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Utz Brands Reports Third Quarter 2024 Results and Reaffirms 2024 Outlook

Nov 1, 2024 Tim Hegberg

Hanover, PA – October 31, 2024 – Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded Salty Snacks and a small-cap value Staples equity, today reported financial results for the Company’s fiscal third quarter ended September 29, 2024. 3Q’24 Summary(1) Net Sales of $365.5 million Organic Net Sales increased 9% Gross Profit Margin expansion of 370bps Adjusted Gross Profit Margin expansion of 270bps Net Income of $0.8 million Adjusted EBITDA increased 6% to $54.0 million Diluted loss per share of $(0.03) Adjusted Earnings Per Share increased 5% to $0.21 (1) All comparisons for the third quarter of 2024 are compared to the third quarter ended October 1, 2023. "In the third quarter our momentum continued with solid Organic Net Sales growth, our seventh consecutive quarter of Adjusted EBITDA Margin expansion, and Adjusted Earnings Per Share growth of nearly 24%,” said Howard Friedman, Chief Executive Officer of Utz. “We are executing well on our distribution growth opportunities, and we believe our accelerated productivity cost savings will give us the flexibility to expand our margins and increase investments in our brands to support our continued growth. While we continue to expect a more competitive promotional environment in response to consumers seeking value, we will continue to make appropriate adjustments to our activities to meet consumer expectations. We are on track to meet our full-year financial targets, and we look forward to a strong finish to the year.” Third Quarter 2024 Results Third quarter net sales of $365.5 million compared to $371.9 million in the prior year period. The divestiture of the R.W. Garcia® and Good Health® brands impacted net sales by (3.6%). Organic Net Sales increased by 1.9% led by favorable volume/mix of 2.4% driven by strong growth of the Company’s Power Brands, partially offset by lower net price realization of (0.5%). For the 13-week period ended September 29, 2024, the Company’s retail sales, as measured by Circana MULO-C, decreased by 1.3% versus the prior-year period. The Company’s total Power Brands’ retail sales decreased by 1.2% versus the prior-year period and the Company’s Power Four Brands of Utz®, On The Border®, Zapp’s® and Boulder Canyon® decreased by 0.6%. Utz’s retail sales trends were primarily impacted by a more competitive promotional environment in potato chips, and also softness in the convenience store channel. Despite this, the Company’s retail volumes increased by 0.4% compared to a 0.2% decline for the Salty Snack category. Further, Utz’s Organic Net Sales growth outpaced retail sales growth driven primarily by solid performance in non-measured channels and planned strong seasonal shipments to support incremental merchandising events compared to the prior year. Gross profit margin of 35.8% expanded 370bps compared to 32.1% in the prior year period. Adjusted Gross Profit Margin of 39.0% expanded 270bps compared to 36.3% in the prior year period. These increases were driven by benefits from productivity and favorable sales volume/mix, which more than offset supply chain cost inflation, investments to support the Company’s productivity initiatives, and disciplined promotional investments. SD&A expenses were $110.0 million, compared to $105.5 million in the prior year period. Adjusted SD&A Expenses were $88.7 million compared to $83.0 million in the prior year period, primarily due to increased marketing spend, higher distribution costs, and investments in selling capabilities to support distribution growth in Expansion geographies. These expenses were partially offset by productivity benefits related to logistics costs included in distribution. The Company reported net income of $0.8 million compared to net income of $16.2 million in the prior year period. The change in net income was primarily due to an increase in the loss on the remeasurement of the warrant liability of $22.4 million. Adjusted Net Income in the quarter increased 20.3% to $29.6 million compared to $24.6 million in the prior year period. Adjusted Earnings Per Share increased 23.5% to $0.21 compared to $0.17 in the prior year period. The Adjusted Earnings Per Share growth in the third quarter was the result of operating earnings growth, lower Core Depreciation and Amortization Expense, and lower interest expense as a result of increased long-term debt repayment. Adjusted EBITDA increased 3.6% to $54.0 million, or 14.8% as a percentage of net sales, compared to $52.1 million, or 14.0% as a percentage of net sales, in the prior year period. The Adjusted EBITDA Margin improvement was driven by Adjusted Gross Margin expansion primarily due to the Company’s productivity programs. Balance Sheet and Cash Flow Highlights As of September 29, 2024 Total liquidity of $223.7 million, consisting of cash on hand of $64.9 million and $158.8 million available under the Company’s revolving credit facility. Net debt of $731.5 million resulting in a Net Leverage Ratio of 7x based on trailing twelve months Normalized Adjusted EBITDA of $196.5 million. For the thirty-nine weeks ended September 29, 2024 Cash flow provided by operations was $52.0 million, which reflects strong working capital performance in the third quarter. In addition, cash flow from operations also includes an approximately $30 million negative impact from the sale of Good Health® and R.W. Garcia®, and the manufacturing facilities. Capital expenditures were $60.9 million, and dividends and distributions paid were $30.8 Fiscal Year 2024 Outlook The Company is reaffirming its outlook for Organic Net Sales growth of 2%-2.5%. The Company continues to expect Organic Net Sales growth driven by volume growth that will be fueled by increased marketing investments, product innovation, already achieved distribution gains, and a more favorable fourth quarter growth comparison. The Company’s outlook also assumes net sales will be impacted by approximately $45 million due to the sale of the Good Health® and R.W. Garcia® The Company is reaffirming its outlook for Adjusted EBITDA growth of 5%-8% and assumes the estimated impact of the forgone profit contribution from the brands divested in February 2024 are mostly offset by accelerated cost savings and the transition services agreement. The Company is reaffirming its outlook for Adjusted Earnings per Share growth of 28%-32%. The Company continues to expect growth driven by increased operating earnings, a more favorable effective tax rate, and lower core depreciation and amortization expense resulting from the Company’s plant divestitures in April 2024. The Company also expects: An effective tax rate (normalized GAAP basis tax expense, which excludes one-time items) in the range of 17%-19% (unchanged); Interest expense of approximately $47 million (unchanged); Capital expenditures in the range of $80-$90 million (unchanged); and Net Leverage Ratio of approximately 3.6x (unchanged) at year-end fiscal 2024. 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, 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 third 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 8:00 a.m. Eastern Time today. Please visit the “Events & Presentations” section of Utz’s Investor Relations website at https://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 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 Kevin Powers Utz Brands, Inc. kpowers@utzsnacks.com Media Contact Kevin Brick Utz Brands, Inc. kbrick@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 “will,” “expect”, “intends”, “goal”, “on track” or other similar words, phrases or expressions. These forward-looking statements include future plans for the Company, including outlook for fiscal 2024, plans related to the transformation of the Company’s supply chain, the Company’s product mix, the Company’s ability to reduce debt, and the anticipated interest expense savings from the repricing of the $630 million Term Loan; 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 estimated or anticipated future results and benefits of the Company’s plans and operations; the effects of 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: the risk that the Company’s gross profit margins may be adversely impacted by a variety of factors, including variations in pricing of raw materials, retail customer requirements and mix, sales velocities, and required promotional support; changes in consumers’ loyalty to the Company’s brands due to factors beyond the Company’s control, including changes in consumer spending due to factors such as increasing household debt; changes in demand for the Company’s products affected by changes in consumer preferences and tastes or if the Company is unable to innovate or market its products effectively, particularly in the Company’s “expansion geographies”; costs associated with building brand loyalty and interest in the Company’s products which may be affected by actions by the Company’s competitors that result in the Company’s products not being suitably differentiated from the products of their competitors; consolidation of key suppliers of the Company; any inability of the Company to adopt efficiencies into its manufacturing processes, including automation and labor optimization, its network, including through plant consolidation and lowest landed cost for shipping its products, or its logistics operations; fluctuations in results of operations of the Company from quarter to quarter because of changes in promotional activities; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the risk that recently completed business combinations and other acquisitions recently completed by the Company or dispositions disrupt plans and operations; the ability of the Company to recognize the anticipated benefits of such business combinations, acquisitions, or dispositions, which may be affected by, among other things, competition and the ability of the Company to grow and manage growth profitably and retain its key employees; the outcome of any legal proceedings that may be instituted against the Company following the consummation of such business combinations, acquisitions, or dispositions; changes in applicable law or regulations; costs related to any planned business combinations, acquisitions, or dispositions; the ability of the Company to develop and maintain effective internal controls; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Forward-Looking Statements” in the Company’s Annual Report on Form 10-K filed with the Commission for the fiscal year ended December 31, 2023, and other reports filed by the Company with the Commission. 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. 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, identifies trends in our underlying operating results, and 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 judgments by management 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. Utz uses the following non-GAAP financial measures in its financial communications, and in the future could use others: Organic Net Sales Adjusted Gross Profit Adjusted Gross Profit as % of Net Sales (Adjusted Gross Profit Margin) Adjusted Selling, Distribution, and Administrative Expense Adjusted Selling, Distribution, and Administrative Expense as % of Net Sales Adjusted Net Income Adjusted Earnings Per Share EBITDA Adjusted EBITDA Adjusted EBITDA as % of Net Sales (Adjusted EBITDA Margin) Normalized Adjusted EBITDA Effective Normalized Tax Rate Net Leverage Ratio Organic Net Sales is defined as net sales excluding the impacts of acquisitions, divestitures, and IO route conversions. Adjusted Gross Profit 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 non-recurring items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. 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 on Net Sales. Adjusted Selling, Distribution, and Administrative Expense is defined as all Selling, Distribution, and Administrative expense excluding Depreciation and Amortization expense, a non- cash item. In addition, Adjusted Selling, Distribution, and Administrative Expense excludes the impact of costs that fall within the categories of non-cash adjustments and non-recurring items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. We also report Adjusted Selling, Distribution, and Administrative Expense as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Selling, Distribution, and Administrative Margin on Net Sales. Adjusted Net Income is defined as Net Income excluding the additional Depreciation and Amortization expense, a non-cash item, related to the Business Combination with Collier Creek Holdings and the acquisitions of Kennedy Endeavors, Kitchen Cooked, Inventure, Golden Flake, Truco Enterprises, R.W. Garcia and Festida. In addition, Adjusted Net Income is also adjusted to exclude deferred financing fees, interest income, and expense relating to IO loans and certain non-cash items, such as those related to stock-based compensation, hedging, and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, remeasurement of warrant liabilities and financing-related costs. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments. Adjusted Earnings Per Share is defined as Adjusted Net Income (as defined above) divided by the weighted average shares outstanding for each period on a fully diluted basis, assuming the Private Placement Warrants are net settled and the Shares of Class V Common Stock held by Continuing Members are converted to Class A Common Stock. EBITDA is defined as Net Income Before Interest, Income Taxes, and Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, such as stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives; and financing-related costs. 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. We also provide in this release, Adjusted EBITDA as a percentage of Net Sales, as an additional measure for readers to evaluate our Adjusted EBITDA Margin on Net Sales. Normalized Adjusted EBITDA is defined as Adjusted EBITDA after giving effect to pre-acquisition Adjusted EBITDA for certain acquisitions and dispositions from time to time. Effective Normalized Tax Rate is defined as normalized GAAP basis tax expense, which excludes one-time items, divided by Adjusted Earnings before Tax. Net Leverage Ratio is defined as Normalized Adjusted EBITDA divided by Net Debt. Net Debt is defined as Gross Debt less Cash and Cash Equivalents.

