#1HAWKINS Nasdaq: HWKN Investor Presentation FISCAL 2024, QUARTER 3 Published: January 31, 2024#2©2024 Hawkins, Inc. HAWKINS FORWARD-LOOKING STATEMENTS The information contained in this presentation includes "forward-looking statements" which reflect management's expectations or beliefs as of the date of this presentation. Hawkins, Inc. cautions that actual future results could differ materially from the forward-looking statements in this presentation. Actual results may be affected by many important factors including risks and uncertainties identified in the section captioned Risk Factors in Item 1A of Hawkins, Inc.'s Annual Report on Form 10-K. Hawkins disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2#3INVESTMENT HIGHLIGHTS 1. 85-year track record of growth 2. 38 consecutive years of dividends 3. Critical products and services 4. Executing on growth strategy © 2023 Hawkins, Inc. HAWKINS 3#4OUR MISSION, PROMISE & CORE VALUES To supply quality products and innovative solutions with exceptional service. We will respond quickly to changing customer needs with a focus on safety, technical expertise, and responsible care of the environment and of our community. Ry Cs Ce Ad Rs Tk HAWKINS RESPONSIBILITY We will not compromise on safety, quality, our obligations to our communities or protection of the environment. CUSTOMER FOCUS We are dedicated to the highest level of customer service. COURAGE We will speak the truth and encourage candor to drive improvement and innovation. ACTION-ORIENTED We will be nimble and value action over words. TEAMWORK We value passionate, inquisitive employees who have fun and value winning as a team. RELATIONSHIPS We cultivate trusted relationships with suppliers, customers and employees, focusing on the long-term. O2024 Hawkins, Inc.#5GROWTH STRATEGY ■ Grow earnings ■ Expand our specialty and value-added services ■ ☐ Bolster and improve our extensive supplier base HAWKINS ACQUISITIONS INVEST IN NEW CAPABILTIES Add new Water Treatment facilities annually Invest in capabilities for higher margin / growth products Foster strong people culture Hire and develop employees Safe and ethical Continuous improvement INTRODUCE NEW PRODUCTS & PRODUCT LINES EXPAND CURRENT MARKETS & GROW NEW MARKETS ©2024 Hawkins, Inc. MAINTAIN CURRENT CUSTOMER AND SUPPLIER RELATIONSHIPS 5#6TTM EPS TRAILING TWELVE MONTHS QUARTERLY EPS 4.00 HAWKINS 3.50 3.00 2.50 2.00 28% EPS 5-year CAGR 3.48 3.28 3.04 2.78 2.81 2.86 2.59 2.37 2.44 2.26 2.17 1.93 1.72 1.56 1.43 1.50 1.26 1.28 1.33 1.14 1.18 0.96 1.02 1.00 0.86 0.50 Q1 Q2 Q3 FY19 ©2024 Hawkins, Inc. Q4 ༢མ། Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY20 FY21 FY22 FY23 FY24 6#7STRONG TRACK RECORD OF ACCRETIVE ACQUISITIONS 10/2023 Water Solutions Unlimited in Indiana (Water Treatment) Miami Products & Chemical Company in Ohio (Water Treatment) EcoTech Enterprises in Arkansas (Water Treatment) HAWKINS HAWKINS 10/2023 07/2023 12/2021 11/2021 09/2021 01/2021 07/2020 NAPCO Chemical Company in Texas (Water Treatment) 12/2015 Water & Waste Specialties in Alabama (Water Treatment) Southeast Water Systems in Alabama (Water Treatment) C&L Aqua and LC Blending in Louisiana (Water Treatment) American Development Corporation of Tennessee (Water Treatment) Stauber Performance Ingredients (Health and Nutrition) 09/2015 Davis Supply in Florida (Water Treatment) 10/2014 Dumont Company in Florida (Water Treatment) 