Tortilla Mexican Grill (MEX) Trading update summary

Financial adjustments and audit update

• Identified up to £2.5 million in French operating expenses not previously expensed, impacting FY25 and possibly FY24 results.

• FY25 Group Adjusted EBITDA (pre-IFRS 16) now expected to be around £1.5 million, down from prior guidance.

• UK FY25 Adjusted EBITDA guidance remains at £6.5 million; no impact on FY25 cash flow or net debt (£10.7 million at period end).

• Discussions ongoing with lender regarding potential covenant breaches; increased facility headroom secured.

• Audit process continues, with strengthened financial controls being implemented in France.

France restructuring and operational progress

• French head office personnel costs being reduced by about 50%, with some functions moved to the UK.

• Exiting underperforming Fresh Burritos stores to focus on stronger Tortilla-branded locations.

• Converted French stores show strong like-for-like sales growth of +16.6% for the first 20 weeks of FY26.

• Central Production Kitchen in Lille supports operational improvements and future expansion.

UK trading and growth

• UK like-for-like sales up 12.0% in the first 20 weeks of FY26, outperforming sector benchmarks.

• In-store sales grew 7.5%, while delivery sales surged 25.0% due to multi-aggregator strategy.

• LTM system sales expected to reach £100 million in May 2026.

• Strong UK performance underpins confidence in business trajectory under new leadership.