Exhibit 16(c)(xvii)

 

Intersnack Group GmbH & Co. KG Projekt Go West – Net income Utz Brands, Inc. Düsseldorf, 2 February 2026 1

General comments Basis for net income projections Noncontrolling Interests ”Consensus estimates“ from financial analysts—e.g. presented Utz Brands group financial statements show large portion of by Capital IQ or FactSet—for 2026 and 2027 available Noncontrolling Interests (“NCI”) Only selected P&L items presented – e.g. Adjusted Net Income The impact at equity and net income level was as follows at year end 2022, 2023 and 2024: For following periods, extrapolation based on own assumptions required USDm 2022 2023 2024 Total equity Utz Brands, Inc. Group 1,452 1,384 1,387 Adjustments Thereof NCI 749 714 685 in % 51.6% 51.6% 49.4% “Reported Financial Measures” are substantially below “Non- Total net income Utz Brands, Inc. Group (14) (40) 31 GAAP Financial Measures” due to adjustments Thereof NCI (14) (15) 15 Reconciliations for selected KPIs (Gross Profit, Net income/loss in % 97.1% 37.8% 48.2% and EBITDA) are requested by SEC and presented in the The NCIs stem from 2020 business combination of Utz Brands financial reporting Holdings, LLC (“UBH”) with Collier Creek Holdings (SPAC) Adjustments to EBITDA and Net Income were as follows in FYs structured as an Umbrella Partnership Corporation (“Up-C”) 2022 to 2024: transaction – see following slide USDm 2022 2023 2024 They relate to minority ownerships in UBH—UBH is fully EBITDA—reported 92 99 183 consolidated in Utz Brands, Inc. group F/S Adjustments 79 88 17 Adjusted EBITDA 171 187 200 Net Income (incl. NCI)—Reported (14) (40) 31 ➢ Treatment of the minority ownerships (i.e. Common Company Adjustments 92 121 80 Adjusted Net Income (incl. NCI) 78 81 110 Units) to be discussed in Go West transaction including tax (e.g. Tax Receivable Agreement—“TRA”) and corporate law Further adjustment analyses required to obtain more clarity issues regarding nature and to conclude on consideration in ➢ In DCF/capitalized earnings business valuations minority transaction context (esp. for future valuation of business) participations are “deducted” 2 Dieses Dokument ist vertraulich und die Weitergabe und Verbreitung ist untersagt. 2026 I-ADVISE AG

Umbrella Partnership Corporation („Up-C“) structure Utz Bands—Illustrative Utz Brands uses an “Up-C” structure in which the public company holds an interest in an operating partnership, enabling pre-IPO owners to retain tax advantages after the IPO and tap capital markets funding at the same time Post-IPO corporate structure (simplified) Tax Receivables Agreement (“TRA”): • the 2020 business Class A common Exchange right 1:1 (2) Class V common combination triggered a stock shares (1) stock shares step-up in the tax basis of Utz Brands, exchanges of Common Company Units Voting No in Class A shares have the and economic economic same impact rights but voting rights • The NCI holders are Exchange right 1:1 (2) Pre-IPO entitled to 85% of the Utz Brands, Inc. respective tax savings Owners (“PubCo“, • The respective payments (Rice family former SPAC) represent an obligation of et al) Utz Brands • The year end 2024 TRA No voting obligation totaled $48.3m, but economic of which $24.4m from Utz Brands rights in UBH Common initial business Holdings, LLC Company combination and $23.9m from equity transactions (“OpCo“/UBH) (3) = “NCI“ at Units Utz Brands ➢Debt like item in level transaction Notes: (1) Publicly traded (2) Exchange of Common Company Operating Units for Class A shares with subsidiaries forfeiture of Class V shares in the same number (3) Treated as partnership under US tax laws 3 Dieses Dokument ist vertraulich und die Weitergabe und Verbreitung ist untersagt. 2026 I-ADVISE AG This document is CONFIDENTIAL and its circulation and use are RESTRICTED. 2025 I-ADVISE AG

