Dutch Bros Inc. Outlined Long-Term Growth Strategy at Inaugural Investor Day

Expanded Total Addressable Market to 7,000+ System Shops Nationwide

Set Goal of 2,029 System Shops in 2029

Reiterated Prior Long-Term Growth Algorithm; Issued New Long-Term Company-Operated Shop Contribution Margin Goal

Announced Appointment of Brian Cahoe as Chief Development Officer

Dutch Bros Inc. (NYSE:BROS, "Dutch Bros" or the "Company")), one of the fastest-growing brands in the U.S. quick service beverage industry, today hosted an Investor Day at its support center in Tempe, AZ. The event was also webcast live. During the presentation, the Dutch Bros management team provided updates on the business and its long-term growth goals.

"We are pleased to deliver quarter-to-date Q1 same shop sales above our expectations, supported by positive traffic and strong business momentum. This positive trend is a testament to the strength of our brand and the dedication of our team," said Christine Barone, Chief Executive Officer and President of Dutch Bros. "Last month, we proudly opened our 1,000th shop, and with a strong roadmap ahead, we are focused on our bold goal of reaching 2,029 shops in 2029. Led by field operations teams deeply rooted in our culture and hungry to grow, and supported by a leadership team with complementary skills and firsthand knowledge of scale, we are well positioned to deliver sustainable, long-term value while staying true to our mission of making a massive difference, one cup at a time."

First Quarter 2025 Update and Guidance

• System shop openings totaled 27 shops through March 24th, with up to 3 additional shops expected to open through the end of the quarter.

• System same shop sales¹ increased 4.6% through March 24th, relative to the comparable period in 2024.

• Adjusted selling, general and administrative expenses² ("Adjusted SG&A") are expected to be approximately $56 million.

Reiterated Prior Long-Term Growth Algorithm

The Company reiterated its long-term revenue growth and Adjusted EBITDA growth algorithm and added a long-term company-operated shop contribution margin goal:

• Annual Revenue Growth of ~20% supported by annual new shop growth in the mid-teens and low-single digit same shop sales growth.

• Annual Adjusted EBITDA Growth of 20%+, in excess of the Company's annual revenue growth rate goal, driven by continued progress in Adjusted SG&A leverage.

• Company-Operated Shop Contribution Margin to approach goal of ~30% while maintaining this level to support long-term shop-level investments.

Total Addressable Market Update

The Company updated its total addressable market and set a new development goal:

• Total Addressable Market elevated for system shop openings to 7,000+.

• Goal of 2,029 system shops in 2029.

Executive Team Hiring Update

In Q1, Dutch Bros further strengthened its leadership team with the appointment of Brian Cahoe as Chief Development Officer. In this role, Cahoe is responsible for overseeing the Company's new shop growth and development strategy. He brings nearly 25 years of experience in the quick service restaurant industry, most recently serving as Chief Development Officer for KFC U.S. at Yum! Brands (NYSE:YUM).

Entry Into Consumer Packaged Goods Market

In a separate press release issued today, the Company announced its plans to enter the consumer packaged goods market. In partnership with Trilliant Food & Nutrition, LLC, Dutch Bros plans to launch a line of packaged coffee and related products to be sold in retail outlets.

About Dutch Bros Inc.

Dutch Bros Inc. (NYSE:BROS) is a high growth operator and franchisor of drive-thru shops that focus on serving high QUALITY, hand-crafted beverages with unparalleled SPEED and superior SERVICE. Founded in 1992 by brothers Dane and Travis Boersma, Dutch Bros began with a double-head espresso machine and a pushcart in Grants Pass, Oregon. While espresso-based beverages are still at the core of what we do, Dutch Bros now offers a wide variety of unique, customizable cold and hot beverages that delight a broad array of customers. We believe Dutch Bros is more than just the products we serve—we are dedicated to making a massive difference in the lives of our employees, customers and communities. This combination of hand-crafted and high-quality beverages, our unique drive-thru experience and our community-driven, people-first culture has allowed us to successfully open new shops and continue to share the "Dutch Luv" at 982 locations across 18 states as of December 31, 2024.

To learn more about Dutch Bros, visit www.dutchbros.com, follow Dutch Bros Coffee on Instagram, Facebook, X, and TikTok, and download the Dutch Bros app to earn points and score rewards!

Dutch Bros, our Windmill logo, Dutch Bros 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 press release are the property of their respective owners. Solely for convenience, the trademarks and trade names in this press release may be referred to without the ® and ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.

Forward-Looking Statements

In addition to historical information, this release contains a number of "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, Dutch Bros' projected total addressable market, the success of Dutch Bros' executive transition strategies, estimated capital expenditures, benefits from Dutch Bros' anticipated entry into the consumer packaged goods market, Dutch Bros' possible or assumed future results of operations, including guidance for the first quarter of 2025, business strategies, growth goals, including with regard to new shop openings, annual revenue, adjusted EBITDA, and company-operated shop contribution margin, and potential growth opportunities. These statements are based on Dutch Bros' current expectations and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words "anticipates", "estimates," "project," "expects," "should," "guidance," "goal," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. 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 increased customer use of Dutch Bros' mobile order capabilities and the Dutch Rewards loyalty program, general economic conditions, commodity inflation, increased labor costs, disruptions in our supply chain, ability to hire and retain employees, the availability of suitable new shop sites and our ability to negotiate acceptable agreements regarding the new shop sites, 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, 2024 filed with the SEC on February 13, 2025, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250327574810/en/

For Investor Relations inquiries:

Jeff Priester

ICR

(332) 242-4370

investors@dutchbros.com



For Media Relations inquiries:

Jessica Liddell

ICR

(203) 682-8208

jessica.liddell@icrinc.com