#1THE WING WING STOP INVESTOR PRESENTATION BUILDING A TOP 10 GLOBAL RESTAURANT BRAND JUNE 2019 HE WING WING STOP EXPERTS WING ST#2FORWARD-LOOKING STATEMENTS 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. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives" "intends," "may," "opportunity,” “plans,” “potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "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. 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. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual operating and financial performance and cause its performance to differ materially from the performance anticipated in the forward-looking statements. 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 Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (the "SEC"). Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove incorrect, the Company's actual operating and financial performance may vary in material respects from the performance projected in these forward-looking statements. 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, whether as a result of new information, future developments or otherwise, except as may be required by law. NON-GAAP FINANCIAL MEASURES This presentation contains certain non-GAAP financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets or statements of cash flow of the company. 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 presented because management believes that such financial measure, when viewed with the Company's results of operations presented in accordance with GAAP and the reconciliation of Adjusted EBITDA to net income, provides additional information to investors about certain material non-cash items and about unusual items that the Company does not expect to continue at the same level in the future. 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. WING STOP? 1 Wingstop Investor Presentation#3THE WINGSTOP BRAND OUR MISSION: TO SERVE THE WORLD FLAVOR Wingstop operates and franchises a global network of restaurants with the mission of serving the world FLAVOR. INDIVIDUAL With a menu of 11 bold, distinctive flavors of classic and boneless chicken wings, Wingstop is the destination for made-to-crave wings and sides. ORDER PICKUP PRE LOADED FRIES OUR VISION: TO BECOME A TOP 10 GLOBAL RESTAURANT BRAND WING'S CALUN FRIED CORN ORDERED ONLINE? 599 OUR CORE VALUES: • SERVICE-MINDED • AUTHENTIC . FUN ENTREPRENEURIAL 2 Corporate Overview#4CATEGORY-OF-ONE: DELIVERING STRONG, CONSISTENT RESULTS GLOBAL MARKET PRESENCE 1,250+ Global locations 15 CONSECUTIVE YEARS of same store sales growth 10 Global markets 119 Net new restaurants in 2018 49 14% Unit development growth 1 TRACK RECORD OF PERFORMANCE 92% Robust Cash Conversion 2 15% System-wide sales growth 1 19% Adjusted EBITDA growth 1 290% ÅÅÅÅ Total shareholder return since IPO 3 $275M Capital returned since IPO Notes: 1. 3-year CAGR as of 12/29/18 2. 3. % FY 2018. Year-end cash conversion is defined as Adj. EBITDA less CapEx As of 12/28/18 3 Corporate Overview ☑ (%) $#5INDUSTRY-LEADING TRACK RECORD OF SAME STORE SALES GROWTH 56.4% 6.5% 2.6% 52.8% 3.2% 7.9% 12.5% 9.9% 13.8% WING STOP (1) Source: Company filings. Notes: Domestic system-wide. 2. Americas. 3. Total System. 4. North America. 