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Wingstop Inc. — FINAL_2025-Investor-Presentation_Updated-7.17.2026 (company IR deck)
Wingstop Inc. (WING) · 56 slides · Filed Oct 28, 2026
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Slide 1 — INVESTOR PRESENTATION
WINGSTOP INVESTOR OVERVIEW WINGSTOP INVESTOR PRESENTATION
Slide 2 — FORWARD
FORWARD -LOOKING STATEMENTS This presentation contains forward -looking statements that are subject to risks and uncertainties. All statements other than sta tements of historical fact or relating to present facts or current conditions included in this presentation are forward -looking statements. Forward -looking statements giv e Wingstop Inc.’s (the “Company”) current expectations and projections relating to its financial condition, results of operations, plans, objectives, future pe rformance and business. These statements may include words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives” “intends,” “commit ted,” “accelerate,” “may,” “seek,” “opportunity,” “plans,” “potential,” “momentum,” “strategy,” “path,” “schedule,” “near -term,” “long -term,” “upcoming,” “future,” “projections,” “assumptions,” “projects,” “positions,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “deliver,” “likely,” “should,” “could,” “wou ld,” “will” and similar expressions and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or oth er events. Forward -looking statements in this presentation include statements with respect to: sales, unit count and volume, Adjusted EBITDA, future development, mark eting efforts and brand awareness, technology and digitization plans, delivery sales and mix, commodity prices, supply chain strategies, and international strat egies. The forward-looking statements contained in this presentation are based on assumptions that the Company has made in light of its industry experience and perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the c ircumstances. As you read and consider this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, u ncertainties (many of which are beyond the Company’s control) and assumptions. The Company believes these factors include, but are not limited to, those described u nder the sections “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in its Annual Report on Form 10 -K and subsequent periodic reports filed with the Securities and Exchange Commission (the “SEC”). Any forward -looking statement made by the Company in this presentation speaks on ly as of the date on which it is made. Factors or events that could cause the Company’s actual operating and financial performance to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward -looking statement except as may be required by law. NON-GAAP FINANCIAL MEASURES This presentation contains certain non -GAAP financial measures. The Company has provided a reconciliation of Adjusted EBITDA, a non-GAAP financial measure, to net income in the Appendix to this presentation. Adjusted EBITDA is used by investors as a supplemental measure to evaluate the o verall operating performance of companies in the Company’s industry, but you should not consider it in isolation, or as a substitute for analysis of results as reporte d in accordance with GAAP. The Company’s calculation of Adjusted EBITDA may not be comparable to that reported by other companies. For additional information about th e Company’s non -GAAP financial measures, see the Company’s filings with the SEC. 1
