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INVESTOR DAY 2025
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WELCOMEAARON BROHOLM Head of Investor Relations
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This presentation, and certain information that management may discuss in connection with this presentation, contains certain statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). For all such forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Reform Act.Many important factors could affect our future results and could cause those results to differ materially from those expressed in or implied by our forward-looking statements. Such factors include, but are not limited to, those identified under the caption “Forward-Looking Statements” in our release issued on March 6, 2025 and in the “Special Note Regarding Forward-Looking Statements and Projections” and “Risk Factors” sections of our most recent Form 10-K / Form 10-Qs.In addition, this presentation and certain information management may discuss in connection with this presentation reference non-GAAP financial measures (i.e., adjusted EBITDA, free cash flow, and systemwide sales). These non-GAAP financial measures exclude certain expenses and benefits. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the Appendix to this presentation. FORWARD-LOOKING STATEMENTSAND NON-GAAP FINANCIAL MEASURES 3
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TODAY’S AGENDAGrowth Strategy and Strategic InitiativesCustomer First Approach to Marketing Customer Experience, Operational Excellence & US Development10 Minute BreakInternational Growth & ExpansionFinancials & Long-Term OutlookQ&ADigital Experience, Lunch with Leadership KIRK TANNER President & CEOLINDSAY RADKOSKI Chief Marketing Officer, U.S.ABIGAIL PRINGLE President, U.S. E.J. WUNSCH President, InternationalKEN COOK Chief Financial OfficerALL PRESENTERS 4
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KIRK TANNERPRESIDENT & CEO
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At Wendy’s, our focus is on serving theBEST FOODand creating a GREAT EXPERIENCEfor our customers. 6
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KEY TAKEAWAYSWe are WELL-POSITIONED to leverage Wendy’s STRENGTHS and BRAND EQUITY to SCALE OUR SYSTEMWe have a FOCUSED STRATEGY that we are executing with a new level of OPERATIONAL INTENSITYWe will DRIVE PROFITABLE GROWTH to create value for OUR CUSTOMERS, OUR FRANCHISEES and OUR SHAREHOLDERS7
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WHY WENDY’S?WE HAVE A SIZABLE GROWTH OPPORTUNITY Global Total QSRCAGR (2024-2029)2 +3%$970B Global QSRMarket Size (2024)1 UNITED STATESINTERNATIONAL §Today 1,300+ restaurantsin 33international markets§Significant opportunity for annual double-digit percentage net unit growth §Wendy’s has 1 restaurant per 56K people§Largest competitors have 1 restaurant per 36K people 91 "Quick Service Restaurants Market Size, Share & Trends Analysis Report," Fortune Business Insights, 2023. 2 “Fast Food Market Analysis North America, APAC, Europe, South America, Middle East and Africa - US, Japan, China, Mexico, Germany, South Korea, India, UK, France, Brazil - Size and Forecast 2024-2029,” Infiniti Research Limited.