34.0% 2018 2017 2016 2015 2014 2013 2012 24.8% 25.0% 19.0% 16.1% 13.3% 12.7% 10.1% 3.0% BURGER KING BR baskin Tobbins TACO Domino's™ BELL (1) (2) (3) (3) (3) (1) NKIN Wendy's M McDonald's (4) (1) (1) (3) WIN STOP 4 Corporate Overview#6PATH TO BECOMING A TOP 10 GLOBAL RESTAURANT BRAND SUSTAIN SSS VIA BRAND AWARENESS AND INNOVATION National Advertising TOP 10 GLOBAL RESTAURANT BRAND MAINTAIN BEST-IN-CLASS UNIT ECONOMICS Cost of Goods Mitigation EXPAND GLOBAL FOOTPRINT Fortress Key U.S. Markets Digital Delivery Operating Efficiencies Advantages of Scale Continue International Expansion Enter Non-Traditional Restaurant Locations INVEST IN PEOPLE AND INFRASTRUCTURE TO BUILD THE ORGANIZATION FOR THE NEXT LEVEL WIN STOP 5 Long-term Growth Strategy#7SUSTAIN SSS GROWTH VIA BRAND AWARENESS AND INNOVATION TOP 10 GLOBAL RESTAURANT BRAND SUSTAIN SSS VIA BRAND AWARENESS AND INNOVATION National Advertising Digital Delivery MAINTAIN BEST-IN-CLASS UNIT ECONOMICS EXPAND GLOBAL FOOTPRINT Cost of Goods Mitigation Fortress Key U.S. Markets Operating Efficiencies Advantages of Scale พ Continue International Expansion Enter Non-Traditional Restaurant Locations INVEST IN PEOPLE AND INFRASTRUCTURE TO BUILD THE ORGANIZATION FOR THE NEXT LEVEL WIN STOP 6 Brand Awareness & Innovation#8LEVERAGING NATIONAL SCALE TO FUEL INCREMENTAL DEMAND AWARENESS GAP WING QSR Peers 1 EXPAND THE AUDIENCE 20%+ Brand exposure opportunity 29% WING 2018 Light-to-Medium QSR 65% 6% Opportunity 2 Heavy QSR 100% Note: 1. Source: Q4 2018 Burke Consumer Research Report. Peer group includes Buffalo Wild Wings, Chick-fil-a, Chipotle, Dominos, KFC, Panda Express, Pizza Hut, Taco Bell, Whataburger. 2. Represents the percent of QSR visits by category. FUNDING Growing National Advertising Contribution • National Advertising was launched in 2017 • National Ad Fund will continue to grow with system-wide sales • Contribution rate increased from 3% of topline sales to 4% in 2019 4% 3% 3% 2017 2018 2019 WIN STOP 7 Brand Awareness & Innovation#9• MARKETING STRATEGY FOCUSED ON TWO KEY MESSAGING WINDOWS OMNI-CHANNEL NATIONAL ADVERTISING CAMPAIGN Awareness Campaign #1 Awareness Campaign #2 Bolster brand awareness JAN FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC Targeting key core AND medium-to-heavy QSR users Proven breakthrough: 120+ TRPS per week Campaign Ramp BREAKTHROUGH LEVEL NATIONAL TV PRODUCT ACTIVATION Campaign Ramp DIGITAL ADVERTISING BREAKTHROUGH LEVEL NATIONAL TV PRODUCT ACTIVATION WING STOP 8 Brand Awareness & Innovation#10OBJECTIVE: DIGITIZING EVERY TRANSACTION DIGITAL HIGHLIGHTS • 75% take-out Approximately 35-40% phone orders • $5 higher digital average ticket 1 • Custom developed website and app launched early 2019, with strong early results: • PATH TO 100% DIGITAL SALES MIX 100% Conversion rates rose 6% 0% Average check increased $0.50 incrementally Note: 1. As of quarter ended 9/29/18 for Domestic restaurants Existing Digital & Delivery TODAY Incremental Delivery Growth In-store Above Store Organic Digital Growth WING STOP INGSTOP TOMORROW 9 Brand Awareness & Innovation#11DELIVERY OFFERS MULTIPLE YEARS OF SALES GROWTH OPPORTUNITY Delivery meets the market's demand for convenience ✓ Offers a platform for sustainable topline growth Highly incremental and profitable at the restaurant level • ✓ Drives exposure, with new customers representing 8 of every 10 delivery orders Growth in delivery leverages digital investment: • Offers new digital points of contact . Helps bolster CRM database ✓ Delivery sales sustaining at 9-12% of total sales mix ✓ in test markets Key catalyst in the effort to digitize every transaction EXECUTION Growth through partnership DOORDASH ✓ DoorDash is becoming a leading