#1ICR CONFERENCE JANUARY 2024 DUTCH BROS Coffee ANNIHILATOR#2DISCLAIMER Forward-Looking Statements. Statements in this presentation and the accompanying oral presentation that are not statements of historical fact are forward-looking statements. Such forward-looking statements include, without limitation, statements regarding the Company's future results of operations or financial condition, business strategy and plans, and objectives of management for future operations. Words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "toward," "will," or "would," or the negative of these words or other similar terms or expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information, actual results, revised expectations or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Dutch Bros' control, that could cause actual results to differ materially from the results discussed in the forward- looking statements, including those related to general economic conditions, commodity inflation, increased labor costs, disruptions in our supply chain, ability to hire and retain employees, and other risks, including those described under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 27, 2023, our Quarterly Report on Form 10-Q for the period ended September 30, 2023, filed with the SEC on November 8, 2023, and in our future reports to be filed with the SEC. Non-GAAP Measures. The Company prepares and presents its consolidated financial statements in accordance with generally accepted accounting principles in the United States ("GAAP"). However, management believes that certain non-GAAP financial measures, such as Company-operated Shop Contribution, provide investors with additional useful information in evaluating the Company's core operating performance. These non- GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors' overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important measures used by our management for financial and operational decision making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance using a management view and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. We urge you not to rely on any single financial measure to evaluate our business. Market and Industry Data. This presentation contains estimates and information concerning our industry, including market position and the size and growth rates of the markets in which we participate, that are based on industry publications and reports and other information from our internal sources. This information involves a number of assumptions and limitations, and you are cautioned not to give undue weight to these estimates. We have not independently verified the accuracy or completeness of the data contained in these industry publications and reports. The industry in which we operate is subject to a high degree of uncertainty and risk Dutch Bros, our Windmill logo (), Dutch Bros. Blue Rebel and our other registered and common law trade names, trademarks and service marks are the property of Dutch Bros Inc. All other trademarks, trade names and service marks appear in this presentation are the of their respective owners. olely for convenience, the trademarks and trade names in this presentation may be referred to without the ® and TM symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto. 2#3"DUTCH BROS IS A FUN LOVING, MIND-BLOWING COMPANY MAKING A MASSIVE DIFFERENCE, CONE CUP AT A TIME." 3#4UNPARALLELED CUSTOMER CONNECTION AND EMPLOYEE ENGAGEMENT 30+ year brand with extensive operating experience Strong brand that resonates with consumers in new and existing markets ● ● ● ● WHO WE ARE TOP-TIER GROWTH Strong 4-wall economics: targeting 30%+ year-2 company- operated shop contribution margins¹ Top-tier new shop returns support our growth aspirations Huge TAM with potential for years of growth runway ● ● Top-notch people systems that create opportunity, reinforce culture, and create competitive advantage Strong rewards program with areas of untapped upside 1 Company-operated segment gross profit, before company-operated shop depreciation and amortization, taken as a percentage of company-operated shop revenue. 