Exhibit 16(c)(iv)

 

Citi Investment Banking | Global Consumer & Retail Group Discussion Materials December 2025 | Strictly Private and Confidential

1. Utz Update

Utz Brands Update Share Price Performance and FV / NTM EBITDA Since First Day of Trading Following De-SPAC (August 31, 2020 – November 24, 2025, Utz de-SPAC announced on June 5, 2020 at $2.6bn TEV (11.6x estimated 2021 PF adjusted EBITDA)) 7/31/2025: UTZ $35 11/02/2021: Announced 10/03/2022: Announced 5/1/2025: UTZ trades 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 $30 Q2’25 earnings 25x $25 20x FV 19.2x / Price  $20 15x NTM $18.40 Stock $15 10x 11/12/2020: Announced acquisition of 9.2x EBITDA $10 On The Border Chips (“Truco 1/24/2022: Acquired assets 1/31/2024: Announced sale of R.W. 10/30/2025: UTZ trades 5x Enterprises”) from Insignia Capital of two third party DSD Garcia and Good Health Brands to down (13.9%) following distributors in New York $9.22 Group for $480mm Our Home for $182.5mm Q3’25 earnings $5 — Aug-20 Feb-21 Jul-21 Dec-21 May-22 Oct-22 Apr-23 Sep-23 Feb-24 Jul-24 Dec-24 Jun-25 Nov-25 Branded Salty Snacks Driving Growth in Portfolio Revenue ($ in mm) $1,521 $1,491 $1,438 $1,448 (13.1%) YoY $1,409 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% 3.0% 2.1% $1.4bn EBITDA ($ in mm) Net Sales (LTM) $218 $233 $245 $187 $200 70.1% Utz Buyer Repeat Rate 2023A 2024A 2025E 2026E 2027E +5.8% YoY Branded Salty % Margin Net Sales Growth Snacks 13.0% 14.2% 15.0% 15.6% 16.1% 89% 3 Source: Company filings, FactSet. Market data as of November 24, 2025. Note: Utz fiscal year ends on December 31st.

Despite Strong Earnings, Utz Stock Saw Macro-Driven Contraction Key Highlights Q3 • Positive top-line results for the company in Q3 2025, beating Wall Street expectations, but profitability concerns were unveiled • Net sales increased +3.4% • Organic net sales increased +3.4%, Branded Salty Snacks by +5.8% • Gross profit margin decreased (2.1%), with margin of 33.6% • EBITDA decreased (22.0%), Adj. EBITDA increased +11.7% , with margin of 16.0% • 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 • Gained both dollar and volume share in the Salty Snacks category, marking the company’s ninth consecutive quarter of volume share growth • 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 # of 5 7 10 11 11 10 10 10 10 10 10 10 10 “On the call, mgmt. did not sufficiently address what this would imply for its Brokers: 100% original 16% adj EBITDA margin target for FY26…which led to investor $24.00 confusion and broad selloff in shares… [however] we don’t foresee 25% 25% 27% 27% 27% 27% 27% 27% 27% 27% 31% structural issues” 80 38% 45% – Bank of America, 10/30/25 $20.00 60 “We think investors are disappointed with the lack of profit upside, $16.00 especially given leverage levels, despite the solid top-line performance.” 40 $15.00 – TD Cowen, 10/30/25 75% 75% 73% 73% 73% 73% 73% 73% 73% 73% 69% 62% 55% $12.00 20 $9.22 “However, shares finished down nearly -13%...which was certainly  +63% perplexing and our conversations suggested that much of the move Upside centered on the company walking away/talking down their LT adjusted 0 $8.00 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 EBITDA margin expectations of 16% for FY26.” – UBS, 10/30/25 Buy Hold Sell Price Target (Mean) Share Price 4 Source: Company filings, broker reports, FactSet. Market data as of November 24, 2025.

