EX-99.16(C)(II)

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 Exhibit 16(c)(ii) of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Citi Investment Banking | Global Consumer & Retail Group Discussion Materials November 2025 | Strictly Private and Confidential

1. Review of Utz

FV / NTM EBITDA Utz Brands Update Share Price Performance and FV / NTM EBITDA Since First Day of Trading Following De-SPAC (August 28, 2020 – October 30, 2025, Utz de-SPAC announced on June 5, 2020 at $2.6bn TEV (11.6x estimated 2021 PF adjusted EBITDA)) 7/31/2025: UTZ 11/02/2021: Announced 10/03/2022: Announced 5/1/2025: UTZ trades $35 30x trades down acquisition of R.W. Garcia appointment of Howard Friedman as down (8.7%) following (6.5%) following for $56mm CEO, previously COO of Post Holdings Q1’25 earnings Q2’25 earnings $30 25x $25 20x 19.2x $20 15x $18.40 10.0x $15 10x 11/12/2020: Announced acquisition of $10.44 On The Border Chips (“Truco 1/24/2022: Acquired assets 10/30/2025: UTZ trades 1/31/2024: Announced sale of R.W. $10 5x of two third party DSD Enterprises”) from Insignia Capital Garcia and Good Health Brands to down (13.4%) following distributors in New York Group for $480mm Q3’25 earnings Our Home for $182.5mm $5 -- Aug-20 Feb-21 Jul-21 Dec-21 May-22 Oct-22 Mar-23 Sep-23 Feb-24 Jul-24 Dec-24 May-25 Oct-25 CY Revenue ($ in mm) Branded Salty Snacks Driving Growth in Portfolio $1,529 $1,487 $1,447 $1,438 $1,409 (13.1%) YoY Non-Branded & Net Sales Decline Non-Salty 50.0% Snacks 2023A 2024A 2025E 2026E 2027E Utz Household Penetration 11% % Growth (All-Time High) 2.1% (2.0%) 2.7% 2.7% 2.8% $1.4bn CY EBITDA ($ in mm) Net Sales (LTM) $234 $245 $217 $200 $187 70.1% Utz Buyer Repeat Rate 2023A 2024A 2025E 2026E 2027E +5.8% YoY % Margin Branded Salty Net Sales Growth Snacks 13.0% 14.2% 15.0% 15.7% 16.0% 89% 3 Source: Company filings, FactSet. Market data as of October 30, 2025. Stock Price

Despite Strong Earnings, Utz Stock Saw Macro-Driven Contraction Key Highlights Intraday Stock Price • Positive top-line results for the company in Q3 2025, beating Wall Street $12.05 expectations, but profitability concerns were unveiled Fell (~5%) at $12.00 • Net sales increased +3.4% open following Earnings Call • Organic net sales increased +3.4%, Branded Salty Snacks by +5.8% $11.50 • Gross profit margin decreased (2.1%), with margin of 33.6% Down (13.4%) • EBITDA decreased (22.0%), Adj. EBITDA increased +11.7% , with margin of 16.0% over trading day $11.00 • YoY operating profit decreased to 0.9% from 5.3%, a (4.5%) decline • EPS decreased to ($0.17), Adj. EPS increased +9.5% to $0.23 $10.50 • Gained both dollar and volume share in the Salty Snacks category, marking the company’s ninth consecutive quarter of volume share growth $10.44 $10.00 • Announced plans to expand presence in California via acquisition of Insignia International’s direct store delivery distribution assets • Raised 2025 organic net sales guidance to 3% (from 2.5%+) reflecting stronger anticipated revenue trends Broker Price Targets Broker Perspectives 100% “On the call, mgmt. did not sufficiently address what this would imply for its original 16% adj EBITDA margin target for FY26…which led to investor 27% 27% 27% 27% 27% 27% 27% 27% 27% 27% 27% 27% 33% $20.00 confusion and broad selloff in shares… [however] we don’t foresee 80 structural issues” – Bank of America, 10/30/25 60 $16.00 $16.00 “We think investors are disappointed with the lack of profit upside, especially given leverage levels, despite the solid top-line performance.” 40 73% 73% 73% 73% 73% 73% 73% 73% 73% 73% 73% 73% 67% – TD Cowen, 10/30/25 $12.00 $10.44 20 “However, shares finished down nearly -13%...which was certainly Δ +53% Upside perplexing and our conversations suggested that much of the move centered on the company walking away/talking down their LT adjusted 0 $8.00 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 EBITDA margin expectations of 16% for FY26.” Buy Hold Sell Price Target (Mean) Share Price – UBS, 10/30/25 4 Source: Company filings, broker reports, FactSet. Market data as of October 30, 2025. 09:30:00 09:44:00 09:58:00 10:12:00 10:26:00 10:40:00 10:54:00 11:08:00 11:22:00 11:36:00 11:50:00 12:04:00 12:18:00 12:32:00 12:46:00 13:00:00 13:14:00 13:28:00 13:42:00 13:56:00 14:10:00 14:24:00 14:38:00 14:52:00 15:06:00 15:20:00 15:34:00 15:48:00