10/2013 09/2012 Advance Chemical Solutions in Oklahoma (Water Treatment) Ingredient Works (Industrial) 01/2011 Vertex Chemical Corporation (Industrial) ©2024 Hawkins, Inc. 7#8CONSISTENT RETURN OF CAPITAL TO SHAREHOLDERS HAWKINS Dividends per Share DIVIDENDS & SHARE REPURCHASES (IN MILLIONS) 25.0 ■Dividends Share Repurchases 20.0 15.0 $8.5 $6.6 $4.4 $5.9 $4.1 10.0 $12.0 5.0 $9.8 $10.0 $11.1 $12.0 FY2019 FY2020 FY2021 FY2022 FY2023 $0.45 * $0.46 $0.47 $0.52 $0.57 1.5% DIVIDEND YIELD 38 CONSECUTIVE YEARS OF CASH DIVIDENDS 6.1% * *FY19 changed to quarterly dividends. Actual dividends paid were $0.56, annualized quarterly dividend would have equated to $0.45. Dividend CAGR based on FY19 annualized dividends of $0.45. Share repurchases are to offset dilution. FY17 and FY18, there were no share repurchases as focus was to pay down debt after the Health and Nutrition acquisition. Dividends are adjusted for the stock split that occurred in March 2021. DIVIDEND CAGR ©2024 Hawkins, Inc. 80#9CAPITAL ALLOCATION OPERATING CASH FLOW (IN $ MILLIONS) - Invest in the business 90.0 - Pay dividends 80.0 - Manage debt 70.0 60.0 - Repurchase shares 50.0 to offset dilution 40.0 Opportunistic acquisitions 30.0 $58.9 $48.0 $43.8 $42.8 20.0 10.0 ©2024 Hawkins, Inc. $77.4 FY2019 FY2020 FY2021 FY2022 FY2023 Operating $48.0 $58.9 $43.8 $42.8 $77.4 Cash Flow Capital ($12.6) ($24.5) ($20.8) ($28.5) ($48.3) Expenditures HAWKINS 9#10ENVIRONMENTAL, SOCIAL, AND GOVERNANCE - Environmental Products we sell generally can be neutralized to a safe pH balance, reducing their impact on the environment Many of our products can be used to help our customers improve efficiencies and reduce emissions Social Supply the products that keep water safe and clean for millions of people throughout the United States Contribute to local non-profit organizations, enhancing the communities we serve Governance Core to our business is ensuring product quality, safety, and responsible distribution Diversity throughout company, 40% among employee base and 25% within the Board HAWKINS O2024 Hawkins, Inc. 10 10#11COMPANY SNAPSHOT Hawkins' diversified market segments provide multiple avenues for sustainable and profitable growth and create synergies among the different segments FISCAL 2023 REVENUE OF $935.1M $159.4M 17% $470.8M 50% Three Business Segments: Wt In Hn Water Treatment Industrial Health & Nutrition $304.9M 33% Water Treatment Industrial Health & Nutrition O2024 Hawkins, Inc. HAWKINS 11#12SEGMENT GROWTH FOCUS HAWKINS ■ Water Treatment - - Grow all 46 water treatment facilities, while adding new locations through acquisitions or new greenfield expansion Continued focus on superior service with local expertise Industrial - - Grow pharmaceutical, food, and agricultural business through new product development, capital and people investments Maintain large bulk purchases and sales to leverage supply chain Health and Nutrition Focus on growing specialty branded products, backed by science, delivering to the customer with technical expertise Leverage and grow manufactured products HAWKINS O2024 Hawkins, Inc.