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10 WHY WENDY’S?WE ARE WELL-POSITIONED TO SCALE HIGHEST-QUALITY FOOD IN QSRGLOBALLY-RECOGNIZED, ICONIC BRANDS TALENTED & PASSIONATE PEOPLE SYSTEMOF 7,200+RESTAURANTS
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WHY WENDY’S?WE HAVE ATTRACTIVE CUSTOMER GROWTH OPPORTUNITIES§High growth demographics§Thoughtful & personalized engagement§Unique brand collaborations only Wendy’s can do 11
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“FRESH, FAMOUS FOOD…MADE RIGHT… FOR YOU.”DELIVERING ON OUR PROMISE
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DELIVERING ON OUR PROMISESTARTS WITH A SHIFT IN MINDSET INWARD FOCUSEDCUSTOMER FIRST INCONSISTENT EXECUTIONPERFECT EVERY TIME NORTH AMERICA CONCENTRATEDGLOBAL SCALE SHORT-TERM PRIORITIESLONG-TERM APPROACH 13 LEGACY MENUFRESH, FAMOUS FOOD
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DELIVERING ON OUR PROMISECREATING BRAND LOVE 14 LIKEDLOVED
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DELIVERING ON OUR PROMISEVALUE OF MOVING FROM LIKED TO LOVED 4xVisits Per Year20x Visits Per Year 15
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DELIVERING ON OUR PROMISETHE RIGHT PEOPLE IN THE RIGHT SEATS ABIGAIL PRINGLEPresident, U.S. NEW TO ROLEKEN COOKChief Financial Officer NEW TO ROLEE.J. WUNSCHPresident, International NEW TO ROLE LILIANA ESPOSITOChief Corporate Affairs & Sustainability Officer M. COLEY O’BRIENChief People Officer PETER SUERKENPresident & CEO of QSCC JOHN MINChief Legal Officer& Secretary NEW TO ROLE MATT SPESSARDChief Information Officer NEW TO ROLE LINDSAY RADKOSKIChief Marketing Officer, U.S. NEW TO ROLE 16
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DELIVERING ON OUR PROMISEACTIONS WE ARE TAKING TO WIN Strengthening Franchise System and Structure Placing Customer at the Center of Everything Operational Intensity and Marketing Excellence 17
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OUR LONG-TERM STRATEGY
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19 OUR LONG-TERM STRATEGY DOUBLE DOWN ON FRESH, FAMOUS FOODDELIVER AN EXCEPTIONAL CUSTOMER EXPERIENCEACCELERATEGLOBAL UNIT GROWTH CREATING VALUE FOR FRANCHISEES AND SHAREHOLDERS
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Highest Quality, Great Value Craveable Core Impactful Innovation Global Menu Relevance OUR LONG-TERM STRATEGYDOUBLE DOWN ON FRESH, FAMOUS FOOD 20
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OUR LONG-TERM STRATEGYDELIVER AN EXCEPTIONAL CUSTOMER EXPERIENCEPerfect Every Time Customized for You Convenient Across Channels Hospitality to Bring You Back 21
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OUR LONG-TERM STRATEGYACCELERATE GLOBAL UNIT GROWTHBuild Strongholds in Key Markets Strengthen Local Capabilities Invest to Fuel Growth Globalize Our Supply Chain 22
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DEVELOPMENT §Global Next Gen Design§Company Restaurant Leadership§Build-to-Suit program TECHNOLOGY §Digital menu boards§AI voice-enabled ordering§Digital kiosks§Enhanced mobile app EXPERIENCE §Highest Quality Food §Operational Excellence§Field Resources OUR LONG-TERM STRATEGYINVESTING IN OUR FUTURE TO FUEL GROWTH 23
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OUR LONG-TERM STRATEGYOUR LONG-TERM FINANCIAL ALGORITHM 3-4%Annual Net Unit Growth 5-6%Annual Systemwide Sales Growth* 7-8%Adj. EBITDA Growth* 24* Non-GAAP financial measure. See Appendix for additional information
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OUR LONG-TERM STRATEGY2028: OUR GROWTH TARGETS $17.5- 18.0BSystemwide Sales* $650- 700MAdj. EBITDA* 8,100- 8,300Units 25* Non-GAAP financial measure. See Appendix for additional information
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KEY TAKEAWAYSWe are WELL-POSITIONED to leverage Wendy’s STRENGTHS and BRAND EQUITY to SCALE OUR SYSTEMWe have a FOCUSED STRATEGY that we are executing with a new level of OPERATIONAL INTENSITYWe will DRIVE PROFITABLE GROWTH to create value for OUR CUSTOMERS, OUR FRANCHISEES and OUR SHAREHOLDERS26
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LINDSAY RADKOSKICHIEF MARKETING OFFICER, U.S.
