Overview

• U.S. salty snacks maker's fiscal Q1 sales rose 2.6%, a slight miss versus analyst expectations

• Adjusted EPS for fiscal Q1 beat analyst expectations

• Company reaffirmed full-year 2026 guidance

Outlook

• Utz Brands expects 2026 organic net sales growth of 2%-3%, excluding the 53rd week

• Company sees 2026 adjusted EBITDA growth of 5%-8%, including 53rd week benefit

• Utz Brands expects 2026 adjusted EPS to decline 3%-6%, mainly due to higher depreciation, interest, and taxes

Result Drivers

• BRANDED SNACKS GROWTH - Branded Salty Snacks Organic Net Sales rose 5.2%, led by the Power Four Brands, offsetting a decline in non-branded and non-salty snacks sales

• PRODUCTIVITY SAVINGS - Gross profit margin expanded 200bps, driven by productivity savings that more than offset supply chain cost inflation

• HIGHER MARKETING & EXPANSION COSTS - Adjusted SG&A expenses rose due to increased marketing and investments in geographic expansion and growth initiatives

Company press release: ID:nBw8TSk4Sa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Sales	Slight Miss*	$361.30 mln	$361.74 mln (10 Analysts)
Q1 Adjusted EPS	Beat	$0.15	$0.14 (10 Analysts)
Q1 Adjusted Net Income		$21.30 mln
Q1 Adjusted EBITDA		$47.90 mln
Q1 Adjusted EBITDA Margin		13.30%
Q1 Adjusted Gross Margin		30.80%
Q1 Gross Profit		$91.90 mln

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the food processing peer group is "hold."

• Wall Street's median 12-month price target for UTZ Brands Inc is $13.00, about 69.1% above its May 5 closing price of $7.69

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 12 three months ago

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