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SUPPLEMENTAL INFORMATION Q1 2025 May 6, 2025 Exhibit 99.2

FORWARD LOOKING STATEMENTS In addition to historical information, this presentation may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to any historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “future,” “intend,” “outlook,” “potential,” “project,” “projection,” “plan,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other similar expressions. You should evaluate all forward-looking statements made in this presentation in the context of the risks and uncertainties disclosed in our filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investors Relations section of the Company’s website at https://investors.firstwatch.com/financial-information/sec- filings. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the following: our vulnerability to changes in consumer preferences and economic conditions such as inflation and recession; uncertainty regarding the Russia-Ukraine war, the Israel-Hamas war and the related impact on macroeconomic conditions, including inflation, as a result of such conflicts or other related events; our vulnerability to changes in economic conditions and consumer preferences; our inability to successfully open new restaurants or establish new markets; our inability to effectively manage our growth; potential negative impacts on sales at our and our franchisees’ restaurants as a result of our opening new restaurants; a decline in visitors to any of the retail centers, lifestyle centers, or entertainment centers where our restaurants are located; lower than expected same-restaurant sales growth; unsuccessful marketing programs and limited time new offerings; changes in the cost of food; unprofitability or closure of new restaurants or lower than previously experienced performance in existing restaurants; our inability to compete effectively for customers; unsuccessful financial performance of our franchisees; our limited control over our franchisees’ operations; our inability to maintain good relationships with our franchisees; conflicts of interest with our franchisees; the geographic concentration of our system-wide restaurant base in the southeast portion of the United States; damage to our reputation and negative publicity; our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media; our limited number of suppliers and distributors for several of our frequently used ingredients and shortages or disruptions in the supply or delivery of such ingredients; information technology system failures or breaches of our network security; our failure to comply with federal and state laws and regulations relating to privacy, data protection, advertising and consumer protection, or the expansion of current or the enactment of new laws or regulations relating to privacy, data protection, advertising and consumer protection; our potential liability with our gift cards under the property laws of some states; our failure to enforce and maintain our trademarks and protect our other intellectual property; litigation with respect to intellectual property assets; our dependence on our executive officers and certain other key employees; our inability to identify, hire, train and retain qualified individuals for our workforce; our failure to obtain or to properly verify the employment eligibility of our employees; our failure to maintain our corporate culture as we grow; unionization activities among our employees; employment and labor law proceedings; labor shortages or increased labor costs or health care costs; risks associated with leasing property subject to long-term and non-cancelable leases; risks related to our sale of alcoholic beverages; costly and complex compliance with federal, state and local laws; changes in accounting principles applicable to us; our vulnerability to natural disasters, unusual weather conditions, pandemic outbreaks, political events, war and terrorism; our inability to secure additional capital to support business growth; our level of indebtedness; failure to comply with covenants under our credit facility; and the interests of our largest stockholder may differ from those of public stockholders. The forward-looking statements included in this presentation are made only as of the date hereof and are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. NON-GAAP FINANCIAL MEASURES (UNAUDITED) To supplement the consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we use the following non-GAAP measures, which present operating results on an adjusted basis: (i) Adjusted EBITDA, (ii) Adjusted EBITDA margin, (iii) Restaurant level operating profit and (iv) Restaurant level operating profit margin. Our presentation of these non-GAAP measures includes isolating the effects of some items that are either nonrecurring in nature or have no meaningful correlation to our ongoing core operating performance. These supplemental measures of performance are not required by or presented in accordance with GAAP. Management believes these non-GAAP measures provide investors with additional visibility into our operations, facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of our ongoing operating performance, help to identify operational trends and allow for greater transparency with respect to key metrics used by Management in our financial and operational decision making. Our non-GAAP measures may not be comparable to similarly titled measures used by other companies and have important limitations as analytical tools. These non-GAAP measures should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP as they may not provide a complete understanding of our performance. These non-GAAP measures should be reviewed in conjunction with our consolidated financial statements prepared in accordance with GAAP. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. 2 CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES

