#1HAWKINS Nasdaq: HWKN Investor Presentation FISCAL 2022, QUARTER 1 Published: August 10,2021#2©2021 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. 83-year track record of growth 2. 36 consecutive years of dividends 3. Critical products and services 4. Executing on growth strategy ©2021 Hawkins, Inc. HAWKINS 3#4GROWTH STRATEGY HAWKINS ■ ☐ ☐ ■ Expand our specialty and value-added services - Customer formulation Technical and quality - Sales Bolster and improve our extensive supplier base 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 Grow earnings ACQUISITIONS INTRODUCE NEW PRODUCTS & PRODUCT LINES EXPAND CURRENT MARKETS & GROW NEW MARKETS CONTINUE TO ADD DISTRIBUTION PARTNERS MAINTAIN CURRENT CUSTOMER AND SUPPLIER RELATIONSHIPS ©2021 Hawkins, Inc.#5STRONG TRACK RECORD OF ACCRETIVE ACQUISITIONS C&L Aqua and LC Blending, Inc. in Louisiana Water Treatment American Development Corporation of Tennessee Water Treatment HAWKINS 01/2021 HAWKINS 07/2020 12/2015 Stauber Performance Ingredients Health and Nutrition 09/2015 Davis Supply, Inc. Water Treatment 10/2014 Dumont Company Water Treatment 09/2012 01/2011 Ingredient Works Industrial Vertex Chemical Corp. Industrial ©2021 Hawkins, Inc. 5#6CONSISTENT RETURN OF CAPITAL TO SHAREHOLDERS HAWKINS Dividends per Share* 20.0 15.0 10.0 DIVIDENDS & SHARE REPURCHASES (IN MILLIONS) ■Dividends Share Repurchases $4.4 $5.9 $4.1 $12.0 5.0 $8.7 $9.2 $9.8 $10.0 FY2017 FY2018 FY2019 FY2020 FY2021 $0.41 $0.43 $0.56 $0.46 $0.47 1.4% DIVIDEND YIELD 36 CONSECUTIVE YEARS OF CASH DIVIDENDS 3.6% *FY19 changed to quarterly dividends, FY19 annualized quarterly dividend would have equated to $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. FY21 DIVIDEND CAGR Dividends are adjusted for the stock split that occurred in March 2021. ©2021 Hawkins, Inc. 6#7CAPITAL ALLOCATION 40.0 FREE CASH FLOW (IN MILLIONS) - Invest in the business - Pay quarterly dividends 35.0 - Manage Debt 30.0 - Repurchase shares 25.0 20.0 to offset dilution 15.0 Opportunistic acquisitions $23.3 10.0 5.0 ©2021 Hawkins, Inc. $7.6 $35.4 $34.4 $23.0 FY2017 FY2018 FY2019 FY2020 FY2021 Operating $44.9 $27.4 $48.0 $58.9 $43.8 Cash Flow: Capital ($21.6) ($19.7) ($12.6) ($24.5) ($20.8) Expenditures: HAWKINS 7#8ENVIRONMENTAL, SOCIAL, AND GOVERNANCE HAWKINS - 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, 42% among employee base, 29% within the Board, and 22% at Executive Management ©2021 Hawkins, Inc. 8#9COVID-19 SNAPSHOT HAWKINS HAWKINS IS CONSIDERED PART OF OUR COUNTRY'S ESSENTIAL CRITICAL INFRASTRUCTURE - ■ Hawkins impacts millions of people daily across the U.S. We provide: Employee and Customer safety is always a priority Hawkins strives to comply with all CDC requirements Implemented additional processes and procedures to ensure safety ■ Redundant plant capabilities Increased inventory to meet Critical products needed to maintain safe drinking water Ingredients essential for large-scale food, pharmaceutical and other health product manufacturing Products needed to support our critical infrastructure ◉ ◉ ©2021 Hawkins, Inc. customer needs All sites continued to operate during the entire pandemic, with no significant impact to manufacturing 9#10COMPANY SNAPSHOT Hawkins' diversified market segments provide multiple avenues for sustainable and profitable growth and create synergies among the different segments. FISCAL 2021 REVENUE BY SEGMENT $153.5M 26% $273.4M 