strategic partner with QSR's and fast casual restaurants ✓ Delivery is deployed in six markets representing -30% of total restaurant count: • • Austin Chicago Denver Houston Los Angeles Las Vegas ✓ Additional planned deployments in 2019 • • Expected to offer delivery across half of all restaurants in 1H19 Expected to offer delivery to over 80% system wide, representing over 960 restaurants across 44 markets, by end of 2019 WING STOP 10 Brand Awareness & Innovation#12MAINTAIN BEST-IN-CLASS UNIT ECONOMICS SUSTAIN SSS VIA BRAND AWARENESS AND INNOVATION TOP 10 GLOBAL RESTAURANT BRAND MAINTAIN BEST-IN-CLASS UNIT ECONOMICS National Advertising Digital Delivery Cost of Goods Mitigation EXPAND GLOBAL FOOTPRINT Fortress Key U.S. Markets Operating Efficiencies Advantages of Scale Continue International Expansion Enter Non-Traditional Restaurant Locations INVEST IN PEOPLE AND INFRASTRUCTURE TO BUILD THE ORGANIZATION FOR THE NEXT LEVEL WIN STOP 11 Best-in-Class Unit Economics#13DELIVERING BEST-IN-CLASS UNIT LEVEL ECONOMICS Franchisee Year-2 Target 1 Domestic System Average 2 AUV $890k $1.1M Investment Cost ³ $380k Unlevered Year-2 COC Return 4 35%-40% 50%+ AUV based on year 2 sales volumes for the 2014 vintage years. Notes: 1. 2. As of 9/29/18. 3. 4. Investment cost based on last 4 fiscal years actual costs; excludes pre-opening and working capital as of 2017. Average restaurant economics are internal Company estimates based on unaudited results reported by franchise owners. WING STOP 523 New restaurant commitments as of year-end 2018 12 80% Of new commitments came from existing franchisees Best-in-Class Unit Economics#14PROTECTING UNIT ECONOMICS Addressing wage increases through digital innovations PFG Performance Food Group In 3Q 2018 Wingstop entered into a strategic partnership with Performance Food Group (PFG) The PFG partnership: Combines WING's scale with the scale of a leading U.S. broadline distributor Heightens confidence in supply availability Agreement designed to mitigate food cost volatility NEED A HAND WITH YOUR ORDER? ICONIC FLAVORS MANGO A FABANERO ✓ Enhanced in-restaurant experience with self- ordering kiosks that increase labor productivity and streamline the wait Delivery-only locations that eliminate need for storefront ✓ Automated ordering to support volumes and customer interactions ✓ Improved takeout experiences with order and payment kiosks as well as pickup bins Leverage scale to reduce operating costs and upfront investment in new restaurant openings to drive expected ROI WIN 13 Best-in-Class Unit Economics#15EXPAND GLOBAL FOOTPRINT SUSTAIN SSS VIA BRAND AWARENESS AND INNOVATION National Advertising Digital Delivery TOP 10 GLOBAL RESTAURANT BRAND MAINTAIN BEST-IN-CLASS UNIT ECONOMICS Cost of Goods Mitigation EXPAND GLOBAL FOOTPRINT Fortress Key U.S. Markets Operating Efficiencies Advantages of Scale T. Continue International Expansion Enter Non-Traditional Restaurant Locations INVEST IN PEOPLE AND INFRASTRUCTURE TO BUILD THE ORGANIZATION FOR THE NEXT LEVEL WIN STOP 14 Global Expansion#16THREE-PRONGED STRATEGY TO REACH 6,000 GLOBAL LOCATIONS DOMESTIC INTERNATIONAL 25 MARKETS x 150 DEEP FORTRESS 13x IN CORE AND EMERGING US MARKETS 3,000 units 128 units 1,124 units Currently 1 90% Domestic 1,252 units Domestic NON-TRADITIONAL 噩 3,000 units Long-term Goal of 50/50 Split ~6,000 units International Airports Colleges & Universities Food Courts Travel Centers Stadiums & Sport Complexes Am Note: 1. As of 12/29/18. IBI Casinos