First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q3 2026 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Nov 3, 2026
Slide 1: Supplemental Information Q3 2026
SUPPLEMENTAL INFORMATION Q3 2026 November 3, 2026 Exhibit 99.2
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS In addition to historical information, this presentation may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that ma
Slide 3: We are First Watch
We are First Watch. We’re the leaders of the Daytime Dining category – a segment comprised of culinary-driven concepts operating exclusively during daytime hours. Our performance and successes are achieved during one 7½-hour shift, from 7 a.m. to 2:30 p.m. We serve made-to-order breakfast, brunch an
Slide 4: Slide 4
Slide 5: Performance & Commentary Q3 2026
PERFORMANCE & COMMENTARY Q3 2026
Slide 6: Q3 2026 Highlights
6 Q3 2026 HIGHLIGHTS Third Quarter 2026 Highlights: • Total revenues increased 10.7% to $349.9 million as compared to $316.0 million in the same period of 2025 • System-wide sales increased 10.9% to $391.2 million as compared to $352.7 million in the same period of 2025 • Same-Restaurant Sales Growt
Slide 7: CEO commentary on third-quarter performance
“Our third-quarter performance is another encouraging proof point for the strength of First Watch. We delivered on our top-line plan, grew same-restaurant sales against our toughest comparison of the year and increased total revenue by 10.7%, all while opening 16 system- wide restaurants across 11 s
Slide 8: Summer menu, June – August 17, 2026
Summer| June 2 – August 17, 2026 8 Freshly baked mini buttermilk biscuits sprinkled with sugar and served with salted honey butter and warm mixed berry compote. Carne asada steak, house-roasted corn and onions, Cheddar and Monterey Jack and seasoned black beans in a potato hash. Topped with two cage
Slide 9: Fall menu: A Taste of Q3 + Q4
Fall| August 18 – October 26, 2026 9 Griddled Italian pork sausage, two cage- free eggs any style and Bob’s Red Mill seasoned grits topped with lemon- dressed arugula, fresh herbs and freshly grated Parmesan. Served with a side of chopped Calabrian chilis. Million Dollar Bacon, a Jones Dairy Farm al
Slide 10: Outlook
Based upon third quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 27, 2026: • Same-Restaurant Sales Growth of ~2.0% • Total revenue growth of ~13.5%(1) • Adjusted EBITDA(2) of ~$136.0 million(1) • 60 net new System-wid
Slide 11: Consolidated Statements of Operations and Comprehensive Income
11 The following table summarizes our results of operations and the percentages of items in our Consolidated Statements of Operations in relation to Total revenue or, where indicated, Restaurant sales for fiscal years 2025, 2024, 2023, the thirteen weeks and thirty-nine weeks ended September 27, 202
Slide 12: Selected Operating Data
12 SELECTED OPERATING DATA *Average unit volume presented on an annual basis only. (1) Comparing the 52-week periods ended December 28, 2025, December 29, 2024 and December 31, 2023 in order to compare like-for-like periods. See “Key Performance Indicators” for additional information. (2) Reconcilia
Slide 13: Appendix
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Slide 14: System-Wide Restaurant Count by State as of 2025 Year End
SYSTEM-WIDE RESTAURANT COUNT BY STATE AS OF 2025 YEAR END Our flexible box size of ~3,500–6,600 sq ft with an average net build-out cost of ~$1.8M allows us to fit in any real estate and supports visibility to more than 2,200 restaurants (1) Representative of our target 3-year new units performance,
Slide 15: Pre-opening Expenses and Q3 Restaurant Openings
15 * Pre-opening expenses are presented in one line item on the Consolidated Statements of Operations and Comprehensive Income Pre-opening Expenses* HISTORICAL DATA RESTAURANT OPENINGS IN Q3 • Arizona • Florida • Georgia • Kentucky • Maryland • Massachusetts • Michigan • Nevada • South Carolina • Te
Slide 16: Adjusted EBITDA Reconciliation
16 Management uses Adjusted EBITDA and Adjusted EBITDA Margin (i) as factors in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the Company’s operating results and the effectiveness of our business strategies, (iii) internally as benchmarks to compare th
Slide 17: Restaurant Level Operating Profit Reconciliation
17 Restaurant Level Operating Profit and Restaurant Level Operating Profit Margin are not indicative of our overall results, and because they exclude corporate-level expenses, do not accrue directly to the benefit of our stockholders. We will continue to incur such expenses in the future. Restaurant
Slide 18: Definitions of Non-GAAP Measures and Key Terms
18 Adjusted EBITDA: represents Net income (loss) before depreciation and amortization, interest expense, income taxes, and items that we do not consider in our evaluation of ongoing core operating performance as identified in the reconciliation of Net income, the most directly comparable measure in
Slide 19: For more information, visit investors.firstwatch.com
For more information, visit investors.firstwatch.com or email investors@firstwatch.com
First Watch Restaurant Group — Q3 2026 Earnings Presentation on 6ix