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Here are 1-3 brief analogies for Cava:

• Chipotle for Mediterranean food

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• Customizable Mediterranean Meals: Fast-casual bowls and pitas built to order with fresh Mediterranean-inspired ingredients.
• Retail Spreads & Dips: Packaged versions of their popular hummus, tzatziki, and other dips available in grocery stores.
• Beverages & Sides: A variety of aguas frescas, teas, and complementary side dishes offered in their restaurants.
• Catering Services: Group orders and platters of their Mediterranean dishes designed for events and meetings.

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• Health-Conscious Professionals & Urban Diners: This segment includes individuals (typically 25-55+) who prioritize healthy, fresh, and customizable meal options for lunch or dinner. They are often busy, working professionals or urban residents who seek convenient, nutrient-dense food that fits various dietary preferences such as vegetarian, vegan, gluten-free, or paleo lifestyles. They value Cava for its perceived wellness benefits and fresh ingredients.
• Families & Groups Seeking Convenient, Wholesome Meals: This category encompasses parents and families, or groups of friends, looking for a quick, customizable, and perceived "healthier" alternative to traditional fast food or more formal dining. They appreciate Cava's ability to cater to diverse tastes and dietary needs within a group setting, making it suitable for takeout or casual dine-in options that are both convenient and satisfying.
• Trend-Aware & Experiential Eaters: Primarily younger consumers (often 18-35, including Millennials and Gen Z), this group is attuned to current food trends, appreciates modern branding, and values customization. They seek fresh, flavorful, and ethnically-inspired dining experiences that align with their active lifestyles, social media engagement, and desire to try new cuisines like Mediterranean. They are drawn to Cava for its vibrant atmosphere and ability to create a personalized meal.

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Brett Schulman, Chief Executive Officer

Brett Schulman co-founded CAVA in 2010 and serves as the company's Chief Executive Officer. He previously served as Chief Operating Officer at Snikiddy, a natural and organic food company, which he helped expand from its conceptual stage to a nationally distributed growth business. Snikiddy was subsequently acquired by Utz Quality Foods. Prior to Snikiddy, Mr. Schulman spent over a decade in the financial sector, holding positions at firms such as Deutsche Bank Alex. Brown and FBR Securities. He led CAVA's efforts to go public in 2023.

Tricia Tolivar, Chief Financial Officer

Tricia Tolivar joined CAVA as Chief Financial Officer in 2020. Before joining CAVA, she spent five years as the Chief Financial Officer for GNC, and was offered the chance to take the company public. From 2007 to 2015, she held various financial leadership roles at Ernst & Young, where she oversaw finance, accounting, and operations for a $3 billion client service organization. Ms. Tolivar also served as Chief Financial Officer of the Greater Memphis Arts Council from 2006 to 2008. Earlier in her career, from 1996 to 2005, she held several supply chain and finance executive leadership positions with AutoZone, including forming the company's internal audit department. She has been involved in executing multiple acquisitions and divestiture activities, and successfully led CAVA's IPO launch.

Jennifer Somers, Chief Operations Officer

Jennifer Somers serves as CAVA's Chief Operations Officer.

Kelly Costanza, Chief People Officer

Kelly Costanza joined CAVA as Chief People Officer in 2020. She previously spent five years as Senior Vice President, Human Resources at Ollie's Bargain Outlet Holdings. Her prior experience includes roles as Vice President, Talent Management at rue21 and EDMC, and Vice President, Human Resources at American Eagle Outfitters.

Rob Bertram, Chief Legal Officer & Secretary

Rob Bertram joined CAVA in 2021 as Chief Legal Officer & Secretary. He previously served for seven years as General Counsel & Assistant Secretary for Ollie's Bargain Outlet Holdings. His legal career also includes practicing law at McNees Wallace & Nurick LLC and working as a corporate and securities industry regulatory attorney at Stevens & Lee.

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Key Risks to Cava (CAVA) Business

1. Macroeconomic Headwinds and Shifting Consumer Behavior

   Cava faces significant challenges from a complex and fluid macroeconomic environment, which includes inflationary pressures and changing consumer spending habits. Reduced spending by Gen Z consumers, a key demographic for Cava, particularly impacts its sales and overall performance. This has led to slowed same-restaurant sales growth and raises concerns about demand for Cava's premium-priced offerings, as price-sensitive consumers may opt for lower-cost alternatives during economic downturns.

