First Watch Restaurant : Q1 2024 Earnings Conference Call Presentation

Q1 2024

SUPPLEMENTAL INFORMATION

May 7, 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 in 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 largest stockholder may differ from those of public stockholders.

The forward-looking statements included in this presentation are made only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

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 in isolation or as substitutes for analysis of our results as reported under GAAP as they may not provide a complete understanding of our performance. 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.

2

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 first quarter, we operated 531 system-wide restaurants in 29 states, and we believe we're just getting started.

3

Q1 2024

PERFORMANCE & COMMENTARY

Q1 2024 HIGHLIGHTS

Compared to Q1 2023:

• Total revenues increased 14.7% to $242.4 million in Q1 2024 from $211.4 million in Q1 2023
• System-widesales increased 9.4% to $289.6 million in Q1 2024 from $264.7 million in Q1 2023
• Same-restaurantsales growth of 0.5%*
• Same-restauranttraffic growth of (4.5)%*
• Income from operations margin decreased to 5.1% during Q1 2024 from 7.4% in Q1 2023
• Restaurant level operating profit margin** decreased to 20.8% in Q1 2024 from 21.2% in Q1 2023
• Net income decreased to $7.2 million, or $0.12 per diluted share, in Q1 2024 from $9.4 million, or $0.15 per diluted share in Q1 2023
• Adjusted EBITDA** increased to $28.6 million in Q1 2024 from $27.4 million in Q1 2023
• Opened 9 system-wide restaurants in 8 states resulting in a total of 531 system-wide restaurants (432 company-owned and 99 franchise-owned) across 29 states

• Comparing the thirteen-week periods ended March 31, 2024 and April 2, 2023 in order to compare like-for-like periods
  ** See "Non-GAAP Financial Measures" below

6

"First Watch posted another solid quarter with positive same restaurant sales*, traffic trends that improved sequentially through the quarter and year-over-year adjusted EBITDA growth.

We continue to focus on delivering exceptional experiences for our customers and our employees validated by customer experience scores that have never been higher and continued improvement in employee turnover. We remain confident in our long-term growth prospects driven by our proven portability and a total addressable market more than three times our current size."

Chris Tomasso,

First Watch CEO and President

*Comparing the thirteen-week periods ended March 31, 2024 and April 2, 2023 in order

to compare like-for-like periods

A TASTE OF Q1

Jumpstart | January 8 - March 17

BROOKLYN BREAKFAST SANDWICH

Shaved pastrami, Gruyère cheese and house-roasted onions with an over-easycage-free egg, house-pickled red onions, arugula, mayo and Dijon mustard on a griddled everything-seasoned brioche bun. Served with lemon-dressed organic mixed greens.

BARBACOA CHILAQUILES BREAKFAST BOWL

Seasoned, braised beef barbacoa tossed with Cheddar and Monterey Jack, salsa roja and crispy corn tortilla chips, then topped with fresh avocado, lime crema, Cotija cheese and scallions. Served with cheesy scrambled cage-free eggs and seasoned black beans with housemade pico de gallo.

BLACKBERRY LEMON CREAM FRENCH TOAST

Thick-cut,custard-dipped challah bread griddled and topped with lemon cream, fresh blackberries, mixed berry compote, crème anglaise and spiced gingerbread cookie crumbles. Lightly dusted with powdered cinnamon sugar.

HOLEY

DONUTS

Cinnamon sugar-dusted cake donut holes with chocolate sauce and warm, mixed berry compote for dipping.

8

A TASTE OF Q1 & Q2				Spring | March 18 - May 26

SHRIMP & GRITS

Sautéed Cajun shrimp and andouille sausage cooked Lowcountry-style with chicken stock, house-roasted tomatoes, onions, green bell peppers and scallions atop Bob's Red Mill Cheddar Parmesan cheese grits. Served with artisan ciabatta toast.

HACIENDA

HASH

Chorizo, red bell pepper and potato hash topped with two cage-free eggs any style, Cheddar and Monterey Jack, spicy ketchup, lime crema drizzle, fresh smashed avocado and scallions.

HAWAIIAN

FRENCH TOAST

Thick-cut,custard-dipped challah bread griddled and topped with caramelized pineapple, coconut whipped cream, caramel toffee sauce and spiced gingerbread cookie crumbles. Lightly dusted with powdered cinnamon sugar.

TROPICAL

SUNRISE

Mango, pineapple, strawberry and lime.

9

UPDATEDOUTLOOKOUTLOOK FOR FISCAL YEAR 2024

Based upon first quarter results and current trends, management provides the following updated outlook for the 52-week fiscal year ending December 29, 2024:

• Same-restaurantsales growth in a range of flat-to-up 2.0% with same restaurant traffic growth in the negative low single digits.
• Total revenue growth in the range of 17.0% to 19.0%(1).
• Total of 51 to 57 new system-wide restaurants, net of 1 company-owned and 1 franchise-owned restaurant closure (44 to 48 new company-owned restaurants and 9 to 11 new franchise-owned restaurants).

Management confirms the following guidance for fiscal 2024:

• Adjusted EBITDA(2) in the range of $106.0 million to $112.0 million(1)
• Blended tax rate in the range of 27.0% to 29.0%
• Capital expenditures in the range of $125.0 million to $135.0 million invested primarily in new restaurant projects and planned remodels(3)

_______________________________________________________________________

1. Includes approximately 7.0% in total revenue growth and approximately $12.0 million in Adjusted EBITDA associated with completed acquisitions
2. 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, a reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.
3. Does not include the capital outlays associated with the acquisition of franchise-owned restaurants

10