#1#2EXIT ONLY 1450 DRIVE-THRU LOCATIONS EH BROS#3SEATTLE WA OR GRANTS PASS CA RENO BAKERSFIELD INLAND EMPIRE PALM NV LAS VEGAS ID IDAHO FALLS SAN DICO POCATELLO SALT LAKE CITY UT ST. GEORGE STATES 11 COLORADO SPRINGS TUCSON EL PASO TX FORT WORTH WACO AUSTIN DALLAS COLLEGE STATION HOUSTON#4THE SHOP EXPERIENCE#5SPEED QUALITY SERVICE#6SOMETHING FOR EVERYONE#7It's All Good GET UP EARLY fº Rebel Dig ife Sinces 92 Blended 34% Hot 18% Iced 48% E D! Stay STOKED db STAY UPLATE#8It's All Good GET UP EARLY fR Rebel Dig fifet Sinces 92 Espresso Based 33% Blue Rebel 23% Cold Brew 4% Freeze/Frost 14% Hot Teas 4% Other 4% NGE Iced Tea/Lemonade 18% RLD! Stay STOKED € db STAY UPLATE#9FINANCIAL SNAPSHOT#1011 STATES TODAY TX/OK OPENED 2021#1140% COMPANY-OPERATED SHOPS#12$1.7M 2020 AUV#13$7.50 AVERAGE CHECK#1429% COMPANY-OPERATED SHOP-LEVEL CONTRIBUTION MARGIN#1520% LTM Q2 21 ADJUSTED EBITDA MARGIN#16$405 M LTM Q2 21 REVENUE#17PRELIMINARY Q2 UPDATE Company-operated Shops Franchise Shops Total Shops Company-operated Shop SSS Systemwide SSS Company-operated Shop Sales Total Net Revenue Company-operated Shop EBITDA Total Adj. EBITDA 12 Q2 2021 207 264 471 9.9% 9.4% $103 $129 $33 $29 Q1 2021 +8% +1% +4% +40bps +270bps +32% +31% +61% +62% A vs. Q2 2020 +42% +4% +17% +980bps +740bps +61% +53% +54% +29%#18FRANCHISE TO COMPANY OWNED#19THREE DECADES OF CONSISTENT NEW SHOP GROWTH 172 2011 193 2012 SYSTEMWIDE SHOP GROWTH OVER PREVIOUS DECADE SYSTEMWIDE SHOP CAGR: +10% COMPANY-OPERATED SHOP CAGR: +24% 214 2013 234 254 2014 276 2015 292 2016 Plus 14 Years of Positive Same-Shop Sales 2017 328 2018 370 2019 441 471 2020 June 2021#20WHITESPACE OPPORTUNITY#21DO WA 63 (23 OR 53 54 • Grants Pass CA NV 210 89 34 ID 140 34 Note: Shop count as of June 30, 2021 UT 10 10 AZ MASSIVE WHITESPACE OPPORTUNITY TOTAL SHOPS TOTAL COMPANY-OPERATED SHOPS 59 28 8 CO 29 22 22 NM 50 OK DO TX □0 Ⓒ 4,000+ POTENTIAL LONG-TERM DUTCH BROS LOCATIONS NEW OPENINGS BALANCED BETWEEN NEW AND EXISTING MARKETS GROWTH WILL BE PRIMARILY THROUGH COMPANY-OPERATED SHOP OPENINGS#22OUR TECHNOLOGY JOURNEY#23getup. JOTH RICCI PRESIDENT & CEO RAGE AGAINST DUTCH B DB ACHINE TRAVIS BOERSMA CO-FOUNDER, EXECUTIVE CHAIRMAN#24Sinces 92 Ho DUTCH + ARMY 9:41 E WHAT'S UP! SAMANTHA 125 PUTEH POINTS FREE DRINK Free Unlimited Drink (x2) Tap for Details Free Medium Drink Good for any medium drink, valid for six months SWAP 250 POINTS It's. All Good db Believe GOOD VIBES Dig ffe#25DUTCH REWARDS LAUNCHED ичи SAMANTHA 125 FREE DRINK Free Unlimited Drink dh GOOD GOOD OVER 2.3 MILLION MEMBERS IN FIVE MONTHS! le THIRD MOST DOWNLOADED APP IN THE APPLE APP STORE THE FLEXIBILITY OF A SPEND BASED PROGRAM GATEWAY TO INSIGHTS DRIVEN MARKETING dh GOOD & STAY GOOD VIRES M Uber Eots Top Charts 1 Dutch Broge 2 DoorDash- Food Delivery 3 Uber Eats 7 Starbucks Food Delivery 4 Instacart Grocery deliveries 5 Grubhub: Local Food Delivery 6 McDonald's OPEN GET Food & Drink OPEN 92 OPEN#26OUR COMPETITIVE STRENGTHS#27HANE rebel THE BRAND'S VISIONARIES PAIRED WITH INDUSTRY EXPERTS JOTH RICCI