Exhibit 99.1 Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results Achieves 35% Year-Over-Year Revenue Growth in the Fourth Quarter Delivers 6.9% system and 9.5% company-operated Same Shop Sales Growth in the Fourth Quarter Provides Initial 2025 Guidance GRANTS PASS, Ore. - February 12, 2025 - Dutch Bros Inc. (NYSE: BROS; “Dutch Bros” or the “Company”), one of the fastest-growing brands in the quick service beverage industry in the United States by location count, today reported financial results for the fourth quarter and year ended December 31, 2024. Christine Barone, Chief Executive Officer and President of Dutch Bros, stated, “We delivered exceptional performance in the fourth quarter as we ended 2024 on a high note. In the quarter, we drove an impressive 35% revenue growth and system same shop sales growth of 6.9%. We believe our brand is resonating with customers, as we delivered 2.3% system same shop transaction growth, the largest year-over-year increase in over two years.” Barone continued, “Our efforts to develop our foundational transaction drivers - innovation, paid media, and our Dutch Rewards loyalty program - are working. We believe these efforts are contributing to current momentum and that there is considerable runway for further growth. Additionally, we see a clear path forward with multi-year transaction driving initiatives that layer on top of this foundation with opportunity to unlock throughput and ramp mobile order in 2025. In 2026 and beyond, we are excited about opportunities with expanding our food offerings.” Fourth Quarter 2024 Highlights • Opened 32 new shops, 25 of which were company-operated, across 11 states. • Total revenues grew 34.9% to $342.8 million as compared to $254.1 million in the same period of 2023. • System same shop sales 1 and transactions increased 6.9% and 2.3%, respectively, relative to the same period in 2023. Company-operated same shop sales 1 and transactions increased 9.5% and 5.2%, respectively, relative to the same period of 2023. • Company-operated shop revenues increased 38.2% to $314.2 million, as compared to $227.4 million in the same period of 2023. • Company-operated shop gross profit was $67.3 million as compared to $42.3 million in the same period of 2023. In the fourth quarter of 2024, company-operated shop gross margin, which includes 110 bps of pre-opening costs, was 21.4%, a year-over-year increase of 280 bps. • Company-operated shop contribution 2 , a non-GAAP financial measure, grew 50.8% to $90.9 million as compared to $60.2 million in the same period of 2023. In the fourth quarter of 2024, company-operated shop contribution margin, which includes 110 bps of pre-opening costs, was 28.9%, a year-over-year increase of 240 bps. Dutch Bros Inc. | Earnings Release | 1 • Selling, general, and administrative expenses were $72.2 million (21.1% of revenue) as compared to $56.9 million (22.4% of revenue) in the same period of 2023. • Adjusted selling, general, and administrative expenses 2 , a non-GAAP financial measure, were $64.4 million (18.8% of revenue) as compared to $43.8 million (17.2% of revenue) in the same period of 2023. • Net income was $6.4 million as compared to a net loss of $3.8 million in the same period of 2023. • Adjusted EBITDA 2 , a non-GAAP financial measure, grew 41.2% to $48.8 million as compared to $34.6 million in the same period of 2023. • Adjusted net income 2 , a non-GAAP financial measure, was $12.5 million as compared to $7.4 million in the same period of 2023. • Net income (loss) per share of Class A and Class D common stock - diluted was $0.03 as compared to $(0.02) per share in the same period of 2023. • Adjusted net income per fully exchanged share of diluted common stock 2 , a non-GAAP financial measure, was $0.07 as compared to $0.04 in the same period of 2023. Full Year 2024 Highlights: • Opened 151 new shops, 128 of which were company-operated, across 18 states. • Total revenues grew 32.6% to $1.28 billion as compared to $965.8 million in 2023. • System same shop sales 1 increased 5.3% and transactions