Utz: Shareholder Overview Institutional Shareholders 45% / 55% shareholders are below / above Insider Shareholders SPAC Related Rice Family their cost basis at $15 per share Class A Owned of Owned of Class A % Owned Class V % Owned % Owned Investor Investor Type Cost Basis Insider Holdings (1) Shares Class A % Total %(1) Shares Class A Shares Class V Total 1 The Vanguard Group Passive $16.96 7.41 8.27% 5.11% Series U of UM Partners LLC 3.57 3.98% 47.05 85.00% 34.91% Series R of UM Partners LLC 0.63 0.70 8.30 15.00 6.16 2 JP Morgan Asset Mgmt. Active 16.32 6.53 7.29 4.51 Roger Deromedi 4.77 5.32    —    — 3.29 3 BlackRock Institutional Trust Passive 19.21 4.90 5.47 3.38 Jason Giordano 3.81 4.25    —    — 2.63 4 Millennium Management Hedge Fund 12.97 4.37 4.88 3.02 Collier Creek Partners LLC 0.52 0.59    —    — 0.36 5 Columbia Threadneedle Active 15.09 4.15 4.63 2.86 Craig Steeneck 0.30 0.33    —    — 0.20 Cary Devore 0.28 0.32    —    — 0.20 6 Copeland Capital Management Active 14.70 3.13 3.49 2.16 7 Champlain Investment Partners Active 16.17 2.95 3.29 2.03 Howard Friedman 0.28 0.31    —    — 0.19 Tony Fernandez 0.25 0.28    —    — 0.17 8 Balyasny Asset Mgmt. Hedge Fund 14.19 2.89 3.23 1.99 Dylan Lissette 0.18 0.20    —    — 0.12 9 Citadel Hedge Fund 13.33 2.30 2.57 1.59 Other Insiders 1.04 1.16    —    — 0.72 10 Dimensional Quantitative 15.07 2.02 2.26 1.40 Total Insiders 15.63 17.44% 55.35 100.00% 48.96% Total Rice Family 4.38 4.88% 55.35 100.00% 41.19% 11 Jennison Associates Active 15.48 1.94 2.17 1.34 12 Geode Capital Mgmt. Passive 18.63 1.77 1.98 1.22 13 State Street Investment Management Passive 20.06 1.76 1.97 1.22 Investor Type Minimal retail investor base 14 UBS Financial Services Broker-Dealer 14.87 1.65 1.84 1.14 3% 2% 3% 2% 2% 17% 16% 14% 15% 17% 15 GW&K Active 16.08 1.54 1.72 1.06 2% 1% 2% 2% 2% 3% 4% 4% 4% 5% 4% 7% 6% 16 MFS Investment Management Active 13.42 1.49 1.67 1.03 14% 14% 17 D. F. Dent & Company Active 13.59 1.47 1.64 1.01 52% 53% 54% 44% 41% 18 Alyeska Investment Group Hedge Fund 15.05 1.18 1.31 0.81 19 Bahl & Gaynor Active 14.90 1.05 1.17 0.72 19% 18% 17% 19% 19% 20 Two Sigma Investments Hedge Fund 13.16 0.96 1.08 0.66 Top 20 Institutional Shareholders 55.48 61.90% 38.27% Dec-23 Jun-24 Dec-24 Jun-25 Most Recent Passive Active Hedge Fund Broker-Dealer Quantitative Strategic Other Retail & Undisclosed 5 Source: Company filings, Refinitiv. Market data as of November 24, 2025. (1) Total is Class A + Class V shares.

Distribution of Estimated Cost Basis Among Utz Class A Shareholders $25.00 $20.00 $ ) ( $15.00 s is B a t C os ed 90-Day VWAP: $11.52 t 30-Day VWAP: $10.50 Estima $10.00 Current Price: $9.22 $5.00 $0.00 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70% 75% 80% 85% 90% 100% % Cumulated Shares Outstanding Source: FactSet, LSEG as of November 24, 2025. Note: Analysis based on top institutional investors based on % O/S owned. Estimated cost basis assumes highest-basis (lowest gain) shares are sold first. “In-the-money” (“ITM”) % O/S calculated by 6 evaluating when estimated cost basis of a specific institutional holder is either below current stock price or below current stock price plus a hypothetical transaction premium.

