#1Hostess BRANDS Investor Presentation FEBRUARY 21, 2023#2H Disclaimer BRANDS Forward Looking Statements This investor presentation contains statements reflecting our views about the future performance of Hostess Brands, Inc. and its subsidiaries (referred to as "Hostess Brands" or the "Company") that constitute "forward-looking statements" that involve substantial risks and uncertainties. Forward-looking statements are generally identified through the inclusion of words such as "believes," "expects," "intends," "estimates," "projects," "anticipates," "will," "plan," "may," "should," or similar language. Statements addressing our future operating performance and statements addressing events and developments that we expect or anticipate will occur are also considered forward-looking statements. All forward looking statements included herein are made only as of the date hereof. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. These risks and uncertainties include, but are not limited to, maintaining, extending and expanding the Company's reputation and brand image; leveraging the Company's brand value to compete against lower-priced alternative brands; the ability to pass cost increases on to our customers; correctly predicting, identifying and interpreting changes in consumer preferences and demand and offering new products to meet those changes; protecting intellectual property rights; operating in a highly competitive industry; the ability to maintain or add additional shelf or retail space for the Company's products; the ability to identify or complete strategic acquisitions, alliances, divestitures or joint ventures; our ability to successfully integrate, achieve expected synergies and manage our acquired businesses and brands; the ability to integrate and manage capital investments; the ability to manage changes in our manufacturing processes resulting from the expansion of our business and operations, including with respect to cost-savings initiatives and the introduction of new technologies and products; the ability to drive revenue growth in key products or add products that are faster-growing and more profitable; volatility in commodity, energy, and other input prices due to inflationary pressures and the ability to adjust pricing to cover increased costs; loss of one or more of our co-manufacturing arrangements; significant changes in the availability and pricing of transportation; negative impacts of climate change; dependence on major customers; increased labor and employee related costs; strikes or work stoppages; product liability claims, product recalls, or regulatory enforcement actions; the ability to produce and successfully market products with extended shelf life; dependence on third parties for significant services; unanticipated business disruptions; adverse impact or disruption to our business caused by pandemics or outbreaks of highly infectious or contagious diseases; disruptions in global economy due to the Russia and Ukraine conflict; geographic focus could make the Company particularly vulnerable to economic and other events and trends in North America; consolidation of retail customers; unsuccessful implementation of business strategies to reduce costs; increased costs to comply with governmental regulation; failures, unavailability, or disruptions of the Company's information technology systems; dependence on key personnel or a highly skilled and diverse workforce; the Company's ability to finance indebtedness on terms favorable to the Company; and other risks as set forth from time to time in the Company's Securities and Exchange Commission filings. The long-term algorithms contained in this presentation are goals that are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and are based on assumptions with respect to future actions which are subject to change. Industry and Market Data In this Investor Presentation, Hostess Brands relies on and refers to information and statistics regarding market shares in the sectors in which it competes and other industry data. Hostess Brands obtained this information and statistics