Slide 3 — WINGSTOP OPERATES
WINGSTOP INVESTOR OVERVIEW WINGSTOP OPERATES IN A CATEGORY OF ONE
Slide 4 — FLAVOR
WINGSTOP INVESTOR OVERVIEW At Wingstop our mission is to Serve the World 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. FLAVOR 3
Slide 5 — FLAVOR
WINGSTOP INVESTOR OVERVIEW4 OURMISSION TO SERVE THE WORLD FLAVOR OURVISION TOBECOMEATOP10 GLOBAL RESTAURANT BRAND
Slide 6 — 10,000+
WINGSTOP INVESTOR OVERVIEW WE ARE JUST GETTING STARTED AT WINGSTOP GLOBAL RESTAURANT POTENTIAL 10,000+ AVERAGE UNIT VOLUME (AUV) TARGET $3M 5
Slide 7 — WINGSTOP INVESTOR OVERVIEW
WINGSTOP INVESTOR OVERVIEW 1. ForfiscalyearendedDecember28,2024. 2. ForfiscalquarterendedDecember28,2024. 3. Fromfiscalyear2019toendoffiscalyear2024. 4. Forfiscalyears2020-2024. AND WE HAVE A PROVEN TRACK RECORD DRIVENBYAGLOBALMARKET PRESENCE… 2,563 $4.8B AND A PROVEN GROWTH ALGORITHM 25.8% $2.1M 70% 50M+ 12 71.0% 13.1% 1,178 30.1% System-wide sales1 AUV2 Unique digital guests 2 Digital sales mix2 Total restaurants 2 Global markets2 System-wide sales 5-yr CAGR3 Stacked domestic same-store sales growth4 Restaurant development 5-yr CAGR 3 Net new restaurants 3 Adjusted EBITDA 5-yr CAGR 3 6
Slide 8 — WITH INDUSTRY
WINGSTOP INVESTOR OVERVIEW WITH INDUSTRY -LEADING SAME -STORE SALES GROWTH (2) (1) (2) (2) (2) (1) (1) (1) (1) (1) 2020 2021 2022 2023 2024 44.4% (2) Same-store sales growth domestic FY 2024 1. Reflects global system -wide 2. Reflects domestic system -wide 71.0% 29.0% 24.4% 20.2% 19.5% 29.0% 27.0% 19.0% 11.0% (1.0%) 7
Slide 9 — WINGSTOP HAS BROAD CONSUMER APPEAL ACROSS TH
WINGSTOP INVESTOR OVERVIEW • High level of customization to cater to multiple flavor profiles, enabled by best - in-class digital platform • Craveable and indulgent occasion with cooked-to-order and hand sauced and tossed wings and our iconic made from scratch ranch • Group and meal bundles offer inherent value in menu construct • Core age demographic is 18 –35 years old • Multi-cultural and wide -range of appeal • Group-centered and/or family occasions • Culturally relevant through music, sports, and art. Brand maintains a swagger • Broad, loyal and diverse guest base attracted by unique flavor experience, product quality, brand personality and convivial nature of eating wings • Most consumed protein globally, chicken represents an expansive market opportunity WINGSTOP HAS BROAD CONSUMER APPEAL ACROSS TH CRAVEABLE FOOD YOUNGER CONSUMERS GLOBAL RELEVANCE 8
Slide 10 — WE HAVEN’T FOUND A POINT OF MATURATION
WINGSTOP INVESTOR OVERVIEW WE HAVEN’T FOUND A POINT OF MATURATION AVERAGE UNIT VOLUMES (AUVS) BY VINTAGE Note: Average unit volumes shown for each 52 -week period since restaurant opening for their respective year. Results as of fiscal year ended December 28, 2024. YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0.7M 9 AUVS BY VINTAGE
Slide 11 — STRENGTHEN AS RESULT OF
