#1CAVA Q2 2023 EARNINGS SUPPLEMENTAL MATERIALS August 15, 2023 lemon- SPARKLING Spind REAL CAVA CAVA ARISS GAVA TZATZIKI RUASTED EGGPLANT DIP SED RED HUMMUS ★#2Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements relate to matters such as our industry, business strategy, goals, and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. These statements may include words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek," "foreseeable," "outlook," the negative version of these words or similar terms and phrases to identify forward-looking statements in this presentation. The forward-looking statements contained in this presentation are based on management's current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, and projections will result or be achieved. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following: our operation in a highly competitive industry; our ability to open new restaurants while managing our growth effectively and maintaining our culture; our ability to successfully identify appropriate locations and develop and expand our operations in existing and new markets; the profitability of new restaurants, and any impact to sales at our existing locations; the impact of changes in guest perception of our brand; our ability to successfully market our restaurants and brand; the impact of food safety and food-borne illness concerns, including at or manufacturing facilities; our ability to maintain or increase prices; our ability to accurately predict guest trends and demand and successfully introduce new menu offerings and improve our existing menu offerings; the risks associated with leasing property; our ability to successfully expand our digital and delivery business; our ability to utilize, recognize, respond to, and effectively manage the immediacy of social media; our ability to achieve or maintain profitability in the future, especially if we continue to grow at an accelerated rate; our ability to realize the anticipated benefits from past and potential future acquisitions, investments or other strategic initiatives; our ability to manage our manufacturing and supply chain effectively; the impact of shortages, delays, or interruptions in the delivery of food items and other products; our ability to successfully optimize, operate, and manage our production facilities; the risks associated with our reliance on third parties; the impact of increases in food, commodity, energy, and other costs; the impact of increases in labor costs, labor shortages, and our ability to identify, hire, train, motivate and retain the right team members; our ability to attract, develop, and retain our management team and key team members; the impact of any cybersecurity breaches; the impact of failures, or interruptions in, or our inability to effectively scale and adapt, our information technology systems; our ability to comply with, or changes in, the extensive laws or regulations requirements to which we are subject, including those relating to privacy; the impact of economic factors and guest behavior trends; the impact of evolving rules and regulations with respect to environmental, social and governance matters; and the impact of climate change and volatile adverse weather conditions; and each of the other factors set forth under the heading "Risk Factors" in our filings with the United States Securities and Exchange Commission. The forward-looking statements included in this presentation are made only as of the date hereof. Any forward-looking statement made by us in this presentation speaks only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included in this presentation. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Non-GAAP Financial Measures This presentation contains "non-GAAP financial measures" that are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," and "Adjusted EBITDA Margin." We present Adjusted EBITDA and Adjusted EBITDA Margin in this presentation as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA Margin are useful in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA and Adjusted EBITDA Margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide. Please refer to Appendix of this presentation for a reconciliation of non-GAAP measures to the most directly comparable financial measure prepared in accordance with GAAP. 2#3Paleoke FIX WM M M M M ww 3 OUR STORY CAVA IS GROUNDED IN THE MEDITERRANEAN WAY OF LIFE, WHERE FOOD IS AT THE CENTER OF CULTURE AND CONNECTION Ike Grigoropoulos, Chef Dimitri Moshovitis, and Ted Xenohristos have been friends since they were six. Food and hospitality was always coursing through their veins, thanks to growing up as sons of first-generation immigrants who all valued making room at the table for all their family and friends. Later in life, they cared deeply about creating restaurants that paid homage to the Mediterranean traditions they grew up with, where food equals connection, and what's good for you is also what tastes good too. They, along with co-founder Brett Schulman, opened CAVA in 2011 to share the food they loved in an accessible fast-casual format. It's not only about the food. CAVA's inspiration is rooted in the entire Mediterranean meal experience, notably that feeling-so-cared-for genuine expression of hospitality and warmth. Which is why, at CAVA, generosity is our cornerstone.