Overview Net Income Utz Brands, Inc. before Go West Net income reconciliations (before Go West) YTD Q3 LTM Sept. “Guidance” Est. Est. USDm 2022 2023 2024 2025 2025 2025 2026 2027 Net sales 1,408.4 1,438.2 1,409.3 1,096.6 1,437.7 1,441.7 1,482.8 1,520.5 Net (loss) income—(incl. NCI) (14.0) (40.0) 30.7 (4.4) (2.3) 45.0 56.2 Income Tax Expenses (Benefit)—reported (23.9) 0.8 38.7 9.6 22.9 14.2 17.7 Net (loss) income before taxes—EBT (37.9) (39.2) 69.4 5.2 20.6 59.2 73.9 EBITDA unadjusted 92.2 98.7 182.9 2.9 138.0 169.2 182.2 EBITDA Adjustments Certain Non-Cash Adjustments 11.3 50.7 21.9 19.4 25.0 27.2 27.2 Acquisition, Divestiture and Integration 45.8 8.6 (23.1) 25.1 37.0 17.1 17.1 Business Transformation Initiatives 22.1 31.0 28.1 34.6 44.0 31.3 31.3 Financing-Related Costs 0.3 0.2 0.4 1.1 1.0 0.5 0.5 Gain on remeasurement of warrant liability (0.7) (2.2) (10.2) (22.8) (38.0) (12.8) (12.8) EBITDA adjusted 171.0 187.0 200.0 60.3 207.0 232.5 245.5 Other Adjustments Deferred Financing Fees 1.9 1.6 3.2 1.0 1.3 2.0 2.0 Acquisition Step-Up Depreciation and Amortizat 52.8 47.4 43.5 32.9 43.9 43.9 43.9 Total Adjustments (before taxes) 133.5 137.3 63.8 91.3 114.2—109.2 109.2 Adjusted EBT 95.6 98.1 133.2 96.5 134.8 168.4 183.1 Taxes on Earnings as Reported 23.9 (0.8) (38.7) (9.6) (22.9) (14.2) (17.7) Income Tax Adjustment (24% tax rate) (41.8) (16.0) 15.8 (7.4) (27.4) (26.2) (26.2) Adjusted Taxes on Earnings (17.9) (16.8) (22.9) (17.0) (50.3) (40.4) (43.9) Adjusted Net Income (incl. NCI) 77.7 81.3 110.3 79.5 84.5 115.9 128.0 139.2 KPIs Sales growth 2.1% -2.0% 2.0% 3.1% 2.5% EBITDA Margin adjusted 12.1% 13.0% 14.2% 14.4% 15.7% 16.1% EBITDA Margin unadjusted 6.5% 6.9% 13.0% 9.6% 11.4% 12.0% EBT margin adjusted 6.8% 6.8% 9.5% 11.4% 12.0% EBT margin unadjusted -2.7% -2.7% 4.9% 4.0% 4.9% Adjusted net income 5.5% 5.7% 7.8% 8.6% 9.2% = indicative calculation I-ADVISE 4 Dieses Dokument ist vertraulich und die Weitergabe und Verbreitung ist untersagt. 2026 I-ADVISE AG

Net Income Utz Brands, Inc. 2026 et seq after Go West—Illustrative Net income reconciliations (after Go West) YTD Q3 LTM Sept. Est. Est. Est. USDm 2022 2023 2024 2025 2025 2025 2026 2027 Net sales 1,408.4 1,438.2 1,409.3 1,096.6 1,437.7 1,441.7 1,482.8 1,520.5 Net (loss) income—(incl. NCI) (14.0) (40.0) 30.7 (4.4) (2.3) 45.0 56.2 Income Tax Expenses (Benefit)—reported (23.9) 0.8 38.7 9.6 22.9 14.2 17.7 Net (loss) income before taxes—EBT (37.9) (39.2) 69.4 5.2 20.6 59.2 73.9 Total Adjustments 133.5 137.3 63.8 91.3 114.2—109.2 109.2 Adjusted Taxes on Earnings (17.9) (16.8) (22.9) (17.0) (50.3) (40.4) (43.9) Adjusted Net Income (incl. NCI) 77.7 81.3 110.3 79.5 84.5 115.9 128.0 139.2 Adjustments “Go West impact” Fees and expenses related to Go West (advisors, underwriting etc.) pre tax (85.0) -Cost savings delisting (“public costs”—assumed 10m p.a.) pre tax 5.0 10.0 Interest Expenses before “Go West” 21.4 41.6 Interest Expenses after Refinancing “Go West” (37.0) (73.0) […] […] […] Total EBT Adjustments “Go West” (95.6) (21.4) Tax Impact (24% tax rate) 22.9 5.1 Impact “Go West” after taxes (72.7) (16.3) Adjusted Net Income (incl. NCI) post transaction—illustrative 55.3 122.9 Unadjusted Net Income (incl. NCI) post transaction—illustrative (27.7) 39.9 Projected unadjusted Net Income 2026 & 2027 as Key items relate to: derived from “consensus” view of financial analysts—One off transaction fees as per BofA estimate of Utz “Stand alone” requires Go West adjustments comprising (i) sellside fees, (ii) costs for special committee, (iii) financing (underwriting) fees, (iv) The adjustments reflected above are subject to legal, accounting and similar costs modification during the upcoming process subject to changes in the structuring and similar of Go West—Cost savings from taking Utz private—Refinancing with changes to interest expenses—Taxes on additional Go West adjustments 5 Dieses Dokument ist vertraulich und die Weitergabe und Verbreitung ist untersagt. 2026 I-ADVISE AG

