First Watch Restaurant Group, Inc. to Host Inaugural Investor Day on Thursday, November 12th to Share Strategic Growth Vision

Chris Tomasso, CEO and President of First Watch

“Our Investor Day will offer investors a deeper look at what makes First Watch distinctive and why we are confident in the significant opportunity ahead. Our strategy combines the strength of our leadership in Daytime Dining with substantial whitespace for restaurant growth and an increasingly powerful cash flow model. We see a clear path to more than 2,200 restaurants across the continental U.S. while, beginning next year, we expect our robust cash flow to self-fund organic growth and maintenance capital expenditures and accelerate free cash flow generation. That combination gives us the opportunity to extend our leadership in a category we have helped define, continue investing in growth and create meaningful long-term shareholder value”

Chris Tomasso, CEO and President of First Watch

“Our annual growth targets through 2028 strike an optimized balance between new unit growth and free cash flow. We are on track to open 62 systemwide restaurants in 2026 and approximately 55 in 2027, retaining flexibility on annual openings in the following years. This measured shift builds on our strong foundation, supports positive and improving free cash flow, reinforces our balance sheet, and gives us greater flexibility in how we deploy capital. Importantly, our confidence in our long-term growth opportunity and earnings power remains unchanged and, towards the end, we recently raised our outlook for annual Adjusted EBITDA growth to greater than 15% for 2027 and 2028”