Slides
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Tortilla Mexican Grill plc FY25 & H1 FY26 Presentation | September 2026 1 h1 fy26 + Fy25 presentation September 2026
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SECTION 1 introduction
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials Presenting team Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 20263 Founder & Group CEO BRANDON STEPHENS Group Chief Financial Officer Richard haley
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials agenda Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 20264 1. Introduction 2. Eight months in 3. H1 fy26 financials 4. FY25 Financials 5. 2026 and beyond 6. Q&A 7. appendix
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SECTION 2 Eight months in
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials 6 eight MONTHS OF FOCUSED, decisive ACTIONS ACROSS THE GROUP Closed five underperforming stores in France and right-sized the French head office Exited underperforming UK stores & introduced store turnaround programme for short tail Reset our franchise relationships and initiated franchisee outreach Put in place cultural foundations: a new north star, new ways of working, and “One Tortilla" initiative Launched a multi-year Value Creation Plan, including best-in-class food and technology strategies Rolled out generative and agentic AI throughout organisation Restructured Santander loan facility Relaunched Deliveroo partnership as part of multi-aggregator delivery strategy Greenlit Oracle EPOS upgrade, setting the foundation for our future tech stack Launched brand enhancements across interior design, menus, kiosks and other customer touchpoints Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026 Filled gaps in Head Office capabilities; overhauled our HR policies around incentives and retention Put in place robust policies, processes and personnel to avoid any future issues with financial reporting in our France division
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Section 3 h1 fy26 financials
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 20268 Group H1 FY26 financial headlines 74.7% Group Gross Margin H1 Fy26 £38.5m +5.9% YoY Revenue £100.9m LTM System Sales1 +13.3% Group LFL Revenue H1 Fy25 75.2% Group Gross Margin £(0.4)m Adjusted EBITDA £36.3m +15.1% YoY Revenue £94.2M LTM System Sales1 +3.2% Group LFL Revenue 8.4% Restaurant EBITDA % £901k LTM Annual AUV2 £0.5m Adjusted EBITDA 11.6% Restaurant EBITDA % £1,013k LTM Annual AUV2 Growth % Growth % £9.9m Adjusted Net Debt £12.4m Adjusted Net Debt 1 System sales represent the sum of all sales (excluding VAT) made by both franchised and corporate stores to consumers in UK, France and the UAE. 2 Average Unit Volume is the average annual sales generated by a restaurant site and is calculated by dividing total sales from all restaurants by the number of restaurants.
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 20269 Ltm System Sales surpassed £100M in June 2026 98.3 98.7 98.7 98.9 99.3 99.9 100.9 101.8 102.9 90.0 92.5 95.0 97.5 100.0 102.5 105.0 Dec 2025 Jan 2026 Feb 2026 Mar 2026 Apr 2026 May 2026 Jun 2026 Jul 2026 Aug 2026 @@SWS_TTM
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202610 UK H1 FY26 financial headlines 75.5% UK Gross Margin H1 Fy26 £35.4m +7.3% YoY UK Revenue +13.9% UK LFL Revenue H1 Fy25 77.0% UK Gross Margin £2.4m Adjusted EBITDA £33.0m +4.6% YoY Revenue +5.0% UK LFL Revenue 16.5% Restaurant EBITDA % £949k LTM Annual AUV £2.6m Adjusted EBITDA 16.4% Restaurant EBITDA % £1,067k LTM Annual AUV Growth % Growth %
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials (10.0%) (5.0%) - +5.0% +10.0% +15.0% +20.0% +25.0% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 to date NIQ RSM Hospitality Business Tracker (Restaurants Only) Tortilla Total Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202611 UK LFL sales have significantly outperformed the industry benchmark, with further growth driven by the introduction of our multi - aggregator delivery strategy H1 2026 Q3 to date
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials (20.0%) (10.0%) - +10.0% +20.0% +30.0% +40.0% +50.0% +60.0% +70.0% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 to date Tortilla In-Store Tortilla Delivery Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202612 UK In - Store LFLS have strengthened since the launch of the new delivery strategy, with no evidence of sales cannibalisation H1 2026 Q3 to date Move from multi- aggregator to dual delivery Move from dual to multi-aggregator delivery
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202613 Uk restaurant EBITDA MARGIN HAS improved over time. H1 FY26 levelling off is due to non - exclusive delivery commissions and above - inflation labour costs. margin - enhancing initiatives in place. UK Restaurant EBITDA % (H1 FY23-FY26) 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% FY23 H1 FY24 H1 FY25 H1 FY26 H1 EBITDA margin was broadly flat at 16.4% (H1 FY25: 16.5%). Strong sales growth improved operating leverage but was offset by above-inflation wage increases, increased commissions from higher delivery mix, and higher packaging costs.