Utz Is a Leading Pure-Play Scale Snacking Asset (1) Salty Snacking (LTM RSV in $bn) YoY Vol. (1.2%) (12.7%) (2.4%) (2.9%) (4.7%) 2.8% 0.7% 0.3% 13.0% 2.5% (6.8%) 131.3% (2) Growth $18.6 $3.2 $1.7 $1.6 $1.5 $1.3 $1.0 $0.8 $0.8 $0.4 $0.4 $0.3 1 2 3 4 5 6 7 8 9 10 11 12 Dist. DSD DTW DSD DSD DTW DTW DTW DTW DSD DSD DTW DTW DTW Model (3) Total Snacking (LTM RSV in $bn) YoY Vol. (3.2%) (3.7%) (4.1%) (3.5%) (1.9%) (4.2%) (6.0%) (1.9%) 4.6% (3.1%) (3.6%) 2.8% (2) Growth $18.8 $11.5 $10.5 $9.6 $9.1 $4.0 $2.4 $2.4 $2.4 $2.2 $2.0 $1.6 1 2 3 4 5 6 7 8 9 10 11 14 Source: Nielsen xAOC + Conv. (3) Reflects Nielsen xAOC + Conv. Total Snacking category includes Candy, Gum and Mints, Notes: Nielsen LTM period ended October 18, 2025. Cookies and Crackers, Diet and Nutrition, Fruit Snacks, Snack and Variety Packs, Salty Snacks, (1) Reflects Nielsen xAOC + Conv. Salty Snacking category includes Salty Snacks. Sweet Snacks, and Nuts and Seeds. 5 (2) Reflects EQ units. EQ basis varies across products.

Well-Defined and Achievable Path to Significant Organic Growth Meaningful Runway for Successful Customer Acquisition Scope to Amplify Marketing (1) Geographic Expansion Strategy with Room to Grow Significant Geographic Whitespace with HH Penetration Growth Outpacing Category Opportunity to Increase Marketing Spend to Clear Execution Playbook to Drive Growth and at All-Time High… Peer Levels ✓ Hybrid distribution model LFY Marketing as a % of Sales +167bps ✓ Scope to increase marketing investments vs. +17bps for ✓ Strong customer relationships across channels Salty Snacks 50.0% Median: 4.9% category 48.3% 6.4% 5.8% 5.4% 4.9% 4.3% 3.9% LTM Q3 '24 LTM Q3 '25 2.3% …While Adding New Consumers… (4) 1.3% (Customers in mm) +2.6mm vs. +1.0mm for 65.3 Salty Snacks 62.7 category Core Geographies Expansion Geographies Clearly Defined Strategy to Deploy LTM Q3 '24 LTM Q3 '25 Incremental Marketing Spend ✓ Invest behind Power Brands 55% 6.6% 1.1% …and Maintaining Repeat Rates 20 ✓ Amplify new product innovation of Net Avg. Mkt. 1-yr RSV States (2) (3) Sales Share Growth✓ Optimize retail media ✓ Strengthen digital commerce capabilities 70.1% 69.5% +40% 45% 3.0% 5.4% >70% 30 Target Increase in of Net Avg. Mkt. 1-yr RSV Increase in Marketing States (2) (3) Marketing Spend YoY Sales Share Growth Spend in 2024A through 2026E LTM Q3 '24 LTM Q3 '25 7 consecutive quarters of share gains Source: Company filings and investor presentations. (2) Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, 13-weeks ended 9/28/25. (1) As of Q3 2025. Circana Scan Panel Total US. All Outlets 52-weeks data through 9/28/2025 (3) Circana Total US MULO+ w/convenience, custom Utz Brands hierarchy, 52-weeks ended 9/28/25. 6 compared to the 52-weeks ended 9/29/24 in the prior year period. (4) Reflects consumer advertising only. Core Expansion

Strong Collection of Core Power Brands to Anchor Portfolio… Utz growth has outpaced peer snacking platforms. Power Four Brands grew at 10.3% CAGR from 2021- 2024, ~400bps higher than total snacking category and far exceeding peer median of 6.2%. Retail Sales Performance (CY 2021 – CY 2024 CAGR) 16. 0% 38.2% 14 .0% (1) 12.0% Selected Snacking Peers 11.4% 10.3% 10.0% 8.5% 8.1% 7.9% 7.5% 8.0% 6.7% 6.6% 6.2% 6.0% 5.3% 4.0% 2.0% -- Power Four Brands 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Total Salty Total Utz Power Four (2) (3) Snacking Snacking WholeCo Brands ~80% of portfolio CY 2024 RSV ($mm) $34,991 $134,120 $24,380 $4,294 $15,470 $1,742 $1,384 $819 $416 $78 $71 (4) EQ Volume CAGR (CY 2021 – CY 2024) (0.4%) (0.9%) (9.2%) (2.2%) (1.5%) 0.0% 1.2% (0.1%) 2.2% 14.7% 2.2% Source: Nielsen xAOC + Conv. (1) Reflects snacking categories only. (2) Salty Snacking category includes chips, other salty snacks, popcorn, pretzels, and protein salty snacks. (3) Snacking category includes bars, chips, chocolate, confectionery, cookies, crackers, diet & performance nutrition, fruit snacks, gum, meat snacks, mints, nuts & seeds, other salty snacks, popcorn, pretzels, pudding & gelatin, snack mixes, and sweet baked goods. 7 (4) EQ basis varies across products.