Comparison of net income—Updated estimate versus previous estimate Est. Est. Detail analysis leads to better results than the previous estimate USDm 2026 2027 1,482.8 1,520.5 Significant deviation in the assumption of advisory fees Net sales Net (loss) income—(incl. NCI) 45.0 56.2 BofA assumes $85m advisory fees. Citibank assumes $80m Adjustments Go West impact Fees and expenses related to Go West (advisors, The Previous estimate included advisory fees of $50m (85.0) -underwriting etc.) pre tax Cost savings delisting (“public costs”—assumed 10m p.a.) Benchmark analysis of published data yields a range of $50-63m 5.0 10.0 pre tax Interest Expenses before Go West 21.4 41.6 The actual value depends on the complexity; public data should be Interest Expenses after Refinancing Go West (37.0) (73.0) approached with caution […] […] […] Total EBT Adjustments Go West (95.6) (21.4) Tax Impact 22.9 5.1 Adjusted Net Income (incl. NCI) post transaction— 55.3 122.9 illustrative Unadjusted Net Income (incl. NCI) post transaction (27.7) 39.9—illustrative Previous estimate Net income (before Go West) 20.0 36.5 Fees and expenses related to Go West (advisors, (50.0) -underwriting etc.) pre tax Cost savings delisting (“public costs”—assumed 10m p.a.) 10.0 10.0 pre tax Interest Expense before Go West 44.7 44.7 Interest Expense after Refincing Go West (78.8) (72.5) Undadjusted Net Income after Go West (54.1) 18.7 Difference (26.4) (21.2) Benchmarking advisor fees Selected M&A transactions (source: Capital IQ) Total advisor fees in % of transaction value Median 1.71% Average 2.14% Transaction Value “Go West” 2,921 Total advisor fees (based on median) 49.9 Total advisor fees (based on avergae) 62.5 Estimate BofA 85.0 Estimate BofA in % of transaction value 2.91% 6 Dieses Dokument ist vertraulich und die Weitergabe und Verbreitung ist untersagt. 2026 I-ADVISE AG

Adjusted EBITDA & Net Income Utz Brands, Inc. USDm Ref. 2022 2023 2024 1) “Certain Non-Cash Adjustments”: EBITDA Adjustments—Share-based compensation for associates & directors and Certain Non-Cash Adjustments 1) 11.3 50.7 21.9 compensation expenses under the “2020 Omnibus Equity Incentive Acquisition, Divestiture and Integration 2) 45.8 8.6 (23.1) Plan” (2024: $17.6m, 2023: $15.5m) Business Transformation Initiatives 3) 22.1 31.0 28.1—Unrealised gains/losses from purchase commitments (2024: $4.3m, Financing-Related Costs 0.3 0.2 0.4 2023: $4.2m) Gain remeasurement of warrant liability 4) (0.7) (2.2) (10.2) 31—Asset impairments and write-offs (2024:—, 2023: $ .0m of which Other Adjustments $18.4m from sale of Bluffton plant and $12.6m from closure of two Deferred Financing Fees 1.9 1.6 3.2 other plants) Acquisition Step-Up Depreciation and 2) “Acquisition, Divestiture and Integration”: Amortization 5) 52.8 47.4 43.5—Consulting, transaction and legal costs associated with acquisitions Total Adjustments 133.5 137.3 63.8 (2024: $20.9m, 2023: $9.7m) General comments:—Income from sale of Good Heath and R.W. Garcia brands, manufacturing facilities and certain operations to Our Home (2024: The presentation of “Non-GAAP Financial Measures” is common in US $44.0m, 2023:—) financial reporting of public companies—Income from change TRA liability (2024:—, 2023: $1.1m) The reconciliation to GAAP numbers is compulsory as per SEC rules 3) “Business Transformation Initiatives”: Items considered as “Adjustments” frequently include—Various items not individually quantified including (i) consultancy, options, professional, legal fees for specific initiatives & structural changes to —stock-based —restructuring activities/measures, the business not reflecting costs of normal business operations as—write-offs from acquisitions/business combinations, per mgmt., (ii) gains/losses from sale of distribution rights, (iii)—impairment issues, certain severance costs and (iv) transition costs for enterprise—legal disputes planning system The presentation of adjusted numbers is aimed to present ordinary 4) “Gain remeasurement of warrant liability”: results—“ordinary” is subjective based on management’s discretion and—Utz has issued public placement warrants accounted for as not defined derivative liabilities; their remeasurement triggers gains or losses, as the case may be To the extend factually pertaining to non-recurring, non-operating and/or non-cash items, the presentation of adjustments is meaningful 5) “Acquisition Step-Up Depreciation and Amortization”:—Most likely stemming from US-GAAP PPA in the context of 2020 business combination of UBH with Collier Creek Holdings 7 Dieses Dokument ist vertraulich und die Weitergabe und Verbreitung ist untersagt. 2026 I-ADVISE AG