Chipotle Mexican Grill — Supplemental Q12026 Investor Information (company IR deck)

Chipotle Mexican Grill (CMG) · 0 slides · Filed Oct 20, 2026

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Slide 1 — Q1 2026

I N V E S T O R I N F O R M A T I O N Q1 2026 EARNINGS

Slide 2 — FORWARD-LOOKING STATEMENTS

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 2 FORWARD-LOOKING STATEMENTS Certain statements in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements about our future financial results, including future AUV and margins, the number of company owned and partner- operated restaurants we will open, and the future success of our Recipe for Growth initiatives. We use words such as “anticipate,” “believe,” “estimate,” “proposed,” “expect,” “intend,” “project,” “target,” and similar terms and phrases to identify forward-looking statements. These forward-looking statements are based on currently available operating, financial and competitive information available to us as of the date of the presentation and we assume no obligation to update these forward-looking statements, except as required by applicable laws and regulations. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those described, including but not limited to: wage inflation and state or local regulations mandating higher minimum wages; the competitive labor market, which impacts our ability to attract and retain qualified employees; the impact of any union organizing efforts and our responses to such efforts; increases in ingredient and other operating costs and the inability of our third-party suppliers and business partners to fulfill their commitments due to inflation, global conflicts, climate change, extreme weather, our Food with Integrity philosophy, tariffs or trade restrictions and supply shortages; risks of food safety incidents and food-borne illnesses; our reliance on certain information technology systems operated by us or by third parties and potential failures, outages or interruptions; our reliance on third party delivery services; privacy and cybersecurity risks, including risk of breaches, unauthorized access, theft, modification, destruction or ransom of guest or employee personal or confidential information stored on our network or the network of third-party providers; the impact of competition, including from sources outside the restaurant industry; the impact of laws and regulations governing employment practices, restaurant design and construction, and the sale of food or alcoholic beverages; our ability to preserve, grow, and leverage our brand reputation; the impact of our brand, marketing, promotional, advertising and pricing strategies, digital platform, menu innovations; our ability to achieve our planned growth, such as the costs and availability of suitable new restaurant sites, and the necessary restaurant equipment, technology, construction materials and contractors; and the expected costs of our international expansion plans, including through partner-operated restaurants in the Middle East, Mexico and Asia; evolving consumer preferences, demand, consumption, or spending behavior, reduction in discretionary spending and price increases, and our ability to anticipate or react to these changes; our ability to increase menu prices or realize the benefits of menu price increases to offset inflation and increased costs; failure to meet market expectations for our financial performance or any announced guidance and the impact thereof; the potential impact of activist shareholder actions or tactics; failure to attract or retain key executive talent; and the expense and outcomes of litigation, including possible governmental audits and legal actions and potential class action litigation related to food safety incidents, cybersecurity incidents, compliance with employment or privacy laws, advertising claims, contract disputes or other matters. In addition, many of the foregoing risks and uncertainties are, or could be, exacerbated by any worsening of the global business and macroeconomic environment. These statements also are subject to other risk factors described from time to time in our SEC reports, including our annual report on Form 10-K and quarterly reports on Form 10-Q, all of which are available on the investor relations page of our website at ir.Chipotle.com.

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Slide 3 — OUR

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 3 OUR INVESTMENT THESIS WE ARE AN INDUSTRY LEADER BUILT ON: Strong Balance Sheet and Track Record of Returning Capital to Shareholders Distinct, Competitive Advantages, Grounded in Best-in-Class Operations and Innovation Extraordinary Value Proposition Anchored By Brand Strength and Customer Loyalty Top-Tier Management Team with Deep Expertise to Realize “Recipe For Growth” Strategy Food with Integrity Due to High Quality, Delicious and Real Ingredients Served Quickly at Accessible Price Points

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Slide 4 — CONTINUOUSLY INNOVATING

