#1Supplemental Earnings Slides Q3 2023 7XRP788 GUARANT TO SAT DUTCH BROS TOASTED COLD BREW 44175 GOODIES FALSTAHA MARIA ONL DUTCH BROS Coffee R3GP117 PLEAS CLO + 7GDL867#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. Our 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 and in our future reports to be filed with the SEC, including our Quarterly Report on Form 10-Q for the period ended September 30, 2023. 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 and 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 to review the reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the slides and Appendix to this presentation, and 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#3T "DUTCH BROS IS A FUN LOVING, MIND-BLOWING COMPANY MAKING A MASSIVE DIFFERENCE, ONE CUP AT A TIME." 3#4QUARTERLY FINANCIALS 1 2 (UNITS) 641 370 271 Q3 2022 SHOPS 153 24% Company-Operated 25.6% 140 38% Q3 2022 Franchised (% OF COMPANY-OPERATED SHOP SALES) 794 510 Q3 2023 COMPANY-OPERATED SHOP CONTRIBUTION MARGIN 12 284 31.0% Q3 2023 See appendix for a reconciliation to the most directly comparable financial measure stated in accordance with GAAP See slide 8 for breakdown of Company-operated Shop Contribution 4 ($M) ($M) $199 $174 $25 Q3 2022 $2 REVENUE Company-Operated $28 Q3 2022 14.0% Net Income $66M 33% $63M 36% NET INCOME AND ADJUSTED EBITDA ¹ $25M 91% Adjusted EBITDA $265 $236 $28 Q3 2023 Franchised $13 $53 Q3 2023 20.0% Adjusted EBITDA %#5SAME SHOP SALES Fiscal year ending December, Company-Operated Same Shop Sales Systemwide Same Shop Sales SAME SHOP SALES VS PRIOR YEAR Q1 9.5 % 6.7 % Q2 9.9 % 9.4 % 2021 Q3 4.7 % 7.3 % 5 Q4 11.5 % 10.1 % FY 9.0 % 8.4 % Q1 5.1 % 6.0 % Q2 (4.3)% (3.3)% 2022 Q3 1.0 % 1.7 % Q4 (2.1)% (0.6)% FY 0.6 % 1.0 % Q1 (3.5)% (2.0)% 2023 Q2 1.6 % 3.8 % Q3 2.8 % 4.0 %#62023 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 1 Trailing Twelve Months Ended September 30, 2023 Total Company- Operated Shops $1.90 21.9% 6.9% 28.8% Company-Operated Shop Opening Periods 510 2018 and Prior² 2 Includes all company-operated shops opened through December 31, 2018. 3 Includes all company-operated shops opened after December 31, 2018 through December 31, 2021. $1.71 24.5% 2.8% 27.4% 104 2019-2021³ $2.04 25.9% 5.6% 31.5% 172 For the Three Months Ended September 30, 2023 Total Company- Operated Shops N/A 24.1% 6.9% 31.0% Company-Operated Shop Opening Periods 510 2018 and Prior² N/A 25.9% 3.0% 28.9% 104 AUVS are determined based on the net sales for any trailing twelve-month period for company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the net sales by the total number of systemwide and company-operated shops, respectively. 2019-2021³ N/A 28.3% 5.3% 33.5% 172#730% 20% 10% -% (10)% (20)% (30)% (40)% COMPANY-OPERATED SHOP MARGIN PROGRESSION (29)% 1st Q Company-operated Shop Gross Profit (%) 18% 2nd Q Quarters after Opening 2020-2023 average 7 23% 3rd Q 26% 4th Q#8COMPANY-OPERATED SHOP RESULTS ($ 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 Company-operated shop contribution ¹ 1 $ 8 Three Months Ended September 30, 2023 236.5 61.3 61.5 36.1 4.2 16.3 57.0 16.3 73.3 1. Represents a non-GAAP measure, defined as company-operated shop gross profit plus depreciation, which the supplemental GAAP to non-GAAP reconciliation is provided in the table above. % 100.0 25.9 26.0 15.3 1.8 6.9 24.1 6.9 31.0 $ $ $ 2022 173.5 47.1 49.0 28.5 4.5 9.6 34.7 9.6 44.3 % 100.0 27.1 28.3 16.4 2.6 5.6 20.0 5.6 25.6#925.6% Q3 2022 Contribution Margin ¹ Company-Operated Shops Contribution Q3 2022 to Q3 2023 Company-Operated Shops Contribution Bridge (0.6)% Ingredient Costs (0.1)% Shop Opex 0.6% Labor Costs 4.1% Menu Prices 0.5% 9 Discounts 0.8% Pre-opening Costs 0.4% Leverage (Deleverage) (0.3)% Other, Net Contribution Margin is a non-GAAP measure, the definition and the GAAP to non-GAAP reconciliation are provided on slide 8. The company-operated shops gross margin was 20.0% for Q3 2022 and 24.1% for Q3 2023. 