Slide 1: Q2 2026 Supplemental Information
Q2 2026 SUPPLEMENTAL INFORMATION August 4, 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
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Slide 5: Performance & Commentary
Q2 2026 PERFORMANCE & COMMENTARY
Slide 6: Q2 2026 Highlights
Q2 2026 HIGHLIGHTS Second Quarter 2026 Highlights: • Total revenues increased 15.2% to $354.7 million as compared to $307.9 million in the same period of 2025 • System-wide sales increased 14.7% to $397.0 million as compared to $346.2 million in the same period of 2025 • Same-Restaurant Sales Growth
Slide 7: CEO Quote on Second Quarter
"We delivered a strong second quarter, highlighted by Same-Restaurant Sales Growth of 3.4% driven by sequentially improving Same-Restaurant Traffic Growth, which turned positive in June. This momentum underscores the enduring appeal of our differentiated brand, the discipline of our operating model
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: 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 10: Outlook for Fiscal Year 2026
OUTLOOK FOR FISCAL YEAR 2026 OUTLOOK Based upon second 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 1.5% to 3.0% • Total revenue growth of 12.5% to 14.0%(1) • Adjusted EB
Slide 11: Consolidated Statements of Operations and Comprehensive Income
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME The following table THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED TWENTY-SIX WEEKS ENDED FISCAL YEAR summarizes our (in thousands) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 2025 2024 2023 results of Reven
Slide 12: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN THIRTEEN TWENTY-SIX TWENTY-SIX FISCAL YEAR WEEKS WEEKS WEEKS WEEKS June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 2025 2024 2023 Operating weeks 13 13 26 26 52 52 53 System-wide restaurants 665 600 665 600 633 572 524 Company-owned 586 531 586 531 560 489 42
Slide 13: Appendix
APPENDIX = e =x = = na = ray
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 Q2
HISTORICAL DATA RESTAURANT OPENINGS IN Q2 • Alabama • Idaho • Pennsylvania • Arizona • Illinois • Texas • Delaware • New Hampshire • Utah • Florida • North Carolina • Virginia • Georgia • Ohio • Wisconsin Pre-opening Expenses* 2026 2025 2024 Q1 Q2 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Other restaurant op
Slide 16: Non-GAAP Financial Measures Reconciliations: Adjusted EBITDA
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN THIRTEEN TWENTY-SIX TWENTY-SIX FISCAL YEAR Adjusted WEEKS WEEKS WEEKS WEEKS (in thousands) June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 2025 2024 2023 EBITDA and Net income (loss) Depreciation and amortization $ 2,339 $ 21,839 2,106 $ 1
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 THIRTEEN WEEKS TWENTY-SIX WEEKS TWENTY-SIX WEEKS FISCAL YEAR Restaurant level operating profit and (in thousands) June 28, 2026 June 29, 2025 June 28, 2026 June 2
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