Pershing Square Activist Presentation Deck
Chipotle Mexican Grill ("CMG")
MEXICA
GRILL
N
Chipotle's superb performance continued in 2021 driven by ongoing
strength in digital sales and a recovery of in-store ordering
Average restaurant sales have now eclipsed the 2015 peak of $2.5mm
► Same-store sales grew 19% in 2021, or 21% from 2019 levels
Strong contribution from innovations including the quesadilla and smoked brisket
► Superlative value proposition drives pricing power and protects margins
▪ Chicken burrito/bowl still priced below $8 in most parts of the country
► Longer-term opportunity to drive average restaurant sales well beyond $3mm
Chipotle has a long runway for robust growth
New unit growth algorithm of 8% to 10% annually
✓ Chipotlane digital drive-thrus now in 12% of existing and 80% of new stores
Menu innovations and loyalty program enhancements
✓ Operating leverage with 40% incremental restaurant margins
✓ Plans for international expansion given success achieved in Canada
Source: Company filings.
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