#1Y Company Overview March 2023 DUTCH BROS Coffee ANNIHILATORT#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, the ongoing COVID-19 pandemic, 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 and in our future reports to be filed with the SEC Forward-looking statements contained in this press release are made as of this date, and Dutch Bros undertakes no duty to update such information except as required under applicable law. 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 Adjusted EBITDA, Adjusted Selling, General, and Administrative and Company-operated Shop Contribution provides 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 appearing in this presentation are the property of their respective owners. Solely 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#4WHO WE ARE BROS is a uniquely positioned growth company: 1. A beverage company focused on Speed, Quality, and Service... 2. Differentiated by our high degree of customization and our proprietary Blue Rebel energy drink... 3. 4. 5. Delivering consistent Revenue and unit growth... Supported by strong AUVs and a profitable 4-wall model... With a long runway for growth (4,000 shops in 10-15 years) 4#5Initiatives TRAFFIC DRIVING STRATEGIES FOR 2023 App Promotion Innovation National Campaigns Optimizing Marketing Operations Coordinated Givebacks Description Loyalty refresh provides opportunities to redeploy points into specific, desirable actions. Focusing on Dutch Pass adoption, frequency, and attachment targeted campaigns. Leaning into innovation to drive excitement and trial. Enhanced focus on coordinated national promotions, including "Dutch After Dark." audience and introduce new customers to our brand. Enhanced focus on regional events and grand opening protocols. Casting a "wider net" to expand target Organizing regional (150-200 shop) give-backs to drive more momentum and buzz around our signature charitable giving events. 5#6ANNUAL FINANCIALS 2 (UNITS) 538 271 267 2021 133 25% 125 46% 25.5% SHOPS 2021 671 396 275 Company-Operated 2022 150 22% Franchised (% OF COMPANY-OPERATED SHOP SALES) COMPANY-OPERATED SHOP CONTRIBUTION MARGIN 12 At least 130 Company- operated Outlook 24.6% 2022 ($M) ($M) $498 $404 $94 2021 $(118) $84 $241M 48% 2021 16.9% $236M 58% REVENUE Net Income $739 $640 Company-Operated $7M 8% $99 2022 NET INCOME AND ADJUSTED EBITDA $(19) $91 2022 12.3% $211M - $261M 29%-35% Adj. EBITDA Franchised $950M - $1B $34M 37% Outlook $125 Outlook Adj. EBITDA % 123 See slides 11 and 13 for a reconciliation to the most directly comparable financial measure stated in accordance with GAAP Refer to "Company-Operated Shop Results" section on our Earnings Release filed on Form 8-K, dated February 22, 2023 for the year ended December 31, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave. 3 We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because the various reconciling items are not available on a forward-looking basis. We are unable to determine the probable significance of reconciling items because certain items are outside of our control and vary significantly from period to period. Accordingly, reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort. 6#72022 COMPANY-OPERATED SHOP MARGIN (in milliions, except shop count and percentages) Net company-operated shop AUV¹ Company-operated shop gross profit Company-operated shop depreciation & amortization Company-operated shop contribution Company-operated shops Total Company- Operated Shops $1.90 19.0% 5.6% 24.6% 396 Company-Operated Shop Opening Periods For the Year Ended December 31, 2022 2018 and Prior $1.61 19.8% 3.9% 23.7% 104 2019 and After $2.05 7 23.9% 5.5% 29.4% 172 2 Total Company- Operated Shops N/A 22.1% 6.4% For the Three Months Ended December 31, 2022 28.5% 396 Company-Operated Shop Opening Periods 2018 and Prior N/A 24.0% 3.5% 27.5% 104 2019 and After N/A 26.2% 5.7% 31.9% 172 2 1 AUVS are determined based on the net sales for any trailing twelve-month period for company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the net sales by the total number of company-operated shops, respectively. 2 Includes all company-operated shops opened through December 31, 2021.#8SAME SHOP SALES SAME SHOP SALES VS PRIOR YEAR AND MULTI-YEAR STACK Fiscal year ending December 31, Company-Operated Same Shop Sales % 2 Year Stack 1 % 3 Year Stack 1 Systemwide Same Shop Sales % 2 Year Stack ¹ % 3 Year Stack ¹ Q1 (3.3)% (1.0)% Q2 0.1 % 2.0 % 2020 Q3 2.5% 2.4 % Q4 6.8 % 5.7 % FY 0.8 % 2.0 % Q1 9.5 % 6.2 % 6.7 % 5.7 % 8 Q2 9.9 % 10.0 % 9.4 % 11.4 % 2021 Q3 4.7 % 11.5% 7.2% 7.3 % Q4 9.7 % 18.3% 10.1 % 15.8% FY 9.0 % 9.8 % 8.4 % 10.4 % Q1 5.1 % 14.6% 11.3% 6.0 % 12.7 % 11.7% Q2 (4.3)% 5.6 % 5.7 % (3.3)% 6.1 % 8.1 % 2022 Q3 1.0 % 5.7 % 8.2 % 1.7 % 9.0 % 11.4% Q4 (2.1)% 9.4 % 16.2 % (0.6)% 9.5 % 15.2 % FY 0.6 % 9.6 % 10.4 % 1.0 % 9.4 % 11.4% 1 2-Year Stack is calculated as current quarter same shop sales growth plus prior year quarter same shop sales growth. 