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 4 1993 First restaurant opens in Denver as a private company 2006 Go public on NYSE 2024 Scott Boatwright named CEO 2024 1st Middle East partnership Record restaurant openings 334 COMPANY-OWNED GLOBALLY 2011 Established “Chipotle Cultivate Foundation” 2026 Deploying “Recipe For Growth” strategy to drive value 11 IN 2025 14 MIDDLE EAST TOTAL 2025 2019 Launch of Chipotle “Rewards” program HEADQUARTERS Newport Beach, CA AT A GLANCE LOCATIONS 4,100+ restaurants across North America, Europe and the Middle East OUR PEOPLE 135,000+ employees CONTINUOUSLY INNOVATING Note: As of March 31, 2026 1998 Outside investment accelerates openings 2025 Accelerate Menu Innovation (“Build Your Own Chipotle”)

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Slide 5 — FIVE KEY

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 5 OUR RECIPE FOR SUSTAINABLE GROWTH… THE NEXT PHASE OF OUR GROWTH WILL BE SUPPORTED BY DOUBLING DOWN ON WHAT UNIQUELY DIFFERENTIATES OUR BRAND TO POSITION CHIPOTLE FOR THE NEXT PHASE OF GROWTH FIVE KEY STRATEGIES Drive Operational and Culinary Excellence Protect and strengthen the core to deliver exceptional value Evolve Brand Messaging and Accelerate Menu Innovation & New Occasions Drive demand to restaurants Modernize Our Model through Industry-Leading Technology Leverage AI and relaunch Rewards Program to elevate guest and team experience Expand Global Reach Scale with intention via proven, company-owned and partner-operated markets and strategic new regions Cultivate the Best Talent in the Industry Prioritize energy, speed and agility

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Slide 6 — INNOVATION IS DRIVING PRODUCTIVITY & PERFORMANCE

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 6 DUAL-SIDED PLANCHA Cooks chicken and steak faster than a traditional plancha and improves consistency and increases capacity. Simplifies one of the most complex roles in the kitchen to make it easier for teams to execute. THREE-PAN RICE COOKER By cooking rice directly in line pans, we deliver it fresh and streamline the process. This enables smaller batches, less waste and the ability to cook white and brown rice simultaneously. HIGH-CAPACITY FRYER Increases chip-frying capacity, improves consistency and keeps restaurants stocked during peak periods. Our High Efficiency Equipment Package is simplifying prep and enhancing the guest experience INNOVATION IS DRIVING PRODUCTIVITY & PERFORMANCE EASING REPETITIVE PREP IMPROVING CONSISTENCY SIMPLIFYING PROCESSES ENABLING READINESS FOR PEAK … ALL WHILE MAINTAINING OR IMPROVING OUR CULINARY STANDARDS. RESULTS IN: Higher “Taste of Food” and “Overall Guest Satisfaction” scores Better throughput and meaningful comp sales outperformance Over 600 restaurants have equipment today, ~ 2,000 by year-end

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Slide 7 — REWARDS ARE CREATING REPEAT ENGAGEMENT

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 7 REWARDS ARE CREATING REPEAT ENGAGEMENT • Rewards experience redesigned with all content in one easy-to-navigate hub • Always on with Gamification and Points Tracker • Prioritizes intuitive experience for users • Ongoing rewards available (Monthly “Freepotle” and bonus drops) • Enables personalized interactions at scale Chipotle is entering its next phase of digital growth with a scaled platform CUSTOMERS WIN WITH MORE FLEXIBILITY CHIPOTLE WINS WITH DEEPER ENGAGEMENT • Birthday optionality Choose your reward with a 30-day redemption window • More ways to redeem Lower point thresholds and new offers (e.g., 50% off entrée, group options) • Extended point life Points do not expire with one qualifying purchase per year • “Double Protein” promotion drove highest digital sales day • Loyalty comps outpacing non-loyalty comps through increased engagement (“Summer Of Extras” Campaign) • Incremental sales through expanding new occasions (“Build Your Own Chipotle” and Catering) Goal: Growing Rewards Participation Beyond 1 in 5 In-Restaurant Customers A ONE STOP SHOP FOR REWARDS RECURRING OPPORTUNITIES FOR ENGAGEMENT Turning visits into opportunities to enroll in Chipotle Rewards LEVERAGING OUR CREWS Incentives, training and communications to drive sign-ups LAUNCHING COMPREHENSIVE CAMPAIGN Menu panels, table tents, cups, receipts and “cashwrap” messaging

