Wendy's — Feb 13, 2025 release

Free Cash Flow The increase in free cash flow resulted primarily from a decrease in cash paid for cloud computing arrangements, partially offset by an increase in capital expenditures. Company Declares Quarterly Dividend The Company announced today the declaration of its regular quarterly cash dividend of $0.25 per share. The dividend is payable on March 17, 2025, to shareholders of record as of March 3, 2025. The number of common shares outstanding as of February 6, 2025 was approximately 203.4 million. Share Repurchases The Company repurchased 0.9 million shares for $15.4 million in the fourth quarter of 2024. In the first quarter of 2025, the Company has repurchased 0.5 million shares for $6.9 million through February 6. As of February 6, approximately $228.1 million remains available under the Company’s existing share repurchase authorization that expires in February 2027.   4 Company Updates Dividend Policy and Increases Planned Share Repurchases The Company is updating its capital allocation policy to accelerate growth investments, which it believes will enhance long-term shareholder value. It also enables the Company to take advantage of an opportunity to repurchase shares in 2025 at what the Company believes is an attractive share price. The Company’s new target dividend payout ratio is 50% to 60% of adjusted earnings. As a result, beginning in the second quarter of 2025 the Company expects to pay a quarterly dividend of $0.14 per share. The Company plans to repurchase