Portillo's Inc.

Rule 10b5-1 Trading Arrangements

During the quarter ended June 28, 2026, no director or officer of the Company adopted, amended orterminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

Restructuring Plan

On July 31, 2026, in response to evolving business needs, the Company implemented a reduction in force impacting approximately 18% of the Company’s corporate headquarters workforce (the “Plan”). The Plan is designed to advance the Company’s path towards profitability by streamlining its organizational structure and optimizing operating expenses to gain operational efficiencies. The Plan is intended to ensure resources are aligned with the Company’s strategic priorities. Under the Plan, the Company anticipates recognizing restructuring charges, including severance, outplacement services, and benefits continuation. The Company estimates that the foregoing charges will be approximately $1.1 million and believes the charges will be recognized primarily in the third quarter of 2026. The majority of the $1.1 million in charges will result in cash expenditures and are expected to be paid by the end of the fourth quarter of 2026. The Company anticipates substantially completing the Plan by the end of fiscal year 2026, subject to, among other things, applicable legal requirements.

The estimate of the charges that the Company expects to incur in connection with the Plan, and the timing thereof, are subject to a number of assumptions, including local legal requirements in various jurisdictions, and actual amounts may differ. In addition, the Company may incur other charges not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Plan.