Update on Timing of FY25 Audited Results

Further to its announcement of 19 May 2026 regarding the accounting adjustments identified in its French business (the "May Announcement"), Tortilla Mexican Grill plc (AIM: MEX) provides an update on the timing of publication of its audited annual report and accounts for the 52 weeks ended 28 December 2025 (the "FY25 Annual Accounts").

French review and reporting timetable

The May Announcement identified accounting adjustments in the Company's French business relating to the classification of certain operating costs, reducing expected Group FY25 Adjusted EBITDA1 (pre-IFRS 16) by up to £2.5 million, to around £1.5 million. Since then, the Board, working with the Company's auditors, has been undertaking a comprehensive review of the French operations to ensure that the matters identified are fully understood, accurately reflected in the audited accounts, and resolved on a lasting basis. The Board considers it in shareholders' best interests to take the additional time required to complete this review within the year-end audit, rather than meet the original timetable, reflecting its commitment to strengthened financial controls and disciplined reporting, and to ensuring the issues identified in France do not recur. Therefore, the Board has concluded that it will not be in a position to publish its FY25 Annual Accounts by 30 June 2026.

Companies House extension and AIM Rule 19

Companies House has approved an extension to the statutory deadline of 30 June 2026 for filing the FY25 Annual Accounts. Pursuant to AIM Rule 19, the Company is required to publish its annual audited accounts not later than six months after the end of the financial year. As this deadline will not be met, trading in the Company's ordinary shares on AIM will be temporarily suspended from 7:30 a.m. on 1 July 2026, pending publication of the FY25 Annual Accounts. The Company will continue to comply with its obligations under the AIM Rules, including the release of any further announcements as required, while the temporary suspension is in place.

Expected timing and guidance

The Company will publish the FY25 Annual Accounts as soon as possible once the audit has been completed and regards this as a short, contained delay. The Company will apply for the temporary suspension to be lifted on publication of the accounts, when a further announcement will be made. Based on work completed to date, the Board believes the final results will be broadly in line with the guidance in the May announcement, subject to completion of the audit. The Board will provide a further update on the Group's audited FY25 financial performance when the FY25 Annual Accounts are published.

The Company expects to convene its Annual General Meeting as soon as practicable following publication of the FY25 Annual Accounts.

The delay reflects solely the completion of the French review and audit, and is not indicative of any change in the Group's underlying trading or financial position.

As reported in the announcement on 19 May 2026, trading in the UK continues to be strong and LFLs for the converted French stores remain robust. The Board remains confident in the prospects of the Group's core business and is focused on completing the audit and restoring the shares to trading as soon as possible.

1 Adjusted EBITDA is defined as statutory operating profit before interest, tax, depreciation and amortisation (before application of IFRS 16 and excluding exceptional costs), includes other income, and reflects the underlying trade of the Group.