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DATE

Tuesday, Nov. 4, 2025, at 10 a.m. ET

CALL PARTICIPANTS

  • Interim Chief Executive Officer — Mike Miles
  • Chief Financial Officer — Michelle Hook

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RISKS

  • Same restaurant sales declined 0.8% in the fiscal third quarter 2025, with a 2.2% decrease in transactions only partially offset by a 1.4% increase in average check.
  • Restaurant-level adjusted EBITDA margin dropped to 20.2%, down from 23.5% the prior year. Management noted "more significant pressures on our margins from our non-comp restaurants."
  • Commodity inflation remained high, with commodity prices increasing 6.3%. Beef was identified as the most significant ongoing cost pressure into 2025.
  • General and administrative expenses increased by $1.7 million, driven significantly by $3.3 million in dead site costs due to the strategic reset and development slowdown.

TAKEAWAYS

  • Revenue -- $181.4 million revenue for the fiscal third quarter 2025, reflecting a 1.8% increase; growth was driven by $5.6 million in revenue from non-comparable restaurants, with same-restaurant sales decreasing $1.2 million.
  • Same Restaurant Sales -- Same restaurant sales declined 0.8% in the fiscal third quarter 2025. Attributed to a 2.2% fall in transactions, partially offset by a 1.4% increase in average check.
  • Menu Pricing Actions -- Menu pricing contributed approximately 3.2% to average check, partially offset by a negative 1.8% product mix. Management stated, "We do not foresee taking any additional pricing actions the remainder of this year."
  • Commodity Costs -- Commodity prices rose 6.3% in the fiscal third quarter 2025. Increases in beef, chicken, and pork were noted; commodity inflation in 2025 is forecast at 3%-5%, with beef as the primary driver.
  • Labor Costs -- Labor expenses increased to 26.6% of revenue from 25.8% in the prior year. Primarily due to lower transactions, wage increases, higher benefits, and deleverage from recent openings.
  • Other Operating and Occupancy Expenses -- Other operating expenses rose to 12.9% of revenue, up from 11.8% in the prior year. With occupancy expense up 14.7% or $1.4 million, both driven primarily by new restaurant openings and higher R&M, utilities, and advertising costs.
  • Restaurant-Level Adjusted EBITDA -- Decreased to $36.7 million in the quarter from $41.9 million in the prior year. With corresponding margin contraction to 20.2% versus 23.5% in the prior year.
  • Adjusted EBITDA -- $21.4 million in the quarter, down 23.4% from the prior year. Management guides for fiscal 2025 adjusted EBITDA of $90 million to $94 million.
  • G&A Expenses -- Increased to $20 million driven by $3.3 million in dead site costs offset by $1.1 million in CEO transition net benefits; fiscal 2025 G&A is projected at $76 million-$79 million.
  • Impairment Charge -- A noncash $2.2 million impairment charge was taken related to the Barnelli's trade name due to a higher discount rate.
  • Development Strategy -- Management confirmed a strategic reset, stating, "Slowing development in 2025 and 2026" and limiting new locations to sites with signed leases, following overextension in recent years.
  • Restaurant Pipeline -- Eight new restaurants are planned to open in 2026. Further expansion in 2027 will shift to new markets, with most additional Texas openings being already committed rather than new initiatives.
  • Net Debt and Liquidity -- Total net debt ended at $323 million, with $77 million drawn on the revolver at quarter-end and $69 million of capacity remaining.
  • Effective Interest Rate -- Interest expense was $5.7 million for the quarter down due to a decreased effective rate of 6.9% versus 8.3% for 2024.
  • Cash Position -- Cash at quarter-end was $17.2 million.
  • Marketing Strategy -- Investment in new market awareness campaigns has increased, especially in Texas, Chicago, and Houston, with a new Chief Marketing Officer focused on developing a cohesive message for unfamiliar markets.
  • Promotions and Loyalty -- The Portillo’s Perks loyalty program quickly stimulated visits through targeted offers and was credited for mitigating sales declines during the quarter.
  • Format Innovation -- Smaller restaurant formats targeting annual sales of $4 million to $5 million will be deployed to match lower-volume markets and improve new unit economics.