…with Boulder Canyon Exhibiting Best-In-Class Growth Outperforming the Category in Natural and Traditional Channels Q1 ‘25 Retail Sales Growth Circana MULO+ w/ (2) (5) SPINS Convenience (Natural Channel) (Traditional Channel) 158.3% #1 #1 Selling Salty Snack Potato Chip Brand in SKU in Natural (2) Natural Channel (1)(2) Channel 41.7% 2.7% (1.7%) +52% +62% +94% Total Salty Total Salty Snacks Snacks Distribution Unit Velocity Dollar Velocity (3) (3)(4) (3)(4) Growth in Q1 ‘25 Growth in Q1 ‘25 Growth in Q1 ‘25 Source: Retail sales are Circana Total US MULO+ w/convenience and SPINS Total US – Natural Expanded Channel. Circana is Custom Utz Brands hierarchy, 13-weeks ended 3/30/25; % YoY growth compared to the 13- weeks ended 3/31/24 period in the prior year on a pro forma basis. SPINS is TPL 12-weeks ended 3/23/2025; % YoY growth compared to the 12-weeks ended 3/24/24 period in the prior year on a pro forma basis. (1) 5.25oz Avocado Oil Classic Sea Salt Kettle Potato Chips. (2) Total Natural Channel Spins 13-weeks and 52-weeks ended 3/23/25. (3) Circana Total US MULO+ w/ convenience L13W ended 3/30/25. (4) Referencing units / store / week and dollar / store / week. 8 (5) Circana Total US MULO+ w/ convenience, custom Utz Brands hierarchy, L13W ended 3/30/25.

Hybrid Distribution Model with Diversified Channel Access Hybrid Go-To-Market Approach Broad Distribution Across Retail Channels (1) (4) Sales by Go-To-Market Retail Sales by Channel (2) Distributors Other ~500 Routes ~11% 12% 15,000+ Club Retail Doors Serviced 8% (2) Direct-to-Store ~2,500 12% 50% C-Store ~53% Food Routes ~35% 81,500+ Retail Doors Serviced (3) Direct-to-Warehouse 17% ~1,350 Retail Distribution Mass Centers Independent Operator Model Ensures Strong Store-Level Key Benefits: Service and Execution DSD Is a Must- ✓ Maintain competitive position with retailers✓ IO incentives are aligned with company objectives Have for Scale ✓ More control on shelf✓ Lower capital intensity (asset-lite) Salty ✓ Responsive to key events and demand surges✓ Higher returns Competition ✓ Shared accountability with operating costs ✓ Increased speed to market Source: Company filings and investor presentations. (3) As of June 2024. (1) Company invoiced sales data as of June 30, 2024. (4) Circana Total US MULO w/ Conv 52-weeks ended 5/4/2025. 9 (2) Reflects FY2024.

Near-Term Opportunity for Meaningful Margin Expansion Adj. EBITDA Margin Has Grown Steadily with Additional Integrated Supply Chain Strategy Already Yielding Results Improvement Expected by 2026E ($ in mm) Supplier of Sourcing 17 .0% Choice Excellence ~100bps expansion per year ~16% 16. 0% 15.0% 15. 0% 14.2% 14 .0% Integrated 13.0% Continuous Business 13. 0% Improvement Management 12.1% 12.0% 11.0% 10.0% 9.0% 8.0% 2022A 2023A 2024A 2025E 2026E Network Automation Consensus Target Optimization • Volume-led revenue growth driving fixed cost leverage $150mm in cost savings from 2024A – 2026E • Advantaged product mix through portfolio management • Supply chain transformation Additional go-get productivity savings available • Investments to support leading organization capabilities 10 Source: Company filings, investor presentations, and FactSet. Market data as of October 30, 2025.

