INVESTOR DAY

MAY 17, 2022

MICHAEL
SKIPWORTH
President & Chief Executive Officer

INVESTOR DAY 2022

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. Forward-looking statements give Wingstop Inc.’s (the “Company”)
current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. These statements may
include words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives” “intends,” “committed,” “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,” “would,” “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 other events. Forward-looking statements in
this presentation include statements with respect to: sales, unit count and volume, Adjusted EBITDA, future development, marketing efforts and brand awareness,
technology and digitization plans, delivery sales and mix, commodity prices, supply chain strategies, and international strategies.

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 circumstances. As you read and consider
this presentation, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond
the Company’s control) and assumptions. The Company believes these factors include, but are not limited to, those described under the sections “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” in its Annual Report on Form10-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 only 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 overall 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 reported 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 the Company’s non-GAAP
financial measures, see the Company’s filings with the SEC.

INVESTOR DAY 2022 3

TODAY’S OBJECTIVES

Anchor everyone on our strategic path forward

Get to know WING senior leadership team!

Experience innovative ideas that will ensure a successful

delivery of our strategy

Deep dive on International business and outlook

INVESTOR DAY 2022 4

STEADFAST IN OUR MISSION AND VISION

OUR MISSION OUR VISION

TO SERVE THE WORLD FLAVOR TO BECOME A TOP 10 GLOBAL

RESTAURANT BRAND

INVESTOR DAY 2022 5

A PROVEN TRACK RECORD

DRIVEN BY A GLOBAL MARKET AND A PROVEN GROWTH

PRESENCE… ALGORITHM

$2.3B $1.6M 19.3% 49.6%

System-wide sales1 Average unit System-wide sales Stacked domestic
volume2 5-yr CAGR3 same-store sales growth4

28M+ 62% 11.6% 793

Unique digital Digital sales mix2 Restaurant development Net new
guests2 5-yr CAGR3 restaurants5

1,791 7 21.8%
Total restaurants2 Global markets2 Adjusted EBITDA
5-yr CAGR3

1. For fiscal year ended December 25, 2021.

2. For fiscal quarter ended March 26, 2022.
3. From fiscal year 2016 to end of fiscal year 2021.
4. For fiscal years 2017-2021.
5. From beginning of 2017 to end of first fiscal quarter 2022.
INVESTOR DAY 2022 6
WINGSTOP PERFORMANCE IS INDUSTRY LEADING
5-YR STACKED DOMESTIC SSS GROWTH1 2021
2020
49.6% 2019
8.0% 42.6% 2018

32.5% 2017
21.4%
25.3% 23.0% 20.0% 20.0% 16.9% 16.0%
11.1%
6.5% 7.0% 4.7%
2.6% Wingstop Chipot le
(3)
Domin o's
(4)
McDon ald's Ta co Bell
(4)
Starb ucks
(4) Papa Jo hn's (4) Wendy's
(4)
KFC Pizza Hut
(4) Burge r King
(4)
(4) (4) (4)

5-YR UNIT CAGR2

12%

6% 6% 6% 6%
4% 3% 3% 2% 2% 2%
Wing stop Do mi no's Pi zza St ar bucks Ch ipot le KF C Bur ger King Taco Bel l Wendy' s Pi zzaH ut Pap aJohn 's M cDonal d's

(4) (4) (4) (3) (4) (4) (4) (4) (4) (4) (4)

1. For fiscal years 2017-2021.

2. Compound annual growth rate from 2016 to 2021.
3. Reflects global system-wide.
4. Reflects domestic system-wide.
INVESTOR DAY 2022 7
2021 SHOWCASED THE RESILIENCY OF OUR MODEL

8.0%
SAME-STORE
23.0%
ADJUSTED EBITDA
SALES GROWTH GROWTH

72%
BONE-IN WING

193 1,105
INFLATION

RECORD NET RECORD DEVELOPMENT

NEW RESTAURANTS AGREEMENT PIPELINE

Data shown for fiscal year ended December 25, 2021. INVESTOR DAY 2022 8
RESTAURANT VOLUMES STRENGTHENING BRAND PARTNER
RETURNS

AUVs - COMPARABLE RESTAURANTS1

$1,592

$1,246
$1,126

$902

2012 2015 2019 2021

1. Based on restaurants having a full 52 weeks of sales. Average Unit Volumes (AUVs) based on fiscal years ending 12/29/2012, 12/26/2015, 12/28/2019, and 12/25/2021, respectively.
INVESTOR DAY 2022 9
 OUR RESTAURANTS CONTINUE TO GROW ACROSS ALL VINTAGES
AVERAGE UNIT VOLUMES (AUVs) BY VINTAGE1

$2.0M

2009
2010
2011
2012
2013
2014
2015
$1.3M
2016
2017
2018
2019
2020

$0.6M
YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 YR 12

We Haven’t Found A Point Of Maturation!