We are First Watch. We’re the leaders of the Daytime Dining category – a segment comprised of culinary-driven concepts operating exclusively during daytime hours. Our performance and successes are achieved during one 7½-hour shift, from 7 a.m. to 2:30 p.m. We serve made-to-order breakfast, brunch and lunch using fresh ingredients, and our culture is built around a simple, people-focused mission: “You First.” Our elevated offering capitalizes on three long-term consumer trends: the attractive breakfast daypart, an increasing demand for fresh, healthy food and the heightened importance of on-demand dining. We appeal to a broad mix of customers across generations from Gen Z to Baby Boomers. Since 1983, we have delivered sales and unit growth as a result of our broad brand appeal. At the end of the first quarter, we operated 584 system-wide restaurants in 30 states, and we believe we’re just getting started. G O O D M O R N IN G ! 3

PERFORMANCE & COMMENTARY Q1 2025

6 Q1 2025 HIGHLIGHTS Q1 2025 highlights compared to Q1 2024: • Total revenues increased 16.4% to $282.2 million in Q1 2025 from $242.4 million in Q1 2024 • System-wide sales increased 11.5% to $323.0 million in Q1 2025 from $289.6 million in Q1 2024 • Same-restaurant sales growth of 0.7% • Same-restaurant traffic growth of negative 0.7% • Income from operations margin decreased to 0.4% in Q1 2025 from 5.1% in Q1 2024 • Restaurant level operating profit margin* decreased to 16.5% in Q1 2025 from 20.8% in Q1 2024 • Net income (loss) of $(0.8) million, or $(0.01) per diluted share, in Q1 2025 from $7.2 million, or $0.12 per diluted share, in Q1 2024 • Adjusted EBITDA* decreased to $22.8 million in Q1 2025 from $28.6 million in Q1 2024 • Opened 13 system-wide restaurants in 10 states, 1 closure, resulting in a total of 584 system-wide restaurants (498 company-owned and 86 franchise-owned) across 30 states *See Non-GAAP Financial Measures Reconciliations section below.

“First quarter same restaurant traffic results are encouraging and continued the trends we experienced exiting 2024, demonstrating both the strength and the resilience of the First Watch brand. Additionally, the continuing success from our new restaurant openings serves as a significant long-term value creator. Despite the uncertainty present in the coming macroeconomic environment, both the 2024 and 2025 NRO classes continue to exceed expectations, and our development pipeline for the remainder of the year and beyond remains robust.” Chris Tomasso, First Watch CEO and President 7

Jump Start | January 7 – March 17, 2025 8 Thick-cut, griddled artisan sourdough topped with thinly shaved Volpi prosciutto, scrambled cage-free eggs, Monterey Jack, freshly grated Parmesan, lemon-dressed arugula and roasted garlic aioli. Served with a cup of fresh fruit. Thinly slice carne asada, crumbled chorizo and diced red bell peppers in a potato hash topped with two cage-free eggs any style, Cheddar and Monterey Jack, housemade pico de gallo, fresh avocado, shaved radish, cilantro and jalapeño crema. Served with two warm wheat-corn tortillas. Thick-cut, custard-dipped challah bread griddled and topped with fresh raspberries, whipped lemon ricotta cream, raspberry purée and spiced gingerbread cookie crumbles. Lightly dusted with powdered cinnamon sugar. BLUE BOOSTER Fresh juice featuring blueberry, Fuji Apple, lemon and basil. PARMESAN PROSCIUTTO TOAST CARNE ASADA HASH RASPBERRY RICOTTA FRENCH TOAST A TASTE OF Q1

