Sweetgreen (SG) The 44th Annual William Blair Growth Stock Conference summary

Business performance and expansion

• Achieved positive adjusted EBITDA and consistent unit-level margin expansion, supporting accelerated expansion plans into 2025 and 2026.

• Operates about 230 restaurants in 20 major markets, with strong performance in both urban and suburban areas.

• New markets like the Midwest, Texas, and Florida are among the fastest growing and highest comping.

• Plans to focus on densifying existing markets rather than entering new ones, leveraging economies of scale.

• Targeting 15% unit growth in 2025 and aiming for 20% in 2026, with a significant portion of new stores featuring automation.

Product innovation and customer experience

• Launched Protein Plates and steak, broadening the customer base and increasing dinner business, with steak driving over 30% of sales in some new markets.

• Over 80% of customers customize their bowls, supporting high frequency and brand habituation.

• High digital penetration, with 60% of business coming from digital channels, enabling personalized experiences and efficient service.

• Loyalty program Sweetpass and Sweetpass+ are being reimagined for 2025, aiming to drive higher frequency and customer acquisition.

Technology and operational efficiency

• Infinite Kitchen automation enables sub-5-minute order fulfillment, consistent food quality, and easier jobs for team members.

• Proprietary back-of-house tools like Cold Prep and Hot Prep guide team members, maximizing freshness and productivity.

• Automation stores show at least 7 points of margin expansion, with pilot stores running at 28% margin versus 18% for the fleet.

• Automation reduces employee turnover by 75%, lowering hiring and training costs and improving customer experience.

• Smaller, digital-only, and drive-through formats enabled by automation are being tested to densify markets and unlock new opportunities.