#1Supplemental Earnings Slides Q4 2021 7XRP788 GUARANT TO SAT DUTCH BROS TOASTED COLD BREW 44175 GOODIES CC DIBRE FALKLA SEVER MAFIA ONL DUTCH BROS Coffee R3GYLLY PLEAS CLO + will 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. 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#4FINANCIAL PROFILE (UNITS) COMPANY-OPERATED CAGR: +44.4% SYSTEMWIDE CAGR: +17.9% 328 90 238 2018 SHOPS 22.3% 2019 370 118 252 2019 Company-Operated 28.7% 441 2020 182 259 2020 Franchised 538 COMPANY-OPERATED SHOP CONTRIBUTION MARGIN 12 (% OF COMPANY-OPERATED SHOP SALES) 271 267 2021 25.1% 2021 ($M) $186 $88 $98 2018 ($M) $21 CAGR +38.8% $40 REVENUE 2018 21.5% $238 $152 $87 2019 Company-Operated Net Income NET INCOME AND ADJUSTED EBITDA ¹ $28 $49 2019 20.4% $327 Adj. EBITDA $245 $83 2020 Franchised $6 $70 2020 21.3% $498 $404 $94 2021 $(121) $82 2021 16.5% Adj. EBITDA % 1 2 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 4 *#5THREE DECADES OF CONSISTENT NEW SHOP GROWTH DUTCH BROS what We LOVE DUTCH BROS OPEN 24 HRS EXIT ONLY DUTCH BROS OPEN DRIVE THRU SYSTEMWIDE SHOP GROWTH OVER PREVIOUS DECADE 172 2011 AVG. 20 SHOP ADDS PER YEAR 193 2012 214 2013 234 2014 5 254 2015 276 2016 SYSTEMWIDE SHOP CAGR: +16.5% COMPANY-OPERATED SHOP CAGR: +64.5% AVG. 52 SHOP ADDS PER YEAR 292 2017 328 2018 370 441 2019 538 2020 2021 Note: 2011-2021 shop count is as of December 31 of each year#6Q4 2021 BUSINESS SNAPSHOT Total Revenue: $140.1M +55.8% YoY AFE DUTCHB Company-Operated Shop Gross Profit: $16.1M Company-Operated Shop Contribution ³: $21.4M Company-Operated Shop Sales: $114.2M +66.1% YoY (O BUCK GDS DUTCH BROS Coffee Net Loss: $(9.8) M Adjusted EBITDA ³: $13.3M 1 Units in comp set: 398 shops 2 Units in comp set: 304 shops 3 See reconciliation on page 16 Systemwide Same Shop Sales ¹: 10.1% SSS of 15.3% When Compared to 2019 ² DU#7Company-operated Shops Franchise Shops Total Shops 2021 RESULTS Company-operated Shop SSS Growth % Systemwide SSS Growth % Company-operated Shop Sales Total Revenue Company-operated Shop Contribution Total Adj. EBITDA ¹ 12 2021 Year Ended December 31, 271 267 538 9.0 % 8.4 % $403.7M $497.9M $101.5M 7 $82.1M 1 2 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 2020 182 259 441 0.8 % 2.0 % $244.5M $327.4M $70.1M $69.8M Year Ended December 31, 2021 vs. 2020 89 8 97 +820bps +640bps $159.2M $170.5M $31.4M $12.3M#8SAME SHOP SALES Fiscal year ending December, Company-Operated Same Shop Sales Growth % 2 Year Stack ¹ Systemwide Same Shop Sales Growth % 2 Year Stack SAME SHOP SALES VS PRIOR YEAR AND TWO-YEAR STACK 1 Q1 (3.3)% 3.7 % (1.0)% 2.9 % Q2 0.1% 5.1 % 2.0 % 5.7 % 2020 Q3 2.5 % 2.8% 2.4% 3.1 % Q4 6.8 % 4.0 % 5.7 % 4.7 % 8 FY 1 0.8 % 3.1 % 2.0 % 4.0 % Q1 9.5 % 6.2 % 6.7 % 5.7 % Q2 9.9 % 10.0 % 9.4 % 11.4 % 2021 Q3 4.7 % 7.2 % 7.3% 9.7 % Q4 11.5 % 18.3 % 10.1 % 15.8 % FY 9.0 % 9.8% 8.4 % 10.4 % 2-Year Stack calculated as current quarter same shop sales plus prior year quarter same shop sales. Same shop sales data based on different store bases for each time period. This metric is different from our 2-year comp, which maintains the same comparable shop base within the measured period.#9TYPICAL SHOP SALES SEASONALITY 97% SEASONALITY AND AUV Q1 108% Q2 101% Q3 94% Q4 9 ($M) $1.5 TRAILING 12-MONTH AUV $1.6 2019 $1.5 $1.7 2020 Company-operated $1.8 Systemwide $1.9 2021#102021 COMPANY-OPERATED GROSS PROFIT BY AGE CLASS 21.1% $1.9 SHOP MARGINS EVOLUTION OVER TIME Total 24.6% $1.5 Class of 2017 & Prior Net AUV ($M) 25.4% $1.8 25.1% $1.9 Class of 2018 Class of 2019 Gross Profit % 25.7% $2.1 Class of 2020 Total Gross Profit % $2.2 0,5% Class of 2021 10 40.0% 30.0% 20.0% 10.0% -% (10.0)% (20.0)% (30.0)% (40.0)% (50.0)% (60.0)% GROSS MARGIN % PROGRESSION (16.6)% 4 Q1 2021 1st Q Q2 2021 22.0% Quarters After Opening 2nd Q Q3 2021 22.4% 3rd Q Q4 2021 28.0% 4th Q 2020 2021 Average#11Q4 2020 to Q4 2021 LTM Q4 2021 Company-Operated Shop Contribution Bridge Company-Operated Shop Contribution Bridge 24.5% Q4 2020 Contribution Margin Company-Operated Shops Contribution 1 (5.8)% Impact of Discounts 2.1% COVID Costs (YoY) (1.9)% COGS (0.2)% Other 18.7% Q4 2021 Contribution Margin 1.5% Full Quarter of Price Increase 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 20.4% for Q4 2020 and 14.1% for Q4 2021. 