1. Average unit volumes shown for each 52-week period since restaurant opening for their respective year. Results through December 25, 2021. INVESTOR DAY 2022 10
WE HAVE A CLEAR PATH TO CONTINUED AUV GROWTH…

$2.0M+
TARGET
DIGITAL
TRANSFORMATION
DATA-
DRIVEN
MARKETING
$1.6M DELIVERY

MENU
INNOVATION
BRAND
AWARENESS

TODAY
INVESTOR DAY 2022 11
 …WHICH WILL FURTHER STRENGTHEN RETURNS

CASH-ON-CASH RETURNS

2015 2021 Today

Domestic System
AUV1 $1.1M $1.6M $1.6M

Investment Cost2
~$370K ~ $415K ~ $415K

Unlevered COC
Return3 50% 50% 70%+

1. AUV based on Domestic System average for fiscal years ending 12/26/2015 and 12/25/2021, respectively.
2. Investment cost based on four-year average as submitted by brand partners; excludes pre-opening and working capital.
3. Average restaurant economics are internal Company estimates based on unaudited results reported by brand partners. 70% cash-on-cash returns based on average food cost as
percentage of company-owned restaurants from 2016-2019.
INVESTOR DAY 2022 12
 BRAND PARTNERS RECOGNIZE STRENGTH IN MODEL, CREATING
SIGNIFICANT DEMAND FOR UNIT GROWTH
GLOBAL RESTAURANT COUNTS GLOBAL DEVELOPMENT PIPELINE1

1,731 1,105
1,059
1,538
986
1,385
1,252
847
1,133 807

2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

1. As of December 25, 2021. INVESTOR DAY 2022 13

TRANSLATING INTO CONFIDENCE IN OUR LONG-TERM POTENTIAL

7,000+
GLOBAL RESTAURANT
POTENTIAL

DOMESTIC MARKET INTERNATIONAL MARKETS

1,588 restaurants 203 restaurants

1 1

4,000+ 3,000+
Restaurants Restaurants

1. As of March 26, 2022. INVESTOR DAY 2022 14

…AND OUR STRATEGY REMAINS UNCHANGED

TOP 10 GLOBAL RESTAURANT BRAND

SUSTAIN SSS GROWTH MAINTAIN BEST-IN-CLASS RETURNS ACCELERATE GROWTH

Scale Brand Cost of Goods Master Development

Awareness Mitigation Plan

Data-Driven Global Expansion

Menu Innovation
Marketing

Global Digital Leverage our Balance

Fine Tune the Model Sheet
Transformation

Live the Wingstop Way &

Invest in People as Our Competitive Advantage

INVESTOR DAY 2022 15

 TOP 10 GLOBAL RESTAURANT BRAND

SUSTAIN SSS GROWTH MAINTAIN BEST-IN-CLASS RETURNS ACCELERATE GROWTH

Scale Brand Cost of Goods Master Development

Awareness Mitigation Plan

Data-Driven Global Expansion

Menu Innovation
Marketing

Global Digital Leverage our Balance

Fine Tune the Model Sheet
Transformation

Live the Wingstop Way &

Invest in People as Our Competitive Advantage

INVESTOR DAY 2022 16

BEST-IN-CLASS LEADERSHIP TEAM

MICHAEL SKIPWORTH ALEX KALEIDA STACY PETERSON MARISA CARONA

President & Sr. Vice President, Executive Vice President, Sr. Vice President,
Chief Executive Officer Chief Financial Officer Chief Digital & Technology Officer Chief Growth Officer

DONNIE UPSHAW GERRY MCGRATH NICOLAS BOUDET

Sr. Vice President, Sr. Vice President, President of International
Chief People Officer General Counsel & Secretary

INVESTOR DAY 2022 17

DONNIE
UPSHAW
Chief People Officer

INVESTOR DAY 2022

OUR CULTURE IS DEFINED BY THE WINGSTOP WAY

ASPIRATIONAL ACCIDENTAL
DISRUPTIVE COMPLACENT

CONNECTED
AUTHENTIC SILOED

AGILE
ENTREPRENEURIAL ENTITLED
SERVICE-MINDED INDECISIVE
FUN

INTELLECTUAL CURIOSITY
GROWTH BY LEARNING
SENSE OF URGENCY

PERMISSION-TO-PLAY
INVESTOR DAY 2022 19
OUR TEAM IS WINGSTOP’S COMPETITIVE ADVANTAGE
HUMBLE
RECRUITING &
RETAINING
IDEAL TEAM
PLAYERS
RELENTLESS FOCUS ON HUNGRY
Building a Cohesive Team

