11/6/2018

1

Third Quarter 2018Conference Call

November 7, 2018

© Quality Is Our Recipe, LLC

Greg LemenchickDirector – Investor Relations

© Quality Is Our Recipe, LLC

11/6/2018

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Forward-Looking Statements and

Non-GAAP Financial Measures

This presentation, and certain information that management may discuss in connection with this presentation, contains certain statements that are not historical facts, including information concerning possible or assumed future results of our operations. Those statements constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (The “Reform Act”). For all 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, all of which are difficult or impossible to predict accurately, and many of which are beyond our control, include but are not limited to those identified under the caption “Forward-Looking Statements” in our news release issued on November 6, 2018 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 EBITDA margin, adjusted earnings per share, adjusted tax rate, 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, and are included in our news release issued on November 6, 2018 and posted on www.wendys.com.

As used in this presentation, the terms adjusted EBITDA and adjusted earnings per share refer to adjusted EBITDA from continuing operations and adjusted earnings per share from continuing operations, respectively.

AgendaKey Initiatives

Financial Update

IR Calendar

Q&A

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Todd PenegorPresident & Chief Executive Officer

© Quality Is Our Recipe, LLC

Q3 Highlights

* See reconciliation of non-GAAP financial measures in the Appendix.

Global systemwide sales increase 1.7% in constant currencies

Global expansion continues; 37 global restaurant openings in Q3; 106 YTD

NA SRS -0.2%; 1.8% on a two-year basis

Delivery coverage reaches 50% of the North America system

Adjusted EBITDA growth of ~10% versus the prior year

Free cash flow generation of $181.1M; ~50% increase versus the prior year

Incremental $120M share repurchase authorization

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2.0%

-0.2%

Q3 2017 Q3 20181-year 2-year

North America Same-Restaurant Sales

1.8%

3.4%

Global Footprint Expansion Continues

0.08%

North America Restaurant Openings

14

6

Q3 Total Q3 Net

International Restaurant Openings

’18E Net New Growth Rate

~10%

23

7Q3 Total Q3 Net

’18E Net New Growth Rate

~1%

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Delivery Business Continues to Grow

Delivery is available in ~50% of NA restaurants at the end of Q3

~60% of the NA footprint expected to be on delivery platform by end of 2018

National advertising strategy continues to drive awareness and increased delivery transactions

Sustaining higher average check sizes; 1.5 - 2.0x

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Enabling a Better Customer Experience and Unlocking Future

Growth Through Technology

Rollout of mobile ordering underway

Mobile app acquisition strategy doubles our active users

Wendy’s Franchise Attitude and Optimism Continues to Outpace the Industry

88% would still invest in Wendy’s

87% have a positive attitude about their affiliation with Wendy’s

84% would recommend Wendy’s to others

Wendy’s continues to

exceed industry

benchmarks

Source: 2018 Franchise Business Review Survey

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© Quality Is Our Recipe, LLC

WENDY’S CREATES  JOY & OPPORTUNITY THROUGH FOOD, FAMILY & COMMUNITY

A place I love to go

CLEAN & WELL MAINTAINEDUP TO DATE

EASY & CONVENIENTUPBEAT & COMFORTABLE

FOODFood I love

FRESHHONEST INGREDIENTSCRAVEABLE TASTE

MADE RIGHT

VALUEWorth what I pay

COMPETITIVE PRICEWENDY’S QUALITYGREAT EXPERIENCE

SERVICEAn experience that brings me back

FRIENDLYACCURATE

FAST

QUALITY   I S  OUR REC IPE   TREAT   PEOPLE  WITH  RESPECT DO THE  R IGHT   THING PROF IT  MEANS  GROWTH GIVE   SOMETHING BACK

RESTAURANTS

Gunther PloschChief Financial Officer

© Quality Is Our Recipe, LLC

11/6/2018

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Third Quarter Financial Highlights2018 2017 Recast1 B/(W)