Zapp’s Rolls With Krewe of BOO!

Oct 17, 2024 Tim Hegberg

HANOVER, Pa. – (BUSINESS WIRE) -- Zapp’s™, a Cajun-inspired brand of kettle-style potato chips and Pretzel Stix, is bringing its parade of flavors and festive energy to New Orleans’ premier Halloween celebration as the official potato chip partner of Krewe of BOO!, New Orleans’ Official Halloween Parade. Zapp’s will bring bold flavors to three Halloween events on Saturday, Oct. 19: New Orleans Zombie Run: Locals are invited to join in on the zombie-themed 2-mile race that begins at 9 a.m. in the Warehouse District and ends on Frenchmen Street. Halloween Parade: The annual Krewe of BOO! Halloween Parade begins at 6:30 p.m. on Elysian Fields, making its way through the French Quarter and ending on Tchoupitoulas Street. Zapp’s will roll in its iconic vintage fire truck, and all Krewe members will hand out samples of its beloved potato chips to paradegoers, including Voodoo® and Spicy Cajun Crawtators®. Monster Mash: The parade after-party starts at 8 p.m. for all paradegoers who purchase a ticket. The night will include a DJ, live music and a costume contest. “Zapp’s Cajun-inspired flavors, like Voodoo and Evil Eye®, are amazingly flavorful snacks for paradegoers at this year’s Krewe of BOO! Halloween Celebration,” said Utz Brands®, Inc. Senior Vice President of Marketing Stacey Schultz. “Whether you’re celebrating in New Orleans or your own neighborhood, Zapp’s irresistible flavors can help anyone get in the spirit of the season.” Zapp’s potato chips and Pretzel Stix can be found in major mass, grocery and convenience retailers across the United States and online at utzsnacks.com. Zapp’s Voodoo Halloween Multipack Sacks are now available for purchase at Target®, allowing fans to experience the flavors of New Orleans at home. To learn more about Zapp’s and its new flavors, visit Zapp’s website or connect with Zapp’s on Facebook, Instagram and TikTok. And, as always, “Laissez les bons temps rouler!” #ZAPPS # # # 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 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 www.utzsnacks.com or call 1‐800‐FOR‐SNAX. SPM Communications Utz Brands, Inc. Agency Media Contact Ashley Lennington ashleyL@spmcommunications.com Media Kevin Brick kbrick@utzsnacks.com Investors Kevin Powers kpowers@utzsnacks.com

Utz Brands to Report Third Quarter 2024 Financial Results on October 31, 2024

Oct 15, 2024 Tim Hegberg

HANOVER, Pa. -- (BUSINESS WIRE) -- Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded salty snacks, today announced it plans to report its third quarter 2024 financial results on Thursday, October 31, 2024. A press release, pre-recorded management remarks, and slide presentation will be issued that morning at 6:30 a.m. Eastern Time, followed by a live webcast question and answer session with analysts at 8:00 a.m. Eastern Time. Please visit the “Events & Presentations” section of Utz’s Investor Relations website at https://investors.utzsnacks.com to access these materials and webcast. # # # 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 a century with 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 its growing customer base. For more information, please visit www.utzsnacks.com 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 (investors.utzsnacks.com), SEC 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 issues. 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 Utz Brands, Inc. Kevin Powers kpowers@utzsnacks.com Media Contact Utz Brands, Inc. Kevin Brick kbrick@utzsnacks.com