Spring| March 18 – June 2, 2025 9 Freshly baked cornbread with Cheddar and Monterey Jack, bacon and scallions. Topped with house-whipped honey butter. Thick-cut, custard-dipped challah bread griddled and topped with fresh strawberries and blueberries, warm mixed berry compote, lavender whipped cream, spiced gingerbread cookie crumbles and mint. Lightly dusted with powdered cinnamon sugar. Bacon. Egg. Cheddar. First Watch’s twist on a traditional breakfast sandwich — hardwood smoked bacon, folded cage- free eggs, aged Cheddar, house-pickled sweet peppers and arugula with Calabrian chili aioli and roasted garlic aioli on griddled artisan sourdough bread. Served with lemon-dressed organic mixed greens. PINEAPPLE EXPRESS Fresh juice featuring pineapple, orange, coconut water, lime and agave with a mint crystal rim. BACON CHEDDAR CORNBREAD WILD BERRY LAVENDER FRENCH TOAST THE B.E.C. A TASTE OF Q2

Based upon first quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 28, 2025: • Adjusted EBITDA(1) in the range of $114.0 million to $119.0 million(2) • Blended tax rate of 45.0%-50.0% The Company confirmed the following guidance metrics for the 52-week fiscal year ending December 28, 2025: • Same-restaurant sales growth percentage in the positive low-single digits with flat-to- slightly positive same-restaurant traffic growth percentage • Total revenue growth of ~20.0%(2) • Total of 59 to 64 new system-wide restaurants, net of 3 company-owned restaurant closures (55 to 58 new company-owned restaurants and 7 to 9 new franchise-owned restaurants). • Capital expenditures in the range of $150.0 million to $160.0 million invested primarily in new restaurant projects and planned remodels(3) 10 OUTLOOK (1) We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, a reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort. (2) Includes net impact of approximately 4.0% in total revenue growth and approximately $7.0 million in Adjusted EBITDA associated with completed and announced acquisitions. (3) Does not include the capital outlays associated with the acquisition of franchise-owned restaurants. OUTLOOK FOR FISCAL YEAR 2025

11 The following table summarizes our results of operations and the percentages of items in our Consolidated Statements of Operations in relation to Total revenues or, where indicated, Restaurant sales for fiscal years 2024, 2023, 2022, the thirteen weeks ended March 30, 2025 and thirteen weeks ended March 31, 2024: CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (1) As a percentage of restaurant sales THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED (in thousands) March 30, 2025 March 31, 2024 Revenues Restaurant sales 279,591$ 99.1% 239,308$ 98.7% 1,004,355$ 98.9% 877,092$ 98.4% 719,181$ 98.5% Franchise revenues 2,649 0.9% 3,141 1.3% 11,555 1.1% 14,459 1.6% 10,981 1.5% Total revenues 282,240 100.0% 242,449 100.0% 1,015,910 100.0% 891,551 100.0% 730,162 100.0% Operating costs and expenses Restaurant operating expenses (1) (exclusive of depreciation and amortization shown below): Food and beverage costs 66,647 23.8% 52,184 21.8% 223,097 22.2% 197,374 22.5% 172,561 24.0% Labor and other related expenses 96,754 34.6% 79,735 33.3% 335,038 33.4% 294,010 33.5% 238,257 33.1% Other restaurant operating expenses 44,259 15.8% 36,792 15.4% 151,968 15.1% 134,477 15.3% 114,476 15.9% Occupancy expenses 23,149 8.3% 19,168 8.0% 82,694 8.2% 68,400 7.8% 59,919 8.3% Pre-opening expenses 2,660 1.0% 1,567 0.7% 10,109 1.0% 7,173 0.8% 5,414 0.8% General and administrative expenses 30,219 10.7% 27,658 11.4% 113,270 11.1% 103,121 11.6% 84,959 11.6% Depreciation and amortization 16,557 5.9% 12,271 5.1% 57,715 5.7% 41,223 4.6% 34,230 4.7% Impairments and loss on disposal of assets 9 0.0% 119 0.0% 525 0.1% 1,359 0.2% 920 0.1% Transaction expenses, net 873 0.3% 669 0.3% 2,587 0.3% 3,147 0.4% 2,513 0.3% Total operating costs and expenses 281,127 99.6% 230,163 94.9% 977,003 96.2% 850,284 95.4% 713,249 97.7% Income from operations (1) 1,113 0.4% 12,286 5.1% 38,907 3.9% 41,267 4.7% 16,913 2.4% Interest expense (3,334) (1.2)% (2,599) (1.1%) (12,640) (1.2)% (8,063) (0.9%) (5,232) (0.7%) Other income, net 684 0.2% 326 0.1% 1,759 0.2% 2,871 0.3% 910 0.1% (Loss) income before income taxes (1,537) (0.5)% 10,013 4.1% 28,026 2.8% 36,075 4.0% 12,591 1.7% Income tax benefit (expense) 708 0.3% (2,799) (1.2%) (9,101) (0.9)% (10,690) (1.2%) (5,684) (0.8%) Net (loss) income (829)$ (0.3)% 7,214$ 3.0% 18,925$ 1.9% 25,385$ 2.8% 6,907$ 0.9% Net (loss) income (829)$ 7,214$ 18,925$ 25,385$ 6,907$ Other comprehensive (loss) income: Unrealized (loss) gain on derivatives (883) 1,238 301 (889) - Income tax related to other comprehensive (loss) income 220 (309) (75) 222 - Comprehensive (loss) income (1,492)$ 8,143$ 19,151$ 24,718$ 6,907$ Net (loss) income per common share - basic (0.01)$ 0.12$ 0.31$ 0.43$ 0.12$ Net (loss) income per common share - diluted (0.01)$ 0.12$ 0.30$ 0.41$ 0.11$ Weighted average number of common shares outstanding - basic 60,767,401 60,012,790 60,365,393 59,531,404 59,097,512 Weighted average number of common shares outstanding - diluted 60,767,401 62,476,379 62,351,222 61,191,613 60,140,045 2022 FISCAL YEAR 2024 2023