WING STOP 15 Global Expansion#17GROW DOMESTICALLY BY FORTRESSING KEY US MARKETS Identified 25 key markets to fortress Current penetration: Current pipeline: ~650 restaurants opened ~320 restaurants Opportunity to establish 2,000 additional restaurants Target profile of a market (DMA) that has been successfully fortressed: • Cover 75% of DMA population with restaurant protected trade areas SSS Growth Peer Group 1 Average Unit Volumes in DMA ≥ the national average • Brand Awareness in DMA > the national average Note: 1. Source: APT Index. The APT Index analyzes retail and restaurant performance across 150,000+ locations. WIN STOP 16 Global Expansion#18CASE STUDY: FORTRESSING THE MIAMI MARKET CURRENT FOOTPRINT 27 FORTRESSED FOOTPRINT Boca Raton 27 827 Coral Springs Deerfield Beach Lighthouse Point MIAMI DMA • (794) Boca Raton • (827) Deerfield 869) Coral Springs Beh Lighthouse int Pompano Beach 22 restaurants today • 30% penetrated Everglades Wildlife Management Area. glades Francis Andytown Taylor Hlife. Weston Francis S Taylor Wildlife. Pompano Beach (845) Everglades Wildlife Management Su Area. Fort Lauderdale les cist Andytown (869) or For Lauderdale Weston [27] Pembroke Pines Hollywood Aventura E Hollywood tura Miami Lakes O Miamilakes ( East Coast Buffer Water Preserve Area Hiale Doral (836) East Coast 1 Francis ATA Taylor Buffer Water Preserve Area Hiale Wildlife Mia Beach Miami Beach Doral Miami Beach Miami Beach Miami 41 Mimi E ONLINE ORDER (826) (997) 874 Kendall Biscayne Bay Aquatic Preserve Key Biscayne endall (997) Biscayne Key Biscayne Bay Aquatic Preserve PICKUP Naranja 20 Homead Florida City Cut Naranja WING STO (+) Biscayne National Park Biscayne National Park Hom tead Florian City 70 total restaurant potential in the market M FLAS LONGER FREE WING GOSTOP 99 ONLINE ORDER LEMON WENGE FROM 17 Global Expansion#19FOCUS: 25 MARKETS x 150 RESTAURANTS AMERICAS Market Consumption Brazil 39kg Canada 32kg Colombia/Panama 31kg MIDDLE EAST Market Consumption Saudi Arabia 44kg Kuwait 32kg Bahrain 24kg EUROPE Market Consumption Poland 27kg Ireland 23kg France 16kg ASIA Germany 12kg Market Consumption United Kingdom 11kg Malaysia 41kg Australia 39kg New Zealand 35kg China 12kg India 2kg AFRICA Market Consumption South Africa 31kg Source: EOCD-FAO Agricultural Outlook 2015. Note: 1. Unit data as of Q3'15; Poultry consumption in estimated average kilograms per capita from 2012 to 2014. Current and Target Markets WING STOP 18 0208 Global Expansion#20NON-TRADITIONAL LOCATIONS ENABLE BROADER ACCESS TO WINGSTOP ABOUT WING STOPE FLAVOR STUDIO TMHGSTOP AND WE SERVE ONLY THE SELECTED BEST OF BUI FLAVDIS & FREDEOS WATCH OUR WING EXPERIE SAUCE & TOSS YOUR MADE-TO-ORDER WINGS. EAT HERE OR TAKEAWAY BUT BEWARE WING STOP FLAVOR STUDIO WING STOP WING STO DFW Airport in Texas 850 square feet Small Box Concept in Singapore 400 square feet ORIGINAL Azteca Stadium in Mexico (Hub-and-Spoke model) 1,380 sq. ft. (Hub); 650 sq. ft. (Spokes) TARGET 6-TO-8 MINUTE TRANSACTION TIME WIN STOP 19 Global Expansion#21STRONG GLOBAL PIPELINE MOMENTUM Total Units 15% CAGR 2013 to 2018 Global Restaurant Opening Commitments 1,252 1,133 128 998 76 106 845 712 59 614 41 21 1,046 1,047 877 770 779 524 596 359 267 249 501 1,124 1,027 138 922 786 671 593 503 530 518 523 450 363 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 ■Domestic ■International Domestic International WIN 20 Global Expansion#22WING STOP LERE WING STOP LONG-TERM GROWTH MODEL ING EXPERTS SERFAND PAPPER