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

Utz: Overview of Governance Utz has a dual class structure, where both Class A and Class V are publicly traded Voting • Equal rights, voting as single class – 1 vote per share (i.e. no high-vote) Structure Power Ownership • Class V shares held by only the Rice Family Share  Dividends / • Only Class A receives dividends / distributions (Class V not entitled) Class Distribution Dual Conversion • Class V shares can be exchanged for Class A shares Transfer • Class V shares cannot be transferred to new owners Rights • Utz’s Board consists of 12 directors, structured as a classified (staggered) board with three-year terms; 10 directors are independent under NYSE standards rectors • Rice family interest represented by Dylan Lissette (Non-Executive Chairman) and Tim Brown Di • Collier Creek (former SPAC) interest represented by Roger Deromedi (Lead Independent Director) and Jason Giordano, of Board who both served as Co-Founders of Collier Creek Holdings • Additional Collier Creek board members include Craig Steenick and Tony Fernandez • Current Chief Executive Officer is not on Board of Directors, along with rest of current management team 8 Source: Public filings.

Utz: HQ, Facilities and Employees • Headquartered in Hanover, Pennsylvania • Operates 8 primary manufacturing sites across Pennsylvania, Washington, Arizona, Michigan, and North Carolina Employees o Pennsylvania is the core manufacturing hub with two major facilities acilities, • Manages 23 warehousing and distribution centers nationwide supporting efficient customer delivery and DSD operations F HQ, • Approximately 3,200 employees across manufacturing, distribution, and corporate functions o Includes 3.000 full-time and 200 part-time associates 9 Source: Public filings.

2. Transaction Analysis

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 Description and/or new Sponsor equity minority stake  Acquire at market price May gain information rights Can gather company / market Majority stake provides ability Gain limited influence via and further governance learnings to control decision making,  subject to minority rights shareholder voting position May be able to purchase at Minority governance rights to gain to discount Company / market learnings  May be able access Can negotiate clear path to management team control upfront prior to full ownership Reduce overall consideration [w/ Sponsor] Adding Sponsor Can negotiate clear path to     Benefits paid if followed by take- may provide Insiders solution full control upfront 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 No investors acquire full company require path to exit and pro clear path to control clear to control control rata governance rights rights No path Paying premium  Typically no information Limited ability to realize without immediate control Cannot realize full synergies No ability to realize synergies    Considerations synergies [w/ Sponsor] Adding Sponsor [w/ Sponsor] Adding Sponsor may complicate negotiations may complicate negotiations / / governance (if insiders roll) governance (if insiders roll) 11 For illustrative purposes only.

Utz + Intersnack Side-by-Side 2025E 2028E + + (LTM @ Close; $ in mm) Revenue $1,448 $5,318 $6,766 $7,279 Revenue CAGR 2.5% 2.5% 2.5% 2.4% (2-Year Forward) EBITDA $218 $756 $974 $1,103 / $1,153 (Excl. / Incl. PF Adjustments(1)) EBITDA CAGR 10.4% 2.5% 4.3% / 6.7% 4.1% / 3.9% (2-Year Forward) (Excl. / Incl. PF Adjustments(1)) (Excl. / Incl. PF Adjustments(1)) EBITDA Margin 15.0% 14.2% 14.4% 15.2% / 15.8% (Excl. / Incl. PF Adjustments(1)) Ownership 41% / 8% / 51% 100% 32% / 8% / 60% 32% / 8% / 60% (Rice Family / Other Insiders / Public Float) (Intersnack) (Rice Family / Other Insiders / Intersnack) (Rice Family / Other Insiders / Intersnack) Can be funded with 3.3x gross leverage available cash on hand Gross Leverage 4.0x 2.2x if Intersnack funds 5.5x / 4.2x or credit facilities 2.0x minority stake (NewCo / Intersnack ParentCo(2)) (Intersnack ParentCo) with debt(2) United States International International International United States United States 21% Geographic Mix ? 100% 100% 79% Source: Company filings, FactSet, and Wall Street research. Market data as of November 24, 2025. Note: EUR / USD FX rate of 1.15x. Illustrative transaction close of December 31, 2025. Combined columns assumes Intersnack owns 60% of PF entity. 12 (1) Reflects $20mm in public company costs and $30mm in cost synergies (~2% of UTZ 2025E net sales). (2) Assumes Intersnack funds entire equity check with incremental debt. Intersnack assumed to have $100mm in cash. Actual cash on hand unknown.

