# EDGAR Filing Document

**Accession Number:** 0000852772
**File Stem:** 0000852772-25-000106
**Filing Date:** 2025-8
**Character Count:** 94101
**Document Hash:** 625be4ea03648d1b957f097d90dbb1bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000852772-25-000106.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0000852772-25-000106

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20250804

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DENNY'S Corp
- **CENTRAL INDEX KEY:** 0000852772
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 133487402
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-18051
- **FILM NUMBER:** 251180330

**BUSINESS ADDRESS:**
- **STREET 1:** 203 EAST MAIN STREET
- **CITY:** SPARTANBURG
- **STATE:** SC
- **ZIP:** 29319
- **BUSINESS PHONE:** 8645978000

**MAIL ADDRESS:**
- **STREET 1:** 203 EAST MAIN STREET
- **CITY:** SPARTANBURG
- **STATE:** SC
- **ZIP:** 29319

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DENNYS CORP
- **DATE OF NAME CHANGE:** 20020801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADVANTICA RESTAURANT GROUP INC
- **DATE OF NAME CHANGE:** 19980107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FLAGSTAR COMPANIES INC
- **DATE OF NAME CHANGE:** 19930722

?xml version='1.0' encoding='ASCII'? denn-20250804

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

Date of Report (Date of earliest event reported) <u>August 4, 2025</u>

![Dennys.gif](denn-20250804_g1.gif)

**DENNY'S CORPORATION**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **0-18051** | **13-3487402** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

**203 East Main Street** 

**Spartanburg, South Carolina 29319-0001** 

(Address of principal executive offices)

(Zip Code)

**(864) 597-8000** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| $.01 Par Value, Common Stock | DENN | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On August 4, 2025, Denny's Corporation (the "Company") issued a press release announcing financial results for the second quarter ended June 25, 2025. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

**Item 7.01 Regulation FD Disclosure.**

The management of the Company will conduct meetings with members of the investment community during August, September and October 2025. A copy of the investor presentation to be used during these meetings is attached to this Current Report on Form 8-K as Exhibit 99.2 and is also available at the Company's investor relations website at investor.dennys.com.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.** 

(d) Exhibits

See the Exhibit Index below, which is incorporated by reference herein.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit<br>number** | **Description** |
| 99.1 | <u>[Press Release, dated August 4, 2025.](q22025ex991earningspressre.htm)</u> |
| 99.2 | <u>[Investor Presentation, dated August 4, 2025](denninvestordeckaug2025.htm)</u>. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | Denny's Corporation |
| Date: August 4, 2025 | /s/ Robert P. Verostek |
| | Robert P. Verostek |
| | Executive Vice President and |
| | Chief Financial Officer |

---

## Exhibit 99.1

![dennyslogo.jpg](dennyslogo.jpg)

**DENNY'S CORPORATION REPORTS RESULTS FOR SECOND QUARTER 2025** 

**SPARTANBURG, S.C., August 4, 2025** - Denny's Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported results for its second quarter ended June 25, 2025 and provided a business update on the Company's operations.

Kelli Valade, Chief Executive Officer, stated, "I am incredibly proud of our teams and franchisees for their unwavering commitment to delivering on our strategic initiatives amid shifting consumer trends. We have continued to stay nimble, innovate, and meet the guests where they are. For Denny's, this meant innovating its value platform, leaning into its off-premises strength, and optimizing the franchise system, while Keke's expanded its portfolio 7% year-to-date, launched its first ever system-wide promotion, and continued to steal share from its competitive set. Despite near-term choppiness, we are focused on what is within our control which also resulted in corporate administrative expense savings of approximately 3.5% compared to the prior year quarter, and refranchising three Keke's company cafes with more on the horizon. We will continue to be agile and are committed to delivering shareholder value through balanced investments and returning to share repurchases in a meaningful way."

**Second Quarter 2025 Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;• Total operating revenue was $117.7 million and total operating income was $8.6 million.

&nbsp;&nbsp;&nbsp;&nbsp;• Denny's domestic system-wide same-restaurant sales\*\* were (1.3%) compared to the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Keke's domestic system-wide same-restaurant sales\*\* increased 4.0% compared to the prior year quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Denny's opened three franchised restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;• Denny's completed 14 remodels, including five at company restaurants.

&nbsp;&nbsp;&nbsp;&nbsp;• Keke's opened eight new cafes, including four franchised locations.

&nbsp;&nbsp;&nbsp;&nbsp;• Keke's refranchised three company cafes in Florida.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted franchise operating margin\* was $30.0 million, or 50.7% of franchise and license revenue, and adjusted company restaurant operating margin\* was $6.7 million, or 11.5% of company restaurant sales.

&nbsp;&nbsp;&nbsp;&nbsp;• Net income was $2.5 million, or $0.05 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income\* and adjusted net income per share\* were $4.8 million and $0.09, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA\* was $18.8 million.

------

&nbsp;&nbsp;&nbsp;&nbsp;**Second Quarter 2025 Results**

Total operating revenue was $117.7 million compared to $115.9 million for the prior year quarter. This increase was primarily driven by additional Keke's company equivalent units and partially offset by the Company's previously communicated strategy to intentionally close lower volume Denny's franchised restaurants to improve the overall health of the brand.

Franchise and license revenue was $59.3 million compared to $61.6 million for the prior year quarter. This change was primarily due to fewer Denny's franchise equivalent units and softer Denny's same-restaurant sales\*\*.

Company restaurant sales were $58.4 million compared to $54.3 million for the prior year quarter. This increase was primarily driven by additional Keke's equivalent units.

Adjusted franchise operating margin\* was $30.0 million, or 50.7% of franchise and license revenue, compared to $30.8 million, or 50.0% for the prior year quarter. This margin change was primarily due to fewer Denny's equivalent units and softer Denny's same-restaurant sales\*\*.

Adjusted company restaurant operating margin\* was $6.7 million, or 11.5% of company restaurant sales, compared to $6.9 million, or 12.7% for the prior year quarter. This margin change was primarily due to increased product costs due to higher egg prices, investments in marketing and inefficiencies associated with new cafe openings.

Total general and administrative expenses were $21.4 million compared to $20.5 million in the prior year quarter. This change was primarily due to additional incentive compensation, along with additional share-based compensation and deferred compensation valuation adjustments, neither of which affect Adjusted EBITDA\*. These impacts were partially offset by corporate administrative expenses savings of approximately $0.6 million, or a reduction of approximately 3.5% compared to the prior year quarter.

The provision for income taxes was $1.3 million, reflecting an effective tax rate of 34.3% for the current quarter, compared to $1.2 million and an effective tax rate of 25.1% in the prior year quarter. The higher effective income tax rate for the current quarter included discrete items related to share-based compensation which were not comparable to the prior year quarter.

Net income was $2.5 million, or $0.05 per diluted share. Adjusted net income\* was $4.8 million, or $0.09 per diluted share.

The Company ended the quarter with $278.6 million of total debt outstanding, including $268.6 million of borrowings under its credit facility.

<br>**Capital Allocation**

The Company invested $7.3 million in cash capital expenditures during the current quarter, which included Keke's new cafe development and Denny's company restaurant remodels. In addition, the Company invested $4.1 million to complete the acquisition of five Keke's cafes the Company assumed operation of during the first quarter and the strategic acquisition of a Denny's franchise restaurant in one of the Company's core markets, Texas.

The Company also allocated $0.6 million to share repurchases during the current quarter resulting in approximately $87.6 million remaining under its existing repurchase authorization.

------

**Business Outlook**

The following full year 2025 (53 operating weeks) expectations reflect management's expectation that recent shifts in consumer sentiment due to macro events will moderate over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Denny's domestic system-wide same-restaurant sales*\*\** between (2.0%) and 1.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated restaurant openings of 25 to 40.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated restaurant closures between 70 and 90.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodity inflation between 3.0% and 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Labor inflation between 2.5% and 3.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total general and administrative expenses between $80 million and $85 million, inclusive of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Corporate and administrative expenses between $60 million and $62 million, including approximately $1 million related to the 53rd week;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Incentive compensation between $6 million and $9 million; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Approximately $14 million related to share-based compensation expense which does not impact Adjusted EBITDA\*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA*\** between $80 million and $85 million, inclusive of approximately $2 million related to the 53rd week.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share repurchases between $15 million and $25 million.

*\**&nbsp;&nbsp;&nbsp;&nbsp;*Please refer to the Reconciliation of Net Income to Non-GAAP Financial Measures, as well as the Reconciliation of Operating Income to Non-GAAP Financial Measures included in the tables below. The Company is not able to reconcile the forward-looking non-GAAP estimate set forth above to its most directly comparable U.S. generally accepted accounting principles (GAAP) estimates without unreasonable efforts because it is unable to predict, forecast or determine the probable significance of the items impacting these estimates, including gains, losses and other charges, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimate is not provided.*

\*\* *&nbsp;&nbsp;&nbsp;&nbsp;Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP.*

**Conference Call and Webcast Information**

The Company will provide further commentary on the results for the second quarter ended June 25, 2025 on a webcast today, Monday, August 4, 2025, at 4:30 p.m. Eastern Time. Interested parties are invited to listen to the webcast accessible through the Company's investor relations website at <u>investor.dennys.com</u>.