11 28.7% (3.4)% 2020 Low Contribution, Discounts Margin 1.1% COVID Costs (YoY) (1.3)% COGS & Other 25.1% 2021 Contribution Margin 3.2% 0.8% Pre Opening COVID Costs 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 24.7% for 2020 and 21.1% for 2021.#12OUTLOOK Q1 2022 Outlook Total System New Shop Openings Same Shop Sales Growth FY 2022 Outlook Total System New Shop Openings Company-operated Shop Openings Revenue Same Shop Sales Growth Adjusted EBITDA ¹ Capital Expenditures at least 30 mid single digits at least 125 at least 105 $700 million to $715 million mid single digits $115 million to $120 million $175 million to $200 million Q1 2022 and Full Year 2022 Outlook is Derived From Recent Trends and Does Not Assume Materials Changes to the Current Operating Environment, Inclusive of Any Potential Further COVID-19 Impacts 1 We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort. 12 Mocha AC DundiCocoa ROS OLO OSN 146 Dunck Baos LATE AC Dch Coco WEDTEA Duchco#13APPENDIX#14INCOME STATEMENT ($ 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 income (expense): Interest expense, net Other expense, net Total other income (expense) Income (loss) before income taxes Income tax expense (benefit) Net income (loss) Less: Net loss attributable to Dutch Bros OpCo prior to the reorganization transactions Less: Net loss attributable to non-controlling interests Net income (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 $ SA LA GA GA Three Months Ended December 31, 2021 2020 114,198 $ 25,882 140,080 $ 106,244 41,440 147,684 (7,604) $ (1,845) (141) (1,986) (9,590) $ 209 (9,799) $ (6,929) (2,870) $ (0.06) (0.06) 45,874 45,874 14 68,747 $ 21,149 89,896 $ 64,228 30,590 94,818 (4,922) $ (1,086) 306 (780) (5,702) $ 505 (6,207) $ (6,207) SA N/A $ N/A $ N/A N/A Year Ended December 31, 2021 403,746 $ 94,130 497,876 $ 346,113 265,035 611,148 (113,272) $ (7,093) (1,240) (8,333) (121,605) $ (507) (121,098) $ (68,602) (38,461) (14,035) $ (0.31) (0.31) 45,864 45,864 2020 244,514 82,899 327,413 211,659 105,087 316,746 10,667 (3,736) (363) (4,099) 6,568 843 5,725 5,725 N/A N/A N/A N/A#15INCOME STATEMENT - SEGMENTS ($ in thousands; except per share data) 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 Selling, general and administrative Interest expense, net Other income (expense), net Income before income taxes LA SA SA Three Months Ended December 31, 2021 2020 114,198 25,882 140,080 $ 98,053 8,191 106,244 16,145 17,691 33,836 $ 5,253 1,535 702 7,490 (41,440) (1,845) (141) (9,590) $ 15 68,747 21,149 89,896 $ 54,754 9,474 64,228 13,993 11,675 25,668 $ 2,830 1,220 331 4,381 (30,590) (1,086) 306 (5,702) Year Ended December 31, 2021 403,746 94,130 497,876 $ 318,563 27,550 346,113 85,183 66,580 151,763 $ 16,291 6,263 2,663 25,217 (265,035) (7,093) (1,240) (121,605) $ 2020 244,514 82,899 327,413 184,146 27,513 211,659 60,368 55,386 115,754 9,737 4,349 1,451 15,537 (105,087) (3,736) (363) 6,568#16COMPANY-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 Three Months Ended December 31, 2021 114.2 30.7 34.9 21.1 6.2 5.3 16.1 5.3 21.4 % 100.0 26.8 30.5 18.5 5.4 4.6 14.1 4.6 18.7 $ 2020 16 68.7 15.8 20.4 12.1 3.6 2.8 14.0 2.8 16.8 % 100.0 $ 22.9 29.7 17.5 5.3 4.1 20.4 4.1 24.5) $ 2021 403.7 102.2 123.7 63.6 12.8 16.3 85.2 16.3 101.5 Year Ended December 31, % 100.0 25.3 30.6 15.7 3.2 4.0 21.1 