What changed in this filing

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Item 1. Financial Statements

2026-05-06 compared with 2025-10-30 · 173 added, 210 removed, 372 unchanged (51% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 28, 2025 and December 29, 2024

March 29, 2026 and December 28, 2025

(In millions, except share information)

September 28, 2025

March 29, 2026

As of December 28, 2025

1 unchanged sentence

Cash and cash equivalents $ 73.7 $ 120.4

Accounts receivable, less allowance of $ 3.6 and $ 3.3 , respectively

Accounts receivable, less allowance of $ 3.3 for each period

Inventories 122.5 119.3

17 unchanged sentences

Accrued expenses and other 90.3 87.9

Current portion of warrant liability — 33.0

Total current liabilities 315.0 323.2

Non-current Liabilities

Non-current portion of term debt and revolving credit facility 812.0 818.2

7 unchanged sentences

1,000,000,000 shares authorized;

87,509,774 and 83,537,542 shares issued and outstanding as of September 28, 2025 and December 29, 2024, respectively

88,430,658 and 87,509,774 shares issued and outstanding as of March 29, 2026 and December 28, 2025, respectively

Shares of Class V Common Stock, $ 0.0001 par value;

61,249,000 shares authorized;

55,349,000 and 57,349,000 shares issued and outstanding as of September 28, 2025 and December 29, 2024, respectively

55,349,000 shares issued and outstanding as of both March 29, 2026 and December 28, 2025

Additional paid-in capital 1,039.2 1,037.0

8 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

For the thirteen and thirty-nine weeks ended September 28, 2025 and September 29, 2024

For the thirteen weeks ended March 29, 2026 and March 30, 2025

(In millions, except share information)

Thirteen weeks ended September 28, 2025 Thirteen weeks ended September 29, 2024 Thirty-nine weeks ended September 28, 2025 Thirty-nine weeks ended September 29, 2024

Thirteen weeks ended March 29, 2026 Thirteen weeks ended March 30, 2025

Net sales $ 361.3 $ 352.1

1 unchanged sentence

Gross profit 91.9 82.4

Selling, distribution, and administrative expenses

Selling and distribution 88.4 80.1 251.5 227.5

Administrative 34.7 29.9 104.3 96.5

Total selling, distribution, and administrative expenses 123.1 110.0 355.8 324.0

(Loss) gain on sale of assets, net ( 0.5 ) ( 1.5 ) ( 0.7 ) 0.4

Selling, general, and administrative expenses

Selling 51.1 41.5

General and administrative 34.3 35.9

Total selling, general, and administrative expenses 85.4 77.4

Gain on sale of assets, net 1.3 0.7

Income from operations 7.8 5.7

Other (loss) income, net

Gain on sale of business — — — 44.0

Other loss, net

Interest expense ( 10.4 ) ( 11.5 )

1 unchanged sentence

Other income 0.8 0.4

(Loss) gain on remeasurement of warrant liability ( 0.7 ) ( 6.4 ) 22.8 ( 5.3 )

Other (loss) income, net ( 10.1 ) ( 18.5 ) ( 10.2 ) 2.3

Gain on remeasurement of warrant liability — 11.0

Other loss, net ( 9.6 ) ( 0.6 )

(Loss) income before taxes ( 1.8 ) 5.1

Income tax expense 13.4 0.2 9.6 25.4

Income tax expense (benefit) 0.6 ( 0.6 )

Net (loss) income ( 2.4 ) 5.7

Net loss (income) attributable to noncontrolling interest 5.5 ( 3.0 ) 7.7 ( 15.0 )

Net loss attributable to noncontrolling interest 0.7 1.8

Net (loss) income attributable to controlling interest $ ( 1.7 ) $ 7.5

Income per Class A Common stock:

(Loss) income per Class A Common stock:

Basic $ ( 0.02 ) $ 0.09

4 unchanged sentences

Net (loss) income $ ( 2.4 ) $ 5.7

Other comprehensive (loss) income:

Other comprehensive income (loss):

Change in fair value of interest rate swap 2.3 ( 6.4 )

Comprehensive (loss) income ( 22.7 ) ( 14.7 ) ( 17.1 ) 15.6

Net comprehensive loss (income) attributable to noncontrolling interest 6.5 3.4 12.7 ( 9.6 )

Comprehensive loss ( 0.1 ) ( 0.7 )

Net comprehensive (income) loss attributable to noncontrolling interest ( 0.2 ) 4.3

Net comprehensive (loss) income attributable to controlling interest $ ( 0.3 ) $ 3.6

2 unchanged sentences

CONSOLIDATED STATEMENTS OF EQUITY

For the thirteen and thirty-nine weeks ended September 28, 2025 and September 29, 2024

For the thirteen weeks ended March 29, 2026 and March 30, 2025

(In millions, except share information)

3 unchanged sentences

Share-based compensation 524,211 — — 4.3 — — 4.3 — 4.3

Payments of tax withholding requirements for employee stock awards — — ( 1.4 ) — — ( 1.4 ) — ( 1.4 )

Deferred tax impact from divestiture — — 2.9 — — 2.9 2.1 5.0

Net income — — — 15.8 — 15.8 12.0 27.8

Cash dividends declared — — — ( 9.7 ) — ( 9.7 ) — ( 9.7 )

Special excess cash dividend — — — ( 1.8 ) — ( 1.8 ) — ( 1.8 )

Distribution to noncontrolling interest — — — — — — ( 7.0 ) ( 7.0 )

Tax distribution — — — — — — ( 2.6 ) ( 2.6 )

Other comprehensive income — — — — 1.5 1.5 1.0 2.5

Balance at June 30, 2024 81,530,122 $ — 59,349,000 $ — $ 955.3 $ ( 293.7 ) $ 24.5 $ 686.1 $ 719.7 $ 1,405.8