**About Denny's Corporation**

Denny's Corporation is one of America's largest full-service restaurant chains based on number of restaurants. As of June 25, 2025, the Company consisted of 1,558 restaurants, 1,474 of which were franchised and licensed restaurants and 84 of which were company operated.

The Company consists of the Denny's brand and the Keke's brand. As of June 25, 2025, the Denny's brand consisted of 1,484 global restaurants, 1,422 of which were franchised and licensed restaurants and 62 of which were company operated. As of June 25, 2025, the Keke's brand consisted of 74 restaurants, 52 of which were franchised restaurants and 22 of which were company operated.

For further information on Denny's Corporation, including news releases, links to SEC filings, and other financial information, please visit <u>investor.dennys.com</u>.

------

**Non-GAAP Definition Changes**

The Company has evolved its definition of non-GAAP financial measures to provide more clarity and comparability relative to peers. Denny's Corporation management uses certain non-GAAP measures in analyzing operating performance and believes that the presentation of these measures provides investors and analysts with information that is beneficial to gaining an understanding of the Company's financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP.

The Company excludes certain legal settlement expenses not considered to be normal and recurring, pre-opening expenses, and other items management does not consider in the evaluation of its ongoing core operating performance from adjusted operating margin\*, adjusted net income\*, adjusted net income per share\*, and adjusted EBITDA\*. In addition, the Company no longer deducts cash payments for restructuring and exit costs, or cash payments for share-based compensation from Adjusted EBITDA\*.

Reconciliations of these non-GAAP measures are included in the tables of this press release and a recast of historical non-GAAP financial measures can be found on the Company's website, or its most recent investor presentation.

***Cautionary Language Regarding Forward-Looking Statements***

*The Company urges caution in considering its current trends and any outlook on earnings disclosed in this press release. In addition, certain matters discussed in this release may constitute forward-looking statements. These forward-looking statements, which reflect management's best judgment based on factors currently known, are intended to speak only as of the date such statements are made and involve risks, uncertainties, and other factors that may cause the actual performance of Denny's Corporation, its subsidiaries, and underlying restaurants to be materially different from the performance indicated or implied by such statements. Words such as "expect", "anticipate", "believe", "intend", "plan", "hope", "will", and variations of such words and similar expressions are intended to identify such forward-looking statements. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Factors that could cause actual performance to differ materially from the performance indicated by these forward-looking statements include, among others: economic, public health and political conditions that impact consumer confidence and spending, commodity and labor inflation; the potential impacts of tariffs; the ability to effectively staff restaurants and support personnel; the Company's ability to maintain adequate levels of liquidity for its cash needs, including debt obligations, payment of dividends, planned share repurchases and capital expenditures as well as the ability of its customers, suppliers, franchisees and lenders to access sources of liquidity to provide for their own cash needs; competitive pressures from within the restaurant industry; the level of success of the Company's operating initiatives and advertising and promotional efforts; adverse publicity; health concerns arising from food-related pandemics, outbreaks of flu viruses or other diseases; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy (including with regard to energy costs), particularly at the retail level; political environment and geopolitical events (including acts of war and terrorism); and other factors from time to time set forth in the Company's SEC reports and other filings, including but not limited to the discussion in Management's Discussion and Analysis and the risks identified in Item 1A. Risk Factors contained in the Company's Annual Report on Form 10-K for the year ended December 25, 2024 (and in the Company's subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K).* 

Investor Contact:&nbsp;&nbsp;&nbsp;&nbsp;877-784-7167

Media Contact:&nbsp;&nbsp;&nbsp;&nbsp;864-597-8005

------

---

| | | |
|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Consolidated Balance Sheets** | **Consolidated Balance Sheets** | **Consolidated Balance Sheets** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| ($ in thousands) | 6/25/25 | 12/25/24 |
| **Assets** |  |  |
| Current assets |  |  |
| Cash and cash equivalents | $1166 | $1698 |
| Investments |  | 1106 |
| Receivables, net | 19074 | 24433 |
| Inventories | 2129 | 1747 |
| Assets held for sale | 1096 | 381 |
| Prepaid and other current assets | 8866 | 10628 |
| Total current assets | 32331 | 39993 |
| Property, net | 118601 | 111417 |
| Finance lease right-of-use assets, net | 5695 | 6200 |
| Operating lease right-of-use assets, net | 126457 | 124738 |
| Goodwill | 68526 | 66357 |
| Intangible assets, net | 89630 | 91739 |
| Deferred financing costs, net | 748 | 1066 |
| Other noncurrent assets | 49162 | 54764 |
| Total assets | $491150 | $496274 |
| **Liabilities** |  |  |
| Current liabilities |  |  |
| Current finance lease liabilities | $1306 | $1284 |
| Current operating lease liabilities | 16676 | 15487 |
| Accounts payable | 16299 | 19985 |
| Other current liabilities | 53701 | 58842 |
| Total current liabilities | 87982 | 95598 |
| Long-term liabilities |  |  |
| Long-term debt | 268600 | 261300 |
| Noncurrent finance lease liabilities | 8729 | 9284 |
| Noncurrent operating lease liabilities | 122108 | 120841 |
| Liability for insurance claims, less current portion | 5750 | 5866 |
| Deferred income taxes, net | 6276 | 9964 |
| Other noncurrent liabilities | 26284 | 27446 |
| Total long-term liabilities | 437747 | 434701 |
| Total liabilities | 525729 | 530299 |
| **Shareholders' deficit** |  |  |
| Common stock | 519 | 513 |
| Paid-in capital | 4175 |  |
| Deficit | 297 | (2499) |
| Accumulated other comprehensive loss, net | (37975) | (32039) |
| Treasury stock | (1595) |  |
| Total shareholders' deficit | (34579) | (34025) |
| Total liabilities and shareholders' deficit | $491150 | $496274 |
| **Debt Balances** | **Debt Balances** | **Debt Balances** |
| Credit facility revolver due 2026 | $268600 | $261300 |
| Finance lease liabilities | 10035 | 10568 |
| Total debt | $278635 | $271868 |

---

------

---

| | | |
|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Quarter Ended | Quarter Ended |
| ($ in thousands, except per share amounts) | 6/25/25 | 6/26/24 |
| Revenue: |  |  |
| Company restaurant sales | $58395 | $54348 |
| Franchise and license revenue | 59262 | 61579 |
| Total operating revenue | 117657 | 115927 |
| Costs of company restaurant sales, excluding depreciation and amortization | 52345 | 47578 |
| Costs of franchise and license revenue, excluding depreciation and amortization | 29217 | 33428 |
| General and administrative expenses | 21445 | 20486 |
| Depreciation and amortization | 4378 | 3735 |
| Goodwill impairment charges |  | 20 |
| Operating (gains), losses and other charges, net | 1700 | 1565 |
| Total operating costs and expenses, net | 109085 | 106812 |
| Operating income | 8572 | 9115 |
| Interest expense, net | 5374 | 4573 |
| Other nonoperating income, net | (563) | (224) |
| Income before income taxes | 3761 | 4766 |
| Provision for income taxes | 1291 | 1198 |
| Net income | $2470 | $3568 |
| Net income per share - basic | $0.05 | $0.07 |
| Net income per share - diluted | $0.05 | $0.07 |
| Basic weighted average shares outstanding | 52059 | 52689 |
| Diluted weighted average shares outstanding | 52131 | 52787 |
| Comprehensive income (loss) | $(157) | $4602 |
| **General and Administrative Expenses** |  |  |
| Corporate administrative expenses | $15226 | $15776 |
| Share-based compensation | 2982 | 2624 |
| Incentive compensation | 2759 | 1898 |
| Deferred compensation valuation adjustments | 478 | 188 |
| Total general and administrative expenses | $21445 | $20486 |