SUMMARY

Portillo's (PTLO 7.25%) reported a modest 1.8% increase in revenue for the fiscal third quarter 2025, driven by non-comparable restaurants, while disclosing a 0.8% decline in same restaurant sales amid falling guest transactions. Adjusted EBITDA declined 23.4% in the quarter, with adjusted EBITDA margin shrinking and commodity and labor costs cited as ongoing margin headwinds. Management confirmed the implementation of a strategic reset, curtailing new development for 2025 and 2026 to improve unit economics and prioritize operational execution, reflecting lessons learned from recent overexpansion and underperforming new stores. The company took a $2.2 million noncash impairment on the Barnelli’s trade name, while revising both its G&A expense and full-year adjusted EBITDA guidance for fiscal 2025 (period ending Dec. 28, 2025). Management highlighted investments in loyalty and marketing, with a heightened focus on growing trial and awareness in new and underpenetrated markets, alongside disciplined pricing actions.

  • Management stated that Portillo’s 98 restaurants averaged $8.6 million in annual sales over the last twelve months and contributed $163 million in restaurant-level EBITDA during the same period.
  • The company forecasted fiscal 2025 restaurant-level adjusted EBITDA margins in the 21%-21.5% range, below recent historical levels, signaling ongoing margin pressure.
  • Beef accounts for about 30% of Portillo’s commodity basket, amplifying the impact of beef price inflation relative to peers.
  • Management stated, "We do not foresee taking any additional pricing actions for the remainder of this year." With effective menu pricing projected at 2.5%-3% for the fourth quarter, pending seasonal impact.
  • Current development plans for 2026 are essentially fixed by existing commitments, with further expansion in 2027 to center on new, less-penetrated markets.

INDUSTRY GLOSSARY

  • Dead site costs: Expenses incurred from abandoned, delayed, or dropped development sites—typically non-recoverable as part of strategic resets or store pipeline rationalizations.
  • Impairment charge: A noncash accounting adjustment reflecting a permanent reduction in the estimated value of an asset, such as a trade name, due to adverse changes in projected financial performance or discount rates.
  • Restaurant-level adjusted EBITDA: An operating profitability metric for restaurants, excluding corporate overhead, certain non-recurring items, and reflecting store-level performance.
  • Non-comp restaurants: Locations not included in the same-restaurant sales comparison base, typically because they have not been open a full qualifying period.
  • Perks program: Portillo's proprietary loyalty initiative used to drive guest frequency, recapture lapsed customers, and stimulate incremental visits via targeted promotional offers.
  • Deleverage: Margin or cost pressure resulting from spreading fixed operating costs over fewer transactions or revenues, often observed with rapid new unit opening or lower-volume stores.

Full Conference Call Transcript

Mike Miles: Although I've had the opportunity to meet many of you over the years at different venues, this is my first time speaking with you as Interim CEO of Portillo's. I was also in this role back in 2014-2015 after our founder Dick Portillo retired, so it's not my first time. And as most of you know, I have been chairman of the board for the past ten years. I've been back in the seat for a little over a month, and everything I have seen only reinforces my confidence that Portillo's has a long runway for growth ahead.

Each time we enter a new market, our first restaurant is overrun with passionate fans who have been waiting for years for Portillo's to come to town. And the first restaurants opened outside Chicago in California and Arizona have matured well over the years. We'll do over $10 million in our Buena Park location this year. I'm also impressed with the capability of the company today compared to ten years ago, from the talent and training we have in our restaurants, to the energy and commitment at the restaurant support center, to the experience and perspective we have on the board of directors.

Although I've had the privilege of seeing all that develop gradually from the Board level over the past decade, it's that much more pronounced being back in the RSE in Oak Brook every day after a ten-year gap. What hasn't changed is the Portillo's experience. Our unique craveable menu, outstanding value, genuine hospitality, and lines that move quickly. Those were the ingredients for the success of Portillo's a decade ago, and they are the foundation of our success today. And the reason that our 98 restaurants average $8.6 million in annual sales and contributed $163 million of restaurant-level EBITDA over the last twelve months.

Although we have a leadership transition at Portillo's, our first priority remains with our customers and restaurant-level teams. Our operators have rededicated themselves to CUSAC, our timeless focus on quality, service, attitude, and cleanliness. And we approach every guest visit with a commitment to make their day. As you know, in the third quarter, Portillo's announced a strategic reset. Slowing development in 2025 and 2026, and refocusing our operations on delivering an outstanding guest experience.