Utz: Management and Board of Directors Key Management Board of Directors (2) Name & Title Tenure Biography Name & Title Age Tenure Biography • Appointed to Chairperson in May 2023 Dylan Lissette • Joined the company in December 2022 • Serves as a member of the Board of Chairman, 53 5 • Previously, served as the COO of Post Holdings Directors of Athletic Brewing Company Director Howard 2+ and President and CEO of Post Consumer Brands (1) Friedman• Previously served as CEO at Kraft Heinz Roger Deromedi Years• Spent over 20 years at The Kraft Heinz Company, CEO and as Chairman & Lead Director at Lead Independent 71 7 rising to EVP of Refrigerated division Pinnacle Foods Director • Began his career in the United States Army (3) • Serves as CEO of GAF Materials John W. Altmeyer • Serves on the board of EMCOR Group Independent 66 5 • Joined the company in May 2025 as EVP and • Previously served as President and CEO of Director CFO Carlisle Construction Materials William 5 • Previously served as CFO of Tropicana Brands, • Founder & CEO of Sageworth Timothy P. Brown Kelley Months EVP and CFO at TreeHouse Foods, Head of • Serves on the boards of Penn State Independent 62 5 EVP and CFO Global Internal Audit at Kraft Heinz and SVP, Health and Chief Executives Organization Director Corporate Controller Christina Choi• Serves as Chief Marketing Officer, North Independent 47 5 America at Ralph Lauren • Joined the company in November 2023 as EVP Mitch Arends Director• Previously served as SVP at Diageo and Chief Integrated Supply Chain Officer EVP and • Previously served as Chief Supply Chain Officer • Serves as the President of AFF Advisors Tony Fernandez 2 Chief (North America) at Kraft Heinz • Serves on the boards of Americold Realty Independent 65 7 Years Integrated • His earlier career involved supply chain roles at Trust Director Supply Chain Nestle & Gerber, Deere & Company and Quality • Serves as Sr. MD at CC Capital Officer Jason K. Giordano Farm and Fleet • Previously served as MD at Blackstone Independent 46 7 • Co-founded and served as Co-Executive Director • Joined the company in July 2023 as EVP of Chairman of Collier Creek Jennifer Insights, Innovation, and Marketing Services, and Bentz • Serves as the CEO at Hydrofarm Holdings B. John Lindeman 2+ was promoted to EVP and CMO in January 2024 EVP and • Previously served as the CFO and Independent 55 5 Years• Previously served as EVP of Applied Technology & Chief Corporate Secretary at Calavo Growers Director Marketing Insights at CLIF Bar & Co, Chief Client Officer for Craig D. Steeneck Mintel, led Innovation & Insights for Tyson Foods Officer • Served as the member of Board of Collier Independent 67 7 Creek and EVP / CFO at Pinnacle Foods Director • Joined the company as SVP, Finance in June 2024 and serves as EVP of Finance since June • Serves as the Chief Customer Officer at Pamela Stewart 2025 The Coca-Cola and has been with the Independent 49 3 4 Marek Hejna company for over 25 years • Previously served as VP Commercial Finance, US Director Months EVP, Finance Finance, at Mondelez International William Werzyn • Serves as the CEO and Executive • Earlier in his career, he has also served L'Oreal Independent 48 1 Chairman at West Shore Home and Mondelez in Poland Director Rice Family Source: Company website and LinkedIn. (2) As of March 4, 2025. 11 (1) Also serves on the Board of Directors. (3) To transition to the role of Executive Chairman of effective January 1, 2026. Collier Creek

Shareholder Overview Insider Shareholders Institutional Shareholders (1) (1) Class A % Owned % Owned Class A % Owned Class V % Owned % Owned Top 20 Institutional Holdings Shares Class A Total Insider Holdings Shares Class A Shares Class V Total Series U of UM Partners LLC 3,400,000 3.79% 47,046,650 85.00% 34.80% The Vanguard Group, Inc. 7,925,292 9.06% 5.55% Series R of UM Partners LLC 600,000 0.67 8,302,350 15.00% 6.14 JP Morgan Asset Management 7,347,178 8.40 5.14 Roger Deromedi 4,772,885 5.32 -- -- 3.29 Columbia Threadneedle Investments (UK) 5,480,220 6.26 3.84 Jason Giordano 3,813,693 4.25 -- -- 2.63 BlackRock Institutional Trust Company, N.A. 4,946,548 5.65 3.46 Collier Creek Partners LLC 524,716 0.59 -- -- 0.36 Craig Steeneck 295,073 0.33 -- -- 0.20 Millennium Management LLC 4,403,376 5.03 3.08 Cary Devore 284,672 0.32 -- -- 0.20 Champlain Investment Partners, LLC 3,778,117 4.32 2.64 Howard Friedman 272,079 0.30 -- -- 0.19 Copeland Capital Management, LLC 3,131,099 3.58 2.19 Tony Fernandez 246,606 0.28 -- -- 0.17 Balyasny Asset Management LP 2,946,512 3.37 2.06 Dylan Lissette 114,033 0.13 -- -- 0.08 (3) Other Insiders 79,497 0.09 -- -- 0.05 Dimensional Fund Advisors, L.P. 2,013,175 2.30 1.41 Total Insider Holdings 14,403,254 16.07% 55,349,000 100.00% 48.11% Jennison Associates LLC 1,943,757 2.22 1.36 SPAC Related Rice Family State Street Investment Management (US) 1,754,387 2.00 1.23 Geode Capital Management, L.L.C. 1,732,143 1.98 1.21 Investor Type Citadel Advisors LLC 1,716,498 1.96 1.20 3% 3% 3% 2% 14% D. F. Dent & Company, Inc. 1,591,433 1.82 1.11 16% 16% 17% 2% 2% 2% 4% 2% 4% 3% 5% GW&K Investment Management, LLC 1,585,141 1.81 1.11 6% 4% 8% 14% MFS Investment Management 1,492,952 1.71 1.05 T. Rowe Price Investment Management, Inc. 1,420,556 1.62 0.99 52% 54% 48% 44% UBS Financial Services, Inc. 1,219,003 1.39 0.85 Alyeska Investment Group, L.P. 1,137,501 1.30 0.80 19% 19% 17% 19% Bahl & Gaynor, Inc. 972,867 1.11 0.68 Dec-23 Dec-24 Mar-25 Oct-25 Total Top 20 Institutional Holdings 58,537,755 66.89% 40.98% Passive Active Hedge Fund Broker-Dealer Quantitative Strategic Other Retail & Undisclosed Source: Company filings, Refinitiv. Market data as of October 30, 2025. (2) Number reflects Restricted Stock Units issued to Directors and Executive Officers, as shares 12 (1) Total is Class A + Class V shares. held by other insiders are de minimis. Other numbers reflect basic shares.

