First Watch Restaurant : Q4 2023 Earnings Conference Call Presentation

Q4 2023

SUPPLEMENTAL INFORMATION

March 5, 2024

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 to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to any historical or current facts. These statements may include words such as "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "intend," "outlook," "potential," "project," "projection," "plan," "seek," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other similar expressions. You should evaluate all forward-looking statements made in this presentation in the context of the risks and uncertainties disclosed our filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC's website at www.sec.gov and the Investors Relations section of the Company's website at https://investors.firstwatch.com/financial-information/sec- filings. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the following: uncertainty regarding the Russia-Ukraine war, the Israel-Hamas war and the related impact on macroeconomic conditions, including inflation, as a result of such conflicts or other related events; our vulnerability to changes in economic conditions and consumer preferences; our inability to successfully open new restaurants or establish new markets; our inability to effectively manage our growth; potential negative impacts on sales at our and our franchisees' restaurants as a result of our opening new restaurants; a decline in visitors to any of the retail centers, lifestyle centers, or entertainment centers where our restaurants are located; lower than expected same-restaurant sales growth; unsuccessful marketing programs and limited time new offerings; changes in the cost of food; unprofitability or closure of new restaurants or lower than previously experienced performance in existing restaurants; our inability to compete effectively for customers; unsuccessful financial performance of our franchisees; our limited control over our franchisees' operations; our inability to maintain good relationships with our franchisees; conflicts of interest with our franchisees; the geographic concentration of our system-wide restaurant base in the southeast portion of the United States; damage to our reputation and negative publicity; our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media; our limited number of suppliers and distributors for several of our frequently used ingredients and shortages or disruptions in the supply or delivery of such ingredients; information technology system failures or breaches of our network security; our failure to comply with federal and state laws and regulations relating to privacy, data protection, advertising and consumer protection, or the expansion of current or the enactment of new laws or regulations relating to privacy, data protection, advertising and consumer protection; our potential liability with our gift cards under the property laws of some states; our failure to enforce and maintain our trademarks and protect our other intellectual property; litigation with respect to intellectual property assets; our dependence on our executive officers and certain other key employees; our inability to identify, hire, train and retain qualified individuals for our workforce; our failure to obtain or to properly verify the employment eligibility of our employees; our failure to maintain our corporate culture as we grow; unionization activities among our employees; employment and labor law proceedings; labor shortages or increased labor costs or health care costs; risks associated with leasing property subject to long-term and non-cancelable leases; risks related to our sale of alcoholic beverages; costly and complex compliance with federal, state and local laws; changes in accounting principles applicable to us; our vulnerability to natural disasters, unusual weather conditions, pandemic outbreaks, political events, war and terrorism; our inability to secure additional capital to support business growth; our level of indebtedness; failure to comply with covenants under our credit facility; and the interests of our majority stockholder may differ from those of public stockholders.

NON-GAAP FINANCIAL MEASURES (UNAUDITED)

To supplement the consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"), we use the following non-GAAP measures, which present operating results on an adjusted basis: (i) Adjusted EBITDA, (ii) Adjusted EBITDA margin, (iii) Restaurant level operating profit and (iv) Restaurant level operating profit margin. Our presentation of these non-GAAP measures includes isolating the effects of some items that are either nonrecurring in nature or vary from period to period without any correlation to our ongoing core operating performance. These supplemental measures of performance are not required by or presented in accordance with GAAP. Management believes these non-GAAP measures provide investors with additional visibility into our operations, facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of our ongoing operating performance, help to identify operational trends and allow for greater transparency with respect to key metrics used by management in our financial and operational decision making. Our non-GAAP measures may not be comparable to similarly titled measures used by other companies and have important limitations as analytical tools. These non-GAAP measures should not be considered as an alternative or substitute to net income (loss), income (loss) from operations, or any other performance measures derived in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. These non-GAAP measures should be reviewed in conjunction with our consolidated financial statements prepared in accordance with GAAP.

This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities.

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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 breakfast, brunch and lunch using fresh ingredients, and our culture is built around a simple, people-focused mission: "You First."

Our elevated offering capitalizes on three long-term consumer trends: the growing breakfast daypart, an increasing demand for fresh, healthy food and the heightened importance of on-demand dining.

We appeal to a broad mix of customers across generations from Gen Z to Baby Boomers.

Since 1983, we have delivered sales and unit growth as a result of our broad brand appeal. At the end of the fourth quarter, we operated 524 system-wide restaurants in 29

states, and we believe we're just getting started.