Illustrative Take-Private Financial Forecast ($ in mm) Revenue Adj. EBITDA • Utz: Consensus estimates in 2025E, expanding to 21% by 2030E • Utz: Consensus estimates from 2025E – 2027E, growing +2.0% annually thereafter • Intersnack: Estimated 2024A EBITDA of €640mm, margin held constant thereafter • Intersnack: Reported 2024A net sales of €4.5bn, assumed to grow +2.5% annually thereafter • PF Adjustments reflect $20mm in public company costs and $30mm in cost synergies (~2% of UTZ 2025E net sales) $7,109 $7,279 $7,453 $7,631 $6,766 $6,942 $1,153 $1,198 $1,245 $1,067 $1,110 $1,552 $1,583 $1,614 $974 $50 $50 $50 $1,448 $1,491 $1,521 $50 $50 $265 $289 $313 $339 $218 $242 $5,318 $5,451 $5,587 $5,727 $5,870 $6,017 $756 $775 $795 $814 $835 $856 2025E 2026E 2027E 2028E 2029E 2030E 2025E 2026E 2027E 2028E 2029E 2030E % Growth (Utz / Intersnack + Utz) % Margin (Utz / Intersnack + Utz) 2.7%/2.5% 3.0%/2.6% 2.1% /2.4% 2.0%/2.4% 2.0%/2.4% 2.0%/2.4% 15.0%/14.4% 16.2%/15.4% 17.4%/15.6% 18.6%/15.8% 19.8%/ 16.1% 21.0%/16.3% CapEx Free Cash Flow(1) • Utz: Assumed to be 3.0% of net sales in 2025E, declining to 2.0% by 2030E • Intersnack: Assumed to be 2.0% of net sales in 2025E, held constant thereafter $1,046 $1,092 $824 $916 $958 $1,001 $750 $767 $785 $716 $733 $650 $150 $151 $151 $152 $152 $153 $32 $174 $200 $225 $252 $279 $307 $43 $42 $40 $37 $35 2025E 2026E 2027E 2028E 2029E 2030E $106 $109 $112 $115 $117 $120 % FCF Conversion(2) (Utz / Intersnack + Utz) 80.0%/84.6% 82.7%/85.9% 85.1%/86.4% 87.1%/86.8% 88.9%/87.3% 90.5%/87.7% 2025E 2026E 2027E 2028E 2029E 2030E % of Revenue (Utz / Intersnack + Utz) Other Assumptions: • Utz: D&A as % of net sales consistent with 2024A; DRO, DIO, DPO, prepaid expense & other assets as / / / / / / % of net sales and accrued expenses & other liabilities as % of net sales consistent with 2024A 3.0% 2.2% 2.8% 2.2% 2.6% 2.1% 2.4% 2.1% 2.2% 2.0% 2.0% 2.0% • Intersnack: D&A as % of net sales in-line with CapEx; Change in NWC as % of change in net sales inline with Utz Source: Company filings, FactSet and Wall Street research. Market data as of November 24, 2025. Note: EUR / USD FX rate of 1.15x. Utz Intersnack PF Adjustments Intersnack + PF Adjustments 13 (1) Defined as PF Adj. EBITDA – CapEx. (2) Defined as (PF Adj. EBITDA – CapEx) / PF Adj. EBITDA.