President & CEO STAY 2 years experience at Dutch Bros STUMPTOWN JONES Johnion-Johnion TRAV BOERSMA Co-Founder, Executive Chairman DUTCH BROS HO CHARLEY JEMLEY Chief Financial Officer 1 year at Dutch Bros Yum! GOOD VIBES JOHN GRAHAM Chief Marketing Officer 1 year at Dutch Bros John Johan sk ALIGN KEITH THOMAJAN Chief Social Impact Officer 2 years at Dutch Bros United Way Camp Fire BRIAN MAXWELL Chief Operating Officer YEARS AT DUTCH BROS DUTCH BROS CHRISTINE SCHMIDT Chief Administrative Officer YEARS AT DUTCH BROS DUTCH BROS ANDY CONWAY Senior VP of Operations 14 YEARS AT DUTCH BROS DUTCH BROS Colfon le#28A BRAND WITH MASS APPEAL#29SOCIAL IMPACT#30$1 FROM EACH DRINK SOLD FEEDS THE HUNGRY#31ACE 1992 G DUTCHLUV FEB 14 $1 FROM EACH DRINK SOLD FEEDS THE HUNGRY#32CH DRINK ONE For Dane END#33BUCK & KIDS#34DUTCH BROS. Coffee OPEN HAPPENING TODAY %₂ 15 GET A COFFEE, HELP A CHILD 80° SPORTS CURRENTS GLENDALE: PARTLY CLOUDY abc 15 ARIZONA 5:16 64°#35GROWING FROM WITHIN#36ASSISTANT MANAGER BROISTAS SHIFT LEADS MASTER OF BROISTAS#37ASSISTANT MANAGER MANAGER REGIONAL MANAGER MASTER OF BROISTAS ASSISTANT LEAD MOB ↓ LEAD MOB#38REGIONAL MANAGER REGIONAL OPERATOR LEAD MOB#39¥ RANKED #1 MIDSIZE EMPLOYER IN THE OREGONIAN'S TOP WORKPLACES EMPLOYEES LOVE DUTCH TOP DB EMPLOYEE VALUES LOVE COMMUNITY FUN (3) GENUINE SERVICE AAAA FAMILY LOVING POSITIVE COMPASSIONATE TOP DB STRENGTHS MEANINGFULNESS My job makes me feel like I am part of something meaningful VALUES Dutch Bros operates by strong values APPRECIATION I feel genuinely appreciated at Dutch Bros#40WHO IS THE DUTCH BROS CUSTOMER?#41It's Au Good GET UP EARLY &R Rebel Dig ife Sinces 92 32% FEMALE 1% MALE 67% OTHER GE RLD! STOKED db STAY UPLATE#42Good UP EARLY &R Rebel Dig ifet inces 92 13% 21% 0 to 16 10% 5% 16 to 25 36 to 45 51% 25 to 35 46+ ANGE WORLD! STOKED la db STAY UPLATE#43It's All Good GET UP EARLY &R Rebel Dig ife Sinces 92 16% 15% 29% EARLY (BEFORE 9AM) MIDDAY (12PM - 4PM) 17% 22% ANGE WORLD! WORK (9AM - 12PM) OFF WORK (4PM - 7PM) STOKED EVENING (7PM - CLOSE) db STAY UPLATE#44OUR MENU#45Canvas for Customization DUTCH CLASSIC AVAILABLE AS LATTES, MOCHAS & BREVES SOFT TOP SWEET CREAM GAT, BOY, ALMOND OR COCONUT MILK |-301 EXTRA SHOT-504 ADDED WHO ADDITIONAL FLAVOR FREE HOT, ICED OR BLENDED DUTCH FREEZE CARAMELIZER Caramel Macha MEDUM C-HOT 590470 Cd-MINDED 750 ANNIHILATOR Chocolate Macadamia Nut Breve Mor 560 470 | Cd-BUNDED 690 DUTCH BROS COLD BREW сосомо Coconut Macha MEDIUM-H540420 Cd-BUNDED 700 DOUBLE TORTURE Vanille Mocha wh en EXTRA DOUBLE SHOT MUM CO160 360 CH-SUNOD 640 Soft Top VANILLA COLD BREW MEDIA CHCED 90 Cal-TOASTED 100 OUR INNOVATIVE MENU DOUBLE CHOCOLATE MOCHA COLD BREW Dark Chocolate & Chocolate Milk MEDAM C-CED 170 C-TOASTED 180 PREMIUMNITRO COLDBREW Nitre Infused & Fully Charged MEDAM SCD 20 Cal-TOASTED 20 9-1-1 Irish Cream Breve h&SHOTS ESPRESSO SEOUS C101510 370 C-D740 PRIVATE RESERVE AMERICANO MIBM Cor 10 10 DUTCHBROS BLUE REBEL ENERGY DRINK Soft Top DUTCH FROST CABANA Fineapple & Coconut with Soft Top 340 520 