from third-party sources, including reports by market research firms, such as Nielsen. Prior period Nielsen data was adjusted to exclude the Cloverhill® and Big Texas® brands in the periods they were not owned by Hostess. Hostess Brands has supplemented this information where necessary with information from discussions with Hostess customers and its own internal estimates, taking into account publicly available information about other industry participants and Hostess Brands' management's best view as to information that is not publicly available. Use of Non-GAAP Financial Measures Adjusted gross profit, adjusted gross margin, adjusted operating income, adjusted net income, adjusted net income margin, adjusted diluted shares and adjusted EPS collectively referred to as "Non-GAAP Financial Measures," are commonly used in the Company's industry and should not be construed as an alternative to net revenue, gross profit, operating income, net income, net income attributed to Class A stockholders, diluted shares outstanding or earnings per share as indicators of operating performance (as determined in accordance with GAAP). These Non-GAAP financial measures exclude certain items included in the comparable GAAP financial measure. This Investor Presentation also includes non-GAAP financial measures, including earnings before interest, taxes, depreciation, amortization and other adjustments to eliminate the impact of certain items that we do not consider indicative of our ongoing performance ("Adjusted EBITDA") and Adjusted EBITDA Margin. Adjusted EBITDA Margin represents Adjusted EBITDA divided by adjusted net revenues. Hostess Brands believes that these Non-GAAP Financial Measures provide useful information to management and investors regarding certain financial and business trends relating to Hostess Brands' financial condition and results of operations. Hostess Brands' management uses these Non-GAAP Financial Measures to compare Hostess Brands' performance to that of prior periods for trend analysis, for purposes of determining management incentive compensation, and for budgeting and planning purposes. Hostess Brands believes that the use of these Non-GAAP Financial Measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. Management of Hostess Brands does not consider these Non-GAAP Financial Measures in isolation or as an alternative to financial measures determined in accordance with GAAP. Other companies may calculate non-GAAP measures differently, and therefore Hostess Brands' Non-GAAP Measures may not be directly comparable to similarly titled measures of other companies. The Company does not provide a reconciliation of the forward-looking information to the most directly comparable GAAP measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Totals in this Investor Presentation may not add up due to rounding. 2#3H Key Takeaways BRANDS I I I Third straight year of double-digit growth with net revenue growth of 18.9% in 2022 9.2% Hostess Brands' point-of-sale growth in Sweet Baked Goods and 28.2% VoortmanⓇ branded growth in Cookies during the fourth quarter* Ranked #1 in sweet baked category innovation retail sales with innovation sales contributing 4% of the category's 2022 growth* Pricing actions and enhanced focus on revenue growth management and productivity to mitigate inflation and supply chain fragility Disciplined capital allocation with $130 million of share buyback and $100 million in debt paydown in 2022 while continuing to invest for future growth Introducing full year 2023 guidance reflecting strong execution and continued profitable growth momentum *Source: Nielsen, Total Nielsen Universe for the Company within the SBG Category and Cookie Category. Point of Sale, 13 weeks and 52 weeks ending 12/31/2022 vs comparable prior year period. 