UTZ BRANDS FEATURES NEW AND UPCOMING FLAVORS AT NACS SHOW 2024

Oct 2, 2024 Tim Hegberg

Zapp’s® and Utz® to showcase variety of innovative products at upcoming expo HANOVER, Pa. (BUSINESS WIRE) — Utz Brands, Inc., a leading U.S. manufacturer of branded salty snack foods for more than 100 years, will showcase its bold and distinctive snacks at the 2024 National Association of Convenience Stores (NACS) Show, held October 8-10 at the Las Vegas Convention Center. Zapp’s and Utz will preview upcoming new potato chip and pretzel flavors and highlight a variety of popular products from many of Utz’s beloved brands at North Hall booth 2847. Zapp’s will offer NACS attendees a sneak preview of its new Big Cheezy Sinfully-Seasoned™ Pretzel Stix, available February 2025. The new pretzels feature the same flavor profile as recently introduced Big Cheezy potato chips, which are topped with a blend of cheddar cheese, sour cream and Cajun seasoning, delivering a flavorful, crunchy snack that puts a cheesy twist on a classic New Orleans taste. Utz will also showcase a soon-to-be-released flavor addition to its new Mixed Minis™ pretzel line: Sour Cream & Onion, available February 2025. Mixed Minis, which launched in February 2024, are bite-sized and perfectly crafted through a special two-part baking process to guarantee the signature crisp and crunch Utz fans crave. The new flavor joins Garlic Butter and Mike’s Hot Honey® Mixed Mini pretzels, currently available in 4- and 12-ounce packaging. “This year’s NACS Show is the perfect stage to preview upcoming flavor innovations like Zapp’s Big Cheezy Sinfully-Seasoned Pretzel Stix and Sour Cream & Onion Mixed Minis ahead of their official releases,” said Utz Brands, Inc., Executive Vice President, Sales and Chief Customer Officer Mark Schreiber. “At Utz, we’re not just evolving; we’re building on a century of tradition, pushing the boundaries of flavor and setting a new standard for what consumers expect from snacking.” In addition to Utz and Zapp’s, the company will be sampling a variety of flavorful snacks from its portfolio of brands, such as Boulder Canyon®, Hawaiian Brand®, Jax®, Golden Flake® and TGI Fridays®. Utz Brands products are available for purchase online at www.utzsnacks.com or in leading retailers nationwide. For more information, follow Utz on Facebook, Instagram and TikTok, Zapp’s on Facebook, Instagram and TikTok, and Boulder Canyon on Facebook, Instagram and TikTok. 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 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 across the U.S. to serve its growing customer base. For more information, please visit www.utzsnacks.com or call 1‐800‐FOR‐SNAX. SPM Communications Utz Brands, Inc. Agency Media Contact Ashley Lennington ashleyL@spmcommunications.com Media Kevin Brick kbrick@utzsnacks.com Investors Kevin Powers kpowers@utzsnacks.com

UTZ LAUNCHES NEW CRUNCH & FLAVOR CAMPAIGN

Sep 25, 2024 Tim Hegberg

New campaign celebrates Utz’s family-crafted process to deliver crunch and flavor over everything! HANOVER, Pa. (BUSINESS WIRE) — Utz®, a leading U.S. salty snack brand, has launched a new advertising campaign that puts the spotlight on its signature crunch and flavors. For over 100 years, Utz has been crafting snacks that deliver unmatched taste and texture using family-owned recipes and quality ingredients. The new “Crunch & Flavor Over Everything” campaign celebrates this legacy, introducing a Chief Crunch & Flavor Officer who embodies Utz’s goal of ensuring that every Utz snack offers the perfect blend of satisfying crunch and mouthwatering flavor. Unmatched Flavor: Utz uses quality ingredients and treasured family recipes in its quest for the most flavorful snacks. Crafted Crunch: Utz uses a crafted process perfected over generations to deliver the right amount of crunch in every bite. “We’ve introduced many new and innovative flavors and forms to our snack lineup over the last century. The ‘Crunch & Flavor Over Everything’ campaign highlights our ongoing commitment to the quality and care that make every Utz snack uniquely satisfying,” said Utz Brands, Inc., Marketing Director Amber McGrogan. “As our creative brand partner, The Sasha Group helped bring this campaign to life in a fun and engaging way for both new and loyal fans. To check out the latest Utz campaign, visit Utz on Instagram. To discover what Utz is all about, visit the Utz website or connect on Facebook, Instagram, and TikTok. #CRUNCHANDFLAVOR 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 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 www.utzsnacks.com or call 1‐800‐FOR‐SNAX. MEDIA CONTACT: SPM Communications Utz Brands, Inc. Agency Media Contact Ashley Lennington ashleyL@spmcommunications.com Media Kevin Brick kbrick@utzsnacks.com Investors Kevin Powers kpowers@utzsnacks.com

Utz Brands, Inc. Declares Quarterly Cash Dividend

Sep 5, 2024 Tim Hegberg

Hanover, PA, (Business Wire) September 5, 2024 – Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded salty snacks and a small-cap value and growth Staples equity, today announced that its Board of Directors has declared a regular quarterly cash dividend of approximately $0.059 per share on the Company’s Class A Common Stock, as well as an additional cash dividend of approximately $0.011 per share. Payment is expected to be made by the Company on October 3, 2024, to stockholders of record at the close of business on September 16, 2024. The cash dividend includes a regular quarterly cash dividend of $0.059 per share and an additional cash dividend in the aggregate amount of approximately $0.9 million, which is approximately $0.011 per share. This additional cash dividend reflects growth in the Company’s pre-tax income from improved operating performance and will be funded from a portion of the tax distribution paid or to be paid by Utz Brands Holdings to Utz that is in excess of corporate taxes payable by the Company. Future declarations of quarterly or other dividends are subject to the determination and discretion of Utz’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition and other factors that the Board may deem relevant. 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 a century of 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, clubs, convenience stores, drug stores, and other channels. Based in Hanover, Pennsylvania, Utz has multiple manufacturing facilities across the U.S. to serve our growing customer base. For more information, please visit www.utzsnacks.com or call 1‐800‐FOR‐SNAX. 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 “will”, “expect”, “intends”, “goal” or other similar words, phrases or expressions. 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. Utz Brands, Inc. Investors Kevin Powers kpowers@utzsnacks.com Media Kevin Brick kbrick@utzsnacks.com

Utz Brands Completes Acquisition of Strategic Distribution Rights of National Food Corp

Aug 20, 2024 Tim Hegberg

The acquisition includes ~65 Routes in South Florida to enhance local DSD capabilities and to support geographic expansion opportunities to drive growth Hanover, PA – August 12, 2024 – Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded Salty Snacks and a small-cap value and growth Staples equity, is pleased to announce that it has entered into a definitive agreement to purchase certain distribution rights in South Florida from an existing third-party direct-store delivery (“DSD”) distributor, National Food Corp (“National Food”). This acquisition of ~65 DSD routes in South Florida, covering Miami, Fort Lauderdale, West Palm Beach, Naples, and Fort Myers represents Utz’s second transaction with National Food. The first transaction occurred in March 2021, and involved the acquisition of 21 DSD routes in Central Florida. Utz now oversees more than 200 independent operator-run routes in Florida, from the panhandle to the southernmost part of the state. Florida is a key expansion geography for Utz, as it represents the third largest U.S. state in terms of Salty Snack Category sales, with $2.6 billion of retail sales(1). Since 2021, Utz has increased its retail sales in Florida to $103 million, representing a three-year compounded annual growth rate of 28%, and has also increased its market share from 2.7% to 3.9%(1). While the company has enjoyed very strong growth, this transaction shows that there is still significant market share opportunity in Florida which remains below the average Core geographies share at 6.9%(1). We believe that Florida’s large consumer base, combined with strong recognition of the Utz® portfolio brands, uniquely positions us to continue this growth trajectory. To support this expansion, Utz plans to increase its investment in the region and provide enhanced retailer support with increased distribution facilities and sales management, higher service velocity, and an expanded route system. “We are very excited to announce this transaction, as we continue to execute the expansion strategy that we outlined during our December 2023 Investor Day,” said Howard Friedman, Chief Executive Officer of Utz. “Strengthening our regional foothold and bolstering our customer relationships in Florida is a key focus, as the state represents an important expansion geography for Utz. We look forward to expanding our distribution and offering our portfolio of iconic snacking products to more consumers in this important geography.” (1) Source: Circana MULO-C, last-52 weeks ending 6/30/2024. 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 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. 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 “will”, “expect”, “intends”, “goal” or other similar words, phrases or expressions. 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. Investor Contact Kevin Powers Utz Brands, Inc. kpowers@utzsnacks.com Media Contact Kevin Brick Utz Brands, Inc. kbrick@utzsnacks.com

Utz Announces Board of Director Retirement of Michael Rice and Appointment of William Werzyn Jr.