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OUR PLAYBOOKCUSTOMER-FIRST APPROACHFRESH, FAMOUS FOODWORLD-FAMOUSMARKETING 29
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CUSTOMER-FIRST APPROACH
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CUSTOMER-FIRST APPROACHTHE U.S. QSR CUSTOMER Annual QSR visits per person~130 Annual WEN visits per person~20WENDY’S FOCUS SUPER FANS 71BAnnual foodservice visits QSR share of foodservice65%FOODSERVICE INDUSTRYOVERVIEW Source: Circana Crest® U.S. QSR 12ME Dec ‘24 31
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CUSTOMER-FIRST APPROACHFOCUS ON KEY GROWTH AUDIENCES FAMILIES MULTICULTURAL GEN Z32
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FAMILIES35%QSR Traffic Source: Circana Crest® U.S. QSR 12ME Dec ’24, Parties With Kids33
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23%QSR Traffic HISPANICSource: Circana Crest® U.S. QSR 12ME Dec ‘24 34
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21%QSR Traffic GEN ZSource: Circana Crest® U.S. QSR 12ME Dec ‘24 35
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CUSTOMER-FIRST APPROACHOUR PROPRIETARY CONSUMER MODELOPPORTUNITY IDENTIFICATION1INITIATIVE DEVELOPMENT2MEASUREMENT & LEARNING3 36
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FRESH, FAMOUS FOOD
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FRESH, FAMOUS FOODCOMMITTED TO DELIVERING ON THREE MENU PILLARS CRAVEABLE CORE RELEVANT VALUEIMPACTFUL INNOVATION 38
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FRESH BEEF IS OUR FOUNDATION 6.4BAnnual QSR Hamburger ServingsSource: Circana Crest® U.S. QSR 12ME Dec ‘24 39
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LIMITED TIME OFFERS DRIVING FREQUENCY 41
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2.7BAnnual Breaded Chicken Sandwich QSR Servings Source: Circana Crest® U.S. QSR 12ME Dec ‘24 42
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POISED FOR GROWTH +16%since 2017 QSR Chicken Servings* Source: Circana Crest® U.S. QSR 12ME Dec ’24 vs. 12ME Dec ’17*Total Chicken includes Chicken Nuggets, Chicken Strips, Chicken Wings, Fried Chicken, Breaded Chicken Sandwich, Chicken Salad Sandwich, Grilled Chicken Sandwich43
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OUR MISSION IS CLEARFAMOUS FOR CHICKEN 44
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1.7BAnnual Frozen Dessert QSR Servings FAMOUS FOR FROSTY Source: Circana Crest® U.S. QSR 12ME Dec ‘24 45
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ENDLESS BEVERAGE POSSIBILITIES34.7BAnnual QSR Beverage Servings (excl. tap water) 47 Source: Circana Crest® U.S. QSR 12ME Dec ‘24
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48 MORNING BEVERAGE LINE UP TO MATCH STRENGTH OF OUR CORE
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VALUE HAS ALWAYS STARTED WITH QUALITY AT WENDY’S49
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WORLD-FAMOUS MARKETING
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OUR PERSONALITY IS AS FRESH AS OUR FOOD51
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WORLD-FAMOUS MARKETINGFRESH FAMOUS COLLABORATIONS 52 NEVER BEEN DONE BEFORE,FAMOUS FOODFRESH BRAND COLLABORATIONS
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WORLD-FAMOUS MARKETINGFRESH FAMOUS COLLABORATIONS 53 NEVER BEEN DONE BEFORE,FAMOUS FOODFRESH BRAND COLLABORATIONS
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§Leveraging app for enhanced personalization§Creating trial and frequency for menu items and day parts§Amplifying promotions and campaigns through games and rewards WORLD-FAMOUS MARKETINGEXTEND EXPERIENCE THROUGH DIGITAL CHANNELS 54
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WORLD-FAMOUS MARKETINGFRESH, FAMOUS COLLABORATIONS 55 X
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OUR PLAYBOOKCUSTOMER-FIRST APPROACHFRESH, FAMOUS FOODWORLD-FAMOUSMARKETING 56
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ABIGAIL PRINGLEPRESIDENT, U.S.