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202614 We’ve taken decisive action on France in 2026 Estate rationalisation • Exited five underperforming and unconverted Fresh Burritos stores. • LTM losses of closed stores at June were £1.1m. • Investment now concentrated behindthe remaining eight. Head office restructure • Right-sized the French head office cost base • Simplified the French legal entity structure • Tortilla France departments now report directly to UK support office • Annualised benefits of ~£0.4m Systems alignment • Migration of systems to common platforms in the UK as part of the “One Tortilla” initiative. Workstreams underway to align accounting and EPOS systems. Significant Delivery uplift • Multi-platform growth strategy launched across Uber Eats and Deliveroo, resulting in a doubling of delivery sales • France menu now aligned to all UK recipes, ensuring consistency of product and quality across markets Our best Food Education - focused MARKETING • Educationally focused Tortilla 1.0 approach being rolled out to introduce product and brand, provide more intuitive menu navigation • Sampling and local store marketing efforts ramped up • Hired an experienced Operations leader in France. French native, with extensive UK leadership experience at Pret A Manger Renewed Operational leadership Addressed the accounting issue • Strengthened governance and oversight • Harmonised processes, controls and accounting platform to UK standards • Strengthened France team and bolstered support from UK team • Simplified legal entity structure and integrated Sage into the Group data warehouse.
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202615 france H1 FY26 financial headlines 65.5 % France Gross Margin H1 Fy26 £3.1m (7.7)% YoY Revenue +18.2% France LFL Revenue H1 Fy25 57.8% France Gross Margin £(2.8)m Adjusted EBITDA £3.3m +4.5% YoY Revenue +1.1% France LFL Revenue (68.6)% Restaurant EBITDA % £461k LTM Annual AUV** £(2.1)m Adjusted EBITDA (41.2)% Restaurant EBITDA % £543k LTM Annual AUV** Growth %* Growth %* * Converted stores ** LFL basis
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202616 Our converted French stores delivered promising LFLS of 18.2% in h1 FY26, and 24.4% in Q3, exceeding uk lfl performance - 5% 10% 15% 20% 25% 30% W48 W50 W52 W2 W4 W6 W8 W10 W12 W14 W16 W18 W20 W22 W24 W26 W28 W30 W32 W34 W36 W38 Rolling 8 Week Sales LFL% - Tortilla UK vs Tortilla France Tortilla France Tortilla UK Q3 to dateH1 2026
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Franchise sales temporarily slowed in H1 FY26 due to the conflict in the Middle East impacting our franchise partner Eathos in the UAE. One site in the UK closed in 2026. Glasgow Central Scotland SSP SEPT25 VictoriaStation London SSP FEB 25 Silicon Central Mall Dubai Silicon Oasis eathos JAN25 Circle Mall JumeirahVillageCircle eathos MAY25 Yas Mall Abu Dhabi eathos AUG25 Dubai Mall Dubai eathos NOV 25 Franchise sales now over £27m per annum Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202617 Outside of France, Our franchise business continues its strong growth, with six new sites in fy25 and one new site about to launch in the uk - 5,000 10,000 15,000 20,000 25,000 30,000 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 Apr-25 Aug-25 Dec-25 Apr-26 Aug-26 20262025
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202618 Group Cash flow The comparative Period has been restated to correct for revenue and certain operating costs that had been recorded in the bal ance sheet instead of being recognised through the income statement as well as to correct misclassifications in the statement of financi al position. Tables may not cast due to rounding Free cash flow improved by £1.6m as trading recovers, with targeted investment in growth £m H1 FY26 H1 FY25 Adjusted EBITDA (pre-IFRS 16) 0.5 (0.4) Exceptional items / non-trading costs (1.2) (0.7) Working capital movements 0.6 (0.6) Cash generated from operations (pre-IFRS 16) (0.1) (1.7) Maintenance capex (0.4) (0.9) Interest paid (net) (0.5) (0.3) Net loan contractual repayments (0.3) - Free Cash Flow (FCF) (1.3) (2.9) Net loan funding - 1.1 Investment in product & tech (0.3) (0.4) New site capex (0.5) - France investment capex - (0.7) Deferred consideration paid on PY acquisitions - (0.2) Cash inflow / (outflow) (2.1) (3.1) Cash b/f (0.2) 2.8 Cash c/f (2.3) (0.4) Operating cash flow – step change in trading • Adjusted EBITDA (pre-IFRS 16) improved by £0.9m to £0.5m (H1 FY25: £(0.4)m). • Statutory cash generated from operations was up 80% to £3.6m. After £3.7m of lease payments, pre-IFRS 16 cash from operations was close to breakeven at £(0.1)m (H1 FY25: £(1.7)m), an improvement of £1.6m. • Driven by stronger UK trading and a £0.6m working capital inflow (H1 FY25: £0.6m outflow). Free cash flow • Improved by £1.6m to £(1.3)m (H1 FY25: £(2.9)m), after maintenance capex, interest and loan repayments. Driven by a significant improvement in underlying trading. Targeted investment in growth • £0.8m invested in growth (H1 FY25: £1.1m), taking total capex to £1.2m (H1 FY25: £2.0m). • £0.5m on new sites, including the new Leeds "Tortilla 2.0" restaurant and Wembley BoxPark, and £0.3m on product and technology, including self-ordering kiosks. • No deferred consideration payments in the period (H1 FY25: £0.2m). Financing • Interest paid £0.5m (H1 FY25: £0.3m), reflecting higher average borrowings. • £0.3m of loans repaid and no new drawdowns (H1 FY25: £1.1m net drawdown). Overdraft facility increased by £1.3m in the period.
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Section 4 Fy25 financials
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INTRODUCTION Eight months in 2026 & BEYOND Q&A H1 fy26 financials FY25 financials Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202620 Group FY25 financial headlines 75.2% Group Gross Margin Fy25 £74.0m +8.8% YoY Revenue £98.3m LTM System Sales +5.3% Group LFL Revenue Fy24 76.6% Group Gross Margin £4.5m Adjusted EBITDA £68.0m +3.5% YoY Revenue £90.0m LTM System Sales (0.1)% Group LFL Revenue n/a* Restaurant EBITDA % £937k LTM Annual AUV** £1.1m Adjusted EBITDA 10.6% Restaurant EBITDA % £936k LTM Annual AUV** Growth % Growth % £5.7m Adjusted Net Debt £10.8m Adjusted Net Debt * No group level Restaurant EBITDA due to part-year acquisition ** FY24 is UK only AUV due to part-year acquisition. FY25 UK only AUV is £984k.
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Section 5 2026 & beyond 21
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials 22 A strengthened leadership team • Hospitality Leadership: Former CEO of Punch Taverns, Ten Entertainment, Bill’s • plc Experience: Ten Entertainment Group, Brighton Pier Group • Franchise Experience: Food Director, Alshaya; NED, Eathos; Commercial Director, BAA • Managing Director/COO of Bread Holdings, parent company of Gail’s Bakery (scaled from 27 to 185 sites) • Senior Operations roles at Pret A Manger, including Operations Director, USA • Winner of Propel Industry Leader Award 2024 • Former CFO of Loungers plc (2018– 2024) - oversaw growth from 128 to 250+ sites and 2019 IPO • CFO experience across hospitality sector including Fuddruckers Inc (USA), Eldridge Pope, Morrells of Oxford • Qualified Chartered Accountant (Deloitte & Touche) Dr Duncan garrood chair Marta Pogroszewska Non - executive director Gregor grant Senior Independent Director & Audit Committee Chair New board members • Founder of Tortilla, CEO from 2007– 2014, NED from 2014–2026 • Operating Partner, TriSpan; serial hospitality NED • Focus: Strategy, brand, food, technology, investor relations • Extensive finance leadership in international multi- site hospitality, retail and consumer businesses • CFO of Nightcap plc and Future plc • Senior finance roles at Trainline plc, William Hill plc and Tesco plc • Qualified Chartered Accountant Brandon stephens Founder, Group Chief Executive Officer RIchard haley Group Chief Financial Officer Mac plumpton UK Chief Executive Officer Edson diaz - fuentes Food Ambassador • Mexico City native, trained in Oaxacan cuisine • Founded Santo Remedio (Michelin Guide listed) • Previously Head of Menu Innovation at Wahaca • Focus: Authentic Mexican food development and quality standards New executives • Former Managing Director of LEON • Co-founded Tapas Revolution • Previous senior Operations roles at Rosa’s Thai, Belgo, Strada • Focus: UK operations, P&L delivery, team development Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials 23 our ambition is to grow UK average unit volume (AUV) to £1.5M per annum… 2025(A) £984k Per Annum ambition £1.5m Per Annum Improved food quality Loyalty programme Broader menu Corporate menu pricing Brand awareness Delivery - specific items 2026(F) £1.15m Per Annum Next phase Building momentum Growth Levers Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials … and increase average restaurant ebitda margin to 20% 17.5% Restaurant EBITDA 20% Restaurant EBITDA Delivery ops metrics to reduce commissions AI labour scheduling Reduced repair costs through facilities management platform Occupancy % reduction from increased sales 2025 ambition 24 Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026 Gross margin improvements from scale purchasing and incremental pricing
