Slide 1: Fourth Quarter Earnings Supplemental
Fourth Quarter Earnings Supplemental February 25, 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: Q4 2024 Performance
Q4 2024 PERFORMANCE REVENUE PROFITABILITY (1.7%) $184.6 million $13.8 million Q4 Operating Income Q4 Total Revenue Q4 Total revenue Decline CHANGE IN SAME RESTAURANT SALES (1) $12.4 million Q4 Net Income $45.2 million Q4 Restaurant-Level Adjusted EBITDA(2) $25.2 million Q4 Adjusted EBITDA(2) (1) Sam
Slide 4: Fiscal 2024 Performance
FISCAL 2024 PERFORMANCE REVENUE PROFITABILITY 4.5% $58.0 million $710.6 million Fiscal 2024 Fiscal 2024 Total Fiscal 2024 Total Revenue Operating Income Revenue Growth $35.1 million (1) SAME RESTAURANT SALES CHANGE Fiscal 2024 Net Income $168.1 million Fiscal 2024 Restaurant- Level Adjusted EBITDA(2
Slide 5: 2024 Development Update - 10 New Restaurants
2024 DEVELOPMENT UPDATE - 10 NEW RESTAURANTS Denton, TX Surprise, AZ Livonia, MI Mansfield, TX Richmond, TX Houston, TX Orlando, FL Grapevine, TX Katy, TX Orland Park, IL (ROTF)(1) Denton, TX Surprise, AZ (ROTF)(1) (Drive-Thru Only) (1) Indicates Restaurant of the Future, our 6,250 square foot proto
Slide 6: 2025 Development Expectations - 12 New Restaurants
2025 DEVELOPMENT EXPECTATIONS - 12 NEW RESTAURANTS 1 0-2 4-5 6-7 2025 Q1 Q2 Q3 Q4 • All expected to be in Sunbelt except 1 in Illinois • 75% expected to be in Texas (Dallas, Houston, and entering the San Antonio market) • Entering the Atlanta, Georgia market • All expected to be ROTF(1) (1) Indicate
Slide 7: Fiscal 2025 Financial Targets
FISCAL 2025 FINANCIAL TARGETS Unit Growth 12 new units Same-Restaurant Sales Flat to +2% Revenue Growth 11% to 12% Commodity Inflation 3% to 5% Labor Inflation 3% to 4% Restaurant-Level Adjusted EBITDA Margin(1) 22.5% to 23% General & Administrative Expenses $82 - $84 million Pre-Opening Expenses $1
Slide 8: Long-Term Growth Algorithm
LONG-TERM GROWTH ALGORITHM ANNUAL UNIT SAME GROWTH RESTAURANT SALES 12% to 15% Low single digits REVENUE ADJ. EBITDA GROWTH GROWTH(1) Mid teens Low teens (1) We are unable to reconcile the financial target for adjusted EBITDA growth to net income/loss, to the corresponding U.S. GAAP measure, due to
Slide 9: Strategic Pillars
eeeee teeeeeeee Soseses STRATEGIC PILLARS Portillo's [ HOT DOGS - BEEF: BURGERS “SALADS ] BEEF - BURGERS - SALADS RUN WORLD CLASS INNOVATE & AMPLIFY BUILD RESTAURANTS | tae GREAT CARE OF OPERATIONS THE PORTILLO'S Bibb Nosed ae ‘OUR TEAMS EXPERIENCE LEADING RETURNS Flex Our Multi-Channel Craveable &
Slide 10: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME ($ in millions) ($ in millions) ($ in millions) $35 $711 $55 $58 $680 $587 $25 $41 $17 2022 2023 2024 2022 2023 2024 2022 2023 2024 SAME RESTAURANT SALES (1) RESTAURANT-LEVEL ADJ. EBITDA (Margin) (2) ADJ. EBITDA (Margin) (2) ($ in millions)
Slide 11: Appendix
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Slide 12: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Fiscal Years Ended December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 REVENUES, NET $ 184,609 100.0 % $ 187,858 100.0 % $ 710,554 100.0 % $ 679,905 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging costs
Slide 13: Revenue Summary - Q4 2024
REVENUE SUMMARY - Q4 2024 Quarter Ended December December TAKEAWAYS 29, 2024 31, 2023 $ Change % Change The 12 restaurants in the fiscal 2023 row include 4 Same-restaurant sales (71 restaurants) (1) (3) $154,557 $153,957 600 0.4 % 'Class of 2022' restaurants. Same-restaurant sales comparable week sh
Slide 14: Revenue Summary - Q4 YTD 2024
REVENUE SUMMARY - Q4 YTD 2024 Fiscal Years Ended December December TAKEAWAYS 29, 2024 31, 2023 $ Change % Change The 12 restaurants in the fiscal 2023 row include 4 Same-restaurant sales (71 restaurants) (1) (3) $598,222 $601,575 (3,353) (0.6)% 'Class of 2022' restaurants. Same-restaurant sales comp
Slide 15: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Fiscal Years Ended December 29, 2024 December 31, 2023 December 29, 2024 December 31, 2023 Total Restaurants (a) 94 84 94 84 AUV (in millions) (a) N/A N/A $ 8.7 $ 9.1 Change in same-restaurant sales (b)(c) 0.4 % 4.4 % (0.6)% 5.7 % Adjusted EBITDA (in thousands)
Slide 16: 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 17: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended December 29, 2024 December 31, 2023 Net income $ 12,429 $ 9,647 Net income margin 6.7 % 5.1 % Depreciation and amortization 6,568 6,525 Interest expense 6,033 6,931 Interest income (105) (96) Loss on debt extinguishment — — Income tax expense (benefit) 1,
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Fiscal Years Ended December 29, 2024 December 31, 2023 December 25, 2022 Net income $ 35,076 $ 24,818 $ 17,157 Net income margin 4.9 % 3.7 % 2.9 % Depreciation and amortization 27,297 24,313 20,907 Interest expense 25,616 27,470 27,644 Interest income (309) (212) — Los
Slide 19: 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 20: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended December 29, 2024 December 31, 2023 Operating income $ 13,833 $ 14,467 Operating income margin 7.5 % 7.7 % General and administrative expenses 20,303 21,550 Pre-opening expenses 3,966 3,990 Depreciation and amortization 6,568 6,525 Net in
Slide 21: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Fiscal Years Ended December 29, 2024 December 31, 2023 December 25, 2022 Operating income $ 58,033 $ 55,440 $ 41,279 Operating income margin 8.2 % 8.2 % 7.0 % General and administrative expenses 75,089 78,835 66,892 Pre-opening expenses 9,236 9,019 4,7
Slide 22: Contact Information
CONTACT INFORMATION Investor Contact: investors@portillos.com Media Contact: ICR, Inc. portillosPR@icrinc.com