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~6KRestaurants in the U.S. 200MCustomers Visit Every Year $12B+Annual U.S. Sales IC NIC
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OUR LONG-TERM STRATEGY 60 DOUBLE DOWN ON FRESH, FAMOUS FOODDELIVER AN EXCEPTIONAL CUSTOMER EXPERIENCEACCELERATEGLOBAL UNIT GROWTH CREATING VALUE FOR FRANCHISEES AND SHAREHOLDERS
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OUR LONG-TERM STRATEGY DOUBLE DOWN ON FRESH, FAMOUS FOODDELIVER AN EXCEPTIONAL CUSTOMER EXPERIENCEACCELERATEGLOBAL UNIT GROWTH 62
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“FRESH, FAMOUS FOOD…MADE RIGHT… FOR YOU.”DELIVERING ON OUR PROMISE PERFECT EVERY TIME.
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MODEL OF EXCELLENCEMODEL RESTAURANT + MODEL PERFORMANCE + MODEL P&L
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BEST GMs in the BusinessGROWINGAverage Unit Volumes HIGHCustomer SatisfactionSTRONGRestaurant Margins
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BEST GMs in the BusinessGROWINGAverage Unit Volumes HIGHCustomer SatisfactionSTRONGRestaurant Margins
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BEST GMs in the BusinessGROWINGAverage Unit Volumes HIGHCustomer SatisfactionSTRONGRestaurant Margins POTENTIAL
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WENDY’S POTENTIALASSESSING AND COACHING TO CREATE MODEL RESTAURANTS§Consistency requires one best way§New scored Model Restaurant assessments§Targeted training and development§Detailed restaurant action planning§Coach for performance 68
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Customer Visits & FrequencyCustomer SatisfactionOperations ExcellencePeople ExcellenceFinancial Performance WENDY’S POTENTIALMODEL PERFORMANCE SCORECARD & RANKING 69
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WENDY’S POTENTIALREINVENTED FIELD STRUCTURE TO SUPPORT MODEL OF EXCELLENCE§Doubling number of restaurant visits§Investing in added field operations manager roles to increase number of model restaurants§Investing in new business leader roles accountable for franchisee performance §Targeted coaching on business performance, strategic growth and investment planning70
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MODEL P&L = EXCEPTIONAL CUSTOMER EXPERIENCE+OPERATING MOST EFFICIENTLY
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MODEL P&L = EXCEPTIONAL CUSTOMER EXPERIENCE+OPERATING MOST EFFICIENTLY MARGIN OPPORTUNITY: 200+ BPS
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P&L COLLECTION & BENCHMARKINGOPERATIONS PRODUCTIVITY UPGRADES LABOR MODEL EVOLUTION CREATING MORE COMPELLING RESTAURANT ECONOMICS 20282024DRIVING EFFICIENCY THROUGH TECHNOLOGY MENU STRATEGY EVOLUTION 73
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P&L COLLECTION & BENCHMARKING §Sets the standard for restaurant-level profitability (Model P&L)§Identifies strengths, areas of opportunity, and common outliers§Informs brand development strategies such as:§Marketing Promotions§Menu Development§New Restaurant Expansion Proactive Financial Management 74
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OPERATIONS PRODUCTIVITY UPGRADES 75
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MENU STRATEGY EVOLUTION §Menu evolution will grow top line sales by increasing consumer relevancy§Menu evolution will also create opportunities for increased profits§Menu mix shifts create opportunities for improved profit margins§Simplification will improve operational execution, customer experience and drive efficiency 76
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DRIVING EFFICIENCY THROUGH TECHNOLOGY 77
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MODEL OF EXCELLENCE = DELIVERING ON BRAND PROMISE AND ACHIEVING MODEL PROFITABILITY
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OUR LONG-TERM STRATEGY DOUBLE DOWN ON FRESH, FAMOUS FOODDELIVER AN EXCEPTIONAL CUSTOMER EXPERIENCEACCELERATEGLOBAL UNIT GROWTH 79