WINGSTOP INVESTOR OVERVIEW BEST-IN-CLASS UNIT LEVEL ECONOMICS AND RETURNS CONTIN STRENGTHEN AS RESULT OF AUV GROWTH CASH-ON-CASH RETURNS REMAIN STRONG 2015 2019 TODAY Domestic System AUV (1) $1.1M $1.2M $2.1M Investment Cost (2) ~$370k ~$400K ~$500K Unlevered COC Return (3) 50% 50% 70%+ Note: 1. AUV based on Domestic System average based on fiscal year ending 12/26/2015, 12/28/2019, and 12/28/2024, respectively; number s shown are rounded. 2. Investment cost based on previous four fiscal years average actual costs as submitted by brand partner; excludes pre -opening cos ts and working capital. 3. Average restaurant economics are internal Company estimates based on unaudited results reported by brand partner. 80% cash -on-cash returns based on average food cost as percentage of company owned restaurants. 10
Slide 12 — OUR UNIT ECONOMICS DRIVE SIGNIFICANT DEMAND FO
WINGSTOP INVESTOR OVERVIEW GLOBAL DEVELOPMENT PIPELINE GLOBAL UNIT COUNTS OUR UNIT ECONOMICS DRIVE SIGNIFICANT DEMAND FO 1,538 1,731 1,959 2,214 2,563 2020 2021 2022 2023 2024 1,059 1,105 1,071 1,363 1,955 2020 2021 2022 2023 2024 11
Slide 13 — 10,000+
WINGSTOP INVESTOR OVERVIEW TRANSLATING INTO CONFIDENCE IN OUR LONG -TERM POTENTIAL 10,000+ GLOBAL RESTAURANT POTENTIAL DOMESTIC MARKET 2,204 restaurants 1 6,000+ restaurants INTERNATIONAL MARKETS 359 restaurants 1 4,000+ restaurants 1. As of December 28, 2024 12
Slide 14 — THAT’S ANCHORED IN OUR PROVEN STRATEGY
WINGSTOP INVESTOR OVERVIEW THAT’S ANCHORED IN OUR PROVEN STRATEGY LIVE THE WINGSTOP WAY • INVEST IN PEOPLE • GLOBAL MINDSET MAINTAIN BEST -IN-CLASS RETURNS SUSTAIN SSS GROWTH ACCELERATE GROWTH TOP 10 GLOBAL RESTAURANT BRAND Scale Brand Awareness Data-Driven Marketing Digital Transformation Cost of Goods Mitigation Menu Innovation Ops Excellence Strategic Brand Partners Execute Development Playbook Leverage Our Balance Sheet 13
Slide 15 — SUSTAINING SAME
WINGSTOP INVESTOR OVERVIEW SUSTAINING SAME -STORE SALES GROWTH
Slide 16 — $3M
WINGSTOP INVESTOR OVERVIEW OUR STRATEGIES HAVE US ON A PATH TO SCALE AUVS TO $3M BRAND AWARENESS MENU INNOVATION DELIVERY DIGITAL TRANSFORMATION 2025 $2.1M $3M DATA-DRIVEN MARKETING FUTURE POWERED BY WINGSTOP SMART KITCHEN 15
Slide 17 — CONSECUTIVE YEARS OF DOMESTIC SAME
WINGSTOP INVESTOR OVERVIEW AND OUR STRATEGIES HAVE STAYING POWER… DELIVER CONSECUTIVE YEARS OF DOMESTIC SAME -STORE SALES GROWT DEMONSTRATED GROWTH THROUGH ECONOMIC CYCLES AND CHANGING CONSUME 16
Slide 18 — WE KNOW WHO OUR GUEST IS AND WHAT THEY EXPEC
WINGSTOP INVESTOR OVERVIEW WE KNOW WHO OUR GUEST IS AND WHAT THEY EXPEC GROUP OCCASION, 2+ ADULTS HIGH QUALITY, OFF-PREMISE OCCASION YOUNGER, MORE DIVERSE NOT LIMITED TO A DAY OR TIME 17
Slide 19 — 20%
WINGSTOP INVESTOR OVERVIEW WE SIZED UP THE OPPORTUNITY FOR US… IT’S SIGNIFICA 1% 20% “FAIR SHARE” BENCHMARK CURRENT SHARE OF DEMAND SPACE 20% Increasing our awareness, consideration, and restaurant footprint will position us to win more of our fair share 18
Slide 20 — AWARENESS GAP TO MORE ESTABLISHED, LARGER BRA
WINGSTOP INVESTOR OVERVIEW IT STARTS WITH A MEANINGFUL OPPORTUNITY TO CLOS AWARENESS GAP TO MORE ESTABLISHED, LARGER BRA BRAND AWARENESS 2019 2024 QSR QSR YouGov Brand Index; Total Population; QSR brands include Jack in the Box, McDonalds, Taco Bell, Sonic, Popeyes, Raising Cane’ s, Wendy’s, KFC, Subway, Whataburger, Chick -Fil-A, Burger King, Jimmy John’s, In -N-Out, Hardee’s, Zaxby’s, Carl’s Jr, and Arby’s 19
