Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q2 2025 Earnings Presentation
21 slides from Portillo's's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter Earnings Supplemental
Second Quarter Earnings Supplemental August 5, 2025
Slide 2: Cautionary Note on Forward-Looking Statements & Non-GAAP Measures
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS & NON-GAAP MEASURES This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). All statements other than statements of historical fact are forward-looking statements. Forwa
Slide 3: Q2 2025 Performance
Q2 2025 PERFORMANCE REVENUE PROFITABILITY 3.6% $188.5 million $17.5 million Q2 Total Revenue Q2 Operating Income Q2 Total revenue Growth $10.0 million (1) CHANGE IN SAME RESTAURANT SALES Q2 Net Income $44.5 million Q2 Restaurant-Level Adjusted EBITDA(2) $30.1 million Q2 Adjusted EBITDA(2) (1) Same r
Slide 4: Q2 YTD 2025 Performance
Q2 YTD 2025 PERFORMANCE REVENUE PROFITABILITY 4.9% $27.9 million $364.9 million Q2 YTD Q2 YTD Total Q2 YTD Total Revenue Operating Income Revenue Growth $14.0 million Q2 YTD SAME RESTAURANT SALES CHANGE (1) Net Income $81.1 million Q2 YTD Restaurant-Level Adjusted EBITDA(2) $51.3 million Q2 YTD Adju
Slide 5: 2025 Development Expectations - New Restaurants
2025 DEVELOPMENT EXPECTATIONS - 12 NEW RESTAURANTS 4-6 6-8 2025 Q1 Q2 Q3 Q4 • Opened restaurant in Tomball, TX subsequent to Q2 • All expected to be in Sunbelt except 1 in Illinois • Majority expected to be in Texas (Dallas and Houston markets) • Entering the Atlanta, Georgia market • Our first in-l
Slide 6: Fiscal 2025 Financial Targets
FISCAL 2025 FINANCIAL TARGETS Unit Growth 12 new units Same-Restaurant Sales 1% to 3% Revenue Growth 5% to 7% Commodity Inflation 3% to 5% Labor Inflation 3% to 4% Restaurant-Level Adjusted EBITDA Margin(1) 22.5% to 23% General & Administrative Expenses $78 - $80 million Pre-Opening Expenses $11 - $
Slide 7: Long-Term Growth Algorithm
LONG-TERM GROWTH ALGORITHM ANNUAL UNIT SAME GROWTH RESTAURANT SALES 12% to 15% Low single digits REVENUE ADJ. EBITDA GROWTH GROWTH(1) Mid teens Low teens (1) We are unable to reconcile the financial target for adjusted EBITDA growth to net income/loss, to the corresponding U.S. GAAP measure, due to
Slide 8: Strategic Pillars
CULTURE WINS 4EREEEEEE RUN INNOVATE & AMPLIFY RESTAURANTS WITH WORLD CLASS THE PORTILLO'S INDUSTRY-LEADING GREAT CARE OPERATIONS EXPERIENCE RETURNS OF OUR TEAMS Create Lifelong Memories New Market Awareness Smarter Spaces, Meaningful Work Optimized Investments. Environment Fast Meets Future Loyalty-
Slide 9: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME ($ in millions) ($ in millions) ($ in millions) $55 $58 $58 $35 $35 $680 $711 $728 $25 2023 2024 LTM Q2 2025 2023 2024 LTM Q2 2025 2023 2024 LTM Q2 2025 SAME RESTAURANT SALES (1) RESTAURANT-LEVEL ADJ. EBITDA (Margin) (2) ADJ. EBITDA (Margin
Slide 10: Appendix
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Slide 11: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Two Quarters Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 REVENUES, NET $ 188,456 100.0 % $ 181,862 100.0 % $ 364,893 100.0 % $ 347,693 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging costs 63,750 33.8 % 61
Slide 12: Revenue Summary - Q2 2025
REVENUE SUMMARY - Q2 2025 Quarter Ended June 29, June 30, 2025 2024 $ Change % Change Same-restaurant sales (75 restaurants) (1) $163,627 $162,559 1,068 0.7 % Number of restaurants entering the comp base by Restaurants not yet in comparable base opened in fiscal 2024 (10 restaurants) (1) 10,486 2,83
Slide 13: Revenue Summary - Q2 YTD 2025
REVENUE SUMMARY - Q2 YTD 2025 Two Quarters Ended June 29, June 30, 2025 2024 $ Change % Change Number of restaurants Same-restaurant sales (75 restaurants) (1) $310,707 $306,999 3,708 1.2 % entering the comp base by quarter in 2025: Restaurants not yet in comparable base opened in fiscal 2024 (10 re
Slide 14: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Two Quarters Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Total Restaurants (a) 94 86 94 86 AUV (in millions) (a) N/A N/A $ 8.7 $ 9.0 Change in same-restaurant sales (b)(c) 0.7 % (0.6)% 1.2 % (0.9)% Adjusted EBITDA (in thousands) (b) $ 30,064 $
Slide 15: Adjusted EBITDA Definitions
ADJUSTED EBITDA DEFINITIONS Adjusted EBITDA and Adjusted EBITDA Margin How These Measures Are Useful Adjusted EBITDA represents net income (loss) before depreciation and We believe that Adjusted EBITDA and Adjusted EBITDA Margin are important amortization, interest expense, interest income and incom
Slide 16: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended Two Quarters Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Net income $ 10,043 $ 8,530 $ 14,033 $ 13,874 Net income margin 5.3 % 4.7 % 3.8 % 4.0 % Depreciation and amortization 7,137 7,106 14,177 14,050 Interest expense 5,726 6,603 11,475
Slide 17: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended June 29, 2025 December 29, 2024 December 31, 2023 Net income $ 35,235 $ 35,076 $ 24,818 Net income margin 4.8 % 4.9 % 3.7 % Depreciation and amortization 27,424 27,297 24,313 Interest expense 23,958 25,616 27,470 Interest income (305) (309) (212)
Slide 18: Restaurant-Level Adjusted EBITDA Definitions
RESTAURANT-LEVEL ADJUSTED EBITDA DEFINITIONS Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted Limitations of the Usefulness of This Measure EBITDA Margin Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted EBITDA Margin Restaurant-Level Adjusted EBITDA is defined as revenue,
Slide 19: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended Two Quarters Ended June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 Operating income $ 17,531 $ 18,115 $ 27,912 $ 28,212 Operating income margin 9.3 % 10.0 % 7.6 % 8.1 % General and administrative expenses 18,798 17,941 37,701 36,4
Slide 20: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended June 29, 2025 December 29, 2024 December 31, 2023 Operating income $ 57,733 $ 58,033 $ 55,440 Operating income margin 7.9 % 8.2 % 8.2 % General and administrative expenses 76,309 75,089 78,835 Pre-opening expenses 7,918 9,236 9,0
Slide 21: Contact Information
CONTACT INFORMATION Investor Contact: Chris Brandon, Vice President of Investor Relations 312.931.5578 cbrandon@portillos.com Media Contact: Sara Wirth, Director of Communications & PR press@portillos.com