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Portillo’s Inc. Announces Third Quarter 2026 Financial Results

Raises Full-Year Outlook and Introduces Strategic Plan to Strengthen Fundamentals and Drive Long-Term Value Creation

Oak Brook, IL—November 5, 2026—Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), a restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the third quarter ended September 27, 2026.

Third Quarter 2026 Highlights (vs. Third Quarter 2025):

•Total revenue of $194.1 million, an increase of 7.0% or $12.6 million

•Same-restaurant sales increase of 1.4%

•Net income of $4.8 million, an increase of $4.0 million; Adjusted EBITDA(1) of $26.5 million, an increase of $5.1 million

•Raises full-year 2026 Adjusted EBITDA guidance

(1) Adjusted EBITDA is a non-GAAP measure. Please see definition and the reconciliation of this non-GAAP measure accompanying this release.

“We delivered third-quarter results ahead of our expectations, and I’m encouraged by the early progress from the actions we have taken to strengthen our operations and business fundamentals,” said Brett Patterson, Portillo’s Chief Executive Officer. “While we are encouraged by the progress, one quarter does not establish a trend. We have significant work ahead, and our focus remains on executing consistently and building a foundation for durable profitable growth.”

“Today, we are also introducing a strategic plan focused on strengthening our core business, driving profitable growth and creating shareholder value,” Patterson continued. “Our strategy is centered on running great restaurants, leveraging integrated marketing and pursuing disciplined development, all underpinned by a financial framework that guides decisions, strengthens accountability and positions Portillo’s for long-term success.”

“Lastly, we evaluated every restaurant in the system and made the decision to close a select group of underperforming locations outside of Chicagoland,” said Patterson. “This will improve portfolio quality, strengthen returns on invested capital and reflect our commitment to disciplined growth.”

Third Quarter 2026 Financial and Operating Results

Revenues for the quarter ended September 27, 2026 were $194.1 million compared to $181.4 million for the quarter ended September 28, 2025, an increase of $12.6 million or 7.0%. The increase in revenues was primarily attributed to the opening of eight restaurants in fiscal 2025 and seven restaurants during the three quarters ended September 27, 2026 and an increase in our same-restaurant sales. Restaurants not in our Comparable Restaurant Base (as defined below) contributed $10.3 million of the total year-over-year increase. Same-restaurant sales increased 1.4%, or $2.4 million, in the quarter. The same-restaurant sales increase was attributable to an increase in average check of 2.1%, partially offset by a decrease in transactions of 0.7%. The higher average check was driven by an approximate 2.1% increase in certain menu prices. For the purpose of calculating same-restaurant sales for the quarter ended September 27, 2026, sales for 87 restaurants that were open for at least 24 full fiscal periods were included in the Comparable Restaurant Base.

Total restaurant operating expenses for the quarter ended September 27, 2026 were $154.0 million compared to $144.7 million for the quarter ended September 28, 2025, an increase of $9.3 million or 6.4%. The increase was primarily driven by the opening of eight restaurants in fiscal 2025 and seven restaurants during the three quarters ended September 27, 2026.

General and administrative expenses for the quarter ended September 27, 2026 were $19.8 million compared to $20.0 million for the quarter ended September 28, 2025, a decrease of $0.3 million or 1.4%. This decrease was primarily attributable to $3.3 million of lower dead site costs resulting from our 2025 strategic reset. This was partially offset by $1.4 million of restructuring charges related to a workforce reduction at the Restaurant Support Center and by the absence of a $1.1 million net benefit recognized in the prior year in connection with the Chief Executive Officer transition. The prior year benefit was driven by the forfeiture of equity awards, partially offset by severance and other transition-related expenses.

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Operating income for the quarter ended September 27, 2026 was $11.8 million compared to $5.4 million for the quarter ended September 28, 2025, an increase of $6.3 million or 116.8%, primarily due to the aforementioned changes in revenue and expenses, lower pre-opening expenses of $2.6 million, and a favorable year-over-year change in other (income) loss, net, of $1.1 million, as the prior-year period included a legacy Barnelli’s trade name impairment charge that did not recur in the current year.

Net income for the quarter ended September 27, 2026 was $4.8 million compared to a net income of $0.8 m

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Portillo’s Inc. Announces Second Quarter 2026 Financial Results

Oak Brook, IL— August 5, 2026—Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the one-of-a-kind restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the second quarter ended June 28, 2026.