Creating Clarity

Overcommunicating Clarity

Reinforcing Clarity SMART

INVESTOR DAY 2022 20
CULTIVATING A HIGH PERFORMING AND ENGAGED TEAM

ORGANIZATIONAL TEAM MEMBER

HEALTH DEVELOPMENT

TALENT
ACQUISITION PEOPLE PERFORMANCE
MANAGEMENT
STRATEGY

PROACTIVE
TALENT ENGAGED
PLANNING CULTURE

INVESTOR DAY 2022 21

INNOVATIVE OFFICE SPACE EMBODIES OUR CULTURE AND
ATTRACTS TOP TALENT

INVESTOR DAY 2022 22

WELL-POSITIONED TO SCALE THE ORGANIZATION FOR NEXT
PHASE OF GROWTH

TRACK RECORD
PROVEN PEOPLE OF TALENT ENGAGED TEAM
STRATEGY DEVELOPMENT AND CULTURE

INVESTOR DAY 2022 23

MARISA
CARONA
Chief Growth Officer

INVESTOR DAY 2022

 TOP 10 GLOBAL RESTAURANT BRAND

SUSTAIN SSS GROWTH MAINTAIN BEST-IN-CLASS RETURNS ACCELERATE GROWTH

Scale Brand Cost of Goods Master Development

Awareness Mitigation Plan

Data-Driven Global Expansion

Menu Innovation
Marketing

Global Digital Leverage our Balance

Fine Tune the Model Sheet
Transformation

Live the Wingstop Way &

Invest in People as Our Competitive Advantage

INVESTOR DAY 2022 25

OUR STRATEGIES HAVE STAYING POWER… DELIVERING 18
CONSECUTIVE YEARS OF DOMESTIC SAME-STORE SALES GROWTH
21.4%

14.8% 15.4%
13.6% 13.8%
12.5%
11.1%
9.9%
8.3% 7.9% 8.0%
6.0% 6.5%
4.9%
4.0%
3.2% 2.6%
1.3%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Demonstrated Growth Through Economic Cycles And Changing Consumer Sentiment

Same-store sales growth defined as the change in year-over-year sales for the comparable restaurant base, defined as those restaurants opened for at least 52 full
weeks. Results through 12/25/2021. INVESTOR DAY 2022 26
WE HAVE A CLEAR PATH TO CONTINUED AUV GROWTH

$2.0M+
TARGET
DIGITAL
TRANSFORMATION
DATA-
DRIVEN
MARKETING
$1.6M DELIVERY

MENU
INNOVATION
BRAND
AWARENESS

TODAY
INVESTOR DAY 2022 27
 $2.0M+
TARGET
DIGITAL
TRANSFORMATION
DATA-
DRIVEN
MARKETING
$1.6M DELIVERY

MENU
INNOVATION
BRAND
AWARENESS

TODAY
INVESTOR DAY 2022 28
TREMENDOUS OPPORTUNITY TO GROW AUVS BY CLOSING
AWARENESS GAP…

BRAND AWARENESS

Top Top
QSR QSR

2019 2021
Values as of the end of each respective 52-week period.
Source: YouGov Brand Health Tracker; Data Shown is Based on Annual Averages.
QSR Brands: Arby’s, Burger King, Carl’s Jr, Chick-fil-A, Hardee’s, In-n-Out, Jack in the Box, Jimmy John’s, KFC, McDonald’s, Popeye’s, Sonic, Subway, Taco Bell,
Wendy’s, Whataburger, Zaxby’s. INVESTOR DAY 2022 29
…AND WE HAVE THE FIREPOWER TO DO IT

NATIONAL AD FUND PREMIUM CONTENT, LIVE SPORTS

$120M+

3X
$41M

2018 2022E
1 2

System sales growth and 1% shift from

local to national ad fund

1. For fiscal year ended December 29, 2018.

2. Pro-forma estimate. INVESTOR DAY 2022 30
 $2.0M+
TARGET
DIGITAL
TRANSFORMATION
DATA-
DRIVEN
MARKETING
$1.6M DELIVERY

MENU
INNOVATION
BRAND
AWARENESS

TODAY
INVESTOR DAY 2022 31
WE’VE BEEN IN THE FLAVOR BUSINESS SINCE 1994

Providing Guests New News And Driving Occasions Through Flavor LTOs

INVESTOR DAY 2022 32

OPPORTUNISTICALLY LEANING INTO PROVEN VALUE PLAYBOOK

~$8 Per Person

Average

Driving Occasions Through Value Messaging

INVESTOR DAY 2022 33

MENU INNOVATION ADVANCING OUR WHOLE BIRD STRATEGY

Developing Craveable Products To Increase Occasions For New And Existing Guests

INVESTOR DAY 2022 34

 $2.0M+
TARGET
DIGITAL
TRANSFORMATION
DATA-
DRIVEN
MARKETING
$1.6M DELIVERY

MENU
INNOVATION
BRAND
AWARENESS

TODAY
INVESTOR DAY 2022 36
 MEANINGFUL OPPORTUNITY TO CONTINUE DRIVING OUR
DELIVERY SALES

DELIVERY SALES MIX 50%+

27%
13%
1 2
2019 DELIVERY LAUNCH TODAY BENCHMARK
1. 2019: December 2019.
2. Today: March 2022.
INVESTOR DAY 2022 37
STACY
PETERSON
Chief Digital & Tech Officer

