Company: FWRG
Filing Date: 2025-08-07
Form Type: 424B3
Source: 0001628280-25-038995
Chunk: 40

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-07
Form: 424B3
Chunk 40
---
 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 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;

• our inability to effectively manage our internal controls over financial reporting;

• 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 the New Credit Agreement (as defined in “Description of Material Indebtedness” in our Annual Report); and

• the interests of our private equity sponsor, Advent International Corporation, may differ from those of public stockholders.

See “Risk Factors” contained elsewhere in, and incorporated by reference into, this prospectus or any applicable prospectus supplement from our filings with the SEC, including our Annual Report, Quarterly Reports and our subsequent filings with the SEC, as incorporated by reference into this prospectus.

For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are incorporated by reference herein. Any forward-looking statement speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

<div align='center'>6</div>

### THE COMPANY
First Watch is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. A recipient of hundreds of local “Best Breakfast” and “Best Brunch” accolades, First Watch’s award winning chef-driven menu includes elevated executions of classic favorites for breakfast, brunch and lunch. The Company is majority owned by Advent International Corporation