Slide 1: Wingstop Investor Presentation
WINGSTOP INVESTOR PRESENTATION
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this presentation are forward-looking statements. Forwa
Slide 3: Wingstop Operates in a Category of One
WINGSTOP OPERATES IN A CATEGORY OF ONE een Si pet a = GS’ Ee
Slide 4: Our mission is to Serve the World Flavor
At Wingstop our mission is to Serve the World FLAVOR It’s flavor that defines us and has made Wingstop one of the fastest growing brands in the restaurant industry—because we're not just serving wings, we’re elevating life through flavor.
Slide 5: To Serve the World to Become a Top Flavor Global Restaurant Brand
TO SERVE THE WORLD TO BECOMEA:TOP 10 FLAVOR GLOBAL RESTAURANT BRAND i kos= OSS WINGSTOP INVESTOR OVERVIEW = 4
Slide 6: We Are Just Getting Started at Wingstop
WE ARE JUST GETTING STARTED AT WINGSTOP WINGSTOP INVESTOR OVERVIEW = 5
Slide 7: And We Have a Proven Track Record
AND WE HAVE A PROVEN TRACK RECORD DRIVEN BY A GLOBAL MARKET PRESENCE... AND A PROVEN GROWTH ALGORITHM ‘on $4.8B +$2.1M | © 25.8% pt 1.0% System-wide sales! Auv2 Systemwide sales Stacked domestic 5-yr CAGR® samestore sales growth* cS SOM+ f] 70% 13.1% 1,178 Unique digital guests? Digital sales mix? R
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Slide 9: Wingstop Has Broad Consumer Appeal Across the Globe
WINGSTOP HAS BROAD CONSUMER APPEAL ACROSS THE GLOBE YOUNGER CONSUMERS CRAVEABLE FOOD GLOBAL RELEVANCE. © High level of customization to cater to multiple flavor profiles, enabled by best- * Broad, loyal and diverse guest base attracted by unique flavor experience, © Core age demographic is 18-35 yea
Slide 10: We Haven't Found a Point of Maturation
WE HAVEN'T FOUND A POINT OF MATURATION AUVS BY VINTAGE $0.7M YRi YR2 YR3 YR4 YR5 YR6 YR7 YR8 YR9 YR 10 2013 2044 2015 2016 2017 2018 2019 2020 2021 2022 2023 Note: Averageunit volumes shown foreach 52.weck period sinoe restaurant openingfor their respective year a endedDeoember28, 2024, WINGSTOP INV
Slide 11: Best-in-Class Unit Level Economics and Returns Continue to Strengthen
BEST-IN-CLASS UNIT LEVEL ECONOMICS AND RETURNS CONTINUE TO STRENGTHEN AS RESULT OF AUV GROWTH CASH-ON-CASH RETURNS REMAIN STRONG 2015 2019 TODAY Domestic System AUV “) $1.1M $1.2M Investment Cost”) ~$370k ~$400K Unlevered COC Return“) 50% 50% 019, and 12/2) WINGSTOP INVESTOR OVERVIEW 10
Slide 12: Our Unit Economics Drive Significant Demand for Growth
OUR UNIT ECONOMICS DRIVE SIGNIFICANT DEMAND FOR GROWTH GLOBAL UNIT COUNTS GLOBAL DEVELOPMENT PIPELINE _ 2,563 _ 1,955 2,244 4,959 iss 7a 1,363 , 4059 «4,05 4 074 2020 2021 2022 2023 «2024 2020 2024 + «2022 «= 2028S: 0d = = kos eg WINGSTOP INVESTOR OVERVIEW 4
Slide 13: Translating Into Confidence in Our Long-Term Potential
TRANSLATING INTO CONFIDENCE IN OUR LONG-TERM POTENTIAL 10,000+ GLOBAL RESTAURANT POTENTIAL DOMESTIC MARKET INTERNATIONAL MARKETS 2,204 359 restaurants restaurants od 6,000+ 4000+ c. restaurants restaurants
Slide 14: That's Anchored in Our Proven Strategy