#13LOCATIONS British Columbia Alberta Saskatchewan Olympia Seattle Washington Portland Salam Colunis Oregan Lake Halana Montana 10 58 FACILITIES IN 26 STATES WITH 900+ EMPLOYEES Wyoming San Francisco and San José Sacramento Carson City Stockton California ●Fresno Manitoba Labe of the Woods North Dakota marck LO South Dakota Loke Chayanna Nebraska Omaha CANADA Leke Minnesota Lake Superior Québec Ontario Lance New Brunswick Maine Augusta Wisconsin 10 Michigan Lake Hur 0 O Lansing Madison Milwaukee St Cla "Wichita lowa O Oldahoma City 10 Des Moines O Illinois Chicago 00 Springfield Jefferson City Missouri Fort Wayne Indiana ohe Inganapall 10. Louisville Toledo Ohio Cincinnat Lake Erie Cleveland 0 Columbus Langton Kentucky Neshville Tennessee Lake Ontario Montpelier L Champlain Buffalo New York Pennsylvania Pittsburgh Harrisburg West Virginia Charleston Albany New Hamp- shire Concord Boston Massachusetts Hertford Providence Connec Rhode Island tleut New York City Newark Trenton Philadelphia New Jersey Baltimoreover Annapolis Virginia Winston Greensboro Delaware WASHINGTON D. C. Maryland Richmond Raleigh North Carolina Charlotte Virginia Beach Nevada Utah Denver Colorado Kansas Topela Colorado Springs 10 Kansas City lakersfield Henderson Los Angeles Arizona Solton San Diego PACIFIC OCEAN Phoents Mesa Tucson Albuquerque New Mexico Lubbock Texas Key Rail & Barge Capacity Rail Capacity Sales and Service Location • WTG WTG and IND • IND Health and Nutrition MEXICO Oklahoma Arkan Unde Rock 0 Arkansas Mississippi Fort Worth Dallas Arlington Te Louisiana Jackson 10 10 Yo Houston Balon Rouge Pontchartrain New Orleans Colorado San Antonio Austin 10 Laredo Corpus Christi Montgrsery Alabama Atlanta Georgia 10 0 Tallahassee Tampe Saint Petersburg Columble South Carolina Jacksonville 00 Orlando Florida Okeechobee Miam ATLANTIC OCEAN Nassau THE BAHAMAS Gulf of Mexico 10 HAWKINS 13#14HAWKINS HAWKINS PEOPLE & CULTURE MATTER Strong Supplier Relationships Strong partnerships with key suppliers including caustic soda, hydrochloric acid, phosphates and specialty products ■ Tenured Employees - - Average tenure 7 years 800+ employees Median employee pay $95k and CEO pay ratio of 23:1 Long-Term Customers Strong, long-term relationships Deliveries 365 days/year Local Community Involvement Products to municipalities that have been damaged due to storms, hurricanes, etc. Dollars to food shelves and front-line workers Workers participate in events from helping kids in need to feeding the homeless Natural disaster relief - donate dollars, water, chemicals, and other needed items O2024 Hawkins, Inc. 14#15HAWKINS INFRASTRUCTURE DIFFERENTIATORS HAWKINS ☐ - - - - 58 locations to serve our customers 46 Water Treatment locations 10 Manufacturing facilities 2 main office locations Facility Space ~ 1.8M square feet of manufacturing and warehouse space Warehouse space throughout the U.S., including on the west and east coasts Bulk purchase capabilities 5 locations with Rail and Barge Access Rail Access at 9 additional locations Hawkins Fleet 230+ Water Treatment Route Sales Trucks to deliver the last mile to the customer 35+ Tractors 100+ Trailers ~25M gallons of tank capacity to meet our Customers' just in time inventory needs ©2024 Hawkins, Inc. 15#1645-102 9-11 HAWKINS FINANCIALS NEEA#17FISCAL 2019-2023 FINANCIALS (IN MILLIONS, EXCEPT PER SHARE DATA) SALES 14% CAGR $935.1 $774.5 $596.9 $556.3 $540.2 HAWKINS GROSS PROFIT 15% CAGR NET INCOME 25% CAGR $60.0 $51.5 $146.5 $165.1 $41.0 $123.8 $100.9 $95.9 $28.4 $24.4 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 DILUTED EPS 26% CAGR $2.86 $2.44 $1.93 $1.33 $1.14 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 OPERATING CASH FLOW 13% CAGR $58.9 $48.0 $43.8 $42.8 DIVIDENDS PAID PER SHARE 6% CAGR $0.57 $77.4 $0.52 $0.45 $0.46 $0.47 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2019* FY 2020 FY 2021 FY 2022 FY 2023 * FY19 changed to quarterly dividends. Actual dividends paid were $0.56, annualized quarterly dividend would have equated to $0.45 ©2024 Hawkins, Inc. 17#18FISCAL 2024 THIRD QUARTER FINANCIALS 23rd CONSECUTIVE QUARTER OF YEAR-OVER-YEAR OPERATING INCOME GROWTH Third quarter revenue of $208.5M, decline of 5% from the prior year Record 3rd quarter gross profit of $42.2M, growth of 16% over the prior year 3rd quarter Diluted Earnings Per Share (EPS) of $0.71, 39% higher than the prior year 3rd quarter Operating Cash Flow of $25.0M O2024 Hawkins, Inc. $219.2 REVENUE ($ Million) $208.5 HAWKINS OPERATING INCOME ($ Million) $15.3 21% $18.5 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 DILUTED EPS OPERATING CASH FLOW 39% -3% $0.51 $0.71 $25.7 $25.0 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 18#19FISCAL 2024 THIRD QUARTER YEAR-TO-DATE FINANCIALS DOUBLE-DIGIT YEAR-OVER-YEAR GROWTH IN KEY MEASURES, INCLUDING GROSS PROFIT, OPERATING INCOME, NET INCOME AND DILUTED EARNINGS PER SHARE (EPS) Year-to-date revenue of $696.1M, down slightly from the prior year - Record 3rd quarter YTD gross profit of $148.1M, growth of 14% over the prior year Record 3rd quarter YTD EPS of $2.93, 27% higher than the prior year Record 3rd quarter YTD Operating Cash Flow of $117.6M; trailing 12-month Operating Cash Flow is $150.5M Trailing 12-month EBITDA of $139.1M, 22% higher than the previous TTM period O2024 Hawkins, Inc. REVENUE ($ Million) $707.0 $696.1 HAWKINS OPERATING INCOME ($ Million) $69.7 21% $84.0 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 DILUTED EPS OPERATING CASH FLOW 27% $2.3 $2.9 $44.5 164% $117.6 Q3 FY23 Q3 FY24 Q3 FY23 Q3 FY24 19#2045-102 W-11 HAWKINS REPORTING SEGMENTS NEEA#21Wt Water Treatment Our Water Treatment Group specializes in providing chemicals, equipment, and solutions for treatment of potable water, municipal and industrial wastewater, agricultural water, and industrial process water. Our salesperson/route driver is a trained technician who can deliver our products and diagnose our customers' water treatment needs. We believe that the high level of service provided by these individuals allows us to serve as the trusted water treatment expert for the municipalities and other customers that we serve. HAWKINS#22Wt Water Treatment DIFFERENTIATORS - Large Geographic Territory Locations in 46 Cities in 24 States Full Line Product Offering ■ - Chemistries and Equipment Route Sales/Service Business Model Technical Application Specialists ©2024 Hawkins, Inc. HAWKINS 22 22#23Wt Water Treatment WATER TREATMENT FINANCIALS (IN MILLIONS) SALES (20% CAGR) GROSS PROFIT (15% CAGR) ©2024 Hawkins, Inc. $67.2 $304.9 $54.6 $228.1 $46.8 $41.9 $38.0 $149.5 $159.9 $170.0 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 SG&A (16% CAGR) $35.7 $31.4 $24.5 $19.5 $19.8 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 OPERATING INCOME (14% CAGR) $31.5 $22.1 $22.3 $23.2 $18.5 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 HAWKINS 23#24Wt Water Treatment FOCUS AREAS - - - Municipal Drinking Water Municipal Wastewater Municipal Swimming Pools - Industrial Wastewater - Industrial Process Water - Heating/Boiler - Cooling Systems/Cooling - Towers ©2024 Hawkins, Inc. - HAWKINS Breweries/Wineries Agricultural Water Treatment о Poultry Swine Dairy Citrus Groves Farm Crops 24 24#25In Industrial Our Industrial Group formulates, manufactures, and distributes specialty and industrial chemicals. Hawkins also provides custom toll blending and product development services for our customers. 