---

------

---

| | | |
|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** | **Condensed Consolidated Statements of Income** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | Two Quarters Ended | Two Quarters Ended |
| ($ in thousands, except per share amounts) | 6/25/25 | 6/26/24 |
| Revenue: |  |  |
| Company restaurant sales | $112295 | $106690 |
| Franchise and license revenue | 116999 | 119211 |
| Total operating revenue | 229294 | 225901 |
| Costs of company restaurant sales, excluding depreciation and amortization | 102370 | 95696 |
| Costs of franchise and license revenue, excluding depreciation and amortization | 57571 | 60802 |
| General and administrative expenses | 41475 | 41708 |
| Depreciation and amortization | 8485 | 7316 |
| Goodwill impairment charges |  | 20 |
| Operating (gains), losses and other charges, net | 5611 | 1238 |
| Total operating costs and expenses, net | 215512 | 206780 |
| Operating income | 13782 | 19121 |
| Interest expense, net | 9802 | 8993 |
| Other nonoperating income, net | (401) | (861) |
| Income before income taxes | 4381 | 10989 |
| Provision for income taxes | 1585 | 2730 |
| Net income | $2796 | $8259 |
| Net income per share - basic | $0.05 | $0.16 |
| Net income per share - diluted | $0.05 | $0.16 |
| Basic weighted average shares outstanding | 52191 | 52879 |
| Diluted weighted average shares outstanding | 52294 | 53002 |
| Comprehensive income (loss) | $(3140) | $15457 |
| **General and Administrative Expenses** |  |  |
| Corporate administrative expenses | $30470 | $30968 |
| Share-based compensation | 5767 | 5400 |
| Incentive compensation | 5016 | 4421 |
| Deferred compensation valuation adjustments | 222 | 919 |
| Total general and administrative expenses | $41475 | $41708 |

---

------

---

| |
|:---|
| **DENNY'S CORPORATION** |
| **Reconciliation of Net Income to Non-GAAP Financial Measures** |
| **(Unaudited)** |

---

The Company believes that, in addition to GAAP measures, certain non-GAAP financial measures are useful information to investors and analysts to assist in the evaluation of operating performance on a period-to-period basis. However, non-GAAP measures should be considered as a supplement to, not a substitute for, operating income, net income, and net income per share, or other financial performance measures prepared in accordance with GAAP. The Company uses adjusted EBITDA, adjusted net income and adjusted net income per share internally as performance measures for planning purposes, including the preparation of annual operating budgets, and for compensation purposes, including incentive compensation for certain employees. These non-GAAP measures are adjusted for certain items the Company does not consider in the evaluation of its ongoing core operating performance. These adjustments are either non-recurring in nature or vary from period to period without correlation to the Company's ongoing core operating performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Two Quarters Ended | Two Quarters Ended |
| ($ in thousands, except per share amounts) | 6/25/25 | 6/26/24 | 6/25/25 | 6/26/24 |
| Net income | $2470 | $3568 | $2796 | $8259 |
| Provision for income taxes | 1291 | 1198 | 1585 | 2730 |
| Goodwill impairment charges |  | 20 |  | 20 |
| Operating (gains), losses and other charges, net | 1700 | 1565 | 5611 | 1238 |
| Other nonoperating income, net | (563) | (224) | (401) | (861) |
| Share-based compensation expense | 2982 | 2624 | 5767 | 5400 |
| Deferred compensation plan valuation adjustments | 478 | 188 | 222 | 919 |
| Interest expense, net | 5374 | 4573 | 9802 | 8993 |
| Depreciation and amortization | 4378 | 3735 | 8485 | 7316 |
| Non-recurring legal settlement expenses |  | (38) | 318 | 2175 |
| Pre-opening expenses | 645 | 191 | 1354 | 557 |
| Other adjustments <sup>(1)</sup> | 32 | 2640 | 63 | 2640 |
| Adjusted EBITDA | $18787 | $20040 | $35602 | $39386 |
| Net income | $2470 | $3568 | $2796 | $8259 |
| Losses and amortization on interest rate swap derivatives, net | 879 | 167 | 1138 | 308 |
| Goodwill impairment charges |  | 20 |  | 20 |
| Operating (gains), losses and other charges, net | 1700 | 1565 | 5611 | 1238 |
| Non-recurring legal settlement expenses |  | (38) | 318 | 2175 |
| Pre-opening expenses | 645 | 191 | 1354 | 557 |
| Other adjustments <sup>(1)</sup> | 32 | 2640 | 63 | 2640 |
| Tax effect <sup>(2)</sup> | (932) | (1127) | (2291) | (1721) |
| Adjusted net income | $4794 | $6986 | $8989 | $13476 |
| Diluted weighted average shares outstanding | 52131 | 52787 | 52294 | 53002 |
| Net income per share - diluted | $0.05 | $0.07 | $0.05 | $0.16 |
| Adjustments per share | 0.04 | 0.06 | 0.12 | 0.09 |
| Adjusted net income per share | $0.09 | $0.13 | $0.17 | $0.25 |

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(1) Other adjustments for the quarter and year-to-date period ended June 25, 2025 include leadership transition costs. Other adjustments for the quarter and year-to-date period ended June 26, 2024 include a distribution to franchisees related to a review of advertising costs.

(2) Tax adjustments for the quarter and year-to-date period ended June 25, 2025 reflect effective tax rates of 28.6% and 27.0 %, respectively. Tax adjustments for the quarter and year-to-date period ended June 26, 2024 reflect effective tax rates of 24.8%.

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| |
|:---|
| **DENNY'S CORPORATION** |
| **Reconciliation of Operating Income to Non-GAAP Financial Measures** |
| **(Unaudited)** |

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The Company believes that, in addition to GAAP measures, certain other non-GAAP financial measures are useful information to investors and analysts to assist in the evaluation of restaurant-level operating efficiency and performance of ongoing restaurant-level operations. However, non-GAAP measures should be considered as a supplement to, not a substitute for, operating income, net income, and net income per share, or other financial performance measures prepared in accordance with GAAP. The Company uses restaurant-level operating margin, company restaurant operating margin and franchise operating margin internally as performance measures for planning purposes, including the preparation of annual operating budgets, and for compensation purposes, including incentive compensation for certain employees.

Restaurant-level operating margin is the total of company restaurant operating margin and franchise operating margin and excludes: (i) general and administrative expenses, which include primarily non-restaurant-level costs associated with support of company and franchised restaurants and other activities at their corporate office; (ii) depreciation and amortization expense, substantially all of which is related to company restaurant-level assets, because such expenses represent historical sunk costs which do not reflect current cash outlays for the restaurants; (iii) special items, included within operating (gains), losses and other charges, net, to provide investors with a clearer perspective of its ongoing operating performance and a more relevant comparison to prior period results.

Company restaurant operating margin is defined as company restaurant sales less costs of company restaurant sales (which include product costs, company restaurant level payroll and benefits, occupancy costs, and other operating costs including utilities, repairs and maintenance, marketing and other expenses) and presents it as a percent of company restaurant sales. Adjusted company operating restaurant margin is defined as company restaurant operating margin less certain items such as legal settlement expenses, pre-opening expenses, and other items the Company does not consider in the evaluation of its ongoing core operating performance.

Franchise operating margin is defined as franchise and license revenue (which includes franchise royalties and other non-food and beverage revenue streams such as initial franchise and other fees, advertising revenue and occupancy revenue) less costs of franchise and license revenue and presents it as a percent of franchise and license revenue. Adjusted franchise operating margin is defined as franchise operating margin less certain items the Company does not consider in the evaluation of its ongoing core operating performance.

Adjusted restaurant-level operating margin is the total of adjusted company restaurant operating margin and adjusted franchise operating margin and is defined as restaurant-level operating margin adjusted for certain items the Company does not consider in the evaluation of its ongoing core operating performance. These adjustments are either non-recurring in nature or vary from period to period without correlation to the Company's ongoing core operating performance.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Quarter Ended | Quarter Ended | Two Quarters Ended | Two Quarters Ended |
| ($ in thousands) | 6/25/25 | 6/26/24 | 6/25/25 | 6/26/24 |
| Operating income | $8572 | $9115 | $13782 | $19121 |
| General and administrative expenses | 21445 | 20486 | 41475 | 41708 |
| Depreciation and amortization | 4378 | 3735 | 8485 | 7316 |
| Goodwill impairment charges |  | 20 |  | 20 |
| Operating (gains), losses and other charges, net | 1700 | 1565 | 5611 | 1238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restaurant-level operating margin | $36095 | $34921 | $69353 | $69403 |
| Restaurant-level operating margin consists of: |  |  |  |  |
| Company restaurant operating margin <sup>(1)</sup> | $6050 | $6770 | $9925 | $10994 |
| Franchise operating margin <sup>(2)</sup> | 30045 | 28151 | 59428 | 58409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restaurant-level operating margin | $36095 | $34921 | $69353 | $69403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments <sup>(3)</sup> | 645 | 2793 | 1672 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted restaurant-level operating margin | $36740 | $37714 | $71025 | $74775 |

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(1) Company restaurant operating margin is calculated as operating income plus general and administrative expenses; depreciation and amortization; operating (gains), losses and other charges, net; and costs of franchise and license revenue, excluding depreciation and amortization; less franchise and license revenue.

(2) Franchise operating margin is calculated as operating income plus general and administrative expenses; depreciation and amortization; operating (gains), losses and other charges, net; and costs of company restaurant sales, excluding depreciation and amortization; less company restaurant sales.