3-Year Stack is calculated as current quarter same shop sales growth plus the prior year quarter 2-Year Stack. Same shop sales data based on a different shop base for each time period. This metric is different from our 2-year and 3-year comps, which maintains the same comparable shop base within the measured period.#9($ in thousands) Total revenues Selling, general, and administrative As a percentage of total revenue SG&A LEVERAGE 1 3 Adjustments Equity-based compensation Expenses associated with equity offering Donations associated with equity offering COVID-19: prepaid costs not utilized Milestone events Executive transitions costs Total adjustments 2 3 2 $ Adjusted selling, general, and administrative $ As a percentage of total revenue Compared to the prior year $ $ Q1 98,785 35,986 $ 36.4 % (14,650) (76) 2021 1 Q2 Q3 Q4 Q1 $ 129,208 $ 129,803 $ 140,080 $ 152,156 33,488 $ 153,700 $ 25.9 % 118.4 % (8,332) (2,253) (124,779) (3,332) (1,392) 41,355 $ 29.5 % (9,955) (862) (2,400) (9,900) 9 Q2 $ 186,381 45,214 $ 42,342 29.7 % 22.7% (1,200) (2,434) 2022 (10,446) Q3 Q4 $198,648 $ 201,827 $ 45,378 $ 50,594 22.8% (10,649) 25.1% (10,662) (1,105) (691) (14,726) $ (10,585) $ (129,503) $ (13,217) $ (13,534) $ (10,446) $ (10,649) $ (12,458) 21,260 $ 22,903 $ 24,197 $ 28,138 $ 34,729 $ 17.7% 18.6 % 20.1 % 17.5 % 38,136 31,680 $ 20.8 % 31,896 $ 17.1 % 21.5 % (0.7)% (0.6)% (1.1)% 18.9 % (1.2)% $ $ $ Year Ended December 31, 2021 1 497,876 $ 264,529 $ 53.1 % (157,716) (6,523) (3,792) (168,031) $ 96,498 $ 19.4 % 2022 739,012 183,528 24.8% (41,657) (2,305) (2,434) (691) (47,087) 136,441 18.5 % (0.9)% Refer to "Non-GAAP Financial Measures" section on our Earnings Release filed on Form 8-K, dated February 22, 2023 for the year ended December 31, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave. Selling, general, and administrative includes depreciation and amortization. See slide 12 for explanations of each non-GAAP adjustment.#10OUTLOOK FY 2023 Outlook Total System New Shop Openings Company-operated Shop Openings Revenue Same Shop Sales Growth 1 Adjusted EBITDA ¹ Capital Expenditures at least 150 at least 130 $950 million to $1 billion approximately low single digits at least $125 million $225 million to $250 million Full Year 2023 Outlook is Derived From Recent Trends and Does Not Assume Material Changes to the Current Operating Environment, Inclusive of Any Potential Further COVID-19 Impacts 10 1 We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because the various reconciling items are not available on a forward-looking basis. We are unable to determine the probable significance of reconciling items because certain items are outside of our control and vary significantly from period to period. Accordingly, reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort. De am AC Duck RO CLO DSN 146#11COMPANY-OPERATED SHOP RESULTS ($ in millions) Company-operated shop revenue Beverage, food and packaging Labor costs Occupancy and other costs Pre-opening costs Depreciation and amortization Company-operated shop gross profit Depreciation and amortization 2 Company-operated shop contribution ² $ 11 LA $ LA Year Ended December 31, 2022 2021 $ 639.7 171.9 182.9 109.4 18.0 36.3 121.3 36.3 157.6 % $ 100.0 $ 403.7 26.9 28.6 17.1 2.8 5.6 19.0 5.6 (24.6) $ 102.2 122.2 63.6 12.8 16.3 86.7 16.3 103.0 % 100.0 25.3 30.3 15.7 3.2 4.0 21.5 4.0 (25.5) 1 Refer to NOTE 2 Basis of Presentation and Summary of Significant Accounting Policies and NOTE 20 - Segment Reporting on our Annual Report on Form 10-K and company-operated shop results section on our fourth quarter 2022 earnings press release for the three months and year ended December 31, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual. 2 Represents a non-GAAP measure, defined as company-operated shop gross profit plus depreciation and amortization, which the supplemental GAAP to non-GAAP reconciliation is provided in the table above.