Share-based compensation 7,420 — — 4.6 — — 4.6 — 4.6

Class V to Class A Exchange 2,000,000 — ( 2,000,000 ) — 23.9 — — 23.9 ( 23.9 ) —

Deferred tax impact from divestiture — — 0.1 — — 0.1 — 0.1

Net (loss) income — — — ( 2.2 ) — ( 2.2 ) 3.0 0.8

Cash dividends declared — — — ( 5.0 ) — ( 5.0 ) — ( 5.0 )

Special excess cash dividend — — — ( 0.9 ) — ( 0.9 ) — ( 0.9 )

Distribution to noncontrolling interest — — — — — — ( 3.4 ) ( 3.4 )

Tax distribution — — — — — — ( 2.0 ) ( 2.0 )

Other comprehensive loss — — — — ( 9.1 ) ( 9.1 ) ( 6.4 ) ( 15.5 )

Balance at September 29, 2024 82,537,542 $ — 58,349,000 $ — $ 972.1 $ ( 301.8 ) $ 15.4 $ 685.7 $ 698.8 $ 1,384.5

Balance at December 29, 2024 83,537,542 $ — 57,349,000 $ — $ 988.5 $ ( 304.7 ) $ 18.6 $ 702.4 $ 685.3 $ 1,387.7

Share-based compensation 607,712 — — 7.0 — — 7.0 — 7.0

Class V to Class A Exchange 2,000,000 — ( 2,000,000 ) — 23.9 — — 23.9 ( 23.9 ) —

Class A Common Stock Class V Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income Total Stockholders' Equity Non-controlling Interest Total Equity

Shares Amount Shares Amount

Payments of tax withholding requirements for employee stock awards — — ( 2.2 ) — — ( 2.2 ) — ( 2.2 )

5 unchanged sentences

Other comprehensive loss — — — — ( 3.9 ) ( 3.9 ) ( 2.5 ) ( 6.4 )

Balance at June 29, 2025 86,145,254 $ — 55,349,000 $ — $ 1,017.2 $ ( 298.4 ) $ 12.4 $ 731.2 $ 646.7 $ 1,377.9

Balance at March 30, 2025 86,061,753 $ — 55,349,000 $ — $ 1,014.5 $ ( 303.7 ) $ 9.2 $ 720.0 $ 652.1 $ 1,372.1

Balance at December 28, 2025 87,509,774 $ — 55,349,000 $ — $ 1,037.0 $ ( 326.6 ) $ 3.3 $ 713.7 $ 631.2 $ 1,344.9

Share-based compensation 920,884 — — 3.9 — — 3.9 — 3.9

Exercises of Warrants 1,307,873 — — 10.2 — — 10.2 — 10.2

Payments of tax withholding requirements for employee stock awards — — ( 1.7 ) — — ( 1.7 ) — ( 1.7 )

Net loss — — — ( 1.7 ) — ( 1.7 ) ( 0.7 ) ( 2.4 )

1 unchanged sentence

Distribution to noncontrolling interest — — — — — — ( 3.5 ) ( 3.5 )

Other comprehensive loss — — — — ( 1.5 ) ( 1.5 ) ( 1.0 ) ( 2.5 )

Balance at September 28, 2025 87,509,774 $ — 55,349,000 $ — $ 1,032.8 $ ( 318.4 ) $ 10.9 $ 725.3 $ 636.8 $ 1,362.1

Other comprehensive income — — — — 1.4 1.4 0.9 2.3

Balance at March 29, 2026 88,430,658 $ — 55,349,000 $ — $ 1,039.2 $ ( 334.4 ) $ 4.7 $ 709.5 $ 627.9 $ 1,337.4

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the thirty-nine weeks ended September 28, 2025 and September 29, 2024

For the thirteen weeks ended March 29, 2026 and March 30, 2025

(In millions)

Thirty-nine weeks ended September 28, 2025 Thirty-nine weeks ended September 29, 2024

Thirteen weeks ended March 29, 2026 Thirteen weeks ended March 30, 2025

Cash flows from operating activities

Net (loss) income $ ( 2.4 ) $ 5.7

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Impairment and other charges 0.6 —

Adjustments to reconcile net (loss) income to net cash used in operating activities:

Depreciation and amortization 22.5 18.7

Gain on sale of business — ( 44.0 )

(Gain) loss on remeasurement of warrant liability ( 22.8 ) 5.3

Loss (gain) on sale of assets 0.7 ( 0.4 )

Gain on remeasurement of warrant liability — ( 11.0 )

Gain on sale of assets ( 1.3 ) ( 0.7 )

Loss on debt extinguishment — 0.5

7 unchanged sentences

Accounts payable and accrued expenses and other ( 16.5 ) ( 9.7 )

Net cash provided by operating activities 47.3 52.0

Net cash used in operating activities ( 12.2 ) ( 20.2 )

Cash flows from investing activities

Purchases of property and equipment ( 13.8 ) ( 38.8 )

Purchases of intangibles — ( 9.2 )

Proceeds from sale of property and equipment 0.1 0.8

Proceeds from sale of business — 167.5

Proceeds from sale of routes 8.3 5.0

1 unchanged sentence

Purchases of IO routes and other changes in note receivables ( 11.6 ) ( 8.2 )

Net cash (used in) provided by investing activities ( 95.2 ) 116.1

Net cash used in investing activities ( 15.5 ) ( 40.7 )

Cash flows from financing activities

7 unchanged sentences

Distribution to noncontrolling interest ( 3.5 ) ( 3.5 )

Net cash provided by (used in) financing activities 49.5 ( 155.2 )

Net increase in cash and cash equivalents 1.6 12.9

Net cash (used in) provided by financing activities ( 19.0 ) 67.5

Net (decrease) increase in cash and cash equivalents ( 46.7 ) 6.6

Cash and cash equivalents at beginning of period 120.4 56.1

20 unchanged sentences

These revenue contracts generally have a single performance obligation.

Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product and other costs, some of which are recorded in Selling and distribution in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product and other costs, some of which are recorded in Selling in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Amounts billed and due from customers are classified as accounts receivables and require payment on a short-term basis and, therefore, the Company does not have any significant financing components.