Slide 21 — SIGNIFICANT GROWTH IN OUR NATIONAL ADVERTISING
WINGSTOP INVESTOR OVERVIEW 5-YEAR SYSTEMWIDE SALES CAGR OF 25% IS FUELING SIGNIFICANT GROWTH IN OUR NATIONAL ADVERTISING PREMIUM CONTENT, LIVE SPORTS NATIONAL AD FUND 2024 2019 4X 20
Slide 22 — +20M
WINGSTOP INVESTOR OVERVIEW WE HAVE EARNED A PLACE IN CULTURE AND ARE LEANI MOMENTS THAT ELEVATE THE BRAND NBA SUPER STAR GIANNIS ANTETOKOUNMPO +20M Followers KYLIE JENNER EATS WINGSTOP IN MUKBANG VIDEO +400M Followers KEITH LEE KICKS OFF HOT HONEY +18M Followers HOT HONEY RUB IS BACK 21
Slide 23 — BRAND AND CAN INCREASE THE CONSIDERATION SET
WINGSTOP INVESTOR OVERVIEW MENU INNOVATION IS ATTRACTING NEW GUESTS INTO BRAND AND CAN INCREASE THE CONSIDERATION SET CHICKEN TENDERS 1.6B annual servings in the U.S. CHICKEN SANDWICH 2.8B annual servings in the U.S. Hand sauced and tossed in one of our 12 bold, distinctive flavors Represents meaningful opportunity in our demand space for us to win our fair share Creates entry point into the brand with heavy QSR users to drive trial and awareness 22
Slide 24 — DIGITAL FLYWHEEL FOR AUV GROWTH
WINGSTOP INVESTOR OVERVIEW PROACTIVE TECHNOLOGY INVESTMENTS HAVE CREATED DIGITAL FLYWHEEL FOR AUV GROWTH HYPER-PERSONALIZATION DIGITAL TRANSFORMATION M Y W I N G S T O P W I N G I D L O Y A L T Y DIGITAL DATABASE INSIGHTS & ANALYTICS • Record pace of new guest acquisition • Not only have we invested in that data, but we’ve also enriched it • This informs our marketing execution and allows us to lean into hyper-personalization with the launch of MyWingstop • MyWingstop provides a launching pad for loyalty 23 >300 datapoints 50M+ guests
Slide 25 — OF DIGITIZING EVERY TRANSACTION
WINGSTOP INVESTOR OVERVIEW DIGITAL SALES GIVING US CONFIDENCE TO ACHIEVE OUR ASPIRATIONA OF DIGITIZING EVERY TRANSACTION DIGITAL CHECK +30% HIGHER THAN NON-DIGITAL 34% 70%+ 100% 2019 TODAY POTENTIAL 24
Slide 26 — GROWTH IN OUR GUEST DATABASE
WINGSTOP INVESTOR OVERVIEW TOTAL DIGITAL CUSTOMERS IN DATABASE 14M 2024 BRAND AWARENESS AND MENU INNOVATION IS DRIVIN GROWTH IN OUR GUEST DATABASE DEMOGRAPHICS HOUSEHOLD STRUCTURE CONSUMPTION DIFFERENCES WHO IS OUR NEW GUEST • Higher household income than our core • Tends to be Gen Z / Millennial • Less likely to have kids at home, but typically anchors to a group occasion • Engages with brands digitally • Higher frequency • Larger share of boneless consumption 50M+ 25
Slide 27 — AND WE ARE MOVING GUESTS UP THE FREQUENCY CUR
WINGSTOP INVESTOR OVERVIEW AND WE ARE MOVING GUESTS UP THE FREQUENCY CUR LIGHT HEAVY MEDIUM NEW DIGITAL USERS 2019 2021 2022 2023 Start of Pandemic → 2020 2024 26
Slide 28 — GOAL OF DIGITIZING EVERY TRANSACTION
WINGSTOP INVESTOR OVERVIEW DELIVERY IS AN ADDITIONAL UNLOCK TO OUR ASIPRATI GOAL OF DIGITIZING EVERY TRANSACTION 13% 28% 31% 50% 2019 2022 2024 DELIVERY SALES MIX UberEats Added National Delivery Launch, Exclusive with DoorDash Benchmark • Menu and operations built for off-premise • Opportunity to build brand awareness • Highly incremental occasion 27