12 SELECTED OPERATING DATA *Average unit volume presented on an annual basis only. (1) Comparing the 52-week period ended December 29, 2024 with the 52-week period ended December 31, 2023 in order to compare like-for-like periods. See “Key Performance Indicators” for additional information. (2) Reconciliations from Income from operations and Income from operations margin, the most comparable GAAP measures to Restaurant level operating profit and Restaurant level operating profit margin, are set forth in the schedules within the Non-GAAP Financial Measure Reconciliations section below. (3) Reconciliations from Net (loss) income and Net (loss) income margin, the most comparable GAAP measures to Adjusted EBITDA and Adjusted EBITDA margin, are set forth in the schedules within the Non-GAAP Financial Measure Reconciliations section below. THIRTEEN WEEKS THIRTEEN WEEKS March 30, 2025 March 31, 2024 2024 2023 2022 Operating weeks 13 13 52 53 52 System-wide restaurants 584 531 572 524 474 Company-owned 498 432 489 425 366 Franchise-owned 86 99 83 99 108 System-wide sales (in thousands) $322,999 $289,581 $1,184,469 $1,103,089 $914,816 Same-restaurant sales growth (1) 0.7% 0.5% (0.5)% 7.6% 14.5% Same-restaurant traffic growth (1) (0.7%) (4.5%) (4.0)% 0.2% 7.7% AUV (in thousands)* $2,204 $2,250 $2,032 Income from operations (in thousands) $1,113 $12,286 $38,907 $41,267 $16,913 Income from operations margin 0.4% 5.1% 3.9% 4.7% 2.4% Restaurant level operating profit (in thousands) (2) $46,122 $49,862 $201,761 $175,658 $128,936 Restaurant level operating profit margin (2) 16.5% 20.8% 20.1% 20.0% 17.9% Net (loss) income (in thousands) ($829) $7,214 $18,925 $25,385 $6,907 Net (loss) income margin (0.3)% 3.0% 1.9% 2.8% 0.9% Adjusted EBITDA (in thousands) (3) $22,753 $28,590 $113,836 $99,483 $69,278 Adjusted EBITDA margin (3) 8.1% 11.8% 11.2% 11.2% 9.5% FISCAL YEAR

