Slides
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Fourth Quarter 2025 Conference Call February 13, 2026
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Aaron Broholm Head of Investor Relations
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AGENDA BUSINESS UPDATE FINANCIAL RESULTS 2026 FINANCIAL OUTLOOK IR CALENDAR Q&A
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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 February 13, 2026 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 revenue, adjusted EBITDA, adjusted earnings per share and free cash flow). 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 STATEMENTS AND NON-GAAP FINANCIAL MEASURES 4
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KEN COOK INTERIM CEO
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6 Q4 2025 RESULTS SUMMARY Global Systemwide Sales Declined (8.3%) and SRS Declined (10.1%) U.S Systemwide Sales Declined (10.5%) and SRS Declined (11.3%) International Systemwide Sales Grew 6.2% and SRS Declined (2.0%) Opened 59 New International Restaurants Across Key Growth Markets
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7 2025 HIGHLIGHTS Achieved OPERATIONAL IMPROVEMENTS in U.S. Company-Operated Restaurants U.S. Digital Mix Reached ALL-TIME HIGH of 20.0%, with U.S. Digital Sales Growing 12.4% RECORD INTERNATIONAL NET UNIT GROWTH, 121 Net New Restaurants, Reflecting Over 9% Growth Returned $330 MILLION TO SHAREHOLDERS via Dividends & Share Repurchases Strengthened Partnership with Franchisees as ONE WENDY’S
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PROJECT FRESH 8 BRAND REVITALIZATION 1 OPERATIONAL EXCELLENCE CAPITAL ALLOCATION 2 43 SYSTEM OPTIMIZATION A COMPREHENSIVE TURNAROUND PLAN TO DRIVE PROFITABLE GROWTH AND IMPROVE FRANCHISEE ECONOMICS
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PROJECT FRESH BRAND REVITALIZATION Leveraging Consumer Segmentation Study to Increase Focus on Key Growth Opportunities Deploying a New Marketing and Menu Framework, Highlighting Wendy’s Quality, Value and Brand Differentiators Improving Marketing Effectiveness, Optimizing Channel Mix and Increasing Culturally Relevant Marketing
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PROJECT FRESH OPERATIONAL EXCELLENCE 10 Building Momentum Through People Activation, Enhanced Training, and Performance Management Expanding Field Operations Team for Greater Support to Franchisees Enhancing Capabilities to Restaurant Technology, Unlocking Operational Efficiencies
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PROJECT FRESH 11 SYSTEM OPTIMIZATION Partnering with U.S. Franchisees to Strengthen the System and Franchisee Economics Expecting 5% to 6% of U.S. Restaurants to Close in the First Half of 2026 Adding Flexibility Around Hours of Operation to Strengthen Restaurant Profitability
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PROJECT FRESH CAPITAL ALLOCATION 12 Redirecting Capital from U.S. Development Towards Initiatives that Drive Profitable AUV Growth Continuing to Utilize the Build-to-Suit Program in International Markets to Drive Net Unit Growth Returning Cash to Shareholders Through Quarterly Dividend
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At Wendy’s, our focus is on serving the BEST FOOD and creating a GREAT EXPERIENCE for our customers.
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SUZIE THUERK CHIEF ACCOUNTING OFFICER & HEAD OF GLOBAL FP&A
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15 FOURTH QUARTER FINANCIAL RESULTS $ Millions (except per share amounts) 1 See reconciliation of non-GAAP financial measures in the Appendix 2024 2025 B/(W) Global Systemwide Sales Growth 5.4% (8.3)% 2-Yr (2.9)% Global System SRS 4.3% (10.1)% 2-Yr (5.8)% U.S. Company-Operated Restaurant Margin 16.5% 12.7% (380) bps G&A $67.2 $67.1 0.1% Adjusted EBITDA1 $137.5 $113.3 (17.6)% Adjusted EPS1 $0.25 $0.16 (36.0)%
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16 2025 CAPEX AND FREE CASH FLOW $52.4M Technology Initiatives 2025 CapEx Investments 1 Beginning with the three months ended March 30, 2025, the Company modified its definition of free cash flow to reflect expenditures related to its franchise development fund. The prior periods have been revised to conform to the current year presentation. See reconciliation of non- GAAP financial measures in Appendix. $69.6M Restaurant Development 2024 2025 B/(W) YTD Free Cash Flow1 $237.7M $205.4M ($32.3M)
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17 2025 CAPITAL ALLOCATION Returned $330M to Shareholders in 2025 Dividend $0.67/share Share Repurchases 14.4M Shares
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18 2026 OUTLOOK 1 Beginning with the three months ended March 30, 2025, the Company modified its definition of free cash flow to reflect expenditures related to its franchise development fund. Global Systemwide Sales Growth Approximately Flat Adjusted EBITDA $460M to $480M Adjusted EPS $0.56 to $0.60 Capital Expenditures and Franchise Development Fund Investments $120M to $130M Free Cash Flow 1 $190M to $205M
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KEN COOK INTERIM CEO
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Investor Relations Calendar March 10th Citi 2026 Global Consumer & Retail Conference (Miami) March 11th UBS Global Consumer & Retail Conference (NYC)
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Q&A
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APPENDIX
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23 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES In addition to the GAAP financial measures included in this presentation, the Company has presented certain non-GAAP financial measures (i.e., adjusted revenues, adjusted EBITDA, adjusted earnings per share and free cash flow). These non- GAAP financial measures exclude certain expenses and benefits as detailed in the accompanying reconciliation tables.
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24 RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA AND REVENUE TO ADJUSTED REVENUES
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25 RECONCILIATION OF NET INCOME AND DILUTED EARNINGS PER SHARE TO ADJUSTED INCOME AND ADJUSTED EARNINGS PER SHARE
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26 RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW