First Quarter 2020

Conference Call
May 6, 2020

© Quality Is Our Recipe, LLC

 Greg Lemenchick
Senior Director – Investor Relations & Corporate FP&A

© Quality Is Our Recipe, LLC

 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.

Forward-Looking 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
Statements and limited to, those identified under the caption “Forward-Looking
Statements” in our release issued on May 6, 2020 and in the “Special
Note Regarding Forward-Looking Statements and Projections” and
Non-GAAP “Risk Factors” sections of our most recent Form 10-K / Form 10-Qs.

In addition, this presentation and certain information management

Financial Measures may discuss in connection with this presentation reference non-GAAP
financial measures (i.e. adjusted revenue, adjusted EBITDA, adjusted
earnings per share, 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.

THE WENDY'S COMPANY | 3

Agenda
Financial Results
COVID-19 Update
IR Calendar
Q&A

THE WENDY'S COMPANY | 4

 Todd Penegor
President & Chief Executive Officer

© Quality Is Our Recipe, LLC

 Business Update
 Successful Breakfast Launch
 April Sales Trends Improving
 Significant Digital Sales Growth
 Supporting Employees, Customers,
and Franchisees
 Strong Liquidity Position
 Announced Quarterly Dividend of 5
cents
 Committed to Long Term Growth
Initiatives
THE WENDY'S COMPANY | 6
 Gunther Plosch
Chief Financial Officer

© Quality Is Our Recipe, LLC

 First Quarter Financial Results $ Mils (except per share amounts)
(Unaudited)

2020 2019 B/(W)

Global System SRS (0.2%) 1.4% 2-Year 1.2%
Adjusted Revenues1 $326.4 $328.1 (0.5%)
Company Restaurant Margin 10.1% 15.0% (490 bps)
G&A $51.6 $49.3 (4.7%)
Adjusted EBITDA1 $89.3 $101.7 (12.2%)
Adjusted EPS1 $0.09 $0.14 (35.7%)
Free Cash Flow Excl. FI Case2 $4.3 $48.0 (91.0%)
1 See reconciliation of non-GAAP financial measures in the Appendix
2 Excluding the approximately $24.7M payment related to the settlement of the Financial Institutions Case in Q1 2020. THE WENDY'S COMPANY | 8
 Todd Penegor
President & Chief Executive Officer

© Quality Is Our Recipe, LLC

Supporting our Customers, Crew & Franchisees

SERVING SUPPORTING PARTNERING

OUR OUR WITH
COMMUNITIES EMPLOYEES FRANCHISEES

THE WENDY'S COMPANY | 10

 U.S. Restaurant Sales Impacted by COVID-19

• April sales trends

continue to improve
• April SRS of -13.8%
• Digital sales have
increased to ~5.5%*
of sales
• US System is ~99%*
open

* Through the week ended 4/26/2020 THE WENDY'S COMPANY | 11

** April Week 2 had a (3%) impact and April Week 3 had a 5% benefit from the year over year Easter shift.
Successful Breakfast Launch
 Drove significant awareness
 Extremely high customer satisfaction
 Sales sustaining at ~8% of total U.S.
sales
 Profitable daypart
 Franchise system very happy with
launch
 Breakevens reduced even further

THE WENDY'S COMPANY | 12

Marketing Plans Evolving with COVID-19

THE WENDY'S COMPANY | 13

Digital Unlocking Greater Convenience

THE WENDY'S COMPANY | 14

 Focused on Great,
Safe Experiences for
Customers & Crew
 Emergency Paid Sick Leave
Policy
 Restaurant Recognition Pay
 Low Employee Turnover
 Speed of Service
Improvements
 Customer Satisfaction
Improvements
THE WENDY'S COMPANY | 15
 WENDY’S CREATES JOY & OPPORTUNITY THROUGH FOOD, FAMILY & COMMUNITY

RESTAURANTS FOOD
A place I love to go Food I love

CLEAN & WELL MAINTAINED FRESH

UP TO DATE HONEST INGREDIENTS
EASY & CONVENIENT CRAVEABLE TASTE
UPBEAT & COMFORTABLE MADE RIGHT

SERVICE VALUE
An experience that Worth what I pay
brings me back
COMPETITIVE PRICE
FRIENDLY WENDY’S QUALITY
ACCURATE GREAT EXPERIENCE
FAST

QUALITY IS OUR RECIPE TREAT PEOPLE WITH RESPECT DO THE RIGHT THING PROFIT MEANS GROWTH GIVE SOMETHING BACK
© Quality Is Our Recipe, LLC THE WENDY'S COMPANY | 16
 Gunther Plosch
Chief Financial Officer

© Quality Is Our Recipe, LLC

Significant Franchise Relief Provided
Royalty Deferrals
Marketing Fund Deferrals
Breakfast Marketing Fund
Abatements
Rent Deferrals
PARTNERING
WITH Extending Reimaging and New
FRANCHISEES Build requirements
Interest Only Payments on Debt
THE WENDY'S COMPANY | 18
 Strong Liquidity
Position
Cash Balance Remains Strong*
~$365 million

Capital Expenditures
Reductions of ~$20 million

General & Administrative

Reductions of ~$10 million

THE WENDY’S COMPANY 19

*Balance as of May 3, 2020
Capital Allocation Policy
Remains Unchanged

Continue to Invest in the

1 Business for Growth

Sustain an Attractive Dividend;

2 Payout Ratio > 50%

Flexibility to Utilize Excess

3 Cash to Repurchase Shares
and/or Reduce Debt
 Greg Lemenchick
Senior Director – Investor Relations & Corporate FP&A

© Quality Is Our Recipe, LLC

Investor Relations Calendar
• May 13: Canada Virtual NDR with Evercore
• May 14: Midwest Virtual NDR with Guggenheim
• May 28: Bernstein Virtual Conference
• June 17: Oppenheimer Virtual Conference
• June 23: Piper Sandler Virtual Call

THE WENDY'S COMPANY | 22

Q&A
Appendix
 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, free cash flow and
systemwide sales). These non-GAAP financial measures exclude certain
expenses and benefits as detailed in the accompanying reconciliation tables.

THE WENDY'S COMPANY | 25

 In Thousands (Unaudited)

Reconciliations
of Net Income
to Adjusted
EBITDA and
Revenues to
Adjusted
Revenues

THE WENDY'S COMPANY | 26

 In Thousands except per-share amounts (Unaudited)

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

THE WENDY'S COMPANY | 27

Reconciliation In Thousands (Unaudited)

of Net Cash
Provided by
Operating
Activities to
Free Cash Flow

THE WENDY'S COMPANY | 28