Portillo's Inc. · NASDAQ:PTLO

Portillo's — Investor Day (2022)

113 slides from Portillo's's investor day presentation, 2022

1. Slide 1: © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or

   © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 1

2. Slide 2: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

   © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2

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   © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3

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   © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4

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   © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5

6. Slide 6: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

   © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6

7. Slide 7: Portillo's (Nasdaq: PTLO)

   (Nasdaq: PTLO) 3 4 1 1 45 7 2 4 4 © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7

8. Slide 8: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

   • • • • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 8

9. Slide 9: © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or

   © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9

10. Slide 10: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    ✓ ✓ ✓ ✓ © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 11

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 12

13. Slide 13: Menu mix

    Italian Beef Sides/Fries Hot Dogs/Sausages Burgers Beverages/Beer Salad Pasta/Ribs/Chicken Other Sandwiches Desserts/Other © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 13

14. Slide 14: © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 14

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 15

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 16

17. Slide 17: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 17

18. Slide 18: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • • • • • • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 18

19. Slide 19: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 19

20. Slide 20: Source: Internal data, public company filings Note: Noodles & Co includes company owned restaurants;

    Source: Internal data, public company filings Note: Noodles & Co includes company owned restaurants; Potbelly figures approximate from text disclosures; Shake Shack figures reflect domestic-company operated units; Chipotle figures adjusted to remove delivery premiums © 2022 2019 Portillo’s Hot Dogs

21. Slide 21: Source: Internal data, public company filings. AUV and Restaurant Level EBITDA presented for restaurants

    Source: Internal data, public company filings. AUV and Restaurant Level EBITDA presented for restaurants open for at least 24 months as of June 26, 2022. Note: Noodles & Co includes company owned restaurants; Potbelly figures approximate from text disclosures; Shake Shack figures reflect domestic-co

22. Slide 22: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 22

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    100% 75% 62% 50% 50% © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 23

24. Slide 24: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 24

25. Slide 25: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

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26. Slide 26: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 26

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 27

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 28

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30. Slide 30: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 30

31. Slide 31: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    ✓ ✓ ✓ ✓ ✓ © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 31

32. Slide 32: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 32

33. Slide 33: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 33

34. Slide 34: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 34

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 35

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 36

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 37

38. Slide 38: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 38

39. Slide 39: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 39

40. Slide 40: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 40

41. Slide 41: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 41

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 42

43. Slide 43: Restaurant count growth

    Note: Restaurant count as of December 31 of each year except for 2022. 2022 restaurant count as of September 25, 2022. © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent Includes C&O of which Portillo's ow

44. Slide 44: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    3 4 1 1 39 7 6 2 4 4 Note: Restaurant count as of September 25, 2022. (1) Based on study commissioned by Portillo’s by Forum Analytics in 2020. White space potential based on U.S. population as of 2020 and not based on any specific timeframe. Our total potential restaurant count is hypothetical, inh

45. Slide 45: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 45

46. Slide 46: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    ✓ ✓ ✓ • • • • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 46

47. Slide 47: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 47

48. Slide 48: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 48

49. Slide 49: Case Study: Arizona Development

    CASE STUDY: ARIZONA DEVELOPMENT 4 1 3 2 © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 49

50. Slide 50: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    ✓ ✓ ✓ ✓ ✓ ✓ © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 50

51. Slide 51: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 51

52. Slide 52: Then and now

    THEN THEN THEN • • • • • NOW NOW NOW © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 52

53. Slide 53: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 53

54. Slide 54: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 54

55. Slide 55: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 55

56. Slide 56: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2021 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 56

57. Slide 57: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2021 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 57

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 58

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 59

60. Slide 60: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    ✓• ✓• ✓• ✓• © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 60

61. Slide 61: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 61

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    • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 62

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 63

64. Slide 64: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 64

65. Slide 65: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 65

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 66

67. Slide 67: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    ✓ ✓ ✓ ✓ ✓ ✓ © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 67

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 68

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    © 2021 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 69