THAT’S ANCHORED IN OUR PROVEN STRATEGY TOP 10 GLOBAL RESTAURANT BRAND SUSTAIN SSS GROWTH MAINTAIN BEST-IN-CLASS RETURNS ACCELERATE GROWTH Scale Brand =, Cost of Goods 3=] Strategic Brand Awareness ol Mitigation Y=] Partners Data-Driven . Gi Execute Development I Marketing | Playbook Digital =] Lever
Slide 15: Sustaining Same-Store Sales Growth
SUSTAINING SAME-STORE “Ve FeSy
Slide 16: Our Strategies Have Us on a Path to Scale
OUR STRATEGIES HAVE US ON A PATH TO SCALE AUVS TO $3M DIGITAL $3M , © TRANSFORMATION DATA-DRIVEN i MARKETING $2.1M @ DELIVERY MENU INNOVATION BRAND AWARENESS POWERED BY WINGSTOP SMART KITCHEN WINGSTOP INVESTOR OVERVIEW 18
Slide 17: Consecutive Years of Domestic Same-Store Sales Growth
AND OUR STRATEGIES HAVE STAYING POWER... DELIVERING 21 CONSECUTIVE YEARS OF DOMESTIC SAME-STORE SALES GROWTH 24.4% 19.9% 18.3% 14.4% 8.0% 6.5% a a: I ili. | O 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2024 2022 2023 2024 DEMONSTRATED GROWTH THROUGH ECONOMIC
Slide 18: We Know Who Our Guest Is and What They Expect
WE KNOW WHO OUR GUEST IS AND WHAT THEY EXPECT GROUP HIGH QUALITY, YOUNGER, NOT LIMITED TO OCCASION, OFF-PREMISE MORE DIVERSE ADAY OR TIME 2+ ADULTS OCCASION WWE WINGSTOP INVESTOR OVERVIEW 17
Slide 19: We Sized Up the Opportunity for Us
WE SIZED UP THE OPPORTUNITY FOR US... IT’S SIGNIFICANT Increasing our awareness, consideration, and restaurant footprint will position us to win more of our fair share 20% CURRENT SHARE OF “FAIR SHARE” DEMAND SPACE BENCHMARK WINGSTOP INVESTOR OVERVIEW 18
Slide 20: Opportunity to Close Our Awareness Gap
IT STARTS WITH A MEANINGFUL OPPORTUNITY TO CLOSE OUR AWARENESS GAP TO MORE ESTABLISHED, LARGER BRANDS BRAND AWARENESS WINGSTOP INVESTOR OVERVIEW 19
Slide 21: Systemwide Sales Growth Fueling National Advertising Fund
5-YEAR SYSTEMWIDE SALES CAGR OF 25% IS FUELING SIGNIFICANT GROWTH IN OUR NATIONAL ADVERTISING FUND NATIONAL AD FUND PREMIUM CONTENT, LIVE SPORTS i at € UD xsd Or€ ica: WINGSTOP INVESTOR OVERVIEW 20
Slide 22: We Have Earned a Place in Culture
WE HAVE EARNED A PLACE IN CULTURE AND ARE LEANING INTO MOMENTS THAT ELEVATE THE BRAND NBA SUPER STAR GIANNIS ANTETOKOUNMPO Gianniswasiscanning the QR code fortreemyings & 2 + 2 0 M Followers KYLIE JENNER EATS WINGSTOP IN MUKBANG VIDEO q AS q ap a Tine yr 40 0 M Followers Danae KEITH LEE KICKS OFF HO
Slide 23: Menu Innovation Is Attracting New Guests
MENU INNOVATION IS ATTRACTING NEW GUESTS INTO THE BRAND AND CAN INCREASE THE CONSIDERATION SET CHICKEN TENDERS CHICKEN SANDWICH 1.6B annual servings in the U.S. 2.8B annual servings in the U.S. Hand sauced and Represents meaningful Creates entry point into tossed in one of opportunity in our the bra
Slide 24: Proactive Technology Investments Created a Digital Flywheel
PROACTIVE TECHNOLOGY INVESTMENTS HAVE CREATED A DIGITAL FLYWHEEL FOR AUV GROWTH INSIGHTS & ANALYTICS >300 datapoints DIGITAL DATABASE * Record pace of new guest 50M acquisition ° Not only have we invested in that data, but we've also enriched it ° This informs our marketing execution and allows us t
