First Watch Restaurant Group (FWRG) Raymond James TMT and Consumer Conference summary

Company overview and recent performance

• Operates over 620 breakfast, brunch, and lunch restaurants, up from 428 at IPO in 2021, with doubled Adjusted EBITDA since then.

• Maintains about 10% annual unit growth, with positive same-restaurant sales and strong momentum in a challenging market.

Growth drivers and operational strategy

• Focuses on data-driven operations and development, using performance metrics to drive efficiency and accountability.

• Selects new sites based on strict criteria, leading to predictable and strong new unit performance.

• National brand status provides first-mover advantage for prime locations, enhancing growth opportunities.

Consumer trends and value proposition

• Offers an elevated, freshly prepared menu with value pricing options to appeal to a broad customer base.

• Maintains a pricing philosophy that balances margin defense with affordability, taking less price than peers over five years.

• Enhances guest experience through larger entrees, complimentary coffee during waits, and app improvements.