First Watch IPO Presentation Deck

Alcohol is Just the Latest Example 25 ● ● ● ● Enhancing the Brunch occasion, creating a further opportunity to attract a younger demographic Highly incremental new sales platform Margin accretive to all other beverages including Fresh Juices Program can be launched with or without a physical bar In Q2'21, alcohol accounted for 3.8% of sales and 7.1% of guests at serving restaurants Increased overall beverage attachment by approximately 230 basis points in Q2'21 compared to non-alcohol locations Opportunity for further extensions and innovations around Bloody Marys and Mimosas FIRST WATCH BREAKFARY HOUBEK LEMIS

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