1 unchanged sentence

Control is transferred upon delivery of the goods to the customer.

Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs.

Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs.

Applicable shipping and handling costs are included in customer billing and are recorded as revenue as the products’ control is transferred to customers.

5 unchanged sentences

These estimates are made using various techniques which will include the use of historical data on performance of similar promotional programs.

The Company has reserves in place of $ 21.2 million as of September 28, 2025, which included adjustments taken by customers of $ 18.6 million that were awaiting final processing as of such date, and had reserves of $ 20.8 million as of December 29, 2024, which include adjustments taken by customers of $ 9.3 million that were awaiting final processing as of such date.

The Company has reserves in place of $ 17.7 million as of March 29, 2026, which included adjustments taken by customers of $ 16.7 million that were awaiting final processing as of such date, and had reserves of $ 26.9 million as of December 28, 2025, which included adjustments taken by customers of $ 15.4 million that were awaiting final processing as of such date.

Differences between estimated expense and actual redemptions are recognized as a change in management estimate as actual redemptions are incurred.

Recently Issued Accounting Standards – In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles - Goodwill and Other - Internal Use Software - Targeted Improvements to the Accounting for Internal-Use Software , to modernize the accounting for software costs that are accounted for under Subtopic 350-40.

Recently Issued Accounting Standards – In December 2025, the Financial Accounting Standards Board ("FASB') issued Accounting Standards Update ("ASU") 2025-11, Interim Reporting - Narrow-Scope Improvements.

The amendments in ASU 2025-11 clarify current interim disclosure requirements and provide a comprehensive list of required interim disclosures.

The update also incorporates a disclosure principle that requires entities to disclose events that occur after the end of the last annual reporting period.

ASU 2025-11 is effective for interim periods within annual periods beginning after December 15, 2027, though early adoption is permitted.

The Company does not expect ASU 2025-11 to have a material effect on its consolidated financial statements and disclosures.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging - Hedge Accounting Improvements.

The amendments in this update are intended to more closely align hedge accounting with the economics of an entity’s risk management activities.

ASU 2025-09 is effective for annual periods beginning after December 15, 2026, including interim periods within those fiscal years, though early adoption is permitted.

The Company does not expect ASU 2025-09 to have a material effect on our consolidated financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal Use Software - Targeted Improvements to the Accounting for Internal-Use Software , to modernize the accounting for software costs that are accounted for under Subtopic 350-40.

ASU 2025-06 removes all references to prescriptive and sequential software development stages throughout Subtopic 350-40.

6 unchanged sentences

Under this practical expedient, an entity is allowed to assume that the current conditions it has applied in determining credit loss allowances for current accounts receivable and current contract assets remain unchanged for the remaining life of those assets.

ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods in those years.

Entities that elect the practical expedient and, if applicable, make the accounting policy election are required to apply the amendments prospectively.

The Company is currently evaluating the impact of ASU 2025-05 on its financial statements and disclosures.

The adoption of ASU 2025-05 did not have an impact on its financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures , to improve financial reporting by requiring that public business entities disclose additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods.

2 unchanged sentences

The Company is currently evaluating this ASU to determine its impact on the Company's footnote disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes:

Improvements to Income Tax Disclosures, to amend existing income tax disclosure guidance, primarily requiring more detailed disclosures for income taxes paid and the effective tax rate reconciliation.

ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted, and can be applied on either a prospective or retroactive basis.

The Company is currently evaluating this ASU to determine its impact on the Company's income tax disclosures.

On February 5, 2024, the Company sold certain assets and brands to affiliates of Our Home™, an operating company of Better-for-You brands (“Our Home”).

Under the agreement, affiliates of Our Home purchased the Good Health and R.W.

Garcia brands, the Lincolnton, NC and Lititz, PA manufacturing facilities and certain related assets and assumed the Company’s Las Vegas, NV facility lease and manufacturing operations (the "Good Health and R.W.

Garcia Sale") for $ 167.5 million, subject to customary adjustments.

The following table summarizes the net assets and liabilities included in the Good Health and R.W.

Garcia Sale on February 5, 2024:

Change in Accounting Policy - During the fourth quarter of 2025, the Company changed its presentation related to costs associated with operating its inter-location logistics, DSD distribution centers, and outbound shipping and handling activities from Selling to Cost of goods sold within the Consolidated Statements of Operations and Comprehensive Income (Loss).

Additionally, the Company has revised the Selling and distribution caption to Selling within the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company believes that this change in accounting principle is preferable as it better reflects the total cost of fulfilling its revenue transactions, aligns with how it internally manages its business and improves comparability with industry peers, thus providing more meaningful information to users of its financial statements.

The change in presentation has been applied retrospectively to all periods presented and affects Cost of goods sold, Gross profit, and Selling.

Thirteen weeks ended March 30, 2025

(in millions) As reported

Effect of change

Cost of goods sold

$ 233.9 $ 35.8 $ 269.7

Gross profit 118.2 ( 35.8 ) $ 82.4

Gross margin 33.6 % ( 10.2 ) % 23.4 %

77.3 ( 35.8 ) $ 41.5

Goodwill - The Company performed its latest qualitative impairment analysis on the first day of the fourth quarter of 2025 and concluded that goodwill was not impaired.

During the thirteen weeks ended March 29, 2026, the Company identified certain triggering events, including a decrease in its share price and market capitalization.

As of March 29, 2026, the Company's market capitalization was below its book value.

The Company performed an interim impairment assessment and concluded that goodwill was not impaired as of March 29, 2026.

In performing this assessment, the Company considered the relationship between its fair value and book value, economic conditions, industry trends, operating performance, and forecast of future cash flows.

However, the Company believes that goodwill is at risk of impairment, and further declines in its share price or changes in actual results or key assumptions from those used in the impairment analysis could result in a material impairment in future periods.

Share Repurchase Program - On February 10, 2026, the Board of Directors authorized a $ 50 million share repurchase program.

