Fourth Quarter Earnings Supplemental February 24, 2026 CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES • risks related to or arising from our organizational structure; • risks of food-borne illness and food safety and other health concerns about our food; • risks relating to the economy and financial markets, including in relation to trade and tax policy changes and other macroeconomic uncertainty, including inflation, fluctuating interest rates, stock market volatility, recession concerns ...

Core Insights - Portillo's Inc. reported a slight revenue increase of 0.6% in Q4 2025 compared to Q4 2024, driven by new restaurant openings, despite a decline in same-restaurant sales [6][10][14] - The company is implementing a new restaurant growth strategy and focusing on operational fundamentals and marketing tactics to improve performance in 2026 [5][23] - Fiscal 2025 saw a total revenue increase of 3.0% year-over-year, but same-restaurant sales decreased by 0.5% [10][14] Fourth Quarter 2025 Performance Highlights - Revenues reached $185.7 million, up from $184.6 million in Q4 2024, an increase of $1.1 million or 0.6% [6][10] - Same-restaurant sales decreased by 3.3%, equating to a $5.4 million decline, primarily due to a 3.3% decrease in transactions [6][10] - Operating income fell to $10.3 million, down 25.3% from $13.8 million in Q4 2024 [9][10] - Net income for the quarter was $6.3 million, a decrease of 49.5% from $12.4 million in Q4 2024 [11][10] - Restaurant-Level Adjusted EBITDA decreased by 10.3% to $40.6 million [12][10] Fiscal 2025 Performance Highlights - Total revenue for fiscal 2025 was $732.1 million, an increase of $21.5 million or 3.0% from $710.6 million in fiscal 2024 [14][10] - Same-restaurant sales decreased by 0.5%, attributed to a 2.5% decrease in transactions, partially offset by a 2.0% increase in average check [14][10] - Operating income for the year was $43.7 million, down 24.8% from $58.0 million in fiscal 2024 [17][10] - Net income for fiscal 2025 was $21.1 million, a decrease of 39.9% from $35.1 million in fiscal 2024 [18][10] - Restaurant-Level Adjusted EBITDA for the year was $158.4 million, down 5.8% from $168.1 million in fiscal 2024 [19][10] Development Highlights - In fiscal 2025, Portillo's opened eight new restaurants, bringing the total to 102 [21][10] - The new restaurant openings included a smaller prototype designed to reduce costs and improve service efficiency [21][10] - As of the filing date, the total restaurant count increased to 104 with two additional openings post-December 28, 2025 [21][10] Fiscal 2026 Outlook - The company plans to open eight new units in fiscal 2026 and anticipates mid-single-digit commodity inflation and labor inflation of 3% to 3.5% [23][10] - The target for restaurant-level adjusted EBITDA margin is set between 20.5% and 21% [23][10] - General and administrative expenses are projected to be between $80 million and $82 million [23][10]

Core Insights - Portillo's Inc. reported a revenue increase of 1.8% to $181.4 million for Q3 2025 compared to $178.3 million in Q3 2024, driven by new restaurant openings despite a decline in same-restaurant sales [4][9][10] - The company experienced a significant decrease in net income, which fell by 91.1% to $0.8 million from $8.8 million in the previous year, primarily due to increased operating expenses and impairment charges [8][9][10] - Adjusted EBITDA decreased by 23.4% to $21.4 million, reflecting challenges in maintaining profitability amid rising costs and a competitive market [10][9] Financial Performance - Total revenues for Q3 2025 were $181.4 million, up $3.2 million or 1.8% from Q3 2024 [4][9] - Same-restaurant sales decreased by 0.8%, attributed to a 2.2% drop in transactions, partially offset by a 1.4% increase in average check [4][9] - Total restaurant operating expenses rose by 6.2% to $144.7 million, driven by new restaurant openings and a 6.3% increase in commodity prices [5][9] - General and administrative expenses increased by 9.4% to $20.0 million, largely due to dead site costs [6][9] Operational Highlights - The company opened four new restaurants in Q3 2025, bringing the total to 99, with plans for three more openings in Q4 2025 [11][12] - Portillo's introduced a new in-line restaurant format, with future openings focusing on a smaller prototype designed for efficiency [12][11] - The company aims to open a total of eight new restaurants in fiscal 2025 [14] Financial Targets - Management updated fiscal 2025 targets, projecting revenues between $730 million and $733 million, with same-restaurant sales expected to decline by 1% to 1.5% [14] - Adjusted EBITDA is targeted between $90 million and $94 million, with capital expenditures estimated at $97 million to $100 million [14]

Q2 2025 Performance - Total revenue grew by 3.6% reaching $188.5 million[9, 10] - Operating income was $17.5 million[13] - Restaurant-Level Adjusted EBITDA was $44.5 million[13] - Net income reached $10.0 million[13] - Adjusted EBITDA was $30.1 million[13] Q2 YTD 2025 Performance - Total revenue grew by 4.9% reaching $364.9 million[16, 17] - Operating income was $27.9 million[17] - Adjusted EBITDA was $51.3 million[17] - Restaurant-Level Adjusted EBITDA was $81.1 million[17] - Net income reached $14.0 million[17] Fiscal 2025 Financial Targets - The company plans to open 12 new restaurants[20, 22] - Same-restaurant sales are expected to grow by 1% to 3%[22] - Revenue growth is targeted at 5% to 7%[22]

Core Insights - Portillo's Inc. reported a 6.4% increase in total revenue for Q1 2025, amounting to $176.4 million, compared to $165.8 million in Q1 2024, driven by new restaurant openings and an increase in same-restaurant sales [4][8][9] - Same-restaurant sales rose by 1.8% in Q1 2025, a recovery from a 1.2% decline in the same period last year, attributed to a 4.9% increase in average check despite a 3.1% decrease in transactions [4][8][9] - The company experienced commodity inflation of 3.4% in Q1 2025, down from 4.8% in Q1 2024, while labor costs as a percentage of revenue increased by 0.5% due to lower transactions and higher benefit expenses [5][10] Financial Performance - Operating income increased by $0.3 million to $10.4 million, reflecting a 2.8% rise compared to the previous year [12] - Net income decreased by $1.4 million to $4.0 million, a decline of 25.3%, primarily due to a $2.5 million increase in income tax expense [13] - Restaurant-Level Adjusted EBITDA rose by $0.3 million to $36.7 million, while Adjusted EBITDA decreased by $0.6 million to $21.2 million [14] Operational Developments - The company opened ten new restaurants in 2024, contributing $7.9 million to the revenue increase [8] - Portillo's is focusing on traffic-driving strategies, including the launch of the "Portillo's Perks" loyalty program and testing breakfast offerings at five locations [7][17] - The company plans to open 12 new restaurants in fiscal 2025, with a focus on markets outside Chicagoland, particularly in Texas and Atlanta [17] Financial Targets - Updated financial targets for fiscal 2025 include same-restaurant sales growth of 1% to 3% and revenue growth of 10% to 12% [18] - Long-term financial targets project annual unit growth of 12% to 15% and mid-teens revenue growth [20] Key Metrics - Total restaurants increased to 94 as of March 30, 2025, from 85 a year earlier [41] - Average Unit Volume (AUV) decreased to $8.7 million from $9.0 million [41] - Restaurant-Level Adjusted EBITDA Margin was 20.8%, down from 21.9% in the previous year [41]