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Slide 8 — FINANCIAL

FINANCIAL RESULTS

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Slide 9 — Q1 2026 Highlights

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 9 Q1 2026 Highlights Q1 Performance Shows Early Traction, Exceeding Expectations Delivered a double beat on comps and margins, with a return to positive transaction growth — early proof “Recipe for Growth” is working. Executing “Recipe for Growth” Strategy is firmly in execution mode, with progress across operations, digital, menu innovation, and people — boosting engagement and re-engaging younger and value-focused guests. Driving Productivity & Engagement through Innovation HEEP is improving prep and the guest experience, delivering meaningful throughput gains and comp outperformance. Deployed in over 600 U.S. restaurants today, with 2,000 planned by year-end. Launching Rewards on Repeat Entering the next phase of digital growth with a redesigned rewards experience that gives customers more flexibility while driving deeper engagement. Maintaining FY26 Outlook Maintaining a prudent outlook amid macro uncertainty, while managing costs transparently. Confident in our ability to execute and adapt. Accelerating Momentum & Delivering Results * Adjusted for legal proceedings Q1 2026 Financial Highlights Revenue $3.1B Sales Growth 7.4% Comparable Restaurant Sales 0.5% New Restaurant Openings (Company-Owned) 49 Adjusted Restaurant Level Operating Margin 23.7%* Operating Margin 12.9% Share Repurchases $700M Non-GAAP Diluted EPS $0.24

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Slide 10 — OUR

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 10 • Committed to “Food with Integrity” • Continue to deliver exceptional value • Pursue new growth vectors • Modernize our business • Scale with intention • Invest in the development and growth of our world-class people WE ARE AN INDUSTRY LEADER BUILT ON: Strong Balance Sheet and Track Record of Returning Capital to Shareholders Distinct, Competitive Advantages, Grounded in Best-in-Class Operations and Innovation Extraordinary Value Proposition Anchored By Brand Strength and Customer Loyalty Top-Tier Management Team with Deep Expertise to Realize “Recipe For Growth” Strategy Food with Integrity Due to High Quality, Delicious and Real Ingredients Served Quickly at Accessible Price Points OUR INVESTMENT THESIS

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Slide 11 — APPENDIX

APPENDIX

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Slide 12 — DEFINITIONS

Q1 2026 Investor Information PROPRIETARY INFORMATION · ALL RIGHTS RESERVED. CHIPOTLE MEXICAN GRILL 12 Adjusted Restaurant Level Operating Margin Restaurant level operating margin is a non-GAAP financial measure and represents total revenue less direct restaurant operating costs, expressed as a percent of total revenue. Reconciliations to GAAP financial measures are set forth in a table at the end of this presentation. Adjusted to exclude certain legal proceedings. Restaurant Cash Flow Restaurant cash flow is a non-GAAP financial measure and represents total revenue less direct restaurant operating costs. Reconciliations to GAAP financial measures are set forth in the table at the end of this presentation. Adjusted Diluted EPS Adjusted diluted EPS is a non-GAAP financial measure. Reconciliations to GAAP financial measures are set forth in the table at the end of this presentation. Average Unit Volume (“AUV”) Average Unit Volume represents the average trailing 12-month food and beverage revenue for company-owned restaurants in operation for at least 12 full calendar months. Comparable Restaurant Sales Represents the change in period-over-period total revenue for company-owned restaurants in operation for at least 13 full calendar months. DEFINITIONS