Portillo's Inc. · NASDAQ:PTLO
Portillo's — Q4 2025 Earnings Presentation
19 slides from Portillo's's earnings presentation, Feb 24, 2026
Slide 1: Fourth Quarter Earnings Supplemental
Fourth Quarter Earnings Supplemental February 24, 2026
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 2025 Performance
Q4 2025 PERFORMANCE REVENUE PROFITABILITY 0.6% $185.7 million $10.3 million Q4 Total Revenue Q4 Operating Income Q4 Total revenue Growth $6.3 million CHANGE IN SAME RESTAURANT SALES (1) Q4 Net Income $40.6 million Q4 Restaurant-Level Adjusted EBITDA(2) $24.7 million Q4 Adjusted EBITDA(2) (1) Same re
Slide 4: Q4 YTD 2025 Performance
Q4 YTD 2025 PERFORMANCE REVENUE PROFITABILITY 3.0% $43.7 million $732.1 million Q4 YTD Q4 YTD Total Q4 YTD Total Revenue Operating Income Revenue Growth $21.1 million Q4 YTD SAME RESTAURANT SALES CHANGE (1) Net Income $158.4 million Q4 YTD Restaurant-Level Adjusted EBITDA(2) $97.3 million Q4 YTD Adj
Slide 5: Fiscal 2026 Outlook
FISCAL 2026 OUTLOOK 8 new units New Units (6 in first half and 2 in second half) Commodity Inflation Mid single digit Labor Inflation 3% to 3.5% Restaurant-Level Adjusted EBITDA Margin(1) 20.5% to 21% General & Administrative Expenses $80-$82 million Adjusted EBITDA(1) Flat vs. 2025 Capital Expendit
Slide 6: 2026 Development Expectations - New Restaurants
2026 DEVELOPMENT EXPECTATIONS - 8 NEW RESTAURANTS 2026 Openings • Forth Worth, TX (Opened in January) • Humble, TX (Opened in February) • El Paso, TX (First-in-market) • North Dallas, TX • Frisco, TX • Schertz, TX (First-in-market, San Antonio) • DFW Airport (First-ever) • Chicago, IL (In-line) All
Slide 7: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME ($ in millions) ($ in millions) ($ in millions) $55 $58 $35 $711 $732 $44 $680 $25 $21 2023 2024 2025 2023 2024 2025 2023 2024 2025 SAME RESTAURANT SALES (1) RESTAURANT-LEVEL ADJ. EBITDA (Margin) (2) ADJ. EBITDA (Margin) (2) ($ in millions)
Slide 8: Appendix
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Slide 9: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Fiscal Years Ended December 28, 2025 December 29, 2024 December 28, 2025 December 29, 2024 REVENUES, NET $ 185,745 100.0 % $ 184,609 100.0 % $ 732,066 100.0 % $ 710,554 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging costs
Slide 10: Revenue Summary - Q4 2025
REVENUE SUMMARY - Q4 2025 Quarter Ended December December 28, 2025 29, 2024 $ Change % Change Same-restaurant sales (80 restaurants) (1) $160,609 $166,031 (5,422) (3.3)% Restaurants not yet in comparable base opened in fiscal 2025 (8 restaurants) (1) 7,282 — 7,282 nm Restaurants not yet in comparabl
Slide 11: Revenue Summary - Q4 YTD 2025
REVENUE SUMMARY - Q4 YTD 2025 Fiscal Years Ended December December 28, 2025 29, 2024 $ Change % Change Same-restaurant sales (80 restaurants) (1) $628,759 $631,705 (2,946) (0.5)% Restaurants not yet in comparable base opened in fiscal 2025 (8 restaurants) (1) 9,726 — 9,726 nm Restaurants not yet in
Slide 12: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Fiscal Years Ended December 28, 2025 December 29, 2024 December 28, 2025 December 29, 2024 Total Restaurants (a) 102 94 102 94 AUV (in millions) (a) N/A N/A $ 8.5 $ 8.7 Change in same-restaurant sales (b)(c) (3.3)% 0.4 % (0.5)% (0.6)% Adjusted EBITDA (in thousan
Slide 13: 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 14: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Quarter Ended December 28, 2025 December 29, 2024 Net income $ 6,277 $ 12,429 Net income margin 3.4 % 6.7 % Depreciation and amortization 7,623 6,568 Interest expense 5,669 6,033 Interest income (7) (105) Income tax (benefit) expense (795) 1,901 EBITDA 18,767 26,826 De
Slide 15: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Fiscal Years Ended December 28, 2025 December 29, 2024 December 31, 2023 Net income $ 21,091 $ 35,076 $ 24,818 Net income margin 2.9 % 4.9 % 3.7 % Depreciation and amortization 29,112 27,297 24,313 Interest expense 22,808 25,616 27,470 Interest income (275) (309) (212)
Slide 16: 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 17: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Quarter Ended December 28, 2025 December 29, 2024 Operating income $ 10,331 $ 13,833 Operating income margin 5.6 % 7.5 % General and administrative expenses 19,414 20,303 Pre-opening expenses 3,337 3,966 Depreciation and amortization 7,623 6,568 Net in
Slide 18: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION Fiscal Years Ended December 28, 2025 December 29, 2024 December 31, 2023 Operating income $ 43,676 $ 58,033 $ 55,440 Operating income margin 6.0 % 8.2 % 8.2 % General and administrative expenses 77,140 75,089 78,835 Pre-opening expenses 8,802 9,236 9,0
Slide 19: 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