(3) Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the quarter and year-to-date period ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  |  | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended |
| ($ in thousands) | ($ in thousands) | 6/25/25 | 6/25/25 | 6/26/24 | 6/26/24 |
| Company restaurant operations: <sup>(1)</sup> | Company restaurant operations: <sup>(1)</sup> |  |  |  |  |
| Company restaurant sales | Company restaurant sales | $58395 | 100.0% | $54348 | 100.0% |
| Costs of company restaurant sales, excluding depreciation and amortization: | Costs of company restaurant sales, excluding depreciation and amortization: |  |  |  |  |
|  | Product costs | 15086 | 25.8% | 13632 | 25.1% |
|  | Payroll and benefits | 21869 | 37.5% | 20493 | 37.7% |
|  | Occupancy | 5181 | 8.9% | 4671 | 8.6% |
|  | Other operating costs: |  |  |  |  |
|  | Utilities | 1829 | 3.1% | 1695 | 3.1% |
|  | Repairs and maintenance | 847 | 1.5% | 1008 | 1.9% |
|  | Marketing | 2386 | 4.1% | 1876 | 3.5% |
|  | Legal settlements | 391 | 0.7% | 208 | 0.4% |
|  | Pre-opening costs | 645 | 1.1% | 191 | 0.4% |
|  | Other direct costs | 4111 | 7.0% | 3804 | 7.0% |
| Total costs of company restaurant sales, excluding depreciation and amortization | Total costs of company restaurant sales, excluding depreciation and amortization | $52345 | 89.6% | $47578 | 87.5% |
| Company restaurant operating margin (non-GAAP) <sup>(2)</sup> | Company restaurant operating margin (non-GAAP) <sup>(2)</sup> | $6050 | 10.4% | $6770 | 12.5% |
|  | Adjustments <sup>(3)</sup> | 645 | 1.1% | 153 | 0.3% |
| Adjusted company restaurant operating margin (non-GAAP) <sup>(2)</sup> | Adjusted company restaurant operating margin (non-GAAP) <sup>(2)</sup> | $6695 | 11.5% | $6923 | 12.7% |
| Franchise operations: <sup>(4)</sup> | Franchise operations: <sup>(4)</sup> |  |  |  |  |
| Franchise and license revenue: | Franchise and license revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royalties | &nbsp;&nbsp;&nbsp;Royalties | $29091 | 49.1% | $30014 | 48.7% |
| &nbsp;&nbsp;&nbsp;Advertising revenue | &nbsp;&nbsp;&nbsp;Advertising revenue | 19490 | 32.9% | 20788 | 33.8% |
| &nbsp;&nbsp;&nbsp;Initial and other fees | &nbsp;&nbsp;&nbsp;Initial and other fees | 2804 | 4.7% | 2448 | 4.0% |
| &nbsp;&nbsp;&nbsp;Occupancy revenue | &nbsp;&nbsp;&nbsp;Occupancy revenue | 7877 | 13.3% | 8329 | 13.5% |
| Total franchise and license revenue | Total franchise and license revenue | $59262 | 100.0% | $61579 | 100.0% |
| Costs of franchise and license revenue, excluding depreciation and amortization: | Costs of franchise and license revenue, excluding depreciation and amortization: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising costs | &nbsp;&nbsp;&nbsp;Advertising costs | $19490 | 32.9% | $20788 | 33.8% |
| &nbsp;&nbsp;&nbsp;Occupancy costs | &nbsp;&nbsp;&nbsp;Occupancy costs | 4872 | 8.2% | 5094 | 8.3% |
| &nbsp;&nbsp;&nbsp;Other direct costs | &nbsp;&nbsp;&nbsp;Other direct costs | 4855 | 8.2% | 7546 | 12.3% |
| Total costs of franchise and license revenue, excluding depreciation and amortization | Total costs of franchise and license revenue, excluding depreciation and amortization | $29217 | 49.3% | $33428 | 54.3% |
| Franchise operating margin (non-GAAP) <sup>(2)</sup> | Franchise operating margin (non-GAAP) <sup>(2)</sup> | $30045 | 50.7% | $28151 | 45.7% |
|  | Adjustments <sup>(3)</sup> |  | —% | 2640 | 4.3% |
| Adjusted franchise operating margin (non-GAAP) <sup>(2)</sup> | Adjusted franchise operating margin (non-GAAP) <sup>(2)</sup> | $30045 | 50.7% | $30791 | 50.0% |
| Total operating revenue <sup>(5)</sup> | Total operating revenue <sup>(5)</sup> | $117657 | 100.0% | $115927 | 100.0% |
| Total costs of operating revenue <sup>(5)</sup> | Total costs of operating revenue <sup>(5)</sup> | 81562 | 69.3% | 81006 | 69.9% |
| Restaurant-level operating margin (non-GAAP) <sup>(5)</sup> | Restaurant-level operating margin (non-GAAP) <sup>(5)</sup> | $36095 | 30.7% | $34921 | 30.1% |
| (1) | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. |
| (2) | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. |
| (3) | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the quarter ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the quarter ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the quarter ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the quarter ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the quarter ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. |
| (4) | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. |
| (5) | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** | **Operating Margins** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  |  | Two Quarters Ended | Two Quarters Ended | Two Quarters Ended | Two Quarters Ended |
| ($ in thousands) | ($ in thousands) | 6/25/25 | 6/25/25 | 6/26/24 | 6/26/24 |
| Company restaurant operations: <sup>(1)</sup> | Company restaurant operations: <sup>(1)</sup> |  |  |  |  |
| Company restaurant sales | Company restaurant sales | $112295 | 100.0% | $106690 | 100.0% |
| Costs of company restaurant sales, excluding depreciation and amortization: | Costs of company restaurant sales, excluding depreciation and amortization: |  |  |  |  |
|  | Product costs | 29297 | 26.1% | 26943 | 25.3% |
|  | Payroll and benefits | 42965 | 38.3% | 40967 | 38.4% |
|  | Occupancy | 10240 | 9.1% | 9244 | 8.7% |
|  | Other operating costs: |  |  |  |  |
|  | Utilities | 3523 | 3.1% | 3350 | 3.1% |
|  | Repairs and maintenance | 1683 | 1.5% | 2013 | 1.9% |
|  | Marketing | 4414 | 3.9% | 3480 | 3.3% |
|  | Legal settlements | 796 | 0.7% | 1657 | 1.6% |
|  | Pre-opening costs | 1354 | 1.2% | 557 | 0.5% |
|  | Other direct costs | 8098 | 7.2% | 7485 | 7.0% |
| Total costs of company restaurant sales, excluding depreciation and amortization | Total costs of company restaurant sales, excluding depreciation and amortization | $102370 | 91.2% | $95696 | 89.7% |
| Company restaurant operating margin (non-GAAP) <sup>(2)</sup> | Company restaurant operating margin (non-GAAP) <sup>(2)</sup> | $9925 | 8.8% | $10994 | 10.3% |
|  | Adjustments <sup>(3)</sup> | 1672 | 1.5% | 2732 | 2.6% |
| Adjusted company restaurant operating margin (non-GAAP) <sup>(2)</sup> | Adjusted company restaurant operating margin (non-GAAP) <sup>(2)</sup> | $11597 | 10.3% | $13726 | 12.9% |
| Franchise operations: <sup>(4)</sup> | Franchise operations: <sup>(4)</sup> |  |  |  |  |
| Franchise and license revenue: | Franchise and license revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Royalties | &nbsp;&nbsp;&nbsp;Royalties | $56928 | 48.7% | $59320 | 49.7% |
| &nbsp;&nbsp;&nbsp;Advertising revenue | &nbsp;&nbsp;&nbsp;Advertising revenue | 38563 | 33.0% | 38926 | 32.7% |
| &nbsp;&nbsp;&nbsp;Initial and other fees | &nbsp;&nbsp;&nbsp;Initial and other fees | 5678 | 4.9% | 4264 | 3.6% |
| &nbsp;&nbsp;&nbsp;Occupancy revenue | &nbsp;&nbsp;&nbsp;Occupancy revenue | 15830 | 13.5% | 16701 | 14.0% |
| Total franchise and license revenue | Total franchise and license revenue | $116999 | 100.0% | $119211 | 100.0% |
| Costs of franchise and license revenue, excluding depreciation and amortization: | Costs of franchise and license revenue, excluding depreciation and amortization: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advertising costs | &nbsp;&nbsp;&nbsp;Advertising costs | $38563 | 33.0% | $38926 | 32.7% |
| &nbsp;&nbsp;&nbsp;Occupancy costs | &nbsp;&nbsp;&nbsp;Occupancy costs | 9805 | 8.4% | 10226 | 8.6% |
| &nbsp;&nbsp;&nbsp;Other direct costs | &nbsp;&nbsp;&nbsp;Other direct costs | 9203 | 7.9% | 11650 | 9.8% |
| Total costs of franchise and license revenue, excluding depreciation and amortization | Total costs of franchise and license revenue, excluding depreciation and amortization | $57571 | 49.2% | $60802 | 51.0% |
| Franchise operating margin (non-GAAP) <sup>(2)</sup> | Franchise operating margin (non-GAAP) <sup>(2)</sup> | $59428 | 50.8% | $58409 | 49.0% |
| &nbsp;&nbsp;Adjustments <sup>(3)</sup> | &nbsp;&nbsp;Adjustments <sup>(3)</sup> |  | —% | 2640 | 2.2% |
| Adjusted franchise operating margin (non-GAAP) <sup>(2)</sup> | Adjusted franchise operating margin (non-GAAP) <sup>(2)</sup> | $59428 | 50.8% | $61049 | 51.2% |
| Total operating revenue <sup>(5)</sup> | Total operating revenue <sup>(5)</sup> | $229294 | 100.0% | $225901 | 100.0% |
| Total costs of operating revenue <sup>(5)</sup> | Total costs of operating revenue <sup>(5)</sup> | 159941 | 69.8% | 156498 | 69.3% |
| Restaurant-level operating margin (non-GAAP) <sup>(5)</sup> | Restaurant-level operating margin (non-GAAP) <sup>(5)</sup> | $69353 | 30.2% | $69403 | 30.7% |
| (1) | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. | As a percentage of company restaurant sales. |
| (2) | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. | Other operating expenses such as general and administrative expenses and depreciation and amortization relate to both company and franchise operations and are not allocated to costs of company restaurant sales and costs of franchise and license revenue. As such, operating margin and adjusted operating margin are considered non-GAAP financial measures and should be considered as a supplement to, not as a substitute for, operating income, net income or other financial measures prepared in accordance with GAAP. |
| (3) | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the year-to-date period ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the year-to-date period ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the year-to-date period ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the year-to-date period ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. | Adjustments include non-recurring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for the year-to-date period ended June 26, 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs. |
| (4) | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. | As a percentage of franchise and license revenue. |
| (5) | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. | As a percentage of total operating revenue. |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** | **DENNY'S CORPORATION** |
| **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** | **Statistical Data** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
| | **Denny's** | **Denny's** | **Denny's** | **Denny's** | **Keke's** | **Keke's** | **Keke's** | **Keke's** |
| **Changes in Same-Restaurant Sales** <sup>(1)</sup> | Quarter Ended | Quarter Ended | Two Quarters Ended | Two Quarters Ended | Quarter Ended | Quarter Ended | Two Quarters Ended | Two Quarters Ended |
| (Increase (decrease) vs. prior year) | 6/25/25 | 6/26/24 | 6/25/25 | 6/26/24 | 6/25/25 | 6/26/24 | 6/25/25 | 6/26/24 |
| Company Restaurants | 0.0% | (2.6%) | (0.4%) | (2.8%) | 3.4% | (4.4%) | 2.0% | (2.7%) |
| Domestic Franchise Restaurants | (1.4%) | (0.4%) | (2.3%) | (0.8%) | 4.2% | (4.6%) | 4.2% | (4.3%) |
| Domestic System-wide Restaurants | (1.3%) | (0.6%) | (2.2%) | (0.9%) | 4.0% | (4.6%) | 3.7% | (4.1%) |
| **Average Unit Sales** |  |  |  |  |  |  |  |  |
| ($ in thousands) |  |  |  |  |  |  |  |  |
| Company Restaurants | $789 | $774 | $1547 | $1517 | $433 | $447 | $845 | $902 |
| Franchised Restaurants | $479 | $473 | $930 | $930 | $484 | $457 | $996 | $929 |
| Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. | Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Restaurant Unit Activity** | **Denny's** | **Denny's** | **Denny's** | **Keke's** | **Keke's** | **Keke's** |
|  |  | Franchised |  |  | Franchised |  |
|  | Company | & Licensed | Total | Company | & Licensed | Total |
| Ending Units March 26, 2025 | 61 | 1430 | 1491 | 21 | 45 | 66 |
| Units Opened |  | 3 | 3 | 4 | 4 | 8 |
| Units Reacquired | 1 | (1) |  |  |  |  |
| Units Refranchised |  |  |  | (3) | 3 |  |
| Units Closed |  | (10) | (10) |  |  |  |
| Net Change | 1 | (8) | (7) | 1 | 7 | 8 |
| Ending Units June 25, 2025 | 62 | 1422 | 1484 | 22 | 52 | 74 |
| Equivalent Units |  |  |  |  |  |  |
| Second Quarter 2025 | 61 | 1426 | 1487 | 23 | 48 | 71 |
| Second Quarter 2024 | 64 | 1485 | 1549 | 11 | 51 | 62 |
| Net Change | (3) | (59) | (62) | 12 | (3) | 9 |
| Ending Units December 25, 2024 | 61 | 1438 | 1499 | 14 | 55 | 69 |
| Units Opened |  | 9 | 9 | 6 | 5 | 11 |
| Units Reacquired | 1 | (1) |  | 5 | (5) |  |
| Units Refranchised |  |  |  | (3) | 3 |  |
| Units Closed |  | (24) | (24) |  | (6) | (6) |
| Net Change | 1 | (16) | (15) | 8 | (3) | 5 |
| Ending Units June 25, 2025 | 62 | 1422 | 1484 | 22 | 52 | 74 |
| Equivalent Units |  |  |  |  |  |  |
| Year-to-Date 2025 | 61 | 1430 | 1491 | 21 | 47 | 68 |
| Year-to-Date 2024 | 64 | 1493 | 1557 | 10 | 50 | 60 |
| Net Change | (3) | (63) | (66) | 11 | (3) | 8 |