INVESTOR DAY 2022

 $2.0M+
TARGET
DIGITAL
TRANSFORMATION
DATA-
DRIVEN
MARKETING
$1.6M DELIVERY

MENU
INNOVATION
BRAND
AWARENESS

TODAY
INVESTOR DAY 2022 39
SCALING DIGITAL DATABASE TO TRANSFORM THE BUSINESS

28M+

2014 Today
1

Goal Of Digitizing 100% Of Our Transactions

1. Digital guest database as of March 26, 2022. INVESTOR DAY 2022 40

WE ARE A TECH COMPANY THAT SERVES FLAVOR

A TRADITIONAL RESTAURANT BRAND A Platform Brand Wins with…

• Limited customer data

• Promotional driven
DATA-RICH STRATEGY TO
• Rigid annual calendar GROW SEGMENTS

• Point in time transactions

• Focused on competitors

PERSONALIZED DYNAMIC BRAND CONSUMER

ENGAGEMENT RELATIONSHIP CENTRIC

INVESTOR DAY 2022 41

ENRICHED DATA CAPABILITIES ENABLE IMPACTFUL
PERSONALIZED MARKETING
HEAVY CHICKEN EARLY TECH CORD CUTTER PREFERRED
SANDWICH BUYER ADOPTER WINGSTOP
ACTIVELY RESTAURANT
OPTED INTO

500
SEARCHING FOR A
NET EMAIL VACATION 2 CHILDREN
IN HH OVER
WORTH ACTIVE
LIFESTYLE
SPICY FLAVOR
PROFILE
HAS SOCCER &
PREFERS MOBILE FOOTBALL FAN
CARRYOUT VALUE-FOCUSED APP DONATES TO
CHARITY
MEAL COMBO HEAVY ONLINE
CUSTOMER RETAIL SHOPPER PRIMARY DECISION
MAKER
DATA POINTS PER
CUSTOMER
ANNUAL COUPON / REWARDS
SOCIALLY PREFERS BONE-IN
SPEND AT USER ACTIVE ON WINGS &
WINGSTOP FACEBOOK TENDERS
ORDERS FOR MARRIED PREFERS DINNER
HEAVY QSR MCDONALDS
& DOMINOS
FAMILY / GROUP DAY PART

INVESTOR DAY 2022 42

EARLY IN OUR JOURNEY AND ALREADY SEEING HIGHER
CONVERSION AND RETENTION

DIGITAL USERS

LIGHT GROWTH IN
GUEST
ACQUISITION
NEW

INCREASING
MEDIUM WINGSTOP
USAGE

HEAVY
Start of Pandemic à

2019 2020 2021 2022

INVESTOR DAY 2022 44

FOCUSED ACQUISITION STRATEGIES ARE DIVERSIFYING OUR GUEST
PROFILE AND ATTRACTING HEAVY QSR USERS
Sample of New Segments
CORE
WINGSTOP GUEST WEEKENDERS SUBURBANITES

ETHNIC DIVERSITY

INCOME

FAMILY

Weekenders And Suburbanites Now 1/3 Of Our Customer Database

INVESTOR DAY 2022 45
DATA UNLOCKS MEANINGFUL TOPLINE GROWTH

DEVELOPING &
GROWING DATABASE

+1 +5%
VISIT RETENTION
SCALING
MEASURING INSIGHTS &
& DECISIONS

$500M
OPTIMIZING

ACTIVATING
~ OPPORTUNITY
ACQUISITION
TARGETS

INVESTOR DAY 2022 46

 $2.0M+
TARGET
DIGITAL
TRANSFORMATION
DATA-
DRIVEN
MARKETING
$1.6M DELIVERY

MENU
INNOVATION
BRAND
AWARENESS

TODAY
INVESTOR DAY 2022 47
PROACTIVE INVESTMENTS HAVE POSITIONED US WELL

2014 TODAY
1 2

$ 974K AUVs $1.6M AUVs

614 Units 1,791 Units
Cash Registers & Standardized POS &
Fax Machines Custom App/Website

6% 60%+
DIGITAL MIX DIGITAL MIX

1. As of fiscal year beginning December 29, 2014.

2. As of fiscal quarter ended March 26, 2022. INVESTOR DAY 2022 48
OUR STRENGTH IN DIGITAL DRIVES MEASURABLE CONTRIBUTION
TO AUVS AND PROFITABILITY

GUEST CHECK

$5
LABOR SAVINGS

CONVENIENCE

BRAND BUILDING HIGHER CHECK FOR

DIGITAL ORDERS
1ST PARTY DATA

INNOVATION
INVESTOR DAY 2022 49
WE ARE NOW ON PAR WITH THE DIGITAL SALES MIX OF MORE
ESTABLISHED INDUSTRY LEADERS
DIGITAL SALES MIX
75%
70%
62%
54%

43% 42%

Domino's Papa John's Wingstop Starbucks Shake Shack Chipotle

(1) (1) (1) (2) (1) (1)

1. As % of domestic sales for fiscal quarter ended March 2022.

2. As % of company-owned restaurant sales for fiscal quarter ended March 2022. INVESTOR DAY 2022 50
GLOBAL TECH INVESTMENTS POSITIONING US TO ACHIEVE OUR
GOAL OF 100% DIGITAL BUSINESS

