Investor Feedback and Sentiment (Post #81): The Daily Catch: Daytime Dining Debate – CBR or FWRG

Research evidence excerpt

Investor Feedback and Sentiment (Post #81): The Daily Catch: Daytime Dining Debate – CBR or FWRG

Investor Feedback and Sentiment (Post #81)

15 June 2026 Citi Research

Within the past 12 months, Citigroup Global Markets Inc. or its affiliates has acted as manager or co-manager of an offering of

securities of First Watch.

Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment banking

services from First Watch in the past 12 months.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as investment

banking client(s): First Watch.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, securities-related: First Watch.

services provided were non-investment-banking, non-securities-related: First Watch.

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies. Typically, company management is more likely to

participate when the analyst has a positive view of the company.