#12NON-GAAP ADJUSTMENTS Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, which are included in the GAAP to non-GAAP reconciliations on the following slides. Equity-based compensation Non-cash expenses related to the grant and vesting of stock awards, restricted stock awards and restricted stock units in Dutch Bros Pubco¹ and/or Profit Interest Units in Dutch Bros Opco² to certain eligible employees. These awards are accounted for in accordance with guidance prescribed for in accounting for share-based compensation. Expenses associated with equity offering Costs incurred as a result of our stock offerings. These costs include legal fees, consulting fees, tax and accounting fees, and payroll taxes related to the grant and vesting of stock awards for certain employees. Donations associated with equity offerings - In connection with our IPO, we made a donation to the Dutch Bros Foundation. This donation is separate from other donations to the Dutch Bros Foundation that we may periodically make. COVID-19: "thank you" pay and catastrophic leave - Costs related to two separate programs established to support employees during the COVID-19 pandemic. We implemented an hourly wage supplement program for shop employees who continued to work while their state or county was under a stay at home order or similar lockdown requirement. This program lasted in various markets until April 2021. We also established a catastrophic leave policy that provided paid leave to employees who were required to quarantine due to in-shop exposures and could not work their regular hours. All COVID-19- related protocols, including catastrophic leave, will remain in effect until the end of the COVID-19 pandemic as determined by the appropriate government agency. COVID-19: Prepaid costs not utilized Costs related to the write-off of previously prepaid expenses for the cancellation of our 2023 annual kick-off meeting as a result of COVID-19 concerns and the development of a virtual corporate engagement platform built in response to the health restrictions of the COVID-19 pandemic. The platform was developed as a substitute for in person engagement practices used pre-pandemic. The platform has been determined ineffective, particularly as we shift back to in-person events with the easing of restrictions related to the COVID-19 pandemic. Milestone events - Costs incurred for company-wide events to celebrate 30 years of serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE to our customers. Executives transition costs - Employee severance and related benefit costs, as well as sign-on bonus(es) for several executive level transitions occurring in 2022 and 2023. TRA remeasurement Loss impact on condensed consolidated statements of operations of adjustments to liabilities under our TRAS. . 2 - 1 Dutch Bros PubCo refers to Dutch Bros Inc., a Delaware Corporation, in which its Class A common stock are publicly traded on the New York Stock Exchange under the symbol "BROS". Dutch Bros OpCo refers to Dutch Mafia, LLC, a Delaware limited liability company, and a direct subsidiary of Dutch Bros Inc. 12#131 ADJUSTED EBITDA RECONCILIATION ($ in thousands) Net income (loss) Depreciation and amortization Interest expense, net Income tax expense (benefit) EBITDA Equity-based compensation Expenses associated w/IPO Donations associated w/IPO COVID-19: "thank you pay" and catastrophic leave COVID-19: prepaid costs not utilized Milestone events Executive transition costs TRA remeasurement Adjusted EBITDA Adjusted EBITDA margin $ $ $ Q1 (4,822) 5,350 1,017 43 1,588 14,650 76 TEI 2,371 $ Q2 2021 ¹ 11,889 5,681 1,838 521 $ 19,929 8,332 2,253 185 ||| $ (116,830) 6,696 2,393 (1,280) $ (109,021) $ 124,779 3,332 1,392 473 18,685 $ 30,699 $ 18.9 % 23.8 % Q3 13 |||| 20,955 16.1 % $ $ Q4 (8,168) 7,490 1,845 (912) 255 9,955 862 2,400 321 13,793 9.8 % Q1 $ (16,279) $ 9,182 2,489 (214) $ (4,822) $ 9,900 950 1,200 2,434 9,662 $ 6.4 % Q2 $ (1,751) $ 10,539 3,596 885 2022 13,269 10,446 224 23,939 12.8 % $ $ Q3 1,594 11,810 5,011 (3,371) 15,044 10,649 227 ||| Q4 67 1,105 $ (2,817) $ (117,931) $ 13,197 6,922 5,299 $ 22,601 10,662 691 1,910 (5,376) 27,830 $ 29,750 14.0 % 14.7% Year Ended December 31, 2021 $ 25,217 7,093 (1,628) $ (87,249) $ 157,716 6,523 3,792 3,350 84,132 $ 16.9 % 2022 (19,253) 44,728 18,018 2,599 46,092 41,657 1,468 2,305 2,434 691 (3,466) 91,181 12.3 % Refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies on our Annual Report on Form 10-K and statements of operations on our fourth quarter 2022 earnings press release for the three months and year ended December 31, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual.#14CONTACT INFORMATION INVESTOR CONTACT ANNIHILATORT Raphael Gross ICR [email protected] (203) 682-8253 DUTCH BROS MEDIA CONTACT Jessica Liddell ICR [email protected] (203) 682-8208 ANNIHILA JUTO a#15IT'S ABOUT FUN, IT'S ABOUT PEOPLE AND IT'S ABOUT GREAT COFFEE-TRAV BOERSMA