3#4H Top-tier Net Revenue Growth BRANDS 12th Straight Quarter of 9%+ Net Revenue Growth 9.3% 9.1% 14.8% Quarterly Adjusted Net Revenue Growth 18.1% 9.0% 10.8% 10.4% 16.1% 25.1% 16.8% 20.2% 14.2% Q1 '20 Q2 '20 Q3' 20 Q4 '20 Q1 '21 Q2 '21 Q3 '21 Q4 '21 Q1 '22 Q2 '22 Q3 '22 Q4' 22 Adjusted Net Revenue is a non-GAAP financial measures. See "Use of Non-GAAP Financial Measures" and the Appendix for an explanation of all non-GAAP financial measures and reconciliations to the comparable GAAP measures. Net revenue compared to the following peer group: BGS, BRBR, CAG, CPB, FLO, GIS, HAIN, HRL, HSY, JJSF, K, KHC, LANC, LW, MDLZ, MKC, NOMD, PEP, POST, SJM, SMPL, THS per Factset#5H BRANDS Outstanding Full Year Financial Performance Strong Execution in a Dynamic Operating Environment 4th Quarter Full Year Net Revenue (in millions) $297.2 Q4 2021 $1,142.0 FY 2021 $339.5 Q4 2022 $1,358.2 FY 2022 Adjusted EBITDA (in millions) $73.2 Q4 2021 $268.8 FY 2021 $75.1 Q4 2022 $294.1 FY 2022 Adjusted EPS $0.25 Q4 2021 $0.88 FY 2021 $0.25 Q4 2022 $0.98 FY 2022 Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures. See "Use of Non-GAAP Financial Measures" and the Appendix for an explanation of all non-GAAP financial measures and reconciliations to the comparable GAAP measures. LO 5#6H Revenue Growth Driven by Hostess® and Voortman® BRANDS 18%+ Organic Growth Across our Portfolio of Sweet Baked Goods and Cookies ($ in millions) Sweet Baked Goods Cookies December 31, 2022 $303.4 Three Months Ended 36.1 2021 Change $266.6 $36.8 30.6 % Total Net Revenue $339.5 $297.2 $58.2 13.8% 5.5 18.0% 14.2% December 31, 2022 Twelve Months Ended 147.7 $1,210.5 $1,025.5 $1,358.2 2021 116.5 $1,142.0 Change $185.0 31.2 $216.2 % 18.0% 26.8% 18.9% 6#7H Positive Price/Mix Driving Revenue Growth BRANDS Maintaining Volume While Implementing Incremental Pricing to Offset Inflation in 2022 4th Quarter 14.2% Organic Net Revenue Growth Q4 2021 (6.3)% Volume 20.5% Price/Mix Q4 2022 FY 2021 Full Year 18.9% Organic Net Revenue Growth 2.6% Volume 16.3% Price/Mix FY 2022 7#8H Continued POS Dollar Growth Across Portfolio BRANDS Outstanding Execution Drives Point-of-Sale Growth in the Sweet Baked Goods and Cookie Categories (in millions) Cookies Sweet Baked Goods Hostess Point-of-Sale Growth BRANDS $36 $402 Q4 2021 28.2% growth 9.2% growth $46 $439 Q4 2022 Source: Nielsen, Total Nielsen Universe for the Company within the SBG Category and Cookie Category. Point of Sale, 13 weeks ending 1/1/22 and 12/31/22. 8#9H Single-Serve and Multi-Pack Point-of-Sale Growth in Q4 BRANDS Solid Growth in Both At-Home and Immediate Consumption Occasions Single-Serve Point-of-Sale Q4 2021 Q4 2022 Q4 2021 Hostess BRANDS 7.7% Multi-Pack Point-of-Sale Q4 2022 10.6% 26.1% 22.2% Source: Nielsen, Total Nielsen Universe for the Company within the SBG Category. Point of Sale, 13 weeks ending 1/1/22 and 12/31/22. Single-serve 2 year stacked growth 33.8% Multi-pack 2 year stacked growth 32.8%#10H Holding Market Share in Volatile Environment BRANDS SBG Market Share up over 170 Basis Points on Two-Year Basis Market Share (SBG) (52 weeks) 21.3% FY '21 21.2% FY '22 Market Share (Cookies) (52 weeks) 1.9% FY '21 2.1% FY '22 Source: Nielsen, Total Nielsen Universe for the Company within the SBG Category. Point of sale and share changes for the 52 weeks ending 1/1/22 and 12/31/22. Sugar Free POS up 29%, Growing Market Share of Cookies Sub- category by Nearly 600 bps! 10#11H Consistent Track Record of Point-of-Sale Growth BRANDS Outstanding Execution Drives Growth in Sweet Baked Goods Category $1,143 2018 Point-of-Sale (52 weeks, in millions) 12.1% CAGR $1,276 2019 $1,355 2020 $1,551 2021 $1,805 2022 18.0% 2018 Market Share (52 weeks) 320 bps Expansion 19.6% 2019 Source: Nielsen, Total Nielsen Universe for the Company within the SBG Category. Point of Sale and Market Share, 52 weeks ending 1/5/19, 1/4/20, 1/2/21, 1/1/22, and 12/31/22. Prior period Nielsen data was adjusted to exclude the Cloverhill® and Big Texas® brands in the periods they were not owned by Hostess (2018). 