17 HAWKINS#26In Industrial FOCUS AREAS Typical end markets: - - - Industrial Manufacturers Food Processors Pharmaceutical Oil Fields Surface Finishers Agricultural Operations Market Focus Areas: - - Food Ingredients Pharmaceutical Oil and Gas Chemical Processing Agricultural - Electronics - Plating ©2024 Hawkins, Inc. - Energy HAWKINS 26#27In INDUSTRIAL FINANCIALS (IN MILLIONS) Industrial ©2024 Hawkins, Inc. SALES (14% CAGR) $470.8 $386.9 $281.9 $275.2 $273.4 GROSS PROFIT (18% CAGR) $68.1 $59.6 $43.3 $38.9 $34.9 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 SG&A (3% CAGR) $27.0 $28.1 $25.7 $24.1 $22.8 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023* OPERATING INCOME (37% CAGR) $42.4 $31.5 $14.8 $16.3 $12.1 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023* * FY23 Operating Income included a gain of $3M on the sale of certain assets related to our consumer bleach packaging business, recorded within SG&A expense HAWKINS 27#28In Industrial DIFFERENTIATORS ■ ■ - - Technical Knowledge 80+ Years of Experience Geographic Distribution Multiple Manufacturing Facilities with Extensive Storage Capacity Custom Solutions, Toll Blending, Large and Diverse Product Lines Packaging to Fit Customers' Needs: Bulk, Drums, Totes, Custom Packaging ©2024 Hawkins, Inc. HAWKINS Services Include: Contract Manufacturing and Packaging Regulatory and Safety Assistance Inventory Management - Remote Tank Monitoring - Technical and Engineering Support 28#29Hn Health & Nutrition Our Health & Nutrition Group provides a broad spectrum of high-quality ingredients for use in dietary supplements, functional food and beverage, pharmaceutical and pet food products. Our Health & Nutrition Group has a team of professionals trained to sell all product categories, to fully support product development on specific raw material requirements and applications. HAWKINS#30Hn Health & Nutrition PRODUCT CATEGORIES - Energy, Immunity, and Cognition Ingredients Amino Acids Antioxidants Botanicals Enzymes Joint Products ©2024 Hawkins, Inc. - - - Minerals Oils/Oil Powders Fibers Probiotics Plant Proteins Vitamins HAWKINS 30#31Hn Health & Nutrition HEALTH AND NUTRITION FINANCIALS (IN MILLIONS) SALES (6% CAGR) GROSS PROFIT (7% CAGR) $153.5 $159.5 $159.4 $33.6 $32.3 $29.8 $125.0 $105.1 $23.1 $20.1 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 SG&A (-2% CAGR) $16.9 $16.4 $15.3 $15.8 $15.5 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 OPERATING INCOME (23% CAGR) $6.2 $4.8 $17.2 $16.5 $14.3 HAWKINS FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 31 ©2024 Hawkins, Inc.