Aug 20, 2024 Tim Hegberg

HANOVER, PA., (Business Wire) August 20, 2024 – Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded Salty Snacks and a small-cap value and growth Staples equity, announced that Michael W. Rice has retired from his position on the Utz Board of Directors (the “Board”), effective August 20. Mr. Rice will continue to participate in Board activities as an observer. The Company has also announced that William “B.J.” Werzyn Jr. has been appointed as a Director on the Board and will fill the vacancy created by Mr. Rice’s retirement. Mr. Rice served Utz in numerous roles in a career that spanned well over fifty years. Mr. Rice formally joined the family business in 1968, and became Executive Vice President in 1970, President and Chief Executive Officer in 1978, and Chairperson and CEO in 1992. In 2012, Mr. Rice turned the day-to-day senior leadership for the then family-owned company to Dylan Lissette, a fourth-generation family member through marriage. Utz became a publicly traded Company in 2020, after which Mr. Rice served as a Director and Chairperson Emeritus on the Utz Brands, Inc. Board of Directors. During his tenure, Mr. Rice is credited for diversifying the Company with pretzels, cheese curls, and other Salty Snack food subcategories, expanding Utz’s capabilities and capacity, while also leading the business’s accelerated geographic expansion beyond Utz’s Central Pennsylvania and Maryland roots. Mr. Rice was often quoted as saying, “Take care of the little things, and the big things will take care of themselves. Pay attention to the details,” a mantra that has lived on and is often repeated among Utz associates. “Mike is a true Utz icon whose contributions to the Company are too numerous to count,” said Howard Friedman, Utz CEO. “What was always clear was Mike’s treatment of the associates of this company as family. His legacy as one of the true architects of Utz’s amazing success will forever live on. We are thrilled that Mike will continue to participate with guidance and insight to the Utz Board in an observer capacity.” William Werzyn, Jr. (“B.J.”) is the Executive Chairman, Founder, and Chief Executive Officer of West Shore Home, LLC. West Shore is one of the largest direct-to-consumer home remodelers in the nation with over 41 locations in 21 states. “The Board is thrilled to have identified B.J. Werzyn, a Pennsylvania native and business leader, as the replacement for Mike’s Board seat,” said Dylan Lissette, Chairperson of the Utz Board of Directors. “B.J.’s entrepreneurial background and his technology experience combined with his business acumen, will be an invaluable addition to our Board.” Mr. Werzyn has served as CEO of West Shore Home, LLC since 2006, and has also served as the company’s Executive Chairman since October 2020. West Shore currently employs more than 3,000 people and has annual revenue of more than $750 million. In 2022, under Mr. Werzyn’s leadership, West Shore launched the nonprofit organization, West Shore for Warriors. The mission of West Shore for Warriors is to serve U.S. veterans, active military members, and their families. Mr. Werzyn resides in Mechanicsburg, Pennsylvania, and received his B.S. from Penn State University in 1999. Utz Announces Board of Director Retirement of Michael Rice and the Appointment of William Werzyn Jr. See Michael Rice (left), William “B.J.” Werzyn Jr. (right) Source: Utz Brands, Inc. 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 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. Utz Brands, Inc. Investors Kevin Powers kpowers@utzsnacks.com Media Kevin Brick kbrick@utzsnacks.com

Zapp’s Unleashes Two Daringly Different New Flavors

Aug 9, 2024 Tim Hegberg

Big Cheezy Kettle Potato Chips and Sweet Cinnamon & Sugar Pretzel Stix bring more New Orleans flair to snacking HANOVER, Pa. – Zapp’s™, a daringly different brand of chips and pretzels inspired by the sights and sounds of The Big Easy, has added two bold new flavors to its bestselling Kettle Potato Chip and Sinfully-Seasoned™ Pretzel Stix lineup that are sure to delight snack lovers across the country. Big Cheezy: A cheesy twist on a classic New Orleans taste, the newest Zapp’s Kettle Potato Chips are cooked to perfection and coated with a blend of cheddar cheese, sour cream and Cajun seasoning for a flavorful, crunchy chip. Available in 2.5- and 8-ounce packaging, Big Cheezy is the first new flavor added to Zapp’s Kettle Potato Chip line in two years. Sweet Cinnamon & Sugar: The latest flavor launch of Zapp's popular Sinfully-Seasoned Pretzel Stix line, Sweet Cinnamon & Sugar features Zapp’s crunchy, savory pretzel coated with a sweet cinnamon and sugar blend. Zapp’s Pretzel Stix are twisted to deliver an explosive blend of flavors for the perfect combination of sweet and savory, available in 1.5-, 5- and 16-ounce packaging. “We put a twist on classic pretzels and chips the only way we know how – with a unique New Orleans kick that packs maximum flavor,” said Utz Brands, Inc., Senior Vice President of Marketing Stacey Schultz. “Whether it’s the savory, complex crunch that Big Cheezy brings to the table, or the salty-sweet combo that Sweet Cinnamon & Sugar adds to our Sinfully-Seasoned Pretzel Stix line, we aim to excite curiosity and deliver unique snacks that Zapp’s is known for.” The newest additions to the Zapp’s lines can be found in major mass, grocery and convenience retailers across the United States and online at utzsnacks.com for mail order. To learn more about Zapp's and its new flavors, visit Zapp’s website or connect with Zapp’s on Facebook, Instagram and TikTok. And, as always, “Laissez les bons temps rouler!” #ZAPPS #ZAPPSPRETZELS 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 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 www.utzsnacks.com or call 1‐800‐FOR‐SNAX. SPM Communications Utz Brands, Inc. Agency Media Contact Ashley Lennington ashleyL@spmcommunications.com Media Kevin Brick kbrick@utzsnacks.com Investors Kevin Powers kpowers@utzsnacks.com New from Zapp’s -- Big Cheezy Kettle Potato Chips, and Sweet Cinnamon & Sugar Pretzel Stix. Source: Utz Brands, Inc.

Utz Brands Reports Second Quarter 2024 Results and Raises FY’24 Adjusted Earnings Per Share Outlook