19.5% 21.3% 21.2% 2020 2021 2022 11#12H BRANDS Ranked #1 in SBG Category Innovation Retail Sales Leading Innovation Sales in All Channels Glazed Twinkies MINI CAKES BAKED WITH REAL VANILLA Highest share of innovation in category at 44% Hostess BOUNCERS NEW 2044 NEW! Hostess BOUNGER'S Glazed Chocolate MINI CAKES BAKED WITH REAL COCOA Resors of Cats No Arti NEW! Processed with Ak NET WT 8.20 Hostess BOUNGERS Cinnamon donettes MINI CAKE DONUTS BANAMON REAL Me Artificial Favors or Calor No Hightradar MTL 963 079) PACKABLE COUCHES Hostess Strawberry Cheesecake Baby Bundis 8 MUNE CAREL WITH DOING Innovation sales contributed 21% of our POS growth Source: Nielsen, Total Nielsen Universe for the Company within the SBG Category. Point of Sale and Market Share, 52 weeks ending 12/24/22. Eacho HUTH $10 Gweake HostessⓇ has 10 of the top 20 new items FAMILY PACK 14 CAKES Hostess CupCakes FROSTED CHOCOLATE CARE WITH CREAMY ALLING FAMILY PACK 16 CAKES DINGDONGS Hostess CHOCOLATE CAKE WITH CREAMY FILLING M ATAS 12#13H Brand Activation is Fueling Consumer Interest BRANDS Increasing Top-of-Mind Awareness and Consideration High impulse snacking categories + Hostess High margin branded business NEW! BOUNGERS + Disciplined, test and learn approach High ROI Advertising Spend Supported Strong Bouncers Innovation Launch in Q4 13#14H BRANDS Executing on Key Capital Allocation Priorities Flexibility to Invest in Growth and Generate Shareholder Value 1 2 3 4 Support Core Growth Targeted M&A Return Capital to Shareholders Manage Net Leverage $130.5 million capital expenditures in 2022, including investment in new bakery to support continued growth Growth-oriented branded targets, that expand our capabilities in the snacking universe $130.1 million of share repurchases in 2022 Net Leverage reduced from 3.1x to 2.9x at end of 2022 14#15Hy Consolidated Financial Results BRANDS Delivering Double-Digit Net Revenue Growth for the Quarter and Full Year ($ in millions, except per share data) Net Revenue Adjusted Gross Profit Adjusted Gross Margin Adjusted Operating Income Adjusted EBITDA Adjusted EBITDA Margin Adjusted EPS December 31, 2022 $339.5 $123.1 36.3% $57.8 $75.1 22.1% Three Months Ended $0.25 2021 $297.2 $110.6 37.2% $56.9 $73.2 24.6% $0.25 $ $42.3 $12.5 $0.9 $1.9 $0.00 Change % 14.2% 11.3% (95bps) 1.6% 2.6% (249bps) 0% December 31, 2022 $1,358.2 $467.7 34.4% $225.5 $294.1 21.7% Twelve Months Ended $0.98 2021 $1,142.0 $410.7 36.0% $207.5 $268.8 23.5% $0.88 $ $216.2 $57.0 $18.0 $15.3 $0.01 Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EPS are non-GAAP financial measures. See "Use of Non-GAAP Financial Measures" in the Appendix for an explanation of all non-GAAP financial measures and reconciliations to the comparable GAAP measures. Change % 18.9% 13.9% (152bps) 8.7% 9.4% (188bps) 11.4% 15#16H BRANDS Introducing 2023 Guidance ($ in millions, except EPS) Net Revenue Growth Adjusted EBITDA Adjusted EPS Capital Expenditures Income Tax Rate Weighted Average Shares Outstanding 2023 Guidance 4% -6% $315 - $325 million (7% - 10% growth) $1.08 - $1.13 (10% - 15% growth) $150 - $170 million (Including Capacity Expansion) -27% -135 million Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures. See "Use of Non-GAAP Financial Measures" and the Appendix for an explanation of all non-GAAP financial measures. The Company does not provide a reconciliation of forward-looking financial expectations to the most directly comparable GAAP financial measure because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation; including adjustments that could be made for deferred taxes; remeasurement of the tax receivable agreement, transformation expenses and other non-operating gains or losses reflected in the Company's reconciliation of historic non- GAAP financial measures, the amount of which could be material. Please refer to the Reconciliation of Non-GAAP Financial Measures included in the Appendix for further information about the use of these measures. 16#17H BRANDS Attractive Long-Term Growth Delivering Strong Growth While Maintaining our Industry-Leading Margins Hostess BRANDS Long-term Growth Algorithm Mid-Single Digit Organic Revenue Growth 5-7% EBITDA Growth E 7-9% EPS Growth Delivering Top-Tier Shareholder Returns See "Forward Looking Statements." EBITDA is a non-GAAP financial measure defined as earnings before interest, taxes, depreciation, amortization and stock compensation. See "Use of Non-GAAP Financial Measures." 