Portillo’s Provides Business Update Highlighting Development Priorities and Simplification Efforts

About this update from Portillo's Inc.

Management Updates Guidance and Provides Current Third Quarter SRS Performance OAK BROOK, Ill., Sept. 10, 2025 (GLOBE NEWSWIRE) -- Portillo’s (NASDAQ: PTLO), the fast-casual restaurant concept known for its menu of Chicago-style favorites, today announced a strategic reset of its development and growth plans to sharpen focus on its core markets, enhance unit economics, and position the company for sustained success. Michael Osanloo, Portillo’s President and CEO: “As we advance Portillo’s growth strategy, two priorities stand out. First, driving sustainable traffic through consistent service and value. And second, disciplined development with restaurants designed for strong unit economics, attractive four-wall returns, and efficient capital deployment that will fuel long-term growth. The initiatives we announced today directly align with these priorities and are anchored by four clear goals: We are confident in our strategy and our ability to execute. Our team remains fully committed to creating long-term shareholder value while delivering a one-of-a-kind experience for both new and loyal Portillo’s guests.” Updated Fiscal 2025 Financial Targets The company expects same-restaurant sales for the third quarter ended September 28, 2025 to be in the range of (2.0%) to (2.5%). This update, as well as the changes in our fiscal year guidance below, reflect an anticipated decline of current trends for the remainder of 2025 given pricing and promotional dynamics within the industry. Based on current expectations, management has updated financial targets for fiscal 2025 as follows. Any items not updated below remain the same as those provided on August 5, 2025. Fiscal 2026 Development Outlook Management expects to open 8 restaurants in fiscal 2026, which includes the company’s first airport location (DFW). The net build cost average for these 8 restaurants is projected to be less than $5 million. About Portillo’s Portillo’s (NASDAQ: PTLO) is a one-of-a-kind brand that has grown from a small hot dog trailer in Chicago to more than 90 restaurants across 10 states. Known for its unique menu of craveable Italian beef sandwiches, Chicago-style hot dogs, char-grilled burgers, fresh salads and iconic chocolate cake, Portillo’s is beloved in both its home of Chicagoland and across new and growing markets. Portillo’s operates a company-owned model of not just restaurants – but experience-focused destinations that blend dine-in, drive-thru, takeout and delivery to serve our guests with the food they crave. And now, after six decades of success and counting, Portillo’s is on a mission to bring its iconic food and unforgettable dining experience to guests across the country. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business, and are based on currently available operating, financial and competitive information which are subject to various risks and uncertainties, so you should not place undue reliance on forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "aim," "anticipate," "believe," "commit," "estimate," "expect," "forecast," "outlook," "potential," "project," "projection," "plan," "intend," "seek," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other similar expressions. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following: All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in the Company’s most recent Annual Report on Form 10-K, filed with the SEC. All of the Company’s SEC filings are available on the SEC’s website at www.sec.gov. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Investor Contact: Chris Brandon, Vice President of Investor Relations 312.931.5578 [email protected] Media Contact: Sara Wirth, Director of PR & Communications [email protected]  

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