Slide 29 — BY OUR NEW KITCHEN OPERATING PLATFORM
WINGSTOP INVESTOR OVERVIEW STRATEGIES TO ACHIEVE OUR $3M AUV TARGET ARE BOLSTERE BY OUR NEW KITCHEN OPERATING PLATFORM DEMAND FORECAST KITCHEN DISPLAY SYSTEM ORDER READY SCREEN 28
Slide 30 — WINGSTOP INVESTOR OVERVIEW
WINGSTOP INVESTOR OVERVIEW WINGSTOP SMART KITCHEN IS A GAME CHANGER FOR O GUESTS AND RESTAURANT OPERATIONS GUEST FEEDBACK +8% improvement in satisfaction scores SIMPLIFYING AND DELIVERING ON OPERATIONS… IMPROVETHE BASELINE SPEEDOFORDERS …DELIVERING A CONSISTENT EXPERIENCE …WHILE ENHANCING QUALITY AND IMPROVING ACCURACY SPEED OF SERVICE PRIOR TO WINGSTOP SMART KITCHEN POST WINGSTOP SMART KITCHEN 50% Reduction in quote time 29
Slide 31 — BEST
WINGSTOP INVESTOR OVERVIEW BEST-IN-CLASS UNIT ECONOMIC
Slide 32 — WE HAVE A SIMPLE AND PROVEN OPERATING MODEL
WINGSTOP INVESTOR OVERVIEW WE HAVE A SIMPLE AND PROVEN OPERATING MODEL Simple menu and high digital adoption drives an efficient labor model EFFICIENT LABOR MODEL STRONG UNIT ECONOMICS Distinctive and high -quality product with strategic menu price positioning yields great value for our guests Supply chain strategy designed to create predictable food cost LOW FIXED COST Focused on “B” real estate sites translating to low occupancy rates 31
Slide 33 — ECONOMICS
WINGSTOP INVESTOR OVERVIEW OUR MODEL AND INVESTMENTS MAINTAIN BEST -IN-CLASS UNIT ECONOMICS DIGITAL INNOVATIONS SUPPLY CHAIN STRATEGY WINGSTOP SMART KITCHE 32
Slide 34 — OUR FOOD COSTS
WINGSTOP INVESTOR OVERVIEW OUR SUPPLY CHAIN STRATEGY HAS CREATED PREDICTA OUR FOOD COSTS POULTRY STRATEGIC SUPPLY BASE SCALED FOR GROWTH ADDRESSED PRICE AND PRODUCT MIX LEVERS REDUCED VOLATILITY WITH LONG-TERM MUTUAL AGREEMENTS 33
Slide 35 — …ELIMINATING FOOD COST VOLATILITY WE’VE SEEN IN
WINGSTOP INVESTOR OVERVIEW 34 …ELIMINATING FOOD COST VOLATILITY WE’VE SEEN IN $0.92 $2.28 $1.43 TODAY 2023 System Food & Packaging Costs Urner Barry Market Pricing (Classic Wings) 32% 34% 33%
Slide 36 — ACCELERATION IN RESTAURANT AUV HAS US ON OUR PA
WINGSTOP INVESTOR OVERVIEW AUVs - COMPARABLE RESTAURANTS 1 35 ACCELERATION IN RESTAURANT AUV HAS US ON OUR PA TO $3M TARGET $0.9M $1.1M $1.5M $2.1M 2012 2016 2020 2024 1. Based on restaurants having a full 52 weeks of sales. Average Unit Volumes (AUVs) based on fiscal years ending 12/29/2012, 12 /31/2016, 12/26/2020, and 12/28/2024, respectively.
Slide 37 — STRENGTHENING OUR BEST
WINGSTOP INVESTOR OVERVIEW 36 STRENGTHENING OUR BEST -IN-CLASS UNIT ECONOMICS CASH-ON-CASH RETURNS REMAIN STRONG 2015 2019 TODAY Domestic System AUV (1) $1.1M $1.2M $2.1M Investment Cost (2) ~$370k ~$400K ~$500K Unlevered COC Return (3) 50% 50% 70%+ Note: 1. AUV based on Domestic System average based on fiscal year ending 12/26/2015, 12/28/2019, and 12/28/2024, respectively; number s shown are rounded. 2. Investment cost based on previous four fiscal years average actual costs as submitted by brand partner; excludes pre -opening cos ts and working capital. 3. Average restaurant economics are internal Company estimates based on unaudited results reported by brand partner. 80% cash -on-cash returns based on average food cost as percentage of company owned restaurants.