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ACCELERATING U.S. NET NEW GROWTH RATE THROUGH 2028 5,9332024 Footprint +300Net New Restaurants Through 2028 Most DevelopedMore DevelopedDevelopedUnderdevelopedMost Underdeveloped Growth Opportunity Per Capita 80
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FRESH, FAMOUS FOODEXCEPTIONAL CUSTOMER EXPERIENCECOMPELLING ECONOMIC MODELFUTURE FORWARD DESIGNGROWTH-MINDED FRANCHISEESCOMPANY LEADERSHIP TARGETED STRATEGIES TO ACCELERATE U.S. NEW RESTAURANT GROWTH 81
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FUTURE FORWARD DESIGNCONTEMPORARY DESIGN DIGITAL FIRSTHIGHLY EFFICIENT OPERATING MODELCAPEX SAVINGS 82
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GROWTH-MINDED FRANCHISEES 83
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COMPANY LEADERSHIP§Investing in industry leading franchise incentives§Doubling net growth rate of new company-operated restaurants§Leveraging Build-to-Suit program to fuel growth for existing and new franchisees§Providing construction services to help franchisees grow 84
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E.J. WUNSCHPRESIDENT, INTERNATIONAL
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OUR LONG-TERM STRATEGY DOUBLE DOWN ON FRESH, FAMOUS FOODDELIVER AN EXCEPTIONAL CUSTOMER EXPERIENCEACCELERATEGLOBAL UNIT GROWTH 87
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OUR MOMENTUM
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OUR MOMENTUMBRAND IS RESONATING AROUND THE WORLD~300Net New Restaurants 9%Net Unit Growth CAGR +14%Systemwide Sales Growth CAGR* Last 3 Years 1,300+Restaurants 33Markets ~$2BAnnual Systemwide Sales* Today 89Internal data as of FY 2024 year-end and includes new markets launched in 2025.*Non-GAAP measure. See Appendix for additional information. Calculated on a constant currency basis.
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POISEDTO ACCELERATE GROWTH 2,000Locations by 202811%4-Year Net Unit Growth CAGR 90
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HOW WE WIN
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HOW WE WINGLOBAL CITIZENS Extend Supply Chain & Scale Efficiently Better Food, Better Restaurants Local Team & High-Value Partnerships Select the Right Markets Build Consumer Connections 92
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HOW WE WINMODEL: CANADA Scale Efficiently Extend Supply Chain Better Food, Better Restaurants Local Team and High-Value Partnerships Establish Local Team Build Consumer Connections 438Restaurants ~$1BRevenue Regional Headquarters 70% of Franchisees Growing Footprint Restaurant AUV $3M CAD National Advertising, Loyalty Program, Mobile App Fully-Integrated Across Provinces 1 Restaurant for Every 80k Canadians 93Source for AUV = Franchise Disclosure Document, June 2024
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WHERE WE WIN
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WHERE WE WINGROWTH MARKETS +125CANADA +125LATIN AMERICA +150EUROPE +300APAC & MIDDLE EAST 95Represents anticipated additional restaurants by the end of 2028
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WHERE WE WINAPAC & MIDDLE EAST STRONGHOLD§Fastest Growing Markets (150+ net new units over last 3 years)§Well Capitalized Master Franchise Partners§Supply Chain Innovation Enabling Superior Quality§Localized Menus INDIA & MIDDLE EAST 96
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WHERE WE WINEUROPE STRONGHOLD§Company and Franchised Market§Leveraging Build-to-Suit to Accelerate§Integrated European Supply Network§Key Resources Located in Market§Enabling Expansion into Other European Countries UNITED KINGDOM 97
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WHERE WE WINLATIN AMERICA STRONGHOLD§Multiple Franchisees Engaged in Growth§Expanding into Guadalajara§Investments in Local Resources§National Distribution Partnership§National Marketing Fund MEXICO 98
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RECIPE FOR SUCCESS
