SCHEDULE: Manulife Entities Amend Schedule 13G for First Watch

Manulife Financial Corporation and its subsidiaries have filed an amendment to their Schedule 13G, reporting changes in beneficial ownership of First Watch Restaurant Group, Inc. common stock.

Summary

• This filing is an amendment (Amendment No. 2) to a Schedule 13G, which reports beneficial ownership of securities.
• The filing is made by Manulife Financial Corporation (MFC) and its indirect, wholly-owned subsidiaries, Manulife Investment Management (US) LLC (MIM (US)) and Manulife Investment Management Limited (MIML).
• The filing pertains to the Common Stock of First Watch Restaurant Group, Inc.
• As of September 30, 2026, MIM (US) beneficially owned 3,810,432 shares, representing 6.17% of the class.
• MIML beneficially owned 13,639 shares, representing 0.02% of the class.
• MFC may be deemed to have beneficial ownership of these shares due to its parent-subsidiary relationship with MIM (US) and MIML.
• The total outstanding shares of Common Stock as of October 30, 2026, was 61,726,533.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral filing, primarily administrative in nature, with no significant new financial or strategic information that would immediately impact the stock price.

Positives

• Manulife Investment Management (US) LLC holds a significant 6.17% stake in First Watch Restaurant Group, Inc., indicating substantial investment.
• The filing is an amendment, suggesting ongoing monitoring and reporting of holdings, which is standard practice for institutional investors.

Negatives

• The filing does not contain any new financial performance data or strategic updates for First Watch Restaurant Group, Inc.
• The reported ownership percentages are as of September 30, 2026, and may not reflect current holdings.

Risks

• The filing itself does not introduce new risks to First Watch Restaurant Group, Inc.; it is an informational filing regarding ownership.
• Potential risks for First Watch Restaurant Group, Inc. would be detailed in their own SEC filings, not in this ownership report.

Future Outlook

This filing is an amendment to a Schedule 13G and does not contain forward-looking statements or guidance regarding First Watch Restaurant Group, Inc.'s future performance.

Management Comments

• MFC and its subsidiaries agree that the Schedule 13G is filed on behalf of each of them.
• Signatures indicate authorization for filing by Graham Miller (Agent for MFC), Kathy Wang (AVP Chief Compliance Officer for MIML), and Paul Donahue (Chief Compliance Officer for MIM (US)).
• Certifications confirm that the foreign regulatory scheme applicable to MIML is substantially comparable to equivalent U.S. institutions and undertake to furnish information upon request.

Industry Context

StockSavvy.ai notes that this filing is typical for large institutional investors adjusting or confirming their holdings in publicly traded companies. The Schedule 13G is used by passive investors who own more than 5% of a company's stock. The specific percentages held by Manulife entities indicate their significant role as institutional shareholders in the restaurant sector.

Stakeholder Impact

• Shareholders: The filing provides transparency on significant institutional ownership, which can influence market perception and trading activity.
• Management of First Watch Restaurant Group, Inc.: Awareness of substantial ownership by entities like Manulife is important for strategic planning and investor relations.
• Regulators: Compliance with SEC reporting requirements is maintained.

Next Steps

• Manulife entities will continue to monitor their holdings in First Watch Restaurant Group, Inc. and file amendments to Schedule 13G as required by SEC regulations.
• The company will continue its operations as detailed in its regular SEC filings.

Key Dates

Keywords

Schedule 13G, Beneficial Ownership, Manulife Financial Corporation, Manulife Investment Management, First Watch Restaurant Group, Common Stock, Amendment