Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 63

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 63
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 Board may deem relevant. Issuer Purchases of Equity Securities None 38

Cumulative Stock Performance Graph The following graph compares the cumulative annual stockholders return on our common stock from October 1, 2021, the date our common stock began trading on Nasdaq, through December 29, 2024, to that of the total return index for the Nasdaq Composite Index and the S&P Restaurants Index assuming an investment of $100 on October 1, 2021. The graph uses the closing market price on October 1, 2021 of $22.13 per share as the initial value of our common stock. In calculating total annual stockholder return, reinvestment of dividends, if any, is assumed. The indices are included for comparative purposes only. They do not necessarily reflect Management’s opinion that such indices are an appropriate measure of the relative performance of our common stock. The values shown are neither indicative nor determinative of future performance. Information used in the graph and table was obtained from Zacks Investment Research, a source believed to be reliable, but we are not responsible for any errors or omissions in such information. This graph is not “soliciting material,” is not deemed filed with the SEC and is not to be incorporated by reference in any of our filings under the Securities Act or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing. October 1, 2021 December 26, 2021 December 25, 2022 December 31, 2023 December 29, 2024 First Watch Restaurant Group, Inc. $ 100.00 $ 72.16 $ 64.20 $ 90.80 $ 84.46 Nasdaq Composite Index $ 100.00 $ 107.62 $ 72.77 $ 104.97 $ 138.90 S&P Restaurants Index $ 100.00 $ 84.95 $ 67.46 $ 79.93 $ 95.74 Item 6. [Reserved] 39

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations This section and other parts of this Annual Report on Form 10-K contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”, which are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different from the statements made herein. All statements