First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q1 2026 Earnings Presentation
18 slides from First Watch Restaurant's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Supplemental Information
Q1 2026 SUPPLEMENTAL INFORMATION May 5, 2026
Slide 2: Cautionary Note on Forward-Looking Statements and Non-GAAP Financial Measures
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES FORWARD LOOKING STATEMENTS This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and o
Slide 3: Good Morning! We are First Watch
GOOD MORNING! 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 breakf
Slide 4: Slide 4
Slide 5: Performance & Commentary
Q1 2026 PERFORMANCE & COMMENTARY
Slide 6: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS First Quarter 2026 Highlights: • Total revenues increased 17.3% to $331.0 million as compared to $282.2 million in the same period of 2025 • System-wide sales increased 13.8% to $367.6 million as compared to $323.0 million in the same period of 2025 • Same-restaurant sales growth
Slide 7: Chris Tomasso, CEO and President
"I am proud of our teams for delivering solid results, exemplified by Same Restaurant Sales growth of 2.8% and expanded restaurant-level operating profit versus a year ago. Our track record of rapid unit growth continued this quarter with 16 new restaurants added, bringing to 67 the total number of
Slide 8: A Taste of Q1 + Q2
A TASTE OF Q1 + Q2 Winter/Spring | January 6 – May 25, 2026 THE CHIMICHURRI STRAWBERRY TRES BLUEBERRY B.E.C. STEAK & EGGS HASH LECHES FRENCH TOAST LEMON CORNBREAD Bacon. Egg. Cheddar. Our twist on a Seared steak, fresh spinach, Cheddar and Thick-cut, custard-dipped, griddled challah Freshly baked co
Slide 9: Outlook for Fiscal Year 2026
OUTLOOK FOR FISCAL YEAR 2026 OUTLOOK Based upon first quarter results and current trends, the Company updated the following guidance metric for the 52-week fiscal year ending December 27, 2026: • Adjusted EBITDA(1) of $133 million to $140 million(2) The Company reiterated the following guidance metr
Slide 10: Consolidated Statements of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) The following table summarizes our THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED FISCAL YEAR results of operations and the percentages (in thousands) March 29, 2026 March 30, 2025 2025 2024 2023 of items in our Consolidated Statements
Slide 11: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR March 29, 2026 March 30, 2025 2025 2024 2023 Operating weeks 13 13 52 52 53 System-wide restaurants 648 584 633 572 524 Company-owned 572 498 560 489 425 Franchise-owned 76 86 73 83 99 System-wide sales (in thousands) $367,566 $322,99
Slide 12: Appendix
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Slide 13: Attractive New Unit Economics, Flexible Size, Works Everywhere
ATTRACTIVE NEW UNIT ECONOMICS, FLEXIBLE SIZE, WORKS EVERYWHERE SYSTEM-WIDE RESTAURANT COUNT BY STATE AS OF 2025 YEAR END $2.8M 18-20% ~35% 18%+ Year 3 Year 3 Year 3 IRR(3) Avg Sales(1) Restaurant-Level Cash-On-Cash Operating Profit(1) Returns, actualized(2) 2 1 6 11 21 7 10 Our flexible box size of
Slide 14: Historical Data: Same-Restaurant Sales & Traffic Growth, Pre-opening Expenses
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2026 2025 2024 2023 Q1 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 2.8% 0.7% 3.5% 7.1% 3.1% 3.6% 0.5% -0.3% -1.9% -0.3% * -0.5% * 12.9% 7.8% 4.8% 5.0% 7.6% Same-Restaurant Traffic Growth (Decline) -2.0% -0.7% 2.0% 2
Slide 15: Non-GAAP Financial Measures Reconciliations: Adjusted EBITDA
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR Adjusted (in thousands) March 29, 2026 March 30, 2025 2025 2024 2023 EBITDA and Net (loss) income Depreciation and amortization $ (2,685) $ 21,396 (829) $ 16,557 19,432 $ 75,011 18,925 $ 57,715 25,385 41,223 Adjust
Slide 16: Restaurant Level Operating Profit and Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Restaurant level operating profit and Restaurant level operating profit margin Restaurant level operating profit and THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR Restaurant level operating profit margin are not indicative of our overall results, and because t
Slide 17: Definitions Used in Presentation
DEFINITIONS USED IN PRESENTATION Adjusted EBITDA: represents Net income (loss) before depreciation and Restaurant level operating profit margin: represents Restaurant level amortization, interest expense, income taxes, and items that we do not operating profit as a percentage of restaurant sales. Se
Slide 18: For more information, visit investors.firstwatch.com
For more information, visit investors.firstwatch.com or email investors@firstwatch.com
First Watch Restaurant Group — Q1 2026 Earnings Presentation on 6ix