#1Supplemental Earnings Slides Q2 2022 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. 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 the COVID-19 pandemic, disruptions in our supply chain, ability to hire and retain employees, inflation, changes in consumer demand, increased minimum wages, increased commodity costs, the conflict between Russia and Ukraine, taxes and tax rates, 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, 2021 filed with the SEC on March 11, 2022, our Quarterly Report on Form 10-Q for the period ended June 30, 2022 to be filed with the SEC, 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 EBITDA Margin 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 to review the reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the 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. 2#3T "DUTCH BROS IS A FUN LOVING, MIND-BLOWING COMPANY MAKING A MASSIVE DIFFERENCE, ONE CUP AT A TIME." 3#4LONG TERM GROWTH (UNITS) COMPANY-OPERATED CAGR: +39% SYSTEMWIDE CAGR: +16% 328 90 238 2018 370 118 252 SHOPS 2019 441 182 259 2020 Company-Operated 538 271 267 2021 Franchised 603 336 267 2022 1 4 ($M) $186 $88 $98 2018 REVENUE $238 $152 $87 2019 $327 $245 $83 2020 Company-Operated $498 $404 $94 2021 Franchised $608 514 95 2022 ² 1 Shops are as of June 30, 2022. 2 Revenue for the trailing twelve months from June 30, 2022.#5FINANCIAL PROFILE (UNITS) COMPANY-OPERATED CAGR: +62% SYSTEMWIDE CAGR: +28% 471 207 264 Q2 2021 SHOPS Company-Operated 32.0% Q2 2021 603 (% OF COMPANY-OPERATED SHOP SALES) 336 267 Q2 2022 COMPANY-OPERATED SHOP CONTRIBUTION MARGIN 123 Franchised 24.6% Q2 2022 ($M) ($M) $129 $103 $26 Q2 2021 $12 Company-Operated REVENUE Q2 2021 23.8% Net Income $31 NET INCOME AND ADJUSTED EBITDA $186 Adj. EBITDA $161 $26 Q2 2022 Franchised $(2) 13 $24 Q2 2022 12.8% Adj. EBITDA % 1 See appendix for a reconciliation to the most directly comparable financial measure stated in accordance with GAAP 2 See appendix for breakdown of Company-operated Shop Contribution 3 Refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies and NOTE 18 - Segment Reporting on our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual. accrual#6Q2 2022 BUSINESS SNAPSHOT Total Revenue: $186.4M +44% YoY AFE DUTCHB Company-Operated Shop Gross Profit: $31.2M Company-Operated Shop Contribution ³: $39.5M Company-Operated Shop Sales: $160.5M +56% YoY (O BUCK GDS Net Loss: $(1.8)M DUTCH BROS Adjusted EBITDA ³: $23.9M 1 Units in comp set: 440 shops 2 3 Units in comp set: 285 shops See reconciliation on page 16 Systemwide Same Shop Sales ¹: (3.3)% SSS of 6.9% When Compared to 2019 ² DU#7Company-operated Shops Franchise Shops Total Shops Company-operated Shop SSS % Q2 2022 RESULTS Systemwide SSS % Company-operated Shop Sales Total Revenue Company-operated Shop Contribution Total Adj. EBITDA ² 2 3 23 2022 Three Months Ended June 30, 336 267 603 (4.3)% (3.3)% $160.5M $186.4M $39.5M 7 $23.9M 2021 1 207 264 471 10.0 % 9.0 % $103.0M $129.2M $32.9M $30.7M Three Months Ended June 30, 2022 A vs. 2021 129 3 132 (1,430bps) (1,230bps) $57.5M $57.2M 1 Refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies and NOTE 18 — Segment Reporting on our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual. See appendix for a reconciliation to the most directly comparable financial measure stated in accordance with GAAP See appendix for breakdown of Company-operated Shop Contribution $6.6M $(6.8) M#8SAME SHOP SALES SAME SHOP SALES VS PRIOR YEAR AND MULTI-YEAR STACK Fiscal year ending December, Company-Operated Same Shop Sales % 2 Year Stack 1 % 3 Year Stack 1 Systemwide Same Shop Sales % 2 Year Stack ¹ % 3 Year Stack ¹ Q1 (3.3)% (1.0)% Q2 0.1 % 2.0 % 2020 Q3 2.5 % 2.4 % Q4 6.8 % 5.7 % 8 FY 0.8 % 2.0 % Q1 9.5 % 6.2 % 6.7 % 5.7 % Q2 9.9 % 10.0 % 9.4 % 11.4% 2021 Q3 4.7% 7.2 % 7.3% 9.7 % Q4 11.5 % 18.3 % 10.1 % 15.8 % FY 9.0 % 9.8% 8.4 % 10.4 % Q1 2022 5.1 % 14.6% 11.3% 6.0 % 12.7 % 11.7% Q2 (4.3)% 5.6 % 5.7% (3.3)% 6.1 % 8.1 % 1 2-Year Stack is calculated as current quarter same shop sales growth plus prior year quarter same shop sales growth. 