Chipotle Mexican Grill

Solid Q2 performance; “Recipe for Growth” traction - Revenue +9.3% YoY to $3.3B, supported by comparable sales +2.2% with transaction comp +1%. - Digital sales $1.3B = 38.3% of total sales (vs 35.5% prior year), reinforcing ongoing shift to digital. - Core drivers highlighted: Chipotle Honey Chicken LTO return, continued strength in Cilantro Lime Sauce, Rewards relaunch and Summer of Extras, plus targeted restaurant investments to improve throughput/hospitality.

Guidance: full-year comp growth expected to be “low single-digit,” but near-term softness - Management expects full-year comparable sales growth in the low single-digit range. - Q3 is expected to be tough due to harder comps and lap of increased promotional activity from last year. - Early July momentum improved, but recent weeks softened as broader industry + consumer caution increased. - Q3 comp expectation: ~+1% (management assumes ~200 bps impact continuing from a supply/food-safety-related industry issue—see risk bullet).

Pricing & cost trends: inflation manageable; price mix expected to rise - Pricing impact in Q2 ~1.6%, expected to increase to mid-2% in Q3; for the full year, pricing expected near the high end of the 1%–2% range previously communicated. - Cost of sales: 29.7% (up ~80 bps YoY) driven by inflation (notably beef and freight) and ingredient usage (chicken/steak/produce), partially offset by menu price and lower avocado/dairy. - Labor: 25.0% (up ~30 bps YoY) from wage inflation + bonuses and execution investments; expected mid-25% in Q3. - Marketing: ~3% of sales (slightly up); expected low 3% for Q3 and full-year. Other operating costs expected mid-15% in Q3.