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 70

71. Slide 71: Social media reach and Beef Bus

    ~795K “ ” ~100k My hubby is waiting for the Portillo’s food truck to show up so he can have the first Portillos in Texas!” - @Bluelily17 The best hot dog and beef sandwich on the planet! Glad I got to eat at Portillo’s bus! Seriously the best hot dog in the world! - @PutterRenee ~25k © 2022 2019 Por

72. Slide 72: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 72

73. Slide 73: The Beef Bus in Action

    THE BEEF BUS IN ACTION [Video Placeholder] © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 73

74. Slide 74: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 74

75. Slide 75: Celebrity fans

    Erin Andrews Lance Bass Brian Baumgartner © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 75

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 76

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 77

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 78

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    © 2021 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 79

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 80

81. Slide 81: Purpose and values-driven, people-centric culture

    PURPOSE AND VALUES-DRIVEN Portillo's PEOPLE-CENTRIC CULTURE SPHH HHH HHH HH HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH SHS At Portillo's, we relish the opportunity to create lifelong memories by igniting the senses with unrivaled food & experiences. OUR VALUES OUR LEADERSHIP TRAITS 000 FAMILY

82. Slide 82: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 82

83. Slide 83: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 83

84. Slide 84: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 84

85. Slide 85: © 2022 Portillo’s Hot Dogs | All rights reserved | Do not share or

    • • • • • • • • • © 2022 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent

86. Slide 86: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 86

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 87

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 88

89. Slide 89: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 89

90. Slide 90: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 90

91. Slide 91: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 91

92. Slide 92: v

    v

93. Slide 93: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 93

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 94

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 95

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    © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 96

97. Slide 97: Net Income (Loss)

    NET INCOME (LOSS) *Includes $36.1 million (pre-tax) of additional IPO transaction-related fees and expenses *$38.7 million (pre-tax) of additional transaction-related fees and expenses YTD 2021 *$38.7 million (pre-tax) of additional transaction-related fees and expenses YTD 2021 $40.5 million (pre-t

98. Slide 98: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

    $10.5 70% $10.0 70% $9.0 60% 60% $10.0 $8.0 50% 50% $7.0 $9.5 40% 40% $6.0 30% $5.0 24% 22% 25% 23% 30% 18% $9.0 $4.0 20% 20% $3.0 $8.5 10% 10% $2.0 $8.0 0% $1.0 0% © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without writt

99. Slide 99: (1) Includes all restaurants Q3 2022 vs Q3 2019 Note: Per person average per

    (1) Includes all restaurants Q3 2022 vs Q3 2019 Note: Per person average per The NPD Group as of TTM ended June 2022. © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 99

100. Slide 100: Menu price increases versus peers

     (1) Note: Peers include: Shake Shack, Chipotle, Chick-fil-A, Panera, Five Guys, McDonald’s. Menu price increases estimated from a non-exhaustive but uniform basket of goods across geographies. Price increases calculated based on prices at ending week of each quarter. Peer average is a straight avera

101. Slide 101: Cash flow and capital allocation

     • New restaurants are immediately cash flow positive • High percentage of operating cash flow reinvested to build new restaurants • Restaurant maintenance capex is 10-15% of total capex on average • Over the long run, excess FCF could be used for shareholder returns © 2022 2019 Portillo’s Hot Dogs |

102. Slide 102: 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate

     • • • • • • • © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 102

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     © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 103

104. Slide 104: Real Estate Strategy

     Real Estate Strategy: Focus on great real estate ✓ Building in growth markets Building local scale Driving supply chain efficiency © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 104

105. Slide 105: Arizona Restaurants

     ARIZONA RESTAURANTS © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 105

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     © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 106

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     © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 107

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     © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 108

109. Slide 109: Q&A

     Q&A © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 109

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     © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 110

111. Slide 111: (1) Represents the difference between cash rent payments and the recognition of straight-line rent

     (1) Represents the difference between cash rent payments and the recognition of straight-line rent expense recognized over the lease term. (2) Represents an option holder payment in connection with the IPO and consulting fees related to our former owner. (3) Represents loss on disposal of property a

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     © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 112

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     © 2022 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 113

Portillo's — Investor Day (2022) on 6ix