Aug 5, 2024 Tim Hegberg

Hanover, PA – August 1, 2024 – Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded Salty Snacks and a small-cap value Staples equity, today reported financial results for the Company’s fiscal second quarter ended June 30, 2024. 2Q’24 Summary(1) Net Sales of $356.2 million Organic Net Sales increased 1.6% Gross Profit Margin expansion of 260bps Adjusted Gross Profit Margin expansion of 260bps Net Income of $25.4 million Adjusted EBITDA increased 10.0% to $49.7 million Earnings per share of $0.23 Adjusted Earnings per share increased 46.2% to $0.19 (1) All comparisons for the second quarter of 2024 are compared to the second quarter ended July 2, 2023. "I'm pleased with our continued strong momentum in the second quarter, as we gained dollar, pound, and unit share in the Salty Snack category for the third consecutive quarter. In addition, we delivered our sixth consecutive quarter of year-over-year Adjusted EBITDA Margin expansion, driven by strong Adjusted Gross Profit Margin growth, and we increased Adjusted Earnings per Share by 46%," said Howard Friedman, Chief Executive Officer of Utz. "We made necessary adjustments to our promotional activities during the quarter to address consumer value expectations. Our accelerated productivity cost savings provide us the flexibility to both continue to expand our margins and increase investments behind our brands to support our geographic expansion. We expect our growth opportunities will drive strong volume growth in the second half of the year." Second Quarter 2024 Results Second quarter net sales were $356.2 million compared to $362.9 million in the prior year period. The divestiture of the R.W. Garcia® and Good Health® brands impacted net sales growth by (3.3%), and the Company’s continued shift to independent operators (IOs) and the resulting increase in sales discounts impacted net sales growth by an estimated (0.1%). Organic Net Sales increased 1.6% led by increased volume/mix of 2.3% driven by strong growth of the Company’s Power Brands, partially offset by lower net price realization of (0.7%). For the 13-week period ended June 30, 2024, the Company’s retail sales, as measured by Circana MULO-C, increased 1.1% versus the prior-year period led by volume growth of 3.2%. The Company’s total Power Brands’ retail sales increased 1.7% versus the prior-year period and the Company’s Power Four Brands of Utz®, On The Border®, Zapp’s® and Boulder Canyon® increased 2.8%. Gross profit margin of 35.0% expanded 260bps compared to 32.4% in the prior year period. Adjusted Gross Profit Margin of 37.6% also expanded 260bps compared to 35.0% in the prior year period as the benefits from productivity and favorable sales volume/mix more than offset supply chain cost inflation, investments to support the Company’s productivity initiatives and lower pricing. The continued shift to IOs impacted Adjusted Gross Profit Margin by approximately 10bps, but with offsetting benefits in Selling, Distribution, and Administrative (SD&A) expense. SD&A expenses were $104.6 million compared to $114.5 million in the prior year period. Adjusted SD&A Expenses were $84.5 million compared to $81.7 million in the prior year period primarily due to increased marketing spend, higher distribution costs, and investments in capabilities. These expenses were partially offset by productivity benefits. The Company reported net income of $25.4 million compared to a net loss of $(8.6) million in the prior year period. Adjusted Net Income in the quarter increased 46.3% to $27.5 million compared to $18.8 million in the prior year period. Adjusted Earnings per share increased 46.2% to $0.19 compared to $0.13 in the prior year period. The Adjusted Earnings per share growth in the second quarter was the result of operating earnings growth, lower core depreciation and amortization expense, and lower interest expense as a result of increased long-term debt repayment. Adjusted EBITDA increased 10.0% to $49.7 million, or 14.0% as a percentage of net sales, compared to $45.2 million, or 12.5% as a percentage of net sales, in the prior year period. The Adjusted EBITDA margin improvement was driven by Adjusted Gross Margin expansion primarily due to the Company’s productivity programs. Balance Sheet and Cash Flow Highlights As of June 30, 2024 Total liquidity of $196.9 million, consisting of cash on hand of $66.6 million and $130.3 million available under the Company’s revolving credit facility. Net debt of $747.5 million resulting in a Net Leverage Ratio of 8x based on trailing twelve months Normalized Adjusted EBITDA of $194.6 million. In April 2024, the Company: Used ~$9.0 million of net proceeds from its most recent plant dispositions to pay down long-term debt and increased its cash balance by ~$5.0 million resulting in a ~$14.0 million reduction of net debt. Completed a repricing of its $630 million Term Loan which reduced the applicable interest rate on the Term Loan by approximately 36 bps (assuming one-month SOFR) from Term SOFR plus a credit spread adjustment plus 3.00% to Term SOFR plus 2.75%. The Company estimates that the combination of the ~$9.0 million debt paydown and the repricing of the Term Loam will result in cash interest expense savings of ~$3.0 million annually. For the twenty-six weeks ended June 30, 2024 Cash flow used in operations was $(0.2) million, which reflects the seasonal use of working capital, and also includes an approximately $30 million impact from the sale of Good Health® and R.W. Garcia®, and the manufacturing facilities. Capital expenditures were $37.8 million, and dividend and distributions paid were $18.9 Fiscal Year 2024 Outlook The Company is modestly revising its outlook for Organic Net Sales growth from ~3% or better to now ~3%. The revised outlook is due to a more moderate growth outlook for the Salty Snack Category. The Company continues to expect Organic Net Sales growth driven by volume growth, fueled by increased marketing investments, product innovation, already achieved distribution gains, and an easier second half growth comparison. The Company’s outlook also assumes net sales will be impacted by ~$45 million due to the sale of the Good Health® and R.W. Garcia® The Company is reaffirming its outlook for Adjusted EBITDA growth of 5%-8% and assumes the estimated impact of the forgone profit contribution from the brands divested in February 2024 are mostly offset by accelerated cost savings and the transition services agreement. The Company is raising its outlook for Adjusted Earnings per Share growth from 23%-28%, to 28%-32%. The improved growth rate expectation is the result of a more favorable effective tax rate and lower core depreciation and amortization expense resulting from the Company’s plant divestitures in April 2024. The Company also expects: An effective tax rate (normalized GAAP basis tax expense, which excludes one-time items) in the range of 17%-19% (previously 18%-20%); Interest expense of ~$47 million (unchanged); Capital expenditures in the range of $80-$90 million (unchanged); and Net Leverage Ratio of ~3.6x (unchanged) at year-end fiscal 2024. With respect to projected fiscal 2024 Organic Net Sales, Adjusted EBITDA and Adjusted Earnings Per Share, a quantitative reconciliation is not available 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 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 second 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 8:00 a.m. Eastern Time today. Please visit the “Events & Presentations” section of Utz’s Investor Relations website at https://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 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 Kevin Powers Utz Brands, Inc. kpowers@utzsnacks.com Media Contact Kevin Brick Utz Brands, Inc. kbrick@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 “will”, “expect”, “intends”, “goal” or other similar words, phrases or expressions. These forward-looking statements include future plans for the Company, the estimated or anticipated future results and benefits of the Company’s future plans and operations, plans related to transformation of the Company’s supply chain; the Company’s product mix; the Company’s ability to reduce debt and the anticipated interest expense savings from the repricing of the $630 million Term Loan; 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 effects of 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, future capital structure, future opportunities for the Company, 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. Factors that may cause such differences include, but are not limited to: the risk that the Company’s gross profit margins may be adversely impacted by a variety of factors, including variations in raw materials pricing, retail customer requirements and mix, sales velocities and required promotional support; changes in consumers’ loyalty to the Company’s brands due to factors beyond the Company’s control, including changes in consumer spending due to factors such as increasing household debt; changes in demand for the Company’s products affected by changes in consumer preferences and tastes or if the Company is unable to innovate or market its products effectively, particularly in the Company’s Expansion geographies; costs associated with building brand loyalty and interest in the Company’s products which may be affected by actions by the Company’s competitors’ that result in the Company’s products not suitably differentiated from the products of their competitors; consolidation of key suppliers to the Company; inability of the Company to adopt efficiencies into its manufacturing processes, including automation and labor optimization, its network, including through plant consolidation and lowest landed cost for shipping its products, or its logistics operations; fluctuations in results of operations of the Company from quarter to quarter because of changes in promotional activities; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the risk that recently completed business combinations and other acquisitions recently completed by the Company (collectively, the “Business Combinations”) or dispositions that disrupt plans and operations; the ability to recognize the anticipated benefits of such Business Combinations or dispositions, which may be affected by, among other things, competition and the ability of the Company to grow and manage growth profitably and retain its key employees; the outcome of any legal proceedings that may be instituted against the Company following the consummation of such Business Combinations or dispositions; changes in applicable law or regulations; costs related to the Business Combinations or dispositions; the ability of the Company to maintain the listing of the Company’s Class A Common Stock on the New York Stock Exchange; the inability of the Company to develop and maintain effective internal controls; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Forward-Looking Statements” in the Company’s Annual Report on Form 10-K filed with the Commission, for the fiscal year ended December 31, 2023, and other reports filed by the Company with the Commission. In addition, 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. 