decreased 0.1% compared to 2023. Company-operated same shop sales and transactions increased 6.8% and 1.5%, respectively, compared to 2023. • Company-operated shop revenues increased 35.9% to $1.17 billion, as compared to $857.9 million in 2023. • Company-operated shop gross profit was $260.0 million as compared to $180.2 million in 2023. In 2024, company-operated shop gross margin, which includes 130 bps of pre-opening costs, improved to 22.3%, a year-over-year increase of 130 bps. • Company-operated shop contribution 2 , a non-GAAP financial measure, grew 43.1% to $346.8 million as compared to $242.3 million in 2023. In 2024, company-operated shop contribution margin, which includes 130 bps of pre-opening costs, improved to 29.7%, a year-over-year increase of 150 bps. • Selling, general, and administrative expenses were $234.0 million (18.3% of revenue) as compared to $205.1 million (21.2% of revenue) in 2023. • Adjusted selling, general, and administrative expenses 2 , a non-GAAP financial measure, were $202.7 million (15.8% of revenue) as compared to $159.1 million 4 (16.5% of revenue) in 2023. • Net income was $66.5 million as compared to $10.0 million in 2023. • Adjusted EBITDA 2 , a non-GAAP financial measure, increased 43.9% to $230.3 million as compared to $160.1 million in 2023. • Adjusted net income 2 , a non-GAAP financial measure, was $87.8 million as compared to $50.2 million in 2023. • Net income per share of Class A and Class D common stock - diluted was $0.34 as compared to $0.03 in 2023. • Adjusted net income per fully exchanged share of common stock 2 , a non-GAAP financial measure, was $0.49 as compared to $0.30 in 2023. Dutch Bros Inc. | Earnings Release | 2 Initial 2025 Guidance • Total revenues are estimated to be between $1.555 billion and $1.575 billion. • Total system shop openings in 2025 are estimated to be at least 160. Capital expenditures are estimated to be between $240 million to $260 million. • Same shop sales 1 growth for 2025 is estimated to be in the range of 2% to 4%. • Adjusted EBITDA 3 is estimated to be between $265 million and $275 million, which assumes the impact of elevated coffee costs, partially offset by approximately 80 basis points of Adjusted SG&A leverage year-over-year. _________________ 1 Same shop sales is defined in the section “Select Financial Metrics”. 2 Reconciliation of U.S. GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”. 3 We have not reconciled guidance for Adjusted EBITDA or Adjusted SG&A to the corresponding U.S. 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, reconciliation to the corresponding U.S. GAAP financial measure is not available without unreasonable effort. Conference Call and Webcast Today Christine Barone, Chief Executive Officer and President, and Josh Guenser, Chief Financial Officer, will host a conference call and webcast today at 5:00 p.m. Eastern Time (ET) to discuss financial results for the fourth quarter and year ended December 31, 2024. Event : Fourth Quarter 2024 Conference Call and Webcast Date : Wednesday, February 12, 2025 Time : 5:00 p.m. ET Dial In : 1-201-493-6779 Webcast : https://investors.dutchbros.com under “Events & Presentations”. The webcast will be archived shortly after the conference call has concluded. We will also publish earnings presentation slides related to these financial results on our website https://investors.dutchbros.com under “Events & Presentations”. Dutch Bros Inc. | Earnings Release | 3 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 Earnings Release are the property of their respective owners. Solely for convenience, the trademarks and trade names in this Earnings 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, the success of Dutch Bros’ mobile order capabilities and expansion of such capabilities, continued transaction volume growth from the Dutch Rewards loyalty program, Dutch Bros’ ability to successfully expand its food offerings, estimated capital expenditures, Dutch Bros’ possible or assumed future results of operations, including guidance for 2025, new shop openings, business strategies, 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 “estimates,” “project,” “expects,” “should,” “guidance,” 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the SEC on November 7, 2024, 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, 2024. 