17#18Appendix 18#19H Non-GAAP Reconciliations BRANDS GAAP results Non-GAAP adjustments: Foreign currency remeasurement Project consulting costs (1) Tax receivable agreement remeasurement Change in fair value of warrant liabilities Accelerated depreciation related to network optimization Other (2) Remeasurement of tax liabilities Tax impact of adjustments Adjusted Non-GAAP results Income tax Interest expense Depreciation & amortization Share-based compensation Adjusted EBITDA 1. 2. Gross Profit $ 121.9 1.1 123.1 Gross Margin 35.9% $ Three Months Ended December 31, 2022 Net Income Margin 9.7% $ 0.24 $ Net Income 0.4 36.3% Operating Income 56.6 $ 32.9 1.1 0.1 57.8 (0.2) 1.1 0.3 (0.3) 33.9 12.7 11.3 14.5 2.9 75.1 0.3 0.1 Diluted EPS (0.1) 10.0 $ 3.7 3.3 4.3 0.8 22.1% 0.01 0.25 $ Gross Profit 110.4 0.2 110.6 Three Months Ended December 31, 2021 Gross Net Income Margin Margin 37.1% $ 54.0 $ 12.3% Net Income 0.1 37.2% Operating Income 3.6 (1.4) 0.8 56.9 36.5 (0.3) 3.6 (1.4) (1.2) 1.0 (3.4) (0.8) 34.0 13.0 9.9 13.7 2.6 73.2 (0.1) 1.2 (0.5) (0.4) 0.3 (1.1) (0.3) Diluted EPS $ 0.25 11.4 $ 4.4 3.3 4.6 0.9 24.6% 0.03 (0.01) 0.01 (0.02) (0.01) 0.25 Project consulting costs are included in general and administrative on the condensed consolidated statement of operations. In 2022, costs related to certain corporate initiatives, of which $0.1 million is included in general and administrative expenses and $0.2 million is included in other expense (income) on the consolidated statement of operations. In 2021, costs related to certain corporate initiatives, including $0.5 million of Voortman acquisition related costs. Of the total $1.0 million, $0.2 million is included in cost of goods sold, $0.6 million is included in general and administrative and $0.2 million is included in other expense (income) on the consolidated statement of operations. 19#20Hy Non-GAAP Reconciliations BRANDS GAAP results Non-GAAP adjustments: Foreign currency remeasurement Project consulting costs (1) Tax receivable agreement remeasurement Change in fair value of warrant liabilities Insurance proceeds (2) Accelerated depreciation related to network optimization Other (3) Remeasurement of tax liabilities Discrete income tax expense Tax impact of adjustments Adjusted Non-GAAP results Income tax Interest expense Depreciation & amortization Share-based compensation Adjusted EBITDA 1. 2. 3. Gross Profit $ 465.7 1.9 0.2 $ 467.7 Twelve Months Ended December 31, 2022 Gross Operating Net Net Income Margin 34.3% $220.3 $ Income Margin 0.1 3.9 (0.9) 1.9 0.3 34.4% $225.5 Income 164.2 0.6 3.9 (0.9) (33.0) 1.9 0.7 (2.2) 1.2 (1.9) 134.6 50.0 41.0 58.2 10.5 294.1 12.1% $ 0.3 (0.1) (2.3) 0.1 Diluted 3.7 3.0 4.3 0.8 21.7% EPS 0.01 0.03 (0.01) 1.19 $ 410.0 (0.24) 0.02 (0.2) (0.02) 0.01 0.1 (0.1) (0.01) 9.9 $0.98 Gross Profit 0.7 $ 410.7 Twelve Months Ended December 31, 2021 Gross Operating Net Net Income Margin Income 35.9% $200.7 $ 0.1 6.1 (1.4) 2.1 36.0% $ 207.5 Income 119.3 (0.5) 6.1 (1.4) (0.6) 4.3 (3.3) (1.9) 122.0 45.7 39.8 51.7 9.6 $268.8 Margin 10.4% $ 0.5 (0.1) 0.4 (0.3) (0.2) 10.7 Diluted 4.0 3.5 4.5 0.8 23.5% EPS 0.86 0.04 (0.01) 0.03 (0.03) (0.01) $ 0.88 Project consulting costs are included in general and administrative on the condensed consolidated statement of operations. Gain from receipt of insurance proceeds under the representation and warranty insurance policy purchased in connection with the Voortman acquisition in 2020 included in other expense (income) on the condensed consolidated statement of operations. In 2022, costs related to certain corporate initiatives, of which $0.2 million is included in cost of goods sold, $0.1 million is included in general and administrative and $0.4 million is included in other expense (income) on the consolidated statement of operations. In 2021, costs related to certain corporate initiatives, including $2.8 million of Voortman acquisition related costs. Of the total $4.3 million, $0.7 million is included in cost of goods sold, $1.4 million is included in general and administrative and $2.2 million is included in other expense (income) on the consolidated statement of operations. 20