APPENDIX

SYSTEM-WIDE RESTAURANT COUNT BY STATE AS OF 2024 YEAR END ® Our flexible box size of ~3,800–6,600 sq ft with an average net build-out cost of ~$1.75M allows us to fit in any real estate and supports visibility to 2,200 restaurants (1) Representative of our target 3-year new units performance, which is comparable to the historical 3-year performance of our new restaurants. (2) Cash-on-Cash Return is defined as Restaurant Level Operating Profit (excluding gift card breakage and deferred rent expense (income)) in the third year of operation (months 25-36 of operation) for company-owned restaurants divided by their cash build-out expenses, net of landlord incentives. (3) The Internal Rate of Return (IRR) is the annual growth rate that makes the net present value (NPV) of all cash flows from the investment zero. IRR represents the minimum yearly return needed for the investment in a new restaurant location to break even over the lease term. Note: Restaurant counts represent system-wide restaurants. AUV metrics by state is for Company-Owned restaurants only, representing trailing 12 months as of the end of Q4 2024. 61 1 19 13 7 25 3 68 1 1 6 23 133 10 36 24 17 8 5 11 44 1 26 19 7 15 48 35 2 • Demonstrated success of rapid unit growth • 14.5% system-wide unit CAGR from 2014-2024 • 572 locations across the U.S. at the 2024 year end • Proven portability with restaurants in our top decile spanning 14 states and 22 DMAs $2.7M 18-20% ~35% 18%+ Year 3 Avg Sales(1) Year 3 Restaurant-Level Operating Profit (1) Year 3 Cash-On-Cash Returns(1) (2) IRR(3) ATTRACTIVE NEW UNIT ECONOMICS, FLEXIBLE SIZE, WORKS EVERYWHERE FLORIDA 133 $2.3M AUV OHIO 44 $2.2M AUV MISSOURI 25 $2.3M AUV ARIZONA 35 $2.4M AUV TEXAS 68 $2.2M AUV

15 ** Pre-opening expenses are presented in one line item on the Consolidated Statements of Operations and Comprehensive Income (Loss) Same-Restaurant Sales & Traffic Growth Pre-opening Expenses** HISTORICAL DATA *Comparison to the 13-weeks and 52-weeks ended December 31, 2023, is provided for enhanced comparability. . 2025 Q1 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Other restaurant operating expenses $ 1,443 $ 957 $ 928 $ 828 $ 2,971 $ 5,684 $ 654 $ 643 $ 1,122 $ 1,956 $ 4,375 Occupancy expenses 1,217 610 900 1,559 1,356 4,425 382 609 913 894 2,798 Total Pre-opening expenses $ 2,660 $ 1,567 $ 1,828 $ 2,387 $ 4,327 $ 10,109 $ 1,036 $ 1,252 $ 2,035 $ 2,850 $ 7,173 20232024 Q1 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.7% 0.7% 0.5% (0.3%) (1.9%) (0.3%)* (0.5%)* 12.9% 7.8% 4.8% 5.0% 7.6% Same-Restaurant Traffic Growth (Decline) (0.7%) (0.7%) (4.5%) (4.0%) (4.4%) (3.0%)* (4.0%)* 5.1% (1.2%) (1.9%) (1.3%) 0.2% Comparable Restaurant Base 383 383 344 344 344 344 344 328 327 327 327 327 2024 20232025