Slide 38 — SCALING WINGSTOP TO A TOP
WINGSTOP INVESTOR OVERVIEW SCALING WINGSTOP TO A TOP GLOBAL RESTAURANT BRAN
Slide 39 — OUR GROWTH IN THE
WINGSTOP INVESTOR OVERVIEW FRANCHISEES BY TENURE 38 WE HAVE A STRONG, DIVERSE FRANCHISEE BASE TO SU OUR GROWTH IN THE U.S. • Average restaurant count per franchisee is 10 and an a verage tenure of > 10 years • 80 unique franchisees opened a new restaurant in 2024 • 95%+ of new restaurants opened by existing franchisees Tenure # of Franchisees % 0 – 5 25 12.0% 6 – 10 47 22.6% 11 – 15 35 16.8% 16 – 20 50 24.0% 21+ 51 24.5% Total 208 100.0% WELL-DIVERSIFIED FRANCHISEE BASE 48 75 36 18 19 1 Unit 2-5 Units 6-10 Units 11-20 Units 21+ Units # OF FRANCHISEES Note: As of December 28, 2024
Slide 40 — DEVELOPMENT PIPELINE POSITIONS US TO CONTINUE T
WINGSTOP INVESTOR OVERVIEW 39 DEVELOPMENT PIPELINE POSITIONS US TO CONTINUE T INDUSTRY-LEADING GROWTH SALES GLOBAL NET NEW UNITS GLOBAL DEVELOPMENT AGREEMENTS 133 349 2019 2024 898 1,955 2019 2024 • Market level playbooks that support our development targets • Clearly identify and align with strategic growth partners • Franchisee investments in organization and infrastructure to support their growth
Slide 41 — 10,000+
WINGSTOP INVESTOR OVERVIEW 40 CLEAR LINE OF SIGHT INTO BECOMING A TOP 10 GLOBA RESTAURANT BRAND 10,000+ GLOBAL RESTAURANT POTENTIAL DOMESTIC MARKET 2,204 restaurants (1) 6,000+ restaurants INTERNATIONAL MARKETS 359 restaurants (1) 4,000+ restaurants 1. As of December 28, 2024
Slide 42 — OUR GLOBAL EXPANSION IS FOCUSED ON A SET OF COR
WINGSTOP INVESTOR OVERVIEW 41 OUR GLOBAL EXPANSION IS FOCUSED ON A SET OF COR PREMIUM QUALITY HALO High-quality positioning supporting a premium price REAL ESTATE & DEVELOPMENT Flagships strengthen the brand and tradition sites expand accessibility FLAVOR EXPERTISE "Flavor Experts" allows us to differentiate by market SIMPLE OPERATING MODEL Simple ops and menu enable scaling econom MARKETING & BRAND BUILDING Brand pillars anchored in local culture and youth relevance DIGITAL & TECHNOLOGY FOCUS Robust platforms for consistent, convenient guest experiences
Slide 43 — THE WORLD IS CRAVING OUR FLAVOR
WINGSTOP INVESTOR OVERVIEW THE WORLD IS CRAVING OUR FLAVOR 42
Slide 44 — LEGACY MARKETS DEMONSTRATE PROVEN RETURNS
WINGSTOP INVESTOR OVERVIEW 43 LEGACY MARKETS DEMONSTRATE PROVEN RETURNS LEGACY Store Count 263 2-Year System- Wide Sales Growth 87% Sales to Investment 4:1 TAM Potentia 550 INDONESIA SINGAPORE MEXICO UAE PROVEN PORTABILITY OF THE BRAND REALIZING STRONG RESULTS ACCELERATING GROWTH Store count as of December 28, 2024
Slide 45 — EARLY SUCCESSES IN EMERGING MARKETS HIGHLIGHT G
WINGSTOP INVESTOR OVERVIEW 44 EARLY SUCCESSES IN EMERGING MARKETS HIGHLIGHT G OPPORTUNITY EMERGING & NEW Store count 96 2-Year System- Wide Sales Growth 250% Sales to Investment 4:1 TAM Potential 1,450 NEW MARKETS CANADA UK PUERTO RICO MIDDLE EAST SPAIN FRANCE Europe Central America Asia Pacific Middle East TARGETED REGIONS Store count as of December 28, 2024
