Manulife Financial Corporation Acquires 5.45% Stake in First Watch Restaurant Group, Inc.

On May 15, 2026, Manulife Financial Corporation (MFC) filed a Schedule 13G disclosing a significant passive ownership stake in First Watch Restaurant Group, Inc. (CZWI). The filing was made jointly on behalf of MFC and its indirect, wholly-owned subsidiaries, Manulife Investment Management (US) LLC (MIM US) and Manulife Investment Management Limited (MIML). As of the event date of March 31, 2026, the reporting entities collectively hold beneficial ownership of 3,357,950 shares of Common Stock. Specifically, MIM (US) holds 3,345,977 shares (representing 5.43% of the class), while MIML holds 11,973 shares (0.02%). Combined, these holdings represent a total ownership stake of approximately 5.45% based on 61,644,885 shares outstanding as of May 1, 2026. The subsidiaries maintain sole voting and dispositive power over their respective shares, with MFC deemed to have beneficial ownership through its parent-subsidiary relationship. The filing indicates a passive investment intent under Rule 13d-1(b).