There is no expiration date on the program.

For the thirteen weeks ended March 29, 2026, no shares were repurchased under this program.

Reclassifications - Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.

RECEIVABLES SALES PROGRAM

The Company has entered agreements to sell certain trade accounts receivable to unrelated, third-party financial institutions at a discount (the "Receivables Sales Programs").

The agreements can be terminated by the Company or the other party to each agreement with 30 days' notice.

The Receivables Sales Programs are used by the Company to manage liquidity in a cost-effective manner.

The Company has no retained interest in the receivables sold under the Receivables Sales Programs;

however, under the agreements, the Company does have collection and administrative responsibilities for a portion of the sold receivables, totaling $ 72.2 million of the total $ 120.5 million of receivables sold under the Receivables Sales Programs.

Under the Receivables Sales Programs, the current fixed operating limit of outstanding accounts receivables to be sold at any time is $ 55.0 million.

(in millions)

Property, plant, and equipment, net

Intangible assets, net

Net working capital adjustments

Net assets sold

The Company recognized a gain on the Good Health and R.W.

Garcia Sale of $ 44.0 million.

The gain on the Good Health and R.W.

Garcia Sale is recognized as Gain on sale of business in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirty-nine weeks ended September 29, 2024.

On April 22, 2024, the Company sold to Our Home its Berlin, PA and Fitchburg, MA manufacturing facilities and certain related assets (the “Manufacturing Facilities Sale”).

The Company and Our Home were operating under transition services agreements related to each of the Good Health and R.W.

Garcia Sale and the Manufacturing Facilities Sale, which expired during the first half of 2025.

In addition, the parties will continue to operate under reciprocal co-manufacturing agreements pursuant to which Our Home co-manufactures certain of the Company's products and the Company co-manufactures certain Good Health products.

Certain Good Health products continue to be distributed and sold on the Company's DSD network for Our Home pursuant to a distribution agreement.

The Company received approximately $ 18.7 million in advance from Our Home for certain terms under these agreements, which the Company recognized through income from operations over the terms of the transition services and co-manufacturing agreements.

March 29, 2026

As of December 28, 2025

Outstanding receivables sold $ 23.0 $ 27.8

Receivables collected and not remitted to financial institutions, net of receivables sold and not settled with financial institutions

Receivables sold under the Receivables Sales Programs are derecognized from the Company's Consolidated Balance Sheets at the time of the sale and the proceeds from such sales are reflected as a component of the change in receivables in the operating activities section of the Consolidated Statements of Cash Flows.

The receivables collected and not remitted to financial institutions are included in Accounts payable in the Consolidated Balance Sheets.

(in millions) Thirteen weeks ended March 29, 2026

Receivables sold

Receivables collected and remitted to financial institutions

The loss on sale of receivables from continuing operations represents the discount taken by third-party financial institutions and was $ 0.8 million for the thirteen weeks ended March 29, 2026 and is included in Other expense (income), net in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company has not recognized any servicing assets or liabilities as of March 29, 2026 or December 28, 2025, as the fair value of the servicing arrangement as well as the fees earned were not material to the financial statements.

Inventories consisted of the following:

(in millions)

September 28, 2025

March 29, 2026

As of December 28, 2025

6 unchanged sentences

(in millions)

September 28, 2025

March 29, 2026

As of December 28, 2025

7 unchanged sentences

Property, plant and equipment, net $ 379.9 $ 379.2

Depreciation expense was $ 11.1 million and $ 8.2 million for the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $ 32.4 million and $ 25.2 million for the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively.

Depreciation expense is included in Cost of goods sold and Selling, distribution, and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company intends to sell two buildings located in Hanover, PA and a tract of land located in Goodyear, AZ.

The carrying value of these assets in the amount of $ 6.7 million has been reported as Assets held for sale on the Consolidated Balance Sheet as of September 28, 2025.

Depreciation expense was $ 13.2 million and $ 9.4 million for the thirteen weeks ended March 29, 2026 and March 30, 2025, respectively.

Depreciation expense is included in Cost of goods sold and Selling, and General and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The Company intends to sell three buildings located in Hanover, PA and a tract of land located in Goodyear, AZ.

The carrying value of these assets in the amount of $ 10.4 million has been reported as Assets held for sale on the Consolidated Balance Sheets as of March 29, 2026.

No impairment has been recognized on these assets.

The Company cannot provide assurance that it will be able to complete the sale of these assets on the terms currently contemplated, or at all, or that the proceeds from such sales will equal or exceed the carrying value of the assets.

The Company cannot provide assurance that it will be able to complete the sale of any of these assets on the terms currently contemplated, or at all, or that the proceeds from such sales will equal or exceed the carrying value of the assets.

In addition, the Company announced in July 2025 the closure of its Grand Rapids, Michigan manufacturing facility.

This closure is expected to be completed by early 2026.

GOODWILL AND INTANGIBLE ASSETS, NET

A roll-forward of goodwill is as follows:

(in millions)

Balance as of December 29, 2024

Balance as of September 28, 2025

This closure is expected to be completed in the first half of 2027.

INTANGIBLE ASSETS, NET

Intangible assets, net, consisted of the following:

(in millions)

September 28, 2025

March 29, 2026

As of December 28, 2025

8 unchanged sentences

Intangible assets, net $ 956.5 $ 963.9

Amortization of distributor/customer relationships, technology and trade names amounted to $ 9.1 million and $ 9.0 million for the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $ 27.1 million and $ 27.3 million for the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively.

Amortization of distributor/customer relationships, technology and trademarks amounted to $ 9.0 million for both the thirteen weeks ended March 29, 2026 and March 30, 2025.

The expense related to the amortization of intangibles is included in Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income (Loss).

1 unchanged sentence

Contracts are executed between the Company and its independent operators (“IOs”) for the sale of product distribution routes, including notes in favor of the Company, in certain cases.

The notes bear interest at rates ranging from 7.00 % to 10.00 % with terms ranging generally from one to ten years .

