Tortilla Mexican Grill Ltd. · LSE:MEX
Tortilla Mexican Grill — FY2024 Earnings Presentation
34 slides from Tortilla Mexican Grill's earnings presentation, May 23, 2025
Slide 1: Tortilla Mexican Grill plc 2024 Full Year Presentation
Slide 2: Tortilla Mexican Grill plc 2024 Full Year Presentation
2 Tortilla Mexican Grill plc 2024 Full Year Presentation
Slide 3: Tortilla Mexican Grill plc 2024 Full Year Presentation
3 Tortilla Mexican Grill plc 2024 Full Year Presentation
Slide 4: CEO Summary
Slide 5: FY24 highlights and achievements
+ 4 UK / ME stores FY24 + 14 France stores + 4 UK / ME stores FY25 YTD Outperformed the UK restaurant market Established footprint in Europe +13 own stores Grew franchise estate New SSP agreement with with 8ppts in LFL sales (Q4 v Q1) for Pan-European expansion +14 franchisees +18 stores over 5 year
Slide 6: Strategic and Operational Review
Slide 7: Driving profitable growth
Driving profitable growth Improved purchasing Invest in food, menu Utilise digital kiosks, Leverage successful Continue to power and development and app technology and existing franchises consolidate and own automation to drive marketing to drive other tech projects relationships and the cuisine acr
Slide 8: LFL sales improved from -6% in March FY24, to +9% a year later
LFL sales improved from -6% in March FY24, to +9% a year later 12.0% Tortilla has consistently outperformed the industry 10.0% tracker for the last eight months 8.0% 6.0% 4.0% 2.0% 0.0% Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 De
Slide 9: UK restaurant margin improved – now higher than pre-Covid levels
UK restaurant margin improved – now higher than pre-Covid levels Pre-Covid average store Store EBITDA Automation EBITDA 15.2% improved with Chicken dicer installed at 2 percentage Central Production Kitchen points YoY to 16.3% Improved sales +9pts in-store LFL Q4 v Q1 driven by work on food, tech, m
Slide 10: Revitalising the quality of our menu to drive frequency and attract new customers
Revitalising the quality of our menu to drive frequency and attract new customers • Hired new Food Director and Executive • Forensically reviewed all sourced • New equipment reduced prep time • Introduced Limited-Time Offers (LTOs) via Chef, and invested in wider team ingredients to improve quality
Slide 11: Fuelling brand growth through strategic partnerships and multi-channel activations
Fuelling brand growth through strategic partnerships and multi-channel activations • Refreshed look is bolder, fresher, characterful mix of our youthful energy and Cali-Mex spirit • Consistent identity across digital and physical touchpoints for added standout • Social refresh driving results: 70% I
Slide 12: Making Tortilla an employer of choice and driving operational standards
Making Tortilla an employer of choice and driving operational standards • 25% increase in employee engagement • 13% increase in internal promotions • 35% improvement in team turnover • >50% of workforce non-British • 51% of management roles held by women • Half of our team <25 years old Increased ou
Slide 13: Making Tortilla an employer of choice and driving operational standards
Making Tortilla an employer of choice and driving operational standards • In Q4 24 we introduced a post visit guest feedback survey to gain insight into seven industry- Question YTD 2025 benchmarked questions. This is enabling us to elevate standards and service across our stores, improving the Sati
Slide 14: Driving profitable sales growth through technology
Driving profitable sales growth through technology • Key features: referral scheme, • 11 new kiosks deployed in FY24, • Advanced discussions with • Built and launched Tortilla’s first notifications, order ahead with 20+ planned for FY25 (12 YTD) Kaikaku, a hospitality robotics data warehouse and BI
Slide 15: Significantly increased pipeline, to drive future franchise growth
Significantly increased pipeline, to drive future franchise growth • Flexible site format with no kitchen extraction • SSP focused on travel hubs, achieved 5% LFL required, adaptable to various locations sales growth in FY24, opened three new • Central kitchen model ensures consistent stores, and si
Slide 16: Tortilla acquired its largest European competitor, enabling franchise expansion across Europe
Tortilla acquired its largest European competitor, enabling franchise expansion across Europe • Stabilised store teams Successfully implemented Tortilla’s store • Solid platform for expanding our operations franchise network across Europe • Leadership Hired an experienced Head Office team, currently
Slide 17: Doubled in store size over the last five years
Doubled in store size over the last five years Location YE FY23 Opened Closed Acquired YE FY24 Opened Closed May FY25 UK: own stores Tortilla 65 1 (1) 65 (1) 64 • Largely through acquisition of Chilango and UK: own stores Chilango 3 3 3 Fresh Burritos, Tortilla’s biggest competitors UK: delivery kit
