Engaged Capital LLC Reduces Stake in Portillo's Inc.

Engaged Capital LLC has filed an amendment to its Schedule 13D, disclosing a significant reduction in its stake in Portillo's Inc. As of October 21, 2025, Engaged Capital LLC and its affiliates no longer beneficially own more than 5% of the outstanding Class A Common Stock of Portillo's Inc. The filing details multiple sales of shares, totaling a reduction of approximately 3.3 million shares, representing a decrease in ownership from 6.7% to 2.1%. The sales were executed between October 9, 2025, and October 22, 2025, at prices ranging from $5.7308 to $6.2095 per share. The filing states that the sales were undertaken for portfolio rebalancing purposes and do not reflect a change in the reporting persons' view on the future prospects of Portillo's Inc.