SUPPLEMENTAL INFORMATION Q1 2024 May 7, 2024 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: 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 vary from period to period without any 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 growing 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 531 system-wide restaurants in 29 states, and we believe we’re just getting started. G O O D M O R N IN G ! 3

PERFORMANCE & COMMENTARY Q1 2024

6 Q1 2024 HIGHLIGHTS Compared to Q1 2023: • Total revenues increased 14.7% to $242.4 million in Q1 2024 from $211.4 million in Q1 2023 • System-wide sales increased 9.4% to $289.6 million in Q1 2024 from $264.7 million in Q1 2023 • Same-restaurant sales growth of 0.5%* • Same-restaurant traffic growth of (4.5)%* • Income from operations margin decreased to 5.1% during Q1 2024 from 7.4% in Q1 2023 • Restaurant level operating profit margin** decreased to 20.8% in Q1 2024 from 21.2% in Q1 2023 • Net income decreased to $7.2 million, or $0.12 per diluted share, in Q1 2024 from $9.4 million, or $0.15 per diluted share in Q1 2023 • Adjusted EBITDA** increased to $28.6 million in Q1 2024 from $27.4 million in Q1 2023 • Opened 9 system-wide restaurants in 8 states resulting in a total of 531 system-wide restaurants (432 company-owned and 99 franchise-owned) across 29 states * Comparing the thirteen-week periods ended March 31, 2024 and April 2, 2023 in order to compare like-for-like periods ** See “Non-GAAP Financial Measures” below

“First Watch posted another solid quarter with positive same restaurant sales*, traffic trends that improved sequentially through the quarter and year-over-year adjusted EBITDA growth. We continue to focus on delivering exceptional experiences for our customers and our employees validated by customer experience scores that have never been higher and continued improvement in employee turnover. We remain confident in our long-term growth prospects driven by our proven portability and a total addressable market more than three times our current size.” Chris Tomasso, First Watch CEO and President *Comparing the thirteen-week periods ended March 31, 2024 and April 2, 2023 in order to compare like-for-like periods 7

Jumpstart | January 8 – March 17 8 Shaved pastrami, Gruyère cheese and house-roasted onions with an over-easy cage-free egg, house-pickled red onions, arugula, mayo and Dijon mustard on a griddled everything-seasoned brioche bun. Served with lemon-dressed organic mixed greens. Seasoned, braised beef barbacoa tossed with Cheddar and Monterey Jack, salsa roja and crispy corn tortilla chips, then topped with fresh avocado, lime crema, Cotija cheese and scallions. Served with cheesy scrambled cage-free eggs and seasoned black beans with housemade pico de gallo. Thick-cut, custard-dipped challah bread griddled and topped with lemon cream, fresh blackberries, mixed berry compote, crème anglaise and spiced gingerbread cookie crumbles. Lightly dusted with powdered cinnamon sugar. HOLEY DONUTS Cinnamon sugar-dusted cake donut holes with chocolate sauce and warm, mixed berry compote for dipping. BROOKLYN BREAKFAST SANDWICH BARBACOA CHILAQUILES BREAKFAST BOWL BLACKBERRY LEMON CREAM FRENCH TOAST A TASTE OF Q1

Spring | March 18 – May 26 9 Sautéed Cajun shrimp and andouille sausage cooked Lowcountry-style with chicken stock, house-roasted tomatoes, onions, green bell peppers and scallions atop Bob’s Red Mill Cheddar Parmesan cheese grits. Served with artisan ciabatta toast. Chorizo, red bell pepper and potato hash topped with two cage-free eggs any style, Cheddar and Monterey Jack, spicy ketchup, lime crema drizzle, fresh smashed avocado and scallions. Thick-cut, custard-dipped challah bread griddled and topped with caramelized pineapple, coconut whipped cream, caramel toffee sauce and spiced gingerbread cookie crumbles. Lightly dusted with powdered cinnamon sugar. TROPICAL SUNRISE Mango, pineapple, strawberry and lime. SHRIMP & GRITS HACIENDA HASH HAWAIIAN FRENCH TOAST A TASTE OF Q1 & Q2

