#1Supplemental Earnings Slides Q4 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 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the SEC on November 10, 2022 and in our future reports to be filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022. 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, 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 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#4QUARTERLY FINANCIALS 1 2 3 (UNITS) 538 271 267 Q4 2021 SHOPS Company-Operated 133 25% 125 46% 19.1% Q4 2021 Franchised (% OF COMPANY-OPERATED SHOP SALES) 671 396 Q4 2022 COMPANY-OPERATED SHOP CONTRIBUTION MARGIN 123 275 28.5% Q4 2022 ($M) ($M) $140 $114 $26 Q4 2021 $(8) REVENUE Company-Operated $14 Q4 2021 9.8% Net Income $62M 44% $61M 54% NET INCOME AND ADJUSTED EBITDA $16M 116% Adj. EBITDA $202 $176 $26 Q4 2022 Franchised $(3) $30 Q4 2022 14.7% Adj. EBITDA % 13 See appendix for a reconciliation to the most directly comparable financial measure stated in accordance with GAAP See appendix for breakdown of Company-operated Shop Contribution Refer to "Company-Operated Shop Results" and "Consolidated Statements of Operations" sections on our Earnings Release filed on Form 8-K, dated February 22, 2023 for the three months ended December 31, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave. 4#5ANNUAL FINANCIALS 1 2 3 4 (UNITS) 538 271 267 2021 133 25% 125 46% 25.5% SHOPS 2021 671 396 275 Company-Operated 2022 150 22% Franchised (% OF COMPANY-OPERATED SHOP SALES) COMPANY-OPERATED SHOP CONTRIBUTION MARGIN 123 At least 130 Company- operated Outlook 24.6% 2022 ($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 % 134 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 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. 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. 5#6SAME 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)% Q2 0.1 % (1.0)% 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 % 1 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 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% 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.#7(in milliions, except shop count and percentages) 2022 COMPANY-OPERATED SHOP MARGIN Net company-operated shop AUV¹ Company-operated shop gross profit Company-operated shop depreciation & amortization Company-operated shop contribution 1 Company-operated shops 2 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 $2.05 7 23.9% 5.5% 29.4% 172 2 Total Company- Operated Shops N/A 22.1% 6.4% For the Three Months Ended December 31, 2022 28.5% 396 Company-Operated Shop Opening Periods 2018 and Prior N/A 24.0% 3.5% 27.5% 104 AUVS are determined based on the net sales for any trailing twelve-month period for company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the net sales by the total number of systemwide and company-operated shops, respectively. Includes all company-operated shops opened through December 31, 2021. 2019 and After N/A 26.2% 5.7% 31.9% 172 2#830% 20% 10% -% (10)% (20)% (30)% (40)% COMPANY-OPERATED SHOP MARGIN PROGRESSION (31)% 1st Q Company-operated Shop Gross Profit (%) 20% 2nd Q Quarters after Opening 2020 - 2022 average 8 24% 3rd Q 26% 4th Q#9($ in millions) Company-operated shop revenue COMPANY-OPERATED SHOP RESULTS Beverage, food and packaging Labor costs 1 Occupancy and other costs Pre-opening costs Depreciation and amortization Company-operated shop gross profit Depreciation and amortization Company-operated shop contribution ² LA Three Months Ended December 31, 2022 175.5 45.6 44.9 31.2 3.8 11.2 38.8 11.2 50.0 % 100.0 9 26.0 25.5 17.8 2.2 6.4 22.1 6.4 28.5 $ 2021 1 114.2 30.7 34.5 21.1 6.2 5.3 16.6 5.3 21.8 % 100.0 $ 26.8 30.2 18.5 5.4 4.6 14.5 4.6 19.1 $ 2022 639.7 171.9 182.9 109.4 18.0 36.3 121.3 36.3 Year Ended December 31, 157.6 % 100.0 $ 26.9 28.6 17.1 2.8 5.6 19.0 5.6 24.6 $ $ 2021 403.7 102.2 122.2 63.6 12.8 16.3 86.7 16.3 103.0 % 100.0 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, which the supplemental GAAP to non-GAAP reconciliation is provided in the table above. 