Slide 1: Third Quarter Earnings Supplemental
Third Quarter Earnings Supplemental November 4, 2025
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: Q3 2025 Performance
Q3 2025 PERFORMANCE REVENUE PROFITABILITY 1.8% $181.4 million $5.4 million Q3 Total Revenue Q3 Operating Income Q3 Total revenue Growth $0.8 million CHANGE IN SAME RESTAURANT SALES (1) Q3 Net Income $36.7 million Q3 Restaurant-Level Adjusted EBITDA(2) $21.4 million Q3 Adjusted EBITDA(2) (1) Same res
Slide 4: Q3 YTD 2025 Performance
Q3 YTD 2025 PERFORMANCE REVENUE PROFITABILITY 3.9% $33.3 million $546.3 million Q3 YTD Q3 YTD Total Q3 YTD Total Revenue Operating Income Revenue Growth $14.8 million Q3 YTD SAME RESTAURANT SALES CHANGE (1) Net Income $117.8 million Q3 YTD Restaurant-Level Adjusted EBITDA(2) $72.7 million Q3 YTD Adj
Slide 5: 2025 Development Expectations - 8 New Restaurants
2025 DEVELOPMENT EXPECTATIONS - 8 NEW RESTAURANTS 4 4 2025 Q1 Q2 Q3 Q4 • 4 restaurants opened in Q3 (Florida and Texas markets) • Our first in-line, walk-up restaurant opened in Q3 • 4 restaurants in Q4 all expected to be in Sunbelt except 1 in Illinois • Entering the Atlanta, Georgia market in Q4 (
Slide 6: Fiscal 2025 Financial Targets
FISCAL 2025 FINANCIAL TARGETS New Units 8 new units Same-Restaurant Sales (1%) to (1.5%) Revenue $730-$733 million Commodity Inflation 3% to 5% Labor Inflation 3% to 4% Restaurant-Level Adjusted EBITDA Margin(1) 21.0% to 21.5% General & Administrative Expenses $76-$79 million Pre-Opening Expenses Ap
Slide 7: Financial Profile
FINANCIAL PROFILE TOTAL REVENUE OPERATING INCOME NET INCOME ($ in millions) ($ in millions) ($ in millions) $55 $58 $35 $731 $47 $680 $711 $27 $25 2023 2024 LTM Q3 2025 2023 2024 LTM Q3 2025 2023 2024 LTM Q3 2025 SAME RESTAURANT SALES (1) RESTAURANT-LEVEL ADJ. EBITDA (Margin) (2) ADJ. EBITDA (Margin
Slide 8: Appendix
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Slide 9: Statement of Operations
STATEMENT OF OPERATIONS Quarter Ended Three Quarters Ended September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 REVENUES, NET $ 181,428 100.0 % $ 178,252 100.0 % $ 546,321 100.0 % $ 525,945 100.0 % COST AND EXPENSES: Restaurant operating expenses: Food, beverage and packaging
Slide 10: Revenue Summary - Q3 2025
REVENUE SUMMARY - Q3 2025 Quarter Ended September September 28, 2025 29, 2024 $ Change % Change Same-restaurant sales (76 restaurants) (1) $157,444 $158,675 (1,231) (0.8)% Number of restaurants entering the comp base by Restaurants not yet in comparable base opened in fiscal 2025 (4 restaurants) (1)
Slide 11: Revenue Summary - Q3 YTD 2025
REVENUE SUMMARY - Q3 YTD 2025 Three Quarters Ended September September 28, 2025 29, 2024 $ Change % Change Number of restaurants Same-restaurant sales (76 restaurants) (1) $468,150 $465,675 2,475 0.5 % entering the comp base by quarter in 2025: Restaurants not yet in comparable base opened in fiscal
Slide 12: Selected Operating Data
SELECTED OPERATING DATA Quarter Ended Three Quarters Ended September 28, September 29, September 28, September 29, 2025 2024 2025 2024 Total Restaurants (a) 98 88 98 88 AUV (in millions) (a) N/A N/A $ 8.6 $ 8.9 Change in same-restaurant sales (b)(c) (0.8)% (0.9)% 0.5 % (0.9)% Adjusted EBITDA (in tho
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 Three Quarters Ended September 28, September 29, September 28, September 29, 2025 2024 2025 2024 Net income $ 782 $ 8,773 $ 14,815 $ 22,647 Net income margin 0.4 % 4.9 % 2.7 % 4.3 % Depreciation and amortization 7,312 6,679 21,489 20,729 Interest expense
Slide 15: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended September 28, 2025 December 29, 2024 December 31, 2023 Net income $ 27,244 $ 35,076 $ 24,818 Net income margin 3.7 % 4.9 % 3.7 % Depreciation and amortization 28,057 27,297 24,313 Interest expense 23,172 25,616 27,470 Interest income (373) (309)
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 Three Quarters Ended September 28, September 29, September 28, September 29, 2025 2024 2025 2024 Operating income $ 5,434 $ 15,988 $ 33,346 $ 44,200 Operating income margin 3.0 % 9.0 % 6.1 % 8.4 % General and administrative expenses 20,02
Slide 18: Restaurant-Level Adjusted EBITDA Reconciliation
RESTAURANT-LEVEL ADJUSTED EBITDA RECONCILIATION LTM Fiscal Years Ended September 28, 2025 December 29, 2024 December 31, 2023 Operating income $ 47,179 $ 58,033 $ 55,440 Operating income margin 6.5 % 8.2 % 8.2 % General and administrative expenses 78,029 75,089 78,835 Pre-opening expenses 9,431 9,23
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