As we shared with our second quarter results and when we communicated this reset, we added too many locations too quickly and too close together over the past twenty-four months, particularly in This has produced a number of restaurants with initial volumes that are not sufficient to deliver healthy economics. As a result, we have slowed development to the extent we can, limiting openings in 2025 and 2026 to sites with already signed leases. Quite a few sites in the pipeline were pushed back or dropped, Michelle will speak to the associated costs we recognized in this quarter.

We also have to address the low-volume restaurants we opened and are working to drive trial and get the labor equation right at these locations. Going forward, we plan to have more time and distance separating our openings in new markets. We're also deploying a smaller format restaurant that can deliver good unit economics at $4 million or $5 million of sales. It's worth noting that we already profitably operate several smaller restaurants in Chicago. That perform well out of similar footprint and with sales in the $4 million to $5 million range including Portillo's number one in Villa Park.

It took years of great customer experiences at Number one and dozens of other restaurants like it in the Chicago market. To build the 43 opened in 2016 in the South Loop, will do over $20 million in sales this year. So our development strategy will reflect a return to a more gradual pace avoiding cannibalization, and letting great experiences drive more visits and ultimately more restaurants. And we will design and build new Portillo's that can succeed at today's new market initial volumes, which are industry-leading, but not yet at the level we achieve over time in established markets. At the same time, we have focused on driving more transactions. Our most important lever remains the Portillo's experience.

The Italian beef sandwich, perfect crinkle-cut fries, family recipe chocolate cake, made-to-order salads, all with the speed and at price points that compete with QSR, but served with genuine hospitality in a fun and unique atmosphere. It's a powerful customer proposition, and executing it well has always been our formula for same-store sales growth. for their continued focus on creating outstanding guest experiences during this period of transition. And I'd like to thank our partners and investors for their support and confidence in this beloved brand. I know I speak for the entire Board in saying that we believe in Portillo's and our ability to create shareholder value more than ever.

In a couple of weeks, we will celebrate a major milestone when we cut the ribbon for our one-hundredth restaurant. In Kennesaw, Georgia. Will be an exciting moment for all of us and a reminder that while we've accomplished a lot, we're really just getting started. I will now hand it over to Michelle to review the details of the third quarter results.

Michelle Hook: Great. Thank you, Mike, and good morning. During the third quarter, revenues were $181.4 million reflecting an increase of $3.2 million or 1.8% compared to last year. Our revenue growth in the quarter was driven by non-comp restaurants. Restaurants not in our comp base contributed $5.6 million of the total year-over-year increase in revenue during the quarter. Same restaurant sales declined 0.8% which decreased revenues approximately $1.2 million in the quarter. The same restaurant sales decline was attributable to a 2.2% decrease in transactions partially offset by an increase in average check of 1.4%. The higher average check was driven by an approximate 3.2% increase in certain menu prices partially offset by a 1.8% decrease in product mix.

We do not foresee taking any additional pricing actions the remainder of this year. As such, our effective price increase for the fourth quarter is estimated to be in the range of 2.5% to 3% pending the impact of our fourth quarter 34.5% the quarter from 33.7% in the prior year. This increase was primarily the result of a 6.3% increase in our commodity prices, partially offset by an increase in our average check. In the quarter, we experienced increases in several categories including our primary proteins of beef, chicken, and pork. We continue to forecast commodity inflation of 3% to 5% in 2025 with the most significant pressures coming from beef.

Labor, as a percentage of revenues, increased to 26.6% in the quarter from 25.8% in the prior year. The increase was primarily due to lower transactions, incremental wage increases, higher benefit costs, and deleverage from our newer restaurant openings. Other operating expenses compared to the prior year, which was primarily driven by the opening of new restaurants and an increase in repair and maintenance utilities and advertising expense. As a percentage of revenues, other operating expenses increased to 12.9% from 11.8% in the prior year. Occupancy expenses increased $1.4 million or 14.7% in the quarter compared to the prior year primarily driven by the opening of new restaurants.