The notes receivable balances due from IOs at September 28, 2025 and December 29, 2024 totaled $ 15.6 million and $ 13.8 million, respectively, and are collateralized by the routes for which the loans are made.

The Company also sold certain notes to Bank of America and two other banks.

The notes bear interest at rates ranging from 7.00 % to 13.00 % with original terms ranging generally from one to eight years .

The notes receivable balances due from IOs at both March 29, 2026 and December 28, 2025 totaled $ 14.8 million and are collateralized by the routes for which the loans are made.

The Company also sold certain notes to Bank of America and one other bank.

The Company has a corresponding notes payable related to the sale of IOs notes receivables.

3 unchanged sentences

The program allows its suppliers to sell their receivables to the financial institution at the discretion of both parties on terms that are negotiated between the supplier and the financial institution.

Pursuant to their agreement with the financial institution, certain suppliers may elect to be paid early at their discretion.

Pursuant to their agreements with the financial institution, certain suppliers may elect to be paid early at their discretion.

The key terms of the supplier invoice, including the amounts due and scheduled payment dates, are not impacted by the Company’s suppliers’ decisions to sell their receivables under the program.

The Company’s supply chain financing program obligations are classified as accounts payable, and the Company agrees to pay to the financial institution those invoices sold according to the the Company's standard terms.

There are no assets pledged or other forms of guarantees associated with the program.

1 unchanged sentence

The balance of the obligations outstanding at the end of the reporting period are as follows:

(in millions) As of

(in millions)

Balance as of December 28, 2025

Invoices confirmed during the year.

Confirmed invoices paid during the year.

Balance as of September 28, 2025

Invoices confirmed during the quarter.

Confirmed invoices paid during the quarter.

Balance as of March 29, 2026

ACCRUED EXPENSES AND OTHER

Current accrued expenses and other consisted of the following:

(in millions) As of September 28, 2025 As of December 29, 2024

(in millions) As of March 29, 2026 As of December 28, 2025

Accrued compensation and benefits $ 22.3 $ 24.4

1 unchanged sentence

Insurance liabilities 5.6 6.5

Accounts receivable sales program - amounts collected and due to financial institution 4.6 0.7

Tax Receivable Agreement liability 4.4 4.4

2 unchanged sentences

Accrued interest 10.0 10.7

Deferred transition services and other fees (a) — 2.0

Accrued marketing 2.0 1.9

Other accrued expenses 8.2 8.4

Total accrued expenses and other $ 90.3 $ 87.9

(a) See Note 2.

Divestitures , for further discussion.

Non-current accrued expenses and other consisted of the following:

(in millions) As of September 28, 2025 As of December 29, 2024

(in millions) As of March 29, 2026 As of December 28, 2025

Operating right of use liability $ 155.7 $ 139.2

4 unchanged sentences

TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE

Term Debt and Revolving Credit Facility

The Company has a credit agreement with a syndicate of banks, led by Bank of America, N.A.

("Term Loan B").

On January 29, 2025, the Company amended its Term Loan B to refinance in full all of the $ 630.3 million outstanding term loans thereunder, reduce the interest rate from the Secured Overnight Financing Rate (“SOFR”) plus the applicable rate of 2.75 % to SOFR plus the applicable rate of 2.50 % and extend the maturity date from January 20, 2028 to January 29, 2032, as well as to make certain other changes.

Other material terms of the Term Loan B remain unchanged.

The Company recorded a loss on debt extinguishment of $ 0.5 million related to the refinancing of its Term Loan B in its Consolidated Statements of Operations and Comprehensive Income (Loss) for the thirty-nine weeks ended September 28, 2025.

Term debt and revolving credit facilities consisted of the following:

1 unchanged sentence

Original Principal Balance Maturity Date As of

September 28, 2025

March 29, 2026

As of December 28, 2025

Term Loan B $ 795.0 January-32 $ 630.3 $ 630.3

Term Loan B (1)

$ 795.0 January-32 $ 630.3 $ 630.3

Real Estate Term Loan (2)

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Long term portion of term debt and financing obligations $ 812.0 $ 818.2

(1) Credit agreement with a syndicate of banks, led by Bank of America, N.A.

("Term Loan B").

(2) Loan by City National Bank which is secured by a majority of the real estate assets of the Company ("Real Estate Term Loan").

(2) Equipment loans have varying maturities from June 2026 to October 2030.

(3) Equipment loans have varying maturities from June 2026 to April 2031.

Other Notes Payable and Finance Leases

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(in millions)

September 28, 2025

March 29, 2026

As of December 28, 2025

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Interest expense consisted of the following:

(in millions) Thirteen weeks ended September 28, 2025 Thirteen weeks ended September 29, 2024 Thirty-nine weeks ended September 28, 2025 Thirty-nine weeks ended September 29, 2024

(in millions) Thirteen weeks ended March 29, 2026 Thirteen weeks ended March 30, 2025

Company’s long-term debt $ 9.9 $ 10.9

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Total interest $ 10.4 $ 11.5

DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE

DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS AND FAIR VALUE

Derivative Financial Instruments

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Changes in the fair value of the effective portion of the hedges are recorded in Accumulated Other Comprehensive Income and reclassified into Interest Expense in the same period the hedged items affect earnings.

The portion of the derivative that is no longer designated as a hedge is accounted for at fair value with mark-to-market adjustments recorded immediately in earnings.

Any portion of the derivative that is no longer designated as a hedge is accounted for at fair value with mark-to-market adjustments recorded immediately in earnings.

Cash flows associated with derivatives are reported in Net cash provided by operating activities in the Consolidated Statements of Cash Flows.

In September 2025, the Company terminated the previously existing swap agreement associated with the Term Loan B, resulting in the receipt of cash proceeds totaling $ 12.1 million which was recorded to Other comprehensive income (loss) and amortized into earnings over the remaining term of the loan.

In addition, on the same date, the Company entered into a new interest rate swap agreement with a notional amount of $ 500.0 million.