Minority Investment Scenario Utz Illustrative Take-Private: Transaction Overview Transaction Assumptions Pro Forma Cap Table • Illustrative purchase price of $15.00/share, representing a ~63% premium NewCo to current share price of $9.22 (as of November 24, 2025) and implying a firm value of ~$3.0bn Current Pro Forma – Implies 13.8x LTM 2025E Adj. EBITDA of $218mm ($ in mm) 12/31/2025 Adj. 12/31/2025 • Transaction funded by new transaction debt and new + rolled equity leverage of 5.5x LTM (2025E) Adj. EBITDA of $218mm Cash & Cash Equivalents $58 — $58 – Gross – New $225mm Revolving Credit Facility (SOFR + 350bps) Debt: – New $1.0bn Term Loan (SOFR + 325bps, 99.5% OID, 1% amortization) ABL Facility 21 (21) — • Assumes full insider ownership roll, resulting in 45%, 46%, and 9% PF ownership for Intersnack, Rice Family, and Other Utz Insiders, respectively New Revolving Credit Facility -——- • Other assumptions: Term Loan B 630 (630) — – Assumes annual add-back of $20mm in public company costs 2mm annual (1) New Term Loan — 982 982 – Assumes $ dividend – Rice Family to receive $1mm annually Real Estate Loans 58 — 58 Sources & Uses Equipment Loans 147 — 147 ($ in mm) Notes Payable 13 (13) —Sources $ Amount % Finance Leases 10 — 10 Implied 45% ownership New Third-Party Equity $873 27.3% Family Ownership Rollover 896 28.1 Total Debt $879 $317 $1,196 Other Insider Ownership Rollover 169 5.3 New Transaction Debt 982 30.8 Net Debt $821 $317 $1,139 Rolled Existing Debt 215 6.7 Existing Cash 58 1.8 Total Sources $3,191 100.0% Financial Metrics Uses $ Amount % LTM Adj. EBITDA (2025E) $218 $218 Public Float $1,110 34.8% Family Ownership 896 28.1 Credit Statistics Other Insider Ownership 169 5.3 Existing Debt 879 27.5 Total Debt / Adj. EBITDA 4.0x 5.5x Cash to Balance Sheet 58 1.8 Transaction Fees 80 2.5 Net Debt / Adj. EBITDA 3.8 5.2 Total Uses $3,191 100.0% Source: Company filings, FactSet and Wall Street research. Market data as of November 24, 2025. 14 Note: EUR / USD FX rate of 1.15x.Illustrative transaction close of December 31, 2025.

Minority Investment Scenario Utz Illustrative Take-Private: Cash Flow & Returns 5-Year Illustrative Cash Flow Summary Sensitivity Analysis Actual Consensus Projections 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 $1,448 $1,491 $1,521 $1,552 $1,583 $1,614 % Growth 19.3% 2.1% (2.01%) 2.7% 3.0% 2.1% 2.0% 2.0% 2.0% Illustrative Offer Price per Share Adj. EBITDA $171 $187 $200 $218 $242 $265 $289 $313 $339 $14.00 $14.50 $15.00 $15.50 $16.00 % Margin 12.1% 13.0% 14.2% 15.0% 16.2% 17.4% 18.6% 19.8% 21.0% (+) Public Company Costs -———- $20 $20 $20 $20 $20 Implied Firm Value / 2025E EBITDA PF Adj. EBITDA $171 $187 $200 $218 $262 $285 $309 $333 $359 13.1x 13.4x 13.8x 14.1x 14.4x % Margin 12.1% 13.0% 14.2% 15.0% 17.6% 18.7% 19.9% 21.1% 22.2% Implied Premium to Current Share Price PF Adj. EBIT $171 $193 $215 $238 $262 51.8% 57.3% 62.7% 68.1% 73.5% (–) Interest Expense (75) (64) (54) (43) (29) (–) Taxes (Net of NOLs) (7) (31) (41) (50) (59) 11.8x 17.3% 16.4% 15.5% 14.7% 13.9% (+) D&A 75 77 78 80 81 e l i p 12.8 19.4 18.4 17.5 16.7 15.8 l t (+) Amortization of Intangibles 15 15 15 15 15 M u t 13.8 21.3 20.3 19.4 18.5 17.7 (+) OID and Financing Fees 5 5 5 5 5 i x (–) Transaction DTL Unwind (4) (4) (4) (4) (4) E 14.8 23.1 22.1 21.2 20.3 19.4 (–) CapEx (42) (40) (37) (35) (32) 15.8 24.8 23.8 22.8 22.0 21.1 (–) Dividends (2) (2) (2) (2) (2) (+/–) Changes in NWC ((Inc)/Dec) (2) (1) (1) (1) (1) Levered Free Cash Flow $135 $149 $175 $204 $237 Implied Entry Price per Share Cumulative Levered Free Cash Flow $135 $284 $458 $663 $899 (5-Year Hold Period; 17.5% Required IRR) % of Total Debt Paydown 11.3% 23.7% 38.3% 55.4% 75.2% Entry Leverage Cash $58 $58 $58 $58 $58 $58 New Revolving Credit Facility -—————- 4.5x 5.0x 5.5x 6.0x 6.5x New Term Loan 982 850 705 534 333 100 Real Estate Loans 58 54 51 47 44 40 11.8x $13.26 $13.59 $13.92 $14.25 $14.57 Equipment Loans 147 147 147 147 147 147 Finance Leases 10 10 10 10 10 10 le ultip 12.8 14.36 14.70 15.02 15.35 15.68 Total Debt $1,196 $1,061 $912 $738 $534 $297 M Exit 13.8 15.47 15.80 16.13 16.45 16.78 Net Debt $1,139 $1,004 $855 $680 $476 $239 Credit Statistics 14.8 16.57 16.90 17.23 17.56 17.88 Total Debt / Adj. EBITDA 5.5x 4.4x 3.4x 2.6x 1.7x 0.9x Net Debt / Adj. EBITDA 5.2 4.2 3.2 2.4 1.5 0.7 15.8 17.67 18.01 18.33 18.66 18.99 Source: Company filings, FactSet and Wall Street research. Market data as of November 24, 2025. 15 Note: EUR / USD FX rate of 1.15. New intangibles assumed to be 10% of equity step-up, calculated as transaction equity value less existing book value of equity plus existing goodwill (amortized over 15 years). Assumes $59mm deferred tax liability, based on a 25.4% tax rate. Unwind over 15 years.