GLAZE 882-5200 21 The Wing Experts OPEN til midnight BYG The Wing Experts Wingstop Investor Presentation#23ACHIEVING LONG-TERM GROWTH TARGETS PATH TO TOP 10 GLOBAL RESTAURANT BRAND SUSTAIN SSS VIA BRAND AWARENESS AND INNOVATION MAINTAIN BEST-IN-CLASS UNIT ECONOMICS EXPAND GLOBAL FOOTPRINT Low Single Digit Same Store Sales Growth 10%+ Annual Unit Growth MAXIMIZE FREE CASH FLOW CONVERSION AND BEST-IN-CLASS SHAREHOLDER RETURNS WING STOP 22 Long-term Growth Strategy#24APPENDIX 23 Appendix#252019 FINANCIAL OUTLOOK MID-SINGLE DIGIT Domestic same store sales growth ~$0.72 -$0.74 2019 Outlook Fiscal Year Low High 2018 SG&A, reported $ 52.0 55.0 $ 44.6 Transaction costs 2.4 Fully diluted earnings per share¹ Convention costs² 2.0 2.0 0.5 10%+ Annual unit growth Expenses related to national advertising² 7.3 7.7 4.4 Stock-based compensation expense 5.9 6.4 3.7 Additional guidance measures: • Interest expense of $17.8 million Adjusted SG&A³ $ 36.8 38.9 $ 33.6 Estimated effective tax rate of approximately 25% for the remainder of the year Note: Financial Outlook for Fiscal Year 2019 as of 5/7/19 1. 2. 3. Based on 29.8 million shares outstanding. Convention costs and expenses related to national advertising both have equal and offsetting contributions included in revenue and do not impact operating income. Adjusted SG&A is a non-GAAP measure. WING STOP 24 Appendix#26SHAREHOLDER FRIENDLY MODEL EBITDA Growth and Cash Generation Support Return of Capital and Deleveraging LTM Q4 2017 Cash Conversion 1 Net Debt/ LTM Adjusted EBITDA 4 97% 94% 93% $1.83 Per Share Dividend $2.90 Per Share Dividend 84% 72% 5.2x 5.0x dunkin' brands. (2) dineEquity 2.4x 3.1x $3.17 Per Share Dividend $3.05 Per Share Dividend 5.8x 4.5x 6.8x TUZXA PAPA JOHN'S Q1 2015 Q2 2016 Q2 2016 Q4 2017 Post Recap. Pro-Forma Q4 2017 Pro-forma Q3 2018 Q3 2018 Pro-Forma Domino's Source: Public company filings. Notes: 1. 2. 3. 4. Defined as (Adjusted EBITDA - Capex) / Adjusted EBITDA. Calculations use Adjusted EBITDA. LTM Q4 Capex of $2.5 million is adjusted for restaurant acquisitions. Leverage Net Debt / LTM Adjusted EBITDA. 25 Appendix#27HISTORICAL ADJUSTED EBITDA RECONCILIATION In $000s Notes: 1234 Year Ended Dec. 26, 2015 Year Ended Dec. 31, 2016 Year Ended Dec. 30, 2017 Net income 10,106 15,434 27,304 15,868 39 Weeks Ended Sep. 30, 2017 39 Weeks Ended Sep. 29, 2018 19,300 Interest expense, net 3,477 4,396 5,131 3,908 6,623 Income tax expense 5,739 9,119 3,845 5,631 3,925 Depreciation and amortization 2,682 3,008 3,376 2,407 3,163 EBITDA 22,004 31,957 39,656 27,814 33,011 Adjustments Management agreement termination 3,297 fee Management fees 2 237 Transaction costs 2,186 2,388 1,462 Stock-based compensation expense i 1,155 1,231 1,851 894 2,012 Adjusted EBITDA 28,879 35,576 41,507 28,708 36,485 One-time fee of approx. $3.3 million paid in consideration of termination of management agreement with Roark Capital Management, LLC. Includes management fees and other out-of-pocket expenses paid to Roark Capital Management, LLC. Represents costs and expenses related to refinancing of our debt facility and our public offerings. Includes non-cash, stock-based compensation. WINGSTOP 26 Appendix#28NET DEBT RECONCILIATION In $000s Total Debt Cash and Cash Equivalents Net debt Note: 1. Adjusted for proceeds from the new senior secured debt facility. September 29, 2018 Adjustments for Refinance 1 215,358 104,642 3,023 Q3 Pro-Forma Ending Balance 320,000 3,023 212,335 104,642 316,977 WINGSTOP 27 Appendix