Investing to fuel our global digital transformation

ECOMMERCE GLOBAL BI & INNOVATION

PLATFORM ANALYTICS

INVESTOR DAY 2022 51

ALEX
KALEIDA
Chief Financial Officer

INVESTOR DAY 2022

 TOP 10 GLOBAL RESTAURANT BRAND

SUSTAIN SSS GROWTH MAINTAIN BEST-IN-CLASS RETURNS ACCELERATE GROWTH

Scale Brand Cost of Goods Master Development

Awareness Mitigation Plan

Data-Driven Global Expansion

Menu Innovation
Marketing

Global Digital Leverage our Balance

Fine Tune the Model Sheet
Transformation

Live the Wingstop Way &

Invest in People as Our Competitive Advantage

INVESTOR DAY 2022 53

AUVS IMPROVING RETURNS, NEW RESTAURANTS OPENING
STRONGER THAN EVER
AUVs - COMPARABLE RESTAURANTS1 AUVs - NEW RESTAURANTS2

$1,592 $1,305

$1,055
$945
$1,246
$1,126

2015 2019 2021 2018 Class 2019 Class 2020 Class

1. Based on restaurants having a full 52 weeks of sales. AUV based on fiscal years ending 12/26/2015, 12/28/2019, and 12/25/2021, respectively.
2. Average unit volumes shown for each 52-week period since restaurant opening for their respective year. Results through 12/25/2021. INVESTOR DAY 2022 54
 REGIONS ARE ACHIEVING GAME-CHANGING AUVS

WEST
$1,882K NORTH
$1,292K

SOUTHWEST
$1,691K SOUTHEAST
$1,239K

1. As of fiscal year ended December 25, 2021. INVESTOR DAY 2022 55

OUR FOCUSED, SIMPLE OPERATING MODEL HELPS SUSTAIN
LONG-TERM GROWTH

EFFICIENT LOW
LABOR MODEL FIXED COSTS
Simple menu and streamlined Focused on ”B” real
operations enable a lean estate sites translating to
labor model low occupancy rates

STRATEGIC SIMPLE
MENU MANAGEMENT COMMODITY BASKET
Pricing and innovation 65% of food costs associated
utilized to influence mix with bone-in wings
shift and offer value-
centric meal options

INVESTOR DAY 2022 56

 DESPITE WING PRICE VOLATILITY, DEVELOPMENT CONTINUES TO
ACCELERATE
220+
GLOBAL NET NEW RESTAURANTS 193
153 $3.22/lb
133 Meaningful
119
Bone-in Wing
Deflation in
2022

0%
2018 2019 2020 2021 2022E
1

$1.63/lb
JUMBO BONE-IN WINGS PRICE % INFLATION / (DEFLATION) current

Minimizing Volatility Further Accelerates Growth

1. Reflects 2022 guidance as of April 26, 2022. INVESTOR DAY 2022 57
EXECUTING A CLEARLY DEFINED STRATEGY TO TAKE GREATER
CONTROL OF OUR SUPPLY CHAIN

WHOLE BIRD
COST PLUS WHOLE BIRD JOINT VENTURE
PRICING PARTNER

BUILD

BUILD OUR OWN POULTRY COMPLEX

POULTRY COMPLEX BUY ACQUISITION

Committed To Maintaining Our Asset-lite Model

INVESTOR DAY 2022 58

…AND THIS STRATEGY WILL DELIVER PREDICTABLE FOOD COSTS
FOR OUR BRAND PARTNERS

INPUT/FEED GROW OUT PROCESSING END

23% 25% 52% PRODUCT

$1.60 - $1.80
PRICE PER WHOLE BIRD LB

Maintaining Best-in-Class Returns

INVESTOR DAY 2022 59

 CREATING A FLYWHEEL FOR DEVELOPMENT

CASH-ON-CASH RETURNS

2015 2021 Today • AUVs continue fueling growth for

brand partners
Domestic System
AUV1 $1.1M $1.6M $1.6M • Low investment cost

• Industry-leading returns driving less

Investment Cost2
~$370K ~ $415K ~ $415K than 2-year payback on investment

Unlevered COC
Return3 50% 50% 70%+

1. AUV based on Domestic System average for fiscal years ending 12/26/2015 and 12/25/2021, respectively.
2. Investment cost based on four-year average as submitted by brand partners; excludes pre-opening and working capital.
3. Average restaurant economics are internal Company estimates based on unaudited results reported by brand partners. 70% cash-on-cash returns based on average food cost as
percentage of company-owned restaurants from 2016-2019.
INVESTOR DAY 2022 60
 TOP 10 GLOBAL RESTAURANT BRAND

SUSTAIN SSS GROWTH MAINTAIN BEST-IN-CLASS RETURNS ACCELERATE GROWTH

Scale Brand Cost of Goods Master Development

Awareness Mitigation Plan

Data-Driven Global Expansion

Menu Innovation
Marketing

Global Digital Leverage our Balance

Fine Tune the Model Sheet
Transformation

Live the Wingstop Way &

Invest in People as Our Competitive Advantage

INVESTOR DAY 2022 61

STRENGTH OF PIPELINE AND UNIT ECONOMICS FUELING
INDUSTRY-LEADING DEVELOPMENT
1 1
DOMESTIC DEVELOPMENT AGREEMENTS DOMESTIC RESTAURANTS

