First Watch Restaurant Group, Inc.

Thank you for standing by and welcome to the First Watch restaurant grouping fourth quarter earnings conference call occurring today, February 24th, 2026 at 8 a.m. Eastern time. Please note that all participants are currently in a listen only mode. Following the presentation, the conference call will be open for analyst questions and instructions on how to ask the question will be given at that time. This call will be archived and available for replay at investors.firstwatch.com under the news and events section. I would now like to turn the conference over to Stephen Murata, Vice President of Investor Relations at First Watch, to begin.

Hello, everyone.

I am joined by First Watch's Chief Executive Officer and President, Chris Tommaso, and Chief Financial Officer, Mel Hope. This morning, First Watch issued its earnings release for the first year and fourth quarter of fiscal 25 on Globe Newswire and 5 of the January report on the 10K with the SEC. These documents can be found at investors.firstwatch.com. This conference call will include forward-looking statements that are subject to various risks and uncertainties that could cause the company's actual results to differ materially from these statements. Such statements include, without limitation, statements concerning the conditions of the company's industry and its operations, performance and financial condition, outlook, growth plans and strategies, and future expenses. Any such statements should be considered in conjunction with cautionary statements in the company's earnings release and the risk factor disclosure in the company's filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. First Watch assumes no obligation to update these forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law. Lastly, management's remarks today will include references to various non-GAAP measures, including restaurant-level operating profit, restaurant-level operating profit margin, adjusted EBITDA, and adjusted EBITDA margin. Investors should review the reconciliation of these non-GAAP measures to the comparable GAAP results contained in the company's earnings release filed this morning. Any reference to percentage growth when discussing the fourth quarter or full-year performance is a comparison to the fourth quarter of 2024. and fiscal 2024, respectively, unless otherwise indicated. And with that, I will turn the call over to Chris. Thanks, Steve.