Adjusted Revenue* $319.0 $308.7 3.3%

Company Restaurant Margin 15.7% 15.9% (20) bps

G&A $46.5 $51.7 10.1%

Adjusted EBITDA* $107.2 $97.6 9.8%

Adjusted EBITDA Margin* 33.6% 31.6% 200 bps

Adjusted EPS* $0.17 $0.09 88.9%

YTD Free Cash Flow* $181.1 $122.4 48.0%

$ Mils (except per share amounts)(Unaudited)

1 P&L numbers are presented on a recast basis to account for the impact of the new revenue recognition accounting standard as if the full retrospective method of adoption had been used. Please refer to the income statement, adjusted EBITDA and adjusted EPSrecast reconciliations in the Appendix.* See reconciliation of non-GAAP financial measures in the Appendix.

Q3 2018 vs. Q3 2017 Adjusted EBITDA $ Mils(Unaudited)

+9.8% Growth

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Q3 2018 vs. Q3 2017 Adjusted EPS(Unaudited)

+88.9% Growth

Invest in the Business for Growth

Sustain an Attractive Dividend; Payout Ratio > 50%

Utilize Excess Cash to Repurchase Shares

1

2

3

Executing Against Capital Allocation Strategy

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2018 Outlook

North America SRS of ~1.0

Commodity Inflation ~1 to 2%

Labor Inflation ~3 to 4%

Company Operating Restaurant Margin of ~16 to 16.5%

G&A Expense of ~$190 to $195M

Adjusted EBITDA (Margin) of ~$415 to $420M (~33%)

Interest Expense of ~$120M

Depreciation & Amortization Expense of ~$128M

Adjusted Tax Rate of ~18 to 20%

Adjusted Earnings Per Share of ~$0.56 to $0.58

CAPEX of ~$70 to $75M

Free Cash Flow of ~$225 to $235M

UpdatedReaffirmed

Greg LemenchickDirector – Investor Relations

© Quality Is Our Recipe, LLC

11/6/2018

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Investor Relations Calendar (Tentative)

• November 27: Stephens Corporate Visit (Dublin, Ohio)

• December 5: Barclay’s Eat, Sleep & Play Conference (NYC)

• February 20: Preliminary Fourth Quarter Earnings Release and 2019 Outlook

• February 21: Fourth Quarter Earnings Call

Q&A

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Appendix

Reconciliation of Non-GAAP Financial Measures

In addition to the GAAP financial measures included in this presentation, the Company has included certain non-GAAP financial measures (i.e., adjusted revenues, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, adjusted tax rate, free cash flow and systemwide sales). These non-GAAP financial measures exclude certain expenses and benefits as detailed in the accompanying reconciliation tables.

This presentation also includes forward-looking guidance for certain non-GAAP financial measures including adjusted EBITDA, adjusted earnings per share, adjusted tax rate and free cash flow. The Company excludes certain expenses and benefits from adjusted EBITDA, adjusted earnings per share, adjusted tax rate and free cash flow, such as impairment of long-lived assets, reorganization and realignment costs, system optimization (gains) losses, net, timing and resolution of certain tax matters, and advertising funds restricted assets and liabilities. 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 reported tax rate or a reconciliation of projected adjusted EBITDA, adjusted earnings per share or adjusted tax rate to projected net income, earnings per share or reported tax rate.

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Reconciliation of Net Income to Adjusted EBITDA

In Thousands (Unaudited)

Reconciliation of Net Income and Diluted Earnings Per Share to Adjusted Income and Adjusted Earnings Per Share

In Thousands except per-share amounts (Unaudited)

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Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

In Thousands (Unaudited)

Reconciliation of 2017 Recast Net Income to Recast Adjusted EBITDA

In Thousands (Unaudited)

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Reconciliation of 2017 Recast Net Income and Diluted Earnings Per Share to Recast Adjusted Income and Adjusted Earnings Per Share

In Thousands except per-share amounts (Unaudited)