Slide 18: Refreshed brand and interiors, delivering a more contemporary design at lower capex
Refreshed brand and interiors, delivering a more contemporary design at lower capex to drive ROCE Refreshed logo – confident and consistent Store design – fresh energy, cleaner experience Optimised journey for in-person and digital orders 18 Tortilla Mexican Grill plc 2024 Full Year Presentation
Slide 19: Financial Review
Slide 20: Significant progress in the UK whilst investing to grow in Europe
Significant progress in the UK whilst investing to grow in Europe 9pts £68m £4.5m £4.2m LFL in-store –2.0% yoy +10% YoY +3.5% YoY Group cash from sales improvement Adjusted Group Group revenue operations Q4 v Q1 EBITDA1 +28 New stores2 1.3x Net leverage ratio3 £5.2m -£0.7m +13% YoY Adjusted France A
Slide 21: Strong UK EBITDA progression with investment in France to drive future European growth
Strong UK EBITDA progression with investment in France to drive future European growth FY24 FY23 £m £m • Acquisition of Fresh Burritos +£3.0m Revenue 68.0 65.7 • One new own site opening in the UK Cost of sales (15.9) (14.9) • Strong franchise sales in the UK and Middle East Gross profit 52.1 50.8 •
Slide 22: In-store LFL is significantly outperforming the market
In-store LFL is significantly outperforming the market • Investment in food, technology, marketing and people has • –10.5% LFL decline following strategic decision to revise our improved our LFL performance throughout the year delivery partner strategy in February from all three aggregators • 9 perc
Slide 23: The FY22-FY23 cohort sales progression is stronger than the total estate
The FY22-FY23 cohort sales progression is stronger than the total estate +25.0% Tortilla (in-store only from Mar'24 - Feb'25), otherwise total 2022-2023 Cohort • In FY22-23 we opened 18 new sites, the majority in Linear (Tortilla (in-store only from Mar'24 - Feb'25), otherwise total) smaller/tertiar
Slide 24: Strong growth from the acquisition and new store openings
Strong growth from the acquisition and new store openings New store openings Stores Revenue [£m] 70 0.2 FY24 openings 1 0.3 1.1 FY23 openings 6 1.6 FY24 closures (2) (0.7) 69 Total +5 1.1 3.0 0.8 68.0 68 0.1 67 (2.8) +3.5% +£2.3m 66 65.7 65 FY23 FB Acquisition Net new UK store Franchise income Revis
Slide 25: Strong progress in UK EBITDA whilst we invest in France for future European growth
Strong progress in UK EBITDA whilst we invest in France for future European growth 6.5 EBITDA split H1 H2 0.8 Normal seasonality 40% 60% 6.0 FY24 seasonality 34% 66% 0.3 (0.8) 5.5 0.2 0.7 (0.6) 4.5 4.6 4.5 4.0 -2.0% (0.7) £(0.1)m 3.5 3.0 FY23 Cost savings Franchise income Change in delivery Pricing
Slide 26: Cash from operations reinvested to drive further growth in the UK and abroad
Cash from operations reinvested to drive further growth in the UK and abroad FY24 FY23 £m £m Adjusted EBITDA (pre-IFRS 16) 4.5 4.6 Exceptional items / Non-trading costs -1.4 -0.7 Working capital movements 1.1 -0.1 • Investment in product, technology and our UK Central Production Kitchen to drive LFL
Slide 27: UK FY outlook is in line with management expectations
UK FY outlook is in line France store conversion with management is about to commence expectations Further investment Our franchise partners in kiosk rollouts, food expected to open news and marketing to between two to four more continue across the year stores in FY25 Hedging strategies The Board re
Slide 28: Progress in the UK set to continue, whilst we continue to develop the brand internationally
Progress in the UK set to continue, whilst we continue to develop the brand internationally Improved purchasing Invest in food, menu Utilise digital kiosks, Leverage successful Continue to power and development and app technology and existing franchises consolidate and own automation to drive market
Slide 29: Q&A
Slide 30: Appendix
Slide 31: Tortilla at a glance
• 120 restaurants worldwide1 • Revenue growth from £27m in 2020 to £68m • Optimised supply chain • UK: 67 owned and 14 franchised sites in 2024 (5-year CAGR ~20%) • Product consistency • France: 13 owned and 14 franchised sites • Despite Covid, achieved a net profit of ~£1.4 • Fits small formats wit
Slide 32: Board and management team
Emma Woods Andy Naylor Maria Denny Brandon Stephens Non-Executive Chair Chief Executive Officer Chief Financial Officer Founder Non-executive Director Usman Ali Francesca Tiritiello Keith Down Non-executive Director Non-executive Director Non-executive Director 32 Tortilla Mexican Grill plc 2024 Ful
Slide 33: Investment highlights for UK and France
• Diversified across formats, cities and towns • 17-year operating history with consistent (81 sites) with over £60m revenue growth and strong recent improvements • Strong and growing partnerships with leading • EBITDA breakthrough brought by AUV growth, franchise operators and landlords price incre
Slide 34: Tortilla
TORTILLA BURRITOS o TACOS
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