Utz Brands outlines long-term growth strategy at CAGNY conference

Utz Brands Inc. (NYSE: UTZ) presented its long-term growth strategy and financial targets at the 2026 Consumer Analyst Group of New York Conference. The Pennsylvania-based salty snack manufacturer outlined plans to accelerate free cash flow as it exits a capital-intensive transformation stage.

Chief Executive Officer Howard Friedman said the company aims to drive growth faster than the category. The company's strategy focuses on four areas: outgrowing the category profitably, expanding margins, accelerating free cash flow to reduce debt and allocate capital efficiently, and building organizational capabilities.

Utz targets organic net sales growth of 2-3 percentage points faster than the salty snack category. The company plans to achieve this through its Boulder Canyon brand expansion, geographic growth in markets representing 45% of retail sales, strengthened distribution in core markets, and new product innovation.

The company set long-term financial targets including net sales potential of $1.9 billion, representing approximately $500 million of incremental opportunity. Utz projects annual adjusted EBITDA growth of 6-8% and margin expansion to at least 17% long-term.

The company expects adjusted free cash flow of $100 million or more starting in 2027, representing approximately 80-90% conversion of adjusted net income. Capital expenditures are projected at approximately 3% of net sales beginning in 2027.

Utz plans to reduce leverage to approximately 2.5 times long-term through EBITDA growth and debt reduction. The company expects to reach 2.7-3.0 times leverage in 2027.

The presentation was delivered by Friedman and Chief Financial Officer BK Kelley. Utz manufactures snacks through brands including Utz, On The Border Chips & Dips, Zapp's, and Boulder Canyon.

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