708 717 1,534

1,359
610
600
1,231
1,124
523

300

2018 2019 2020 2021 2018 2019 2020 2021

93% Of Restaurant Openings Driven By Existing Brand Partners

1. Values as of the end of each respective 52-week period. Results through December 25, 2021. INVESTOR DAY 2022 62
MARKET PLANNING AND PLAYBOOK CLEARLY OUTLINES
OUR PATH TO 4,000+ RESTAURANTS

MATCH BRAND
DATA-DRIVEN MAXIMIZE PARTNERS TO
MARKET BRAND EXECUTE
GROWTH PLAYBOOK
PLANNING AWARENESS OPPORTUNITIES

INVESTOR DAY 2022 63

EXISTING MARKETS DEMONSTRATE POWER OF OUR MASTER
DEVELOPMENT PLANS
LOS ANGELES DALLAS-FT. WORTH

2017 2021 2017 2021

1
RESTAURANT COUNT 124 185 104 130
2
5-YR SSS 43.3% 41.2%
3
BRAND AWARENESS LEVELS

1. As of the end of fiscal year.

2. For fiscal year 2017 thru 2021.
3. Based on YouGov Brand Health Tracker. INVESTOR DAY 2022 64
TECHNOLOGY FRONT AND CENTER IN NEW RESTAURANT FORMAT,
CREATING OPTIONALITY FOR MARKET PLANS

• 100% delivery + carryout mix

• Fully-digitized payments

• AI voice ordering

• Innovative back-of-house design with

KDS solution

INVESTOR DAY 2022 65

GLOBAL DEVELOPMENT WELL-POSITIONED FOR CONTINUED
ACCELERATION

7,000+
GLOBAL RESTAURANT
POTENTIAL

DOMESTIC MARKET INTERNATIONAL MARKETS

1,588 restaurants 203 restaurants

1 1

4,000+ 3,000+
Restaurants Restaurants

1. As of March 26, 2022 INVESTOR DAY 2022 66

NICOLAS
BOUDET
President of International

INVESTOR DAY 2022

OUR INTERNATIONAL BUSINESS IS EMERGING FROM A POSITION
OF STRENGTH
TOTAL TOTAL RESTAURANT SALES TO INVESTMENT
Q1’22 SSS
RESTAURANTS POTENTIAL RATIO

MEXICO 107 200 26.8% 2:1

INDONESIA 50 120 3.3% 2:1

UNITED KINGDOM 18 200 - 250 33.1% 8:1

UNITED ARAB
EMIRATES 15 25 - 50 14.8% 3:1

SINGAPORE 12 25 19.9% 5:1

FRANCE 1 75 - 100 49.1% 1:1

For fiscal quarter ended March 26, 2022. Same-store sales growth in local currency. INVESTOR DAY 2022 68
 EXISTING MARKETS PROVED TO BE RESILIENT THROUGH
THE PANDEMIC
SALES GROWTH BACK ON TRACK SUPPORTED BY STRONG TRANSACTIONS DIGITAL SALES MIX

24% 18% 40%+

3-Yr CAGR 3-Yr CAGR

2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021

1. Results shown based on total sales & transactions in international markets for fiscal years 2018-2021.
2. Digital sales mix as of fiscal quarter ending 12/25/2021. INVESTOR DAY 2022 69
WE HAVE CONFIDENCE IN OUR PROVEN INTERNATIONAL STRATEGY

PREMIUM QUALITY HALO OFF-PREMISE DINING

High-quality positioning supporting a Product attributes support ever-growing
premium price delivery/carryout

FLAVOR EXPERTISE SIMPLE OPERATING MODEL

"Flavor Experts" allows us to Simple ops and smaller footprints enable
differentiate by market scaling and economics

CHICKEN WING FOCUS DIGITAL & TECHNOLOGY FOCUS

Specialized product in a high-growth Robust platforms for consistent,
protein segment convenient guest experiences

INVESTOR DAY 2022 70

U.K. SUCCESS IS THE BLUEPRINT FOR OUR GLOBAL EXPANSION

Priced at parity with its competitive

fast casual set

Diverse asset mix

High growth in delivery. Won Deliveroo’s

Restaurant of the Year in 2021

200-250 restaurant potential

Digital mix of 50%+
$2M+ average unit volume
22% restaurant EBITDA margins
Made minority investment in U.K. operations
8.0X sales-to-investment ratio to accelerate growth
38.2% 3-year stacked same-store sales growth

Based on performance as of fiscal year ended December 25, 2021. INVESTOR DAY 2022 71
U.K. HAS QUICKLY CREATED BRAND LOVE FUELED BY FLAVOUR

Cambridge Circus photo

HIGH-END, MODERN ASSETS CREATING FLAVORS, VALUE, AND INNOVATION SOCIAL MEDIA ENGAGEMENT
A DESTINATION BRAND LEADING TO STRONG TICKET CULTIVATING BRAND AWARENESS

