Company: FWRG
Filing Date: 2025-08-07
Form Type: 424B3
Source: 0001628280-25-038995
Chunk: 39

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-07
Form: 424B3
Chunk 39
---
 by reference herein. See “Where You Can Find More Information; Incorporation of Certain Documents by Reference.”

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions and the following:

• adverse effects of the COVID-19 pandemic or other infectious diseases;

• uncertainty regarding ongoing hostility between Russia and Ukraine and the related impact on macroeconomic conditions, including inflation, as a result of such conflict 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;

<div align='center'>5</div>

• 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;

• 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 respect to our gift cards under the property laws of some states;

• our failure to enforce