Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 1

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 1
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M 474 366 108 $730.2M FY 22FY 22FY 22 10-K-2025.indd 13 3/28/2025 12:15:29 PM
2024 was yet another foundational year for First Watch. We achieved several major milestones throughout the year, including driving our total revenue to over $1 billion for the first time ever and posting $113.8 million in Adjusted EBITDA.* Our growth continues to be a force multiplier, creating additional opportunities for our brand and our people. In 2024, we opened 50 system-wide restaurants across 19 states including a record 25 in the fourth quarter. Our ambitious development strategy is delivering impressive results and fueling our growth, while continuing to extend our segment-leading position. Select financial highlights and milestones from 2024 include: • Total revenues of $1.0 billion (increase of 13.9% from 2023)** • System-wide sales of $1.2 billion (increase from $1.1 billion in 2023)** • Restaurant level operating profit* increased to $201.8 million from $175.7 million in 2023** • Ending the year with 572 system-wide restaurants (489 company-owned, 83 franchise-owned) Even with our growth and operational success, we never lose sight of the core elements of the First Watch experience: serving incredible food with memorable service in an inviting atmosphere. Our culture — and our people — are a key part of what makes us who we are. We speak often — and fondly — about our “You First” culture. But you don’t need to take my word for it. In 2024, we were honored to be named the #1 Most Loved Workplace® in America by Newsweek and the Best Practice Institute. This is the third consecutive year First Watch has been included on the list. First Watch is fortunate to have received many accolades over the years, but this one carries the utmost importance for us, as it’s based on a survey sent to our more than 14,000 employees. We remain grateful for and humbled by their feedback. 2 0 2 4 A N N U A L R E P O R T DEAR VALUED STOCKHOLDERS, * See footnote 1 on prior page ** Highlights for 2024 (52-week fiscal year) compared to 2023 (53-week fiscal year) 10-K-2025.indd 14 3