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## Exhibit 99.2

![](denninvestordeckaug2025001.jpg)

DENNY'S CORPORATION INVESTOR PRESENTATION AUGUST THROUGH OCTOBER 2025

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2 The Company urges caution in considering its current trends and any outlook on earnings disclosed either in this presentation or in its press releases. In addition, certain matters discussed in either this presentation or related press releases may constitute forward- looking statements. These forward-looking statements, which reflect management's best judgment based on factors currently known, are intended to speak only as of the date such statements are made and involve risks, uncertainties, and other factors that may cause the actual performance of Denny's Corporation, its subsidiaries, and underlying restaurants to be materially different from the performance indicated or implied by such statements. Words such as "expect", "anticipate", "believe", "intend", "plan", "hope", "will", and variations of such words and similar expressions are intended to identify such forward-looking statements. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date this presentation was published or to reflect the occurrence of unanticipated events. Factors that could cause actual performance to differ materially from the performance indicated by these forward-looking statements include, among others: economic, public health and political conditions that impact consumer confidence and spending; commodity and labor inflation; the potential impact of tariffs; the ability to effectively staff restaurants and support personnel; the Company's ability to maintain adequate levels of l iquidity for its cash needs, including debt obligations, payment of dividends, planned share repurchases and capital expenditures as well as the ability of its customers, suppliers, franchisees and lenders to access sources of liquidity to provide for their own cash needs; competitive pressures from within the restaurant industry; the level of success of the Company's operating initiatives and advertising and promotional efforts; adverse publicity; health concerns arising from food-related pandemics, outbreaks of flu viruses or other diseases; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy (including with regard to energy costs), particularly at the retail level; political environment and geopolitical events (including acts of war and terrorism); and other factors from time to time set forth in the Company's SEC reports and other filings, inc luding but not limited to the discussion in Management's Discussion and Analysis and the risks identified in Item 1A. Risk Factors contained in the Company's Annual Report on Form 10-K for the year ended December 25, 2024 (and in the Company's subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K). The presentation includes references to the Company's non-GAAP financials measures. All such measures are designated by an asterisk (\*). The Company believes that, in addition to GAAP measures, certain non-GAAP financial measures are useful information to investors and analysts to assist in the evaluation of operating performance on a period-to-period basis. However, non-GAAP measures should be considered as a supplement to, not a substitute for, operating income, net income, and net income per share, or other financial performance measures prepared in accordance with GAAP. The Company uses adjusted EBITDA, adjusted net income and adjusted net income per share internally as performance measures for planning purposes, including the preparation of annual operating budgets, and for compensation purposes, including incentive compensation for certain employees. These non-GAAP measures are adjusted for certain items the Company does not consider in the evaluation of its ongoing core operating performance. These adjustments are either non-recurring in nature or vary from period to period without correlation to the Company's ongoing core operating performance. See Appendix for non-GAAP reconciliations to the following GAAP measures: FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES $ Millions (except per share amounts) 2018 2019 2020 2021 2022 2023 2024 YTD Jun 2025 Operating Income $73.6 $165.0 $6.7 $104.1 $60.6 $52.8 $45.3 $13.8 Net Income (Loss) $43.7 $117.4 ($5.1) $78.1 $74.7 $19.9 $21.6 $2.8 Net Income (Loss) per Share $0.67 $1.90 ($0.08) $1.19 $1.23 $0.35 $0.41 $0.05