As a percentage of revenues, occupancy expenses increased 0.7% compared to the prior year. Restaurant level adjusted EBITDA decreased $5.3 million to $36.7 million in the quarter from $41.9 million in the prior year. Restaurant level adjusted EBITDA margins decreased three thirty basis points to 20.2% in the third quarter versus 23.5% in the prior year. We continue to experience more significant pressures on our margins from our non-comp restaurants. We currently estimate our restaurant level adjusted EBITDA margins to be in the range of 21% to 21.5% in 2025. Our general and administrative expenses increased by $1.7 million to $20 million or 11% of revenue in the quarter, from $18.3 million or 10.3% of revenue in the prior year.

This increase was primarily driven by $3.3 million in dead site costs. This increase was partially offset by $1.1 million net benefit resulting from the CEO transition. This benefit was due to forfeiture of equity awards offset by other transition costs. Following CEO transition costs in the third quarter, and projected Board approved retention payments, we have adjusted our G and A target for 2025. Our updated estimate for fiscal year 2025 G and A is now $76 million to $79 million. Preopening expenses increased by $1.5 million to $3.3 million in 2025, compared to $1.7 million in the prior year primarily due to the number and timing of activities related to our planned restaurant openings.

During the quarter, we recorded a noncash impairment charge of $2.2 million related to our legacy Barnelli's trade name primarily due to an increase in the discount rate. This pasta concept is available at nine co-branded restaurants and are Chicagoland market. Neither the Portillo's trade name nor Goodwill was impaired. This impairment charge has been adjusted out of our reported adjusted EBITDA. Please refer to our adjusted EBITDA table in the earnings release and 10-Q for additional adjustments recorded this quarter. Adjusted EBITDA was $21.4 million in the quarter versus $27.9 million in the prior year, a decrease of 23.4%.

Due to the change in our estimated G and A expenses this year, we now expect adjusted EBITDA of $90 million to $94 million for fiscal year 2025. Below the EBITDA line, interest expense was $5.7 million in the quarter a decrease of $800,000 from the prior year. This decrease was driven by a lower effective interest rate of 6.9% versus 8.3% for 2024. At the end of the quarter, we have $77 million drawn our revolving credit facility. Our total net debt at the end of the quarter $323 million. We have approximately $69 million of available capacity on the revolver.

Income tax benefit was $1.2 million in the quarter compared to expense of $2.5 million in the prior year. Our effective tax rate for the third quarter was impacted by a decrease in our valuation allowance. $48.7 million year to date. We ended the quarter with $17.2 million in cash. We believe our efforts towards simplicity, a revised approach to new market entry, and a restaurant model with healthy unit economics will support our growth potential and drive long-term shareholder returns. Thank you for your time. Operator, please open the line for questions.

Operator: Thank you. We will now be conducting a question and answer session. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing star keys. We ask that analysts limit themselves to one question and follow-up so that others have an opportunity to do so as well. One moment, please, while we poll for questions. Our first question comes from Sara Senatore with Bank of America. Please proceed with your question.

Sara Senatore: Hey, good morning. Thank you for the question. Isaiah on for Sarah. Just seeing that other restaurant OpEx saw pressure just due to advertising expense, but the traffic declines seem to have accelerated quarter on quarter. Could you guys speak to marketing efficacy in the quarter just how you think about marketing strategy going forward? Especially in the light of Denise joining back in September? Thank you.

Michelle Hook: Yeah. Isaiah, keep in mind that our marketing it's in two spots. One, as you mentioned, an OpEx but then in G and A as well. We do have marketing spend in there, just more for you on the p and l. Yeah. Absolutely. We continue to believe that we need to drive trial and awareness, specifically in our newer markets. And so as we look at campaigns we have ongoing in Dallas, we're making investments in Houston as well where we have five restaurants today. And we continue to believe that's a good investment to make as we drive that trial and awareness.

Now having said that, here in our core market of Chicagoland, that still is extremely important to us. We need to make sure that we continue to message the brand and look at our value proposition here. And so we make investments here as well. We have a campaign going on in Chicagoland. As we speak right now, to continue to message the brand here in our core markets. So we continue to believe in that investment and that's a good payback for us now and as we look into the future.

Sara Senatore: Thank you. I appreciate the clarification. And just as a follow-up, appreciating that you guys aren't taking price or planning to in 4Q, pricing does seem to be running towards the high end of the industry range. How do you guys view your value perception among guests and just your broader value proposition? Thank you.

