First Watch IPO Presentation Deck

6 Compelling Financial Performance 1983 38 Years in Operation 423 Total Restaurants Across 28 States as of Q2'21 28 Consecutive Quarters of SRS Growth 2013-2019 20.4% 3-year stacked SRS Growth 2017-2019 +6.3% +1.4% Avg. Annual SRS & Traffic Growth 2014-2019 42 18 2020 NROS & YTD Q2'21 NROS System-Wide $490MM $41MM LTM Total Revenue & Adj. EBITDA(1) 79% Company-Owned Restaurants as of Q2'21 6 Years of Positive Annual Traffic Growth 2014-2019 $1.6MM 2019 AUV (One Shift) 0.5% 16.3% Q1'21 & Q2'21 SRS Growth compared to Q1'19 & Q2'19 50.8% Cash-on-Cash Return on New Restaurants (1) is not adjusted to reflect the moact of pre-opening expenses of $3.9mmard deferred rent (income) expense of ($0.5)mm for the LTM period. For a reconciliation of Net loss and total comprehensive loss to Adjusted EBITDA, please refer to the appendix to this presentation. $14.69 Q2'21 Per Person Average (PPA) FIRST WATCH BREAKFART BELINE - LONEN

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