Utz Brands to Introduce Long-Term Growth Strategy at 2023 Investor Day

Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”), a leading U.S. manufacturer of branded salty snacks, will host its 2023 Investor Day today at the New York Stock Exchange, beginning at 9:30 am ET.

“Utz has some of America’s favorite snack brands, and over the past several years, we have simplified our portfolio and fundamentally evolved the business through capacity, distribution and capability investments,” said Howard Friedman, Chief Executive Officer of Utz. “We have laid a solid foundation for growth and see significant opportunities to increase value through geographic expansion, supply chain transformation initiatives and other productivity improvements. As the third largest Salty Snack platform in the U.S., and the only one focused solely on Salty Snacks, we have a compelling long-term growth opportunity, and we believe we have the right team and strategy in place to continue to win.”

Friedman continued, “As we look to the future, we will lean into the strength of our Power Brands, which include Utz, Zapp’s, Boulder Canyon, and On The Border, with increased marketing, cross-category innovation and market expansion across the U.S. In doing so, we expect our top-line growth to outpace the Salty Snack category and our bottom-line growth to generate outsized shareholder returns. We look forward to sharing more details around our long-term value creation plans at our Investor Day today.”

Topics to be covered at the Investor Day include:

• Focused Portfolio Strategy: Utz has further focused its brand portfolio that is diversified and clearly defined to meet various consumer needs. The Company will be accelerating investments in marketing and innovation to drive top-line growth and achieve share gains in the attractive Salty Snack category.

• Further Penetration of Expansion Geographies and Untapped Channels and Customers: There is a significant distribution opportunity outside the Company’s Core geography. Utz will outline efforts to further expand its Power Brands in Expansion geographies as well as efforts to hold share in its Core geographies.

• Supply Chain Transformation: The Company will detail efforts to transform its supply chain into a more cost-efficient and flexible system. As a result of continuous improvement projects and network optimization initiatives, the Company expects to deliver $135 million in cost savings¹ over the next three years while deploying capital efficiently to achieve these cost savings and to provide capacity for growth, the details of which will be discussed in the Company’s presentation.

• Leading Capabilities Utz has a dynamic, hybrid go-to-market model, which achieves broad distribution across channels and customers. The Company will be enhancing its independent operator Direct Store Distribution system to further improve execution and generate higher returns. Other organizational capabilities will be further strengthened while driving out costs.

• Improved Balance Sheet Flexibility. The Company will lay-out its plans to accelerate cash generation and to maintain a disciplined capital allocation approach which will reduce leverage. Acquisitions will continue to be pursued opportunistically.

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