25.3 30.3 15.7 3.2 4.0 21.5 4.0 25.5#102021 Contribution Margin ¹ 1 2 3 25.5% 4 COMPANY-OPERATED SHOPS CONTRIBUTION (3.8)% Ingredient Costs (0.9)% Cost Increases (5.8)% Shop Opex 2021 to 2022 Company-Operated Shops Contribution Bridge (0.7)% Labor Costs (0.4)% Maintenance Costs 4.3% Menu Prices 0.4% Discounts 0.4% 10 Pre-opening Costs (0.8)% New Shop Impact 0.5% Loyalty Points Breakage 2021 ³ 0.2% Loyalty Points and Rewards Breakage 2022 4 (0.1)% Other, Net Contribution Margin is a non-GAAP measure, the definition and the GAAP to non-GAAP reconciliation are provided on slide 9. The company-operated gross margin was 21.5% for 2021 and 19.0% for 2022. Refer to NOTE 20-Segment Reporting on our Annual Report on Form 10-K for the year ended December 31, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave. Recognition of $4.9 million of revenue from the loyalty points collected prior to January 1, 2022 that expired on December 31, 2022, which is included in company-operated shop gross margin and contribution. Recognition of $2.5 million of revenue from the estimated unredeemed loyalty points and rewards from purchases made in 2022. 24.6% 2022 Contribution Margin ¹#11OUTLOOK 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 at least 130 $950 million to $1 billion approximately low single digits at least $125 million $225 million to $250 million Full Year 2023 Outlook is Derived From Recent Trends and Does Not Assume Material Changes to the Current Operating Environment, Inclusive of Any Potential Further COVID-19 Impacts 1 We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because the various reconciling items are not available on a forward-looking basis. We are unable to determine the probable significance of reconciling items because certain items are outside of our control and vary significantly from period to period. Accordingly, reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort. 11 De am AC Duck RO CLO DSN 146#12($ in thousands) Total revenues Selling, general, and administrative As a percentage of total revenue Adjustments SG&A LEVERAGE 1 3 2 2 Adjusted selling, general, and administrative As a percentage of total revenue Compared to the prior year 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 $ $ Q1 98,785 35,986 $ 36.4 % (14,650) (76) 2021 Q2 Q3 Q4 $ 129,208 $ 129,803 $ 140,080 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) Q1 $ 152,156 $ $ (14,726) $ (10,585) $ (129,503) $ (13,217) 21,260 $ 22,903 $ 24,197 $ 21.5 % 17.7% 18.6 % 12 (9,900) Q2 $ 186,381 45,214 $ 42,342 29.7 % 22.7% (1,200) (2,434) 2022 (10,446) Q4 Q3 $ 198,648 $ 201,827 $ 45,378 $ 22.8 % (10,649) 50,594 $ 25.1 % (10,662) (691) $ (13,534) $ (10,446) $ (10,649) $ (12,458) 28,138 $ 31,680 $ 31,896 $ 34,729 $ 38,136 20.1 % 17.1% 17.5 % 20.8 % 18.9 % (0.7)% (0.6)% (1.1)% (1.2)% (1,105) Refer to on our Quarterly Report on Form 10-Q for the quarter ended December 31, 2022 regarding our revised historical results related to an immaterial error correction for employee sick leave accrual. Selling, general, and administrative includes depreciation and amortization. 3 See appendix for explanations of each non-GAAP adjustment. $ $ 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)%#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 (LOSS) FROM OPERATIONS OTHER EXPENSE Interest expense, net Other income (expense) Total other expense INCOME (LOSS) BEFORE INCOME TAXES Income tax expense (benefit) NET LOSS Less: Net loss 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 Weighted-average shares of class A and class D common stock outstanding: Basic Diluted 1 LA LA Three Months Ended December 31, 2022 2021 1 175,510 $ 26,317 201,827 $ 147,467 50,594 198,061 3,766 $ (6,922) 5,638 (1,284) 2,482 $ 5,299 (2,817) $ (2,154) (663) $ (0.01) $ (0.01) $ 55,286 55,286 114,198 $ 25,882 140,080 $ 105,819 41,355 147,174 (7,094) $ (1,845) (141) (1,986) (9,080) $ (912) (8,168) $ (6,566) (1,602) $ (0.03) $ (0.03) $ 45,874 45,874 Year Ended December 31, 2022 2021 1 639,710 $ 99,302 739,012 $ 558,096 183,528 741,624 (2,612) $ (18,018) 3,976 (14,042) (16,654) $ 2,599 (19,253) $ (14,500) (4,753) $ (0.09) $ (0.09) $ 51,871 51,871 403,746 94,130 497,876 344,573 264,529 609,102 (111,226) (7,093) (1,240) (8,333) (119,559) (1,628) (117,931) (67,374) (37,878) (12,679) (0.28) (0.28) 45,864 45,864 Refer to NOTE 2 - Basis of Presentation and Summary of Significant Accounting Policies on our Annual Report on Form 10-K and the consolidated 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. 