Michelle Hook: Yeah. In terms of pricing, so when we look at where we are at, this quarter and then when you look at where the September inflation data was, food away from home was at 3.7%. We're definitely indexing under that. As I mentioned, we're not planning to take price this quarter. We go into next year, we'll look at that in relation to our inflationary cost pressures. But as Mike mentioned, we continue to believe we need to drive traffic into our restaurants. And so we have to be mindful of when and where we take price.

Operator: Thank you. Our next question comes from Brian Mullen with Piper Sandler. Please proceed with your question.

Brian Mullen: Thank you. Just a question on development. Guess, one, is there anything you can say around the openings you could expect in '26 as you sit here today? I presumably, what will open next year is already underway in some form or fashion. It has been planned. And then just related to that, if you if you were gonna make any kind of pivot on development beyond next year, I would think it wouldn't be till 2027. So maybe just talk about what scenarios you're contemplating. Is there a world in which you don't build for a while and you focus on the existing assets? Are there a lot of things just open-ended beyond next year?

Mike Miles: Yeah, Brian. As we said, we're gonna plan to open eight restaurants next year, and you're spot on that a number of those were already in flight. And so you'll see some additional restaurants in Dallas and Houston, which if we could do it all over again and wave a magic wand, might not open in 2026. We've probably pushed them out. But we've got some other great sites in the pipeline and as we look ahead to 2027, it's our intention to continue to grow and to grow gradually as I discussed.

So you won't see us open a bunch of more restaurants in '27 in either the Dallas or the Houston market, but you'll see us expanding in other markets that are growth opportunities for us. We'll probably have our second opening in the Atlanta market in 2027. And look to other locations for growth beyond that.

Brian Mullen: Okay, thank you.

Operator: Our next question comes from Gregory Francfort with Guggenheim. Please proceed with your question.

Arian Razai: Good morning. This is Arin Rizai on for Greg. I wanted to ask about the beef cost. And I know it's early, but can you help frame the early thoughts in commodity? Into the next year? And also maybe like touch on labor inflation guidance. It seems like a lot of companies are seeing, like, below 3% wage year over year, but I'm seeing you guys are still, like, above that. I don't know if it's regional or any outlook on that or any commentary would be super helpful. Thank you.

Michelle Hook: Yeah. So in terms of beef costs, obviously, we saw we've seen pressures on beef all this year. As we go into next year, we don't see any easing. On beef costs. We're still putting together plans. I think you've seen other companies who have a more concentrated basket on beef signaled more mid-single digits. You know, we're, again, putting together that plan. We'll have more information on what we think '26 is gonna look like in January for you all. But I imagine what you're hearing today, we're not in any different boat than those folks are. But just for context, about 30% of our basket is beef.

So that is more heavily weighted for us, but there's still a broader basket for us and with some offsets as we look into next year as well that we think can help mitigate some of those pressures. On the labor front, year to date, we're at about 3%. We came into the year forecasting 3% to 4%. So we're at the lower end of the range. I wouldn't say that there is necessarily more geographical concentration for us. You know, we continue to give increases to our team members. Within each year. We don't pay minimum wage anywhere. When you look at our average hourly rate, we're above $17 an hour.

So we feel really good about where we sit today. But, we still need to make investments and in markets and existing team members. But nothing I'd call out terms of concentration of where those increases are.

Arian Razai: Got it. Thank you so much.

Operator: No problem. Our next question comes from Chris O'Cull with Stifel. Please proceed with your question.

Chris O'Cull: Hi, thanks for the question. This is Ella on Chris. Mike, I appreciate your prepared remarks on the quarter. But can you elaborate on what enabled the company to deliver a bit better comp performance than what you guided to in the business update.

Mike Miles: The comp performance in the third quarter was helped out some by our Perks program, which we're beginning to scale and are beginning to learn more about how to use. It's great that we have such an engaged customer base and they So when we use the Perks program to stimulate visits, we get an immediate response to it. And we did a little bit of that in the third quarter and it's helpful both with respect to lapsed guest activation also getting folks to try new things that are on the menu. And then we've also sent a couple offers to the entire base that have had a really nice response.

And that was a bit of an upside for us in the third quarter.

Chris O'Cull: Great. Just a follow-up on the fourth quarter comp. So the full year comp guidance of down 1% to down 1.5% imply a pretty big decrease in the fourth quarter, both on a one-year and two-year basis. Curious, how's the quarter to date comp look like and any color on that?