31.0% I Q3 2023 Contribution Margin ¹#10OUTLOOK FY 2023 Outlook Total System New Shop Openings Company-operated Shop Openings Revenue Same Shop Sales Growth Adjusted EBITDA Capital Expenditures 1 at least 150 lower end of the range of $950 million to $1 billion approximately low single digits at least 130 between $150 million and $155 million Full Year 2023 Outlook is Derived From Recent Trends and Does Not Assume Material Changes to the Current Operating Environment 10 $225 million to $250 million 1 We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because the various reconciling items are not available on a forward-looking basis. We are unable to determine the probable significance of reconciling items because certain items are outside of our control and vary significantly from period to period. Accordingly, reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort. De am AC Duck RO CLO DSN 146#11($ in thousands) Total revenues Selling, general, and administrative As a percentage of total revenue Adjustments SG&A LEVERAGE 2 1 Equity-based compensation COVID-19: prepaid costs not utilized Milestone events Executive transitions costs Legal Proceedings Total adjustments Adjusted selling, general, and administrative As a percentage of total revenue Compared to the prior year 1 Selling, general, and administrative includes depreciation and amortization. 2 See appendix for explanations of each non-GAAP adjustment. 11 Q1 $152,156 $ 45,214 $ 42,342 29.7 % (9,900) (1,200) (2,434) Q2 $ 186,381 20.8 % 2022 22.7% $ (13,534) $ (10,446) $ 31,680 $ 31,896 Q3 $198,648 $ 45,378 22.8% (10,446) (10,649) Q4 $ 201,827 (10,662) (1,105) (691) $ (10,649) $ (12,458) $ 38,136 17.5 % 18.9% $ 34,729 17.1 % $ 50,594 25.1% Q1 $ 197,267 $ 45,976 23.3% (9,170) 2023 Q2 $ 249,879 $ 51,662 20.7 % (10,149) Q3 $264,507 $ 50,490 19.1% (9,698) (150) (225) (225) (1,950) $ (9,320) $ (12,324) $ (9,923) $36,656 $ 39,338 $ 40,567 18.6 % 15.7 % (2.2)% (1.4)% 15.3% (2.2)%#12APPENDIX#13INCOME STATEMENT ($ in thousands; except per share data) Revenues: Company-operated stores Franchising and other Total revenues Costs and expenses: Cost of sales Selling, general and administrative Total costs and expenses INCOME (LOSS) FROM OPERATIONS OTHER EXPENSE Interest expense, net Other income (expense), net Total other expense INCOME (LOSS) BEFORE INCOME TAXES Income tax expense (benefit) NET INCOME (LOSS) Less: Net income (loss) attributable to non-controlling interests NET INCOME (LOSS) ATTRIBUTABLE TO DUTCH BROS INC. Net income (loss) per share of Class A and Class D common stock Basic Diluted Weighted-average shares of class A and class D common stock outstanding: Basic Diluted 13 SA LA SA LA GA Three Months Ended September 30, 2023 236,472 $ 28,035 264,507 $ 189,323 50,490 239,813 24,694 $ (9,325) (140) (9,465) 15,229 $ 1,828 13,401 $ 9,191 4,210 $ 0.07 $ 0.07 $ 59,366 60,214 2022 173,501 25,147 198,648 148,092 45,378 193,470 5,178 (5,011) (1,944) (6,955) (1,777) (3,371) 1,594 (169) 1,763 0.03 0.03 53,118 54,418#14INCOME STATEMENT - SEGMENTS ($ in thousands) Revenues: Company-operated shops Franchising and other Total revenues Cost of Sales: Company-operated shops Franchising