Slide 25: Aspirational Goal of Digitizing Every Transaction
GIVING US CONFIDENCE TO ACHIEVE OUR ASPIRATIONAL GOAL OF DIGITIZING EVERY TRANSACTION MY WING 100% FOR YOU 70%+ DIGITAL CHECK wee + 30% roxEN SANDWICH COMBO HIGHER THAN = 34% NON-DIGITAL 2019 TODAY —_—POTENTIAL Se — oe =F lS WINGSTOP INVESTOR OVERVIEW 24
Slide 26: Brand Awareness and Menu Innovation Driving Guest Database Growth
BRAND AWARENESS AND MENU INNOVATION IS DRIVING GROWTH IN OUR GUEST DATABASE TOTAL DIGITAL CUSTOMERS IN DATABASE alll as | 2019 2020 2021 2022 2023 2024 TAS TORS = Ce} DEMOGRAPHICS WHO IS OUR NEW GUEST? * Higher household income than our core * Tends to be Gen Z / Millennial Less likely to have kids
Slide 27: Moving Guests Up the Frequency Curve
AND WE ARE MOVING GUESTS UP THE FREQUENCY CURVE DIGITAL USERS NEW —— HEAVY Start of Pandemic > 2019 2020 2021 2022 2023 2024 SS NESIOS WINGSTOP INVESTOR OVERVIEW 26
Slide 28: Delivery Is an Additional Unlock
DELIVERY IS AN ADDITIONAL UNLOCK TO OUR ASIPRATIONAL GOAL OF DIGITIZING EVERY TRANSACTION DELIVERY SALES MIX 50% 7 UbenEats , 7 ¢ Menu and operations et . . National Delivery Launch, 31% oa built for off-premise Exclusive with DoorDash | . . ; Benchmark ° Opportunity to build 28% brand awareness 13%
Slide 29: Strategies to Achieve Our $3M AUV Target Bolstered by New Kitchen Platform
STRATEGIES TO ACHIEVE OUR $3M AUV TARGET ARE BOLSTERED BY OUR NEW KITCHEN OPERATING PLATFORM
Slide 30: Wingstop Smart Kitchen Is a Game Changer
WINGSTOP SMART KITCHEN IS A GAME CHANGER FOR OUR GUESTS AND RESTAURANT OPERATIONS SIMPLIFYING AND DELIVERING ON OPERATIONS... SPEED OF SERVICE GUEST FEEDBACK - ep, 7} IMPROVE THE BASELINE SPEED OF ORDERS @ DELIVERING A CONSISTENT EXPERIENCE G .. WHILE ENHANCING QUALITY AND IMPROVING ACCURACY ~~“ PRI
Slide 31: Best-in-Class Unit Economics
BEST-IN-CLASS UNIT ECONOMICS Sa BS —_ SAS SRS
Slide 32: We Have a Simple and Proven Operating Model
WE HAVE A SIMPLE AND PROVEN OPERATING MODEL a 1 an mS : EFFICIENT STRONG UNIT LABOR MODEL ‘J Economics BU IEEE ES ; ich digi Distinctive and high-quality Simpl d high digital «pn ‘ — ae product with strategic menu price Focused on “B” real estate sites labor model positioning yields great value tran
Slide 33: Our Model and Investments Maintain Best-in-Class Unit Economics
OUR MODEL AND INVESTMENTS MAINTAIN BEST-IN-CLASS UNIT ECONOMICS DIGITAL INNOVATIONS SUPPLY CHAIN STRATEGY WINGSTOP SMART KITCHEN wa BIRD \ saa N kos= OS WINGSTOP INVESTOR OVERVIEW 32
Slide 34: Our Supply Chain Strategy Has Created Predictability in Food Costs
OUR SUPPLY CHAIN STRATEGY HAS CREATED PREDICTABILITY IN ic OUR FOOD COSTS POULTRY STRATEGIC SUPPLY REDUCED VOLATILITY WITH ADDRESSED PRICE AND BASE SCALED FOR GROWTH LONG-TERM MUTUAL PRODUCT MIX LEVERS AGREEMENTS
Slide 35: Eliminating Food Cost Volatility
«ELIMINATING FOOD COST VOLATILITY WE’VE SEEN IN OUR PAST Urner Barry Market Pricing $0.92 - - 34% (Classic Wings) “= am wo 33% SystemFood 39% & Packaging Costs 2023 TTT > TODAY SaaS ses WINGSTOP INVESTOR OVERVIEW 34
