Wendy : 2023 Corporate Responsibility Report

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This artwork was created by TRANSIT ARTS apprentice artist, Kendrell Mills. Kendrell is enrolled in Central Community House TRANSIT ARTS program, a citywide youth arts development program in Columbus, Ohio that engages young people with a variety of interactive, multi-disciplinary arts workshops, and performance and exhibit opportunities. In 2023, Wendy's employee resource groups partnered with the organization to host a creative arts event for employees at our Restaurant Support Center.

A LETTER FROM KIRK TANNER

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A LETTER FROM KIRK TANNER

Since Wendy's opened its doors in 1969, the brand has remained dedicated to freshness. That applies to our thinking as much as to our food. I am proud to lead the Wendy's family as President and CEO and support our next phase of growth on a global scale.

When I look at Wendy's, I see the highest quality food in the quick-service industry. The brand's commitment to doing the right thing and never cutting corners is what attracted me first as a customer, and now as a member of the Wendy's family. Our strategic focus on driving global sales momentum, accelerating our digital business and expanding our footprint is key to becoming an even greater force for good in the world and I couldn't be more

excited about the strength of the business, the energy of our restaurant support teams and franchisees, and the opportunity in front of us.

Good Done Right is an integral part of our growth strategy, with a firm focus on the commitments we have made across our Food, People and Footprint pillars. To be truly sustainable in our business, we must consider our impact across the many stakeholders of Wendy's - our customers, our people, our shareholders and, of course, our communities and planet. Good Done Right is also good business. As we make headway on our goals, we deliver economic benefits such as savings and efficiencies for our restaurants while also improving our impact through energy and emissions reductions and more sustainable packaging. As we support our employees' growth and development, we also strengthen the communities in which we operate. And, as we certify that our priority food categories have been sourced and handled responsibly, we raise the standards of quality for which Wendy's is known even further.

Whether we're providing consistent quality and great value for our customers, supporting our employees, or being good stewards of our communities and planet, common principles apply. One is to never rest on past success: "good" is the launching pad for "better." Another is "show, don't tell." Our commitment to responsible business practices is meaningful only to the extent that we back it up with action, which we are pleased to highlight in this year's report.

We know our work alone can only take us so far. It's through partnership and collaboration that real change can be made. One of our strengths is how we partner and collaborate with the stakeholders within and outside our walls. These include our franchisees, our direct suppliers and the thousands of others who supply them, our employees and restaurant teams, our shareholders, and the industry and expert groups who help inform our work, drive progress and push past the status quo.

Guided by our principles and joined by our partners, we are working to help shape the future of fast-food - one that's inclusive, equitable and keenly focused on the advancement of people, care for the planet and constant focus on making our customers' lives better. It is a privilege to lead this exceptional organization, and I am excited to see the ways our ongoing endeavors will further mold and fuel the future of our business, industry and world.

Thank you for your support,

Kirk Tanner, President and CEO

Q&A WITH LILIANA ESPOSITO

A LETTER FROM KIRK TANNER

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Q&A with Liliana Esposito, Chief Corporate Affairs & Sustainability Officer

Wendy's has chronicled a lot of achievements since beginning to report on Good Done Right progress. How would you characterize this work in 2023?

Over this past year, we have continued focus on the goals we set under our Good Done Right strategy. We have been deliberate about making measurable progress and sharing results, all made possible through collaboration with our franchisees, supply chain and industry partners. For example, this was our second year reporting against our science-based emissions reduction targets and we are already advancing against our scope 1 and 2 targets, which focus on emissions generated from Company operations, and our franchisee scope 3 target, which aims to address emissions from our franchised restaurants.

As you'll see in these pages, whatever we can measure, we strive to improve upon year after year.

Wendy's founder Dave Thomas emphasized the importance of community. How is Wendy's sustaining that tradition today?

Community applies both inside and outside our Company. We believe we are at our best when our teams reflect the communities we serve, and we continue to strive to build inclusive and equitable workplaces and communities. Within Wendy's, our seven Employee Resource Groups hosted more than 40 events this year, with a mission to foster an inclusive and welcoming work environment.

In the communities we serve, foster care adoption continues to be a focus as part of our founder's legacy. In 2023, total annual fundraising efforts, including Frosty Boo! Books® and Frosty® Key Tags, raised more than $27 million for the Dave Thomas Foundation for Adoption®. Our 30 years of championing foster care adoption stands alongside our support for other national and locally based causes that make a difference in the areas of hunger, youth development and community-building.

How is Wendy's continuing to make progress in food sourcing, quality and safety to meet the Company's emphasis on high-quality, fresh ingredients?

A rigorous food safety and quality program is the foundation of our food strategy and our culture of food safety. This year, we continued our Restaurant Food Safety Assessments (FSAs) program in partnership with EcoSure, conducting more than 12,000 FSAs at Wendy's restaurants across the globe.

Our responsibility isn't limited to what happens inside our restaurants, as we use ingredients from a vast array of farmers and suppliers in our menu items. That's why we partner with our suppliers to establish and adhere to strict standards, which we affirm via audits conducted by third parties and Wendy's quality assurance experts, and why we set and are diligently working toward our responsible sourcing goal. Additionally, our investments in new technologies and systems underpin these efforts and make tracking and monitoring this work even more efficient and reliable.