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. Dutch Bros Inc. | Earnings Release | 4 DUTCH BROS INC. Condensed Consolidated Statements of Operations Three Months Ended December 31, Year Ended December 31, (in thousands, except per share amounts; unaudited) 2024 2023 2024 2023 Revenues Company-operated shops $ 314,182 $ 227,351 $ 1,165,830 $ 857,939 Franchising and other 28,604 26,772 115,185 107,837 Total revenues 342,786 254,123 1,281,015 965,776 Costs and Expenses Cost of sales 254,838 194,998 940,886 714,480 Selling, general and administrative 72,170 56,946 234,036 205,074 Total costs and expenses 327,008 251,944 1,174,922 919,554 Income from operations 15,778 2,179 106,093 46,222 Other expense Interest expense, net (6,761) (6,052) (27,020) (32,321) Other income (expense), net (1,545) 812 5,812 3,018 Total other expense (8,306) (5,240) (21,208) (29,303) Income (loss) before income taxes 7,472 (3,061) 84,885 16,919 Income tax expense 1,105 708 18,435 6,967 Net income (loss) $ 6,367 $ (3,769) $ 66,450 $ 9,952 Less: Net income (loss) attributable to non-controlling interests 2,755 (2,367) 31,192 8,234 Net income (loss) attributable to Dutch Bros Inc. $ 3,612 $ (1,402) $ 35,258 $ 1,718 Net income (loss) per share of Class A and Class D common stock: Basic $ 0.03 $ (0.02) $ 0.34 $ 0.03 Diluted $ 0.03 $ (0.02) $ 0.34 $ 0.03 Weighted-average shares of Class A and Class D common stock outstanding: Basic 114,668 75,356 103,504 62,074 Diluted 115,248 75,356 104,129 62,074 Dutch Bros Inc. | Earnings Release | 5 DUTCH BROS INC. Segment Financials Three Months Ended December 31, Year Ended December 31, (in thousands; unaudited) 2024 2023 2024 2023 Revenues Company-operated shops $ 314,182 $ 227,351 $ 1,165,830 $ 857,939 Franchising and other 28,604 26,772 115,185 107,837 Total revenues 342,786 254,123 1,281,015 965,776 Cost of sales Company-operated shops Beverage, food & packaging 79,829 60,431 296,752 230,133 Labor costs 84,998 61,700 315,805 230,505 Occupancy & other costs 54,906 41,568 191,372 140,895 Pre-opening costs 3,581 3,404 15,133 14,083 Franchising and other 6,396 8,570 30,100 31,378 Segment cost of sales 1 229,710 175,673 849,162 646,994 Segment contribution Company-operated shops 90,868 60,248 346,768 242,323 Franchising and other 22,208 18,202 85,085 76,459 Total segment contribution $ 113,076 $ 78,450 $ 431,853 $ 318,782 Segment depreciation and amortization (25,128) (19,325) (91,724) (67,486) Selling, general and administrative (72,170) (56,946) (234,036) (205,074) Interest expense, net (6,761) (6,052) (27,020) (32,321) Other income (expense), net (1,545) 812 5,812 3,018 Income (loss) before income taxes $ 7,472 $ (3,061) $ 84,885 $ 16,919 __________________ 1 Segment cost of sales for this presentation excludes impact of depreciation and amortization. Dutch Bros Inc. | Earnings Release | 6 DUTCH BROS INC. Company-Operated Shop Results Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands; unaudited) $ % $ % $ % $ % Company-operated shops revenue 314,182 100.0 227,351 100.0 1,165,830 100.0 857,939 100.0 Beverage, food and packaging costs 79,829 25.4 60,431 26.6 296,752 25.5 230,133 26.9 Labor costs 84,998 27.1 61,700 27.1 315,805 27.1 230,505 26.9 Occupancy and other costs 54,906 17.5 41,568 18.3 191,372 16.4 140,895 16.4 Pre-opening costs 3,581 1.1 3,404 1.5 15,133 1.3 14,083 1.6 Depreciation and amortization 23,607 7.5 17,956 7.9 86,809 7.4 62,088 7.2 Company-operated shop costs and expenses 246,921 78.6 185,059 81.4 905,871 77.7 677,704 79.0 Company-operated shop gross profit 67,261 21.4 42,292 18.6 259,959 22.3 180,235 21.0 Company-operated shop contribution 1 90,868 28.9 60,248 26.5 346,768 29.7 242,323 28.2 _________________ 1 Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”. DUTCH BROS INC. Summary