Utz Brands Sets Long-Term Financial Targets With $1.9B Net Sales Potential And 17%+ Adjusted EBITDA Margin Through Boulder Canyon And Geographic Expansion

Long-Term Financial Targets

• Organic Net Sales(1) 2-3 percentage points faster than the Category, with the assumption that the Salty Snack Category will exhibit growth longer term
• Long-term Net Sales potential of $1.9 billion, indicating approximately $500 million of incremental opportunity, supported by Boulder Canyon and Expansion Geographies share growth
• Annual Adjusted EBITDA(1) growth of 6-8%, with a focus on growing Adjusted EBITDA dollars. This target does not include any acquisitions or divestitures.
• Annual Adjusted EBITDA(1) margin expansion, driven by productivity of approximately 4% of Adjusted Cost of Goods Sold and mix improvement
• Adjusted EBITDA(1) margin of at least 17% long-term due to multiple structural drivers including productivity and mix
• Annual Adjusted EPS(1) growth approximately in-line with Adjusted EBITDA growth after 2026, which is impacted by a step-up of depreciation and amortization, higher interest and a higher tax rate
• Accelerated Adjusted Free Cash Flow(1) of $100 million plus in 2027 and beyond, which represents approximately 80-90% conversion of Adjusted Net Income to Adjusted Free Cash Flow. Supported by long-term capital expenditures at approximately 3% of Net Sales starting in 2027
• Leverage at approximately 2.5x long-term through Adjusted EBITDA(1) growth and debt paydown. The Company expects to reach 2.7x-3.0x leverage in 2027