46% Three Business Segments: In Wt Hn Industrial Water Treatment Health & Nutrition $170.0M 28% Water Treatment Industrial Health & Nutrition ©2021 Hawkins, Inc. HAWKINS 10#11SEGMENT GROWTH FOCUS HAWKINS - 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 Water Treatment - - Grow all 33 water treatment facilities, while adding one to two new locations per year, through acquisitions or new greenfield expansion Continued focus on superior service with local expertise Health and Nutrition Focus on growing specialty branded products, backed by science, delivering to the customer with technical expertise Leverage and grow manufactured products ©2021 Hawkins, Inc. HAWKINS#12LOCATIONS British Columbia Olympia Washington Partend Oregon Idaho Alberta Saskatchewan Heless 45 FACILITIES IN 22 STATES WITH 750+ EMPLOYEES City ©2021 Hawkins, Inc. Los Ange kerhed San Diego PACIFIC OCEAN Key Rail & Barge Capacity Rail Capacity Sales and Service Location • WTG * WTG and IND • IND Health and Nutrition Arizona Me Turion Sour Montana 10 Wyoming Denver Colorado Santa Fe Abugunga New Mexico Manitoba Laura 1/ CANADA North Dakota Ontario Lake Superior Minnesota marck 10 Québec Detro se Loke Ene Late Ontario usio New York Pennsylvania South Dakota Loke 10 Pierre Wisconsin 0 Michigan 0 Laming Ο Madon Misckso lowa спада Nebraska Des Moines Illinois 10 Sort Mynce Indiana Springfield Kansas Topeka Coledo Sprin Jefferson City MEXICO Cena Mehta Maine New Brunswick Augusta New Hamp Concord alby Boston Massachusetts Rhode Stand Conner- licut wick City Ohio Indian Chcheati West Virginia nburgh Hantsburg altma Dor WASHINGTON D. C. Maryland Charicaton Lexington Virginia Vagina Beach Kentucky Missouri Tene 10. 10 Oklahoma City Oklahoma Arkansas Mississippi Texas ington Larda Rouge Ausn isiana Montgomery Alabama acon North Carolina Atlanta Georgia 10 10 South Carolina Salve cont Gulf of Mexico emile Dardo Florida 10 ATLANTIC OCEAN THE BAHAMAS HAWKINS 12#13HAWKINS 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 8 years - 750+ employees Median employee pay $90k and CEO pay ratio of 24:1 ■ Long-Term Customers ☐ ◉ - Strong, long-term relationships Deliveries 365 days/year Local Community Involvement - COVID-19 Donations Products for production of sanitizers Bleach to local municipalities Dollars to food shelves and front-line workers ©2021 Hawkins, Inc. 13#1445-102 9-11 HAWKINS FINANCIALS NEEA#15FISCAL 2017-2021 FINANCIALS (IN MILLIONS) SALES 5.4% CAGR GROSS PROFIT 6.0% CAGR NET INCOME 16.1% CAGR $123.8 $100.9 $28.4 $596.9 $98.1 $95.9 $22.6 $24.4 $86.8 $556.3 $540.2 $483.6 $504.2 $16.0 HAWKINS $41.0 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018* FY 2019 FY 2020 FY 2021 DILUTED EPS 16.0% CAGR $1.93 $1.33 $1.07 $1.14 $0.75 44.9 OPERATING CASH FLOW -0.6% CAGR 27.3 DIVIDENDS PAID PER SHARE (Dollars) 3.6% CAGR $0.56 58.9 48.0 $0.41 $0.43 $0.46 $0.47 43.8 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018* FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 *Adjusted to exclude goodwill impairment change of $39.1 million ($1.84 per diluted share) related to our Health & Nutrition segment and a one-time tax benefit of $13.9 million ($0.65 per diluted share) ** FY19 changed to quarterly dividends, FY19 annualized quarterly dividend would have equated to $0.45 15#16FISCAL 2021 FULL YEAR FINANCIALS - - DOUBLE-DIGIT YEAR-OVER-YEAR PROFIT GROWTH Record annual revenue of $596.9M, up 10% Record annual