First Watch Restaurant Group, Inc.

First Watch Restaurant Group, Inc. is a Delaware holding company. Unless the context otherwise requires, we, us, our, First Watch, the Company, Management and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries. Overview Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients. We have built our brand on our commitment to operational excellence, our culinary mission centered around a fresh, continuously evolving menu, and our You First culture. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day. This daytime focus also provides us with a competitive advantage, allowing us to attract and retain employees who are passionate about hospitality and drawn to our No Night Shifts Ever approach, among other attractive benefits. As of December 28, 2025, we had a to tal of 633 restaurants across 32 states, 560 of which were company-owned and 73 of which were franchise-owned. We Follow the Sun Every morning, thousands of our employees arrive at the crack of dawn to slice and juice fresh fruits and vegetables, bake muffins, brew our fresh coffee and whip up our French Toast batter from scratch. Every menu item is made-to-order and prepared with care. We do not use microwave ovens, heat lamps or deep fryers in our kitchens.