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Q4 2023

PERFORMANCE &

COMMENTARY

Q3 2023 HIGHLIGHTS

Highlights for Q4 2023 (14-week quarter) compared to

Q4 2022 (13-week quarter):

• Total revenues increased 31.7% to $244.6 million in Q4 2023 from $185.7 million in Q4 2022
• System-widesales increased 26.6% to $296.5 million in Q4 2023 from $234.2 million in Q4 2022
• Same-restaurantsales growth of 5.0%* (up 35.2% relative to Q4 2019**)
• Same-restauranttraffic growth of (1.3)%* (up 6.2% relative to Q4 2019**)
• Income from operations margin increased to 2.8% in Q4 2023 from 0.8% in Q4 2022
• Restaurant level operating profit margin*** increased to 19.4% in Q4 2023 from 16.7% in Q4 2022
• Net income of $2.6 million in Q4 2023 compared to Net loss of $(0.5) million in Q4 2022
• Adjusted EBITDA*** increased to $24.6 million in Q4 2023 from $15.1 million in Q4 2022
• Opened 19 system-wide restaurants (17 company-owned and 2 franchise-owned) across 15 states
• Acquired 6 operating franchise restaurants

• Comparison to the fourteen weeks ended January 1, 2023, is provided for enhanced comparability.
• Comparison to the fourteen weeks ended January 5, 2020, is provided for enhanced comparability due to the economic impact of COVID-19.
• See "Non-GAAP Financial Measure Reconciliations" below.

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"First Watch achieved a number of significant milestones in 2023 including essentially doubling system-wide sales to more than $1 billion since 2019 and posting nearly $100 million in Adjusted EBITDA. We also eclipsed the meaningful milestone of opening our 500th restaurant, all while delivering high single digit same-restaurant sales growth and positive

same-restaurant traffic growth."

"Given the untapped market potential in the Daytime Dining segment, combined with our operational focus and proven portability, we are optimistic about the growth ahead."

Chris Tomasso,

First Watch CEO and President

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A TASTE OF Q3 & Q4

Fall Seasonal Menu | August 21 - October 29

MILLION DOLLAR	PUMPKIN
HARVEST HASH	PANCAKE BREAKFAST
Freshly seasoned potatoes with Million	Two cage-free eggs cooked any style
Dollar Bacon, house-roasted sweet	plus one of our signature spiced
potatoes and Crimini mushrooms, kale	Pumpkin Pancakes and a Jones
and Monterey Jack topped with two cage-	Dairy Farm grilled all-natural savory
free eggs cooked any style, herbed Goat	chicken sausage patty.
cheese, lemon-dressed arugula and
drizzled with Mike's Hot Honey.

BUTTERNUT SQUASH BISQUE

Rich and creamy butternut squash soup sweetened with carrot and a touch of nutmeg. Garnished with all- natural sour cream and fresh herbs.

MINT MOCHA

COFFEE

Chocolate and mint topped with a sweet cream cold foam and mini Ghirardelli dark chocolate chips.

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A TASTE OF Q4

Holiday Menu | October 30, 2023 - January 7, 2024

SUNNY SEOUL	STEAK & BACON	CINNAMON CHIP	GINGERBREAD
HASH	BREAKFAST BURRITO	PANCAKE BREAKFAST	SPICE DONUTS
Shaved seared pork tossed with freshly	Tender seared steak, hardwood smoked	Two cage-free eggs cooked any style	Warm cake donut holes tossed with
seasoned potatoes, diced red bell	bacon, scrambled cage-free eggs, freshly	with a cinnamon chip pancake and	gingerbread spice and lightly dusted
peppers, kimchi, Cheddar and Monterey	seasoned potatoes, diced red bell peppers,	your choice of hardwood smoked	with powdered cinnamon sugar.
Jack. Topped with two cage-free eggs	house-roasted onions, seasoned black	bacon or chicken, pork or turkey	Served with salted caramel toffee
cooked any style, scallions, sesame seeds	beans, Cheddar and Monterey Jack.	sausage.	sauce and crème anglaise
and gochujang aioli.	Wrapped in a grilled whole wheat tortilla,
	covered with Vera Cruz hollandaise and al
	pastor sauce and topped with fresh
	avocado, house-pickled red onion, Cotija
	cheese and cilantro.		9

OUTLOOKOUTLOOK

Outlook for Fiscal Year 2024

The Company provides the following outlook for the 52-week fiscal year ended December 29, 2024:

• Same-restaurantsales growth of 1.0% to 3.0% with flat-to-negativesame-restaurant traffic growth
• Total revenue growth in the range of 18.0% to 20.0%(1)
• Adjusted EBITDA* in the range of $106.0 million to $112.0 million(1)
• Blended tax rate in the range of 27.0% to 29.0%
• Total of 51 to 57 new system-wide restaurants, net of 1 company-owned restaurant closure (43 to 47 new company-owned restaurants and 9 to 11 new franchise-owned restaurants)
• Capital expenditures in the range of $125.0 million to $135.0 million invested primarily in new restaurant projects and planned remodels(2)

Long Term Outlook

The Company reiterates its long-term annual financial targets as follows:

• Percentage unit growth in the low double digits
• Same-restaurantsales growth of ~3.5%
• Restaurant sales growth in the mid-teens
• Adjusted EBITDA percentage growth in the mid-teens

The Company also believes that the brand has the potential for more than 2,200 restaurants in the United States.

1. Includes approximately 7% in total revenue growth and approximately $12.0 million in Adjusted EBITDA associated with completed and announced acquisitions
2. Does not include the capital outlays associated with the acquisition of franchise-owned restaurants

• We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort.

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