Based upon first quarter results and current trends, management provides the following updated outlook for the 52-week fiscal year ending December 29, 2024: ▪ Same-restaurant sales growth in a range of flat-to-up 2.0% with same restaurant traffic growth in the negative low single digits. ▪ Total revenue growth in the range of 17.0% to 19.0%(1). ▪ Total of 51 to 57 new system-wide restaurants, net of 1 company-owned and 1 franchise-owned restaurant closure (44 to 48 new company-owned restaurants and 9 to 11 new franchise-owned restaurants). Management confirms the following guidance for fiscal 2024: ▪ Adjusted EBITDA(2) in the range of $106.0 million to $112.0 million(1) ▪ Blended tax rate in the range of 27.0% to 29.0% ▪ Capital expenditures in the range of $125.0 million to $135.0 million invested primarily in new restaurant projects and planned remodels(3) 10 OUTLOOK _______________________________________________________________________ (1) Includes approximately 7.0% in total revenue growth and approximately $12.0 million in Adjusted EBITDA associated with completed acquisitions (2) 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. (3) Does not include the capital outlays associated with the acquisition of franchise-owned restaurants UPDATED OUTLOOK FOR FISCAL YEAR 2024

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 2023, 2022, 2021, the thirteen weeks ended March 31, 2024 and the thirteen weeks ended March 26, 2023: CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (1) Percentages are calculated as a percentage of restaurant sales THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED (in thousands) March 31, 2024 March 26, 2023 Revenues Restaurant sales 239,308$ 98.7% 207,968$ 98.4% 877,092$ 98.4% 719,181$ 98.5% 592,343$ 98.5% Franchise revenues 3,141 1.3% 3,438 1.6% 14,459 1.6% 10,981 1.5% 8,850 1.5% Total revenues 242,449 100.0% 211,406 100.0% 891,551 100.0% 730,162 100.0% 601,193 100.0% Operating costs and expenses Restaurant operating expenses (1) (exclusive of depreciation and amortization shown below): Food and beverage costs 52,184 21.8% 46,627 22.4% 197,374 22.5% 172,561 24.0% 134,201 22.7% Labor and other related expenses 79,735 33.3% 68,573 33.0% 294,010 33.5% 238,257 33.1% 189,167 31.9% Other restaurant operating expenses 36,792 15.4% 31,696 15.2% 134,477 15.3% 114,476 15.9% 94,847 16.0% Occupancy expenses 19,168 8.0% 15,934 7.7% 68,400 7.8% 59,919 8.3% 55,433 9.4% Pre-opening expenses 1,567 0.7% 1,036 0.5% 7,173 0.8% 5,414 0.8% 3,310 0.6% General and administrative expenses 27,658 11.4% 22,705 10.7% 103,121 11.6% 84,959 11.6% 70,388 11.7% Depreciation and amortization 12,271 5.1% 9,117 4.3% 41,223 4.6% 34,230 4.7% 32,379 5.4% Impairments and loss on disposal of assets 119 - 134 0.1% 1,359 0.2% 920 0.1% 381 0.1% Transaction expenses, net 669 0.3% 253 0.1% 3,147 0.4% 2,513 0.3% (1,156) (0.2%) Total operating costs and expenses 230,163 94.9% 196,075 92.7% 850,284 95.4% 713,249 97.7% 578,950 96.3% Income from operations (1) 12,286 5.1% 15,331 7.4% 41,267 4.7% 16,913 2.4% 22,243 3.8% Interest expense (2,599) (1.1%) (1,907) (0.9%) (8,063) (0.9%) (5,232) (0.7%) (20,099) (3.3%) Other income, net 326 0.1% 494 0.2% 2,871 0.3% 910 0.1% (1,774) (0.3%) Income before income taxes 10,013 4.1% 13,918 6.6% 36,075 4.0% 12,591 1.7% 370 0.1% Income tax expense (2,799) (1.2%) (4,558) (2.2%) (10,690) (1.2%) (5,684) (0.8%) (2,477) (0.4%) Net income 7,214$ 3.0% 9,360$ 4.4% 25,385$ 2.8% 6,907$ 0.9% (2,107)$ (0.4%) Net income (loss) 7,214$ 9,360$ 25,385$ 6,907$ (2,107)$ Other comprehensive loss: Unrealized loss on derivatives 1,238 - (889) - - Income tax related to other comprehensive loss (309) - 222 - - Other comprehensive loss - - (667) - - Comprehensive income (loss) 8,143$ 9,360$ 24,718$ 6,907$ (2,107)$ Net income (loss) per common share - basic 0.12$ 0.16$ 0.43$ 0.12$ (0.04)$ Net income (loss) per common share - diluted 0.12$ 0.15$ 0.41$ 0.11$ (0.04)$ Weighted average number of common shares outstanding - basic 60,012,790 59,243,430 59,531,404 59,097,512 48,213,995 Weighted average number of common shares outstanding - diluted 62,476,379 60,597,729 61,191,613 60,140,045 48,213,995 2021 FISCAL YEAR 2023 2022