This agreement is scheduled to mature on December 31, 2028.

Under the terms of this agreement, the Company is obligated to make periodic payments at the fixed interest rate of 3.23 %, while receiving periodic payments based on the one-month SOFR from the counterparty.

The interest rate swap is designated as cash flow hedge under ASC 815-20.

Warrant Liabilities

As of December 29, 2024, there were 7,200,000 private placement warrants (“Warrants”) outstanding, which were accounted for as derivative liabilities pursuant to ASC 815-40.

The Warrants had a term of five years .

In August 2025 the Warrants were fully exercised in a cashless exchange resulting in the issuance of 1,307,873 shares of the Company's Class A Common Stock.

A reconciliation of the changes in the warrant liability during the thirty-nine weeks ended September 28, 2025 is as follows:

(in millions)

Fair value of warrant liabilities as of December 29, 2024 $ 33.0

Gain on remeasurement of warrant liability ( 23.5 )

Fair value of warrant liabilities as of June 29, 2025 $ 9.5

Loss on remeasurement of warrant liability (1)

Exercise of Warrants ( 10.2 )

Fair value of warrant liabilities as of September 28, 2025 $ —

(1) Loss on remeasurement relates to the period from June 30, 2025 through the exercise date in August 2025.

Purchase Commitments

The Company has outstanding purchase commitments for specific quantities at fixed prices for certain key ingredients to economically hedge commodity input prices.

These purchase commitments totaled $ 87.2 million as of September 28, 2025 and $ 61.1 million as of December 29, 2024.

These purchase commitments totaled $ 126.5 million as of March 29, 2026 and $ 66.9 million as of December 28, 2025.

The Company accrues for losses on firm purchase commitments in a loss position at the end of each reporting period to the extent that there is an active observable market.

The Company has recorded purchase commitment (losses) gains totaling $( 0.2 ) million and $( 0.8 ) million for the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $ 1.5 million and $ 0.1 million for the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively.

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of September 28, 2025:

The Company has recorded purchase commitment gains totaling $ 7.6 million and $ 0.6 million for the thirteen weeks ended March 29, 2026 and March 30, 2025, respectively.

(in millions) Level 1 Level 2 Level 3 Total

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Cash and cash equivalents $ 120.4 $ — $ — $ 120.4

Commodity contracts — 0.1 — 0.1

Interest rate swaps — 0.8 — 0.8

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Commodity contracts $ — $ 1.2 $ — $ 1.2

Warrants — 33.0 — 33.0

Interest rate swaps — 1.1 — 1.1

Debt — 849.6 — 849.6

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Litigation Matters

While the Company is involved in litigation and other matters incidental to the conduct of its business, the results of such matters, in the opinion of management, are not likely to be material to the Company’s financial condition, results of operations or cash flows.

The Company is involved in litigation and other matters incidental to the conduct of its business, the results of which, in the opinion of management, are not likely to be material to the Company’s financial condition, results of operations or cash flows.

The Company partially guarantees loans made to IOs by Bank of America for the purchase of routes.

The outstanding balance of loans guaranteed that were issued by Bank of America was $ 63.5 million at both of September 28, 2025 and December 29, 2024, which loans are accounted for as off balance sheet arrangements.

The outstanding balance of loans guaranteed that were issued by Bank of America was $ 67.5 million and $ 69.5 million at March 29, 2026 and December 28, 2025, respectively, which loans are accounted for as off balance sheet arrangements.

As discussed in Note 6.

Notes Receivable , the Company

also sold notes receivable on its books to Bank of America during fiscal years 2025 and 2024, which the Company partially guarantees.

The outstanding balance of notes purchased by Bank of America at September 28, 2025 and December 29, 2024 was $ 13.0 million and $ 11.7 million, respectively.

Due to the structure of the transactions, the sales did not qualify for sale accounting treatment, and as such the Company records the notes payable obligation owed by the IOs to the financial institution on its Consolidated Balance Sheets;

Notes Receivable , the Company also sold notes receivable on its books to Bank of America during thirteen weeks ended March 29, 2026 and March 30, 2025, which the Company partially guarantees.

The outstanding balance of notes purchased by Bank of America at both March 29, 2026 and December 28, 2025 was $ 12.5 million.

Due to the structure of the transactions, the sales did not qualify for sale accounting treatment, and as such the Company records the notes payable obligation owed by the IOs to

the financial institution on its Consolidated Balance Sheets;

the corresponding notes receivable also remain in the Company’s Consolidated Balance Sheets.

The maximum amount of future payments the Company could be required to make under these guarantees equates to 25 % of the outstanding loan balance on the first day of each calendar year plus 25 % of the amount of any new loans issued during such calendar year.

Additionally, the Company guarantees loans for the purchase of routes made by two other banks.

The outstanding balance of these loans was $ 0.9 million and $ 1.5 million at September 28, 2025 and December 29, 2024, respectively, of which $ 0.8 million and $ 1.3 million was included in the Company's Consolidated Balance Sheets at September 28, 2025 and December 29, 2024, respectively.

Additionally, the Company guarantees loans for the purchase of routes made by one other bank.

The outstanding balance of these loans was $ 0.6 million and $ 1.3 million at March 29, 2026 and December 28, 2025, respectively, all of which was included in the Company's Consolidated Balance Sheets at March 29, 2026 and December 28, 2025, respectively.

The maximum amount of future payments the Company could be required to make under these guarantees equates to 25 % of the outstanding loan balance.

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SUPPLEMENTARY CASH FLOW INFORMATION

(in millions) Thirty-nine weeks ended September 28, 2025 Thirty-nine weeks ended September 29, 2024

(in millions) Thirteen weeks ended March 29, 2026 Thirteen weeks ended March 30, 2025

Cash paid for interest $ 14.0 $ 18.1

Refunds related to income taxes $ 0.2 $ 0.2

Payments for income taxes (1)

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Non-cash operating lease additions $ 22.4 $ 11.4

The Company presents the gain on the sale of disposals of property and equipment, and the gain on the sale of routes within (Loss) gain on sale of assets within the Consolidated Statements of Operations and Comprehensive Income (Loss) and Consolidated Statement of Cash Flows.