Second Quarter 2026 Highlights (vs. Second Quarter 2025):

•Total revenue of $199.0 million, an increase of 5.6% or $10.5 million

•Same-restaurant sales decrease of 1.2%

•Net income of $7.2 million, a decrease of $2.9 million; Adjusted EBITDA(1) of $29.8 million, a decrease of $0.2 million

•First-ever airport location opened at Dallas-Fort Worth International (DFW) utilizing smaller kitchen size and equipment enhancements

•Expanding home market with first inline restaurant in downtown Chicago later this year, and first location in Wrigleyville in 2027

(1) Adjusted EBITDA is a non-GAAP measure. Please see definition and the reconciliation of this non-GAAP measure accompanying this release.

“Q2 was highlighted by resilient underlying sales performance despite difficult promotional comparisons, as well as taking decisive actions to simplify the business to better support our priority of running great restaurants,” said Brett Patterson, Portillo's Chief Executive Officer. “In parallel, we finalized our recent brand and consumer research which is helping to shape our long-term strategy focused on sustainable, profitable growth. We look forward to sharing that roadmap soon.”

Second Quarter 2026 Financial and Operating Results

Revenues for the quarter ended June 28, 2026 were $199.0 million compared to $188.5 million for the quarter ended June 29, 2025, an increase of $10.5 million or 5.6%. The increase in revenues was primarily attributed to the opening of eight restaurants in fiscal 2025 and seven restaurants during the two quarters ended June 28, 2026, partially offset by a decrease in our same-restaurant sales. Restaurants not in our Comparable Restaurant Base (as defined below) contributed $13.3 million of the total year-over-year increase. Same-restaurant sales decreased 1.2%, or $2.2 million in the quarter. The same-restaurant sales decline was attributable to a decrease in transactions of 3.4%, partially offset by an increase in average check of 2.2%. The higher average check was driven by an approximate 2.6% increase in certain menu prices, partially offset by a 0.4% decrease in product mix. To address inflationary cost pressures, we increased select menu prices by approximately 2.0% in April 2026. For the purpose of calculating same-restaurant sales for the quarter ended June 28, 2026, sales for 85 restaurants that were open for at least 24 full fiscal periods were included in the Comparable Restaurant Base.

Total restaurant operating expenses for the quarter ended June 28, 2026 were $155.7 million compared to $144.0 million for the quarter ended June 29, 2025, an increase of $11.7 million or 8.1%. The increase was primarily driven by the opening of eight restaurants in fiscal 2025 and seven restaurants during the two quarters ended June 28, 2026, higher commodity costs and investments in our team members. Commodity prices increased 7.0% year over year, resulting in higher food, beverage and packaging costs. Other operating expenses also increased, partially offset by lower utilities and insurance costs.

General and administrative expenses for the quarter ended June 28, 2026 were $19.6 million compared to $18.8 million for the quarter ended June 29, 2025, an increase of $0.8 million or 4.1%. This increase was primarily driven by higher professional fees, including $0.9 million of dead site costs, and increased software licensing fees. These increases were partially offset by lower legal expenses.

Operating income for the quarter ended June 28, 2026 was $13.8 million compared to $17.5 million for the quarter ended June 29, 2025, a decrease of $3.8 million or 21.4% as higher revenue was more than offset by the aforementioned expense factors and an increase in other loss of $1.4 million due to a legal contingency.

Net income for the quarter ended June 28, 2026 was $7.2 million compared to a net income of $10.0 million for the quarter ended June 29, 2025, a decrease of $2.9 million or 28.8%. The decrease in net income was primarily due to a decrease in operating income of $3.8 million

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due to the aforementioned factors and a decrease in the Tax Receivable Agreement liability adjustment of $1.1 million, partially offset by a decrease in income tax expense of $1.9 million.

Restaurant-Level Adjusted EBITDA* for the quarter ended June 28, 2026 was $43.2 million compared to $44.5 million for the quarter ended June 29, 2025, a decrease of $1.2 million or 2.8%.

Adjusted EBITDA* for the quarter ended June 28, 2026 was $29.8 million compared to $30.1 million for the quarter ended June 29, 2025, a decrease of $0.2 million or 0.