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Main logo and presentation color Yellow from IR Presentation Black from IR Presentation Orange from IR presentation Slide Background from IR presentation Blue from IR Presentation Grey Second Grey Black text from website White Yellow from logo SE C O N D A R Y C O LO R S R0 G0 B0 P R IM A R Y C O LO R S R224 G38 B61 R64 G64 B64 R246 G184 B37 R243 G119 B33 R243 G244 B244 TE X T R255 G255 B255 R0 G0 B0 R250 G192 B23 R255 G252 B245 R62 G188 B166 3 +3.7% 2025 YTD SYSTEM-WIDE SAME-RESTAURANT SALES\* 7 # OF STATES 11 2025 YTD NEW OPENINGS $1.8M Q2 2025 LTM SYSTEM AUV SALES 2006 YEAR FOUNDED 70% FRANCHISE MIX 16% 2025 YTD OFF-PREMISES SALES MIX 74 CAFES (2.2%) 2025 YTD DOMESTIC SYSTEM- WIDE SAME- RESTAURANT SALES\* +1.2% 2025 YTD OFF-PREMISES SYSTEM-WIDE SAME- RESTAURANT SALES\* 9 2025 YTD NEW OPENINGS $1.9M Q2 2025 LTM SYSTEM AUV SALES 1953 YEAR FOUNDED 96% FRANCHISE MIX 22% 2025 YTD OFF-PREMISES SALES MIX 1,484 RESTAURANTS \*Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. Additionally, see Appendix for reconciliation of Net Income (Loss) to Non-GAAP Financial Measures, as well as the reconciliation of Operating Income to Non-GAAP Financial Measures. Data Through Fiscal Q2 2025 Data Through Fiscal Q2 2025 DENNY'S CORPORATION AT A GLANCE

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4 Q2 2025 HIGHLIGHTS • Domestic system-wide same- restaurant sales\* of (1.3%). • Represents a 170bps sequential improvement. • Outperformed BBI Family Dining in California for the 6th consecutive quarter. • Total value incidence of ~21% during Q2. • Launched new BOGO $1 offer at the end of Q1 to drive incremental dine-in traffic. • 70% of BOGO transactions were from new/lapsed users. • Launched new 4 Slams® Under $10 promotion featuring in early June featuring more seasonal flavors. • Total off-premises sales of 21%. • Off-premises benefited same-restaurant sales\* by +1.5%. • Digital guest experience enhancements improved conversion rates by over 14%. • Company restaurants testing new virtual brand which benefited company same-restaurant sales\* by +0.5%. • Opened three new franchised restaurants. • Completed 14 remodels including five company restaurants. • Nearly 55% of company fleet has been remodeled under the new image. \*Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP.

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5 Q2 2025 HIGHLIGHTS • Alcohol program active in ~90% of the system. • Total off-premises sales of ~16% during Q2. • Launched first ever system- wide promotion in June featuring $5 kid's meals. • Opened eight new cafes. • Seven new cafes under construction and several more in permitting phase. • Strong pipeline of over 130 remaining development commitments. • Domestic system-wide same- restaurant sales\* of +4.0%. • Outperformed the BBI Family Dining sales benchmark in Florida by over 220 basis points. • Marks fourth consecutive quarter Keke's has outperformed the BBI Family Dining sales benchmark in Florida. • Remodel program lift target of 6%-8%. • New openings and company cafe remodels have resulted in over 70% of company fleet upgraded to the new image. • Nearly 20% of franchise fleet converted to the new image, \*Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP.

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DENNY'S We Love to Feed People – Body, Mind and Soul

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7 DENNY'S DOMESTIC SALES Denny's Q2 2025 Domestic Average Weekly Sales of Approximately $38,400 Sequentially Improved in both Dine-In and Off-Premises Channels 1. Domestic average weekly sales reflect sales for company and restaurants on Denny's proprietary point of sale (POS) system. $7.5 $7.2 $7.0 $7.6 $7.5 $7.5 $7.4 $8.1 $8.0 $8.2 $29.1 $30.4 $29.5 $30.0 $29.2 $30.6 $29.8 $30.8 $28.5 $30.2 $36.7 $37.6 $36.5 $37.7 $36.8 $38.1 $37.2 $38.9 $36.5 $38.4 20% 19% 19% 20% 20% 20% 20% 21% 22% 21% 0% 5% 10% 15% 20% 25% 30% $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Denny's Off-Premises Sales Denny's On-Premises Sales Denny's Total Sales Total Off-Premises as a % of Total Sales

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8 DENNY'S DOMESTIC SALES MIX Over 65% of Denny's Overall Domestic Q2 2025 Sales Were During the Breakfast and Lunch Dayparts, With Virtual Brands Over-Indexing at the Dinner and Light-Night Dayparts, As Well As Weekdays 52% 53% 53% 54% 54% 54% 48% 47% 47% 46% 46% 46% 40% 60% Dine In Off-Premise The Burger Den The Meltdown Banda Burrito Nathan's Famous® Q2 2025 Sales Mix Weekday vs. Weekend Weekday Weekend ine In Off-Pre ises (Excl. Virtual) 70% 55% 24% 38% 44% 28%30% 45% 76% 62% 56% 72% 0% 20% 40% 60% 80% Dine In Off-Premise The Burger Den The Meltdown Banda Burrito Nathan's Famous® Q2 2025 Sales Mix by Daypart Breakfast & Lunch Dinner & Late- Night i In ff-Premises (Excl. Virtual) 29% 37% 18% 16% 0% 5% 10% 15% 20% 25% 30% 35% 40% Breakfast Lunch Dinner Late Night Q2 2025 Sales Mix by Daypart

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9 DINER 2.0 REMODEL PROGRAM Results based on APT pre/post vs. control analysis. +6.4% SALES LIFT DURING TESTING +6.5% TRAFFIC LIFT DURING TESTING ~$250k AVERAGE INVESTMENT ~55% COMPANY FLEET REMODLED TO NEW IMAGE >10% FRANCHISE FLEET REMODLED TO NEW IMAGE

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10 GUEST FEEDBACK Average Google Rating 3.76 3.79 3.83 3.99 4.22 4.39 4.53 3.00 3.50 4.00 4.50 5.00 2019 2020 2021 2022 2023 2024 Q2 2025 YTD Overall Net Sentiment 27 28 20 31 41 50 58 29 30 23 28 32 40 47 31 30 28 32 23 26 32 15 20 25 30 35 40 45 50 55 60 65 2019 2020 2021 2022 2023 2024 Q2 2025 YTD Denny's BBI Family BBI Industry

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11 1 Total of 1,321 Restaurants in the U.S. with Strongest Presence in California, Texas, Florida, and Arizona 1. International Presence of 163 Restaurants in 14 Countries and U.S. Territories 1. 353 78 29 193 6 5 4 10 115 9 164 8 7 40 21 18 4 25 10 20 2 18 7 4 3 3 42 30 25 33 32 41 2 3 1 13 23 12 2 1 2 4 2 5 6 1 23 DENNY'S FOOTPRINT Denny ' s G loba l Foo tp r i n t 1 Country Number of Restaurants United States 1,321 Canada 86 Mexico 16 Puerto Rico 14 Philippines 14 Honduras 8 New Zealand 7 Guatemala 4 Costa Rica 3 El Salvador 3 United Arab Emirates 3 Guam 2 Curaçao 1 Indonesia 1 United Kingdom 1 Total System 1,484 1 Data through Fiscal June ended June 25, 2025. 5 2

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12 Well Diversified, Experienced, and Energetic Group of 202 Franchisees 1. • 31 franchisees with more than 10 restaurants each collectively comprise nearly 65% of the franchise system. • Approximately 20% of our franchisees operate multiple concepts1 providing a well-rounded perspective within the industry. Ownership o f 1 ,422 Franchise Res taurants 1 Number of Franchised Units Number of Franchisees Franchisees as % of Total Total Franchised Units Franchised Units as % of Total 1 79 39% 79 6% 2–5 65 32% 209 15% 6–10 27 13% 207 15% 11–20 17 8% 245 17% 21–35 5 3% 149 10% >35 9 5% 533 37% Total 202 100% 1,422 100% DENNY'S STRONG PARTNERSHIP WITH FRANCHISEES 1 Data through Fiscal June ended June 25, 2025.

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KEKE'S BREAKFAST CAFE We Create Fresh Starts for Everyone, Every day

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14 GUEST FEEDBACK Average Google Rating 4.45 4.54 4.78 4.85 3.00 3.50 4.00 4.50 5.00 2022 2023 2024 Q2 2025 YTD Overall Net Sentiment 56 55 72 79 28 32 40 47 32 23 26 32 15 25 35 45 55 65 75 85 2022 2023 2024 Q2 2025 YTD Keke's BBI Family BBI Industry

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15 CURRENT DESIGN NEW DESIGN NEW KEKE'S DESIGN

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16 REMODEL PROGRAM TARGETS +6%-8% TARGET SALES LIFT +30% TARGET IRR ~25%+ TARGET CASH ON CASH $150K+ TARGET CAPEX >70% COMPANY FLEET UPGRADED TO NEW IMAGE ~20% FRANCHISE FLEET UPGRADED TO NEW IMAGE

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17 KEKE'S GROWING PARTNERSHIP WITH FRANCHISEES Ownership of 52 Franchisee Restaurants1 Number of Franchised Units Number of Franchisees Franchisees as % of Total Total Franchised Units Franchised Units as % of Total 1 9 47% 9 17% 2–5 7 37% 18 35% 6–10 3 16% 25 48% Total 19 100% 52 100% Rapidly Expanding Group of 19 Franchisees1 • Three franchisees with more than five restaurants and collectively comprise approximately 48% of the franchise system. • Majority of existing franchisees are solely focused on operating Keke's franchises. • Includes two Denny's franchisees. 1 Data through Fiscal June ended June 25, 2025.