Michelle Hook: Yes. We're not going to comment on any Q4 comp information other than what you just said, Ella. I will say though, when you look at what we're lapping in Q4 of last year, we did have a positive comp. So we have a little bit tougher lap coming into Q4. And there's still a lot of unknowns. I mean, all see what's going on in the industry, so it's very fluid right now. We do have a large seasonal catering business here in our core as well, so, that can be impacted to us in Q4. So still some unknowns for us but we feel comfortable about the guide that we put out there.

Chris O'Cull: Thank you so much.

Operator: Our next question comes from Dennis Geiger with UBS. Please proceed with your question.

Paul Howe: Hi. This is Paul Howe on with Dennis. Thank you so much for the question. I guess my first question is more of a clarification. I understand you're on don't wanna talk about anything about four Q trends, but just And then just a follow-up, I'm wondering if you could elaborate a little bit more on what have you what you have seen in terms of consumer behavior if there's any notable shifts that you'd like to highlight by either age or income cohorts. Thank you.

Michelle Hook: Yeah. When you look at intra-quarter trends, Mike mentioned we pulled some Portillo's PERC's levers. So when you look at in July, we ran one dollar hot dog week offer. On September, we ran a 50% cheeseburger week offer. And so, those had were more impactful versus, say, an August comp performance, but that was quarter color. There's always you know, in September, you have more pressures, but I think we did a nice job of pulling some of those levers with the Perks program to help mitigate some of those pressures, which is why our comp performance came in a little bit better than what we were projecting.

Terms of the consumer, I think you all see what, what we see. It continues to be, you know, very fluid situation. It continues to be pressured. But it's something that we've been facing all year, and we continue, like the rest of the industry, to do what we can to mitigate some of those headwinds.

Operator: Our next question comes from Jim Salera with Stephens. Please proceed with your question.

Tyler Prowse: Good morning. This is Tyler Prowse on for Jim. Thanks for taking our questions. Just kind of a follow-up to the last question to get started. Several, of your QSR competitors have called out outsized impact from the Hispanic and younger consumer cohorts. Just curious if you saw any noticeable step change during those cohorts during the quarter?

Michelle Hook: Yeah, Tyler. We did not see any that I would call out as noticeable. We've continued to call out just some, pressures that we've had specifically in our drive-through channel. I'd say that was a little bit more pronounced in Q3 versus some of the other channels. But nothing specifically with like, a Hispanic or other consumer cohort that I would call out.

Tyler Prowse: Great. That's helpful. And, just kinda shifting gears here. So you previously called out more of a focused marketing effort in Texas. Can you talk a little bit how that's going? And additionally, with Portillo's now in several unique markets such as Arizona, Texas, Florida, and, you know, soon to be Georgia, which are effectively at different stages of awareness building. Are you developing a cohesive marketing message to communicate to these different markets effectively?

Mike Miles: Yeah. It's a great question, Tyler. And I think a couple of levels. First, tactically, we're pulling just about every lever that we know how in Texas. To try and get people to try more Portillo's. It's really the kind of thing where we build our brand by people experiencing it. So everything that we can do to get folks to give us a try from sampling events to offers that we make through the Perks program, to some market-wide offers that were trying in Dallas and will be shortly employing in Houston. All those things help to get us our first visit and I think that's important to get the ball rolling.

That's really the way that Portillo's is built the brand in every market, going back to Chicago. For the last forty or fifty or sixty now years. I do think there's the germ of a big idea that you also referenced in your question about how we have a cohesive program for new markets. We really have not ever sort of cracked the code on communicating what Portillo's is all about to people who have never heard of us before. We really rely on the Chicago expatriate community to drive our sales in new markets.

And they do a great job first couple of restaurants we opened in a market just know, it we can't keep up with all the demand. People drive for hours to get to those restaurants. But we need to have a clearer way to communicate to folks have never heard of Portillo's before and don't know somebody from Chicago what's so great about it. And you heard somebody mention Denise, who's our new CMO. She's working on that and it's not kind of thing that's going to happen overnight, but it is something that we'll be developing. Over the course of 2026.

So that as we go to new markets like Atlanta, and beyond, we've got another way to get people to try Portillo's and experience it. Very helpful. That's all from us for now.

Operator: We've reached the end of our question and answer session, which concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.