4 DUTCH BROS More Than DOUBLED Total Shops And More Than TRIPLED Company Shops Since FY2019 Y 30+ Shop Openings Every Quarter Since IPO 10 Consecutive Quarters -30% CONTRIBUTION MARGIN¹ Achieved by New Shops#5● DEVELOP AND SUPPORT OUR PEOPLE, WHO ARE OUR GROWTH CAPITAL · OUR GROWTH STRATEGIES ● PEOPLE Recruit, develop, and retain great people Provide robust internal training and career advancement programs Selectively promote regional operators from a list of 350+ qualified candidates, targeting 100% internal promotion Invest in leadership team to effectively scale LE SHOP DEVELOPMENT OPEN NEW SHOPS WHEREVER PEOPLE WANT GREAT BEVERAGES Target 4,000+ shops with a focus on drive-thru convenience Long-term objective of mid-teen annual percentage growth rate in total system shop count Leverage strong unit-level economics, supported by ample liquidity with robust underwriting standards, to open shops with attractive returns Levers include building types, lease financing structure, and market entry strategies 5 BRAND LOVE ENCOURAGE DEEPER CUSTOMER ENGAGEMENT TO DRIVE TRAFFIC Continue increasing the sophistication of our rewards program offering more targeted offers Build and amplify brand awareness through paid media Utilize innovation and data-driven insights to refine menu offerings, drive frequency, and increase guest spend Employ promotions that encourage "multiples-based" purchases and group-buying behavior ● OPERATING LEVERAGE EXPAND 4-WALL MARGINS AND DRIVE SG&A LEVERAGE Continue targeting year-2 contribution margins¹ of 30%+ which supports quick paybacks and funds growth Invest in state-of-the-art roasting facility in Texas to support our expansion strategy and long-term supply chain requirements Continue achieving SG&A leverage through strong top line growth and smart investments 1 Company-operated segment gross profit, before company-operated shop depreciation and amortization, taken as a percentage of company-operated shop revenue.#6DELIVERING OPERATED SHOP GROWTH IN 2018, WE SET A GOAL TO REACH 800+ SHOPS BY THE END OF 2023 Goal Achieved: 831 Shops ¥ DUTCH BROS NIHILAT BEST IN CLASS COMPANY- DRIVE THRU 41 WE ENTER THE NEXT ERA OF GROWTH ON A SOLID FOUNDATION TO SCALE 370 118 252 2019 SYSTEMWIDE SHOP CAGR: +22% COMPANY-OPERATED CAGR: +46% 441 182 NET NEW SHOP GROWTH 259 2020 538 271 267 2021 Franchised 671 396 275 2022 Company-Operated 831 542 289 2023 150 to 165 New Shops 2024E#7WE PLAN TO... Expand geographic reach by going "wider" vs. "deeper" with a higher mix of newer markets and slower infill ● ● ● EVOLVING MARKET ENTRY STRATEGY ● AND WE EXPECT TO ACHIEVE... A more capital-efficient market entry process that will begin to deliver a stronger new shop return in 2025+ ● Utilize a mix of lease types and prototypes as we develop and penetrate markets Continue developing marketing tactics to drive trial and build traffic in new markets Greater flexibility to match shop prototype and investment with market needs Continued ability to enter new trade zones quickly and establish the Dutch Bros brand 7 LEGACY CONFIGURATION ~500 SF DUTCH BROS GEOGRAPHY: Legacy West Coast •May have drive-thru lanes on both sides of the building • Walk-up window optional • No lobby • Storage outbuilding ● may be needed CURRENT CONFIGURATION ~800-1,000 SF DUTCH BROS GEOGRAPHY: Widespread • Multiple drive-thru lanes served by one window • Ample car stacking and circulation, escape lane likely • Walk-up window standard; no lobby ENDCAP CONFIGURATION ~1,200 SF DUTCH BROS GEOGRAPHY: Select Locations • Attached to the end of a strip center or purpose built with co-tenants • May have lobby with a walk-up window, but no seating#8OUR EXECUTIVE TEAM BOLSTERING OUR EXECUTIVE TEAM FOR THE NEXT STAGE OF GROWTH DESPAC RIPE THE LIGHTNING TRAV BOERSMA Co-Founder, CHRISTINE BARONE CEO & President -1 YEAR AT DUTCH BROS Executive Chairman DUTCH BROS True Food kitchen BAIN & COMPANY CHARLEY JEMLEY Chief Financial Officer 4 YEARS AT DUTCH BROS Yum! TANA DAVILA Chief Marketing Officer SINCE JUNE 2023 GRUPO C CKE BIMBO RESTAURANTS P.F. CHANG'S LEIGH GOWER Chief Technology Officer 2 YEARS AT DUTCH BROS Blue Nile slalom T Mobile 8 BRIAN MAXWELL Chief Operating Officer 25 YEARS AT DUTCH BROS DUTCH BROS VICTORIA TULLETT Chief Legal Officer 1 YEAR AT DUTCH BROS PAPA MURPHY'S KinderCare LEARNING CENTERS CHRISTINE SCHMIDT Chief Administrative Officer 28 YEARS AT DUTCH BROS DUTCH BROS NEW EXECUTIVE LEADERSHIP JOSH GUENSER Incoming Chief Financial Officer STARTING FEBRUARY 2024 MOD SUMI GHOSH Incoming President of Operations STARTING JANUARY 2024 NIKE Yum! JESS ELMQUIST Chief People Officer STARTING JANUARY 2024 LIFETIME THE HEALTHY WAY OF LIRE COUR#9CONTACT INFORMATION INVESTOR CONTACT Raphael Gross ICR [email protected] (203) 682-8253 MEDIA CONTACT Jessica Liddell ICR [email protected] (203) 682-8208 Ť DUTCH BROS Coffee ANNIHILATORT - ONNIHILATOR DUTC a#1011 IT'S ABOUT FUN, IT'S ABOUT PEOPLE AND IT'S ABOUT GREAT COFFEE-TRAV BOERSMA