Majority Investment Scenario Utz Illustrative Take-Private: Transaction Overview Transaction Assumptions Pro Forma Cap Table • Illustrative purchase price of $15.00/share, representing a ~63% premium to current share price of $9.22 (as of November 24, 2025) and implying a Intersnack firm value of ~$3.0bn NewCo Parent Co. – Implies 13.8x LTM 2025E Utz Adj. EBITDA of $218mm Current Pro Forma Pro Forma • Transaction funded by new transaction debt and new + rolled equity ($ in mm) 12/31/2025 Adj. 12/31/2025 12/31/2025 – Gross leverage of 5.5x LTM (2025E) Adj. EBITDA of $218mm – New $225mm Revolving Credit Facility (SOFR + 350bps) Cash & Cash Equivalents $58 — $58 $158(3) – New $1.0bn Term Loan (SOFR + 325bps, 99.5% OID, 1% amortization) Debt: • Assumes 75% and 100% roll of Rice Family and Other Utz Insiders, resulting in 60%, 32%, and 8% PF ownership for Intersnack, Rice Family, and Other ABL Facility 21 (21) -—-Utz Insiders, respectively New Revolving Credit Facility -———- • Other assumptions: $20mm in public company costs and Term Loan B 630 (630) -—- – Assumes annual add-back of $30mm in cost synergies (~2% of Utz 2025E net sales) New Term Loan — 982 982 982 $ annual dividend(1) – Assumes 3mm Existing Intersnack Debt -—- Can be-- funded 1,660 – Rice Family to receive $1mm annually with available Change-of-control expedited payout of existing Utz TRA(2) cash on hand or – triggers New Intersnack Debt -——- 1,272 credit facilities Sources & Uses Real Estate Loans 58 — 58 58 ($ in mm) Equipment Loans 147 — 147 147 Sources $ Amount % Notes Payable 13 (13) -—- Implied 60% ownership New Third-Party Equity $1,272 37.8% Family Ownership Rollover 672 20.0 Finance Leases 10 — 10 10 Other Insider Ownership Rollover 169 5.0 New Transaction Debt 982 29.2 Total Debt $879 $317 $1,196 $4,128 Rolled Existing Debt 215 6.4 Existing Cash 58 1.7 Net Debt $821 $317 $1,139 $3,970 Total Sources $3,366 100.0% Financial Metrics Uses $ Amount % LTM Adj. EBITDA (2025E) $218 $218 $974 Public Float $1,110 33.0% Family Ownership 896 26.6 Credit Statistics Other Insider Ownership 169 5.0 Total Debt / Adj. EBITDA 4.0x 5.5x 4.2x Existing Debt 879 26.1 Existing TRA(2) 175 5.2 Net Debt / Adj. EBITDA 3.8 5.2 4.1 Cash to Balance Sheet 58 1.7 Transaction Fees 80 2.4 Total Uses $3,366 100.0% Source: Company filings, FactSet and Wall Street research. Market data as of November 24, 2025. Note: EUR / USD FX rate of 1.15x. Illustrative transaction close of December 31, 2025. (1) Reflects current dividend to Rice Family, grossed-up based on PF ownership. Assumes no other dividends or distributions to Intersnack. 16 (2) Assumes NPV of outstanding TRA payments are paid at transaction close.

