Red Robin Gourmet Burgers : April 2022 Investor Presentation

FORWARD-LOOKING STATEMENTS

Forward-looking statements regarding the Company's future performance; expectations with respect to sales, PPA growth, and profit margins; our ability to mitigate the risks of supply chain disruptions; our ability to deliver an improved Guest experience and differentiate the impact of our recently launched digital ecosystem, including our mobile app, new website ordering experience, and new loyalty platform, to drive a higher ROI on our digital media investments; continue supporting the ongoing execution of our business strategy; the Company's plans for future new unit growth; the anticipated sales growth, costs, profitability, and timing of the Donatos® expansion; and all other statements that are not historical facts are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as "expect," "believe," "anticipate," "intend," "plan," "project," "could," "should," "will," "outlook" or "estimate," or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on a number of factors, including but not limited to the following: the impact of COVID-19 and new variants on our results of operations; the impact of supply chain disruptions and inflation; the effectiveness of the Company's strategic initiatives, operational improvement initiatives; our ability to recruit, staff, train, and retain our workforce for service execution; the effectiveness and timing of the Company's marketing strategies and promotions; menu changes and pricing strategy the implementation, rollout, and timing of new technology solutions, including off-premises enhancements; our ability to achieve revenue and cost savings from off-premises sales and other initiatives; competition in the casual dining market and discounting by competitors; changes in consumer spending trends and habits; changes in the availability and cost of food products, labor, and energy; general economic and operating conditions, including changes in consumer disposable income, weather conditions, and other events affecting the regions where our restaurants are operated; changes in federal, state, or local laws and regulations affecting the operation of our restaurants, including minimum wage and tip credit minimum wage, consumer and occupational health and safety regulations, health insurance coverage and other benefits, and employment eligibility-related documentation requirements; costs and other effects of legal claims by Team Members, franchisees, customers, vendors, stockholders, and others, including negative publicity regarding food safety or cyber security; and other risk factors described from time to time in the Company's Form 10-K, Form 10-Q, and Form 8-K reports (including all amendments to those reports) filed with the U.S. Securities and Exchange Commission.

This presentation also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of the Company's financial performance, identifying trends in results, and providing meaningful period-to-period comparisons. For a reconciliation of non-GAAP measures presented in this document, see the Appendix of this presentation or the Schedules to the Q3 press release posted on redrobin.com.

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RED ROBIN AT A GLANCE

FOUNDED/HEADQUARTERS

GEOGRAPHICAL

PRESENCE(1)

1969/DENVER, CO 44 STATES

1 CANADIAN PROVINCERESTAURANTS(1) 531 RESTAURANTS

RESTAURANT 81% COMPANY-OWNED

PROFILE MIX(1)

19% FRANCHISE-OWNED

Q4'21 RESTAURANT 69% DINE-IN

SALES MIX(3)

Q4'21 DINE-IN/OFF-PREMISES AVERAGE

GUEST CHECK(3)

FY2019/FY2021

TOTAL REVENUE

FY2019/FY2021

• 1) Represents total system, including Company owned and Franchise locations

• 2) Comparable Company-owned restaurants as of 12/26/2021 3 // COPYRIGHT 2022

• 3) Total Company-owned restaurants

ADJUSTED EBITDA

FY2019/FY2021

RESTAURANT MARGIN (3)

FY2019/FY2021

AVG. UNIT VOLUME (2)

31% OFF-PREMISES $35.81/$28.72 $1.3B/$1.2B $101M/$64M 17.9%/14.3% $2.8M/$2.7M

AVERAGE RESTAURANT SIZE(3) 6,300 SQ. FT.

LISTED EXCHANGE

NASDAQ

Global Select Market

RED ROBIN HAS A NATIONAL FOOTPRINT, WITH A WEST COAST CONCENTRATION

• • Large footprint on the West Coast / Pacific Northwest

• • CA, WA, CO, AZ and OR represent 44% of total revenue and 35% of total restaurants

• • Diversified footprint and balanced performance across states outside those markets

• • 24 states with at least 5 Company-owned restaurants

• • $2.7M 2021 average unit volume across all markets

• • Impacted by the pandemic in 1H 2021 more than CDR peers as the Company's key Western states were among the last to lift indoor dining restrictions

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REVENUE IN TOP 10 MARKETS ($M)

Indoor dining capacity restrictions in place until June 30th; impacted in 2021 by Supply

Chain distribution challengesIndoor dining capacity restrictions in place until June 30th; impacted in 2021 by Supply

Chain distribution challenges

* Represents Fiscal Year 2021 Sales for Comparable Company-owned Restaurants.

• • Comparable restaurant revenue in Q4 2021 increased 40.1% compared to 2020. Restaurants that were at or above 2019 staffing levels had comparable restaurant revenues of 49.3%, compared to 2020.

• • Seventh consecutive quarter of sustained off-premises sales of more than double pre-pandemic levels, with off-premises sales mix of 31.4% compared to approximately 14.0% in the fourth quarter of 2019.

• • Comparable restaurant revenue improved to 5.3% in Period Two ("P2") of 2022 compared to P2 of 2019, from a decrease of 1.1% in P1 2022 compared to P1 2019 as Omicron receded.

• • Added Donatos® to 120 locations in 2021, bringing our total to 198 Company-owned restaurants.

  Q4 BUSINESS REVIEW

  Continuing to make progress on our strategic plan, despite industry-wide pressures and continued COVID-19 variant concerns.

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• • Launched Red Robin's first mobile app on iOS and Android, a new loyalty platform, and a new website ordering experience.

• • Our number-one priority is to ensure that restaurants are optimally staffed, with a focus on training and retention.

  • • Prescriptive plan in place for restaurants that are not fully staffed.

  • • Removing obstacles for general managers, improving wage policies and training programs, and increasing our talent pool.

• • Prioritizing proactively mitigating ad-hoc risks of certain supply chain disruptions as they arise by managing product needs through additional suppliers and approved substitutes that meet our high-quality standards, and securing equipment to continue our Donatos® rollout.