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, identifies trends in our underlying operating results, and 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 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. 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. Utz uses the following non-GAAP financial measures in its financial communications, and in the future could use others: Organic Net Sales Adjusted Gross Profit Adjusted Gross Profit as % of Net Sales (Adjusted Gross Profit Margin) Adjusted Selling, Distribution, and Administrative Expense Adjusted Selling, Distribution, and Administrative Expense as % of Net Sales Adjusted Net Income Adjusted Earnings Per Share EBITDA Adjusted EBITDA Adjusted EBITDA as % of Net Sales (Adjusted EBITDA Margin) Normalized Adjusted EBITDA Net Leverage Ratio Organic Net Sales is defined as net sales excluding the impacts of acquisitions, divestitures and IO route conversions. Adjusted Gross Profit 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 non-recurring items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. 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 on Net Sales. Adjusted Selling, Distribution, and Administrative Expense is defined as all Selling, Distribution, and Administrative expense excluding Depreciation and Amortization expense, a non- cash item. In addition, Adjusted Selling, Distribution, and Administrative Expense excludes the impact of costs that fall within the categories of non-cash adjustments and non-recurring items such as those related to stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, and financing-related costs. We also report Adjusted Selling, Distribution, and Administrative Expense as a percentage of Net Sales as an additional measure for investors to evaluate our Adjusted Selling, Distribution, and Administrative Margin on Net Sales. Adjusted Net Income is defined as Net Income excluding the additional Depreciation and Amortization expense, a non-cash item, related to the Business Combination with Collier Creek Holdings and the acquisitions of Kennedy Endeavors, Kitchen Cooked, Inventure, Golden Flake, Truco Enterprises, R.W. Garcia and Festida. In addition, Adjusted Net Income is also adjusted to exclude deferred financing fees, interest income, and expense relating to IO loans and certain non-cash items, such as those related to stock-based compensation, hedging, and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives, remeasurement of warrant liabilities and financing-related costs. Lastly, Adjusted Net Income normalizes the income tax provision to account for the above-mentioned adjustments. Adjusted Earnings Per Share is defined as Adjusted Net Income (as defined, herein) divided by the weighted average shares outstanding for each period on a fully diluted basis, assuming the Private Placement Warrants are net settled and the Shares of Class V Common Stock held by Continuing Members are converted to Class A Common Stock. EBITDA is defined as Net Income Before Interest, Income Taxes, and Depreciation and Amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items, such as stock-based compensation, hedging and purchase commitments adjustments, asset impairments, acquisition and integration costs, business transformation initiatives; and financing-related costs. 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. We also provide in this release, Adjusted EBITDA as a percentage of Net Sales, as an additional measure for readers to evaluate our Adjusted EBITDA Margin on Net Sales. Normalized Adjusted EBITDA is defined as Adjusted EBITDA after giving effect to pre-acquisition Adjusted EBITDA for certain acquisitions and dispositions from time to time. Net Leverage Ratio is defined as Normalized Adjusted EBITDA divided by Net Debt. Net Debt is defined as Gross Debt less Cash and Cash Equivalents. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the thirteen weeks ended June 30, 2024 and July 2, 2023 (In thousands, except share information) (Unaudited) (in thousands) Thirteen weeks ended June 30, 2024 Thirteen weeks ended July 2, 2023 Net sales $ 356,190 $ 362,853 Cost of goods sold 231,436 245,460 Gross profit 124,754 117,393 Selling, distribution, and administrative expenses Selling and distribution 73,780 66,869 Administrative 30,813 47,584 Total selling, distribution, and administrative expenses 104,593 114,453 Gain (loss) on sale of assets, net 2,373 (279) Income from operations 22,534 2,661 Other income (expense), net Interest expense (10,209) (15,019) Loss on debt extinguishment (1,273) — Other income 198 272 Gain on remeasurement of warrant liability 12,888 2,808 Other income (expense), net 1,604 (11,939) Income (loss) before taxes 24,138 (9,278) Income tax benefit (1,309) (725) Net income (loss) 25,447 (8,553) Net (income) loss attributable to noncontrolling interest (5,599) 4,429 Net income (loss) attributable to controlling interest $ 19,848 $ (4,124) Income (loss) per Class A Common stock: (in dollars) Basic $ 0.24 $ (0.05) Diluted $ 0.23 $ (0.05) Weighted-average shares of Class A Common stock outstanding Basic 81,457,014 81,063,457 Diluted 84,954,412 81,063,457 Net income (loss) $ 25,447 $ (8,553) Other comprehensive (loss) income: Change in fair value of interest rate swap (2,142) 9,572 Comprehensive income 23,305 1,019 Net comprehensive (income) loss attributable to noncontrolling interest (4,696) 383 Net comprehensive income attributable to controlling interest $ 18,609 $ 1,402 Utz Brands, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the twenty-six weeks ended June 30, 2024 and July 2, 2023 (In thousands, except share information) (Unaudited) (in thousands) Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Net sales $ 702,713 $ 714,286 Cost of goods sold 458,386 492,397 Gross profit 244,327 221,889 Selling, distribution, and administrative expenses Selling and distribution 147,446 131,915 Administrative 66,595 88,624 Total selling, distribution, and administrative expenses 214,041 220,539 Gain (loss) on sale of assets, net 1,903 (787) Income from operations 32,189 563 Other income (expense), net Gain on sale of business 44,015 — Interest expense (24,040) (29,397) Loss on debt extinguishment (1,273) — Other income 1,108 1,887 Gain on remeasurement of warrant liability 1,080 576 Other income (expense), net 20,890 (26,934) Income (loss) before taxes 53,079 (26,371) Income tax expense (benefit) 25,236 (3,336) Net income (loss) 27,843 (23,035) Net (income) loss attributable to noncontrolling interest (11,986) 9,784 Net income (loss) attributable to controlling interest $ 15,857 $ (13,251) Income (loss) per Class A Common stock: (in dollars) Basic $ 0.19 $ (0.16) Diluted $ 0.19 $ (0.16) Weighted-average shares of Class A Common stock outstanding Basic 81,423,240 81,020,732 Diluted 84,762,662 81,020,732 Net income (loss) $ 27,843 $ (23,035) Other comprehensive income (loss): Change in fair value of interest rate swap 2,517 (753) Comprehensive income (loss) 30,360 (23,788) Net comprehensive (income) loss attributable to noncontrolling interest (13,048) 10,105 Net comprehensive income (loss) attributable to controlling interest $ 17,312 $ (13,683) Utz Brands, Inc. CONSOLIDATED BALANCE SHEETS June 30, 2024 and December 31, 2023 (In thousands, except per share information) As of June 30, 2024 As of December 31, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 66,574 $ 52,023 Accounts receivable, less allowance of $3,077 and $2,933, respectively 137,962 135,130 Inventories 100,710 104,666 Prepaid expenses and other assets 44,539 30,997 Current portion of notes receivable 4,581 5,237 Total current assets 354,366 328,053 Non-current Assets Assets held for sale — 7,559 Property, plant and equipment, net 300,050 318,881 Goodwill 870,695 915,295 Intangible assets, net 1,012,447 1,063,413 Non-current portion of notes receivable 9,968 12,413 Other assets 102,590 101,122 Total non-current assets 2,295,750 2,418,683 Total assets $ 2,650,116 $ 2,746,736 LIABILITIES AND EQUITY Current Liabilities Current portion of term debt $ 12,034 $ 21,086 Current portion of other notes payable 7,365 7,649 Accounts payable 121,793 124,361 Accrued expenses and other 68,263 77,590 Total current liabilities 209,455 230,686 Non-current portion of term debt and revolving credit facility 785,539 878,511 Non-current portion of other notes payable 17,291 19,174 Non-current accrued expenses and other 73,843 76,720 Non-current warrant liability 42,192 43,272 Deferred tax liability 116,068 114,690 Total non-current liabilities 1,034,933 1,132,367 Total liabilities 1,244,388 1,363,053 Commitments and Contingencies Shares of Class A Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 81,530,122 and 81,187,977 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 8 8 Shares of Class V Common Stock, $0.0001 par value; 61,249,000 shares authorized; 59,349,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 6 6 Additional paid-in capital 955,280 944,573 Accumulated deficit (293,750) (298,049) Accumulated other comprehensive income 24,413 22,958 Total stockholders' equity 685,957 669,496 Noncontrolling interest 719,771 714,187 Total equity 1,405,728 1,383,683 Total liabilities and equity $ 2,650,116 $ 2,746,736 Utz Brands, Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS For the twenty-six weeks ended June 30, 2024 and July 2, 2023 (In thousands) (Unaudited) Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Cash flows from operating activities Net income (loss) $ 27,843 $ (23,035) Adjustments to reconcile net income (loss) to net cash used in operating activities: Impairment and other charges — 9,548 Depreciation and amortization 35,883 40,405 Gain on sale of business (44,015) — Gain on remeasurement of warrant liability (1,080) (576) (Gain) loss on sale of assets (1,903) 787 Loss on debt extinguishment 1,273 — Share-based compensation 9,174 8,939 Deferred taxes 6,445 (2,003) Deferred financing costs 2,509 451 Changes in assets and liabilities: Accounts receivable, net (9,628) (3,992) Inventories (3,969) (4,379) Prepaid expenses and other assets (15,140) (11,687) Accounts payable and accrued expenses and other (7,561) (18,773) Net cash used in operating activities (169) (4,315) Cash flows from investing activities Purchases of property and equipment (37,781) (30,158) Purchases of intangibles (9,220) — Proceeds from sale of property and equipment 24,062 959 Proceeds from sale of business 167,500 — Proceeds from sale of routes 13,669 12,446 Proceeds from the sale of IO notes 1,544 2,161 Notes receivable (18,834) (16,191) Net