Company: FWRG
Filing Date: 2025-11-05
Form Type: S-3ASR
Source: 0001628280-25-049615
Chunk: 9

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-05
Form: S-3ASR
Chunk 9
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 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, including trade and tax policies;

• 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 Advent International, L.P. (“Advent”), our largest stockholder, 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.

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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.

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### 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. For four consecutive years, First Watch was named a Top 100 Most Loved Workplace® by Newsweek and the Best Practice Institute, including being named the #1 Most Loved Workplace in 2025 and 2024. On October 1, 2021, the Company’s common stock began trading on Nasdaq under the ticker symbol “FWRG.”

#### Corporate Information
First Watch Restaurant Group, Inc. was incorporated in Delaware on August 10, 2017,