gross profit of $123.8M, up 23% Record annual net income and diluted EPS, both up ~45% over the prior year ©2021 Hawkins, Inc. $540.2 Q4 FY20 HAWKINS REVENUE ($ Million) OPERATING INCOME ($ Million) 34% 10% NET INCOME ($ Million) $596.9 $41.7 $55.9 Q4 FY21 Q4 FY20 Q4 FY21 DILUTED EPS 44% 45% $28.4 $41.0 $1.33 $1.93 Q4 FY20 Q4 FY21 Q4 FY20 Q4 FY21 16#17FISCAL 2022 FIRST QUARTER FINANCIALS 13TH CONSECUTIVE QUARTER OF YEAR-OVER-YEAR OPERATING INCOME GROWTH $143.2 REVENUE ($ Million) 27% - - - Record quarterly revenue of $181.2M, growth of 27% over the prior year Record quarterly gross profit of $39.0M, a 26% increase over the prior year Record first quarter Diluted Earnings Per Share (EPS) of $0.79, 44% higher than the prior year Q1 FY21 NET INCOME ($ Million) 41% ©2021 Hawkins, Inc. $11.8 $181.2 HAWKINS OPERATING INCOME ($ Million) $15.9 39% $22.1 Q1 FY22 Q1 FY21 Q1 FY22 $16.6 $0.55 DILUTED EPS 44% $0.79 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 17#18TTM EPS FISCAL 2022 TRAILING TWELVE MONTHS QUARTERLY EPS 2.50 HAWKINS 2.17 16% EPS 5-year CAGR 2.00 1.93 1.72 1.56 1.50 1.43 1.33 1.26 1.28 1.09 1.12 1.07 1.14 1.18 1.02 0.99 1.02 0.96 1.00 0.89 0.85 0.86 0.70 0.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY17 FY18 FY19 FY20 FY21 FY22 FY18 quarter 3 and 4 numbers adjusted to exclude a one-time tax benefit of $13.9 million ($0.65 per diluted share) and a goodwill impairment charge of $39.1 million ($1.84 per diluted share) related to our Health & Nutrition segment ©2021 Hawkins, Inc. 18#1945-102 W-11 HAWKINS REPORTING SEGMENTS NEEA#20In 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#21In Industrial FOCUS AREAS ■ - Typical end markets: Industrial Manufacturers Food Processors Pharmaceutical Oil Fields Market Focus Areas: Food Ingredients Pharmaceutical Oil and Gas - Surface Finishers Agricultural Operations ©2021 Hawkins, Inc. - Chemical Processing - Agricultural - Electronics - Plating - Energy HAWKINS 21 24#22In INDUSTRIAL FINANCIALS (IN MILLIONS) Industrial SALES (3.5% CAGR) $247.4 $238.6 GROSS PROFIT (2.7% CAGR) $281.9 $275.2 $273.4 $43.3 $38.9 $38.9 $34.9 $29.6 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 SG&A (5.5% CAGR) FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 $27.0 $17.1 $24.1 $21.8 $22.8 $21.2 OPERATING INCOME (-1.1% CAGR) $16.3 $14.8 $12.1 $8.5 HAWKINS FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 22 ©2021 Hawkins, Inc. 22#23In 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 ©2021 Hawkins, Inc. HAWKINS Services Include: Contract Manufacturing and Packaging Regulatory and Safety Assistance Inventory Management - - Remote Tank Monitoring Technical and Engineering Support 23#24Wt 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#25Wt Water Treatment DIFFERENTIATORS - Large Geographic Territory Locations in 33 Cities in 20 States Full Line Product Offering ■ - Chemistries and Equipment Route Sales/Service Business Model Technical Application Specialists ©2021 Hawkins, Inc. HAWKINS 25#26Wt Water Treatment WATER TREATMENT FINANCIALS (IN MILLIONS) GROSS PROFIT (6.8% CAGR) SALES (7.2% CAGR) ©2021 Hawkins, Inc. $46.8 $170.0 $159.9 $41.9 $149.5 $138.5 $36.0 $36.3 $38.0 $129.0 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2020 SG&A (5.4% CAGR) OPERATING INCOME (8.4% CAGR) $24.5 $22.1 $22.3 $19.8 $19.4 $19.5 $19.8 $18.5 $16.2 $16.8 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 HAWKINS 26#27Wt