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Portillo’s Inc. Announces First Quarter 2026 Financial Results

Oak Brook, IL— May 5, 2026—Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the one-of-a-kind restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the first quarter ended March 29, 2026.

First Quarter 2026 Performance Highlights (vs. First Quarter 2025):

•Total revenue of $182.6 million, an increase of 3.5% or $6.2 million

•Same-restaurant sales decrease of -0.1%

•Operating income of $4.5 million, a decrease of $5.9 million

•Net loss of $0.5 million, a decrease of $4.5 million from net income of $4.0 million

•Restaurant-Level Adjusted EBITDA(1) of $34.8 million, a decrease of $1.8 million

•Adjusted EBITDA(1) of $18.5 million, a decrease of $2.8 million

(1) Restaurant-Level Adjusted EBITDA and Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures accompanying this release.

“My first couple of months as CEO of Portillo’s have been productive and encouraging, and our team is making progress in identifying the priorities that will drive our growth strategy,” said Brett Patterson, President and Chief Executive Officer. “Our focus is on building a sustainable, long-term plan centered on three priorities: consistently great operations, an integrated marketing strategy, and a disciplined development strategy that creates compelling shareholder value. I’m optimistic about Portillo’s future and look forward to sharing more as our plan takes shape.”

First Quarter 2026 Financial and Operating Results

Revenues for the quarter ended March 29, 2026 were $182.6 million compared to $176.4 million for the quarter ended March 30, 2025, an increase of $6.2 million or 3.5%. The increase in revenues was primarily attributed to the opening of eight restaurants in fiscal 2025 and four restaurants during the quarter ended March 29, 2026, partially offset by a decrease in our same-restaurant sales. Restaurants not in our Comparable Restaurant Base (as defined below) contributed $7.7 million of the total year-over-year increase. Same-restaurant sales decreased 0.1%, or $0.2 million in the quarter. The same-restaurant sales decline was attributable to a decrease in average check of 0.9%, partially offset by an increase in transactions of 0.8%. The lower average check was driven by an approximate 1.0% decrease in product mix, partially offset by a 0.1% increase in certain menu prices, net of increased promotional offers. For the purpose of calculating same-restaurant sales for the quarter ended March 29, 2026, sales for 83 restaurants that were open for at least 24 full fiscal periods were included in the Comparable Restaurant Base.

Total restaurant operating expenses for the quarter ended March 29, 2026 were $147.8 million compared to $139.8 million for the quarter ended March 30, 2025, an increase of $8.0 million or 5.7%. The increase was primarily driven by the opening of eight restaurants in fiscal 2025 and four restaurants during the quarter ended March 29, 2026. Additionally, a 1.8% increase in commodity prices negatively impacted food, beverage, and packaging costs. The increase in labor expense was driven by incremental investments to support our team members. Lastly, the increase in other operating expenses was primarily driven by the aforementioned opening of new restaurants, and an increase in repairs and maintenance, operating supplies, and insurance expense, partially offset by lower cleaning expenses.

General and administrative expenses for the quarter ended March 29, 2026 were $20.4 million compared to $18.9 million for the quarter ended March 30, 2025, an increase of $1.5 million or 7.7%. This increase was primarily driven by higher equity‑based compensation and an increase in advertising and professional fees, including $0.5 million of dead site costs. The increase was partially offset by lower vacation-related wage expense, software licensing and legal expenses.

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Operating income for the quarter ended March 29, 2026 was $4.5 million compared to $10.4 million for the quarter ended March 30, 2025, a decrease of $5.9 million or 56.7% as higher revenue was more than offset by the aforementioned expense factors.

Net loss for the quarter ended March 29, 2026 was $0.5 million compared to a net income of $4.0 million for the quarter ended March 30, 2025, a decrease of $4.5 million or 112.8%. The decrease in net income was primarily due to a decrease in operating income of $5.9 million due to the aforementioned factors, partially offset by a decrease in income taxes of $1.5 million.

Restaurant-Level Adjusted EBITDA* for the quarter ended March 29, 2026 was $34.8 million compared to $36.7 million for the quarter ended March 30, 2025, a decrease of $1.8 million or 4.9%.

Adjusted EBITDA* for the quarter ended March 29, 2026 was $18.5 million compared to $21.2 million