#1CAVA Q3 2023 EARNINGS SUPPLEMENTAL MATERIALS November 7, 2023 lemon SPARKLING Spind REAL CAVA CAVA ARIS GAVA TZATZIKI EGGPLANT DIP RED HUMMUS ★8#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, health department regulations, and food- borne illness concerns together with our ability to adequately address such concerns and meet regulatory obligations, including at our 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 and our ability to respond effectively to technology threats or events; 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 related 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; risks associated with our ability to secure, and protect our intellectual property; risks associated with civil unrest, acts of terrorism, threats to national security, the conflicts in Eastern Europe and the Middle East and other geopolitical events, including potential discriminatory perspectives towards certain cuisines; any failure of lawmakers to agree on a budget or appropriation legislation to fund the federal government's operations (also known as a government shutdown), and financial markets' and businesses' reactions to any such failure; 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#3OUR 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. 3#4OUR 2023 STRATEGIC PILLARS 4 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#5Q3 2023 RESULTS CAVA Revenue $173.8M +49.5% versus 2022 CAVA Same Restaurant Sales Growth (SRS%) 14.1% CAVA Restaurant Level Profit Margin 25.1% $43.6M CAVA Restaurant Level Profit Total Company Adjusted EBITDA $19.8M 11.3% of Total Company Revenue Total Company Net Income $6.8M 3.9% 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. 5 ARRA#6BUSINESS HIGHLIGHTS CAVA Revenue (in millions) $116 $115 214 $197 Q3 2022 Q4 2022 Q1 2023¹ Q2 2023 Q3 2023 CAVA Restaurant Count 237 $171 $174 263 279 290 Q3 2022 Q4 2022 Q1 2023¹ Q2 2023 Q3 2023 1Q1 includes 4 periods within our 13 period fiscal calendar; Q2 Q4 each contain 3 periods CAVA Same Restaurant Sales (SRS%) Growth 28.4% 9.2% 14.8% 21.7% 18.2% 1 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 CAVA Restaurant-Level Profit Margin 20.0% 26.1% 25.4% ill 14.1% 6 25.1% 1 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 TOPPINGS CAVA CAVA ● ● ● ● ● ● CAVA Revenue up 49.5% YoY 14.1% CAVA SRS% growth 7.6% from traffic growth 11 Net New CAVA Restaurant Openings 35.5% increase total CAVA Restaurants YoY Restaurant-Level Profit Margin of 25.1%#7CAVA HAS PROVEN PORTABILITY ACROSS DIVERSE MARKET TYPES AND GEOGRAPHIES West $3.2M Q3 AUV 16 Restaurants Total CAVA Q3 AUV $2.6M 213 Restaurants Southwest $2.4M Q3 AUV 61 Restaurants Average Unit Volume or "AUV" represents total 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 7 Northeast $3.5M Q3 AUV 25 Restaurants Mid-Atlantic $2.7M Q3 AUV 62 Restaurants Southeast $2.3M Q3 AUV 49 Restaurants#8INVESTING IN OUR PEOPLE CAVA EXIT CAVA EXIT CAVA EXIT Committed to being the employer of choice by creating an exceptional culture, with competitively positioned compensation in every market Q3 HIGHLIGHTS 8 Continued investments in Team Member wages 45 Academy GMs certified as of end of Q3 with a plan for 50 by EOY Education, recognition & celebration at CAVA Connect#9A SWEET RETURN OF FAN FAVORITES Including Balsamic Date Vinaigrette BALSAMIC DATE CHICKEN BOWL SEASONAL OFFERING SWEET AND SPICY CHICKEN PITA SEASONAL OFFERING 9 CAVA A few guest feelings... "Yes, Yes, YESSSSSS. Finally she's back" "Please keep it forever or let me buy a gallon of it, I'm obsessed" "Makes me wanna ask you out on a balsamic date 11#102023 FULL YEAR OUTLOOK August 15, 2023 Net New CAVA 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. لو 10 November 7, 2023 Net New CAVA Restaurant Openings: 70-73 CAVA Same Restaurant Sales Growth: 15.0% to 16.0% CAVA Restaurant-Level Profit Margin: At least 24.0% Pre-opening Costs: $14.5M - $15.5M Adjusted EBITDA: $70.0M - $73.0M#11ADJUSTED 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 Q3 2023 $6,833 (3,956) 38 11,528 3,183 (120) 1,190 1,092 11 Q2 2023 $ 6,539 (699) 40 10,709 1,778 (118) 386 1,853 1,113 Q1 2023 $ (2,141) 25 38 12,859 1,205 (174) 2,719 2,215 $19,788 $ 21,601 $ 16,746 Q4 2022 Q3 2022 $ (18,846) $ (11,893) (215) 26 10,941 1,017 (275) 9,905 934 $ 3,487 (115) (29) 10,018 1,152 (188) 3,838 2,055 $ 4,838