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials We are focused on ten key objectives over the next few years Tortilla’s Ten Key Objectives are the company’s strategic blueprint for building a genuinely franchiseable, scalable model for long-term European rollout. This blueprint balances near-term operational improvements with longer-term structural, brand, and governance changes for sustainable growth. prove a Compelling franchise model for western Europe Address the short tail of underperforming UK sites modernise the UK estate with "tortilla 2.0“ Build a three - year value creation plan Set realistic targets - and hit them Build emotional connection with our customers Embrace technology And Ai 2 3 6 7 8 9 10 reach BEST - IN - CLASs PARITY oN PRODUCT 1 Grow UK and Ireland franchise partnerships Complete the brand conversion in france 4 5 25 Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials Food strategy overview Diet - specific options Improve & expand core menu Higher profile L imited time offers delivery - specific offerings Tailor our corporate offering Improved kids offering achieve best - in - class parity globally with our product offering 1 Product parity There are over 8,500 similar businesses operating successfully in the US alone. The menu for a successful fast-casual Mexican offering is well-established and provides a roadmap for matching global best-in-class standards. Ice cream 26 Drive evening trade ENHANCE desserts Pilot broader breakfasts Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials To be one of the leading tech - forward hospitality businesses in Europe Technology strategy overview Embrace technology and AI 3 FOOTFALL VISIBILITY Footfall camera technology to provide improved visibility of our store operations and local areas 27 GUEST LOYALTY Strengthening via Burrito Society, guest feedback and digital channels EPOS UPGRADE UK & France system alignment including EPOS and Kiosk platforms GLOBAL DATA WAREHOUSE Third-party data sources into global data warehouse to enable automated reporting and cross-dataset analysis AI & automation Internally developed AI tools driving automation, insight and decision making across central and store teams OPERATIONAL Efficiency Leveraging AI to optimise labour scheduling, improve order accuracy and enhance demand forecasting Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials New partners - high street • Area development agreements with strong regional operators • Partners bring real estate capability, local knowledge, capital • Tortilla provides brand, systems, supply chain, support Existing partners - channel specific • SSP: 10 sites across rail and air • Compass: 4 sites at higher education campuses with one new site at a hospital (Addenbrooke’s) • Total UK franchise system sales: £16M+ per annum • Previous Tortilla board member; since transitioned to Board Advisor role. • She will continue to support the business through her franchise consulting firm Kikkirossi. • Her remit will focus on driving franchise growth across the UK and Europe. Francesca tiritiello BOARD ADVISOR Target territories • Scotland • Wales • Southwest England • Northern Ireland • Republic of Ireland franchise expansion onto the high street Grow UK and Ireland franchise partnerships 4 28 Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials WESTERN GERMANY • Production of almost all toppings at our 1,400 sqm Lille Central Production Kitchen • Sophisticated chilled food distribution, allowing significant shelf life • In-store preparation where freshness is key: guacamole, salsa verde, and pico de gallo • Sophisticated regeneration procedures, avoiding the use of skilled