Highlights

  • Group revenue rose 8.5% year-on-year, supported by higher system sales and UK like-for-like growth.
  • UK like-for-like sales outpaced the CGA benchmark across all quarters of FY25.
  • Early French store conversions showed higher transactions and sales following rebranding.

Tortilla Mexican Grill plc (LSE:MEX) reported Group revenue of GBP 73.8m for FY25, compared with GBP 68.0m in FY24. Total Group system sales reached GBP 98.3m, reflecting year-on-year growth of 9.2%. The UK business continued to record positive like-for-like sales, with full-year growth of 6.2%, while the CGA benchmark for the wider market showed a decline of 1.3% over the same period. Quarterly UK like-for-like performance increased progressively, with growth reported in each quarter of the year.

In-store UK like-for-like sales in Q4 were 3.0%, achieved against a prior-year comparison of 4.8% growth in the same quarter. Delivery and in-store channels both exceeded the industry benchmark during the period.

Franchise Network Developments
The franchise network recorded like-for-like revenue growth across several regions. UK franchise locations reported growth of 4.5%, while franchise operations in the UAE recorded 14.7% growth and France reported 2.6%. Weekly sales records were achieved at 13 franchise sites during the year. Seven new franchise restaurants opened in FY25, comprising three in the UK and four in the UAE, expanding the Group’s international footprint.

Technology and Operational Investment
The Group continued to invest in technology, with self-ordering kiosks operational in 38 UK restaurants by the end of FY25. Two additional installations are planned for FY26. Management expects all suitable UK sites to have kiosks installed by the end of Q1 FY26, reflecting ongoing operational changes across the estate.

France Conversion Programme
Progress continued in France following the acquisition of Fresh Burritos locations. Seven sites have now been converted to the Tortilla brand, including a flagship location at Gare du Nord in Paris that opened in December 2025. Early trading data from the first six converted stores showed an average increase of 39% in transactions and 30% in sales following conversion, supported by a pricing reset intended to increase brand awareness.

Financial Position and Outlook
Adjusted EBITDA (pre-IFRS 16) for FY25 is expected to be in line with management expectations, following Q4 performance. Adjusted net debt (pre-IFRS 16) stood at GBP 10.7m at the period end. During the year, the Group refinanced its debt facilities with Santander. The company reported a positive start to FY26, while noting ongoing cost pressures and consumer considerations within the UK market.

Share performance
MEX shares traded at GBX 52.00 at time of writing on January 28, 2026.