Note: See appendix for reconciliation of Non-GAAP financial measures to most directly comparable GAAP measures. Note: Amounts may not sum due to rounding.

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20 Q1'26 Adj. EBITDA Margin Bridge o Continued productivity savings across manufacturing/logistics and procurement, partially offset by supply chain costs and inflation o Price positive given lapping Bonus Packs from prior year and targeted price and revenue growth management actions o Higher marketing spend to support continued Branded Salty Snacks growth, 35% y/y increase o Higher SG&A Expense primarily to support capabilities and distribution growth in Expansion Geographies Q1'26 Adjusted EBITDA Margin Change Decomposition Note: See appendix for reconciliation of Non-GAAP financial measures to most directly comparable GAAP measures. Note: Amounts may not sum due to rounding. (1) Represents savings realized during 1Q'26 as a % of prior year Net Sales. (2) Including investments in expansion and y/y inflation 0.2% Vol/Mix 1.0% Price 4.2% Productivity Savings(1) (3.5%) 12.8% 13.3% Other Supply Chain Costs(2) (0.5%) Marketing Expense (0.9%) Q1 '25 Q1 '26Selling & Admin Expense

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21 Q1'26 Cash Flow & Balance Sheet Highlights Cash Flow Highlights 13-Weeks Ended March 29, 2026 ($12.2M)Net Cash Provided By Operations $13.8MCapital Expenditures ($25.9M)Adjusted Free Cash Flow(1) $9.7MDividends and Distributions Paid(2) Balance Sheet Highlights As of March 29, 2026 $73.7MCash and Cash Equivalents $854.0MGross Debt(3) $780.3MNet Debt(4) 3.6xNet Leverage Ratio(5) Note: See appendix for reconciliation of Non-GAAP financial measures to most directly comparable GAAP measures. (1) GAAP cash flow from operations less capital expenditures plus proceeds from asset sales. (2) Includes $3.5M of distributions to non-controlling interest holders and $0.7M of dividend equivalents on equity awards. (3) Includes Term Loan B, Real Estate Loan, ABL Facility, Equipment Loans, and Finance Leases. Excludes amounts related to guarantees on IO loans which are collateralized by routes. The Company has the ability to recover substantially all of the outstanding IO loan value in the event of a default scenario, which historically has been uncommon. (4) Reflects Gross Debt less Cash. (5) Net Leverage Ratio is a Non-GAAP financial measure and is Net Debt divided by trailing twelve months Adjusted EBITDA. (6) Includes cash on hand of $73.7 million and $122.4 million available under the Company's revolving credit facility. o Cash flow used in operations reflects seasonal working capital build o Capital investments moderating as planned o Ample liquidity of ~$196.1M as of March 29, 2026(6) o Net Leverage Ratio of 3.6x, better by 0.4x versus year ago

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22 Adjusted Free Cash Flow Improving Sharply Improved Cash from Operations and lower CapEx versus year ago Adj. Free Cash Flow Decomposition Y/Y ($ millions) -$20.2 -$38.8 $0.8 -$58.2 -$12.2 -$13.8 $0.1 -$25.9 Cash from Ops CapEx Proceeds from Sales of P&E Adjusted FCF 2025 2026 Adj. FCF Improvement +$32.3M Key Drivers: Net working capital improvement versus year ago benefited Cash Flow from Operations CapEx normalizing from exiting capital-intensive phase of Supply Chain Transformation Note: See appendix for reconciliation of Non-GAAP financial measures to most directly comparable GAAP measures.

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Reaffirming 2026 Outlook 23 Note: Quantitative reconciliations are not available for the forward-looking Non-GAAP financial measures used herein without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted EBITDA, Net Leverage Ratio, normalized GAAP basis tax expense, excluding one-time items, and Adjusted Earnings Per Share, Adjusted Free Cash Flow, and Adjsuted COGS, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results. Key AssumptionsGuidance RangeMetric Assumes flat category at midpoint. Continued Branded Salty Snacks growth, particularly the Power Four Brands, California expansion launch late Q1 2026. Excludes 53rd week. +2% to 3% Organic Net Sales Growth Includes higher base of Adjusted COGS due to Q4 2025 reclassification of delivery and certain DSD network costs. ~4%Productivity % of Adj. COGs Adjusted EBITDA margin expansion , fueled by productivity of ~4% (Adjusted COGS) and product mix, partially offset by inflation and modest reinvestment. Includes $4m-$6m to support California launch. Includes 53rd week. +5% to 8%Adj. EBITDA Growth Adj. EPS impacted by ~$13m of higher D&A, higher interest and an increased tax rate. The impact of higher D&A, interest and tax rate estimated to be approximately ~12c at midpoint of guidance ranges in 2026. Long-term, Adj. EPS is expected to grow in-line with Adj. EBITDA, excluding buybacks. Includes 53rd week. (3%) to (6%)Adj. EPS Growth Assumes lower capex, substantial decline in transformation and restructuring costs, and sales of certain excess real estate. Adjusted Free Cash Flow defined as Cash Flow From Operations Less Capex + Net Sales of Property & Equipment. $60M-$80MAdjusted Free Cash Flow 53rd week in Q4 2026 will benefit Reported Net Sales by ~$20m, Adj. EBITDA by ~$3m, and Adj. EPS by ~2¢. 53rd Week

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Reaffirming 2026 Outlook 24 Note: Quantitative reconciliations are not available for the forward-looking Non-GAAP financial measures used herein without unreasonable efforts due to the high variability, complexity, and low visibility with respect to certain items which are excluded from Organic Net Sales, Adjusted EBITDA, Net Leverage Ratio, normalized GAAP basis tax expense, excluding one-time items, and Adjusted Earnings Per Share, Adjusted Free Cash Flow, and Adjusted COGS, respectively. We expect the variability of these items to have a potentially unpredictable, and potentially significant, impact on our future financial results. (1) Normalized GAAP basis tax expense, which excludes one-time items. Key AssumptionsGuidance Range Additional Outlook Assumptions: ~$13m increase (at midpoint) in D&A from prior year due to 2025 capital projects in service for entirety of 2026. $93M-$97MDepreciation & Amortization Tax rate increase vs. ~16% prior year due to discrete 2025 tax benefits.17%-19%Effective Normalized Tax Rate(1) Higher costs associated with new Term Loan B swap at higher rates. Assumes no paydown of Term Loan B. $47M-$49MInterest Expense Substantial normalization with ~20% allocated to maintenance and ~80% allocated to productivity/cost savings and select growth initiatives. $60M-$65MCapital Expenditures Adj. EBITDA growth and accelerated cash generation.3.0x-3.2xNet Leverage Ratio

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Appendix

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 26

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 27

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 28

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 29

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 30

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 31

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 32

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Appendix Additional Reconciliations as Previously Disclosed

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 34

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 35

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 36

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 37

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 38

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 39

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 40

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 41

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Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures 42

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