chefs, cooking extraction or sizeable kitchen facilities, saving on CapEx without reducing food quality • Combined with a broad customer base, this operating model allows Tortilla to trade successfully in a broad range of venues. Our 1,400 sqm Central Production Kitchen in Lille can service France, Netherlands, Belgium and Western Germany FRANCE NETHERLANDS BELGIUM European growth 6 Demonstrate a Compelling unit model for western European franchising Tortilla’s operating model has been designed for franchising 29 Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials Address the short tail of underperforming uk sites 7 Of the 13 challenging FY22 - 23 cohort of stores, all but two are now profitable 30 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 2024 2025 2026 2022-2023 Cohort AUV Rest of Estate AUV Linear (2022-2023 Cohort AUV) Linear (Rest of Estate AUV) Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials Roll out our new, contemporary tortilla 2.0 brand refresh across the uk estate Enhancements include: • New branding • New signage and fascia treatment • High-bright video screens in window • Dedicated digital make-line • Lightbox directional signage • Kiosks for digital ordering • Dedicated waiting area for digital orders Tortilla brand refresh modernise the uk estate with "tortilla 2.0" 8 31 Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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INTRODUCTION Eight months in H1 fy26 financials 2026 & BEYOND Q&A FY25 financials Why tortilla, why now? Category leadership in attractive market • Largest fast-casual Mexican chain in Europe: ~3x number of stores as nearest competitor • Mexican food market growing 6.5% CAGR globally from 2025-2030 • Europe accounts for 23% share of the global market 1 Founder - led turnaround • Brandon Stephens back with accountability and alignment • Strengthened team: Mac Plumpton (LEON), Duncan Garrood (Bill’s, Punch, Ten Entertainment), Marta Pogroszewska (Gail’s), Gregor Grant (Loungers) 2 Capital - light growth model • Franchise partnerships with blue-chip operators • New Central Production Kitchen in Lille to service France, Netherlands, Belgium, and Western Germany 3 Clear Strategic plan • 10 Key Objectives addressing root causes • Based on global best- practice benchmarking • Strong momentum in H1 FY26 5 financial momentum • Group revenue growth from £27m in 2020 to £74.0m in 2025 (5-year CAGR ~22.4%) • Record UK LTM annual AUV at H1 FY26 – £1,067K • System Sales milestone in June 26 – £100.9m • UK Restaurant EBITDA – FY25 17.5% 4 32 Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 2026
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Q&A 33 Section 6
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Section 7 appendices 34
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appendix Location FY24 YE Opened Closed FY25 HY Opened Closed FY25 YE Opened Closed FY26 HY Opened Closed Current Estate UK Owned Tortilla 65 (1) 64 (1) 63 2 (3) 62 62 UK Owned Chilango 3 (1) 2 2 2 2 UK Franchise 13 1 14 1 15 (1) 14 14 ME Franchise 11 2 (2) 11 2 (1) 12 12 12 France Owned 13 13 13 (3) 10 (2) 8 France Franchise 14 (3) 11 (2) 9 (2) 7 7 Total 119 3 (7) 115 3 (4) 114 2 (9) 107 0 (2) 105 Owned 81 - (2) 79 - (1) 78 2 (6) 74 (2) 72 Franchise 38 3 (5) 36 3 (3) 36 - (3) 33 33 Total 119 3 (7) 115 3 (4) 114 2 (9) 107 0 (2) 105 Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202635 Optimising the estate
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appendix Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202636 Group Income statementH1 FY26 H1 FY25 Restated* £m £m Revenue 38.5 36.3 Cost of sales (9.7) (9.0) Gross profit 28.7 27.3 % of revenue 74.7% 75.2% Administrative expenses (28.9) (30.2) Profit/(loss) from operations (0.2) (2.9) Adjusted EBITDA (pre-IFRS 16) 0.5 (0.4) Pre-opening costs (0.1) (0.3) Share-based payments - (0.1) Depreciation and amortisation (4.0) (5.0) Gain/(loss) on disposal of non-current assets 0.9 (0.4) FX gain/(loss) - (0.1) Exceptional items (1.1) (0.2) IFRS 16 adjustment 3.7 3.5 Operating (loss)/profit (0.2) (2.9) Finance expense (1.4) (1.2) Profit/(Loss) before tax (1.6) (4.1) Taxation - 0.3 Profit/(Loss) after tax (1.6) (3.8) *The comparative Period has been restated to correct for revenue and certain operating costs that had been