2. Intense Competition and Potential Market Saturation

   The fast-casual dining sector in which Cava operates is highly competitive. Cava competes with both direct Mediterranean-inspired rivals and a wide array of broader fast-casual chains that vie for the same consumer dollars. The company's ambitious expansion plans, targeting over 1,000 restaurants by 2032, carry the risk of entering increasingly saturated markets, which could undermine its growth narrative and profitability. Maintaining a competitive edge requires continuous innovation and customer loyalty in this crowded landscape.

3. Rising Operating Expenses and Supply Chain Vulnerabilities

   Cava's profitability is vulnerable to increasing operating expenses, including higher costs for food, commodities, energy, and labor. The company relies on high-quality ingredients, and any inability to manage or pass on these increased input costs could decrease margins. Additionally, supply chain disruptions and price fluctuations of key ingredients, such as chicken, pose risks to consistent operations and cost control.

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U.S. Fast Casual Restaurant Market

The addressable market for Cava's fast-casual restaurant services in the United States was valued at approximately $76.2 billion in 2024 and is projected to reach $183.99 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 11.65% from 2024 to 2032.

U.S. Mediterranean Restaurants Industry

The addressable market for Mediterranean restaurants in the United States is estimated to be $33.4 billion in 2025. This industry has experienced a CAGR of 3.0% over the past five years.

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Cava Group, Inc. (CAVA) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Restaurant Openings and Unit Expansion: Cava is pursuing an aggressive expansion strategy, with plans to significantly increase its physical footprint. The company opened 17 net new restaurants in the third quarter of fiscal year 2025, bringing its total to 415 locations. Cava has provided guidance for 68 to 70 net new restaurant openings for the full year 2025 and has a long-term goal of reaching at least 1,000 locations by 2032. This accelerated unit growth is consistently highlighted as a primary driver of future revenue.
2. Same Restaurant Sales Growth: Cava expects to increase revenue through growth in same restaurant sales. In the third quarter of 2025, same restaurant sales grew by 1.9%, primarily influenced by menu price adjustments and product mix, despite guest traffic remaining approximately flat. The company forecasts same-restaurant sales growth of 3% to 4% for the full fiscal year 2025.
3. Menu Innovation and Product Launches: The introduction of new menu items and proteins is expected to attract new customers and increase the frequency of visits from existing guests. Recent successful additions include chicken shawarma, and the company is exploring a broader launch of salmon in late spring 2026 if market test performance continues positively. These innovations are designed to enhance culinary offerings and adapt to consumer preferences.
4. Expansion of Loyalty Program and Digital Engagement: Cava is investing in its digital platforms and loyalty program to drive customer engagement and frequency. The rewards program has seen substantial growth, increasing membership by 36% year-over-year. This program is being leveraged to promote new menu items and encourage repeat business. Additionally, investments in technology, such as the rollout of new kitchen display systems and TurboChef ovens, aim to improve operational efficiency, order accuracy, and the overall guest experience, which can contribute to sustained revenue growth.

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Share Repurchases

• Cava's annual share buybacks totaled $3.108 million in 2023.
• Quarterly share repurchases included $9.30 million in July 2024 and $1.54 million in December 2023.

Share Issuance

• Cava Group completed its Initial Public Offering (IPO) on June 15, 2023, with shares priced at $22.00 each.
• A total of 16,611,110 shares were issued in the IPO, including the full exercise of the underwriters' option to purchase additional shares, raising approximately $365.4 million.
• The net proceeds from the IPO were designated for funding future new restaurant openings and general corporate purposes, including the repayment of delayed draw term loans for construction and capital expenditures related to a new production facility in Verona, Virginia.

Inbound Investments

• In April 2021, Cava Group secured a $190 million Series F funding round, led by T. Rowe Price Group, to support restaurant expansion, growth in consumer packaged goods, and enhancement of digital channels.
• This funding round valued the company at nearly $1.3 billion.

Capital Expenditures

• Cava's capital expenditures in the last 12 months amounted to approximately $149.01 million.
• The primary focus of capital expenditures is on expanding the restaurant footprint, with plans to open a midpoint of 64 new restaurants in 2025, targeting 1,000 total locations by 2032.
• Investments also include a new food-preparation facility in Virginia, opened in February 2024 to support future growth, and technology enhancements such as TurboChef ovens and new kitchen display systems to improve operational efficiency.