The Beloved Brand Expands Massachusetts Footprint with Boylston Street Opening First Watch Debuts on Boylston Street First Watch has officially opened its first downtown Boston location in the Back Bay neighborhood Breakfast, Brunch, Boston The downtown Boston restaurant features a Back Bay-inspired mural created exclusively for the Boylston Street location BOSTON, Jan. 07, 2026 (GLOBE NEWSWIRE) -- First Watch, the leading daytime dining brand known for its chef-driven breakfast, brunch and lunch men ...

BRADENTON, Fla., Jan. 05, 2026 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (Nasdaq: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today announced that Chris Tomasso, Chief Executive Officer and President, and Mel Hope, Chief Financial Officer, will host a fireside chat at the 28th Annual ICR Conference on Monday, January 12, 2026 at 11:00 a.m. Eastern Time. The fireside chat will be available at https://investors.firstwatch.com in ...

Core Thesis - The investment thesis for First Watch (FWRG) is based on its modern, upscale diner concept that positions it as a brunch destination offering healthy food and beverages, differentiating itself from competitors with outdated menus and business models [1] Company Overview - First Watch operates as a brunch-focused restaurant chain that emphasizes health-conscious dining options, appealing to a growing consumer trend towards healthier eating [1] Competitive Landscape - The company competes against traditional diners that have not updated their menus or décor, suggesting a potential market advantage due to its contemporary approach [1]

Leading Daytime Dining concept strengthens Board with appointment of new directorBRADENTON, Fla., Dec. 29, 2025 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today announced the appointment of Rachel Tipograph to its Board of Directors. “We are pleased to welcome Rachel to our Board of Directors, and we look forward to leaning on her deep expertise in digital transformation, cust ...

We came across a bearish thesis on First Watch Restaurant Group, Inc. on Valueinvestorsclub.com by anonymouscashflow. In this article, we will summarize the bulls’ thesis on FWRG. First Watch Restaurant Group, Inc.'s share was trading at $16.49 as of December 17th. FWRG’s trailing P/E was 204.69 according to Yahoo Finance. First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. FWRG recently reported a beat-a ...

First Watch Restaurant Group Conference Summary Company Overview - **Company**: First Watch Restaurant Group (NasdaqGS:FWRG) - **Industry**: Restaurant - **Business Model**: Focuses on breakfast, brunch, and lunch with an elevated offering, operating from 7:00 A.M. to 2:00 P.M. [7][8] Key Highlights - **Growth**: - Increased from approximately 428 restaurants at IPO in 2021 to over 620 restaurants by 2025, achieving about 10% annual growth in restaurant count [7][8] - Adjusted EBITDA has doubled since going public [7] - Personal sales volumes up nearly 50% since 2019, significantly outperforming average casual dining concepts [9][12] - **Operational Efficiency**: - Emphasis on data-driven operations led by the COO, focusing on efficiency and accountability [12][13] - Site selection for new restaurants is informed by data on successful locations, leading to predictable performance [13][14] - **Market Positioning**: - Positioned as a national brand, attracting commercial developers due to vibrant morning foot traffic [14][15] - Marketing initiatives have been piloted and expanded, resulting in improved brand awareness and performance in targeted markets [21] Financial Performance - **Same Restaurant Sales**: Continued positive same restaurant sales growth, with Q3 comps up 7%, exceeding expectations [20] - **Menu Pricing Strategy**: - Average check around $17, with pricing strategy focused on defending margins rather than offsetting all inflation [27][28] - Less pricing taken compared to peers, with a focus on value and customer experience [27][28] - **Food Cost Inflation**: - Food cost inflation projected at around 6% for the year, influenced by commodity prices such as bacon and coffee [30][32] - Potential for slight deflation in 2026, with ongoing discussions with suppliers [34] - **Wage Growth**: - Wage inflation around 4% in 2025, with expectations for stabilization in the future [38][39] - Focus on efficient labor management and leveraging data to optimize staffing [40] Unit Growth and Investment - **Unit Growth Target**: Aiming for over 10% annual growth, with new units opening above existing average unit volumes (AUVs) [42] - **Cash-on-Cash Return**: Targeting around 35% cash-on-cash return, with a structured approach to restaurant construction and investment [46][48] - **Free Cash Flow Outlook**: Operating cash flow is designed to cover new restaurant construction and fleet investments, with a goal to maintain restaurant appearance and appeal [49] Additional Insights - **Customer Experience Enhancements**: Investments made in guest experience, including increased portion sizes and reintroduction of complimentary coffee for waiting guests [23][24] - **Long-term Strategy**: Focus on long-term customer relationships rather than short-term financial targets, emphasizing the "You First" culture [26] This summary encapsulates the key points discussed during the First Watch Restaurant Group conference, highlighting the company's growth, operational strategies, financial performance, and future outlook.

