Saving The Best For Last

Research evidence excerpt

Saving The Best For Last

TD Cowen CAVA Group

Global Research May 19, 2026

AT A GLANCE

Our Investment Thesis Forthcoming Catalysts

CAVA fits our criteria as a category leader with a digital advantage that is key to our thesis on ■ 2Q EPS in mid-August

restaurant industry outperformers. Unique to CAVA is the concept's distinctive Mediterranean

positioning, an attractive segment that inspires health & wellness, while the concept eliminates

the veto vote with the ability to eat indulgently. We are bullish on CAVA's ambitions to grow

to 1,000+ stores by 2032-end given the portability of the concept across geographies and

strengthening new store economics since the 2023 IPO. Given a focus through 2022 on the Zoës

Kitchen conversions, we argue CAVA is in earlier stages vs. peers with opportunities to grow

same store sales via speed of service, marketing, loyalty & catering, in addition to efforts with

menu innovation & digital. These initiatives are further supported by an impressive founder-run

executive team as well as Chair Ron Shaich's expertise, the founder and former CEO of Panera.

Base Case Assumptions Upside Scenario Downside Scenario

■ We model 2026 same store sales of 7.8%. ■ Execution of same store sales drivers ■ Macro drags 2026 same store sales to

■ CAVA reaches 1,000 locations in 2031, leads to HSD%+ SSS in 2026. within 4.5%-6.5% guidance.

one year ahead of schedule. ■ We envision long-term store growth to ■ CAVA falls short of target for 1,000

2,000+ locations beyond the 1,000 store locations in 2032.

milestone targeted in 2032.

Price Performance Company Description

CAVA is the category-leading Mediterranean restaurant brand, with 450+ locations and

$110

ambitions to grow to 1,000+ by 2032. The fast-casual restaurants feature an assembly line