Wendy’s Responds to Trian Filing, Reaffirms Project Fresh Turnaround

Dublin, Ohio, Feb. 18, 2026 — Wendy’s Responds to Activist Filing

Wendy’s Co. issues a formal response after a Schedule 13D/A filing by Trian Fund Management and affiliated parties, saying its board and management routinely review strategic priorities and opportunities to maximize shareholder value. The company states the board will carefully evaluate any proposal submitted by Trian Partners in accordance with its fiduciary duties, framing its reply around corporate governance and stewardship rather than near‑term market reactions.

Board Reaffirms Project Fresh Turnaround

Wendy’s reiterates that it is executing Project Fresh with urgency, focusing on strengthening its U.S. business while continuing to drive strong international expansion. Management presents Project Fresh as the central strategic initiative designed to improve operations, boost franchise performance and enhance customer offerings, and says the plan remains the primary path to long‑term growth.

The company signals confidence in recovery and sustained progress, pointing to an iconic brand, passionate franchisees, improved capabilities and an experienced leadership team as reasons for optimism. Wendy’s emphasizes operational steps underway under Project Fresh—menu focus, franchise support and capability upgrades—while noting the board will assess any external proposals against the company’s strategy and fiduciary obligations.

Regulatory and Forward‑Looking Cautions

Wendy’s includes standard forward‑looking statement cautions tied to the Private Securities Litigation Reform Act of 1995, warning that statements using words such as “will,” “expects” or “intends” are subject to risks and uncertainties that could cause actual results to differ materially. The release directs readers to the “Special Note Regarding Forward‑Looking Statements and Projections” and the “Risk Factors” sections in its Form 10‑K and Form 10‑Q filings for full disclosures and context.

Company Snapshot

Founded in 1969, The Wendy’s Company and its franchisees operate more than 7,000 restaurants worldwide and employ hundreds of thousands of people, promoting a “Fresh Famous Food, Made Right, For You” positioning. The company highlights menu staples including made‑to‑order square hamburgers, the Spicy Chicken Sandwich, nuggets and the Baconator as part of its customer value proposition.