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DENNY'S CORPORATION

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20 $286.5 $240.0 $210.0 $170.0 $261.5 $255.5 $261.3 $268.6 $30.6 $16.5 $15.4 $12.7 $11.2 $10.5 $10.6 $10.0 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 2018 2019 2020 2021 2022 2023 2024 Q2 2025 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 To ta l D eb t ($ M ill io ns) Credit Facility Finance Leases Total Debt Leverage Ratio 3 SOLID BALANCE SHEET WITH FLEXIBILITY $25.0 $1.6 $42.9 $96.2 $34.2 $30.6 $64.9 $52.1 $11.2 $67.9 2018 2019 2020 2021 2022 2023 2024 Q2 2025 YTD ASR Open Market $ In Millions Disciplined Focus on Debt Leverage with Financial Flexibility to Make Brand Investments & Return Capital to Shareholders • Allocated over $713 million towards share repurchases since program began in late 20101. • Approximately $88 million remaining under existing repurchase authorization2. 4 1 Data from November 2010 through Fiscal June ended June 25, 2025. 2 Data through Fiscal June ended June 25, 2025. 3 Total debt leverage ratio was waived starting in Q2 '20 through Q1 '21. 4 Increased borrowings under the credit facility in 2022 were primarily due to the Keke's acquisition. 1 2025 Guidance $15M -$25M • Compliant with debt covenants as of the end of Q2 2025. • Long-term debt leverage target of 2.5x – 3.5x.

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21 C-R-A-V-E STRATEGIC FRAMEWORK Va l ida te & Op t imize the Bus iness Mode l to Max imize Res taurant Marg ins E l eva te Pro f i t ab le Tra f f ic Through the Gues t Exper ience & Un iquely Craveable Food C rea te Lead ing Edge So lu t ions With Technology & Innova t ion Robust New Res taurant G row th as the Franchisor o f Cho ice Assemble Bes t In Class Peop le and Teams Through Cu l tu re, Too ls & Sys tems

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![](denninvestordeckaug2025022.jpg)

22 Rise of a New Day 5% - 7% Adjusted EBITDA\* Growth CAGR Flat to Slightly Positive Same- Restaurant Sales\* 3% Net Unit Growth CAGR5% - 6% G&A Reduction Over Next 12 Months Balancing Seed & Feed with Share Repurchases 2.5x – 3.5x Debt Leverage LONG-RANGE OUTLOOK1 0% - 1% UNIT GROWTH CAGR $2.2M AUV TARGET Mid-Teens COMPANY MARGIN TARGET 25% - 30% UNIT GROWTH CAGR $2.2M AUV TARGET Upper-Teens COMPANY MARGIN TARGET 1. As presented on 10/22/24 in conjunction with Denny's Corporation Investor Day. \*Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. Additionally, see Appendix for reconciliation of Net Income (Loss) to Non-GAAP Financial Measures, as well as the reconciliation of Operating Income to Non-GAAP Financial Measures.

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APPENDIX

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24 FRANCHISED AND COMPANY RESTAURANT SALES 1 Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. 2 2021 and 2022 Denny's domestic system-wide same-restaurant sales1 are versus 2019. 1.8% 1.9% (36.7%) (3.5%) 6.7% 2.7% (1.5%) 2018 2019 2020 2021 2022 2023 2024 0.6% 2.0% (30.9%) (4.8%) 1.0% 3.6% (0.1%) 2018 2019 2020 2021 2022 2023 2024 $1.6 $1.7 $1.2 $1.6 $1.7 $1.8 $1.8 2018 2019 2020 2021 2022 2023 2024 $M s $2.3 $2.5 $1.8 $2.7 $3.0 $3.1 $3.1 2018 2019 2020 2021 2022 2023 2024 $M s FRANCHISE RESTAURANT AUVs1 DOMESTIC FRANCHISED SAME-RESTAURANT SALES1,2 COMPANY RESTAURANT AUVs1 COMPANY SAME-RESTAURANT SALES1,2

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25 (5.3%) (3.8%) (4.0%) (4.6%) (0.9%) 4.1% Q2 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 (3.4%) 0.7% (1.1%) (4.4%) (1.7%) (3.7%) Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 KEKE'S FRANCHISED AND COMPANY RESTAURANT SALES 1 Keke's 2022 restaurant AUVs are annualized based on the reported Average Unit Volumes following acquisition. 2 Same-restaurant sales include sales at company restaurants and non-consolidated franchised and licensed restaurants that were open during the comparable periods noted. Total operating revenue is limited to company restaurant sales and royalties, advertising revenue, initial and other fees and occupancy revenue from non-consolidated franchised and licensed restaurants. Accordingly, domestic franchise same-restaurant sales and domestic system-wide same-restaurant sales should be considered as a supplement to, not a substitute for, the Company's results as reported under GAAP. $1.5 $1.3 $1.8 $1.8 $1.8 $1.8 2019 2020 2021 2022 2023 2024 $M s $1.7 $1.3 $1.8 $1.7 $1.8 $1.7 2019 2020 2021 2022 2023 2024 $M s KEKE'S FRANCHISE RESTAURANTS AUVs1,2 KEKE'S FRANCHISED SAME-RESTAURANT SALES2 KEKE'S COMPANY RESTAURANTS AUVs1,2 KEKE'S COMPANY SAME-RESTAURANT SALES2

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26 BRAND PORTFOLIOS 30 30 20 20 28 28 14 (56) (36) (73) (30) (66) (57) (88) (90) (70) (50) (30) (10) 10 30 2018 2019 2020 2021 2022 2023 2024 System Openings System Closures 8 7 3 2 3 4 12 (1) (2) 0 2 4 6 8 10 12 14 2018 2019 2020 2021 2022 2023 2024 System Openings System Closures 1 Keke's 2018 – 2021 portfolio activity was prior to Denny's Corporation acquisition of the brand. 2 One Keke's opening during 2022 was prior to Denny's Corporation acquisition of the brand. 2 1 Long-Range Outlook 25%-30% Cafe Growth CAGRLong-Range Outlook 0%-1% Restaurant Growth CAGR

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27 NON-GAAP FINANCIAL MEASURES 1. Includes 53 operating weeks. \* See Appendix for reconciliation of Net Income (Loss) and Net Cash Provided by Operating Activities to Non-GAAP Financial Measures, as well as the reconciliation of Operating Income (Loss) to Non-GAAP Financial Measures 15.4% 15.8% 1.8% 16.5% 12.1% 13.4% 12.2% 2018 2019 2020 2021 2022 2023 2024 $108.4 $103.3 $37.8 $88.6 $88.5 $87.9 $81.4 2018 2019 2020 2021 2022 2023 2024 $M s $46.0 $50.0 ($2.8) $33.6 $36.3 $35.6 $28.6 $0.70 $0.81 ($0.05) $0.51 $0.60 $0.63 $0.54 2018 2019 2020 2021 2022 2023 2024 Adjusted Net Income (Loss)\* Adjusted Net Income (Loss) Per Share\* 47.6% 48.8% 47.4% 50.6% 47.3% 50.7% 51.1% 2018 2019 2020 2021 2022 2023 2024 ADJUSTED COMPANY OPERATING MARGIN %\* ADJUSTED FRANCHISE OPERATING MARGIN %\* ADJUSTED EBITDA\* ADJUSTED NET INCOME (LOSS)\* $M s ex ce pt p er s ha re d at a Long Term Outlook 5% - 7% Growth CAGR Denny's Long Term Outlook Mid-Teens Keke' s Long Term Outlook Upper Teens 1 1 1 1

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28 EXPERIENCED AND COMMITTED LEADERSHIP TEAM KELLI F. VALADE Chief Executive Officer CHRISTOPHER D. BODE President and Chief Operating Officer, Denny's Inc. DAVID P. SCHMIDT President, Keke's Inc. STEPHEN C. DUNN Executive Vice President, Chief Global Development Officer GAIL SHARPS MYERS Executive Vice President, Chief Legal & Administrative Officer MONIGO G. SAYGBAY-HALLIE Executive Vice President, Chief People Officer ROBERT P. VEROSTEK Executive Vice President, Chief Financial Officer JAY C. GILMORE Senior Vice President, Chief Accounting Officer & Corporate Controller MINH LE Senior Vice President, Chief Technology Officer