Cash Flows Data Year Ended December 31, (in thousands; unaudited) 2024 2023 Net cash provided by operating activities $ 246,432 $ 139,915 Net cash used in investing activities (212,072) (227,280) Net cash provided by financing activities 125,449 200,732 Net increase in cash and cash equivalents $ 159,809 $ 113,367 Cash and cash equivalents at beginning of period 133,545 20,178 Cash and cash equivalents at end of period $ 293,354 $ 133,545 Dutch Bros Inc. | Earnings Release | 7 DUTCH BROS INC. Condensed Consolidated Balance Sheets (in thousands; unaudited) December 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 293,354 $ 133,545 Accounts receivable, net 10,598 9,124 Inventories, net 36,488 46,953 Prepaid expenses and other current assets 17,501 15,637 Total current assets 357,941 205,259 Property and equipment, net 683,971 542,440 Finance lease right-of-use assets, net 374,623 382,734 Operating lease right-of-use assets, net 315,256 199,673 Intangibles, net 2,947 5,415 Goodwill 21,629 21,629 Deferred income tax assets, net 742,126 402,995 Other long-term assets 2,592 3,865 Total assets $ 2,501,085 $ 1,764,010 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 32,225 $ 29,957 Accrued compensation and benefits 49,778 31,405 Other accrued liabilities 26,516 15,770 Other current liabilities 7,067 6,423 Deferred revenue 42,868 30,349 Current portion of tax receivable agreements liability 71 — Current portion of finance lease liabilities 13,256 9,482 Current portion of operating lease liabilities 13,979 10,239 Current portion of long-term debt 17,311 4,491 Total current liabilities 203,071 138,116 Deferred revenue, net of current portion 8,015 6,676 Finance lease liabilities, net of current portion 369,297 367,775 Operating lease liabilities, net of current portion 309,311 191,419 Long-term debt, net of current portion 219,755 93,175 Tax receivable agreements liability 627,763 290,920 Other long-term liabilities 8 8 Total liabilities 1,737,220 1,088,089 Equity: Common stock 1 2 Additional paid in capital 517,074 379,391 Accumulated other comprehensive income 628 544 Retained earnings (accumulated deficit) 19,666 (15,592) Total stockholders' equity attributable to Dutch Bros Inc. 537,369 364,345 Non-controlling interests 226,496 311,576 Total equity 763,865 675,921 Total liabilities and equity $ 2,501,085 $ 1,764,010 Dutch Bros Inc. | Earnings Release | 8 DUTCH BROS INC. Select Financial Metrics Three Months Ended December 31, Year Ended December 31, (in thousands, except number of shops data; unaudited) 2024 2023 2024 2023 Shop count, beginning of period Company-operated 645 510 542 396 Franchised 305 284 289 275 950 794 831 671 Company-operated new openings 25 32 128 146 Franchised new openings 7 5 23 13 Re-openings 1 — — — 1 Shop count, end of period Company-operated 670 542 670 542 Franchised 312 289 312 289 Total shop count 982 831 982 831 Systemwide AUV 2 N/A N/A $ 2,018 $ 1,973 Company-operated shops AUV 2 N/A N/A $ 1,933 $ 1,902 Systemwide same shop sales 3, 4 6.9 % 5.0 % 5.3 % 2.8 % Ticket 4.6 % 5.4 % 5.4 % 7.3 % Transactions 2.3 % (0.4) % (0.1) % (4.5) % Company-operated same shop sales 3 9.5 % 4.6 % 6.8 % 1.5 % Ticket 4.3 % 4.9 % 5.3 % 7.2 % Transactions 5.2 % (0.3) % 1.5 % (5.7) % Systemwide sales 4 $ 476,268 $ 375,149 $ 1,819,018 $ 1,444,433 Company-operated operating weeks 5 8,513 6,819 31,708 24,395 Franchising and other operating weeks 5 4,003 3,743 15,579 14,624 Dutch Rewards transactions as a percentage of total transactions 6 70.6 % 65.4 % 67.8 % 64.5 % Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands; unaudited) $ % $ % $ % $ % Company-operated shop revenues 314,182 100.0 227,351 100.0 1,165,830 100.0 857,939 100.0 Company-operated shop gross profit 67,261 21.4 42,292 18.6 259,959 22.3 180,235 21.0 Company-operated shop contribution 7 90,868 28.9 60,248 26.5 346,768 29.7 242,323 28.2 Selling, general, and administrative expenses 72,170 21.1 56,946 22.4 234,036 18.3 205,074 21.2 Adjusted selling, general, and administrative expenses 7 64,399 18.8 43,790 17.2 202,720 15.8 159,101 16.5 Net income (loss) 6,367 1.9 (3,769) (1.5) 66,450 5.2 9,952 1.0 Adjusted EBITDA 7 48,822 14.2 34,575 13.6 230,283 18.0 160,062 16.6 Dutch Bros Inc. | Earnings Release | 9 ___________ 1 Re-opening of a shop that was temporarily closed in 2021. 