What role do franchisees play in supporting Good Done Right progress to drive emissions reductions?

Our relationships with franchise partners play a pivotal role in advancing our Good Done Right strategy. Our franchise partners' active involvement in reducing Wendy's scope 3 emissions is just one way our collaboration supports and brings us closer to our goals.

In 2023, we more than doubled the number of franchisees enrolled in Wendy's Energy Challenge (WEC) compared to 2022. Franchisees participating in WEC are showing incredible progress in reducing their energy consumption, contributing to a decrease in Wendy's scope 3 emissions. This year, we celebrated several franchisees for achieving a 20% or greater energy reduction from their base year.

In addition to realizing energy efficiency improvements, our franchisees are also beginning to source renewable energy through participation in Ampion's community solar program with bundled renewable energy certificates (RECs). Nearly 40 franchise-operated restaurants in New York and Illinois are enrolled to begin sourcing solar energy this year, and we're excited to recruit franchisees in Massachusetts once more solar capacity becomes available. This is in addition to the nearly 100 Company-operated restaurants enrolled in the program.

What is required to overcome obstacles to achieving your goals?

Partnership and collaboration - within our full supply chain and across the broader industry - are critical to meeting our commitments and solving shared challenges.

For example, our total protein supply chain spans more than 20,000 farms and facilities, and we only have direct business relationships with a small number of these suppliers. In 2023, we made significant headway in forging new relationships and increasing supply chain visibility, particularly through our Animal Care Standards Program (ACSP). We will need to continue to enhance visibility and traceability, and establish deeper connections with suppliers and producers, to effect change further back in the supply chain. With the strides we have made through the ACSP, our responsible sourcing work and industry engagement, we are optimistic for what lies ahead and look forward to continuing this journey.

GOALS AND KEY PROGRESS

A LETTER FROM KIRK TANNER

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Goal year1 Status

Responsibly source our

top 10 priority food categories 2030 in the U.S. and Canada

→ Have a comprehensive

accounting of animal

Increase the representation of underrepresented populations among our Company's leadership and management, as well as the diversity of our franchisees

Goal year Status

2025

	Goal year Status
Compared to a 2019 base year,
reduce:
→ Absolute Scope 1 and 2
greenhouse gas emissions	2030
by 47%

welfare best practices for

beef, pork, chicken, eggs

2024

and dairy through the Wendy's Animal Care Standards Program.

Source 100% of our U.S. and Canadian beef, chicken and

pork from suppliers that	2030
prohibit the routine use of

medically important
antibiotics.2
→ Achieve sector-specific
targets through our
membership with the U.S.	Multiple
Roundtable for Sustainable

Beef (see responsible
sourcing for more details).

→	Increase representation of	2025
	women in leadership

→	Increase representation of
	people of color in	2025
	management and leadership
→	Understand and address
	what has been referred to	2025
	as the "broken rung" of

	leadership
→	Increase representation of
	diverse and women-owned	2025
	franchisees

→ Continue to drive diversity	2025
on the Board of Directors

On track	Needs	Ahead
	attention	of pace

→ Scope 3 greenhouse gas
emissions intensity by	2030
47% per metric ton of

purchased goods
→ Scope 3 greenhouse gas
emissions intensity by 47%	2030
per franchise restaurant

Through the U.S. Department
of Energy's Better Buildings®
Challenge, reduce energy
consumption in Company-	2025
operated restaurants by
20% per transaction, from
a 2012 baseline

Sustainably source 100% of
our customer-facing	2026
packaging in the

U.S. and Canada

1 To be completed by the end of the goal year.

2 To inform solutions that will aim to eliminate the routine use of medically important antibiotics, we will need to gain greater visibility into the use of antibiotics further upstream than our direct and approved raw materials suppliers. This will help us to better understand which antibiotics are being used and for what purposes. This applies to our beef and pork supply chains in the U.S. and Canada and our chicken supply chain in Canada. More information is available here.

BUSINESS

SNAPSHOT

Fiscal Year 2023

Business snapshot

COUNTRIES &

U.S. TERRITORIES

$14.1B

In Systemwide sales

$2.2B

In revenue

A LETTER FROM KIRK TANNER

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4.3%	7,240	6,825
Global same-restaurant	Restaurants across the globe	Franchise-operated restaurants
sales growth

13%+ 415 15,300

Global digital sales mix

Company-operated restaurants

Company employees

GOVERNANCE

Stewarding our business responsibly

OVERSIGHT AND MANAGEMENT	MATERIAL ISSUES	OUR CONTRIBUTION
	TO THE SDGS
REPORTING AND STAKEHOLDER ENGAGEMENT	Board Diversity
Ethical Business Practices
	Data Security & Privacy
	Responsible Marketing
	Brand Trust

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OVERSIGHT AND MANAGEMENT

REPORTING AND STAKEHOLDER ENGAGEMENT

Board of Directors

Our directors have a diversity of experience and perspective that spans a broad range of industries in the public, private and not-for-profit sectors. They bring to our Board a wide variety of skills, attributes, qualifications and experiences that strengthen the Board's ability to carry out its oversight role on behalf of our stockholders.

