Tortilla Mexican Grill Ltd. · LSE:MEX
Tortilla Mexican Grill — H1 2025 Earnings Presentation
37 slides from Tortilla Mexican Grill's earnings presentation, September 2025
Slide 1: Tortilla Mexican Grill plc 2025 Half Year Presentation
Tortilla Mexican Grill plc 2025 Half Year Presentation September 2025
Slide 2: Presenting Team
PRESENTING TEAM Andy Naylor Josie Whelan Chief Executive Officer Inte rim Chie f Fina ncia l Office r 2 Tortilla Mexican Grill plc 2025 Half Year Presentation September 2025
Slide 3: Agenda
Agenda CEO S umma ry S tra te gic a nd Ope ra tiona l Re vie w Fina ncia l Re vie w Q&A 3 Tortilla Mexican Grill plc 2025 Half Year Presentation September 2025
Slide 4: CEO Summary
CEO Summary
Slide 5: 6 Months of significant progress
6 Months of significant progress Outperformed the UK restaurant market France conversions underway Grew franchise estate, UK and ME sales now over by 8.0% in H1 LFL sales Six to be completed by early October £20m p.a. New Growth Kitchen pilot signed Improved staff retention and engagement Enhanced c
Slide 6: Strategic and Operational Review
Strategic and Operational Re vie w
Slide 7: Vital 5 Strategic Pillars
VITAL 5 STRATEGIC PILLARS Driving profitable growth Improve UK Invest in brand Invest in team Double down Develop brand profitability to drive growth and technology on franchise internationally Improved purchasing Invest in food, menu Utilise digital kiosks, Leverage successful Continue to power and
Slide 8: Improve UK Profitability
IMPROVE UK PROFITABILITY Continued LFL sales strength since launch of Vital 5 Strategy LFL sales vs market1 12.0% Tortilla has consistently outperformed the industry tracker for the last eleven months 10.0% 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-2
Slide 9: Improve UK Profitability
IMPROVE UK PROFITABILITY UK profitability up 33% YoY in H1 FY25, on track to deliver record margins despite inflationary pressures FY25 Forecast: Record Restaurant Margin of 18% 19% Pre-Covid average store EBITDA Forecasting 15.2% Store EBITDA to Vital 5 18% improve The Vital 5 initiatives, launched
Slide 10: UK Delivering Strong Returns and Margin Growth
IMPROVE UK PROFITABILITY UK Delivering Strong Returns and Margin Growth Disciplined Investment Underpinning Record UK Profitability CORPORATE Margin Post maintenance Capex (£M) 7.2% 10.0% 5.0 4.5 Forecasting +148% YoY, nearly 3x FY19 FY25 Forecast 4.0 FY19 Adjusted Adjusted EBITDA EBITDA 3.5 3.0 £12
Slide 11: Invest in Brand to Drive Growth
INVEST IN BRAND TO DRIVE GROWTH Revitalising the quality of our menu to drive frequency and attract new customers core menu upgrades seasonal menu rollouts New product innovation Limited time offers Continuing to improve quality New Summer Salad volumes New Protein Pots drove £100k in Continuing str
Slide 12: Invest in Brand to Drive Growth
INVEST IN BRAND TO DRIVE GROWTH Energising our brand with a food-first creative strategy that builds consistency and credibility Food as the hero Clear, bold imagery showcasing real food, real flavour, real fuel. focused Messaging Pillars Simple, powerful copy that reinforces freshness, quality, and
Slide 13: Invest in Brand to Drive Growth
INVEST IN BRAND TO DRIVE GROWTH Building community and driving growth by meeting the customers where they are strategic partnerships Collaborations with gyms to launch protein pots and salads, expanding reach into new customer moments. SPOTLIGHT: JAB x Tortilla 6.5m organic reach Customer-centric ex
Slide 14: Invest in Brand to Drive Growth
INVEST IN BRAND TO DRIVE GROWTH A bold new identity, now being embedded across every touchpoint to deliver a unified customer experience Store Digital Packaging uniform 14 Tortilla Mexican Grill plc 2025 Half Year Presentation September 2025
Slide 15: Invest in Team and Technology
INVEST IN TEAM AND Technology Making Tortilla an employer of choice and driving operational standards Onboarding & Retention HIGHLIGHTS OF 2025 so far... • New manager retention up 51% → 58% (+7 pts) YTD. • 45 Managers/Team Members trained at “Centres of Excellence” delivering consistent new manager
Slide 16: Invest in Team and Technology
INVEST IN TEAM AND TECHNOLOGY Making Tortilla an employer of choice and driving operational standards Guest feedback - 2025 focus CORE QUESTIONS ytd In Q2 2025, we began sharing detailed insights into guest feedback across the business. One Question YTD 2025 vs May 25 key theme identified was the op
Slide 17: Invest in Team and Technology
INVEST IN TEAM AND Technology Driving profitable sales growth through technology Ongoing Rollout of Burrito Society – Loyalty App Evolving robotics Partnership Evolving BI and Data Warehouse self-ordering kiosks • A year of Burrito Society has • Discussions have continued to • In FY 25 we have conti
Slide 18: Double Down on Franchise
DOUBLE DOWN ON FRANCHISE Significantly increased pipeline, to drive future franchise growth with sales now over £20m p.a. Tortilla has AN EFFECTIVE operating model Further strengthened the relationship with for franchising existing high-calibre franchise partners • Flexible site format with no kitch
Slide 19: Develop Brand Internationally