Key Considerations for Transaction with Rice Family • It is critical to better understand the Rice Family’s priorities, constraints, and deal-breakers as it relates to a potential transaction • Key considerations to explore with the Rice family include: o Pro forma ownership – near-term and long-term (vs. existing ownership of 41%) o Pro forma governance (Board / Voting / Key Decision-Making) o Liquidity / exit preferences o Management o Investment time horizon o Future dividend / distribution commitment (vs. existing dividend of ~$1mm per year) o Capital structure o Social considerations (i.e. company name, HQ) o Involvement of the Rice Family Foundation o Other business priorities 17

Path to Control: Structures for Intersnack after Utz Take-Private Intersnack term sheet can contain a number of provisions that govern and protect liquidity events and would provide paths to full control. Low Spectrum of Structural Paths to Control High Most Relevant for Intersnack ROFO ROFR Call Option  Requires selling party (Family / Grants Intersnack the right to “first Grants Intersnack the right, but not Insiders), before selling equity stake to refuse” the shares before the selling the obligation to require the Family / third parties, to first offer such stake party (Family / Insiders) can sell to Insiders to sell their equity stakes to the investor (Intersnack) third parties during a prescribed future period Description – “First look” at exit – “Last look” at exit – Call price formula determined at / Structural initial investment / transaction – Family / Insiders may elect not to Variations but then can take the offer, sell to Depending on start (e.g., at closing, third party at a higher price after year 5, year 10) and duration of call option period, call price may be fixed or escalating  Typical term sheet provision Typical “ask” in term sheet Provides certain path to outright  Often reciprocal between parties negotiations, though presents control problems for Family / Insiders ability Typically provides strong incentive for  Price to acquire remaining equity to exit company management dependent on market for the asset at that time Provides path to outright control Family / Insiders likely to require  Ability for Family / Insiders to sell only Price to acquire remaining equity “floor” price Key Issues at price higher than ROFO provides dependent on market for the asset at Family / Insiders may seek reciprocal to Consider natural tension that time put option Not a direct path to control, ipso facto Intersnack does not control timing of Negotiation of call price formula can exit be complex and time-consuming – Generally requires selling party to initiate an exit process Family / Insiders ability to market their stake severely hampered by – Potential to be topped by third ROFR party 18 For illustrative purposes only.

Path to Control: Valuation at Exit (post-Take Private) Valuation mechanisms are complex to negotiate and may take time to come to agreement on approach. Best Fit for Intersnack • Valuation based on targeted return to existing investors; often based on a minimum IRR or money Return-Based multiple Formula • Can provide a “Floor Value” when value is based on “greater of” this methodology and a fair-market value approach • Approximates fair-market value based on industry standard or negotiated valuation methodologies and company performance Market-Driven • Formula and definitions of underlying metrics are clearly defined and not subject to interpretation Valuation • Typically multiple-based (e.g. a multiple of trailing EBITDA, trailing earnings, or book value) but can be tailored to company, industry, or situation – Formula can be determined at the outset or based on current market conditions • Use of independent appraiser or investment bank to determine fair-market value at time of exit • Both partners may hire an investment bank to establish a value (based on agreed principles) Third-Party Valuation – If values are close, the fair-market value can be determined as the average between the two values (Appraisal) – If values are far apart, a third investment bank can be jointly designated, and fair-market value can be determined to be whichever value is closer to the third party’s value • Often used as a fallback to the extent the partners are unable to agree on value 19 For illustrative purposes only.

