First Watch IPO Presentation Deck

5 We Are First Watch SW FIRST WATCH Leader in Daytime Dining with a single operating shift: 7:00am - 2:30pm Proven record of sustained growth in new units, Same-Restaurant Sales (SRS) and traffic Serving made-to-order breakfast, brunch and lunch using fresh ingredients "You First" culture since 1983 Elevated offering capitalizing on long-term consumer trends: Growing morning meal occasion Increasing demand for fresh, healthy food Heightened importance of on-demand dining Broad mix of customers from millennials to baby boomers of diverse backgrounds FIRST WATCH BREAKFAST HETKER-LE

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