Ararat Capital discloses near-5% European Wax Center (EWCZ) ownership

Rhea-AI Filing Summary

European Wax Center, Inc. received an updated ownership report on its Class A common stock from Ararat Capital Management, Narrow River Capital Partners Master Fund, L.P., and Raffi Tokatlian. The Reporting Persons disclose shared voting and dispositive power over up to 2,218,002 shares of Class A common stock, representing about 5% of the class based on the company’s disclosed share counts at recent dates.

The filers certify that the securities were acquired and are held on a passive basis, not for the purpose of changing or influencing control of European Wax Center, Inc.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

European Wax Center, Inc.

(Name of Issuer)

Class A Common Stock, $0.00001 par value per share

(Title of Class of Securities)

29882P106

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29882P106

1

Names of Reporting Persons

Ararat Capital Management LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,218,002.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,218,002.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,218,002.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date of this filing. As of December 31, 2025, this Reporting Person may have been deemed to beneficially own 2,140,700 shares of Class A Common Stock (as defined in Item 2(a)) representing 4.9% of the outstanding shares of Class A Common Stock as of such time.

SCHEDULE 13G

CUSIP No. 29882P106

1

Names of Reporting Persons

Narrow River Capital Partners Master Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,077,603.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,077,603.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,077,603.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.7 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date of this filing. As of December 31, 2025, this Reporting Person may have been deemed to beneficially own 2,140,700 shares of Class A Common Stock representing 4.9% of the outstanding shares of Class A Common Stock as of such time.

SCHEDULE 13G

CUSIP No. 29882P106

1

Names of Reporting Persons

Raffi Tokatlian

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,218,002.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,218,002.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,218,002.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.0 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The information set forth on this cover page reflects information as of the date of this filing. As of December 31, 2025, this Reporting Person may have been deemed to beneficially own 2,140,700 shares of Class A Common Stock representing 4.9% of the outstanding shares of Class A Common Stock as of such time.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: European Wax Center, Inc.
(b)	Address of issuer's principal executive offices: 5830 Granite Parkway, 3rd Floor, Plano TX 75024
Item 2.
(a)	Name of person filing: This report on Schedule 13G (this "Schedule 13G"), is being jointly filed by (i) Ararat Capital Management, LP ("Ararat"), a Delaware limited partnership, the investment manager to a certain managed account and to Narrow River Capital Partners Master Fund, L.P. (the "Master Fund"), a Cayman Islands exempted limited partnership, that holds (x) as of the date hereof, 2,077,603 shares of Class A common stock, $0.00001 par value per share (the "Class A Common Stock"), of European Wax Center, Inc. (the "Company") and (y) as of December 31, 2025, 2,140,700 shares of Class A Common Stock, as reported on this Schedule 13G; (ii) the Master Fund; and (iii) Raffi Tokatlian, as the sole member and manager of Ararat Capital Management GP, LLC ("Ararat GP"), the general partner of Ararat ("Mr. Tokatlian," and, collectively with Ararat and the Master Fund, the "Reporting Persons"). The shares of Class A Common Stock reported herein may be deemed to be beneficially owned (x) by the Master Fund, (y) indirectly by Ararat, as the investment manager to the Master Fund, and (z) indirectly by Mr. Tokatlian, as the sole member and manager of Ararat GP.
(b)	Address or principal business office or, if none, residence: The address for the Reporting Persons is: 2 Railroad Place, Westport, CT 06880.
(c)	Citizenship: Ararat is organized under the laws of the State of Delaware. Mr. Tokatlian is a citizen of the United States. The Master Fund is a Cayman Islands exempted limited partnership.
(d)	Title of class of securities: Class A Common Stock, $0.00001 par value per share
(e)	CUSIP No.: 29882P106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentages set forth in this Schedule 13G as of December 31, 2025 are calculated based upon an aggregate of 43,692,903 shares of Class A Common Stock reported to be outstanding as of November 7, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarterly period ended October 4, 2025, filed with the Securities and Exchange Commission on November 12, 2025. The percentages set forth in this Schedule 13G as of the date hereof are calculated based upon an aggregate of 44,017,971 shares of Class A Common Stock outstanding as of February 6, 2026, as disclosed in Exhibit 2.1 attached to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on February 10, 2026. The filing of this statement should not be construed as an admission that any Reporting Person is, for the purposes of Sections 13 of the Securities Exchange Act of 1934, the beneficial owner of the shares of Class A Common Stock reported herein.
(b)	Percent of class: 5.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 and the comment box of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ararat Capital Management LP

Signature:	/s/ Raffi Tokatlian
Name/Title:	By: Ararat Capital Management GP, LLC, its general partner, By: Raffi Tokatlian, Managing Member
Date:	02/11/2026

Narrow River Capital Partners Master Fund, L.P.

Signature:	/s/ Raffi Tokatlian
Name/Title:	By: Narrow River Capital Partners GP, LLC, its general partner, By: Raffi Tokatlian, Managing Member
Date:	02/11/2026

Raffi Tokatlian

Signature:	/s/ Raffi Tokatlian
Name/Title:	By: Raffi Tokatlian, Individually
Date:	02/11/2026

FAQ

What ownership stake in EWCZ is reported in this Schedule 13G/A?

The Reporting Persons disclose beneficial ownership of approximately 5% of European Wax Center’s Class A common stock. This percentage is calculated using the company’s reported outstanding share counts as of November 7, 2025 and February 6, 2026.

Which investors are reporting ownership of European Wax Center (EWCZ)?

The filing is jointly submitted by Ararat Capital Management, LP, Narrow River Capital Partners Master Fund, L.P., and Raffi Tokatlian. Ararat serves as investment manager to the Master Fund, and Tokatlian is the sole member and manager of Ararat’s general partner.

How many EWCZ shares does Narrow River Capital Partners Master Fund report?

Narrow River Capital Partners Master Fund, L.P. reports beneficial ownership of 2,077,603 shares of European Wax Center Class A common stock, corresponding to 4.7% of that class based on the outstanding share figure referenced in the ownership calculations.

What does Ararat Capital Management report for EWCZ share ownership?

Ararat Capital Management, LP reports beneficial ownership of 2,218,002 shares of European Wax Center Class A common stock, representing 5.0% of the class, with shared voting and shared dispositive power over these securities rather than sole authority.

Is the reported EWCZ stake intended to influence control of the company?

The Reporting Persons certify the securities were not acquired and are not held for the purpose of changing or influencing control of European Wax Center and are not held in connection with any transaction having that purpose, other than specified proxy nomination activities allowed under the rules.

How were the percentage ownership figures for EWCZ calculated in this filing?

The percentages use European Wax Center’s disclosed outstanding shares: 43,692,903 shares as of November 7, 2025 from a Form 10-Q, and 44,017,971 shares as of February 6, 2026 from an Exhibit to a Form 8-K.