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RECIPE FOR SUCCESSBETTER FOOD, BETTER RESTAURANTS GLOBALLY GREAT,LOCALLY EVEN BETTERMODERN DESIGN,FLEXIBLE FORMATS 100
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FLEXIBLE REAL ESTATE STRATEGY SAUDI ARABIACANADAMEXICOUNITED KINGDOM CHILEAUSTRALIAINDIAPUERTO RICO
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RECIPE FOR SUCCESSELEVATION & GLOBALIZATION OF SUPPLY CHAIN §Leverage Scale§Key Hires§Deeper Connections with North America§Strategic Partnerships 102
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POISEDTO ACCELERATE GROWTH 9%3-Year Net Unit Growth CAGR11%4-Year Net Unit Growth CAGR 1,300+Locations2,000Locations 20242028 103
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KEN COOKCHIEF FINANCIAL OFFICER
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LONG TERM FINANCIAL ALGORITHM2028 TARGETSCAPITAL ALLOCATION POLICY
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OUR LONG-TERM STRATEGY 107 DOUBLE DOWN ON FRESH, FAMOUS FOODDELIVER AN EXCEPTIONAL CUSTOMER EXPERIENCEACCELERATEGLOBAL UNIT GROWTH CREATING VALUE FOR FRANCHISEES AND SHAREHOLDERS
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OUR VALUE CREATION FRAMEWORK §SRS Growth§Restaurant Profitability§New Unit Growth Value Creationfor FRANCHISEESValue Creation for SHAREHOLDERS§Systemwide Sales Growth§Disciplined Capital Allocation§Increased Adj. EBITDA & Cash Generation 108
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OUR LONG-TERM STRATEGYOUR LONG-TERM FINANCIAL ALGORITHM 3-4%Annual Net Unit Growth5-6%Annual Systemwide Sales Growth* 7-8%Adj. EBITDA Growth* 109* Non-GAAP financial measure. See Appendix for additional information.
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OUR LONG-TERM STRATEGY2028: OUR GROWTH TARGETS 7,240 GLOBAL UNITS Add ~1,000 net restaurants to the systemGrow systemwide sales by up to $3.5BIncrease Adjusted EBITDA by up to 30% 8,100-8,300 2028E2024 $14.5B $17.5-$18.0B 2028E2024 $544M $650-$700M 2028E2024 SYSTEMWIDE SALES*ADJUSTED EBITDA* 110Visual chart not to scale*Non-GAAP financial measure. See Appendix for additional information.
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OUR LONG-TERM STRATEGYGLOBAL SYSTEMWIDE SALES GROWTH IN 2028 $14.5B 2024 2028E $17.5 - $18.0B NET UNIT GROWTH SRS 111 ~70% International~30% US *Visual chart not to scale
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OUR LONG-TERM STRATEGYGLOBAL SYSTEMWIDE SALES GROWTH IN 2028 $14.5B§Global Next Gen Design§Development Incentives§Localized Resources§Globalizing Supply Chain $17.5 - $18.0B NET UNIT GROWTH SRS~70% International~30% US 112 2024 2028E*Visual chart not to scale
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OUR LONG-TERM STRATEGYGLOBAL SYSTEMWIDE SALES GROWTH IN 2028 $14.5B§Menu Innovation§Collaborations & Promotions§Digital Engagement $17.5 - $18.0B 113 NET UNIT GROWTH SRS 2024 2028E ~70% International~30% US *Visual chart not to scale
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OUR LONG-TERM STRATEGYGLOBAL SYSTEMWIDE SALES GROWTH IN 2028 $14.5B $17.5 - $18.0B 114 §Menu Innovation§Collaborations & Promotions§Digital Engagement SRS §Global Next Gen Design§Development Incentives§Localized Resources§Globalized Supply Chain NET UNIT GROWTH 2024 2028E ~70% International~30% US *Visual chart not to scale
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OUR LONG-TERM STRATEGYADJUSTED EBITDA DRIVERS IN 2028 2024 2028E §Unit Development§SRS Growth SALES GROWTH§Investing in Field Resources§Digitally Enabled Ordering Experience §Increasing Labor Productivity RESTAURANTMARGIN EXPANSION $650-$700M $544M 115*Visual chart not to scale
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CAPITAL ALLOCATION
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OUR CAPITAL ALLOCATION PRIORITIES CONTINUE TOINVEST IN THE BUSINESS FOR GROWTH 1 PAY ANATTRACTIVE DIVIDENDUTILIZEEXCESS CASH TO REPURCHASE SHARES 2 43MAINTAIN A STRONG BALANCE SHEET 117