3-Year Stack is calculated as current quarter same shop sales growth plus the prior year quarter 2-Year Stack. Same shop sales data based on different store bases for each time period. This metric is different from our 2-year and 3-year comps, which maintains the same comparable shop base within the measured period.#9TYPICAL SHOP SALES SEASONALITY 97% SEASONALITY AND AUV Q1 108% Q2 101% Q3 94% Q4 9 1 2 ($M) TRAILING 12-MONTH AUV $1.7 $1.5 1 2020 $1.8 $1.9 2021 Company-operated $1.9 Systemwide $1.9 2022 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 June 30, 2022.#102022 COMPANY-OPERATED GROSS PROFIT BY AGE CLASS 20.4% SHOP MARGINS EVOLUTION OVER TIME $1.5 22.6% $1.9 Class of 2017 Class of 2018 & Prior 22.0% $1.9 Class of 2019 Net AUV ($M) 24.0% $2.1 Class of 2020 Gross Profit % 23.7% Class of 2021 Q1 & Q2 Openings ¹ 1 ¹ Includes all open shops, not limited only to the shops open for 15 complete months. $2.1 $2.0 8.4% Class of 2021 Q3 & Q4 1 Openings ¹ 10 GROSS MARGIN % PROGRESSION 40.0% 30.0% 20.0% 10.0% -% (10.0)% (20.0)% (30.0)% (40.0)% (50.0)% (60.0)% 1st Q Q1 2021 Q4 2021 2020-2022 Average Quarters After Opening 2nd Q 3rd Q Q2 2021 Q1 2022 Q3 2021 Q2 2022 4th Q#1132.0%² 2 Company-Operated Shops Contribution Q2 2021 to Q2 2022 Company-Operated Shop Contribution Bridge Q2 2021 Contribution Margin ¹ (3.9)% Cost Increases (6.8)% Higher Ingredient Costs (2.9)% Labor Cost Increases 2.8% Menu Price Increases (1.1)% Higher Shop Opex (0.4)% New Shop Impact (1.6)% Higher Pre-opening (1.2)% New Shop Startup Inefficiencies (0.7)% Other, Net 1 Contribution Margin is a non-GAAP measure, the definition and the GAAP to non-GAAP reconciliation are provided on slide 16. The company-operated gross margin was 28.6% for Q2 2021 and 19.4% for Q2 2022. Refer to NOTE 18-Segment Reporting on our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave. 11 24.6% Q2 2022 Contribution Margin ¹#12OUTLOOK FY 2022 Outlook Total System New Shop Openings Company-operated Shop Openings Revenue Same Shop Sales Growth Adjusted EBITDA Capital Expenditures 1 at least 130 at least 110 at least $715 million 12 approximately flat at least $90 million $175 million to $200 million Full Year 2022 Outlook is Derived From Recent Trends and Does Not Assume Material Changes to the Current Operating Environment, Inclusive of Any Potential Further COVID-19 Impacts 1 We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort. De am AC Duck RO CLO DSN 146#13APPENDIX#14($ in thousands; except per share data) Revenues: INCOME STATEMENT Company-operated stores Franchising and other Total revenues Costs and expenses: Cost of sales Selling, general and administrative Total costs and expenses Income from operations Other expense: Interest expense, net Other income (expense), net Total other expense Income (loss) before income taxes Income tax expense Net income (loss) Less: Net income attributable to Dutch Bros OpCo prior to the reorganization transactions Less: Net loss attributable to non-controlling interests Net loss attributable to Dutch Bros Inc. Net loss per share of class A and class D common stock: Basic Diluted 1 Weighted-average shares of class A and class D common stock outstanding: Basic Diluted $ GA SA SA GA LA CA $ Three Months Ended June 30, 2022 2021 1 160,512 $ 25,869 186,381 $ 141,370 42,342 183,712 2,669 (3,596) 61 (3,535) (866) $ 885 (1,751) $ (845) (906) $ (0.02) (0.02) 50,926 50,926 102,970 26,238 129,208 81,467 33,488 114,955 14,253 (1,838) (5) (1,843) 12,410 521 11,889 11,889 N/A N/A N/A N/A Refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies on our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual. 14#15INCOME STATEMENT - SEGMENTS ($ in thousands) Revenues: Company-operated shops Franchising and other Total revenues Cost of Sales: Company-operated shops 1 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 Selling, general and administrative Interest expense, net Other income (expense), net Income (loss) before income taxes GA $ Three Months Ended June 30, 2022 2021 1 160,512 25,869 186,381 $ 129,294 12,076 141,370 31,218 13,793 45,011 $ 8,307 1,520 712 10,539 (42,342) (3,596) 61 (866) $ 102,970 26,238 129,208 73,518 7,949 81,467 29,452 18,289 47,741 3,473 1,532 676 5,681 (33,488) (1,838) 12,410 Refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies