#1GUARANT, TO SAT DUTCH BROS 44175 Supplemental Earnings Slides Q2 2023 7XPP788 TOASTED COLD BREW GODDES CCD BREY TATALA DUTCH BROS Coffee SOPLLY A 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 June 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#3"DUTCH BROS IS A FUN LOVING, MIND-BLOWING COMPANY MAKING A MASSIVE DIFFERENCE, ONE CUP AT A TIME." 3#4QUARTERLY FINANCIALS SHOPS REVENUE (UNITS) ($M) 603 151 25% 754 $250 336 137 $186 473 $63M 34% 41% $60M 267 $161 $221 281 38% Q2 2022 Q2 2023 $26 Q2 2022 $29 Q2 2023 Company-Operated Franchised Company-Operated Franchised NET INCOME AND ADJUSTED EBITDA 12 ($M) COMPANY-OPERATED SHOP CONTRIBUTION MARGIN (% OF COMPANY-OPERATED SHOP SALES) 24.6% Q2 2022 30.3% Q2 2023 1 See appendix for a reconciliation to the most directly comparable financial measure stated in accordance with GAAP 2 See slide 8 for breakdown of Company-operated Shop Contribution 4 $24 $25M 103% $(2) Q2 2022 12.8% $10 $49 Q2 2023 19.4% Net Income Adj. EBITDA Adj. EBITDA % 1#5SAME SHOP SALES Fiscal year ending December, Company-Operated Same Shop Sales Systemwide Same Shop Sales SAME SHOP SALES VS PRIOR YEAR 2021 2022 2023 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 9.5 % 9.9 % 4.7 % 11.5 % 9.0% 5.1 % (4.3)% 1.0 % (2.1)% 0.6% (3.5)% 1.6% 6.7 % 9.4 % 7.3 % 10.1 % 8.4 % 6.0 % (3.3)% 1.7 % (0.6)% 1.0% (2.0)% 3.8% 5#62023 COMPANY-OPERATED SHOP MARGIN (in millions, except shop count and percentages) Net company-operated shop AUV 1 Company-operated shop gross profit Company-Operated Shop Opening Periods Trailing Twelve Months Ended June 30, 2023 Company-Operated Shop Opening Periods For the Three Months Ended June 30, 2023 Total Company- Operated Shops 2018 and Prior² 2019 and After³ Total Company- Operated Shops 2018 and Prior² 2019 and After³ $1.88 $1.69 $2.03 N/A N/A N/A 20.8% 22.7% 25.1% 23.6% 25.9% 27.3% Company-operated shop depreciation & amortization 6.5% 3.1% 5.6% 6.7% 2.8% 5.3% Company-operated shop contribution Company-operated shops 27.3% 25.7% 30.7% 30.3% 28.7% 32.5% 473 104 172 473 104 1 AUVS are determined based on the net sales for any trailing twelve-month period for company-operated shops that have been open a minimum of 15 months. AUVS are calculated by dividing the net sales by the total number of systemwide and company-operated shops, respectively. 2 Includes all company-operated shops opened through December 31, 2018. 3 Includes all company-operated shops opened after December 31,2018 through December 31, 2021. 6 172#730% 20% 10% COMPANY-OPERATED SHOP MARGIN PROGRESSION Company-operated Shop Gross Profit (%) 18% ―% (10)% (20)% (30)% (30)% (40)% 1st Q 2nd Q 2020 2023 average 26% 23% Quarters after Opening 3rd Q 4th Q 7#8COMPANY-OPERATED SHOP RESULTS ($ 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 Three Months Ended June 30, 2023 2022 $ % $ % 221.0 100.0 $ 160.5 100.0 59.4 26.8 43.5 27.1 58.7 26.6 47.2 29.4 32.6 14.8 26.6 16.6 3.3 1.5 3.6 2.2 14.8 6.7 8.3 5.2 52.1 23.6 31.2 19.4 14.8 6.7 8.3 5.2 66.9 30.3 39.5 24.6 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. 8#91 Company-Operated Shops Contribution Q2 2022 to Q2 2023 Company-Operated Shops Contribution Bridge 0.7% 0.7% 3.2% 0.4% 1.8% 0.8% 24.6% (0.2)% Q2 2022 Contribution Margin 1 30.3% (1.7)% Ingredient Costs Shop Opex Labor Costs Menu Prices Discounts Pre-opening Costs Leverage (Deleverage) Other, Net Q2 2023 Contribution Margin 1 Contribution Margin is a non-GAAP measure, the definition and the GAAP to non-GAAP reconciliation are provided on slide 8. The company-operated gross margin was 19.4% for Q2 2022 and 23.6% for Q2 2023. 