recorded in the ba lance sheet instead of being recognised through the income statement as well as to correct misclassifications in the statement of financi al position. Tables may not cast due to rounding • UK revenue up 7.3% to £35.4m, driven by LFL sales growth of 13.9% • France revenue of £3.1m (H1 FY25: £3.3m) after three closures, with converted store LFLs up 18.2% • Franchise income of £0.7m, £0.2m lower due to the conflict in the Middle East • LTM system sales passed £100m in June 2026, reaching £100.9m Group Revenue +5.9% to £38.5m • Reported decline mainly reflects £0.3m of discounts now included in cost of sales (H1 FY25: £0.2m, then in admin expenses); on a comparable basis, margin was in line with H1 FY25 • UK food inflation in produce and meat cost around 0.6pts, and lower franchise royalties around 0.2pts • Partially offset by France, where margin rose from 57.8% to 65.5% Gross Profit margin 74.7% (H1 FY25: 75.2%) • Adjusted EBITDA (pre-IFRS 16) of £0.5m (H1 FY25: loss of £0.4m) • UK up £0.2m to £2.6m; France loss reduced by £0.7m to £(2.1)m • Admin expenses down £1.3m to £28.9m, from 83.2% to 75.2% of revenue; £27.7m excluding exceptional and pre-opening costs (H1 FY25: £29.7m) Adjusted EBITDA (pre IFRS) up £0.9m • H1 FY25 restated: loss of £4.1m • Exceptional costs of £1.1m: store closures £0.6m, restructuring £0.4m, legal and professional fees £0.1m • Includes a £0.9m non-cash gain on lease exits from the UK and French store closures Loss before tax narrowed to £1.6m
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appendix Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202637 Income statements – UK and france UK H1 FY26 H1 FY25 £m £m Revenue 35.4 33.0 Cost of sales (8.7) (7.6) Gross profit 26.7 25.4 % of revenue 75.5% 77.0% Administrative expenses (25.0) (24.9) Profit from operations 1.8 0.5 Adjusted EBITDA (pre-IFRS 16) 2.6 2.4 Pre-opening costs - (0.0) Share-based payments - (0.1) Depreciation and amortisation (3.4) (4.5) Gain/(loss) on disposal of non-current assets 0.5 0.0 FX gain/(loss) (0.0) 0.1 Exceptional items (0.8) (0.2) IFRS 16 adjustment 3.0 2.9 Operating profit 1.8 0.5 Finance expense (0.9) (0.8) Profit/(Loss) before tax 0.9 (0.3) Taxation - 0.3 Profit/(Loss) after tax 0.9 (0.1) France H1 FY26 H1 FY25 Restated* £m £m Revenue 3.1 3.3 Cost of sales (1.1) (1.4) Gross profit 2.0 1.9 % of revenue 65.5% 57.8% Administrative expenses (3.9) (5.3) Loss from operations (1.9) (3.4) Adjusted EBITDA (pre-IFRS 16) (2.1) (2.8) Pre-opening costs (0.1) (0.3) Share-based payments - - Depreciation and amortisation (0.5) (0.4) Gain/(loss) on disposal of non-current assets 0.4 (0.4) FX gain/(loss) - (0.1) Exceptional items (0.3) (0.1) IFRS 16 adjustment 0.7 0.7 Operating loss (1.9) (3.4) Finance expense (0.5) (0.3) Loss before tax (2.5) (3.7) Taxation - - Loss after tax (2.5) (3.7) Tables may not cast due to rounding *The comparative Period has been restated to correct for revenue and certain operating costs that had been recorded in the ba lance sheet instead of being recognised through the income statement as well as to correct misclassifications in the statement of financi al position.
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appendix Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202638 Group balance sheet H1 FY26 YE FY25 H1 FY25 Restated* £m £m £m Intangible & tangible assets 14.0 14.7 19.5 Right-of-use assets 22.6 24.6 29.1 Finance lease receivable 0.2 0.2 0.0 Non-current assets 36.8 39.5 48.6 Inventories 0.4 0.6 0.4 Trade and other receivables 4.0 4.2 5.0 Cash and cash equivalents 1.5 1.6 1.6 Finance lease receivable 0.1 0.1 0.0 Current assets 6.1 6.4 7.0 Trade and other payables (13.0) (12.7) (12.5) Lease liabilities (6.6) (6.7) (6.9) Loans and borrowings (3.8) (12.2) (2.0) Current liabilities (23.4) (31.6) (21.5) Loans and borrowings (10.4) (0.4) (9.9) Lease liabilities (25.4) (28.9) (28.0) Deferred taxation (1.0) (1.0) (0.3) Non-current liabilities (36.7) (30.2) (38.2) Net liabilities (17.3) (15.8) (4.0) Tables may not cast due to rounding *The comparative Period has been restated to correct for revenue and certain operating costs that had been recorded in the ba lance sheet instead of being recognised through the income statement as well as to correct misclassifications in the statement of financi al position.