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DISCIPLINED INVESTMENT IN THE BUSINESS IS OUR #1 PRIORITY ~$115M Annual Capex Spend 2025-20281 Development ~50% Other~20% DigitalCapabilities ~30% §Disciplined approach to investing in highest return opportunities §Growth investments focused on:§New Unit Development§Property Acquisition§Digital Menu Boards + Voice AI§Kiosk rollout CONTINUE TO INVEST IN THE BUSINESS FOR GROWTH1 1181 Not inclusive of Build to Suit spend
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ACCELERATING RESTAURANT DEVELOPMENT ~$70M2025 Company Investment BUILD-TO-SUIT PROGRAMAccelerate New Unit Growth around the World Attractive Return on Investment for the Company Improves Payback Period for Franchisees CONTINUE TO INVEST IN THE BUSINESS FOR GROWTH1 119
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TARGET DIVIDEND PAYOUT RATIO 50-60%of Adjusted Earnings TARGET PAYOUT RATIO PAY AN ATTRACTIVE DIVIDEND2 120Future dividend payments, if any, will be at the discretion of our Board of Directors.
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TARGET LEVERAGE RATIOMaintain Investment Grade Debt Rating on Securitized Notes3.5x – 5.0xLong-Term Leverage Ratio $830M in Debt Maturities through 2028 MAINTAIN A STRONG BALANCE SHEET3 4.3x3.5x 5.0x 20242028E121
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ATTRACTIVE OPPORTUNITY FOR SHARE REPURCHASE Up to$200M2025 Planned Share Repurchases UTILIZE EXCESS CASH TO REPURCHASE SHARES4 EV / NTM EBITDA Multiple20.0x 10.0x LARGEST QSR BURGER PEERS 122
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OUR GROWTH PLANS TRANSLATE TO SIGNIFICANT FREE CASH FLOW GENERATION $279M $1.1B $1.2B 4 Year Cumulative FCF* 20242025 - 2028E 123Visual chart not to scale* Non-GAAP financial measure. See Appendix for additional information, including certain reconciliations.
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KEY TAKEAWAYSWe are WELL-POSITIONED to leverage Wendy’s STRENGTHS and BRAND EQUITY to SCALE OUR SYSTEMWe have a FOCUSED STRATEGY that we are executing with a new level of OPERATIONAL INTENSITYWe will DRIVE PROFITABLE GROWTH to create value for OUR CUSTOMERS, OUR FRANCHISEES and OUR SHAREHOLDERS124
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Q&A
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THANK YOU
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APPENDIX
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In addition to the GAAP financial measures included in this presentation, the Company has presented certain non-GAAP financial measures (i.e., adjusted EBITDA, free cash flow, and systemwide sales). These non-GAAP financial measures exclude certain expenses and benefits as detailed in the accompanying reconciliation tables.The non-GAAP financial measures discussed herein include forward-looking projections, including with respect to adjusted EBITDA, free cash flow and systemwide sales. The Company excludes certain expenses and benefits from adjusted EBITDA, adjusted earnings per share and free cash flow, such as the impact from our advertising funds, including the net change in the restricted operating assets and liabilities and any excess or deficit of advertising fund revenues over advertising fund expenses, impairment of long-lived assets, reorganization and realignment costs, system optimization gains, net, amortization of cloud computing arrangements, gain on early extinguishment of debt, net, and the timing and resolution of certain tax matters. Due to the uncertainty and variability of the nature and amount of those expenses and benefits, the Company is unable without unreasonable effort to provide projections of net income, earnings per share or net cash provided by operating activities, or a reconciliation of those projected measures. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 129
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Reconciliation of Net Income to Adjusted EBITDA and Revenue to Adjusted Revenues 130
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Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow 131