INVESTOR DAY 2022 72

 OUR INTERNATIONAL BUSINESS IS SUPER-CHARGED FOR GROWTH

TOTAL INTERNATIONAL RESTAURANTS INTERNATIONAL DEVELOPMENT AGREEMENTS1

15% 66%
3-Yr CAGR Increase

197 497
179
154
128 299

2018 2019 2020 2021 Q1 2021 Today

1. Current development agreements as of May 13, 2022. INVESTOR DAY 2022 74

EXPANDING OUR NORTH AMERICAN DOMINANCE THROUGH
CANADA MARKET LAUNCH

Premium positioning

Diverse asset mix – following U.K.

blueprint

Launching with multiple DSPs

Leveraging U.S. tech stack

150 - 200 RESTAURANT

POTENTIAL
Well-capitalized partners with ownership
in F&B sector

INVESTOR DAY 2022 75

ENTERING KOREA IN 2023, A VIBRANT AND INFLUENTIAL ASIAN
MARKET
53 million people; high
disposable income

Diverse asset mix – following U.K.

blueprint

Strong off-premise consumer behavior

with growing delivery business

Tech-savvy consumers with one of

the highest digital penetration in the
world

200 - 250 RESTAURANT Experienced brand partner group with

current F&B holdings
POTENTIAL

INVESTOR DAY 2022 76

RESOLUTE IN THE DEPLOYMENT OF OUR
INTERNATIONAL ROADMAP

BUILD OUT AND SUPPORT MEXICO U.K. FRANCE

EXISTING MARKETS
SINGAPORE INDONESIA UAE

A CLEAR
DEVELOP NEW AND
3-PRONGED
SPAIN SAUDI ARABIA SO. KOREA CANADA

TARGETED MARKETS
APPROACH BELGIUM THAILAND HONG KONG TAIWAN

BEGUN GROUNDWORK FOR NETHERLANDS GERMANY JAPAN AUSTRALIA

KEY MAJOR MARKETS

CHINA ITALY PORTUGAL POLAND

INVESTOR DAY 2022 77

 WE ARE PREPARED TO ENTER CHINA WHEN THE TIMING IS RIGHT

RELEVANT BRAND-BUILDING
OCCASIONS ASSETS
Indexing strongly on group gatherings Full brand immersion with a
and differentiated flavors mix of flagship for awareness,
small box for scale

RELEVANT PREMIUM
MENU POSITIONING
Our menu line-up is perceived as Potential for elevated pricing
authentic and appealing with our compared to Western QSR
flavors and limited-time offers

INVESTOR DAY 2022 78

OUR INTERNATIONAL GROWTH IS RAMPING UP

China 1,200+
Western Europe RESTAURANTS

Middle East / Africa

APAC
Americas

2032+
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031

INVESTOR DAY 2022 79

 PATH TO ACHIEVING 3,000+ INTERNATIONAL RESTAURANTS HAS
MOMENTUM

China
Western 1,000 -
Europe 1,500
425 - 625 restaurants
restaurants

Middle
Americas1 East
275 - 325 100 - 150
restaurants restaurants Asia
Pacific
500 - 725
restaurants

1. “Americas” excludes the U.S. INVESTOR DAY 2022 80

MARISA
CARONA
Chief Growth Officer

INVESTOR DAY 2022

EXECUTING OUR GROWTH PLAN IN A RESPONSIBLE WAY

DIVERSITY,
WASTE
EQUITY & COMMUNITY
INCLUSION MANAGEMENT

INVESTOR DAY 2022 82

 WE ARE PROUD OF OUR DIVERSE TEAM

DIVERSITY, 50%

69%
EQUITY & Board Diversity1

INCLUSION
43%
Senior Leadership
Team Diversity1 Team Member
Diversity1

60% VS
Brand Partner

40%
Diversity1

100% US Census
Unconscious Bias Diversity
Training Completion
for our Team
Members

Source: Wingstop EEOC Report for 2021. Percentages for Wingstop are based on a total of 1,117 corporate team members.
1. “Diversity” refers to self identification as female, an underrepresented minority or LGBTQ+. INVESTOR DAY 2022 83
 MINIMIZING OUR CARBON FOOTPRINT AS WE EXPAND GLOBALLY

WASTE
High-efficiency
MANAGEMENT Equipment1
2M+
Water Bottles Recycled2
through our new uniform program

LED Lighting

11M+
Gallons of Used Cooking
Oil Recycled3
through our Grease Recycling Initiative

100% Wind-Powered
Global Support Center
1. Kitchen equipment (including fryers, water heaters, and line refrigeration) is high efficiency and/or ENERGY STAR® rated.
2. Estimated number of water bottles recycled based on Wingstop’s anticipated order volume and usage.
3. Based on the 2021 Grease Recycling Initiative. INVESTOR DAY 2022 84
 PROVIDING A POSITIVE IMPACT IN OUR COMMUNITIES

2020
COMMUNITY HIGHLIGHTS
More Than
1M MEALS $1M 1M MEALS
provided through donated for donated
Flavor for Good employee
relief grants