Our Board of Directorsoversees the Company's corporate governance strategy, policies and programs and monitors emerging best practices in corporate governance. Members of our Board serve on various standing committees, including those with oversight for our ESG strategy and objectives.

These Board committees include:

Nominating and Corporate Governance Committee: Assists the Board in reviewing and overseeing the membership of the Board and corporate governance principles applicable to the Company
Corporate Social Responsibility Committee: Assists the Board in reviewing the Company's CSR initiatives, including ESG topics, community outreach and philanthropy
Compensation and Human Capital Committee: Assists the Board in discharging its responsibilities relating to compensation of non-employeedirectors and executive officers and reviewing the

Company's human capital management strategies and policies, including those regarding Diversity and Inclusion

Audit Committee: Assists the Board in overseeing the Company's accounting and financial reporting processes and the integrated audits of the Company's financial statements, as well as the Company's risk assessment and risk management policies
Technology Committee: Assists the Board in overseeing the Company's overall development, use and risk management of information technology, including digital customer engagement initiatives and the Company's cybersecurity and data privacy programs and policies

Director Skills and Attributes	Number of Directors3
Corporate Strategy and Planning	● ● ● ● ● ● ● ● ● ● ● ●
Operations	● ● ● ● ● ● ● ● ● ● ● ●
Industry Experience	● ● ● ● ● ● ● ● ● ● ● ●
International	● ● ● ● ● ● ● ● ● ● ● ●
Marketing, Brand Management and Digital	● ● ● ● ● ● ● ● ● ● ● ●
Franchise	● ● ● ● ● ● ● ● ● ● ● ●
Financial Reporting, Oversight and Accounting	● ● ● ● ● ● ● ● ● ● ● ●
Public Co. Board Experience and Corporate Governance	● ● ● ● ● ● ● ● ● ● ● ●
Human Capital Management	● ● ● ● ● ● ● ● ● ● ● ●
Environmental and Corporate Social Responsibility	● ● ● ● ● ● ● ● ● ● ● ●
Senior Leadership Experience	● ● ● ● ● ● ● ● ● ● ● ●

BOARD DIVERSITYBOARD INDEPENDENCETENURE

	25%	17%

50%		8%	33%

50%	75%	42%

¢	Diverse	¢	Independent		0-4 Years		5-9 Years

Of our 12 director nominees:4 identify	¢	Not independent		10-14 Years		15+ Years

as Female; 1 identifies as Black; and 2

identify as Hispanic/Latinx

Reflects current directors who are standing for re-election at the Company's 2024 Annual Meeting of Stockholders.

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OVERSIGHT AND MANAGEMENT

REPORTING AND STAKEHOLDER ENGAGEMENT

In February 2024, Wendy's Board of Directors completed a CEO succession by appointing Kirk Tanneras Wendy's new President and CEO, and elected Mr. Tanner to serve on the Board. Mr. Tanner succeeded Todd Penegor, who had served in senior leadership positions at Wendy's for more than a decade, including as President and CEO since 2016.

The Board also elected two new members in 2023: MichelleCaruso-Cabrera,the Chief Executive Officer of MCC Productions LLC and a CNBC contributor, joined the Board in March 2023 and Wendy C. Arlin, the former Executive Vice President and Chief Financial Officer of Bath & Body Works, Inc., joined the Board in December 2023.

Additionally, the Board created the position of lead independent director in October 2023, and the

Company's independent directors appointed Arthur B. Winkleblackto serve in this role. Mr. Winkleblack has served as a member of the Board since May 2016 and continues to serve as a member of the Nominating and Corporate Governance Committee, in addition to Chair of the Audit Committee. The creation of a lead independent director position reflects corporate governance best practices, enhances Board leadership and oversight and facilitates communication between the Chairman of the Board and the independent directors.

Additional information regarding our Board of Directors can be found in The Wendy's Company's proxy statementfor our 2024 annual meeting of stockholders.

Management

To support our overall ESG strategy, build a sustainable and resilient supply chain, manage climate risk and support safe and responsible work environments, it is vital to establish and observe sound governance and risk management practices.

Wendy's Chief Financial Officer and Chief Corporate Affairs & Sustainability Officer jointly lead our ESG Steering Committee. The ESG Steering Committee, made up of senior management personnel, is responsible for:

Identifying and monitoring ESG risks and opportunities
Setting global ESG strategies
Overseeing activities and strategic rollouts across the business
Approving ESG goals, key performance indicators (KPIs) and metrics

Cross-functional working groups support the ESG Steering Committee in shaping and carrying out our global ESG strategy and Good Done Right goals.

These groups are responsible for:

Staying current on risks and opportunities
Implementing activities and executing global ESG strategies
Recommending and monitoring progress against ESG goals, KPIs and metrics
Supporting the development of and approving Wendy's annual Corporate Responsibility reporting processes

OVERSIGHT AND MANAGEMENT