16 Management uses Adjusted EBITDA and Adjusted EBITDA margin (i) as factors in evaluating management’s performance when determining incentive compensation, (ii) to evaluate the Company’s operating results and the effectiveness of our business strategies, (iii) internally as benchmarks to compare the Company’s performance to that of its competitors and (iv) to provide investors with additional transparency of the Company’s operations. The use of Adjusted EBITDA and Adjusted EBITDA margin as performance measures permit a comparative assessment of the Company’s operating performance relative to the Company’s performance based on the Company’s GAAP results, while isolating the effects of some items that are either nonrecurring in nature or vary from period to period without any correlation to the Company’s ongoing core operating performance. The adjacent table reconciles Net income (loss) and Net income (loss) margin, the most directly comparable GAAP measures, to Adjusted EBITDA and Adjusted EBITDA margin, respectively, for the periods indicated. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Adjusted EBITDA and Adjusted EBITDA margin (1) Represents costs related to process improvements and strategic initiatives. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). (2) Represents non-cash, stock-based compensation expense which is recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). (3) Represents professional service costs incurred in connection with the Delaware Voluntary Disclosure Agreement Program related to unclaimed or abandoned property. These costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).. (4) Represents costs incurred in connection with the acquisition of franchise-owned restaurants, secondary offering costs and, in 2024, an offsetting gain on release of contingent consideration liability and expenses related to debt. (5) Represents costs related to the disposal of assets due to retirements, replacements or certain restaurant closures. There were no impairments recognized during the periods presented. (6) Represents costs incurred for hiring qualified individuals. These costs are recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). (7) Severance costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). (8) Represents costs incurred in connection with hurricane damage. The costs include inventory spoilage and labor costs, which were recorded in Food and beverage costs and Labor and other related expenses, respectively, on the Consolidated Statements of Operations and Comprehensive Income (Loss). (9) Represents the non-cash portion of straight-line rent expense recorded within both Occupancy expenses and General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). THIRTEEN WEEKS THIRTEEN WEEKS (in thousands) March 30, 2025 March 31, 2024 2024 2023 2022 Net (loss) income ($829) $7,214 $18,925 $25,385 $6,907 Depreciation and amortization 16,557 12,271 57,715 41,223 34,230 Interest expense 3,334 2,599 12,640 8,063 5,232 Income taxes (708) 2,799 9,101 10,690 5,684 EBITDA 18,354 24,883 98,381 85,361 52,053 Strategic costs (1) 1,234 235 1,843 892 2,318 Loss on extinguishment and modification of debt - 428 428 - - Stock-based compensation (2) 2,259 1,866 8,525 7,604 10,374 Delaware Voluntary Disclosure Agreement Program (3) 24 8 126 1,250 149 Transaction expenses, net (4) 873 669 2,587 3,147 2,513 Impairments and loss on disposal of assets (5) 9 119 525 1,359 920 Recruiting and relocation costs (6) - 204 888 465 681 Severance costs (7) - 178 204 26 155 Insurance proceeds in connection with natural disasters, net (8) - - 329 (621) 115 Adjusted EBITDA 22,753 $28,590 113,836 $99,483 $69,278 Total revenues $282,240 $242,449 $1,015,910 $891,551 $730,162 Net (loss) income margin (0.3)% 3.0% 1.9% 2.8% 0.9% Adjusted EBITDA margin 8.1% 11.8% 11.2% 11.2% 9.5% Additional information Deferred rent expense (9) $185 $343 $1,318 $2,090 $2,418 FISCAL YEAR