12 SELECTED OPERATING DATA THIRTEEN WEEKS THIRTEEN WEEKS March 31, 2024 March 26, 2023 2023 2022 2021 Operating weeks 13 13 53 52 52 System-wide restaurants 531 484 524 474 435 Company-owned 432 370 425 366 341 Franchise-owned 99 114 99 108 94 System-wide sales (in thousands) $289,581 $264,719 $1,103,089 $914,816 $750,674 Same-restaurant sales growth 0.5% * 12.9% 7.6% ** 14.5% 63.0% Same-restaurant traffic growth (4.5%) * 5.1% 0.2% ** 7.7% 52.6% Average Unit Volume (in thousands) (1) $2,250 $2,032 $1,786 Income (loss) from operations (in thousands) $12,286 $15,331 $41,267 $16,913 $22,243 Income (loss) from operations margin 5.1% 7.4% 4.7% 2.4% 3.8% Restaurant level operating profit (in thousands) (2) $49,862 $44,102 $175,658 $128,936 $115,404 Restaurant level operating profit margin (2) 20.8% 21.2% 20.0% 17.9% 19.5% Net income (loss) (in thousands) $7,214 $9,360 $25,385 $6,907 ($2,107) Net income (loss) margin 3.0% 4.4% 2.8% 0.9% (0.4%) Adjusted EBITDA (in thousands) (3) $28,590 $27,413 $99,483 $69,278 $66,301 Adjusted EBITDA margin (3) 11.8% 13.0% 11.2% 9.5% 11.0% FISCAL YEAR *Comparing the thirteen-week period ended March 31, 2024 with the thirteen-week period ended April 2, 2023 in order to compare like-for-like periods. **Comparison to 53 weeks ended January 1, 2023 in order to compare like-for-like periods. (1) Average unit volume presented on an annual basis only. (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 Measures Reconciliations section below. (3) Reconciliations from Net income and Net 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 Measures Reconciliations section below.

APPENDIX

SYSTEM-WIDE RESTAURANT COUNT BY STATE AS OF 2023 YEAR END ® Our flexible box size of ~3,800–6,600 sq ft with an average net build-out cost of ~$1.6M allows us to fit in any real estate and supports visibility to 2,200 restaurants Proven portability with restaurants in our top decile spanning 10 states and 20 DMAs (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 2023. 14 1 19 10 6 24 3 63 1 1 5 23 123 7 36 20 16 7 5 11 40 1 24 19 5 11 47 31 1 • Demonstrated success of rapid unit growth • 15.1% system-wide unit CAGR from 2014-2023 • 524 locations across the U.S. at the 2023 year end • 99 franchise units with 47 subject to purchase option $2.6M 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 123 $2.2M AUV OHIO 40 $2.2M AUV ARIZONA 31 $2.2M AUV MISSOURI 24 $2.3M AUV TEXAS 63 $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 Q1 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Other restaurant operating expenses $ 957 $ 654 $ 643 $ 1,122 $ 1,956 $ 4,375 $ 648 $ 563 $ 813 $ 1,301 $ 3,325 Occupancy expenses 610 382 609 913 894 2,798 337 531 677 544 2,089 Total Pre-opening expenses $ 1,567 $ 1,036 $ 1,252 $ 2,035 $ 2,850 $ 7,173 $ 985 $ 1,094 $ 1,490 $ 1,845 $ 5,414 2023 20222024 Q1 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.5%* 12.9% 7.8% 4.8% 5.0% 7.6% 27.2% 13.4% 12.0% 7.7% 14.5% Same-Restaurant Traffic Growth (Decline) (4.5%)* 5.1% (1.2%) (1.9%) (1.3%) 0.2% 21.9% 8.1% 3.7% (0.6%) 7.7% Comparable Restaurant Base 344 328 327 327 327 327 305 304 303 301 301 2024 2023 2022 *Comparing the thirteen-week period ended March 31, 2024 with the thirteen-week period ended April 2, 2023 in order to compare like-for-like periods.

