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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Tortilla Mexican Grill
Tortilla Mexican Grill (MEX) investor relations material
Tortilla Mexican Grill H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary1 Oct, 2026
Executive summary
Achieved record system sales of £103 million in the last 12 months, with group revenues up 6% and like-for-like sales (LFLs) at 13.3%.
UK operations delivered strong LFL revenue growth of 13.9% in H1 FY26, with improved adjusted EBITDA and profitability despite store closures.
France underwent significant restructuring, closing underperforming stores and converting sites, resulting in improved margins and reduced losses.
Strategic initiatives included multi-aggregator delivery, technology upgrades (AI, Oracle EPOS, kiosks), and a multi-year value creation plan.
Strengthened leadership team and governance, with new CEO and board appointments.
Financial highlights
Group revenue up 6% to £38.5 million in H1 FY26, with UK revenue at £35.4 million, a 7% increase year-over-year.
Adjusted EBITDA improved to £0.5 million from a £0.4 million loss in H1 FY25; UK adjusted EBITDA was £2.6 million.
Group gross margin was 74.7% (UK: 75.5%, France: 65.5%), with France's margin improving from 57.8% to 65.5%.
Loss before tax narrowed to £1.6 million from £4.1 million in H1 FY25.
Adjusted net debt increased to £12.4 million, with available facilities of £14.4 million.
Outlook and guidance
Targeting 20% EBITDA margin for restaurants, up from current 16.4% estate-wide and 17.5% for mature stores.
Ambition to reach £1.5 million average unit volume (AUV) per annum by 2026, up from £1.15 million.
Focus on franchise-led expansion in the UK and Europe, leveraging a capital-light model.
Continued investment in product quality, technology, and operational efficiency to drive growth.
No interim dividend declared; capital prioritised for strategic growth and balance sheet strengthening.
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Latest events from Tortilla Mexican Grill
- Revenue up 8.8% to £74.0m, but net loss widened to £15.1m due to France and impairments.MEX
H2 2025 - FY25 Group Adjusted EBITDA cut to £1.5m after French adjustment; UK sales up 12% in FY26.MEXTrading update
- Record UK profitability, strong sales growth, and positive FY26 outlook despite cost pressures.MEXQ4 2025 TU
- Record UK profit and sales offset France investment; FY25 EBITDA 10% below guidance.MEXH1 2025
- UK revenue surpasses forecasts as strategic initiatives drive growth and European expansion.MEXTrading Update
- Profitability held steady as European expansion and franchise growth accelerated.MEXH1 2024
- Profitability and brand momentum improve as European expansion accelerates.MEXTrading Update
- Tortilla's €3.95m Fresh Burritos acquisition accelerates European expansion and franchise growth.MEXTrading Update
- Revenue up 3.5% to £68m, 117 stores, and UK LFL sales outperformed the market.MEXH2 2024
Tortilla Mexican Grill
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Frequently asked questions
Tortilla Mexican Grill plc is a United Kingdom-based company that operates as a fast-casual Mexican restaurant brand. Specializing in Californian-inspired Mexican cuisine, the company's menu features items such as burritos, tacos, and quesadillas, all of which are prepared in-house using ingredients free from artificial flavors or preservatives. Tortilla Mexican Grill plc provides a variety of dining options to its customers, including dine-in, self-serve, take-away, click-and-collect, and delivery services. Tortilla Mexican Grill plc is headquartered in London, and its shares are listed on the London Stock Exchange (LSE) under the ticker symbol MEX.