Utz Brands Analysis at Various Prices Illustrative Premium to Current Share Price 20.0% 30.0% 40.0% 50.0% 60.0% @ Market Illustrative Offer Price ($ in millions, except per share data) $10.44 $12.53 $13.57 $14.62 $15.66 $16.70 Share Price - Premium (Discount) to: Metric Current Close (Oct 30, 2025) $10.44 -- 20.0% 30.0% 40.0% 50.0% 60.0% 30-Day VWAP 11.98 (12.9) 4.5 13.3 22.0 30.7 39.4 90-Day VWAP 12.64 (17.4) (0.9) 7.4 15.7 23.9 32.2 52-Week Intraday High (Nov 06, 2024) 18.29 (42.9) (31.5) (25.8) (20.1) (14.4) (8.7) 52-Week Intraday Low (Oct 30, 2025) 10.19 2.5 22.9 33.2 43.4 53.7 63.9 Median Analyst Price Target 16.00 (34.8) (21.7) (15.2) (8.7) (2.1) 4.4 Firm Value Build-Up Share Price $10.44 $12.53 $13.57 $14.62 $15.66 $16.70 Fully Diluted Shares Outstanding (mm) 144 144 144 144 144 144 Equity Value $1,504 $1,805 $1,956 $2,106 $2,257 $2,407 (+) Debt 879 879 879 879 879 879 (‒) Cash (58) (58) (58) (58) (58) (58) Firm Value $2,326 $2,627 $2,777 $2,927 $3,078 $3,228 Valuation Metrics Metric FV / CY2025E EBITDA $217 10.7x 12.1x 12.8x 13.5x 14.2x 14.8x FV / CY2026E EBITDA 233 10.0 11.2 11.9 12.5 13.2 13.8 P / CY2025E EPS $0.82 12.8x 15.4x 16.7x 17.9x 19.2x 20.5x P / CY2026E EPS 0.91 11.5 13.7 14.9 16.0 17.2 18.3 13 Source: Company filings, FactSet. Market data as of October 30, 2025.

2. Potential Transaction Alternatives

Illustrative Transaction Structures – Building an Equity Stake Minority Interest in Public Equity Utz Take-Private Acquire Minority Stake Acquire Majority Stake Private Investment Purchase in Public Market Insiders Roll and/or Insiders Roll and/or in Public Entity (PIPE) Sponsor Partner Sponsor Partner • Utz remains public• Utz remains public• Utz take-private • Utz take-private • Intersnack acquire Utz shares • Intersnack acquirers Utz • Intersnack acquires minority• Intersnack acquires majority in public market shares outside of public • Remaining equity via • Combination of Insiders Roll markets Insiders roll (all or partial) and/or Sponsor partner takes and/or new Sponsor equity minority stake ▲ Acquire at market price▲ May gain information rights ▲ Can gather company / market ▲ Majority stake provides ability and further governance learnings to control decision making, ▲ Gain limited influence via subject to minority rights shareholder voting position▲ May be able to purchase at ▲ Minority governance rights discount▲ Company / market learnings ▲ May be able to gain access to ▲ Can negotiate clear path to prior to full ownership management team control upfront ▲ Can negotiate clear path to ▲ Reduce overall consideration ▲ [w/ Sponsor] Adding Sponsor full control upfront paid if followed by take- may provide Insiders solution private for full / partial liquidation▲ [w/ Sponsor] Adding Sponsor may provide Insiders solution for full / partial liquidation ▼ 5%+ stakes require Schedule ▼ Utz may not see benefit of ▼ Insiders may require certainty ▼ Majority ownership requires 13D public disclosure PIPE / may not be actionable around full exit larger upfront equity check ▼ Can be viewed as hostile▼ Dilutes existing equity ▼ May be more expensive to ▼ Minority equity holders will investors acquire full company require path to exit and pro- ▼ No clear path to control rata governance rights ▼ No clear path to control▼ Paying control premium ▼ Typically no information rights without immediate control▼ Cannot realize full synergies ▼ Limited ability to realize ▼ No ability to realize synergies synergies▼ [w/ Sponsor] Adding Sponsor ▼ [w/ Sponsor] Adding Sponsor may complicate negotiations may complicate negotiations / / governance (if insiders roll) governance (if insiders roll) 15 For illustrative purposes only. Considerations Benefits Description

