Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 69

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 69
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 accelerate the pace of new restaurant openings with 43 NROs in 2024 and we executed on our growth strategy as we acquired 22 operating restaurants from our franchisees in 2024. Financial highlights for the 52-weeks ended December 29, 2024 as compared, unless otherwise indicated below, to the 53- weeks ended December 31, 2023, reflected the continued momentum of our strong operating performance and include the following: 42

of our growth strategy. See Note 3, Business Acquisitions, in the accompanying notes to the consolidated financial statements for additional information. At December 29, 2024, the Company had a total of 572 system-wide restaurants. FISCAL YEAR 2024 Company-owned Franchise-owned Total Beginning of period 425 99 524 New restaurants 43 7 50 Acquisitions of franchise-owned restaurants 22 (22) — Closures (1) (1) (2) End of period 489 83 572 We expect to open between 55 to 58 company-owned restaurants and 7 to 9 franchise-owned restaurants during 2025. We also plan to close 3 company-owned restaurants, resulting in a total of 59 to 64, net new system-wide restaurants in 2025. Selected Operating Data FISCAL YEAR 2024 2023 2022 Number of weeks in fiscal year 52 53 52 System-wide restaurants 572 524 474 Company-owned 489 425 366 Franchise-owned 83 99 108 System-wide sales (in thousands) 1,184,469 1,103,089 914,816 Same-restaurant sales growth (1) (0.5) % 7.6 % 14.5 % Same-restaurant traffic growth (1) (4.0) % 0.2 % 7.7 % AUV (in thousands) $ 2,204 $ 2,250 $ 2,032 Income from operations (in thousands) $ 38,907 $ 41,267 $ 16,913 Income from operations margin 3.9 % 4.7 % 2.4 % Restaurant level operating profit (in thousands) (2) $ 201,761 $ 175,658 $ 128,936 Restaurant level operating profit margin (2) 20.1 % 20.0 % 17.9 % Net income (in thousands) $ 18,925