First Watch Restaurant Group (FWRG) investor relations material

Long-term growth targets

• Plans to open approximately 55 new restaurants annually, with about 50 company-owned and 5 franchise-owned locations.

• Targets same restaurant sales growth of 2% to 4% and total revenue growth of 10% to 13% per year.

• Adjusted EBITDA is expected to grow by 11% to 14% annually, with G&A expense growth remaining below total revenue growth.

• Positive free cash flow is projected to begin in 2027 and increase each subsequent year.

Expansion strategy and financial discipline

• Capital allocation focuses on self-funding new restaurant openings and maintenance through operating cash flow.

• New units have strong economics, with a $1.8M net build cost and a $2.8M third-year sales target.

• Achieves a third-year cash-on-cash return of approximately 35%.

• Sees a total addressable market of over 2,200 units in the continental U.S., supporting a long growth runway.

• G&A expense discipline and margin initiatives are expected to drive adjusted EBITDA growth faster than sales growth.

Use of non-GAAP financial measures and cautionary notes

• Utilizes non-GAAP metrics such as Adjusted EBITDA and restaurant-level operating profit to provide additional operational insight.

• Non-GAAP measures are intended to supplement, not replace, GAAP results and may not be comparable to other companies.

• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.