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. (1) Represents non-cash, stock-based compensation expense which is recorded within General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income. (2) Represents costs incurred in connection with the acquisition of franchise-owned restaurants, expenses related to debt, secondary offering costs and in 2024 an offsetting gain on release of contingent consideration liability. (3) 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. (4) Represents impairment charges and costs related to the disposal of assets due to retirements, replacements or certain restaurant closures. (5) 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. (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. (7) Severance costs are recorded in General and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income. (8) Represents insurance recoveries, net of costs incurred, in connection with hurricane damage, which were recorded in Other income, net on the Consolidated Statements of Operations and Comprehensive Income. (9) Represents costs incurred in connection with the economic impact of the COVID-19 pandemic. (10) 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. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Adjusted EBITDA and Adjusted EBITDA margin THIRTEEN WEEKS THIRTEEN WEEKS (in thousands) March 31, 2024 March 26, 2023 2021 Net income (loss) $7,214 $9,360 $25,385 $6,907 ($2,107) Depreciation and amortization 12,271 9,117 41,223 34,230 32,379 Interest expense 2,599 1,907 8,063 5,232 20,099 Income taxes 2,799 4,558 10,690 5,684 2,477 EBITDA 24,883 24,942 85,361 52,053 52,848 Stock-based compensation (1) 1,866 1,497 7,604 10,374 8,596 Transaction expenses (income), net (2) 669 253 3,147 2,513 (1,156) Strategic transition costs (3) 235 305 892 2,318 2,402 Impairments and loss on disposal of assets (4) 119 134 1,359 920 381 Delaware Voluntary Disclosure Agreement Program (5) 8 367 1,250 149 - Recruiting and relocation costs (6) 204 30 465 681 351 Severance costs (7) 178 26 26 155 265 Insurance proceeds in connection with natural disasters, net (8) - (141) (621) 115 - Loss on extinguishment of debt 428 - - - 2,403 COVID-19 related charges (9) - - - - 211 Adjusted EBITDA $28,590 $27,413 $99,483 $69,278 $66,301 Total revenues $242,449 $211,406 $891,551 $730,162 $601,193 Net income (loss) margin 3.0% 4.4% 2.8% 0.9% (0.4%) Adjusted EBITDA margin 11.8% 13.0% 11.2% 9.5% 11.0% Additional information Deferred rent expense (income) (10) $343 $584 $2,090 $2,418 ($2,011) FISCAL YEAR 2023 2022

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. (1) Represents costs incurred in connection with the acquisition of franchise-owned restaurants, expenses related to debt, secondary offering costs and in 2024 an offsetting gain on release of contingent consideration liability. (2) Represents impairment charges and costs related to the disposal of assets due to retirements, replacements or certain restaurant closures. (3) Represents costs incurred in connection with Hurricane Ian. The costs include inventory obsolescence and spoilage as well as compensation for employees, which were recorded in Food and beverage costs and Labor and other expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). (4) Represents costs incurred in connection with the economic impact of the COVID-19 pandemic. (5) Represents the non-cash portion of straight-line rent expense recorded within Occupancy expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). Restaurant level operating profit and Restaurant level operating profit margin NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN WEEKS THIRTEEN WEEKS (in thousands) March 31, 2024 March 26, 2023 2023 2022 2021 Income (loss) from operations $12,286 $15,331 $41,267 $16,913 $22,243 Less: Franchise revenues (3,141) (3,438) (14,459) (10,981) (8,850) Add: General and administrative expenses 27,658 22,705 103,121 84,959 70,388 Depreciation and amortization 12,271 9,117 41,223 34,230 32,379 Transaction expenses (income), net (1) 669 253 3,147 2,513 (1,156) Impairments and loss on disposal of assets (2) 119 134 1,359 920 381 Costs in connection with natural disasters (3) - - - 382 - COVID-19 related charges (4) - - - - 19 Restaurant level operating profit $49,862 $44,102 $175,658 $128,936 $115,404 Restaurant sales $239,308 $207,968 $877,092 $719,181 $592,343 Income (loss) from operations margin 5.1% 7.4% 4.7% 2.4% 3.8% Restaurant level operating profit margin 20.8% 21.2% 20.0% 17.9% 19.5% Additional information Deferred rent expense (income) (5) $293 $534 $1,891 $2,219 ($2,075) 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 first quarter of 2024, this operating metric compares the first fiscal quarter ended March 31, 2024 with the thirteen-week period ended April 2, 2023, versus the fiscal quarter ended March 26, 2023, in order to compare like-for-like periods. For the thirteen weeks ended March 31, 2024 and April 2, 2023, there were 344 restaurants and 328 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: For the first quarter of 2024, this operating metric compares the percentage change in traffic counts for the thirteen weeks ended March 31, 2024 as compared to the thirteen-week period ended April 2, 2023 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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