14#15INCOME 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 Three Months Ended December 31, 2022 2021 1 175,510 26,317 201,827 $ 136,760 10,707 147,467 38,750 15,610 54,360 $ 11,235 1,366 596 13,197 49,985 16,976 66,961 $ (50,594) (6,922) 5,638 2,482 $ 114,198 25,882 140,080 $ 97,638 8,181 105,819 16,560 17,701 34,261 5,253 1,535 702 7,490 $ 21,813 19,236 41,049 $ (41,355) (1,845) (141) (9,080) $ Year Ended December 31, 2022 2021 1 639,710 99,302 739,012 $ 518,383 39,713 558,096 121,327 59,589 180,916 $ 36,306 5,706 2,716 44,728 157,633 65,295 222,928 $ (183,528) (18,018) 3,976 (16,654) $ 403,746 94,130 497,876 317,045 27,528 344,573 86,701 66,602 153,303 16,291 6,263 2,663 25,217 102,992 72,865 175,857 (264,529) (7,093) (1,240) (119,559) 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 segment financials 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. 15#16TYPICAL SHOP SALES SEASONALITY 97% SEASONALITY AND AUV Q1 108% Q2 101% Q3 94% Q4 16 1 2 ($M) TRAILING 12-MONTH AUV $1.7 $1.5 1 2020 $1.8 $1.9 2021 Company-operated $1.9 Systemwide $1.9 2022 2 AUVS are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months. AUVs are calculated by dividing the net sales by the total number of systemwide and company-operated shops, respectively. Trailing twelve months from December 31, 2022.#17SUMMARY QUARTERLY DATA ($ 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 2 Company-Operated Shop Contribution ² Adjusted EBITDA Net Income (Loss) 2 ($ in millions) Company-operated Shop Gross Margin Company-Operated Shop Contribution ² $ $ $ $ $ Adjusted EBITDA Net Income Q1 191 453 77.9 $ 98.8 $ 17.6 $ 3.3 $ 20.8 $ 18.7 $ (4.8) $ Q2 $ $ $ $ 2021 1 207 471 103.0 $ 129.2 $ 29.5 $ 3.5 $ 32.9 $ 30.7 $ 11.9 $ Q1 Q3 0.4 $ 0.4 $ 0.8 $ 0.8 $ 241 503 108.7 $ 129.8 $ 23.1 $ 4.3 $ 27.4 $ 21.0 $ (116.8) $ Q2 2021 1 Q4 0.4 $ 0.4 $ 0.4 $ 0.4 $ 271 538 114.2 $ 140.1 $ 16.6 $ 5.3 $ 21.8 $ 13.8 $ (8.2) $ 1 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 20 Segment Reporting on our Annual Report on Form 10-K and consolidated statements of operations and segment financials sections on our fourth quarter 2022 earnings press release for the three months and year ended December 31, 2022. Q3 Q1 0.3 $ 0.3 $ 0.3 $ 0.3 $ 310 572 130.2 $ 152.2 $ 16.6 $ 7.1 $ 23.8 $ 9.7 $ (16.3) $ Q4 0.4 0.4 0.5 0.5 Q2 Represents company-operated shop gross profit plus depreciation, see Company-operated Shop Results on slide 17 for reconciliation to the most directly comparable financial measure stated in accordance with GAAP 17 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)#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 - 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. . 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 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 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 Q2 $(4,822) $11,889 5,350 1,017 43 5,681 1,838 521 $ 1,588 14,650 76 2021 ¹ 2,371 $ 19,929 8,332 2,253 185 Q3 $(116,830) $ (8,168) 6,696 7,490 2,393 1,845 2,489 (912) (214) 255 $(4,822) $13,269 (1,280) $(109,021) $ 124,779 3,332 1,392 9,900 10,446 473 Q4 $ 18,685 $ 30,699 $ 20,955 18.9 % 23.8 % 16.1% 9,955 862 2,400 321 Q1 $ 13,793 9.8 % Q2 950 1,200 2,434 2022 Q3 224 227 Q4 25,217 44,728 18,018 $(16,279) $ (1,751) $ 1,594 $(2,817) $ (117,931) $ (19,253) 9,182 10,539 11,810 13,197 3,596 5,011 6,922 (3,371) 5,299 $ 15,044 $22,601 $ (87,249) $ 10,649 10,662 7,093 (1,628) 885 2,599 46,092 41,657 1,910 $ 9,662 $ 23,939 $ 27,830 6.4 % 12.8 % 14.0 % 67 1,105 Year Ended December 31, 2021 14.7% 157,716 6,523 3,792 3,350 691 (5,376) $29,750 $ 84,132 $ 16.9 % 2022 1,468 2,305 2,434 691 (3,466) 91,181 12.3 % 1 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. 19#20CONTACT 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#21"IT'S ABOUT FUN IT'S ABOUT PEOPLE AND IT'S ABOUT GREAT COFFEE. 77 - TRAV BOERSMA KINGST 1 EY 73 SEBELS R