Utz Illustrative LBO Analysis: Transaction Overview Transaction Assumptions Pro Forma Cap Table Current Pro Forma • Illustrative purchase price of $15.00/share, representing a ~44% premium to current share price of $10.44 (as of October 30, 2025) and ($ in mm) 12/31/2025 Adj. 12/31/2025 implying a firm value of ~$3.0bn o Implies 13.8x LTM CY2025E Adj EBITDA of $217mm Cash & Cash Equivalents $58 ($8) $50 • Transaction funded by new transaction debt and new + rolled equity Debt: o Gross leverage of 5.5x LTM (CY2025E) Adj. EBITDA of $217mm ABL Facility 21 (21) -- o New $225mm Revolving Credit Facility (SOFR + 350bps) o New $1.2bn Term Loan (SOFR + 325bps, 99.5% OID, 1% amortization) New Revolving Credit Facility -- -- -- • Other assumptions: Term Loan B 630 (630) -- ○ Illustrative transaction close of 12/31/2025 New Term Loan -- 1,196 1,196 ○ Minimum cash of $50mm ○ Illustrative transaction fees of $80mm Real Estate Loans 58 (58) -- ○ Assumes annual add-back of $20mm in public company costs Equipment Loans 147 (147) -- ○ Assumes full insider ownership roll Notes Payable 13 (13) -- Finance Leases 10 -- 10 Sources & Uses $ in mm Total Debt $879 $327 $1,205 Sources $ Amount % Net Debt $821 $334 $1,155 New 3rd Party Equity $874 27.5% Family Ownership Rollover 892 28.0 Other Insider Ownership Rollover 154 4.8 Shareholders' Equity $2,175 ($254) $1,921 New Transaction Debt 1,205 37.9 Existing Cash 58 1.8 Financial Metrics Total Sources $3,184 100.0% LTM Adj. EBITDA (CY2025E) $217 $217 Uses $ Amount % Credit Statistics Public Float $1,128 35.4% Family Ownership Rollover 892 28.0 Total Debt / Adj. EBITDA 4.0x 5.5x Other Insider Ownership Rollover 154 4.8 Current Debt 879 27.6 Net Debt / Adj. EBITDA 3.8 5.3 Cash to Balance Sheet 50 1.6 Transaction Fees 80 2.5 Total Debt / Total Capitalization 29% 39% Total Uses $3,184 100.0% 16 Source: Company filings, FactSet, and Wall Street research. Market data as of October 30, 2025.