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 systemwide and company-operated shop net sales by the total number of systemwide and company-operated shops, respectively. Management uses these metrics as an indicator of shop growth and future expectations of mature locations. 3 Same shop sales represents the estimated percentage change in year-over-year sales for the comparable shop base, which we define as shops open for 15 complete months or longer as of the first day of the reporting period. Same shop sales can be impacted by changes in customer transaction counts and by changes in the per-ticket amounts. Management uses these metrics as an indicator of shop growth and future expansion strategy. The number of shops included in the systemwide and company-operated comparable bases for the respective periods are presented in the following table. Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Systemwide shop base 754 603 641 503 Company-operated shop base 473 336 370 246 4 Systemwide sales and systemwide same shop sales are operating measures that include sales at company-operated shops and sales at franchised shops during the comparable periods presented. Franchise sales represent sales at all franchise shops and are revenues to our franchisees. We do not record franchise sales as revenues; however, our royalty revenues and advertising fund contributions are calculated based on a percentage of franchise sales. As these metrics include sales reported to us by our non-consolidated franchise partners, these metrics should be considered as a supplement to, not a substitute for, our results as reported under U.S. GAAP. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects. 5 Company-operated and franchise shops operating weeks are calculated based on the number operating days for the shop base and dividing by 7. Our shop base is defined as shops opened as of the end date of the periods presented. The operating weeks calculations reflect re-acquired franchises through 2022. Management uses these metrics as indicators of our system’s overall financial health, growth and future expansion prospects. 6 Dutch Rewards is our digitally-based rewards program available exclusively through the Dutch Rewards app. Management uses this metric as an indicator of customer loyalty adoption of our Dutch Rewards app and future promotional plans. 7 Reconciliation of U.S. GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures”. Non-GAAP Financial Measures In addition to disclosing financial results in accordance with U.S. GAAP, this release contains references to the non-GAAP financial measures below. We believe these non-GAAP financial measures provide investors with useful supplemental information about our operating performance, enable comparison of financial trends and results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business and measuring our performance. Our non-GAAP financial measures reflect adjustments based on one or more of the following items, as well as the related income tax effects where applicable. Income tax effects have been calculated based on the combined total non-GAAP adjustments using our total effective tax rate. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the financial results calculated in accordance with U.S. GAAP and reconciliations from these results should be carefully evaluated. Dutch Bros Inc. | Earnings Release | 10 Company-operated shop contribution (in dollars and as a percentage of revenue) Definition and/or calculation Company-operated shop segment gross profit, before company-operated shop depreciation and amortization. Usefulness to management and investors This non-GAAP measure is used by our management in making performance decisions without the impact of non-cash depreciation and amortization charges. This is a