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: Q3 2026 Supplemental Information
Q3 2026 SUPPLEMENTAL INFORMATION November 3, 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
Q3 2026 PERFORMANCE & COMMENTARY
Slide 6: Q3 2026 Highlights
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 Growth
Slide 7: CEO Chris Tomasso commentary
“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: A Taste of Q2 + Q3
A TASTE OF Q2 + Q3 Summer| June 2 – August 17, 2026 HONEY BUTTER CHIPOTLE STEAK MILLION DOLLAR BANANA BRITTLE BISCUIT BITES AND QUESO HASH BREAKFAST SANDWICH FRENCH TOAST Freshly baked mini buttermilk biscuits Carne asada steak, house-roasted corn and Million Dollar Bacon, a Jones Dairy Farm Thick-c
Slide 9: A Taste of Q3 + Q4
A TASTE OF Q3 + Q4 Fall| August 18 – October 26, 2026 THE GODFATHER MAPLE BACON PUMPKIN SPICE BLAZING BREAKFAST BOWL CROISSANT SANDWICH DONUTS DRAGON Griddled Italian pork sausage, two cage- Million Dollar Bacon, a Jones Dairy Farm all- Warm cake donut holes tossed with Fresh juice featuring strawbe
Slide 10: Outlook for Fiscal Year 2026
OUTLOOK FOR FISCAL YEAR 2026 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
Slide 11: Consolidated Statements of Operations and Comprehensive Income
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME 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
Slide 12: Selected Operating Data
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) Reconciliatio
Slide 13: Appendix
APPENDIX = e = = — n e ke
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: Restaurant Openings in Q3
HISTORICAL DATA RESTAURANT OPENINGS IN Q3 • Arizona • Maryland • South Carolina • Florida • Massachusetts • Tennessee • Georgia • Michigan • Utah • Kentucky • Nevada Pre-opening Expenses* * Pre-opening expenses are presented in one line item on the Consolidated Statements of Operations and Comprehen
Slide 16: Non-GAAP Reconciliations: Adjusted EBITDA and Adjusted EBITDA Margin
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Adjusted EBITDA and Adjusted EBITDA Margin 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 ef
Slide 17: Non-GAAP Reconciliations: Restaurant Level Operating Profit and Margin
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Restaurant Level Operating Profit and Restaurant Level Operating Profit Margin 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 n
Slide 18: 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 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