4.0 25.1 $ FA 2020 244.5 54.8 71.7 38.6 9.3 9.7 60.4 9.7 70.1 1 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. % 100.0 22.4 29.3 15.8 3.8 4.0 24.7 4.0 28.7#17($ in millions; except Shop Count) SUMMARY QUARTERLY DATA Company-Operated Shop Count Total Shop Count Company-Operated Shop Revenue Total Revenue Company-Operated Shop Contribution¹ Adjusted EBITDA Net Income SA LA $ Q1 $ 93 $ 50.2 $ 335 30.3 $ 7.4 $ 13.5 $ 9.4 $ 1 Represents company-operated shop gross profit plus depreciation Q2 2019 102 348 39.5 $ 62.6 $ 10.9 $ 14.6 $ 10.1 $ Q3 110 358 42.0 $ 65.1 $ 10.0 $ 9.9 $ 4.7 $ Q4 118 370 39.7 $ 60.4 $ 5.6 $ 10.7 $ 4.2 $ 17 Q1 134 388 45.0 $ 66.2 $ 9.9 $ 13.2 $ 1.3 $ Q2 2020 146 401 64.0 $ 84.7 $ 21.5 $ 22.3 $ 4.0 $ Q3 157 415 66.7 $ 86.7 $ 21.9 $ 21.2 $ 6.7 $ Q4 182 441 68.7 $ 89.9 $ 16.8 $ 13.0 $ (6.2) $ Q1 191 453 77.9 $ 98.8 $ 20.5 $ 17.9 $ (5.6) $ Q2 2021 207 471 103.0 $ 129.2 $ 32.5 $ 30.3 $ Q3 241 503 108.7 $ 129.8 $ 27.1 $ 20.6 $ 11.4 $ (117.1) $ Q4 271 538 114.2 140.1 21.4 13.3 (9.8)#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 Pubco and/or Profit Interest Units in Dutch Bros Opco 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 offering - 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 posures 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: royalty abatement In April 2020, we permitted franchise partners to skip one month of royalty payments to support their cash flow needs. We discontinued this support one month later in May 2020. COVID-19: first responder donation - During 2020, we made specific donations to the First Responders First organization to support the acquisition and distribution of personal protective equipment for first responders. Dutch Rewards transition In 2019, we recorded a sales allowance under the new revenue recognition standard to establish the contract liability for our stamp card loyalty program. In 2020, we discontinued issuing new stamp cards under the stamp card loyalty program, which we recognized previously deferred revenue as a result of customers redeeming their stamp cards. In 2021, the stamp card loyalty program was suspended. Dutchwear merchandising adjustment - During 2020, we incurred a series of costs associated with the strategic decision to exit our internal merchandising business related to Dutch-branded goods such as mugs and cups. These costs include write-off and disposal of obsolete inventory and severance for staff dedicated to in-house support services related to our Dutchwear business. 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: royalty abatement COVID-19: first responder donation Dutch Rewards transition Dutchware merchandising adjustment Adjusted EBITDA Adjusted EBITDA margin¹ Q1 $ 9,424 2,139 561 554 $12,124 $13,074 |||| Q2 816 $10,123 2,375 576 1,338 |||| 212 2019 Q3 $ 4,663 2,381 577 $ 7,621 2,059 225 Q4 $ 4,176 2,775 632 89 $ 7,672 2,807 213 Q1 $ 1,298 3,248 707 $ 5,253 5,829 4 2,101 $13,494 $14,624 $ 9,905 $10,692 $13,187 26.9% (1.9)% (3.5)% (0.9)% 19.9 % Q2 $ 3,978 3,841 993 338 $ 9,150 7,728 2020 19 Q3 $ 6,656 4,067 950 218 Q4 $11,673 9,815 11,715 14,649 Q1 Q2 Q3 Q4 5,725 15,537 $ (6,207) $(5,606) $11,445 $(117,138) $(9,799) 4,381 5,349 7,490 1,086 1,017 1,845 3,736 505 43 209 843 (235) $ 803 (255) $ 25,841 9,955 35,087 5,682 1,838 521 $19,486 6,696 2,393 (1,280) $ (109,329) 124,780 3,020 1,400 2,000 (2,143) (1,250) (2,377) 1,183 739 2,241 $22,338 $21,195 $13,044 3.6 % 0.4 % (2.6)% 18.1 % 76 1,700 2,371 8,332 2,253 2021 185 3,332 1,392 473 $17,899 $30,256 $ 20,648 3.0 % (1.9)% 862 2,400 Year Ended December 31, 321 $13,283 $ 9.5 % 2020 2021 $ (121,098) 25,217 7,093 (507) (89,295) 157,716 4,942 1,400 2,000 (3,669) 4,163 69,764 $ 21.3 % 6,523 3,792 3,350 82,086 16.5 %#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