standard metric used across our industry by investors. EBITDA, Adjusted EBITDA (in dollars and as a percentage of revenue) EBITDA — definition and/or calculation Net income (loss) before interest expense (net of interest income), income tax expense, and depreciation and amortization expense. Adjusted EBITDA — definition and/or calculation Defined as EBITDA (as defined above), excluding equity-based compensation, expenses associated with equity offerings, executive transitions, (gain) loss on the remeasurement of the liability related to the Tax Receivable Agreements (TRAs), legal proceedings, sale of Aircraft, and organization realignment and restructuring costs. Usefulness to management and investors These non-GAAP measures are supplemental operating performance measures we believe facilitate comparisons to historical performance and competitors’ operating results. We believe these non-GAAP measures presented provide investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of our ongoing operating performance. Adjusted selling, general, and administrative (in dollars and as a percentage of revenue) Definition and/or calculation Selling, general, and administrative expenses, excluding depreciation and amortization, equity-based compensation expense, expenses associated with equity offerings, executive transitions, legal proceedings, and organization realignment and restructuring costs. Usefulness to management and investors This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. We believe the non-GAAP measure presented provides investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because it excludes items that may not be indicative of our ongoing operating performance. Adjusted net income Definition and/or calculation Net income (loss), excluding equity-based compensation expense, expenses associated with equity offerings, executive transitions, (gain) loss on the remeasurement of the liability related to the TRAs, legal proceedings, sale of Aircraft, organization realignment and restructuring costs, and income tax effects of items excluded from net income (loss). Usefulness to management and investors This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. We believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period. Dutch Bros Inc. | Earnings Release | 11 Adjusted fully exchanged weighted-average shares of diluted common stock outstanding Definition and/or calculation Weighted-average shares of Class A and Class D common stock outstanding - basic with addition of dilutive impacts of restricted stock awards and units, as well as the assumed exchange of all of the Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock. Usefulness to management and investors This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. By adding in the assumed exchange of all of the outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock, we believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period. Adjusted net income per fully exchanged share of diluted common stock Definition and/or calculation Net income per share of Class A and Class D common stock - diluted, excluding per share impacts of equity-based compensation expense, expenses associated with equity offerings, executives transition costs, (gain) loss on the remeasurement of the liability related to the TRAs, legal proceedings, sale of Aircraft, organization realignment and restructuring costs, income tax effects of items excluded from net income (loss), and removal of per share impacts of controlling and non-controlling interests. Usefulness to management and investors This non-GAAP measure is used as a supplemental measure of operating performance that we believe is useful to evaluate our performance period over period and relative to our competitors. By assuming the full exchange of all of the outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock and related net income (loss) adjustments, we believe this measure facilitates a better comparison with other companies that have different organizational and tax structures, as well as