17 Restaurant level operating profit and Restaurant level operating profit margin are not indicative of our overall results, and because they exclude corporate-level expenses, do not accrue directly to the benefit of our stockholders. We will continue to incur such expenses in the future. Restaurant level operating profit and Restaurant level operating profit margin are important measures we use to evaluate the performance and profitability of each operating restaurant, individually and in the aggregate and to make decisions regarding future spending and other operational decisions. We believe that Restaurant level operating profit and Restaurant level operating profit margin provide useful information about our operating results, identify operational trends and allow for transparency with respect to key metrics used by us in our financial and operational decision-making. The adjacent table reconciles Income (Loss) from operations and Income (Loss) from operations margin, the most directly comparable GAAP financial measures, to Restaurant level operating profit and Restaurant level operating profit margin, respectively, for the periods indicated. Restaurant level operating profit and Restaurant level operating profit margin NON-GAAP FINANCIAL MEASURES RECONCILIATIONS (1) Represents costs incurred in connection with the acquisition of franchise-owned restaurants, secondary offering costs and, in 2024, an offsetting gain on release of contingent consideration liability and expenses related to debt. (2) Represents costs related to the disposal of assets due to retirements, replacements or certain restaurant closures. There were no impairments recognized during the periods presented (3) Represents costs incurred in connection with hurricane damage. The costs include inventory spoilage and labor costs, which were recorded in Food and beverage costs and Labor and other related expenses, respectively, on the Consolidated Statements of Operations and Comprehensive Income (Loss).. (4) Represents the non-cash portion of straight-line rent expense recorded within Occupancy expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). THIRTEEN WEEKS THIRTEEN WEEKS (in thousands) March 30, 2025 March 31, 2024 2024 2023 2022 Income from operations $1,113 $12,286 $38,907 $41,267 $16,913 Less: Franchise revenues (2,649) (3,141) (11,555) (14,459) (10,981) Add: General and administrative expenses 30,219 27,658 113,270 103,121 84,959 Depreciation and amortization 16,557 12,271 57,715 41,223 34,230 Transaction expenses, net (1) 873 669 2,587 3,147 2,513 Impairments and loss on disposal of assets (2) 9 119 525 1,359 920 Costs in connection with natural disasters (3) - - 312 - 382 Restaurant level operating profit $46,122 $49,862 $201,761 $175,658 $128,936 Restaurant sales $279,591 $239,308 $1,004,355 $877,092 $719,181 Income from operations margin 0.4% 5.1% 3.9% 4.7% 2.4% Restaurant level operating profit margin 16.5% 20.8% 20.1% 20.0% 17.9% Additional information Deferred rent expense (4) $135 $293 $1,119 $1,891 $2,219 FISCAL YEAR

18 The following definitions apply to these terms as used in this presentation: Adjusted EBITDA: a non-GAAP financial measure, is defined as net income (loss) before depreciation and amortization, interest expense, income taxes and items that the Company does not consider in the evaluation of its ongoing core operating performance. Adjusted EBITDA margin: a non-GAAP financial measure, is defined as Adjusted EBITDA as a percentage of total revenues. Average Unit Volume: the total restaurant sales (excluding gift card breakage) recognized in the comparable restaurant base, which is defined as the number of company-owned First Watch branded restaurants open for 18 months or longer as of the beginning of the fiscal year (“Comparable Restaurant Base”), divided by the number of restaurants in the Comparable Restaurant Base during the period. This measurement allows management to assess changes in consumer spending patterns at our restaurants and the overall performance of our restaurant base. Restaurant level operating profit: a non-GAAP financial measure, is defined as restaurant sales, less restaurant operating expenses, which include food and beverage costs, labor and other related expenses, other restaurant operating expenses, pre-opening expenses and occupancy expenses. Restaurant level operating profit excludes corporate-level expenses and items that are not considered in the Company’s evaluation of its ongoing core operating performance. Restaurant level operating profit margin: a non-GAAP financial measure, is defined as Restaurant level operating profit as a percentage of restaurant sales. Same-restaurant sales growth: the percentage change in year-over-year restaurant sales (excluding gift card breakage) for the comparable restaurant base, which we define as the number of company-owned First Watch branded restaurants open for 18 months or longer as of the beginning of the fiscal year (“Comparable Restaurant Base”). For the thirteen weeks ended March 30, 2025 and March 31, 2024, there were 383 restaurants and 344 restaurants, respectively, in our Comparable Restaurant Base. Measuring our same-restaurant sales growth allows management to evaluate the performance of our existing restaurant base. We believe this measure is useful for investors to provide a consistent comparison of restaurant sales results and trends across periods within our core, established restaurant base, unaffected by results of store openings, closings, and other transitional changes. Same-restaurant traffic growth: the percentage change in traffic counts as compared to the same period in the prior year using the Comparable Restaurant Base. Measuring our same- restaurant traffic growth allows management to evaluate the performance of our existing restaurant base. We believe this measure is useful for investors because an increase in same- restaurant traffic provides an indicator as to the development of our brand and the effectiveness of our marketing strategy. System-wide restaurants: the total number of restaurants, including all company-owned and franchise-owned restaurants. System-wide sales: consists of restaurant sales from our company-owned restaurants and franchise-owned restaurants. We do not recognize the restaurant sales from our franchise- owned restaurants as revenue. DEFINITIONS

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