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appendix Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202639 Group Cash flow H1 FY26 H1 FY25 Restated* £m £m Adjusted EBITDA (pre-IFRS 16) 0.5 (0.4) Exceptional items / non-trading costs (1.2) (0.7) Working capital movements 0.6 (0.6) Cash generated from operations (0.1) (1.7) Cash flow from investing Purchase of assets (1.2) (2.0) Acquisition net of cash acquired - (0.2) Cash flow from financing Interest paid (net) (0.5) (0.3) Loan drawdown - 1.1 Loan repayments (0.3) 0.0 Cash inflow/(outflow) (2.1) (3.1) Cash at the beginning of the period (0.3) 2.8 Foreign exchange 0.1 (0.1) Cash carried forward (2.3) (0.4) ¹ After lease payments of £3.7m (H1 FY25: £3.7m). Statutory cash generated from operations £3.6m (H1 FY25: £2.0m). Cash is sh own net of bank overdraft. Tables may not cast due to rounding The comparative Period has been restated to correct for revenue and certain operating costs that had been recorded in the bal ance sheet instead of being recognised through the income statement as well as to correct misclassifications in the statement of financi al position. • Statutory cash generated from operations up 80% to £3.6m (H1 FY25: £2.0m); £(0.1)m after lease payments on a pre-IFRS 16 basis (H1 FY25: £(1.7)m) • Driven by a significant improvement in underlying trading, with the loss for the Period narrowing by £2.2m to £1.6m, and a £0.6m working capital inflow (H1 FY25: £0.6m outflow) • The £0.9m gain on lease exits from the UK and French store closures is non-cash, and is deducted in arriving at operating cash flow • Capital expenditure of £1.2m (H1 FY25: £2.0m), including two new sites (our Tortilla 2.0 restaurant in Leeds and a compact site at Wembley BoxPark) and the roll-out of self- ordering kiosks • With the French restructuring largely complete, capital is now being deployed with discipline into the formats, technology and locations that deliver the strongest returns • Lease payments broadly unchanged at £3.7m; interest paid up to £0.5m (H1 FY25: £0.3m), reflecting higher average borrowings; £0.3m of loan repayments, with no new drawdowns (H1 FY25: £1.1m drawn) • Adjusted net debt of £12.4m (FY25: £10.8m; H1 FY25: £9.9m), drawn against total available facilities of £14.4m • Compliant with banking covenants at 28 June 2026; an additional £1.3m short-term overdraft facility was agreed with Santander in May 2026 to provide extra liquidity headroom Stronger trading and working capital discipline reduced the operating cash outflow by £1.6m.
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appendix Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202640 Group Income statement FY25 FY24 £m £m Revenue 74.0 68.0 Cost of sales (18.3) (15.9) Gross profit 55.7 52.1 % of revenue 75.2% 76.6% Administrative expenses (68.3) (53.3) Other income 0.5 0.0 Profit/(loss) from operations (12.1) (1.2) Adjusted EBITDA (pre-IFRS 16) 1.1 4.5 Pre-opening costs (0.8) (0.4) Share-based payments - 0.1 Depreciation and amortisation (9.9) (8.8) Gain/(loss) on disposal of non-current assets 0.1 (0.1) Impairment charges and lease adjustments (9.3) (1.4) FX gain/(loss) 0.0 (0.1) Exceptional items (0.8) (1.5) Other income 0.2 0.0 IFRS 16 adjustment 7.3 6.6 Operating (loss)/profit (12.1) (1.2) Finance income 0.0 0.1 Finance expense (2.7) (2.2) Profit/(Loss) before tax (14.8) (3.3) Taxation (0.4) -) Profit/(Loss) after tax (15.1) (3.3) • Driven by UK sales growth from improved food, better customer service, and enhanced digital & delivery experiences • Full-year impact of France Group Revenue +8.8% to £74.0m • Investment in UK food quality, UK food cost inflation and delivery price discounting • Transitional inefficiencies in France as supply shifted to the Lille CPK • Pricing investment in the French converted Tortilla sites Gross Profit margin 75.2% (FY24: 76.6%) • Adjusted EBITDA (pre-IFRS 16) of £1.1m (FY24: £4.5m) • UK up £1.1m (+21.2%) to £6.3m (FY24: £5.2m) • France loss of £(5.2)m (FY24: £(0.7)m) as we reposition the business Adjusted EBITDA (pre IFRS) down 75.6 % • Impairment charges and lease adjustments of £9.3m: impairments of £9.9m, partly offset by £0.6m of lease-related gains • France £5.1m (including £2.9m goodwill) on the strategic repositioning of the estate; UK £4.8m reflecting an updated value-in-use assessment Loss before tax totalled £ 14.8m
