First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q2 2025 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Aug 5, 2025
Slide 1: Q2 2025 Supplemental Information
Q2 2025 SUPPLEMENTAL INFORMATION August 5, 2025
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
Q2 2025 PERFORMANCE & COMMENTARY
Slide 6: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS Q2 2025 Highlights: • Total revenues increased 19.1% to $307.9 million as compared to $258.6 million in the same period of 2024 • System-wide sales increased 15.8% to $346.2 million as compared to $299.0 million in the same period of 2024 • Same-restaurant sales growth of 3.5% • S
Slide 7: Chris Tomasso CEO quote
“We delivered both positive same restaurant traffic growth and same restaurant sales growth in the second quarter, representing three consecutive quarters of sequential improvement. Looking ahead, we anticipate stronger profitability in the second half of the year and have raised our annual outlook
Slide 8: A Taste of Q2
A TASTE OF Q2 Spring| March 18 – June 2, 2025 BACON CHEDDAR WILD BERRY LAVENDER THE PINEAPPLE CORNBREAD FRENCH TOAST B.E.C. EXPRESS Freshly baked cornbread with Cheddar Thick-cut, custard-dipped challah bread Bacon. Egg. Cheddar. First Watch’s twist Fresh juice featuring pineapple, and Monterey Jack
Slide 9: A Taste of Q2 + Q3
A TASTE OF Q2 + Q3 Summer| June 3 – August 11, 2025 BLUEBERRY LEMON SHRIMP & ELOTE BREAKFAST WATERMELON CORNBREAD GRITS BURRITO WAKEUP Freshly baked cornbread with sweet and Sautéed Cajun shrimp and andouille Chorizo, scrambled cage-free eggs, freshly Fresh juice featuring watermelon, juicy blueberr
Slide 10: Outlook for Fiscal Year 2025
OUTLOOK OUTLOOK FOR FISCAL YEAR 2025 Based upon second quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 28, 2025: • Adjusted EBITDA(1) in the range of $119.0 million to $123.0 million(2) • Blended tax rate of 35.0%-40.
Slide 11: Consolidated Statements of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED TWENTY-SIX WEEKS ENDED FISCAL YEAR (in thousands) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 2024 2023 2022 The following Revenues Restaurant sales 304,
Slide 12: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN WEEKS THIRTEEN WEEKS TWENTY-SIX WEEKS TWENTY-SIX WEEKS FISCAL YEAR June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 2024 2023 2022 Operating weeks 13 13 26 26 52 53 52 System-wide restaurants 600 538 600 538 572 524 474 Company-owned 531 459 531 459 489 425 36
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 2024 YEAR END $2.7M 18-20% ~35% 18%+ Year 3 Year 3 Year 3 IRR(3) Avg Sales(1) Restaurant-Level Cash-On-Cash Operating Profit (1) Returns(1) (2) 5 11 19 7 7 44 15 8 4 1 8 Our flexible box size o
Slide 15: Historical Data: Same-Restaurant Sales & Traffic Growth
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2025 2024 2023 Q1 Q2 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.7% 3.5% 2.1% 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% 0.6% (4.5)% (4.0)% (4.4)% (3.0
Slide 16: Non-GAAP Financial Measures Reconciliations: Adjusted EBITDA
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS TWENTY-SIX TWENTY-SIX Adjusted THIRTEEN WEEKS THIRTEEN WEEKS FISCAL YEAR WEEKS WEEKS (in thousands) June 29, 2025 June 30, 2024 June 29, 2025 June 30, 2024 2024 2023 2022 EBITDA and Net income $2,106 $8,900 $1,277 $16,114 $18,925 $25,385 $6,907 Depreciatio
Slide 17: Non-GAAP Reconciliations: Restaurant Level Operating Profit
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Restaurant level operating profit and Restaurant level operating profit margin THIRTEEN WEEKS THIRTEEN WEEKS TWENTY-SIX TWENTY-SIX FISCAL YEAR WEEKS WEEKS Restaurant level operating profit and Restaurant level operating profit (in thousands) June 29, 2025
Slide 18: Definitions
DEFINITIONS The following definitions apply to these Same-restaurant sales growth: the percentage change in year-over-year restaurant sales terms as used in this presentation: (excluding gift card breakage) for the comparable restaurant base, which we define as the number of company-owned First Watc
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 — Q2 2025 Earnings Presentation on 6ix