The Company is subject to federal and state income taxes with respect to our allocable share of any taxable income or loss of Utz Brands Holdings, LLC, an affiliate of the Company (“UBH”), as well as any standalone income or loss that UBI generates.

(1) The payments for income taxes during the thirteen weeks ended March 29, 2026 represents the purchase of tax credits.

The Company presents the gain on the sale of disposals of property and equipment, and the gain on the sale of routes within Gain on sale of assets, net within the Consolidated Statements of Operations and Comprehensive Income (Loss) and Consolidated Statement of Cash Flows.

The Company is subject to federal and state income taxes with respect to the Company's allocable share of any taxable income or loss of Utz Brands Holdings, LLC, an affiliate of the Company (“UBH”), as well as any standalone income or loss that UBI generates.

UBH is treated as a partnership for federal income tax purposes, and for most applicable state and local income tax purposes, and generally does not pay income taxes in most jurisdictions.

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The Company anticipates this structure to remain in existence for the foreseeable future.

The Company recorded income tax expense of $ 13.4 million and $ 9.6 million for the thirteen and thirty-nine weeks ended September 28, 2025, respectively.

Comparably, the Company recorded income tax expense of $ 0.2 million and $ 25.4 million for the thirteen and thirty-nine weeks ended September 29, 2024, respectively.

The effective tax rates for the thirteen and thirty-nine weeks ended September 28, 2025 were ( 197.1 )% and 184.6 %, respectively.

Comparably, the effective tax rates for the thirteen and thirty-nine weeks ended September 29, 2024 were 20.0 % and 47.0 %, respectively.

The Company’s effective tax rates differ from the federal statutory rate of 21% primarily because UBH, which is a partnership, is not taxed at the entity level, and is required to allocate some of its taxable results to the holders of noncontrolling interests ("Noncontrolling Interest Holders"), as well as state taxes and the fair value impact of warrant liabilities.

During the thirteen and thirty-nine weeks ended September 28, 2025, the effective tax rate was impacted by an increase in valuation allowance, return to provision items, and statutory state tax rate changes, which resulted in discrete tax expense of $ 6.4 million and $ 7.2 million, respectively.

The Company recorded income tax expense of $ 0.6 million and benefit of $ 0.6 million for the thirteen weeks ended March 29, 2026 and March 30, 2025, respectively.

The effective tax rates for the thirteen weeks ended March 29, 2026 and March 30, 2025 were ( 33.3 )% and ( 11.8 )%, respectively.

During the thirteen weeks ended March 29, 2026, the effective tax rate was primarily impacted by statutory state tax rate changes, which resulted in discrete tax expense of $ 0.4 million.

The Company regularly evaluates valuation allowances established for deferred tax assets (“DTAs”) for which future realization is uncertain.

The Company assessed the available positive and negative evidence to estimate whether future taxable income would be generated to permit the use of existing DTAs.

As of September 28, 2025, a significant piece of objective negative evidence evaluated was the twelve-quarter cumulative loss before taxes.

As of March 29, 2026, a significant piece of objective negative evidence evaluated was the twelve-quarter cumulative loss before taxes.

Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth.

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The amount of DTAs considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for growth.

As of September 28, 2025, tax years 2021 through 2025 remain open and subject to examination by the Internal Revenue Service and the majority of the states where the Company has nexus, and tax years 2020 through 2025 remain open and subject to examination in selected states that have a four-year statute of limitations.

As of March 29, 2026, tax years 2022 through 2026 remain open and subject to examination by the Internal Revenue Service and the majority of the states where the Company has nexus, and tax years 2021 through 2026 remain open and subject to examination in selected states that have a four-year statute of limitations.

Upon audit, tax authorities may challenge all or part of a tax position.

A tax position successfully challenged by a taxing authority could result in an adjustment to our provision for income taxes in the period in which a final determination is made.

The Company did not maintain any unrecognized tax benefits as of September 28, 2025 or December 29, 2024.

The Company did not maintain any unrecognized tax benefits as of March 29, 2026 or December 28, 2025.

Tax receivable agreement liability

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The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the timing and amount of taxable income generated by the Company each year, as well as the tax rate then applicable, among other factors.

As of September 28, 2025 and December 29, 2024, the Company had a liability of $ 23.5 million and $ 24.4 million, respectively, related to its projected obligations under the TRA, which is reflected as current and non-current accrued expenses in the Consolidated Balance Sheets.

As of March 29, 2026 and December 28, 2025, the Company had a liability of $ 23.7 million and $ 24.0 million, respectively, related to its projected obligations under the TRA, which is reflected as current and non-current accrued expenses in the Consolidated Balance Sheets.

The Company operates in one reportable segment:

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The CODM is the Chief Executive Officer of the Company.

Characteristics of the organization which were relied upon in making the determination that the Company operates in one reportable segment include the similar nature of all of the products that the Company sells, the functional alignment of the Company’s organizational structure, and the reports that are regularly reviewed by the CODM for the purpose of assessing performance and allocating resources.

structure, and the reports that are regularly reviewed by the CODM for the purpose of assessing performance and allocating resources.

The CODM uses segment income/loss to evaluate income generated from the segment in deciding whether to reinvest profits into the segment or alternatives such as for acquisitions or to pay dividends, and to monitor budget versus actual results.