Slide 36: Acceleration in Restaurant AUV on Path to $3M Target
ACCELERATION IN RESTAURANT AUV HAS US ON OUR PATH TO $3M TARGET $2.4M $1.5M $1.4M $0.9M a 2012 2016 2020 2024 S > 1, Based onrestaurants having full62 weoks of sales. Average Unit Volumes (AUVs) based on fiscal years ending 12/29/2012, 12/84/2046, 12/26/2020, and 12/28/2024, respectively SS ¥ - WING
Slide 37: Strengthening Our Best-in-Class Unit Economics
STRENGTHENING OUR BEST-IN-CLASS UNIT ECONOMICS CASH-ON-CASH RETURNS REMAIN STRONG 2015 2019 TODAY Domestic System AUV “) $1.1M $1.2M Investment Cost”) ~$370k ~$400K Unlevered COC Return ®) 50% 50% food costas. WINGSTOP INVESTOR OVERVIEW 36
Slide 38: Scaling Wingstop to a Top Global Restaurant Brand
SCALING WINGSTOP TO A TOP 10 GLOBAL RESTAURANT BRAND Sa QS L— Sic sr—= SRS
Slide 39: Strong, Diverse Franchisee Base to Support Growth in the U.S.
WE HAVE A STRONG, DIVERSE FRANCHISEE BASE TO SUPPORT OUR GROWTH IN THE U.S. * Average restaurant count per franchisee is 10 and an average tenure of > 10 years * 80 unique franchisees opened a new restaurant in 2024 * 95%+ of new restaurants opened by existing franchisees WELL-DIVERSIFIED FRANCHISEE
Slide 40: Development Pipeline Positions Us to Deliver Industry-Leading Growth
DEVELOPMENT PIPELINE POSITIONS US TO CONTINUE TO DELIVER INDUSTRY-LEADING GROWTH GLOBAL DEVELOPMENT GLOBAL NET NEW UNITS } GLOBAL NETEW UNTS | AGREEMENTS ¢ Market level playbooks that support our development targets * Clearly identify and align with strategic growth partners ° Franchisee investments
Slide 41: Clear Line of Sight Into Becoming a Top Global Restaurant Brand
CLEAR LINE OF SIGHT INTO BECOMING A TOP 10 GLOBAL 10,000+ RESTAURANT BRAND GLOBAL RESTAURANT POTENTIAL DOMESTIC MARKET INTERNATIONAL MARKETS 2,208 359 restaurants od 6,000+ a restaurants restaurants” } 4,000+ Pesteurente
Slide 42: Global Expansion Focused on Core Criteria
OUR GLOBAL EXPANSION IS FOCUSED ON A SET OF CORE CRITERIA PREMIUM QUALITY HALO High-quality positioning supporting a premium price aromic cau ‘MANGO HABANERO WOT BUFFALO ILD BUFFALO LOUISIANA RUB HICKORY SMOKED REQ LEMON PEPPER FLAVOR EXPERTISE "Flavor Experts" allows us to differentiate by market M
Slide 43: The World Is Craving Our Flavor
THE WORLD IS CRAVING OUR FLAVOR nigt light @ PLS COME TO LEBANONNN e Pleasee come to Germany, especially Berlin! 4-28 Reply Os @D Opening a store here would be a fantastic opportunity for your company as we have g& blueberri.gif tourists all year round and the locals would be PLEASE COME TO VIETNAM
Slide 44: Legacy Markets Demonstrate Proven Returns
LEGACY MARKETS DEMONSTRATE PROVEN RETURNS ad INDONESIA SINGAPORE LEGACY ye y WING'STOP | Store Count 263 2-Year System- Wide Sales 87% Growth Sales to ; Investment 4:4 TAM Potential 550 PROVEN PORTABILITY REALIZING OF THE BRAND STRONG RESULTS ACCELERATING GROWTH — ~ BES sorecouasot unten, 204 WINGST
Slide 45: Early Successes in Emerging Markets Highlight Global Opportunity