Core Insights - Advent International has significantly reduced its stake in First Watch Restaurant Group, selling 9,400,000 shares, resulting in a net decrease of approximately $152.89 million as of September 30, 2025 [1][2]. Company Overview - First Watch Restaurant Group operates 548 company-owned and 72 franchised restaurants across 28 U.S. states, focusing on breakfast, brunch, and lunch offerings [5][8]. - The company has a market capitalization of $1.08 billion, with trailing twelve months (TTM) revenue of $1.17 billion and a net income of $5 million [4]. Financial Performance - As of December 5, 2025, First Watch shares were priced at $17.70, reflecting a 10% decline over the past year, underperforming the S&P 500 by 23 percentage points [3]. - The company's five-year compound annual growth rate (CAGR) for sales is 22%, indicating strong growth potential [3]. Investment Position - Following the sale, Advent International's remaining stake in First Watch represents 1.67% of its reported 13F assets, down from 7.64% in the previous quarter [2][3]. - Despite the reduction, Advent still holds a 9% stake in First Watch, highlighting the disparity in size between the two entities [9]. Growth Potential - First Watch has demonstrated impressive growth metrics, with sales increasing by 26% and same-store sales rising by 7% in the last quarter [11]. - The company operates under a unique model where employees work a single shift, enhancing operational efficiency and employee satisfaction [10]. - First Watch's meals are positioned as "affordable luxury," appealing to a younger demographic with customizable options [11][12].

First Watch Restaurant Group (NasdaqGS:FWRG) FY 2025 Conference December 02, 2025 12:00 PM ET Company ParticipantsMel Hope - CFOConference Call ParticipantsJeff Bernstein - Equity Research AnalystNone - AnalystJeff BernsteinGood afternoon, everyone. My name is Jeff Bernstein, and I'm the restaurant and food service distribution analyst here at Barclays. Hope everyone's staying dry today. Our next presenting company is First Watch. With us on stage from Bradenton, Florida, we have Mel Hope, their CFO. By way ...

Financial Data and Key Metrics Changes - The company has doubled its adjusted EBITDA since going public four years ago, growing from approximately 428 restaurants to nearly 620 [15] - The annual unit growth rate is currently over 10%, with a long-term goal of reaching 2,000 system-wide units in the U.S. [2][15] Business Line Data and Key Metrics Changes - The sales mix is approximately 45% weekday and 55% weekend, with weekends being critical for revenue generation [11] - The company has seen a recovery in traffic, nearly returning to flat levels by the end of the quarter, driven by improvements in both dining room and third-party delivery sales [33][34] Market Data and Key Metrics Changes - The company typically over-indexes to higher-income customers, with no significant performance differences across various demographic cohorts [7] - The competitive landscape is fragmented, with many local and regional players, but the company believes its scale and value proposition provide a competitive advantage [29][30] Company Strategy and Development Direction - The company is focused on new restaurant growth as a key driver of its business, celebrating each new opening as vital for brand expansion and employee development [20][21] - The strategy includes acquiring franchise restaurants to enhance market presence and operational control, with 72 franchise units remaining [80][81] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about sustaining the current unit growth rate, citing a robust pipeline and data-driven site selection process [52][53] - The company is well-positioned to meet evolving consumer preferences, particularly with health-conscious menu options [18][19] Other Important Information - The average cost to build a new restaurant is approximately $1.75 million, with expected first-year sales of about $2.2 million [58] - Marketing efforts are becoming more efficient as the company leverages data to enhance brand recognition and customer engagement [66] Q&A Session Summary Question: Will the company look to capital markets for fundraising as it grows? - The company plans to rely on cash generated from operating restaurants to fund new openings, with borrowing primarily for strategic acquisitions [77][78] Question: What is the strategy behind franchise acquisitions? - The company prefers ownership of profitable franchise restaurants to accelerate growth in attractive markets, while still recognizing the potential for future franchising opportunities [80][81] Question: How does the company view its competitive landscape? - The company sees a fragmented competitive environment with many local players, but believes its scale and consistent value proposition provide a significant advantage [29][30]

Core Insights - First Watch Restaurant Group, Inc. will participate in two investor conferences in December 2025, including a fireside chat at the Barclays Annual Eat, Sleep, Play, Shop Conference and the Raymond James TMT & Consumer Conference [1][3] Company Overview - First Watch is a leading Daytime Dining concept specializing in made-to-order breakfast, brunch, and lunch, utilizing the freshest ingredients available [2] - The company's culinary philosophy, "Follow the Sun," features a chef-driven menu that rotates five times a year, highlighting seasonal flavors and popular dishes such as Lemon Ricotta Pancakes and Million Dollar Bacon [2] - First Watch has raised over $1.7 million through donations for every kid's meal served, supporting various community causes [2] - The company has received numerous awards, including being voted 2025's 1 Best Breakfast by Newsweek's Readers' Choice Awards and recognized as the 1 Most Loved Workplace in America for 2024 and 2025 [2] - First Watch operates over 620 restaurants across 32 states, focusing on quality, hospitality, and community engagement [2]