#32Hn Health & Nutrition HAWKINS DIFFERENTIATORS Our Health & Nutrition group is positioned as a one-stop ingredient solution provider to its customers and is highly regarded as a leader in the health and nutrition industry - Robust product portfolio - Represents key brand manufacturers that offer science-based, clinically studied products Provides value-added services, including dry blending and granulation, quality control and compliance, and innovative solutions with an exceptional level of customer service ©2024 Hawkins, Inc. 32#33Hn Health & Nutrition INNOVATION - OUR GLOBAL BRAND PARTNERS ATURA COVICO HAWKINS ORGANIC Monk Fruit Pure V50 Zero-Cars, High Mogriside Sweetener Aquamin Aquamin PANMOL Mg PLANT ORIGIN PROTEINS COCOUNT SOLUTIONS Epax biova. HIgGH GOLD Stevia FSE natural sweetener Celadrin CORE INGREDIENTS An Ora Compuny HEALTH NUTRITION DAESANG America Avena Best Ingredients BREWSTER XanthoSight NUTRI-LZ nippi peptide Collagenomics pomma+ Pomegranate Extract solnul LALMIN GoldRella me Natural Carotenoids from Marigold NUTRATIVA GLOBAL- INGREDIENTS MYCELIAL SCIENCE OptiMSM CO Albion Minerals PROBIOTICAL Nut Butter CONCEPTS Jungbunzlauer VitaCholine Enzymology Research Center Catalysts, Inc. sa SOVIIA AGAVE Thorvin ABITEC Mafco ©2024 Hawkins, Inc. 33#3445-102 HAWKINS SUMMARY 9-11 地 NEEA#35HAWKINS BUSINESS STRATEGY ■ Expand our specialty and value-added services Customer formulation Technical and quality Sales Add new Water Treatment facilities annually Bolster and improve our extensive supplier base ■ Invest in higher margin/growth production capabilities ■ Foster strong people culture ☐ Grow earnings © 2023 Hawkins, Inc. 35#3645-102 9-11 HAWKINS APPENDIX NEEA#37END MARKETS SERVED Pharmaceutical Sugars - Excipients - Phosphates - Cleaners, Acid, Alkaline Food and Beverage Preservatives Dairy Processing Aids Acidulants Brewery Products - Ingredients ©2024 Hawkins, Inc. ■ ■ ■ HAWKINS Water Usage - Wastewater Drinking Water Pools Bioaugmentation Industrial/Manufacturing Mining and Oil Fields Metal Salts Cleaners and Acids Plating Additives Agriculture Fertilizers Barn Water Treatment Crop Preservation Health and Nutrition Vitamins Amino Acids Minerals Botanicals Joint Products Sweeteners Excipients Other Markets Custom Blending Toll Manufacturing Customer Formulations 37#38SIGNIFICANT PRODUCTS Acetic Acid Ammonia and Aqua Ammonia Bleach Calcium Chloride Caustic Potash (Potassium Hydroxide) Caustic Soda (Sodium Hydroxide) Chlorine Gas Ferric Chloride ©2024 Hawkins, Inc. - - - - Formic Acid Hydrochloric Acid Nitric Acid Phosphoric Acid Propionic Acid Propylene Glycol Sulfuric Acid Urea - Food Additives and Preservatives - Brewery Products HAWKINS - - Flocculants Coagulants Precipitants Antifoams Fluoridation Equipment Agricultural Fertilizers and Adjuvants - Amino acids - Minerals - Oils and thousands more... 38#39NON-GAAP MEASURES Adjusted EBITDA * (in thousands) Trailing Twelve Months Ended December 31, 2023 January 1, 2023 Net income (GAAP) $ 73,143 $ 59,005 Interest expense 4,409 4,266 Income tax expense Amortization of intangibles 26,193 20,502 7,463 7,004 Depreciation expense 22,453 19,639 Non-cash compensation expense 4,567 3,875 Non-recurring acquisition expense 833 73 Adjusted EBITDA $ 139,061 $ 114,364 ©2024 Hawkins, Inc. HAWKINS * We define adjusted EBITDA as GAAP net income adjusted for the impact of the following: net interest expense resulting from our net borrowing position; income tax expense; non-cash expenses including amortization of intangibles, depreciation and charges for the employee stock purchase plan and restricted stock grants; and non-recurring items of income or expense, if applicable. 39#40HAWKINS Celebrating 80+ Years of Serving Our Customers Questions/Comments Jeffrey P. Oldenkamp Executive Vice President and Chief Financial Officer call: 612.331.6910 Email (Investor Relations): [email protected]