and other Total cost of sales Segment gross profit: Company-operated shops Franchising and other Total gross profit Depreciation and amortization: Company-operated shops Franchising and other All other Total depreciation and amortization Segment contribution: Company-operated shops Franchising and other Total segment contribution Selling, general and administrative Interest expense, net Other expense, net INCOME (LOSS) BEFORE INCOME TAXES 14 Three Months Ended September 30, 2022 2023 236,472 28,035 264,507 $ 179,480 9,843 189,323 56,992 18,192 75,184 $ 16,332 1,371 413 18,116 73,324 19,563 92,887 $ (50,490) (9,325) (140) 15,229 $ 173,501 25,147 198,648 138,781 9,311 148,092 34,720 15,836 50,556 9,624 1,478 708 11,810 44,344 17,314 61,658 (45,378) (5,011) (1,944) (1,777)#15TYPICAL SHOP SALES SEASONALITY 97% SEASONALITY AND AUV Q1 108% Q2 101% Q3 94% Q4 15 1 2 ($M) $1.8 TRAILING 12-MONTH AUV $1.9 2021 $1.9 $1.9 2022 Company-operated $1.9 Systemwide $2.0 2 2023 ² AUVS are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the net sales by the total number of systemwide and company-operated shops, respectively. Trailing twelve months from September 30, 2023.#16SUMMARY QUARTERLY DATA ($ in millions; except Shop Count) Company-Operated Shop Count Total Shop Count Company-Operated Shop Revenue Total Revenue Company-operated Shop Gross Profit Margin Company-operated Shop Depreciation & Amortization Company-Operated Shop Contribution 1 Adjusted EBITDA Net Income (Loss) 16 310 572 130.2 $ $152.2 $ 16.6 $ 7.1 $ 23.8 $ 9.7 $ (16.3) $ $ $ Q1 $ $ Q2 2022 336 603 160.5 $ 186.4 $ 31.2 $ 8.3 $ 39.5 $ 23.9 $ (1.8) $ Q3 370 641 173.5 $ 198.6 $ 34.7 $ 9.6 $ 44.3 $ 27.8 $ 1.6 $ Q4 396 671 175.5 $ 201.8 $ 38.8 $ 11.2 $ 50.0 $ 29.8 $ (2.8) $ 1 Represents company-operated shop gross profit plus depreciation, see Company-operated Shop Results on slide 8 for reconciliation to the most directly comparable financial measure stated in accordance with GAAP Q1 438 716 173.2 $ 197.3 $ 28.9 $ 13.0 $ 41.9 $ 23.9 $ (9.4) $ 2023 Q2 473 754 221.0 $ 249.9 $ 52.1 $ 14.8 $ 66.9 $ 48.6 $ 9.7 $ Q3 510 794 236.5 264.5 57.0 16.3 73.3 53.0 13.4#17NON-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. 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. The catastrophic leave program was retired in May 2023. 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. Legal proceedings - Estimated loss accrual related to certain legal disputes. 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. 2 17#18ADJUSTED EBITDA RECONCILIATION ($ in thousands) Net income (loss) Depreciation and amortization Interest expense, net Income tax expense (benefit) EBITDA Equity-based compensation COVID-19: "thank you pay" and catastrophic leave COVID-19: prepaid costs not utilized Milestone events Executive transition costs TRA remeasurement Legal proceedings Adjusted EBITDA Adjusted EBITDA margin 18 2022 Q1 Q2 Q3 Q2 1,851 Q4 Q1 $(16,279) $(1,751) $ 1,594 $(2,817) $(9,391) $ 9,711 9,182 10,539 11,810 13,197 14,779 16,516 2,489 3,596 5,011 6,922 7,886 9,058 (214) 885 (3,371) 5,299 2,580 $(4,822) $13,269 $15,044 $22,601 $15,854 $37,136 9,900 10,446 10,649 10,662 9,170 10,149 950 224 227 67 1,200 1,105 2,434 $ 9,662 1,910 $23,939 $27,830 6.4 % 12.8 % 14.0% 2023 691 150 (5,376) (1,294) $29,750 14.7% Q3 $13,401 18,116 9,325 1,828 $42,670 9,698 225 (861) 1,950 $23,880 $48,599 $53,008 12.1 % 19.4 % 20.0 % 225 415#19CONTACT 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#20"IT'S ABOUT FUN IT'S ABOUT PEOPLE AND IT'S ABOUT GREAT COFFEE. 77 - TRAV BOERSMA KINGST 1 EY 73 SEBELS R