2021
HIGHLIGHTS
Wingstop Charities donated

MORE THAN $1.1M1 80+

to community organizations Nonprofit &
Non-profit Corporate
and team members in need organizations Citizenship Award
received COVID-19
funding Community Support

1. Since 2016. INVESTOR DAY 2022 85

MICHAEL
SKIPWORTH
President & Chief Executive Officer

INVESTOR DAY 2022

 TOP 10 GLOBAL RESTAURANT BRAND

SUSTAIN SSS GROWTH MAINTAIN BEST-IN-CLASS RETURNS ACCELERATE GROWTH

Scale Brand Cost of Goods Master Development

Awareness Mitigation Plan

Data-Driven
Menu Innovation Global Expansion
Marketing

Global Digital Leverage our Balance

Fine Tune the Model Sheet
Transformation

Live the Wingstop Way &

Invest in People as Our Competitive Advantage

INVESTOR DAY 2022 87

 A PREDICTABLE FINANCIAL MODEL…

MULTI-YEAR STRATEGY TO DISCIPLINED INVESTMENTS AND USE

GROW TOPLINE SALES OF CASH
System sales increased by 54% Strategic investments for next phase of
since 2019 growth

MAINTAINING BEST-IN-CLASS ASSET-LITE, STRONG & PREDICTABLE

UNIT ECONOMICS FINANCIAL PERFORMANCE
Simple, streamlined operating 98% franchised
model with AUVs of $1.6M and 21.8% Adjusted EBITDA 5-year CAGR
path to $2.0M+

LEADING CASH-ON-CASH RETURNS MULTIPLE DRIVERS FOR INCREASING

FOR OUR BRAND PARTNERS SHAREHOLDER VALUE
Target Returns of 70%+ Over $645M returned capital,
1
430% TSR since IPO
~

1. As of May 13, 2022. INVESTOR DAY 2022 88

…AND SUSTAINING GROWTH WELL INTO THE FUTURE

TOP 10 GLOBAL RESTAURANT BRAND

SUSTAIN
SAME-STORE SALES Next 3 – 5 Years Long-Term (5 Years+)
GROWTH
Mid-Single Digit Low-Single Digit
Same-Store Sales Growth Same-Store Sales Growth
MAINTAIN
BEST-IN-CLASS RETURNS

10%+ Annual Unit Growth 10%+ Annual Unit Growth

ACCELERATED
GROWTH

Maximize Free Cash Flow Conversion And Best-in-Class Shareholder Returns

INVESTOR DAY 2022 89

APPENDIX
 PERFORMANCE HIGHLIGHTS ACCELERATION IN OUR BUSINESS

DOMESTIC SAME-STORE SALES GROWTH TOTAL UNITS

($ in millions)
R
12% 5-year CAG
h
ked S S S Growt
c
year Sta 1,731
49.6% 5- 21.4% 1,385
1,538
1,133 1,252 179
197

998 128
154

11.1% 76
106

6.5% 8.0% 1,359

1,534
3.2% 2.6% 922 1,027 1,124 1,231

2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021

Domestic International

SYSTEM-WIDE SALES ADJUSTED EBITDA

($ in millions) ($ in millions)
CAGR GR
19% 5-year % 5-year CA
22
$2,345 $88
$1,951 $72
$1,515 $49 $57
$1,087 $1,261 $39
$972 $33

2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021

1. Data as of fiscal year end for 12/31/2016, 12/30/2017, 12/29/2018, 12/28/2019, 12/26/2020, 12/25/2021. INVESTOR DAY 2022 95
NON-GAAP RECONCILIATION
($ in thousands)
December 31, December 30, December 29, December 28, December 26, December 25,
Fiscal Year Ended
2016 2017 2018 2019 2020 2021

Net income $ 13,769 $ 23,940 $ 21,719 $ 20,476 $ 23,306 $ 42,658

(+) Interest expense, net 4,396 5,131 10,123 17,136 16,782 14,984
(+) Income tax expense 8,188 4,802 5,208 5,289 3,637 16,249
(+) Depreciation and amortization 3,008 3,376 4,313 5,484 7,518 7,943
EBITDA $ 29,361 $ 37,249 $ 41,363 $ 48,385 $ 51,243 $ 81,834

(+) Loss on debt extinguishment and refinancing

$ 2,388 $ - $ 3,898 $ - $ 13,816 $ -
transactions (1)
(+) Gain on disposal of assets, net (2) - - - - (3,093) (3,497)
(+) Consulting fees (3) - - - 1,630 1,358 425
(+) Stock-based compensation expense (4) 1,231 1,851 3,725 6,974 8,558 9,631
Adjusted EBITDA $ 32,980 $ 39,100 $ 48,986 $ 56,989 $ 71,882 $ 88,393

1. Represents costs and expenses related to the refinancing of our securitized financing facility and payment of a special dividend.
2. Represents a gain resulting from the re-franchise of company-owned restaurants to franchisees.
3. Represents costs and expenses related to consulting projects to support the Company's strategic initiatives.
4. Includes non-cash, stock-based compensation.
INVESTOR DAY 2022 96