cash provided by (used in) investing activities 140,940 (30,783) Cash flows from financing activities Borrowings on line of credit 92,000 61,000 Repayments on line of credit (47,191) — Borrowings on term debt and notes payable 16,618 3,246 Repayments on term debt and notes payable (166,608) (11,785) Payment of debt issuance cost (733) — Payments of tax withholding requirements for employee stock awards (1,397) (589) Dividends paid (9,428) (9,281) Distribution to noncontrolling interest (9,481) (6,766) Net cash (used in) provided by financing activities (126,220) 35,825 Net increase in cash and cash equivalents 14,551 727 Cash and cash equivalents at beginning of period 52,023 72,930 Cash and cash equivalents at end of period $ 66,574 $ 73,657 Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures Net Sales and Organic Net Sales 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 30, 2024 July 2, 2023 Change June 30, 2024 July 2, 2023 Change Net Sales as Reported $ 356.2 $ 362.9 (1.8) % $ 702.7 $ 714.3 (1.6) % Impact of Dispositions — (11.8) — (20.3) Impact of IO Conversions 0.5 — 2.0 — Organic Net Sales (1) $ 356.7 $ 351.1 1.6 % $ 704.7 $ 694.0 1.5 % (1) Organic Net Sales excludes the Impact of Dispositions and the Impact of IO Conversions that took place after Q2 2023. Gross Profit and Adjusted Gross Profit 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Gross Profit $ 124.8 $ 117.4 $ 244.3 $ 221.9 Gross Profit as a % of Net Sales 35.0 % 32.4 % 34.8 % 31.1 % Depreciation and Amortization 6.7 9.0 13.9 17.6 Non-Cash, Non-recurring adjustments 2.6 0.5 4.6 8.4 Adjusted Gross Profit $ 134.1 $ 126.9 $ 262.8 $ 247.9 Adjusted Gross Profit as a % of Net Sales 37.6 % 35.0 % 37.4 % 34.7 % Adjusted Selling, Distribution, and Administrative Expense 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Selling, Distribution, and Administrative Expense $ 104.6 $ 114.5 $ 214.0 $ 220.5 Depreciation and Amortization in SD&A Expense (10.9) (11.3) (22.0) (22.8) Non-Cash, and/or Non-recurring Adjustments (9.2) (21.5) (22.1) (35.5) Adjusted Selling, Distribution, and Administrative Expense $ 84.5 $ 81.7 $ 169.9 $ 162.2 Adjusted SD&A Expense as a % of Net Sales 23.7 % 22.5 % 24.2 % 22.7 % Adjusted Net Income 13-Weeks Ended 26-Weeks Ended (dollars in millions, except per share data) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Net Income (Loss) $ 25.4 $ (8.6) $ 27.8 $ (23.0) Income Tax Expense (Benefit) (1.3) (0.7) 25.2 (3.3) Income (loss) Before Taxes 24.1 (9.3) 53.0 (26.3) Deferred Financing Fees 0.7 0.5 2.5 0.5 Acquisition Step-Up Depreciation and Amortization 10.8 11.7 22.3 23.6 Certain Non-Cash Adjustments 4.9 8.5 8.9 17.7 Acquisition, Divestiture and Integration 1.1 3.7 (37.3) 7.4 Business and Transformation Initiatives 4.5 10.3 10.3 18.5 Financing-Related Costs 0.3 — 0.3 0.1 Loss on Remeasurement of Warrant Liability (12.9) (2.8) (1.1) (0.6) Other Non-Cash and/or Non-Recurring Adjustments 9.4 31.9 5.9 67.2 Adjusted Earnings before Taxes 33.5 22.6 58.9 40.9 Taxes on Earnings as Reported 1.3 0.7 (25.2) 3.3 Income Tax Adjustments(1) (7.3) (4.5) 14.6 (10.4) Adjusted Taxes on Earnings (6.0) (3.8) (10.6) (7.1) Adjusted Net Income $ 27.5 $ 18.8 $ 48.3 $ 33.8 Average Weighted Basic Shares Outstanding on an As-Converted Basis 140.8 140.4 140.8 140.4 Fully Diluted Shares on an As-Converted Basis 144.3 143.2 144.1 143.0 Adjusted Earnings Per Share $ 0.19 $ 0.13 $ 0.34 $ 0.24 (1) Income Tax Adjustment calculated as (Loss) Income before taxes plus (i) Acquisition, Step-Up Depreciation and Amortization and (ii) Other Non-Cash and/or Non-Recurring 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 26-Weeks Ended (dollars in millions) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Core D&A - Non-Acquisition-related included in Gross Profit $ 4.6 $ 6.3 $ 9.2 $ 12.1 Step-Up D&A - Transaction-related included in Gross Profit 2.1 2.7 4.7 5.5 Depreciation & Amortization - included in Gross Profit 6.7 9.0 13.9 17.6 Core D&A - Non-Acquisition-related included in SD&A Expense $ 2.2 2.3 $ 4.4 4.7 Step-Up D&A - Transaction-related included in SD&A Expense 8.7 9.0 17.6 18.1 Depreciation & Amortization - included in SD&A Expense 10.9 11.3 22.0 22.8 Depreciation & Amortization - Total $ 17.6 $ 20.3 $ 35.9 $ 40.4 Core Depreciation and Amortization $ 6.8 $ 8.6 $ 13.6 $ 16.8 Step-Up Depreciation and Amortization $ 10.8 11.7 $ 22.3 23.6 Total Depreciation and Amortization $ 17.6 $ 20.3 $ 35.9 $ 40.4 EBITDA and Adjusted EBITDA 13-Weeks Ended 26-Weeks Ended (dollars in millions) June 30, 2024 July 2, 2023 June 30, 2024 July 2, 2023 Net Income (Loss) $ 25.4 $ (8.6) $ 27.8 $ (23.0) Plus non-GAAP adjustments: Income Tax Expense (Benefit) (1.3) (0.7) 25.2 (3.3) Depreciation and Amortization 17.6 20.3 35.9 40.4 Interest Expense, Net 10.2 15.0 24.0 29.4 Interest Income from IO loans(1) (0.1) (0.5) (0.9) (0.9) EBITDA 51.8 25.5 112.0 42.6 Certain Non-Cash Adjustments(2) 4.9 8.5 8.9 17.7 Acquisition, Divestiture and Integration(3) 1.1 3.7 (37.3) 7.4 Business Transformation Initiatives(4) 4.5 10.3 10.3 18.5 Financing-Related Costs(5) 0.3 — 0.3 0.1 Gain on Remeasurement of Warrant Liability(6) (12.9) (2.8) (1.1) (0.6) Adjusted EBITDA $ 49.7 $ 45.2 $ 93.1 $ 85.7 Net income (loss) as a % of Net Sales 7.1 % (2.4) % 4.0 % (3.2) % Adjusted EBITDA as a % of Net Sales 14.0 % 12.5 % 13.2 % 12.0 % Interest Income from IO loans refers to Interest Income that we earn from IO notes receivable that have resulted from our initiatives to transition from RSP distribution to IO distribution ("Business Transformation Initiatives"). There is a notes payable recorded that mirrors most of the IO notes receivable, and the interest expense associated with the notes payable is part of the Interest Expense, Net adjustment. Certain Non-Cash Adjustments are comprised primarily of the following: Incentive programs – The Company incurred $4.5 million and $3.4 million of share-based compensation expense, that was awarded to associates and directors, and compensation expense associated with the employee stock purchase plan (the “ESPP”) and the omnibus equity incentive plan (the “OEIP”) for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively. The Company incurred $8.4 million and $8.1 million of share-based compensation expense, that was awarded to associates and directors, and compensation expense associated with the ESPP and the OEIP for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Asset Impairments and Write-Offs — For the thirteen weeks ended July 2, 2023, the Company recorded an adjustment for an impairment of $7.6 million on fixed assets related to the Manufacturing Closure. During the twenty-six weeks ended July 2, 2023, the Company recorded impairments totaling $9.6 million. Purchase Commitments and Other Adjustments – We have purchase commitments for specific quantities at fixed prices for certain of our products’ key ingredients. To facilitate comparisons of our underlying operating results, this adjustment was made to remove the volatility of purchase commitments related to unrealized gains and losses. The adjustment related to Purchase Commitments and Other Adjustments, including cloud computing amortization was expense (income) of $0.4 million and $(2.5) million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively. The adjustment related to Purchase Commitments and Other Adjustments, including cloud computing amortization was $0.5 million and $0 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Adjustment for Acquisition, Divestiture and Integration Costs and (Gains) – Such expenses were $1.1 million and $3.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively; and $6.7 million and $8.3 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Additionally, other acquisitions and integration costs (income) of $0.3 million were recorded for the thirteen weeks ended July 2, 2023 and $(0.9) million for the twenty-six weeks ended July 2, 2023 related to the change in the liability associated with the Tax Receivable Agreement entered into in connection with the consummation of the business combination by the Company (formerly Collier Creek Holdings) with Utz Brands Holdings, LLC (“UBH”) pursuant to the terms of the Business Combination Agreement, dated as of June 5, 2020. Also included for the twenty-six weeks ended June 30, 2024 was a gain of $44.0 million related to the Good Health and R.W. Garcia Sale. Business Transformation Initiatives Adjustment – This adjustment is related to consultancy, professional, and legal fees incurred for specific initiatives and structural changes to the business that do not reflect the cost of normal business operations. In addition, gains and losses realized from the sale of distribution rights to IOs and the subsequent disposal of trucks, severance costs associated with the elimination of RSP positions, and enterprise resource planning system transition costs, fall into this category. The Company incurred such costs of $4.5 million and $5.6 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $10.3 million and $13.8 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Additionally, the thirteen and twenty-six weeks ended July 2, 2023 also includes expense of $4.7 million related to a contract termination. This agreement was a continuation of the Company's response to shifting production from a manufacturing facility that was damaged by a natural disaster in 2021. Financing-Related Costs – These costs include adjustments for various items related to raising debt and equity capital or debt extinguishment costs. Gains and losses – Such gains and losses related to the changes in the remeasurement of warrant liabilities are not expected to be settled in cash, and when exercised would result in a cash inflow to the Company with the Warrants converting to Class A Common Stock with the liability being extinguished and the fair value of the Warrants at the time of exercise being recorded as an increase to equity. Normalized Adjusted EBITDA FY 2023 FY 2024 (dollars in millions) Q1 Q2 Q3 Q4 FY 2023 Q1 Q2 TTM Adjusted EBITDA $ 40.4 $ 45.2 $ 52.1 $ 49.4 $ 187.2 (1) $ 43.4 $ 49.7 $ 194.6 Pre-Acquisition Adjusted EBITDA(1) — — — — — — — — Normalized Adjusted EBITDA $ 40.4 $ 45.2 $ 52.1 $ 49.4 $ 187.2 (1) $ 43.4 $ 49.7 $ 194.6 (1) Does not total due to rounding. Net Debt and Leverage Ratio (dollars in millions) As of June 30, 2024 Term Loan $ 630.3 Real Estate Loan 60.9 ABL Facility 45.2 Capital Leases(1) 77.6 Deferred Purchase Price 0.1 Gross Debt(2) 814.1 Cash and Cash Equivalents 66.6 Total Net Debt $ 747.5 Last 52-Weeks Normalized Adjusted EBITDA $ 194.6 Net Leverage Ratio(3) 3.8x (1) Capital Leases include equipment term loans and exclude the impact of step-up accounting. (2) 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 loan value in the event of a default scenario, which historically has been uncommon. (3) Based on Normalized Adjusted EBITDA of $194.6 million.

