Portillo's Inc. · NASDAQ:PTLO

Portillo's — Investor Presentation (November 2022)

113 slides from Portillo's's investor presentation, Nov 8, 2022

1. Slide 1: 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

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   © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 522

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7. Slide 7: 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 722 3 4 1 4 1 4 2 45 7 (Nasdaq: PTLO)

8. Slide 8: 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 822 • • • • • • • • • • • •

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   © 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: reserved | Do not share or 1022 ✓ ✓ ✓ ✓

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 1022 ✓ ✓ ✓ ✓

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 1122

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 1222

13. Slide 13: reserved | Do not share or 1322 Italian Beef Sides/Fries Hot Dogs/Sausages Burgers Beverages/Beer

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 1322 Italian Beef Sides/Fries Hot Dogs/Sausages Burgers Beverages/Beer Salad Pasta/Ribs/Chicken Other Sandwiches Desserts/Other

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    © 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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17. Slide 17: reserved | Do not share or 1722 • • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 1722 • • • • • • • • • • •

18. Slide 18: reserved | Do not share or 1822 • • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 1822 • • • • • • • • • • • • • • • • • • •

19. Slide 19: reserved | Do not share or 1922 • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 1922 • • • • • •

20. Slide 20: reserved | Do not share or 2022 Source: Internal data, public company filings Note:

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2022 Source: Internal data, public company filings Note: Noodles & Co includes company owned restaurants; Potbelly figures approximate from text disclosures; S

21. Slide 21: reserved | Do not share or 2122 Source: Internal data, public company filings Note:

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2122 Source: Internal data, public company filings Note: Noodles & Co includes company owned restaurants; Potbelly figures approximate from text disclosures; S

22. Slide 22: reserved | Do not share or 2222

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2222

23. Slide 23: reserved | Do not share or 2322 50% 50% 62% 75% 100%

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2322 50% 50% 62% 75% 100%

24. Slide 24: reserved | Do not share or 2422 • • • • • • •

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25. Slide 25: reserved | Do not share or 2522

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2522

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2622

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2722

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 2822

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3022

31. Slide 31: reserved | Do not share or 3122 ✓ ✓ ✓ ✓ ✓

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3122 ✓ ✓ ✓ ✓ ✓

32. Slide 32: reserved | Do not share or 3222

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3222

33. Slide 33: reserved | Do not share or 3322 • • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3322 • • • • • • • • • • •

34. Slide 34: reserved | Do not share or 3422

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3422

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3522

36. Slide 36: reserved | Do not share or 3622

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3622

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3722

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3822

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 3922 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4022

41. Slide 41: reserved | Do not share or 4122

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4122

42. Slide 42: reserved | Do not share or 4222

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4222

43. Slide 43: reserved | Do not share or 4322 Note: Restaurant count as of December 31

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4322 Note: Restaurant count as of December 31 of each year except for 2022. 2022 restaurant count as of September 25, 2022. Includes C&O of which Portillo's ow

44. Slide 44: reserved | Do not share or 4422 Note: Restaurant count as of September 25,

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4422 3 4 1 4 1 4 2 39 6 7 Note: Restaurant count as of September 25, 2022. (1) Based on study commissioned by Portillo’s by Forum Analytics in 2020. White spac

45. Slide 45: reserved | Do not share or 4522

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4522

46. Slide 46: reserved | Do not share or 4622 • • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4622 • • • • • • • • • • • • ✓ ✓ ✓

47. Slide 47: reserved | Do not share or 4722 • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4722 • • • • •

48. Slide 48: reserved | Do not share or 4822 • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4822 • • •

49. Slide 49: Case Study: Arizona Development

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 4922 2 1 3 4 CASE STUDY: ARIZONA DEVELOPMENT

50. Slide 50: reserved | Do not share or 5022 ✓ ✓ ✓ ✓ ✓ ✓

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5022 ✓ ✓ ✓ ✓ ✓ ✓

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5122

52. Slide 52: reserved | Do not share or 5222 • • • • • THEN NOW

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5222 • • • • • THEN NOW NOW THEN THEN NOW

53. Slide 53: reserved | Do not share or 5322 • • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5322 • • • • • • • • •

54. Slide 54: reserved | Do not share or 5422 • • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5422 • • • • • • • •

