First Watch IPO Presentation Deck

We Don't Fit Neatly in Any Existing Categories - And Are Leaders In Daytime Dining Legacy Family Dining QSR Breakfast Daytime Dining Leadership (Unit Count) 11 Expert at Breakfast Classics Farm Fresh Food On-Trend Ingredients Innovative Menu Platforms High Quality Service Contemporary atmosphere Deep community engagement FIRST WATCH THE DAYTIME CAFE ✓ ✓ ✓ ✓ ✓ Fast Casual Coffee/Cafes X ? ? X X ? ? X X X X X X Note: The information on this page reflects management's assessment of how First Watch is positioned within its competitive landscape and is not associated with any third party report or survey. (1) Next closest player in terms of number of restaurants is Another Broken Egg. X X X ? X X ? 423 € FIRST WATCH BREAKFAST REUNCH LUNCH 6x 75 Next Closest Player(¹) FIRST WATCH HERALFERT BERNEHMENS

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