Tortilla Mexican Grill (MEX) investor relations material

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.