9#10OUTLOOK FY 2023 Outlook Total System New Shop Openings Company-operated Shop Openings Revenue Same Shop Sales Growth Adjusted EBITDA 1 Capital Expenditures at least 150 at least 130 lower end of the range of $950 million to $1 billion approximately low single digits between $135 million and $140 million $225 million to $250 million Full Year 2023 Outlook is Derived From Recent Trends and Does Not Assume Material Changes to the Current Operating Environment, Inclusive of Any Potential Further COVID-19 Impacts 1 We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because the various reconciling items are not available on a forward-looking basis. We are unable to determine the probable significance of reconciling items because certain items are outside of our control and vary significantly from period to period. Accordingly, reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort. 10 146 RO CLO#11SG&A LEVERAGE ($ in thousands) Total revenues Selling, general, and administrative As a percentage of total revenue Adjustments 2 Equity-based compensation 1 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 2022 2023 Q1 $ 152,156 Q2 $186,381 Q3 $ 198,648 Q4 $201,827 Q1 Q2 $ 197,267 $ 249,879 $ 45,214 29.7 % $ 42,342 22.7 % $ 45,378 22.8% $ 50,594 25.1 % $ 45,976 $ 51,662 23.3 % 20.7% (9,900) (10,446) (10,649) (1,200) (2,434) (10,662) (1,105) (9,170) (10,149) (691) (150) (225) (1,950) $ (13,534) $ (10,446) $ (10,649) $ (12,458) $ (9,320) $ (12,324) $ 31,680 $ 31,896 $ 34,729 $ 38,136 20.8 % 17.1 % 17.5 % 18.9 % $ 36,656 $ 39,338 18.6 % 15.7% (2.2)% (1.4)%#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 Total other expense INCOME (LOSS) BEFORE INCOME TAXES Income tax expense 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 S Three Months Ended June 30, 2023 2022 220,952 $ 28,927 160,512 25,869 249,879 $ 186,381 178,636 141,370 51,662 42,342 230,298 183,712 19,581 $ 2,669 (9,058) (3,596) 1,039 61 (8,019) (3,535) 11,562 $ (866) 1,851 885 9,711 $ (1,751) 6,959 (845) 2,752 $ (906) 0.05 $ (0.02) 0.05 $ (0.02) 56,734 50,926 57,428 50,926 13 EA 5959#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 June 30, 2023 220,952 2022 160,512 28,927 25,869 249,879 $ 186,381 168,873 129,294 9,763 12,076 178,636 141,370 52,079 31,218 19,164 13,793 71,243 $ 45,011 14,799 8,307 1,297 1,520 420 712 16,516 10,539 66,878 39,525 20,461 15,313 87,339 $ 54,838 (51,662) (42,342) (9,058) (3,596) 1,039 61 11,562 $ (866)#15SEASONALITY AND AUV TYPICAL SHOP SALES SEASONALITY TRAILING 12-MONTH AUV ($M) 108% 101% 97% 94% $1.9 $1.9 $1.9 $1.9 $1.9 $1.8 Q1 22 Q2 Q3 Q4 2021 2022 20232 Company-operated Systemwide 1 AUVS are determined based on the net sales for any trailing twelve-month period for systemwide and company-operated shops that have been open a minimum of 15 months. AUVS are calculated by dividing the net sales by the total number of systemwide and company-operated shops, respectively. 2 15 Trailing twelve months from June 30, 2023.#161 SUMMARY QUARTERLY DATA 2022 2023 ($ in millions; except Shop Count) Company-Operated Shop Count Total Shop Count Company-Operated Shop Revenue Total Revenue Q1 Q2 Q3 Q4 Q1 Q2 310 336 370 396 438 473 572 603 641 671 716 754 $ 130.2 $ 160.5 $ 173.5 $ 175.5 $ 173.2 $ 221.0 152.2 $ 186.4 $ 198.6 $ 201.8 $ 197.3 $ 249.9 Company-operated Shop Gross Margin 16.6 $ 31.2 $ 34.7 $ 38.8 $ 28.9 $ 52.1 Company-operated Shop Depreciation & Amortization Company-Operated Shop Contribution $ 7.1 $ 8.3 $ 9.6 $ 11.2 $ 13.0 $ 14.8 1 23.8 $ 39.5 $ 44.3 $ 50.0 $ 41.9 $ 66.9 Adjusted EBITDA 9.7 $ 23.9 $ 27.8 $ 29.8 $ 23.9 $ 48.6 Net Income (Loss) $ (16.3) $ (1.8) $ 1.6 $ (2.8) $ (9.4) $ 9.7 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 16#17Empty#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 2023 Q1 Q2 Q3 Q4 Q1 Q2 $(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) $ (4,822) $13,269 950 9,900 10,446 224 885 (3,371) 5,299 $15,044 $22,601 $15,854 10,649 9,170 227 2,580 1,851 $37,136 10,662 10,149 1,200 67 1,105 2,434 1,910 691 (5,376) 150 (1,294) 225 (861) 1,950 $ 9,662 6.4 % $23,939 12.8 % $27,830 14.0 % $29,750 14.7 % $23,880 12.1 % $48,599 19.4 %#19CONTACT INFORMATION INVESTOR CONTACT Raphael Gross ICR [email protected] (203) 682-8253 DUTCH BROS Coffee MEDIA CONTACT JUT ANNIHILATOR" Jessica Liddell ICR [email protected] (203) 682-8208 ANNIHILA LO#20"IT'S ABOUT FUN. IT'S ABOUT PEOPLE AND IT'S ABOUT GREAT COFFEE. 77 - TRAV BOERSMA KINGST JA 73 EBELS Wayers W