and NOTE 18 - Segment Reporting on our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual. 15#16co Labor costs COMPANY-OPERATED SHOP RESULTS ($ in millions) Company-operated shop revenue 1 Beverage, food and packaging Occupancy and other costs Pre-opening costs Depreciation and amortization Company-operated shop gross profit Depreciation and amortization Company-operated shop contribution ² $ 2022 160.5 43.5 47.2 26.6 3.6 8.3 31.2 8.3 Three Months Ended June 30, 39.5 % 100.0 27.1 29.4 16.6 2.2 5.2 19.4 5.2 24.6 2021 1 103.0 25.5 29.0 13.6 1.8 3.5 29.5 3.5 32.9 % 100.0 24.8 28.2 13.2 1.8 3.4 28.6 3.4 32.0 Refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies and NOTE 18 - Segment Reporting on our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual. 2 Represents a non-GAAP measures, defined as company-operated shop gross profit plus depreciation, which the supplemental GAAP to non-GAAP reconciliation is provided in the table above. 16#17($ in millions; except Shop Count) Company-Operated Shop Count Total Shop Count Company-Operated Shop Revenue Total Revenue Company-operated Shop Gross Margin Company-operated Shop Depreciation & Amortization 1 SUMMARY QUARTERLY DATA 2 Company-Operated Shop Contribution ² Adjusted EBITDA Net Income (loss) 2 ($ in millions) Company-operated Shop Gross Margin Company-Operated Shop Contribution Adjusted EBITDA Net Income $ $ $ $ $ $ 2 Q1 $ $ $ 191 453 77.9 $ 98.8 $ 17.6 $ 3.3 $ 20.8 $ 18.7 $ (4.8) $ Q1 Q2 0.4 $ 0.4 $ 0.8 $ 0.8 $ 2021 1 207 471 103.0 $ 129.2 $ 29.5 $ 3.5 $ 32.9 $ 30.7 $ 11.9 $ Q2 Q3 The Company identified an immaterial error related to the accrual of employee sick leave and the application of ASC 710, Compensation - General, which resulted in corrections to prior period reported amounts within the summary quarterly data for the three months ended March 31, June 30, September 30, and December 31, 2021 with adjustments to impacted line items presented below. For additional details, refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies and NOTE 18-Segment Reporting on our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. 2021 ¹ 0.4 $ 0.4 $ 0.4 $ 0.4 $ 241 503 108.7 $ 129.8 $ 23.1 $ 4.3 $ 27.4 $ 21.0 $ (116.8) $ Q3 Q4 0.3 $ 0.3 $ 0.3 $ 0.3 $ 271 538 114.2 $ 140.1 $ 16.6 $ 5.3 $ 21.8 $ 13.8 $ (8.2) $ Q4 Represents company-operated shop gross profit plus depreciation, see Company-operated Shop Results on slide 16 for reconciliation to the most directly comparable financial measure stated in accordance with GAAP 17 Q1 0.4 0.4 0.5 0.5 2022 310 572 130.2 $ 152.2 $ 16.6 $ 7.1 $ 23.8 $ 9.7 $ (16.3) $ Q2 336 603 160.5 186.4 31.2 8.3 39.5 23.9 (1.8)#18NON-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 - As part of 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 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. 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. 18#19ADJUSTED EBITDA RECONCILIATION (in thousands) Net income (loss) Depreciation and amortization Interest expense, net Income tax expense (benefit) EBITDA Equity-based compensation Expenses associated with equity offering Donations associated with equity offering COVID-19: "thank you pay" and catastrophic leave COVID-19: prepaid costs not utilized Milestone events Adjusted EBITDA Adjusted EBITDA margin Q1 $ (4,822) 5,350 1,017 43 $ 1,588 14,649 76 2,371 2021 1 Q2 $11,889 5,681 1,838 521 $19,929 8,332 2,253 185 Q3 $(116,830) $ (8,168) 6,696 7,490 2,393 1,845 (1,280) (912) $(109,021) $ 255 124,780 9,955 3,332 862 1,392 473 2,400 321 Q4 $18,684 $30,699 $20,956 $13,793 18.9 % 23.8 % 16.1 % 9.8 % 2022 Q1 Q2 $(16,279) $(1,751) 2,489 9,182 10,539 3,596 (214) 885 $(4,822) $13,269 9,900 10,446 950 1,200 2,434 $ 9,662 6.4 % 224 $23,939 12.8 % 1 Refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies on our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual. 19#20CONTACT INFORMATION DUTCH ANNIHILATORT INVESTOR CONTACT Raphael Gross ICR [email protected] (203) 682-8253 Coffee MEDIA CONTACT Jessica Liddell ICR [email protected] (203) 682-8208 ONNIHILATOR UTC O#21"IT'S ABOUT FUN IT'S ABOUT PEOPLE AND IT'S ABOUT GREAT COFFEE. 77 - TRAV BOERSMA KINGST 1 EY 73 SEBELS R