Preparing for Meeting with Utz Management Meeting Logistics: • Initial meeting between Intersnack and Utz to take place on Tuesday, December 9th at Citi’s Headquarters in New York • Attending from Utz: Dylan Lisette (Chairman of the Board) and Howard Friedman (Chief Executive Officer) • Attending from Intersnack: Maarten Leerdam, Johan van Winkel, Henrik Bauwen Meeting Objectives: Meeting Materials: • Initial meeting should be exploratory in nature with the • Overview of Intersnack goal of getting to know each company better and registering potential interest in a transaction • Strategic rationale of transaction • Beginning of meeting should focus on educating Utz on • Highlights of a combined company Internsack via a short section of pages describing Intersnack, it’s brand portfolio, geographic operations, • Should not include: strategy and ambition in the US • Transaction structure • Following this, there should be brief discussion of • Indication of value strategic rationale behind transaction with Utz: • Governance considerations (can be discussed verbally) • Financial • Capital allocation policy (can be discussed verbally) • Operational • Exit mechanism (can be discussed verbally) • Synergy Potential • Geographic Reach 20

3. Appendix

Utz: GAAP EBITDA <> Adj. EBITDA Bridge Adj. EBITDA Walk Adjustment Descriptions Stock-based compensation awarded to associates $ in mm Q3 2025 FY 2024 and directors, and expenses associated with the 1 GAAP EBITDA $23.8 $183.1 2020 Omnibus Equity Incentive Plan (“OIEIP”) GAAP EBITDA Margin 6.3% 13.0% Removal of unrealized gains and losses associated with fixed-price purchase commitments for key 2 Includes $44mm gain related to the ingredients Good Health and R.W. Garcia sale Consulting, transaction services, and legal fees (+) Share-Based Compensation 4.6 17.6 1 incurred for acquisitions and certain potential 3 acquisitions, in addition to integration expenses (+) Purchase Commitments & Other Adjustments 2.7 4.3 2 Consultancy, professional, and legal fees incurred for specific business initiatives, as well as gains (+/-) Acquisitions, Divestitures, and Investments 8.1 (23.1) 3 and losses realized from the sale of distribution 4 rights to IOs and the subsequent disposal of (+) Business Transformation Initiatives 20.1 28.1 4 trucks, among other expenses (+) Financing-Related Costs 0.3 0.4 5 Adjustments for various items related to raising debt and equity capital or debt extinguishment 5 (+/-) Loss (Gain) on Remeasurement of Warrant Liability 0.7 (10.2) 6 costs Total Adjustments: $36.5 $17.1 Gains and losses related to changes in the remeasurement of warrant liabilities are not expected to be settled in cash, and when Adj. EBITDA $60.3 $200.2 exercised would result in a cash inflow to the 6 Company, with affected warrants converting to Class A Common Stock, and the liability being Adj. EBITDA Margin 16.0% 14.2% extinguished 22 Source: Company filings.

Utz: GAAP Net Income <> Adj. Net Income Bridge Adj. Net Income Walk Adjustment Descriptions $ in mm Q3 2025 FY 2024 GAAP Net Income (Loss) ($20.2) $30.7 GAAP Net Income Margin NA 2.2% EBITDA adjustments (+) Income Tax Expense 13.4 38.7 Discussed on prior page Income (Loss) Before Taxes ($6.8) $69.4 (+) Certain Non-Cash Adjustments 7.3 21.9 1 2 (+/-) Acquisitions, Divestitures, and Investments 8.1 (23.1) 3 (+) Business Transformation Initiatives 20.1 28.1 4 (+) Financing-Related Costs 0.3 0.4 5 (+/-) Loss (Gain) on Remeasurement of Warrant Liability 0.7 (10.2) 6 (+) Deferred Financing Fees 0.3 3.2 7 (+) Acquisition Step-Up Depreciation & Amortization 10.8 43.5 8 Costs incurred from debt financing, which are 7 capitalized and amortized over time Other Non-Cash and/or Cash Adjustments $47.6 $63.8 Adj. Earnings Before Taxes $40.8 $133.2 Depreciation & Amortization expenses related to fair value adjustments on assets acquired in 8 business combinations from prior periods (-) Taxes on Earnings as Reported (13.4) (38.7) (+/-) Income Tax Adjustments 6.1 15.8 9 Income (Loss) Before Taxes plus (i) Acquisition Step-Up D&A and (ii) Other Non-Cash Adjustments, multiplied by a normalized GAAP 9 effective tax rate, minus the provision recorded in Adj. Net Income $33.5 $110.3 the Consolidated Statement of Operations Adj. Net Income Margin 8.9% 7.8% 23 Source: Company filings.

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