Slide 46 — WITH LARGE UNTAPPED MARKETS ON THE HORIZON
WINGSTOP INVESTOR OVERVIEW 45 WITH LARGE UNTAPPED MARKETS ON THE HORIZON INDIA TAM: 1,000+ CHINA TAM: 1,000+
Slide 47 — FACILITATED BY OUR ESTABLISHED DEVELOPMENT PLAY
WINGSTOP INVESTOR OVERVIEW 46 FACILITATED BY OUR ESTABLISHED DEVELOPMENT PLAY MARKET PRESENCE: Establishes prominent flagship location to assert Wingstop’s position in the market FOOT TRAFFIC GENERATOR: Eye-catching signage and branding that creates immediate visibility and resonates with local youth culture CREATING A “HALO’’ EFFECT: Positive experiences that infuse the whole system and offer premium service EXPONENTIAL BRAND AWARENESS: Standing out in the marketplace driving brand loyalty
Slide 48 — WE HAVE A PROVEN TRAC
WINGSTOP INVESTOR OVERVIEW WE HAVE A PROVEN TRAC RECORD OF RESULTS
Slide 49 — SUSTAINING A PREDICTABLE FINANCIAL MODEL INTO TH
WINGSTOP INVESTOR OVERVIEW 48 SUSTAINING A PREDICTABLE FINANCIAL MODEL INTO TH MULTIPLE YEAR STRATEGY TO GROW TOPLINE SALES System sales increased by 144% since 2020 1 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 BRAND PARTNERS Target Returns of 70%+ DISCIPLINED INVESTMENTS AND USE OF CASH Strategic investments to support long -term growth ASSET-LITE, STRONG & PREDICTABLE FINANCIAL PERFORMANCE 98% franchised 30.1% Adjusted EBITDA 5 -year CAGR 2 MULTIPLE DRIVERS FOR INCREASING SHAREHOLDER VALUE TSR +1,500% since IPO in 2015 and over $1B capital returned through dividends and share buybacks 1. System sales growth from fiscal year 2020 to end of fiscal year 2024. 2. From fiscal year 2019 to end of fiscal year 2024.
Slide 50 — KEY FINANCIAL CONSIDERATIONS
WINGSTOP INVESTOR OVERVIEW 49 KEY FINANCIAL CONSIDERATIONS • Generates significant Free Cash Flow ‒ $180MM+ of Free Cash Flow (1) in FY24 • Low annual capex driven by highly franchised model • Cash conversion rate of 75%+ (3) • 98% franchised model generates a highly predictable cash flow stream • Wingstop’s royalty stream has consistently grown through multiple economic cycles • Wingstop has a long track record of healthy unit growth ‒ Units have grown at a 21% CAGR since 2019 ‒ Less than ~1% closure rate while growing units at an average of 13% over last 5 years • 21 consecutive years of same -store sales growth • Since 2019, Wingstop achieved stacked same -store sales of 82.1% • More than doubled annual system sales since 2021 SIGNIFICANT FREE CASH FLOW GENERATION SUSTAINABILITY OF FRANCHISE ROYALTIES STRONG TRACK RECORD OF UNIT GROWTH CONSISTENT TRACK RECORD OF POSITIVE SAME-STORE SALES Note: 1. Free Cash Flow conversion defined as Adjusted EBITDA less Capital Expenditures.FY24 Capital Expenditure adjusted to exclude s ystem implementation costs of $9M 2. Defined as net debt to trailing 12 -month Adjusted EBITDA through December 28, 2024 3. Free Cash Flow Conversion defined as Free Cash Flow divided by Adjusted EBITDA.