Utz Illustrative LBO Analysis: Cash Flow & Returns 5-Year Illustrative Cash Flow Summary Sensitivity Analysis Actual Consensus Projection Current Scenario of Analysis Actual LTM Fiscal Year Ended December 31, ($ in mm) 2022A 2023A 2024A 2025E 2026E 2027E 2028E 2029E 2030E Implied 5-Year IRR (@5.5x Entry Gross Leverage) Net Sales $1,408 $1,438 $1,409 $1,445 $1,484 $1,527 $1,568 $1,607 $1,644 % Growth 19.3% 2.1% (2.0%) 2.5% 2.7% 2.9% 2.7% 2.5% 2.3% Implied Offer Price Adj. EBITDA $171 $187 $200 $217 $234 $245 $267 $289 $312 % Margin 12.1% 13.0% 14.2% 15.0% 15.7% 16.0% 17.0% 18.0% 19.0% $12.53 $13.57 $15.00 $15.66 $16.70 (+) Public Company Costs -- -- -- -- $20 $20 $20 $20 $20 Premium to Current Share Price PF Adj. EBITDA $171 $187 $200 $217 $254 $265 $287 $309 $332 % Margin 12.1% 13.0% 14.2% 15.0% 17.1% 17.3% 18.3% 19.2% 20.2% 20.0% 30.0% 43.7% 50.0% 60.0% PF Adj. EBIT $163 $172 $192 $213 $234 11.8x 18.0% 15.8% 13.2% 12.1% 10.5% (–) Interest Expense (80) (69) (61) (51) (38) (–) Taxes (Net of NOLs) (6) (23) (33) (41) (50) 12.8 20.1 17.9 15.2 14.1 12.5 (+) D&A 75 77 79 81 83 (+) Amortization of Intangibles 15 15 15 15 15 13.8 22.1 19.8 17.1 16.0 14.3 (+) OID and Financing Fees 6 6 6 6 6 (–) Transaction DTL Unwind (4) (4) (4) (4) (4) 14.8 23.9 21.7 18.9 17.8 16.1 (–) CapEx (42) (40) (38) (35) (33) (+/–) Changes in NWC ((Inc)/Dec) (2) (1) (1) (1) (1) 15.8 25.7 23.4 20.6 19.4 17.7 Levered Free Cash Flow $126 $134 $156 $183 $213 Cumulative Levered Free Cash Flow $126 $261 $417 $600 $813 % of Total Debt Paydown 10.5% 21.6% 34.6% 49.8% 67.4% Implied Entry Premium Cash $50 $50 $50 $50 $50 $50 (5-Year Hold Period; 17.5% Required IRR) New Revolving Credit Facility -- -- -- -- -- -- New Term Loan 1,196 1,069 935 779 596 383 Entry Leverage Finance Leases 10 10 10 10 10 10 Total Debt $1,205 $1,079 $945 $789 $606 $393 4.5x 5.0x 5.5x 6.0x 6.5x Net Debt $1,155 $1,029 $895 $739 $556 $343 Credit Statistics 11.8x 16.0% 19.1% 22.2% 25.3% 28.4% Total Debt / Adj. EBITDA 5.5x 4.6x 3.9x 3.0x 2.1x 1.3x Net Debt / Adj. EBITDA 5.3 4.4 3.7 2.8 1.9 1.1 12.8 25.8 28.9 32.0 35.1 38.2 Forecast Assumptions: 13.8 35.6 38.7 41.8 44.9 48.0 • Net Sales reflects consensus estimates from CY25E – CY27E, with growth declining (20bps) YoY thereafter • Adj. EBITDA reflects consensus estimates from CY25E – CY27E, with margin expanding to 19.0% by CY30E 14.8 45.4 48.5 51.6 54.7 57.8 • Public company costs of $20mm added-back annually • Core D&A and step-up D&A of 1.9% and 3.1% of Net Sales, respectively, held constant throughout forecast • CapEx of 3.0% of Net Sales in CY25E, declining to 2.0% by CY30E 15.8 55.2 58.3 61.4 64.5 67.6 • Assumes no dividends • DRO, DIO, DPO, Prepaid Expense & Other Assets as % of Net Sales and Accrued Expenses & Other Liabilities as % of Net Sales remain consistent with CY24A Source: Company filings, FactSet, and Wall Street research. Market data as of October 30, 2025. book value of equity plus existing goodwill (amortized over 15 years). Assumes $59mm deferred tax liability, based 17 Note: New intangibles assumed to be 10% of equity step-up, calculated as transaction equity value less existing on a 25.4% tax rate. Unwind over 15 years. Exit Multiple Exit Multiple

3. Other U.S. Snacking Opportunities

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. U.S. Snacking Opportunities Private Label / Foodservice Snacking Assets Revenue: Ownership: Revenue: Market Cap: Ownership: FY2025 Revenue: FY2025 EBITDA: FV / CY2026E EBITDA: FY2025 Leverage: Ownership: EBITDA: Ownership: (1) (1) Retail Sales: Retail Sales: Ownership: Ownership: Revenue: Ownership: Revenue: Revenue: Ownership: Ownership: (1) Retail Sales: Ownership: Sources: PitchBook, FactSet, company filings. 19 (1) Reflects LTM RSV as of 10/18/2025.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Overview Company Overview 2025E Business Mix • $ in millions • – – • • Revenue: • Ownership: Manufacturing Facilities Overview Historical Select Customers Is a Critical Partner to Emerging Brands ~30-year average tenure for major Customer contracts typically range (1) customers 1-10 years 20 Source: Company website and filings, credit reports, PitchBook. Note(s): Manufacturing sites may have multiple facilities within them. 1. Average tenure of top 10 customers based on 2022 revenue.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Overview Over Time Company Overview • • • • • • • • • EBITDA: • • Headquarters: • • Ownership: Key Product Offerings and Categories Source: Company website, Reuters, Mergermarket, PitchBook. Note: Channel and Product mix from Moody’s as of June 2023. 21 (1) S&P Global estimate.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Overview Company Overview Capabilities • Products & Packaging • • • (1) • Retail Sales: • Headquarters: • Employees: • Ownership: Manufacturing Sites Services Sources: Company website, FactSet, Mergermarket, LinkedIn, Bloomberg, Pitch book, Crunchbase, public sources. 23 (1) Reflects LTM RSV as of 10/18/2025.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Foods Update L3Y Share Price Performance and FV / NTM EBITDA (October 7, 2022 – October 7, 2025) $ Stock Price FV / NTM EBITDA Highly-Focused Portfolio of Brands Diversified U.S. Product and Channel Offering (1) (1) Channel Segments Product Segments Positioning Products Target Audience 24 Source: Company filings, FactSet. Market data as of October 7, 2025. (1) gross sales for 12 months ended 2/24/24 and gross sales for 12 months ended 12/31/23. Stock Price