Water Treatment FOCUS AREAS - - - Municipal Drinking Water Municipal Wastewater Municipal Swimming Pools - Industrial Wastewater - - - - - HAWKINS Breweries/Wineries Agricultural Water Treatment о Poultry Swine Dairy Industrial Process Water Heating/Boiler Cooling Systems / Cooling Towers Citrus Groves Farm Crops ©2021 Hawkins, Inc. 27#28Hn 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#29Hn Health & Nutrition PRODUCT CATEGORIES Energy, Immunity, and Cognition Ingredients Amino Acids Antioxidants Botanicals Enzymes ©2021 Hawkins, Inc. - Minerals Oils / Oil Powders Fibers - Probiotics - Plant Proteins Vitamins HAWKINS 29#30Hn Health & Nutrition HEALTH AND NUTRITION FINANCIALS (IN MILLIONS) SALES (7.2% CAGR) GROSS PROFIT (9.7% CAGR) ©2021 Hawkins, Inc. $153.5 $116.1 $118.3 $125.0 $105.1 $23.2 $23.1 $20.9 $20.1 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 SG&A (-2.0% CAGR) $18.8 $17.8 $16.9 $16.4 $15.3 $33.6 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 OPERATING INCOME (33.3% CAGR) $17.2 HAWKINS $6.2 $5.5 $4.8 $2.1 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2017 FY 2018* FY 2019 FY 2020 FY 2021 *Fiscal 2018 excludes goodwill impairment of $39.1 M 30#31Hn 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 ©2021 Hawkins, Inc. 31#32Hn Health & Nutrition KEY BRANDS HAWKINS Stevia FSE natural sweetener Unique Enzyme-Treated Organic Stevia Extract Lipofoods COVICO Hereditum PANMOL PROBIOTICS COCONUT SOLUTIONS Aquamin PANMOL Epax nippi Fermentalg pomma+ Pomegranate Extract Enzymology ⚫ Research Center, Inc. ©2021 Hawkins, Inc. 32#3345-102 HAWKINS SUMMARY 9-11 地 NEEA#34BUSINESS 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 HAWKINS ■ Invest in higher margin / growth production capabilities ■ Foster strong people culture ☐ Grow earnings O2021 Hawkins, Inc. 34#3545-102 9-11 HAWKINS APPENDIX NEEA#36END MARKETS SERVED Pharmaceutical Sugars - Excipients - - Phosphates Cleaners, Acid, Alkaline Food and Beverage Preservatives Dairy Processing Aids Acidulants Brewery Products - Ingredients ©2021 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 36#37SIGNIFICANT PRODUCTS Acetic Acid Ammonia and Aqua Ammonia Bleach Calcium Chloride Caustic Potash (Potassium Hydroxide) Caustic Soda (Sodium Hydroxide) Chlorine Gas Ferric Chloride ©2021 Hawkins, Inc. - - - - - Formic Acid Hydrochloric Acid Nitric Acid Phosphoric Acid Propionic Acid Propylene Glycol Sulfuric Acid Urea Food Additives and Preservatives Brewery Products Flocculants Coagulants - Precipitants - Antifoams - - - HAWKINS Fluoridation Equipment Agricultural Fertilizers and Adjuvants Amino acids Minerals Oils and thousands more... 37#38NON-GAAP MEASURES HAWKINS Adjusted EBITDA (in thousands) Trailing 12 Months Ended FY2018 Adjusted Net Net Income June 27, 2021 June 28, 2020 (in thousands, except share and per share data) (loss) Diluted (loss) earnings Income per share Net income (GAAP) $ 45,820 $ 30,347 As Reported (GAAP) $ (9,177) $ (0.86) Interest expense 1,436 2,129 Income tax expense 15,998 11,327 Revaluation of net deferred tax liabilities (13,943) (1.31) Amortization of intangibles 6,152 5,073 Goodwill impairment 39,116 3.68 Depreciation expense 16,968 16,642 As Adjusted $ 15,996 $ 1.50 Non-cash compensation 3,442 2,465 expense Non-recurring acquisition expense Adjusted EBITDA ©2021 Hawkins, Inc. 564 $ 90,380 $ 67,983 38#39HAWKINS 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]