WATERMELON with Soft Top TEA ORGANIC GREEN OR PARIS BLACK 340510 PALM BEACH Pomegranate & Peach 90180 PASSION FRUIT 80 160 A DUTCH TAKE ON A CLASSIC SHAKE LEMONADE COTTON CANDY Blue Raspberry & White Chocolate MEDIUM Cd.730 STRAWBERRY TOUM SC4-670 STRAWBERRY & PINEAPPLE MEDIUM C-CED 230 3 C4-MINDED 470 ELECTRIC BERRY Blue Raspberry & Lime MUMC KD 2.40 C4-BINDE 470 CHAI leed or Blended w/ Any Flavor MEDIUM C-CED 300 PC-KENDED380 SMOOTHIE MEDIUM C-500-680 DUTCH COCOA Hot with Any Flaver MEDUM C-530-640 DUTCH SODA Infuse with Any Flaver MIDUM "C-50-470 KIDS MANGO SMOOTHIE STRAWBERRY FROST KC-250 C-280 Plus a SECRET MENU with MANY Different Drink Combinations#46FOUR WALL ECONOMICS#47($ in 000's) Year 2 Net Sales AUV FOUR-WALL ECONOMICS ARE VERY COMPELLING Shop-Level EBITDA Margin¹ Shop-Level EBITDA Investment Pre-Opening Total Cash Outlay Year 2 Cash on Cash Return Ground Lease -32% -$545 -$1,350 $1,485 -35% -$1,700 -$135 Built-to-Suit -28% -$475 -$500 $635 -75% DUTCH BROS#48AUV BREAKDOWN#49SUCCEEDING ACROSS GEOGRAPHIES 2020 SYSTEMWIDE AUVs BY STATE ($M) Number of Shops: SYSTEMWIDE AVERAGE: $1.7M $1.3 OR¹ 150 ST4---$16 WA ID co 53 $1.8 32 13 $2.0 NV $2.4 AZ 41 $2.5 CA 59 NEW COMPANY SHOP UPDATE, 2021 TRENDS $2.1 All '20-21 Openings² 73 $2.2 NM² $2.1 UT² $3.1 TX² $2.5 OK² 1#50KEY FINANCIAL HIGHLIGHTS#51SOMETHING FOR EVERYONE + BALANCED DAYPARTS HIGH AUVs#52BEVERAGE-ONLY H HIGH & PREDICTABLE MARGINS#53MOST FOUNDATIONAL INVESTMENTS BEHIND US BY 2022#54STRONG CASH FLOW GENERATION BY QUICK COMPANY-STORE PAYBACK AND A HEALTHY FRANCHISE BASE#55FLEXIBLE BALANCE SHEET SUPPORTS ACCELERATED GROWTH#56PERFORMANCE THROUGH COVID#57OUR DRIVE-THRU FOCUSED MODEL PERFORMED REMARKABLY WELL DURING COVID Quick sales recovery New shop growth as originally planned Decisively executed $3 per hour "Thank You pay" and paid COVID-related leave Donated $2 million in April 2020 to First Responders First organization Seamless transition to frictionless commerce (no cash, no stamp cards accepted during COVID) Accelerated transition to Dutch Rewards, launched January 2021 (one year early)#58FINANCIAL PROFILE#59FINANCIAL PROFILE (UNITS) COMPANY-OPERATED CAGR: +42% 328 90 238 SHOPS 2018 SYSTEMWIDE 370 118 252 441 182 259 471 2020 207 264 2019 Company-Operated Franchised Jun-21#60FINANCIAL PROFILE ($M) $186 $88 $98 2018 REVENUE CAGR +33% $238 $327 $245 $405 $316 $152 $87 2019 Company-Operated Franchised $88 $83 2020 LTM Q2¹21#61FINANCIAL PROFILE LTM Q2'21 COMPANY-OPERATED SHOP EBITDA MARGIN¹2 (% OF COMPANY-OPERATED SHOP SALES) 25.4% Shop Gross Profit 3.8% 29.2% Depreciation Shop Contribution 2.8% Pre-Opening Expenses#62FINANCIAL PROFILE ($M) $21 NET INCOME AND ADJUSTED EBITDA¹ $40 2018 21% Net Income $28 $49 2019 20% $6 Adj. EBITDA $70 2020 21% $6 $80 LTM Q2'21 20% Adj. EBITDA Margin#63LONG-TERM TARGET GROWTH ALGORITHM TARGET NEW SHOP GROWTH TARGET SAME-SHOP SALES GROWTH TARGET REVENUE GROWTH TARGET ADJ. EBITDA GROWTH Mid-Teens+ Annual Growth Low Single Digits -20%+ Higher Than Revenue Growth#64OUR GROWTH STRATEGY