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appendix Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202641 Income statements – UK and france UK FY25 FY24 £m £m Revenue 68.1 65.0 Cost of sales (16.3) (15.1) Gross profit 51.8 49.9 % of revenue 76.1% 76.8% Administrative expenses (52.9) (49.6) Other income 0.5 0.0 Profit/(loss) from operations (0.5) 0.3 Adjusted EBITDA (pre-IFRS 16) 6.3 5.2 Pre-opening costs (0.0) (0.1) Share-based payments 0.0 0.1 Depreciation and amortisation (8.5) (8.2) Gain/(loss) on disposal of non-current assets 0.1 (0.1) Impairment charges and lease adjustments (4.2) (1.4) FX gain/(loss) 0.1 (0.1) Exceptional items (0.5) (1.1) Other income 0.2 0.0 IFRS 16 adjustment 6.1 6.0 Operating (loss)/profit (0.5) 0.3 Finance income 0.0 0.1 Finance expense (1.9) (2.0) Profit/(Loss) before tax (2.5) (1.7) Taxation (0.4) 0.0 Profit/(Loss) after tax (2.8) (1.6) France FY25 FY24 £m £m Revenue 5.9 3.0 Cost of sales (2.0) (0.8) Gross profit 3.9 2.2 % of revenue 65.5% 73.7% Administrative expenses (15.4) (3.7) Other income - - Profit/(loss) from operations (11.6) (1.5) Adjusted EBITDA (pre-IFRS 16) (5.2) (0.7) Pre-opening costs (0.7) (0.1) Share-based payments - - Depreciation and amortisation (1.4) (0.6) Gain/(loss) on disposal of non-current assets - - Impairment charges and lease adjustments¹ (5.1) - FX gain/(loss) - - Exceptional items (0.3) (0.7) Other income - - IFRS 16 adjustment 1.2 0.6 Operating (loss)/profit (11.6) (1.5) Finance income - - Finance expense (0.7) (0.2) Profit/(Loss) before tax (12.3) (1.7) Taxation - - Profit/(Loss) after tax (12.3) (1.7) ¹ Includes £2.9m impairment of Fresh Burritos goodwill. Segment figures per note 4 of the FY25 Annual Report; Totals may not cast due to rounding.
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appendix Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202642 FY25 FY24 £m £m Intangible & tangible assets 14.7 20.1 Right-of-use assets 24.6 31.6 Finance lease assets 0.2 0.0 Non-current assets 39.5 51.7 Inventories 0.6 0.5 Trade and other receivables 4.2 3.3 Cash and cash equivalents 1.6 2.8 Finance lease assets 0.1 0.0 Current assets 6.4 6.6 Trade and other payables (12.7) (12.2) Lease liabilities (6.7) (7.1) Loans and borrowings (12.2) 0.0 Current liabilities (31.6) (19.2) Loans and borrowings (0.4) (8.4) Lease liabilities (28.9) (30.5) Deferred taxation (1.0) (0.6) Non-current liabilities (30.2) (39.5) Net liabilities (15.8) (0.5) Group balance sheet
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appendix Tortilla Mexican Grill plc | FY25 & H1 FY26 Presentation | September 202643 Group Cash flow UK cash generation reinvested in the estate; France capex on site conversions and CPK completion FY25 FY24 £m £m Adjusted EBITDA (pre-IFRS 16) 1.1 4.5 Exceptional items / non-trading costs (1.3) (1.7) Working capital movements 0.1 0.9 Operating cash flow (pre-IFRS 16)¹ (0.2) 3.7 Cash flow from investing Purchase of assets (4.3) (5.0) Acquisition net of cash acquired (0.2) (1.4) Cash flow from financing Interest paid (net) (0.8) (0.4) Loan drawdown 2.8 4.2 Loan repayments (0.5) 0.0 Cash inflow/(outflow) (3.1) 1.1 Cash at the beginning of the period 2.8 1.6 Foreign exchange - (0.1) Cash carried forward (0.3) 2.8 • Statutory cash generated from operations of £7.4m (FY24: £10.6m); £(0.2)m after lease payments on a pre-IFRS 16 basis • UK core business remains cash-generative, but the France business consumed more cash than expected in the original business plan, hence the need for a strategic reset • Capital expenditure focused on three areas: UK estate modernisation, including kiosks (£2.3m); conversion of French sites to Tortilla (£1.2m); and completion of the Lille Central Production Kitchen (£0.7m) • Final payment relating to the Fresh Burritos acquisition: £0.2m • Santander facility refinanced in June 2025: RCF increased from £10.0m to £12.5m, maturing June 2028; £2.8m drawn in the year and £12.0m drawn at year- end • Adjusted net debt (pre-IFRS 16) of £10.8m (FY24: £5.7m) ¹ After lease payments of £7.6m (FY24: £6.9m). Statutory cash generated from operations £7.4m (FY24: £10.6m). Cash is shown net of bank overdraft. Totals may not cast due to rounding.
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