FWRG

EX-99.1

2 exhibit991q22026.htm

EX-99.1

Document

Exhibit 99.1

First Watch Restaurant Group, Inc. Reports Q2 2026 Financial Results

Same-Restaurant Sales Growth of 3.4%

Total revenues increased 15.2%

Net income of $2.3 million and Adjusted EBITDA of $34.5 million

18 new System-wide restaurants opened in 15 states

BRADENTON, Fla. — August 4, 2026 — First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended June 28, 2026 (“Q2 2026”).

"We delivered a strong second quarter, highlighted by Same-Restaurant Sales Growth of 3.4% driven by sequentially improving Same-Restaurant Traffic Growth, which turned positive in June,” stated Chris Tomasso, CEO and President of First Watch. “This momentum underscores the enduring appeal of our differentiated brand, the discipline of our operating model and the outstanding performance of our teams across the system. I am grateful to our teams for their continued execution as we expand upon our position as the leading Daytime Dining concept."

Second Quarter 2026 Highlights:

•Total revenues increased 15.2% to $354.7 million as compared to $307.9 million in the same period of 2025

•System-wide sales increased 14.7% to $397.0 million as compared to $346.2 million in the same period of 2025

•Same-Restaurant Sales Growth of 3.4%

•Same-Restaurant Traffic Growth of negative 0.4%

•Income from operations margin decreased to 2.3% as compared to 2.4% in the same period of 2025

•Restaurant Level Operating Profit Margin* increased to 18.8% as compared to 18.6% in the same period of 2025

•Net income increased to $2.3 million, or $0.04 per diluted share, from net income of $2.1 million, or $0.03 per diluted share, in the same period of 2025

•Adjusted EBITDA* increased to $34.5 million as compared to $30.4 million in the same period of 2025

•Opened 18 system-wide restaurants in 15 states, with 1 planned closure, resulting in a total of 665 system-wide restaurants (586 company-owned and 79 franchise-owned) across 33 states

* See Non-GAAP Financial Measures Reconciliations section below.

For additional financial information related to Q2 2026, refer to the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on August 4, 2026, which can be accessed at https://investors.firstwatch.com in the Financials & Filings section.

1

Updated Outlook Fiscal Year 2026

Based upon second quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 27, 2026:

•Same-Restaurant Sales Growth of 1.5% to 3.0%

•Total revenue growth of 12.5% to 14.0%(1)

•Adjusted EBITDA(2) of $133.0 million to $136.0 million(1)

•60 to 62 net new System-wide restaurants, including 2 company-owned restaurant closures (53 to 54 new company-owned restaurants and 9 to 10 new franchise-owned restaurants)

•Capital expenditures of $145.0 million to $150.0 million invested primarily in new restaurant projects and planned remodels(3)

(1)Includes net impact of approximately 1% in total revenue growth and approximately $2 million in Adjusted EBITDA associated with completed acquisitions.

(2) We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, a reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.

(3) Does not include the capital outlays associated with the acquisition of franchise-owned restaurants.

Conference Call and Webcast

Chris Tomasso, Chief Executive Officer and President, and Ashlee Weisser, Chief Financial Officer, will host a conference call and webcast to discuss these financial results for Q2 2026 on August 4, 2026 at 8:00 AM ET.

Interested parties may listen to the conference call via any one of two options:

•Dial 201-389-0914, which will be answered by an operator

•Join the webcast at https://investors.firstwatch.com/news-and-events/events

The webcast will be archived shortly after the call has concluded.

2

Definitions

The following definitions apply to these terms as used in this release:

System-wide restaurants: the total number of restaurants, including all company-owned and franchise- owned restaurants.

System-wide sales: consists of restaurant sales from our company-owned restaurants and franchise-owned restaurants. We do not recognize the restaurant sales from our franchise-owned restaurants as revenue.

Same-restaurant sales growth: t

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fwrg-202602200001789940TRUE00017899402026-02-202026-02-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K/A

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

February 20, 2026 Date of Report (date of earliest event reported)

First Watch Restaurant Group, Inc. (Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization) 001-40866 (Commission File Number) 82-4271369 (I.R.S. Employer Identification Number)

8725 Pendery Place, Suite 201, Bradenton, FL 34201

(Address of principal executive offices and zip code)

(941) 907-9800

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of each exchange on which registered

Common stock, $0.01 par value

FWRG

The Nasdaq Stock Market LLC (Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act. Emerging growth company    ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Explanatory Note On February 24, 2026, First Watch Restaurant Group, Inc. (the “Company”) filed a Current Report on Form 8-K (the “Initial Form 8-K”) to report its financial results for the fourth fiscal quarter and fiscal year ended December 28, 2025. A copy of the press release announcing such results and a copy of the supplemental information presentation describing such results were attached to the Initial Form 8-K as Exhibit 99.1 (the “Original Press Release”) and Exhibit 99.3 (the “Original Supplemental Information Presentation”), respectively, and incorporated by reference therein. This amendment to the Initial Form 8-K is being filed solely to correct a typographical error in Exhibit 99.1 and Exhibit 99.3 to the Initial Form 8-K regarding the Company’s expectations for new restaurant openings for the fiscal year ending December 27, 2026. The language incorrectly reported that the Company’s outlook for new system-wide restaurants did not include three company-owned restaurant closures and should have stated that the outlook included those three company-owned restaurant closures. Except for the language regarding the Company’s expected new system-wide restaurants in the fiscal year ending December 27, 2026 in Exhibit 99.1 and Exhibit 99.3, all information set forth in the Initial Form 8-K and corresponding exhibits remains unchanged. Item 2.02 - Results of Operations and Financial Condition. On February 24, 2026, First Watch Restaurant Group, Inc. (the “Company”) issued the Original Press Release announcing its financial results for the fourth fiscal quarter and fiscal year ended December 28, 2025. A copy of the press release, as corrected, is attached as Exhibit 99.1 and incorporated herein by reference. Item 7.01 Regulation FD Disclosure. The Company also posted the Original Supplemental Information Presentation to its website at investors.firstwatch.com. A copy of the supplemental information presentation, as corrected, is attached as Exhibit 99.3 and incorporated herein by reference. The information furnished in this Current Report on Form 8-K/A, including Exhibit 99.1 and Exhibit 99.3, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing. Item 9.01 - Financial Statements and Exhibits. (d) Exhibits.

Exhibit No. Description

99.1 Press Release of First Watch Restaurant Group, Inc. dated February 24, 2026, announcing financial results for fourth fiscal quarter and fiscal year ended December 28, 2025, a