UTZ BRANDS FEATURES NEW AND BEST-SELLING CHIPS, PRETZELS AND POPPERS AT SWEETS & SNACKS EXPO

May 9, 2024 Tyler Leonard

HANOVER, PA. (BUSINESS WIRE) — Utz Brands, Inc.®, a leading U.S. manufacturer of branded salty snack foods for more than 100 years, will showcase new and best-selling products from multiple brands as a returning exhibitor at the National Confectioners Association Sweets & Snacks Expo, held May 14-16 in Indianapolis. READ MORE

UTZ TURNS UP THE HEAT WITH NEW MIKE’S HOT HONEY EXTRA HOT POTATO CHIPS

May 6, 2024 Tyler Leonard

Limited one time flavor brings triple the heat of original Utz Mike’s Hot Honey Chips HANOVER, PA. (BUSINESS WIRE) — Utz® , a leading U.S. salty snack food brand, has teamed up again with Mike’s Hot Honey® , America’s original and No. 1 brand1 of hot honey, to create new Utz Mike’s Hot Honey EXTRA HOT potato chips. Available now through September, the fiery flavor builds off the original Utz Mike’s Hot Honey chips but with three times the heat. The mouth-watering, “swicy” (sweet and spicy) potato chips are gluten-free and kosher-certified. They come in an on-the-go, 2.625-ounce size and a take-home, 7.75-ounce size READ MORE

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UTZ BRANDS FEATURES NEW AND BEST-SELLING CHIPS, PRETZELS AND POPPERS AT SWEETS & SNACKS EXPO

UTZ TURNS UP THE HEAT WITH NEW MIKE’S HOT HONEY EXTRA HOT POTATO CHIPS

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