EARLY SUCCESSES IN EMERGING MARKETS HIGHLIGHT GLOBAL OPPORTUNITY Store count 96 - PUERTO RICO 2-Year System- Wide Sales 250% Growth Sales to ; Investment 4:4 TAM Potential 1,450 TARGETED REGIONS ~ Europe Central America Asia Pacific Middle East WINGSTOP INVESTOR OVERVIEW 44
Slide 46: Large Untapped Markets on the Horizon
WITH LARGE UNTAPPED MARKETS ON THE HORIZON mae INDIA Tam: 1,000+ 4 Gy, CHINA _ TAM:1i,000+
Slide 47: Facilitated by Our Established Development Playbook
FACILITATED BY OUR ESTABLISHED DEVELOPMENT PLAYBOOK MARKET PRESENCE: Establishes prominent flagship location to assert Wingstop’s position in the market CREATING A “HALO” EFFECT: Positive experiences that infuse the whole system and offer premium service FOOT TRAFFIC GENERATOR: Eye-catching signage
Slide 48: We Have a Proven Track Record
WE HAVE A PROVEN TRACK ay uy Sue
Slide 49: Sustaining a Predictable Financial Model Into the Future
SUSTAINING A PREDICTABLE FINANCIAL MODEL INTO THE FUTURE MULTIPLE YEAR STRATEGY TO GROW TOPLINE SALES System sales increased by 144% since 2020 MAINTAINING BEST-IN- CLASS UNIT ECONOMICS Simple, streamlined operating model with AUVs of $2.1M and path to $3.0M LEADING CASH-ON-CASH RETURNS FOR OUR BRAN
Slide 50: Key Financial Considerations
KEY FINANCIAL CONSIDERATIONS CONSISTENT TRACK RECORD OF POSITIVE SAME-STORE SALES STRONG TRACK RECORD OF UNIT GROWTH SUSTAINABILITY OF FRANCHISE ROYALTIES SIGNIFICANT FREE CASH FLOW GENERATION Note: * 21 consecutive years of same-store sales growth * Since 2019, Wingstop achieved stacked same-store
Slide 51: Consistent Track Record of Industry-Leading Financial Performance
CONSISTENT TRACK RECORD OF INDUSTRY-LEADING FINANCIAL PERFORMANCE SMM an19 t ' -| eo bad [-2-e-a- a] TOTAL UNITS 49% 5-year CAGR au mbanesle intestinal SMM SYSTEM-WIDE SALES = sae o1a51 2020 ont 2002 2003 sgpas-year CAR os om SMM ADJUSTED EBITDA .o5BGR segaed 2019 WINGSTOP INVESTOR OVERVIEW 50
Slide 52: Asset Lite Model Drives Significant Cash Flow Generation
ASSET LITE MODEL DRIVES SIGNIFICANT CASH FLOW GENERATION CASH FLOW DYNAMICS FREE CASH FLOW “) * 98% franchised model (sum) 1 8 0 M — Highly cash-flow generative business with $180MM+ LTM free Stron g Free cash flow ; Cash Flow” * $650MM+ cumulative free cash flow generated from FY19 to FY24 * Stable
Slide 53: Well-Positioned for Our Next Phase of Growth
WINGSTOP IS WELL-POSITIONED FOR OUR NEXT PHASE OF GROWTH —— eo nee 4VAT il AUV TARGET CASH-ON-CASH RETURNS GLOBAL RESTAURANTS 3-T0-5 YEAR TARGETS LONG-TERM TARGETS MID-SINGLE DIGIT 10%+ UNIT LOW-SINGLE DIGIT 10%+ UNIT SAME-STORE SALES GROWTH | SAME-STORE SALES GROWTH GROWTH GROWTH ESOS WINGSTOP INVE
Slide 54: Appendix
Slide 55: GAAP - Non-GAAP Reconciliation
GAAP - NON-GAAP RECONCILIATION ($ in thousands) iscal Year Ended December 28, December 26, December 25, December 31, December 30, December 28, 2019 2020 2024 2022 2024 Net income $ 20,476 $ 23,306 $ 42,658 $ 52,947 $70,475 108,717 (+) Interest expense, net 17,136 16,782 14,984 24,230 18,227 24,292 (
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