DEVELOP BRAND INTERNATIONALLY Tortilla acquired its largest European competitor, enabling franchise expansion across Europe Acquired Fresh Burritos for €3.9m in July FY24, Springboard for future 13 own stores and 11 franchise stores European growth • Stabilised store teams Successfully implemented T
Slide 20: Develop Brand Internationally
DEVELOP BRAND INTERNATIONALLY Refreshed brand and interiors, delivering a more contemporary design at lower capex to drive ROCE Five stores now open with Two flagships due to open in Q4, unlocking high-traffic locations and driving brand visibility 20 Tortilla Mexican Grill plc 2025 Half Year Presen
Slide 21: Growth Through New Store Openings and Acquisitions
GROWTH THROUGH NEW STORE OPENINGS AND ACQUISITIONS Doubled in store size over the last five years Location H1’24 Opened Closed Acquired YE FY24 Opened Closed Sep’25 Doubled in store size over FIVE years UK: own stores Tortilla 66 (1) 65 (1) 64 • Largely through acquisition of Chilango and UK: own st
Slide 22: Financial Review
Financial Review
Slide 23: H1 Financial Highlights
H1 FINANCIAL HIGHLIGHTS Significant progress in the UK whilst investing to grow in Europe +5.0% £36m £1.2m –33% YoY +14.3% YoY UK LFL sales growth Adjusted Group Group revenue EBITDA1 £50m 2.5x Net leverage ratio3 £2.4m -£1.2m System Sales +33% YoY Adjusted France Adjusted UK across 116 0.7 x H1 FY2
Slide 24: Income Statement
INCOME STATEMENT UK EBITDA strong with continued investment in France to drive future European growth HY25 HY24 Revenue growth of £4.5m YoY +14.3% £m £m • Two franchise sites opening in the UK; and net two in the Middle East Revenue 36.0 31.5 • Strong franchise sales in the UK and Middle East Cost o
Slide 25: UK Like-for-Like Sales
UK LIKE-FOR-LIKE SALES LFLs are significantly outperforming the market Strong progress in improving Dual partnership delivery strategy in-store LFL1 sales • Robust delivery growth in FY25 after consolidating our delivery operations from all three aggregators to a dual partnership in • Investment in
Slide 26: Regional Sites Building Strong LFL Growth
Regional Sites Building Strong LFL Growth The FY22-FY23 cohort sales progression is stronger than the total estate LFL sales growth/decline: FY22-23 COHORT VS TORTILLA TOTAL ESTATE1 NEW STORE OPENINGS ARE SHOWING Strong progress in LFL1 sales Tortilla (in-store only from Mar'24 - Feb'25), otherwise
Slide 27: Revenue growth – H1 25 v H1 24
Revenue growth – H1 25 v H1 24 Strong growth from the acquisition and new store openings Record H1 REVENUE [£M] Revenue: £36m 36 3.1 36.0 35 +14% 34 +£4.5m 0.6 33 0.7 32 0.3 31.5 (0.2) 31 H1 24 UK store closures Franchise income UK sales LFL Statutory France Sales & H1 25 Adjustment 1 Franchises 27
Slide 28: Group Adjusted EBITDA – H1 25 v H1 24
Group Adjusted EBITDA1 – H1 25 v H1 24 Strong progress in UK EBITDA whilst we invest in France for future European growth EBITDA [£M] 0.2 H2 25 progress to positively impact FY25 0.4 (0.5) 3.0 UK EBITDA split H1 H2 0.6 2.4 Normal seasonality 40% 60% UK (1.2) FY25 seasonality 37% 63% 2.0 +33.0% £0.6m
Slide 29: Cash Flow and Leverage
CASH FLOW and LEVERAGE Cash from operations reinvested to drive further growth into France HY25 £m HY24 £m UK – generating positive cashflow Adjusted EBITDA (pre-IFRS 16) 1.2 1.8 • UK Mature estate continues to deliver stable, recurring cash generation Exceptional items / Non-trading costs (0.5) (0.
Slide 30: Current Trading and Outlook
CURRENT TRADING AND OUTLOOK FY outlook is around 10 UK is on track to deliver per cent below previous record EBITDA expectations, reflecting short-term delays in France Majority of the France Franchise growth on store conversion will be track, with at least two completed by the end of new sites expe
Slide 31: Summary
SUMMARY Progress in the UK set to continue, whilst we continue to develop the brand internationally £ Improve UK Invest in brand to Invest in team Double down Develop brand profitability drive growth and technology on franchise internationally Improved purchasing Invest in food, menu Utilise digital
Slide 32: Q&A
Q&A
Slide 33: Appendix
Appendix
Slide 34: Who We Are
WHO WE ARE Largest fast-casual Mexican Track record of consistent, strong Robust franchising model leveraging restaurant group in Europe financial performance central kitchens in the UK and France • 116 restaurants worldwide1 • Revenue growth from £27m in 2020 to £68m • Optimised supply chain • UK:
Slide 35: Experienced Board of Directors
EXPERIENCED BOARD OF DIRECTORS Emma Woods Andy Naylor Brandon Stephens Non-Executive Chair Chief Executive Officer Founder Non-executive Director Usman Ali Francesca Tiritiello Keith Down Non-executive Director Non-executive Director Non-executive Director 35 Tortilla Mexican Grill plc 2025 Half Yea
Slide 36: Key Highlights
KEY HIGHLIGHTS Diversified business with strong brand Proven operating model, primed for scale, awareness in the UK backed by growing UK free cash flow • Diversified across formats, cities and towns • 17-year operating history with consistent (80 sites) with over £36m revenue for H1 2025. growth and
Slide 37: Tortilla
TORTILLA BURRITOS o TACOS
Tortilla Mexican Grill — H1 2025 Earnings Presentation on 6ix