(in millions) Thirteen weeks ended September 28, 2025

Thirteen weeks ended September 29, 2024

Thirty-nine weeks ended September 28, 2025

Thirty-nine weeks ended September 29, 2024

(in millions)

Thirteen weeks ended March 29, 2026

Thirteen weeks ended March 30, 2025

Net sales $ 361.3 $ 352.1

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Conversion costs (a) 54.0 45.1

Other cost of goods sold (b) 39.3 23.7 98.9 65.3

Delivery (b) 20.7 23.5

Other cost of goods sold (c) 41.3 41.5

Gross profit 91.9 82.4

Delivery (c) 22.3 22.8 65.8 65.2

Marketing (d) 6.2 4.6

Selling expenses (e) 44.9 36.9

Administrative expenses (f) 34.7 29.9 104.3 96.5

Total selling, distribution, and administrative expenses 123.1 110.0 355.8 324.0

(Loss) gain on sale of assets, net ( 0.5 ) ( 1.5 ) ( 0.7 ) 0.4

General and Administrative expenses (f) 34.3 35.9

Total selling, general and administrative expenses 85.4 77.4

Gain on sale of assets, net 1.3 0.7

Income from operations 7.8 5.7

Gain on sale of business — — — 44.0

Interest expense ( 10.4 ) ( 11.5 )

1 unchanged sentence

Other income 0.8 0.4

(Loss) gain on remeasurement of warrant liability ( 0.7 ) ( 6.4 ) 22.8 ( 5.3 )

Other income (loss) income, net ( 10.1 ) ( 18.5 ) ( 10.2 ) 2.3

Gain on remeasurement of warrant liability — 11.0

Other loss, net ( 9.6 ) ( 0.6 )

(Loss) income before income taxes ( 1.8 ) 5.1

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(a) Conversion costs include direct labor, indirect labor, and overhead expenses.

(b) Other cost of goods sold consists of logistics and other charges.

(c) Delivery charges related to amounts shipped to distribution centers and end customers, and transfer costs between facilities.

(b) Delivery charges related to amounts shipped to distribution centers and end customers, and transfer costs between facilities.

(d) Marketing expenses include customer marketing through traditional media, digital and eCommerce, social media, sponsorships, and other costs such as agency costs, and market research.

(e) Selling expenses include non-administrative people costs, selling operations, co-op advertising and other customer expenses, broker fees, royalties, and other selling related costs.

(f) Administrative expenses include administrative people costs, administrative operations, taxes, fees, and other administrative costs, offset by reimbursements from the transaction services agreements described in Note 2.

Divestitures .

In January 2025, the Noncontrolling Interest Holders exchanged 2,000,000 UBH units together with the surrender and cancellation of the same number of shares of Class V Common Stock for an equal number of shares of Class A Common Stock.

The Company did not receive any proceeds as a result of this exchange.

In August 2025, the remaining outstanding Warrants were fully exercised by their holders in a cashless exchange resulting in the issuance of 1,307,873 shares of the Company's Class A Common Stock.

(f) General and administrative expenses include administrative people costs, administrative operations, taxes, fees, and other administrative costs, offset by reimbursements from certain transaction services agreements.

EARNINGS PER SHARE

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Diluted earnings per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding during the periods.

The following table reconciles the numerators and denominators used in the computations of both basic and diluted income per share:

(in millions, except share data) Thirteen weeks ended September 28, 2025 Thirteen weeks ended September 29, 2024 Thirty-nine weeks ended September 28, 2025 Thirty-nine weeks ended September 29, 2024

The following table reconciles the numerators and denominators used in the computations of both basic and diluted (loss) income per share:

(in millions, except share data) Thirteen weeks ended March 29, 2026 Thirteen weeks ended March 30, 2025

Net (loss) income attributable to common stockholders $ ( 1.7 ) $ 7.5

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Weighted average Class V Common Stock not subject to earnings per share calculation 55,349,000 55,656,692

Net (loss) income attributable to noncontrolling interest $ ( 5.5 ) $ 3.0 $ ( 7.7 ) $ 15.0

The diluted earnings per share computation excludes the effect of certain Warrants, which were fully exercised in a cashless exchange in August 2025, resulting in the issuance of 1,307,873 shares of the Company's Class A Common Stock, and certain restricted stock units ("RSUs"), performance stock units ("PSUs") and stock options granted to directors and management that convert to Class A Common Stock upon vesting or being exercised, as their inclusion would have been anti-dilutive.

Anti-dilutive securities excluded from diluted income per share calculation are as follows:

Thirteen weeks ended September 28, 2025 Thirteen weeks ended September 29, 2024 Thirty-nine weeks ended September 28, 2025 Thirty-nine weeks ended September 29, 2024

Warrants 405,578 2,210,365 — —

Net loss attributable to noncontrolling interest $ ( 0.7 ) $ ( 1.8 )

The diluted earnings per share computation includes the effect of the 7,200,000 private placement warrants (the "Warrants") for the period in which they were outstanding.

The Warrants were fully exercised in a cashless exchange in August 2025, resulting in the issuance of 1,307,873 shares of the Company's Class A Common Stock.

The diluted earnings per share computation excludes the effect of certain restricted stock units ("RSUs"), performance stock units ("PSUs") and stock options granted to directors and management that convert to Class A Common Stock upon vesting or being exercised, as their inclusion would have been anti-dilutive.

Anti-dilutive securities excluded from diluted income per share calculations are as follows:

Thirteen weeks ended March 29, 2026 Thirteen weeks ended March 30, 2025

RSUs 1,315,958 400,612

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The PSUs and RSUs were not considered participating securities despite the holders of these stock-based compensation awards being entitled to participate in dividends declared on Class A Common Stock, if and when declared, on a one -to-one per-share basis, because the dividends are only payable upon full vesting of the awards, and as such, the dividend is forfeitable.

As of September 28, 2025 and December 29, 2024, the Noncontrolling Interest Holders held all 55,349,000 and 57,349,000 shares of Class V Common Stock issued and outstanding, respectively, and also held an equal number of units of UBH, which comprise the noncontrolling interest.

As of both of March 29, 2026 and December 28, 2025, the Noncontrolling Interest Holders held all 55,349,000 shares of Class V Common Stock issued and outstanding and also held an equal number of units of UBH, which comprise the noncontrolling interest.

SUBSEQUENT EVENTS

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements