First Watch IPO Presentation Deck

19 Strong Recovery From COVID-19 Monthly Same-Restaurant Sales Growth Since January 2020 7.4% 4.7% Jan-20 Feb-20 (36.3%) Mar-20 (92.0%) (98.7%) Initial Shutdown (44.7%) (26.0%) (18.3%) Apr-20 May-20 Jun-20 Jul-20 Aug-20 (8.8%) Sep-20 (6.1%) (7.4%) (18.6%) Second COVID Wave Oct-20 Nov-20 Dec-20 (0.9%) Same-Restaurant Sales Growth (Compared to 2019) (5.1%) 5.9% Jan-21 Feb-21 Mar-21 13.4% 14.8% 19.7% 20.2% 17.0% Positive Traffic starting in Q2'21 and continuing QTD in July and August Apr-21 May-21 Jun-21 Jul-21 Aug-21 FIRST WATCH HERALFERT BERNEHMENS

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