Red Robin Gourmet Burgers : Q3 20 Supplemental Information

Third Quarter 2020 Results

November 5, 2020

CLASSIFIED - INTERNAL USE ONLY

Forward-Looking Statements

Forward-looking statements in this presentation regarding the Company's future performance, including generation of positive cash flows, sales growth and off-premise sales growth, preliminary results including net comparable restaurant revenue and average weekly net sales per restaurant, reopening and closures of dining rooms, strategic initiatives, rollout of Donatos® and timing, projected taxes and tax refunds, 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," "will" 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 rapidly evolving nature of the COVID-19 pandemic and related containment measures, including the potential for a complete shutdown of Company restaurants; the extent of the impact of the COVID-19 pandemic or any other epidemic, disease outbreak, or public health emergency, including the duration, spread, severity, and any recurrence of the COVID-19 pandemic; the duration and scope of COVID-19 related government orders and restrictions, including in California where a substantial number of our restaurants are located; economic, public health, and political conditions that impact consumer confidence and spending, including the impact of COVID-19; the effect of the COVID-19 pandemic on labor, staffing, and changes in unemployment rate; the ability to achieve significant cost savings; the Company's ability to defer lease or contract payments or otherwise obtain concessions from landlords, vendors, and other parties in light of the impact of the COVID-19 pandemic; the economic health of the Company's landlords and other tenants in retail centers in which its restaurants are located, suppliers, licensees, vendors, and other third parties providing goods or services to the Company; the Company's ability to continue to implement our seating expansion plans and the timing thereof, including factors that are under control of government agencies, landlords, and other third parties; adverse weather conditions in regions in which the Company's restaurants are located and the timing thereof; the impact of political protests and curfews imposed by state and local governments; the effect of COVID-19 on our supply chain and the cost, availability, and timing of obtaining key products, distribution, labor, and energy; the effectiveness of the Company's marketing and menu strategies and promotions; the effectiveness of the Company's strategic initiatives including service model, technology solutions, and sales building initiatives; the amount and timing of cash tax refunds received as a result of the CARES Act; the cost and availability of capital or credit facility borrowings; the adequacy of cash flows or available debt resources to fund operations; 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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Business and Operational Update Related to COVID-19

• Liquidity position of approximately $97 million as of October 4th, excluding receipt subsequent to the third quarter balance sheet date of $49.4 million in cash tax refunds, including interest, as a result of the CARES Act net operating loss carryback provision
• Resuming strategic initiatives with proven pre-pandemic benefits, including continued rollout of Donatos® in our Seattle market, enhancing technology and digital capabilities, optimizing our portfolio, and our continued focus on our Total Guest Experience ("TGX") hospitality model at reopened stores
• Closing the traffic gap to our casual dining peers despite having a large west coast presence where regulations have slowed the expansion of seating capacity.
• Achieving record high Guest satisfaction scores, with relentless focus on health and safety for Team Members and Guests
• Confident in our ability to emerge in an even stronger position and with a more robust business model, given our enduring brand promise, compelling value proposition, and commitment to best-in-class operations
• Expecting to enter 2021 generating positive cash flows, including the impact of full occupancy payments

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Red Robin Third Quarter Financial and Operating Results

• Red Robin entered fiscal 2020 with strong business momentum and substantially improved guest satisfaction scores
• • Through the first eight weeks of the year, comparable restaurant revenue grew 3.7%, driven in part by positive Guest counts
• Comparable restaurant revenue decreased 25.1% for Q3
• • Comparable restaurant revenues for the fiscal periods ended August 9th, September 6th and October 4th, 2020 decreased 34.2%, 24.9% and 14.9%, respectively
• 370 indoor dining rooms reopened as of November 1, 2020
• Off-premisesales increased 127.2% for Q3 comprising 40.7% of total food and beverage sales, including catering
• GAAP loss per diluted share was $0.40 compared to a loss of $0.14 in Q3 2019. Adjusted diluted loss per share(1) was $0.19 compared to adjusted loss per diluted share of $0.24 in Q3 2019
• Net loss was $6.2 million compared to net loss of $1.8 million in Q3 2019
• Adjusted EBITDA(1) was a loss of $0.7 million compared to earnings of $14.7 million in Q3 2019
• Restaurant-leveloperating profit(1) was 8.6% compared to 16.1% in the prior year

• See reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures in Appendix.

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