#4OUR MISSION To bring heart, health, and humanity to food. WE BELIEVE IN: Serving delicious food that helps more people eat well and live well. Taking care of the people and things that feed us: the earth, farmers, purveyors, and team members. Food as a unifier, for a more diverse yet inclusive world where all are welcome. 4#5OUR 2023 STRATEGIC PILLARS LO 5 Solidify Our Category Defining Mediterranean Brand Develop a Modern, Best in Class Organization to Support $1B+ in Revenue Build the Infrastructure to Successfully Scale and Grow Our Business#6Q2 2023 RESULTS CAVA Revenue $171.1M +62.4% versus 2022 CAVA Same Restaurant Sales Growth (SRS%) 18.2% CAVA Restaurant Level Profit Margin 26.1% $44.6M CAVA Restaurant Level Profit Total Company Adjusted EBITDA $21.6M 12.5% of Total Company Revenue Total Company Net Income $6.5M 3.8% of Total Company Revenue 1" Adjusted EBITDA," a non-GAAP measure, is defined as net income (loss) adjusted to exclude interest expense (income), net, provision for income taxes, and depreciation and amortization, further adjusted to exclude equity-based compensation, other income, net, impairment and asset disposal costs, restructuring and other costs and certain non-recurring public company costs. Adjusted EBITDA Margin is defined as Adjusted EBITDA as a percentage of revenue. Reconciliations to the most directly comparable financial measures presented in accordance with GAAP are set forth in the tables at the end of this presentation. 6#7BUSINESS HIGHLIGHTS $105 CAVA Revenue (in millions) $116 $115 || Q2 2022 Q3 2022 Q4 2022 Q1 2023¹ Q2 2023 195 $197 CAVA Restaurant Count 214 237 $171 263 279 Q2 2022 Q3 2022 Q4 2022 Q1 2023¹ Q2 2023 CAVA Same Restaurant Sales (SRS%) Growth 28.4% 13.3% 9.2% 1Q1 includes 4 periods within our 13 period fiscal calendar; Q2 Q4 each contain 3 periods 14.8% Q2 2022 Q3 2022 Q4 2022 Q1 2023¹ Q2 2023 22.1% 21.7% CAVA Restaurant-Level Profit Margin 20.0% 18.2% 25.4% Q2 2022 Q3 2022 Q4 2022 Q1 2023¹ Q2 2023 7 26.1% CAVA CAVA ● ● ● CAVA Revenue up over 62.4% YoY 18.2% CAVA SRS% growth 10.3% from traffic growth 16 net new CAVA locations Opened in two new states: Missouri and Rhode Island Restaurant-Level Profit Margin hit record high of 26.1%#8CAVA HAS PROVEN PORTABILITY ACROSS DIVERSE MARKET TYPES AND GEOGRAPHIES West $3.0M Q2 AUV 16 Restaurants Total CAVA Q2 AUV $2.6M 194 Restaurants Southwest $2.3M Q2 AUV 53 Restaurants Average Unit Volume or "AUV" represents total revenue of operating CAVA Restaurants that were open for the entire trailing thirteen periods, and digital kitchens sales for such period, divided by the number of operating CAVA Restaurants that were open for the entire trailing thirteen periods 8 L Northeast $3.4M Q2 AUV 24 Restaurants Mid-Atlantic $2.6M Q2 AUV 61 Restaurants Southeast $2.3M Q2 AUV 40 Restaurants#9RECENTLY ENHANCED UNIFIED WEB LAUNCH & APP RESKIN Reduced Friction 9:41 DANIEL BARTOLINI CONNOISSEUR STATUS Rewards 0 available You're only $88.00 away from your next reward! 123 days left to earn How to Earn all? : Dietary Preference 00 OX Scan to Earn Expand Code 350 C Enhanced Features roteins Grilled Chicken 147 695 Cal 9:41 Grilled Mubas 240 On Ⓒ Pickup from Park Ave South Pita with Red Pepper Hummus Harissa Honey x Selcytoo Add To Bag 200 300 Cat $1 Brand Alignment Driving increases in conversion rate, per person average and % of web transactions FC Selected Guest Feedback: 9 "Best site, best food" "Love the nutritional calculator as you build the bowl!" "Ordering was super easy" "Love the new site, way to go!" P#10NEW CULINARY INNOVATIONS Fiery Broccoli CORE INNOVATION Spicy Falafel SEASONAL OFFERING 10 A few guest feelings... "CAVA has a spicy falafel & spicy broccoli now & I hope they make it permanent because it has changed my life" "That spicy falafel hits every time, CAVA you did it with this one" "CAVA is absolutely amazing. Their new spicy falafel?! Spectacular"#112023 FULL YEAR OUTLOOK Net New Restaurant Openings: 65-70 CAVA Same Restaurant Sales Growth: 13.0% to 15.0% CAVA Restaurant Level Profit Margin: At least 23.0% Pre-Opening Costs: $13.5M - $14.5M Adjusted EBITDA: $62.0M - $67.0M Actual results may differ materially from CAVA Group's fiscal 2023 guidance as a result of, among other things, the factors described under "Cautionary Statement Regarding Forward-Looking Statements" in this presentation. A reconciliation of the forward-looking fiscal 2023 Adjusted EBITDA to net income (loss) cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. 11#12ADJUSTED EBITDA RECONCILIATION $000s Net income (loss) Interest (income) expense, net Provision for (benefit from) income taxes Depreciation and amortization Equity-based compensation Other income, net Impairment and asset disposal costs. Restructuring and other costs Certain non-recurring public company costs Adjusted EBITDA Q2 Q3 Q2 Q1 2023 2023 2022 2022 $ 6,539 $ (2,141) $ (58,987) $ (18,846) $ (11,893) $ (8,230) $ (20,018) (699) 40 10,709 1,778 (118) 386 1,853 1,113 25 38 12,859 1,205 (174) 2,719 2,215 12 Full Year 2022 47 93 42,724 3,981 (919) 19,753 5,923 Q4 2022 (215) 26 10,941 1,017 (275) 9,905 934 $ 21,601 $ 16,746 $ 12,615 $ 3,487 $ (115) (29) 10,018 1,152 (188) 3,838 2,055 34 56 8,946 1,029 (198) 2,579 1,650 Q1 2022 343 40 12,819 783 (258) 3,431 1,284 4,838 $ 5,866 $ (1,576) Confidential & Proprietary