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Portfolio Diversified Across Categories % of Total LTM $ RSV % of Total LTM $ RSV % of Total LTM $ RSV (3) (1) (2) (4) Product Overview At YN Sim ds Source: NielsenIQ xAOC incl. Convenience. LTM period ended June 28, 2025. (1) Includes , , and . (2) Includes and . (3) Includes , , , , , , , , 25 and , and . (4) Includes , , and products.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Overview Company Overview Brand Offerings • • • • Key Retailers: • • Headquarters: • Employees: • Annual Revenue: • Ownership: • Brands: • Key Management Name / Title Experience • • • • • • • • 26 Source(s): Company website, FactSet, Mergermarket, LinkedIn, Bloomberg, Pitch book, Crunchbase, public sources.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Overview Company Overview Product Offerings • • • • • (1) • Retail Sales: • Headquarters: • Ownership: Key Management Name / Title Experience • Funding Summary • Date Investor Type Amount • • Sources: Company website, FactSet, Mergermarket, LinkedIn, Bloomberg, Pitch book, Crunchbase, public sources. 27 (1) Reflects LTM RSV as of 10/18/2025.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Overview Company Overview Brand Offerings • • • • • • • • (1) • Retail Sales: • Headquarters: • • Ownership: • Key Management Name / Title Experience • • • • • Sources: Company website, FactSet, Mergermarket, LinkedIn, Bloomberg, Pitch book, Crunchbase, public sources. 28 (1) Reflects LTM RSV as of 10/18/2025.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Overview Business Overview Product and Company Timeline • Year Events • • • • • • • • Financials • ○ LTM RSV: ○ EBITDA Margin: • Employees: • • Headquartered: Manufacturing Key Management Name/Title Biography • • • • • • • • • • Co-Manufacturing: • o • 29 Source: Company information, Pitchbook and Web.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. : Nielsen Data LTM Retail Sales Mix Retail Sales Evolution ($ in millions) 2021 2022 2023 2024 LTM % YoY Growth -- LTM Retail Sales: EQ Unit Evolution (units in millions) Reflects only retail sales in tracked channels – does not 2021 2022 2023 2024 LTM include retail sales in untracked channels % YoY Growth (specialty retail, e-commerce, club) -- Source: Nielsen xAOC including Convenience. 31 Note: LTM period ending October 14, 2025.

indicates information that has been omitted on the basis of a confidential treatment request pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. This information has been filed separately with the Securities and Exchange Commission. Company Overview Key Product Categories • • • • • • Key Partners: • Headquarters: • 2024 Revenue: Financing Summary Date Type Amount Raised Lead Investor / Investors Expanded portfolio with the launch of new, first-to-market, Line Source: Company Website, Web Search. 32

4. Appendix

Utz: Valuation Benchmarking Mid-Cap F&B Large-Cap F&B FV / NTM EBITDA Median: 8.3x Median: 12.3x 15.4x 15.3x 13.7x 13.7x 13.5x 12.9x 11.8x 11.1x 10.5x 10.1x 9.6x 9.5x 9.1x 8.9x 8.7x 8.4x 8.3x 7.7x 7.7x 6.5x 6.5x Price / NTM EPS Median: 12.3x Median: 17.2x 26.2x 22.0x 20.2x 19.8x 19.2x 19.0x 18.5x 17.3x 17.1x 14.0x 13.2x 13.0x 12.7x 12.1x 11.7x 11.6x 10.7x 9.9x 9.7x 9.1x 8.1x 34 Source: FactSet. Market data as of October 30, 2025.

Utz: Operational Benchmarking Mid-Cap F&B Large-Cap F&B CY2025E – CY2027E Revenue CAGR Median: 1.4% Median: 2.7% 9.1% (1) 4.2% 3.8% (1) 3.4% 3.6% 3.2% (1) 2.8% 2.7% 2.9% 2.4% 2.4% 1.8% 1.8% 1.1% 1.0% 0.2% 0.1% (0.2%) (0.6%) (0.8%) (0.8%) CY2025E Gross Margin 54.4% Median: 26.8% Median: 35.3% 50.9% 48.1% 46.4% 40.1% 38.6% 36.5% 35.9% 33.9% 34.2% 32.4% 30.3% 29.4% 29.3% 24.2% 24.5% 21.9% 21.9% 21.0% 17.7% 16.0% CY2025E EBITDA Margin Median: 15.2% Median: 18.7% 20.7% 19.5% 20.4% 19.8% 19.5% 19.2% 19.0% 18.5% 18.4% 18.2% 17.4% 16.9% 15.9% 15.6% 15.0% 14.8% 11.2% 10.9% 10.6% 10.0% 7.4% CY2025E – CY2027E EBITDA CAGR (1) (1) (1) 6.2% 9.5% 2.8% 4.5% 2.8% 3.4% 2.0% (1.3%) 2.8% 0.5% 6.7% 11.7% 4.4% 4.3% 6.7% (1.1%) (1.2%) 5.1% 6.5% (0.4%) 0.2% Source: FactSet. Market data as of October 30, 2025. 35 (1) Reflects CY2024A – CY2026E data due to lack of broker estimates.

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