First Watch IPO Presentation Deck

14 Specific Long-Term Consumer Trends in First Watch's Favor Fresh, Healthy Ingredients Drive Demand ~Two-thirds of consumers consider a healthy menu important 60% of consumers want more protein in their diet Morning Meal Occasions are Increasing ● ● 120 100 80 60 40 20 0 Jul-15 Massive opportunity with 102 billion breakfast occasions and 50 billion morning snack occasions in 2019(1) Breakfast is the only daypart with consistent year-over-year growth 78% of breakfasts were still being prepared at home during 2019 Source: RKMA and NPD market research. (1) NPD Breakfast Insights report, January 2020. (2) Google Trends analyzes actual search trends and indexes search volume based on identified time frame and terms. Google Search Trend Index (2) Jul-16 Jul-17 Breakfast near me Jul-18 Jul-19 Lunch near me 100 پسند Jul-20 13 Dinner near me 12 Jul-21 Consumers Want On-Demand Dining Consumers want the ability to order what they want and when they want it Demand for fast and flexible Daytime Dining offerings powered by: ✓ Increasingly busy schedules ✓ The rise of the "gig" economy ✓ Growth of remote workers FIRST WATCH BEGASFRIT BEUNGH SEISIE

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