Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q1 2025 Earnings Presentation
19 slides from Portillo's's earnings presentation, May 6, 2025
Slide 1: First Quarter Earnings Supplemental
First Quarter Earnings Supplemental May 6, 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: Q1 revenue and profitability highlights
8 eye REVENUE PROFITABILITY $10.4 million Q1 Operating Income: 6.4% $176.4 million Q1Total Revenue. Q1 Total revenue “Growth CHANGE IN SAME RESTAURANT SALES” $4.0 million QENet-Ancome 0 $36.7 million Leste Qi Restaurant -Levct = — Adjusted EBITDA — =a Growth Q12024 22024 Q32024 042024 @Q12025 (12%)
Slide 4: Expected new restaurant openings and markets
0 1 5-6 5-6 Q2 ———_ 93 —_____ 9g —_____- fs All expected to be in sunbett except 1 in Illinois ¢ Majority expected to be in Texas (Dallas, Houston, and entering the San Antonio market) ¢ Entering the Atlanta, Georgia market * All expected to be ROTF”, except 1 pick-up only and our first in-line, wal
Slide 5: Fiscal 2025 Financial Targets
FISCAL 2025 FINANCIAL TARGETS Unit Growth 12 new units Same-Restaurant Sales 1% to 3% Revenue Growth 10% to 12% Commodity Inflation 3% to 5% Labor Inflation 3% to 4% Restaurant-Level Adjusted EBITDA Margin” 22.5% to 23% General & Administrative Expenses $80 - $82 million Pre-Opening Expenses $11 - $
Slide 6: Long-term annual targets
ANNUAL UNIT SAME GROWTH RESTAURANT SALES 12% to 15% Low single digits REVENUE ADJ. EBITDA GROWTH GROWTH” Mid teens Low teens information necessary to prepare the reconciliation is available to us without unreasonable efforts. For the same reasons, we are unable to address the probable significance o
Slide 7: World Class Operations
WORLD CLASS OPERATIONS CULTURE WINS INNOVATE & AMPLIFY = RESTAURANTS WITH THE PORTILLO'S INDUSTRY-LEADING EXPERIENCE RETURNS TAKE GREAT CARE OF OUR TEAMS Create Lifelong Memories Fast Meets Future Accuracy with a Smile, Recovery with Heart Optimize NRO Process New Market Awareness ‘Smarter Spaces, O
Slide 8: Financial Profile
FINANCIAL PROFILE (Sin millions) (Sin millions) $55 $58 $680 sm s721 a 2023 2024 LTMQ1 2025 2023 2024 ¢E URAN D (Sin millions) $165 $168 5.7% e 24.3% 23.1% 0.1% as — (0.6)% 2023 2024 LTM Q12025 2023 2024 through December 29,2024 to the 52 weeks from January 2, 2023 through December 31,2023 For fisca
Slide 9: Appendix
pi Portillo's APPENDIX
Slide 10: Income statement
NUES, NET 6 (COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging costs 346% 56.961 43% Labor 266% 43,302 261% Occupancy 57% 9,340 5.6% Other operating expenses Total restaurant operating expenses General and administrative expenses 107% 18,540 112% Pre-opening expenses 03%
Slide 11: Revenue Summary - Q1 2025
REVENUE " SUMMARY ~ a1 2025 Quarter Ended March 30, March 31, 2025 2024 $Change % Change Same-restaurant sales (74 restaurants) ” $147,080 $144,441 2,639 18 % Number ofrestaurants entering the comp base by Restaurants not yet in comparable base opened in fiscal 2024 (10 restaurants) “” 11,939 579 11
Slide 12: Quarter key metrics
Quarter Ended March 30, 2025 March 31, 2024 Total Restaurants (a) 94 85 AUV (in millions) (a) $ 87 $ 9.0 Change in same-restaurant sales (b)(c) 1.8 % (1.2)% Adjusted EBITDA (in thousands) (b) $ 21,209 = $ 21,777 Adjusted EBITDA Margin (b) 12.0 % 13.1% Restaurant-Level Adjusted EBITDA (in thousands)
Slide 13: Adjusted EBITDA and Adjusted EBITDA Margin
Portillo's Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA represents net income (loss) before depreciation and amortization, interest expense, interest income and income taxes, adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoin
Slide 14: Adjusted EBITDA reconciliation - quarter
Portillo's Quarter Ended March 30, 2025 March 31, 2024 Net income $ 3,990 $ 5,344 Net income margin 2.3% 3.2% Depreciation and amortization 7,040 6,944 Interest expense 5,749 6,530 Interest income (71) (79) Income tax expense (benefit) 1,360 (1,137) Deferred rent (1) 1,376 1,170 Equity-based compens
Slide 15: Adjusted EBITDA reconciliation - fiscal years and LTM
LT™ Fiscal Years Ended March 30, 2025 December 29, 2024 December 31, 2023 Net income margin 47% 4.9 % 3.7% Depreciation and amortization 27,393 27,297 24,313 Interest expense 24,835 25,616 27,470 Interest income (301) (212) Loss on debt extinguishment ra 3,465 Income tax expense 9,296 3,248 Deferred
Slide 16: Restaurant-Level Adjusted EBITDA and Margin
Restaurant-Level Adjusted EBITDA and Restaurant-Level Adjusted EBITDA Margin Restaurant-Level Adjusted EBITDA is defined as revenue, less restaurant operating expenses, which include food, beverage and packaging costs, labor expenses, occupancy expenses and other operating expenses. Restaurant-Level
Slide 17: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION. Quarter Ended March 30, 2025 March 31, 2024 Operating income $ 10,381 5) 10,097 Operating income margin 5.9 % 6.1% General and administrative expenses 18,903 18,540 Pre-opening expenses 508 1,423 Depreciation and amortization 7,040 6,944 Net income at
Slide 18: Restaurant-Level Adjusted EBITDA Reconciliation (LTM and fiscal years)
RESTAURANT. LEVEL ADJU Operating income margin General and administrative expenses Pre-opening expenses Depreciation and amortization Net income attributable to equity method investment Other loss (income), net Restaurant-Level Adjusted EBITDA Restaurant-Level Adjusted EBITDA Margin ED EBITDA RECONC
Slide 19: Contact Information
CONTACT INFORMATION Investor Contact: investors@portillos.com At Portillo's, we relishthe opportunity to create lifelong memories by igniting the senses with unrivaled food and experiences. Media Contact: ICR, Inc. portillosPR@icrinc.com 19