Red Robin Gourmet Burgers : Q1 20 Supplemental Information

First Quarter 2020 Results

June 10, 2020

CLASSIFIED - INTERNAL USE ONLY

Forward-Looking Statements

Forward-looking statements in this presentation regarding the Company's future performance, including sales growth including in off-premise sales, reopening of dining rooms, anticipated Q2 2020 cash burn and underlying assumptions, preliminary comparable restaurant revenue for restaurants with re-opened dining rooms and average net sales per restaurant, weekly comparable store sales, 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 extent of the impact of the COVID-19 global 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 related government orders and restrictions, the impact on our Team Members, economic, public health, and political conditions that impact consumer confidence and spending, including the impact of COVID-19 and other health epidemics or pandemics on the global economy; the amount of cash tax refund received as a result of the CARES act; the rapidly evolving nature of the COVID-19 pandemic and related containment measures, including the potential for a complete shutdown of Company restaurants; 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; the economic health of suppliers, licensees, vendors, and other third parties providing goods or services to the Company; the Company's ability to continue to increase sales; the impact of political protests and curfews imposed by state and local governments; the effectiveness of the Company's marketing strategies and promotions and menu changes; the cost and availability of key food products, distribution, labor, and energy; the effectiveness of the Company's strategic initiatives including service model and technology solutions; the cost and availability of capital or credit facility borrowings; the ability to obtain equity financing; 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 Q1 press release posted on redrobin.com.

Business and Operational Update Related to COVID-19

• • Navigating an unprecedented time for the business, industry and country to combat the global COVID-19 crisis

• • Strategic investments made prior to the crisis in off-premise, digital and loyalty have enabled us to successfully shift the business to off-premise model

• • Maintaining significantly higher off-premise sales, which tripled when compared to pre-COVID-19 levels

• • With relentless focus on health and safety for Team Members and Guests, we are continuing to make progress re-opening our dining rooms across the country

• • To build on the momentum we are experiencing in off-premise and dine-in sales, we are now re-opening restaurants in our largest and highest volume markets in the Pacific Northwest and West Coast

• • 65% of Company-operated restaurants opened with limited capacity as of June 7, 2020

• • Re-opening dining rooms with a measured and strategic approach and a focus on health and safety; preliminary comparable restaurant revenue for restaurants with re-opened dining rooms was -26.7% for the week of June 7, 2020

• • Decisive actions have been taken to manage through the crisis, which provides ample liquidity, enhances financial flexibility and helps mitigate the impact of COVID-19

• • Confident in our ability to emerge in an even stronger position when the recovery begins, given our enduring brand promise, compelling value proposition and continued investment to serve Our Guests while strictly adhering to CDC, state and local guidelines

Red Robin First 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 20.8% for Q1 due to the severe impact of the crisis

• • 270 dining areas re-opened as of June 7, 2020

• • Off-premise sales increased 86.1% for Q1 comprising 26.3% of total food and beverage sales, including catering

• • Total revenues decreased 25.3%

• • GAAP loss per diluted share was $13.51 compared to $0.05 in Q1 2019. Adjusted diluted loss per share(1) was $6.66 compared to earnings per diluted share of $0.19 in Q1 2018

• • Net loss was $174.3 million compared to net income of $0.6 million in Q1 2019

• • Adjusted EBITDA(1) was a loss of $10.7 million compared to $34.3 million in Q1 2019

• • Restaurant-level operating profit(1) was 8.8% compared to 18.3% in the prior year

• • Six sequential weeks of sales improvement through June 7, due to the continued strong growth in off-premise sales and early traction in dine-in sales

1

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

Responding to the COVID 19 Pandemic

1 Estimate through the second quarter