Slide 51 — PERFORMANCE
WINGSTOP INVESTOR OVERVIEW ADJUSTED EBITDA SYSTEM-WIDE SALES TOTAL UNITS 50 CONSISTENT TRACK RECORD OF INDUSTRY -LEADING FINANCIAL PERFORMANCE REVENUE $MM $MM $MM $57 $75 $93 $108 $146 $212 2019 2020 2021 2022 2023 2024
Slide 52 — $180M
WINGSTOP INVESTOR OVERVIEW FREE CASH FLOW (1) CASH FLOW DYNAMICS 51 ASSET LITE MODEL DRIVES SIGNIFICANT CASH FLOW GE • 98% franchised model ‒ Highly cash-flow generative business with $180MM+ LTM free cash flow • $650MM+ cumulative free cash flow generated from FY19 to FY24 • Stable, recurring revenue stream from franchisee royalties • Regular dividend funded at up to 40% of free cash flow ($MM) Note: 1. Free Cash Flow defined as Adjusted EBITDA less Capital Expenditures. FY19 Capital Expenditures adjusted to exclude a one -time purchase related to the new Wingstop HQ for $18.4MM. FY21 Capital Expenditures adjusted to exclude a one -time purchase related to the new Wingstop HQ for $13.98MM. FY24 Cap ital Expenditures adjusted to exclude system implementation costs of $9M and a one -time purchase related to the new Wingstop HQ of $10M. 2. 3-year average as of year -end 2024. YE cash conversion defined as (Adjusted EBITDA less Capex) / Adjusted EBITDA (excludes one -time investments such as restaurant acquisitions). Robust Cash Conversion (2) Strong Free Cash Flow (1) $180M 75%
Slide 53 — $3M
WINGSTOP INVESTOR OVERVIEW 52 WINGSTOP IS WELL -POSITIONED FOR OUR NEXT PHASE OF G $3M AUV TARGET 70%+ CASH-ON-CASH RETURNS 10,000+ GLOBAL RESTAURANTS 3-TO-5 YEAR TARGETS MID-SINGLE DIGIT SAME-STORE SALES GROWTH 10%+ UNIT GROWTH LONG-TERM TARGETS LOW-SINGLE DIGIT SAME-STORE SALES GROWTH 10%+ UNIT GROWTH
Slide 54 — APPENDIX
WINGSTOP INVESTOR OVERVIEW APPENDIX
Slide 55 — GAAP
WINGSTOP INVESTOR OVERVIEW GAAP – NON-GAAP RECONCILIATION (1) Represents "EBITDA“ and "Adjusted EBITDA," non -GAAP financial measures as defined in our 2024 Annual Report on Form 10 -K. ($ in thousands) Fiscal Year Ended December 28, 2019 December 26, 2020 December 25, 2021 December 31, 2022 December 30, 2023 December 28 2024 Net income $ 20,476 $ 23,306 $ 42,658 $ 52,947 $ 70,175 108,717 (+) Interest expense, net 17,136 16,782 14,984 21,230 18,227 21,292 (+) Income tax expense 5,289 3,637 16,249 16,369 24,135 38,473 (+) Depreciation and amortization 5,484 7,518 7,943 10,899 13,239 19,490 EBITDA (1) $ 48,385 $ 51,243 $ 81,834 $ 101,445 $ 125,776 $ 187,972 (+) Loss on debt extinguishment and financing transactions $ - $ 13,816 $ - $ 1,124 $ - $ - (+) Transaction costs - - 189 - - 316 (+) Consulting fees 1,630 1,358 875 875 5,150 - (+) System implementation costs - - - - - 1,713 (+) Stock-based compensation expense 6,974 8,558 9,631 4,200 15,558 22,060 Adjusted EBITDA (1) $ 56,989 $ 74,975 $ 92,529 $ 107,644 $ 146,484 $ 212,061
Slide 56 — WINGSTOP INVESTOR OVERVIEW
WINGSTOP INVESTOR OVERVIEW