Wendy's Company (the) · NASDAQ:WEN
Wendy's Company (the) — Q3 2025 Earnings Presentation
26 slides from Wendy's Company (the)'s earnings presentation, Nov 7, 2025
Slide 1: Third Quarter 2025 Conference Call
Wendys Third Quarter 2025 Conference Call November 7, 2025
Slide 2: Aaron Broholm, Head of Investor Relations
Wendys Aaron Broholm Head of Investor Relations
Slide 3: Agenda
AGENDA BUSINESS UPDATE Q3 FINANCIAL RESULTS 2025 FINANCIAL OUTLOOK IR CALENDAR Q&A
Slide 4: Forward-Looking Statements and Non-GAAP Financial Measures
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 “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act
Slide 5: Ken Cook, Interim CEO
KEN COOK INTERIM CEO
Slide 6: Globally Great, Locally Even Better
GLOBALLY GREAT, LOCALLY EVEN BETTER INTERNATIONAL SYSTEMWIDE SALES GROWTH Remained Strong with Continued Momentum Key Actions Resulted in U.S. COMPANY-OPERATED STORE OUTPERFORMANCE Versus System Launched PROJECT FRESH, a Comprehensive Strategic Plan to DRIVE PROFITABLE GROWTH and LONG-TERM VALUE Acr
Slide 7: Project Fresh
PROJECT FRESH A COMPREHENSIVE STRATEGIC PLAN TO DRIVE PROFITABLE GROWTH AND LONG-TERM VALUE ACROSS THE U.S. SYSTEM
Slide 8: Project Fresh
PROJECT FRESH Ly
Slide 9: Project Fresh
PROJECT FRESH
Slide 10: Project Fresh
PROJECT FRESH Ly
Slide 11: Project Fresh
PROJECT FRESH
Slide 12: Q3 2025 Results Summary
Q3 2025 RESULTS SUMMARY 2.6%) and SRS Declined (3.7%) ) and SRS Declined (4.7%) 8.6% and SRS Grew 3.0% Year-to-Date Through Q3 s via Dividends & Share Repurchases 12
Slide 13: At Wendy's, our focus is on serving customers
At Wendy’s, our focus is on serving the and creating a for our customers. Dave Homa
Slide 14: Slide 14
Slide 15: Third Quarter Financial Results
THIRD QUARTER FINANCIAL RESULTS $ Millions (except per share amounts) 2024 2025 B/(W) Global Systemwide Sales Growth 1.8% (2.6)% 2-Yr (0.8)% Global System SRS 0.2% (3.7)% 2-Yr (3.5)% U.S. Company Restaurant Margin 15.6% 13.1% (250) bps G&A) $62.8 $57.9 7.8% Adjusted EBITDA’} = $135.2 $138.0 2.1% Adj
Slide 16: Third Quarter CapEx and Free Cash Flow
THIRD QUARTER CAPEX AND FREE CASH FLOW Q3 CapEx Investments $15.1M $12.7M Technology Initiatives Restaurant Development 2025 B/(W) YTD Free Cash Flow| $213.0M $195.6M ($17.4M) to its franchise development fund. The prior periods have been revised to conform to the current year presentation. See reco
Slide 17: Third Quarter Capital Allocation
THIRD QUARTER CAPITAL ALLOCATION Share Repurchases Dividend 1.4M Shares $0.14/share On track to return over $325M to shareholders in 2025
Slide 18: 2025 Outlook
2025 OUTLOOK Global Systemwide Sales Growth Adjusted EBITDA Adjusted EPS Capital Expenditures and Franchise Development Fund Investments Free Cash Flow! Net Unit Growth (5.0)% to (3.0)% 2% to 3% 18
Slide 19: Ken Cook, Interim CEO
KEN COOK INTERIM CEO
Slide 20: Investor Relations Calendar
Investor Relations Calendar November 20th: Stephens Consumer Conference (Nashville) December 4th: Barclays Eat, Sleep, and Play Conference (NYC) December 11'4: KeyBanc Capital Markets Conference (Virtual)
Slide 21: Slide 21
Slide 22: Appendix
APPENDIX
Slide 23: Reconciliation of Non-GAAP Financial Measures
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
Slide 24: Reconciliations of Net Income to Adjusted EBITDA and Adjusted Revenues
RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA AND REVENUE TO ADJUSTED REVENUES The Wendy's Company and Subsidiaries Recon tions of Net Income to Adjusted EBITDA and Revenues to Adjusted Revenues ‘Three and Nine Month Periods Ended September 29, 2024 and September 28, 2025 (in Thousands) (Unaudite
Slide 25: Reconciliation of Net Income and EPS to Adjusted Income and EPS
The Wendy's Company and Subsidiaries Reconciliation of Net Income and Diluted Earnings Per Share to ‘Adjustod Income and Adjustod Earnings Per Share 12 Month Periods Ended Septamber 29, 2024 and Septomber 28, 2025 (la Thousands Except Per Share Amounts) (Unaudited) “Three Months Ended Nine Months En
Slide 26: Reconciliation of Operating Cash Flow to Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW The Wendy's Company and Subsidiaries Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Nine Month Periods Ended September 29, 2024 and September 28, 2025 (in Thousands) (Unaudited) Nine Months E
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