First Watch Restaurant Group (FWRG) 28th Annual ICR Conference 2025 summary

Financial performance and growth

• Achieved positive same-restaurant sales and traffic for the full year, finishing strong despite some pressure in the fourth quarter.

• Revenues increased 65% and EBITDA rose 75% since going public, with EBITDA doubling and 250 new restaurants added.

• Maintains a disciplined 10% annual unit growth rate, with new restaurants meeting or exceeding underwriting targets and average unit volumes.

• Long-term guidance and growth metrics from IPO have been consistently met.

Marketing and customer engagement

• Transitioned from word-of-mouth to data-driven marketing, leveraging customer profiles from waitlist, credit card, and app data.

• Built a database of seven million customer records, enabling targeted and efficient marketing.

• Tested new marketing approaches in 2025, with plans to expand data-driven strategies systemwide in 2026.

• Tailors messaging by customer frequency, time of day, and season, aligning menu innovation with consumer trends.

Operational initiatives and menu innovation

• Adjusted third-party delivery surcharge based on partner data, resulting in increased transactions, revenue, and margin.

• Achieved double-digit growth in third-party delivery, with high customer satisfaction and order accuracy.

• Alcohol program introduced to eliminate veto votes, but focus remains on food-forward offerings; juice program now 15% of mix.

• Beverage program leverages fresh produce and aligns with brand identity.