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29 $ Millions 2018 2019 20201 2021 2022 2023 2024 YTD Jun 2025 Net Income (Loss) $43.7 $117.4 ($5.1) $78.1 $74.7 $19.9 $21.6 $2.8 Provision for (Benefit from) Income Taxes 8.6 31.8 (2.0) 26.0 24.7 7.0 7.7 1.6 Goodwill Impairment Charges - - - - - 6.4 0.0 - Operating (Gains) Losses and Other Charges, Net 2.6 (91.2) 1.8 (46.1) (1.0) 2.5 2.0 5.6 Other Nonoperating Expense (Income), Net 0.6 (2.8) (4.2) (15.2) (52.6) 8.3 (1.9) (0.4) Share-Based Compensation Expense 6.0 6.7 7.9 13.6 11.4 8.9 10.7 5.8 Deferred Compensation Plan Valuation Adjustments (1.0) 2.6 1.6 2.1 (2.2) 1.9 1.7 0.2 Interest Expense, Net 20.7 18.5 18.0 15.1 13.8 17.6 18.0 9.8 Depreciation and Amortization 27.0 19.8 16.2 15.4 14.9 14.4 14.9 8.5 Non-Recurring Legal Settlement Expenses - 0.4 0.1 0.9 3.9 0.7 2.2 0.3 Pre-Opening Expenses 0.1 0.0 - - - 0.3 1.5 1.4 COVID-19 Related Expenses - - 3.5 (1.4) - - - - Leadership Transition Costs - - - - 0.3 - 0.4 0.1 Acquisition Costs - - - - 0.6 - - - Other Adjustments - - - - - - 2.6 - Adjusted EBITDA $108.4 $103.3 $37.8 $88.6 $88.5 $87.9 $81.4 $35.6 Adjusted EBITDA Margin % 17.2% 19.1% 13.1% 22.2% 19.4% 18.9% 18.0% 15.5% Net Income (Loss) $43.7 $117.4 ($5.1) $78.1 $74.7 $19.9 $21.6 $2.8 (Gains) Losses and Amort. on Interest Rate Swap Derivatives, Net - - (2.2) (12.6) (55.0) 11.0 0.8 1.1 Goodwill Impairment Charges - - - - - 6.4 0.0 - Operating (Gains) Losses and Other Charges, Net 2.6 (91.2) 1.8 (46.1) (1.0) 2.5 2.0 5.6 Non-Recurring Legal Settlement Expenses - 0.4 0.1 0.9 3.9 0.7 2.2 0.3 Pre-Opening Expenses 0.1 0.0 - - - 0.3 1.5 1.4 COVID-19 Related Expenses - - 3.5 (1.4) - - - - Leadership Transition Costs - - - - 0.3 - 0.4 0.1 Acquisition Costs - - - - 0.6 - - - Other Adjustments - - - - - - 2.6 - Tax Effect2 (0.4) 23.3 (0.8) 14.8 12.7 (5.2) (2.5) (2.3) Adjusted Net Income (Loss) $46.0 $50.0 ($2.8) $33.6 $36.3 $35.6 $28.6 $9.0 Net Income (Loss) Per Share - Diluted $0.67 $1.90 ($0.08) $1.19 $1.23 $0.35 $0.41 $0.05 Adjustments Per Share $0.03 ($1.09) $0.03 ($0.68) ($0.63) $0.28 $0.13 $0.12 Adjusted Net Income (Loss) Per Share $0.70 $0.81 ($0.05) $0.51 $0.60 $0.63 $0.54 $0.17 Diluted Weighted Average Shares Outstanding (000's) 65,562 61,833 60,812 65,573 60,879 56,196 52,614 52,294 RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP FINANCIAL MEASURES 1. Includes 53 operating weeks. 2. Tax adjustments for full year 2018, 2019, 2020, 2021, 2022, 2023, 2024, and 2025 reflect an effective tax rate of 16.4%, 25.7%, 25.6%, 25.0%, 24.9%, 25.0%, 26.3%, and 27.0%, respectively.

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30 $ Millions 2018 2019 20201 2021 2022 2023 2024 YTD June 2025 Operating Income $73.6 $165.0 $6.7 $104.1 $60.6 $52.8 $45.3 $13.8 General and Administrative Expenses 63.8 69.0 55.0 68.7 67.2 77.8 61.5 41.5 Depreciation and Amortization 27.0 19.8 16.2 15.4 14.9 14.4 14.9 8.5 Goodwill Impairment Charges - - - - - 6.4 0.0 - Operating (Gains) Losses and Other Charges, Net 2.6 (91.2) 1.8 (46.1) (1.0) 2.5 2.0 5.6 Restaurant-Level Operating Margin $167.1 $162.7 $79.7 $142.1 $141.6 $153.9 $142.4 $69.4 Restaurant-Level Operating Margin Consists Of: Company Restaurant Operating Margin (2) 63.1 48.0 3.6 28.1 20.3 27.9 22.0 9.9 Franchise Operating Margin (3) 104.0 114.7 76.1 114.0 121.3 125.9 120.3 59.4 Restaurant-Level Operating Margin $167.1 $162.7 $79.7 $142.1 $141.6 $153.9 $142.4 $69.4 Adjustments (4) 0.1 0.4 6.0 (0.3) 4.0 0.9 6.3 1.7 Adjusted Restaurant-Level Operating Margin $167.2 $163.1 $85.7 $141.8 $145.6 $154.8 $148.7 $71.0 Adjusted Restaurant-Level Operating Margin Consists Of: Adjusted Company Restaurant Operating Margin 63.2 48.4 2.1 28.9 24.2 28.9 25.7 11.6 Adjusted Franchise Operating Margin 104.0 114.7 83.6 112.9 121.4 125.9 123.0 59.4 Adjusted Restaurant-Level Operating Margin $167.2 $163.1 $85.7 $141.8 $145.6 $154.8 $148.7 $71.0 The Company believes that, in addition to GAAP measures, certain other non-GAAP financial measures are useful information to investors and analysts to assist in the evaluation of restaurant-level operating efficiency and performance of ongoing restaurant-level operations. However, non-GAAP measures should be considered as a supplement to, not a substitute for, operating income, net income, and net income per share, or other financial performance measures prepared in accordance with GAAP. The Company uses restaurant-level operating margin, company restaurant operating margin and franchise operating margin internally as performance measures for planning purposes, including the preparation of annual operating budgets, and for compensation purposes, including incentive compensation for certain employees. Restaurant-level operating margin is the total of company restaurant operating margin and franchise operating margin and excludes: (i) general and administrative expenses, which include primarily non-restaurant-level costs associated with support of company and franchised restaurants and other activities at their corporate office; (ii) depreciation and amortization expense, substantially all of which is related to company restaurant-level assets, because such expenses represent historical sunk costs which do not reflect current cash outlays for the restaurants; (iii) special items, included within operating (gains), losses and other charges, net, to provide investors with a clearer perspective of its ongoing operating performance and a more relevant comparison to prior period results. Company restaurant operating margin is defined as company restaurant sales less costs of company restaurant sales (which include product costs, company restaurant level payroll and benefits, occupancy costs, and other operating costs including utilities, repairs and maintenance, marketing and other expenses) and presents it as a percent of company restaurant sales. Adjusted company operating restaurant margin is defined as company restaurant operating margin less certain items such as non-recurring legal settlement expenses, pre-opening expenses, and other items the Company does not consider in the evaluation of its ongoing core operating performance. Franchise operating margin is defined as franchise and license revenue (which includes franchise royalties and other non-food and beverage revenue streams such as initial franchise and other fees, advertising revenue and occupancy revenue) less costs of franchise and license revenue and presents it as a percent of franchise and license revenue. Adjusted franchise operating margin is defined as franchise operating margin less certain items the Company does not consider in the evaluation of its ongoing core operating performance. Adjusted restaurant-level operating margin is the total of adjusted company restaurant operating margin and adjusted franchise operating margin and is defined as restaurant-level operating margin adjusted for certain items the Company does not consider in the evaluation of its ongoing core operating performance. These adjustments are either non-recurring in nature or vary from period to period without correlation to the Company's ongoing core operating performance. See most recent press release for a further breakdown of adjusted restaurant-level operating margin. RECONCILIATION OF OPERATING INCOME TO NON-GAAP FINANCIAL MEASURES 1. Includes 53 operating weeks. 2. Company restaurant operating margin is calculated as operating income plus general and administrative expenses; depreciation and amortization; operating (gains), losses and other charges, net; and costs of franchise and license revenue, excluding depreciation and amortization; less franchise and license revenue. 3. Franchise operating margin is calculated as operating income plus general and administrative expenses; depreciation and amortization; operating (gains), losses and other charges, net; and costs of company restaurant sales, excluding depreciation and amortization; less company restaurant sales. 4. Adjustments include non-recuring legal settlement expenses, pre-opening costs, and other adjustments the Company does not consider in the evaluation of its ongoing core operating performance. Adjustments for 2024 include a $2.6 million distribution to franchisees related to a review of advertising costs.

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