comparisons period over period. Non-GAAP adjustments Below are the definitions of the non-GAAP adjustments that are used in the calculation of our non-GAAP measures, as described above. Equity-based compensation Non-cash expenses related to the grant and vesting of stock awards, including restricted stock awards and restricted stock units in Dutch Bros Inc. to certain eligible employees. Expenses associated with equity offerings Costs incurred as a result of our equity offerings, including secondary offerings by our Sponsor. These costs include, but are not limited to, legal fees, consulting fees, tax fees, and accounting fees. Executive transitions Employee severance and related benefit costs, as well as sign-on bonus(es) for several executive level transitions occurring in 2022 and 2023, and amortized through the first quarter of 2024. TRAs remeasurements (Gain) loss impacts related to adjustments of our TRAs liabilities. Legal proceedings Loss accrual related to certain legal disputes. Sale of Aircraft Gain impact related to the sale of our airplane, hangar and related equipment to our Co-Founder. Dutch Bros Inc. | Earnings Release | 12 Organization realignment and restructuring Fees and costs, including consulting, employee-related and other costs, in connection with our comprehensive initiative to develop and implement a long-term strategy involving changes to our organizational structure to support our growth. This initiative resulted in realignment activities that occurred in 2023, and restructuring activities that commenced in 2024, and are expected to continue through the first half of 2025. Given this strategic initiative's magnitude and scope, we do not expect such costs will recur in the foreseeable future, and do not consider such costs reflective of the ongoing costs necessary to operate our business. Dilutive effects of restricted stock awards and units Addition of incremental shares of restricted stock awards and units calculated under the treasury stock method, when they are dilutive for the calculation of weighted-average shares on a non-GAAP basis. Assumed exchange of weighted-average LLC interests for shares of Class A common stock Weighted-average of all outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. that are assumed to be exchanged for Dutch Bros Inc. Class A common stock. Controlling and non-controlling interest adjustments Adjustments to controlling and non-controlling interests to align the numerator of the net income (loss) per share to the denominator, which assumes the full exchange of all outstanding Dutch Bros OpCo Class A common units not held by Dutch Bros Inc. for Dutch Bros Inc. Class A common stock. Supplemental Reconciliations of U.S. GAAP Actuals to Non-GAAP Actuals Following are the reconciliations of the most comparable GAAP financial measure to non-GAAP financial measure. These non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP, and the reconciliations from U.S. GAAP to Non-GAAP measures should be carefully evaluated. Please refer to "Non-GAAP Financial Measures" in this release for a detailed explanation of the adjustments made to the comparable U.S. GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide useful information for investors. Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands; unaudited) $ % $ % $ % $ % Company-operated shop gross profit 67,261 21.4 42,292 18.6 259,959 22.3 180,235 21.0 Depreciation and amortization 23,607 7.5 17,956 7.9 86,809 7.4 62,088 7.2 Company-operated shop contribution 90,868 28.9 60,248 26.5 346,768 29.7 242,323 28.2 Dutch Bros Inc. | Earnings Release | 13 Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands; unaudited) $ % $ % $ % $ % Net income (loss) 6,367 1.9 (3,769) (1.5) 66,450 5.2 9,952 1.0 Depreciation and amortization 25,521 7.4 19,724 7.7 93,005 7.3 69,135 7.2 Interest expense, net 6,761 2.0 6,052 2.4 27,020 2.1 32,321 3.3 Income tax expense 1,105 0.3 708 0.3 18,435 1.4 6,967 0.8 EBITDA 39,754 11.6 22,715 8.9 204,910 16.0 118,375 12.3 Equity-based compensation 3,262 1.0 10,205 4.0 11,482 0.9 