55. Slide 55: reserved | Do not share or 5522

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5522

56. Slide 56: reserved | Do not share or 5621

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5621

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5721

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5822

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 5922

60. Slide 60: reserved | Do not share or 6022 • • • • ✓ ✓ ✓

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6022 • • • • ✓ ✓ ✓ ✓

61. Slide 61: reserved | Do not share or 6122

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6122

62. Slide 62: reserved | Do not share or 6222 • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6222 • • •

63. Slide 63: reserved | Do not share or 6322

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6322

64. Slide 64: reserved | Do not share or 6422 • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6422 • • •

65. Slide 65: reserved | Do not share or 6522

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6522

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6622

67. Slide 67: reserved | Do not share or 6722 ✓ ✓ ✓ ✓ ✓ ✓

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6722 ✓ ✓ ✓ ✓ ✓ ✓

68. Slide 68: reserved | Do not share or 6822

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6822

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 6921

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7022

71. Slide 71: reserved | Do not share or 7122 ~795K “ ” ~100k ~25k My hubby

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7122 ~795K “ ” ~100k ~25k 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

72. Slide 72: reserved | Do not share or 7222

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7222

73. Slide 73: The Beef Bus in Action

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7322 THE BEEF BUS IN ACTION [Video Placeholder]

74. Slide 74: reserved | Do not share or 7422 • • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7422 • • • • • • • • • • • •

75. Slide 75: reserved | Do not share or 7522 Brian BaumgartnerLance BassErin Andrews

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7522 Brian BaumgartnerLance BassErin Andrews

76. Slide 76: reserved | Do not share or 7622

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7622

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7722

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7822

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 7921

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 8022

81. Slide 81: Purpose and Values-Driven, People-Centric Culture

    PURPOSE AND VALUES-DRIVEN Portillo's PEOPLE-CENTRIC CULTURE SHSSHHSHHSHHHHHHHEHHH SHH HEHHSSE SHES HHHE SHE HHHSSE SESH HESSE SHES HESS SES EOE OS At Portillo's, we relish the opportunity to create lifelong memories by igniting the senses with unrivaled food & experiences. OUR VALUES BUILD DEVELOP R

82. Slide 82: reserved | Do not share or 8222 • • • • • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 8222 • • • • • • • • • •

83. Slide 83: reserved | Do not share or 8322 • • •

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 8322 • • •

84. Slide 84: reserved | Do not share or 8422

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 8422

85. Slide 85: • • • • • • • • • © 2022 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: reserved | Do not share or 8622

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 8622

87. Slide 87: reserved | Do not share or 8722

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 8722

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 8822

89. Slide 89: 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 89 • • • • • • 22

90. Slide 90: reserved | Do not share or 9022

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9022

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9122

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    v

93. Slide 93: reserved | Do not share or 9322

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9322

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9422

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9522

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    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9622

97. Slide 97: reserved | Do not share or 9722 16.6% 19.3% 18.4% 15.7% 0.00% 5.00% 10.00%

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9722 16.6% 19.3% 18.4% 15.7% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00% 50.00% $0 $20 $40 $60 $80 $100 $120 NET INCOME (LOSS) *Include

98. Slide 98: reserved | Do not share or 9822 24% 22% 25% 23% 18% 0% 0%

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9822 24% 22% 25% 23% 18% 0% 10% 20% 30% 40% 50% 60% 70% $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 0% 10% 20% 30% 40% 50% 60% 70% $8.0 $8.5 $9.0 $9.5 $

99. Slide 99: reserved | Do not share or 9922 Note: Per person average per The NPD

    © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 9922 Note: Per person average per The NPD Group as of TTM ended June 2022. (1) Includes all restaurants Q3 2022 vs Q3 2019

100. Slide 100: reserved | Do not share or 10022 Note: Peers include: Shake Shack, Chipotle, Chick-fil-A,

     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10022 Note: Peers include: Shake Shack, Chipotle, Chick-fil-A, Panera, Five Guys, McDonald’s. Menu price increases estimated from a non-exhaustive but uniform

101. Slide 101: reserved | Do not share or 10122 • New restaurants are immediately cash flow

     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10122 • New restaurants are immediately cash flow positive • High percentage of operating cash flow reinvested to build new restaurants • Restaurant maintenanc

102. Slide 102: reserved | Do not share or 10222 • • • • • • •

     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10222 • • • • • • •

103. Slide 103: reserved | Do not share or 10322

     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10322

104. Slide 104: Real Estate Strategy: Focus on Great Real Estate

     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10422 Real Estate Strategy: Focus on great real estate ✓ Building in growth markets Building local scale Driving supply chain efficiency

105. Slide 105: Arizona Restaurants

     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10522 ARIZONA RESTAURANTS

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     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10722

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     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10822

109. Slide 109: Q&A

     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 10922 Q&A

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     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 11022

111. Slide 111: reserved | Do not share or 11122 (1) Represents the difference between cash rent

     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 11122 (1) Represents the difference between cash rent payments and the recognition of straight-line rent expense recognized over the lease term. (2) Represents

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     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 11222

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     © 2019 Portillo’s Hot Dogs | All rights reserved | Do not share or duplicate confidential content, in whole or part, without written consent 11322

Portillo's — Investor Presentation (November 2022) on 6ix