First Watch IPO Presentation Deck

22 Confidence in Our Brand Empowered Us to Grow During COVID M. FULL-SERVICE RESTAURANTS SETTING AMERICA'S TABLE FSR From the Headlines FRANCHISING AFTER COVID FEWER TAPS, BIGGER BUSINESS Still Growing Strong DESPITE SETBACKS, THESE 23 CASUAL DINING CHAINS MANAGED TO OPEN NEW UNITS IN 2020 ALSO HOW ONE BRAND IS MAKING A DIFFERENCE EMPOWERING PEOPLE WITH DISABILITIES Source: FSR Magazine, August 2021, GETTING IN ON GAME MEATS 54TH STREET'S PROVEN STRATEGY ONE TO WATCH WITH & NEWN OPENINGS LAST YEAR, FIRST WATCH CEO CHRIS TOMASSO SAYS THE BREAKFAST LEADER IS JUST GETTING STARTED Rank 1 2 3 4 Chain ETEXAS ROADHOUSE FIRST WATCH 42 11.4% THE DAYTIME CAFE WALK-ON'S SPORTE STREA 2020 Unit Change (additional stores) LONGHORN STEAKHOUSE 19 12 2020 Unit Change (percentage) 8 3.4% 36.4% 1.5% FIRST WATCH GREW MORE UNITS IN 2020 THAN THE NEXT 3 NAMES COMBINED! FIRST WATCH BEGASFRIT BEUNGH SEISIE

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