First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q4 2025 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Feb 24, 2026
Slide 1: Q4 2025 Supplemental Information
Q4 2025 SUPPLEMENTAL INFORMATION February 24, 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 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
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
Q4 2025 PERFORMANCE & COMMENTARY
Slide 6: Q4 2025 Highlights
Q4 2025 HIGHLIGHTS Q4 2025 Highlights: • Total revenues increased 20.2% to $316.4 million in Q4 2025 from $263.3 million in Q4 2024 • System-wide sales increased 16.1% to $353.1 million in Q4 2025 from $304.1 million in Q4 2024 • Same-restaurant sales growth of 3.1% • Same-restaurant traffic growth
Slide 7: CEO Commentary: Chris Tomasso
“2025 was a year of significant progress on a number of fronts for First Watch. In addition to continuing our industry-leading new restaurant growth of nearly 11%, we increased total revenues by more than 20%, which included same-restaurant sales growth of 3.6% and positive same-restaurant traffic.
Slide 8: A Taste of Q4 + Q1
A TASTE OF Q4 + Q1 Holiday| October 28, 2025 – January 5, 2026 CARNE ASADA DOUBLE BACON CHEESECAKE HOLEY TANGERINE BREAKFAST TACOS PARM HASH DONUTS WITH NUTELLA® DREAM Three wheat-corn tortillas with seasoned Diced hardwood smoked bacon, house- Cinnamon sugar-dusted cake donut holes Fresh juice feat
Slide 9: 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 cor
Slide 10: Outlook for Fiscal Year 2026
OUTLOOK FOR FISCAL YEAR 2026 OUTLOOK The Company provides the following outlook for the 52-week fiscal year ended December 27, 2026: • Same-restaurant sales growth to be between 1% to 3% • Total revenue growth of 12.0%-14.0%(1) • Adjusted EBITDA(2) of $132.0 million - $140.0 million(1) • Capital exp
Slide 11: Consolidated Statements of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED FISCAL YEAR (in thousands) December 28, 2025 December 29, 2024 2025 2024 2023 Revenues Restaurant sales $ 313,963 99.2 % $ 260,625 99.0 % $ 1,212,173 99.2 % $ 1,004,355 98.9 % $ 877,092 98
Slide 12: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN WEEKS FISCAL YEAR December 28, December 29, 2025 2024 2023 2025 2024 Operating weeks in fiscal year 13 13 52 52 53 System-wide restaurants 633 572 633 572 524 Company-owned 560 489 560 489 425 Franchise-owned 73 83 73 83 99 System-wide sales (in thousands) $ 353,149
Slide 13: Appendix
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Slide 14: 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 15: Historical Data: Same-Restaurant Sales & Traffic Growth; Pre-opening Expenses
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2025 2024 2023 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 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) (0.7)% 2.0 % 2.6 %
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN WEEKS FISCAL YEAR Adjusted (in thousands) December 28 2025 December 29, 2024 2025 2024 2023 EBITDA and Net income $ 15,164 $ 699 $ 19,432 $ 18,925 $ 25,385 Depreciation and amortization 20,656 15,755 75,011 57,715 41,223 Adjusted Interest expense
Slide 17: Restaurant Level Operating Profit and Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Restaurant level operating profit and Restaurant level operating profit margin THIRTEEN WEEKS FISCAL YEAR Restaurant level operating profit and Restaurant level operating profit (in thousands) December 28, 2025 December 29, 2024 2025 2024 2023 margin are n
Slide 18: Definitions Used in Presentation
DEFINITIONS USED IN PRESENTATION Adjusted EBITDA: a non-GAAP financial measure, is defined as net income Same-restaurant sales growth: the percentage change in year-over-year (loss) before depreciation and amortization, interest expense, income taxes restaurant sales (excluding gift card breakage) f
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 — Q4 2025 Earnings Presentation on 6ix