39,222 4.1 Expenses associated with equity offerings — — — — 1,489 0.1 — — Executive transitions — — 400 0.2 75 — 1,000 0.1 TRAs remeasurements 1,440 0.3 (898) (0.3) (4,247) (0.3) (2,638) (0.3) Legal proceedings — — — — — — 1,950 0.2 Sale of Aircraft — — — — (1,302) (0.1) — — Organization realignment and restructuring: Consulting — — 2,153 0.8 — — 2,153 0.2 Employee-related costs 2,262 0.7 — — 15,549 1.2 — — Other costs 2,104 0.6 — — 2,327 0.2 — — Total organization realignment and restructuring 4,366 1.3 2,153 0.8 17,876 1.4 2,153 0.2 Adjusted EBITDA 48,822 14.2 34,575 13.6 230,283 18.0 160,062 16.6 Dutch Bros Inc. | Earnings Release | 14 Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands; unaudited) $ % $ % $ % $ % Selling, general, and administrative 72,170 21.1 56,946 22.4 234,036 18.3 205,074 21.2 Depreciation and amortization (393) (0.1) (398) (0.2) (1,281) (0.2) (1,648) (0.1) Equity-based compensation (3,012) (0.9) (10,205) (4.0) (10,595) (0.8) (39,222) (4.1) Expenses associated with equity offerings — — — — (1,489) (0.1) — — Executive transitions — — (400) (0.2) (75) — (1,000) (0.1) Legal proceedings — — — — — — (1,950) (0.2) Organization realignment and restructuring: Consulting — — (2,153) (0.8) — — (2,153) (0.2) Employee-related costs (2,262) (0.7) — — (15,549) (1.2) — — Other costs (2,104) (0.6) — — (2,327) (0.2) — — Total organization realignment and restructuring (4,366) (1.3) (2,153) (0.8) (17,876) (1.4) (2,153) (0.2) Adjusted selling, general, and administrative 64,399 18.8 43,790 17.2 202,720 15.8 159,101 16.5 Three Months Ended December 31, Year Ended December 31, (in thousands; unaudited) 2024 2023 2024 2023 Net income (loss) $ 6,367 $ (3,769) $ 66,450 $ 9,952 Equity-based compensation 3,262 10,205 11,482 39,222 Expenses associated with equity offerings — — 1,489 — Executive transitions — 400 75 1,000 TRAs remeasurements 1,440 (898) (4,247) (2,638) Legal proceedings — — — 1,950 Sale of Aircraft — — (1,302) — Organization realignment and restructuring: Consulting — 2,153 — 2,153 Employee-related costs 2,262 — 15,549 — Other costs 2,104 — 2,327 — Total organization realignment and restructuring 4,366 2,153 17,876 2,153 Income tax effects (2,925) (675) (3,997) (1,456) Adjusted net income $ 12,510 $ 7,416 $ 87,826 $ 50,183 Dutch Bros Inc. | Earnings Release | 15 Three Months Ended December 31, Year Ended December 31, (in thousands, except per share amounts; unaudited) 2024 2023 2024 2023 Weighted-average shares of Class A and Class D common stock outstanding - basic 114,668 75,356 103,504 62,074 Dilutive effects of restricted stock awards and units 580 — 625 — Weighted-average shares of Class A and Class D common stock outstanding - diluted 115,248 75,356 104,129 62,074 Dilutive effects of restricted stock awards and units — 1,154 — 826 Assumed exchange of weighted-average Dutch Bros OpCo Class A common units for shares of Dutch Bros Inc. Class A common stock 62,530 100,454 73,660 104,419 Adjusted fully exchanged weighted-average shares of common stock outstanding - diluted 177,778 176,964 177,789 167,319 Net income per share of Class A and Class D common stock - diluted $ 0.03 $ (0.02) $ 0.34 $ 0.03 Controlling and non-controlling interest adjustments 0.01 — 0.03 0.03 Equity-based compensation 0.02 0.06 0.06 0.24 Expenses associated with equity offerings — — 0.01 — Executive transitions — — — 0.01 TRAs remeasurements 0.01 (0.01) (0.02) (0.02) Legal proceedings — — — 0.01 Sale of Aircraft — — (0.01) — Organization realignment and restructuring: Consulting — 0.01 — 0.01 Employee-related costs 0.01 — 0.09 — Other costs 0.01 — 0.01 — Total organization realignment and restructuring 0.02 0.01 0.10 0.01 Income tax effects (0.02) — (0.02) (0.01) Adjusted net income per fully exchanged share of diluted common stock $ 0.07 $ 0.04 $ 0.49 $ 0.30 Dutch Bros Inc. | Earnings Release | 16 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 Dutch Bros Inc. | Earnings Release | 17

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other guidance in this release

Text is the filed exhibit, verbatim.