Slides
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1 Supplemental Earnings Slides Q2 2025
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 2 DISCLAIMER 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, including guidance for 2025, new shop openings, business strategy and plans, objectives of management for future operations, and potential growth opportunities. 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, 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, 2024 filed with the SEC on February 13 2025, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 8, 2025, and in our future reports to be filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 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 net income, 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, in some cases, 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 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 ™ symbols, but such references should not be construed as any indicator that their respective owners will not assert their rights thereto.
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 4 $325 $416 $30 $35 $295 $381 Q2 2024 Q2 2025 SHOPS 912 1043 300 318 612 725 Q2 2024 Q2 2025 QUARTERLY FINANCIALS (UNITS) REVENUE ($M) ADJUSTED NET INCOME AND ADJUSTED EBITDA 2 ($M) 1 See slide 6 for breakdown of company-operated shop contribution, a non-GAAP measure 2 See appendix for a reconciliation to the most directly comparable financial measure stated in accordance with GAAP COMPANY-OPERATED SHOP CONTRIBUTION MARGIN 1 (% OF COMPANY-OPERATED SHOP SALES) Company-Operated Franchised Adjusted Net Income Adjusted EBITDA 21.4% 30.8% 31.1% Q2 2024 Q2 2025 Adjusted EBITDA % $31 $46 $65 $89 Q2 2024 Q2 2025 20.1% Company-Operated Franchised 113 18% 131 14% $91M 28% $85M 29% $24M 37%
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 5 SAME SHOP SALES SAME SHOP SALES VS PRIOR PERIODS 2023 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Systemwide Same Shop Sales (2.0)% 3.8% 4.0% 5.0% 2.8% 10.0% 4.1% 2.7% 6.9% 5.3% 4.7% 6.1% Transactions (8.3)% (2.6)% (5.5)% (0.4)% (4.5)% 1.2% (2.0)% 0.8% 2.3% (0.1)% 1.3% 3.7% Ticket 6.3% 6.4% 9.5% 5.4% 7.3% 8.8% 6.1% 1.9% 4.6% 5.4% 3.4% 2.4% Company-Operated Same Shop Sales (3.5)% 1.6% 2.8% 4.6% 1.5% 10.9% 5.2% 4.0% 9.5% 6.8% 6.9% 7.8% Transactions (10.0)% (4.5)% (6.3)% (0.3)% (5.7)% 2.7% (0.8)% 2.4% 5.2% 1.5% 3.7% 5.9% Ticket 6.5% 6.1% 9.1% 4.9% 7.2% 8.2% 6.0% 1.6% 4.3% 5.3% 3.2% 1.9%
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 6 COMPANY-OPERATED SHOP RESULTS Three Months Ended June 30, 2025 2024 ($ in millions) $ % $ % Company-operated shop revenue $380.5 100.0% $295.3 100.0% Beverage, food and packaging 96.5 25.3 75.1 25.5 Labor costs 101.3 26.6 80.2 27.2 Occupancy and other costs 60.0 15.8 44.3 15.0 Pre-opening costs 4.5 1.2 4.6 1.5 Depreciation and amortization 25.7 6.8 21.0 7.1 Company-operated shop gross profit 92.6 24.3 70.0 23.7 Depreciation and amortization 25.7 6.8 21.0 7.1 Company-operated shop contribution 1 $118.2 31.1% $91.1 30.8% ___________ 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.
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 7 OUTLOOK FY 2025 Outlook Total System New Shop Openings At least 160 Revenue between $1.59 billion to $1.60 billion Same Shop Sales Growth Approximately 4.5% Adjusted EBITDA1 between $285 million to $290 million Capital Expenditures between $240 million to $260 million 2025 Outlook is Derived From Recent Trends and Does Not Assume Material Changes to the Current Operating Environment 1 We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because the various reconciling items are not available on a forward-looking basis. We are unable to determine the probable significance of reconciling items because certain items are outside of our control and vary significantly from period to period. Accordingly, reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 8 SG&A LEVERAGE 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Total revenues $197,267 $249,879 $264,507 $254,123 $275,099 $324,918 $338,212 $342,786 $ 355,152 $ 415,813 Selling, general, and administrative 1 $45,976 $51,662 $50,490 $56,946 $46,194 $58,097 $57,536 $72,170 $58,921 $65,385 As a percentage of total revenue 23.3% 20.7% 19.1% 22.4% 16.8% 17.9% 17.0% 21.1% 16.6% 15.7% Adjustments 2 Depreciation and amortization (417) (420) (413) (399) (264) (235) (389) (393) (402) (817) Equity-based compensation (9,170) (10,149) (9,698) (10,205) (1,839) (3,056) (2,688) (3,012) (3,794) (4,096) Expenses associated with equity offerings — — — — (961) (528) — — — — Executive transitions (150) (225) (225) (400) (75) — — — — — Legal proceedings — (1,950) — — — — — — — — Organization realignment and restructuring: Consulting — — — (2,153) — — — — — — Employee-related costs — — — — (2,625) (6,664) (3,998) (2,262) (1,009) (1,734) Other — — — — — (30) (193) (2,104) (219) (29) Total adjustments $(9,737) $(12,744) $(10,336) $(13,157) $(5,764) $(10,513) $(7,268) $(7,771) $(5,424) $(6,676) Adjusted selling, general, and administrative $36,239 $38,918 $40,154 $43,789 $40,430 $47,584 $50,268 $64,399 $53,497 $58,709 As a percentage of total revenue 18.4% 15.6% 15.2% 17.2% 14.7% 14.6% 14.9% 18.8% 15.1% 14.1% Compared to the prior year (2.0)% (1.2)% (1.9)% (1.4)% (3.7)% (1.0)% (0.3)% 1.6% 0.4% (0.5)% ___________ 1 Selling, general, and administrative includes depreciation and amortization. 2 See appendix for explanations of each non-GAAP adjustment.
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APPENDIX
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 10 INCOME STATEMENT Three Months Ended June 30, ($ in thousands; except per share data) 2025 2024 Revenues Company-operated stores $380,500 $295,268 Franchising and other 35,313 29,650 Total revenues $415,813 $324,918 Costs and expenses Cost of sales 295,769 234,637 Selling, general and administrative 65,385 58,097 Total costs and expenses 361,154 292,734 Income from operations $54,659 $32,184 Other Expense Interest expense, net (7,076) (6,997) Other income (expense), net (1,983) 829 Total other expense (9,059) (6,168) Income before income taxes $45,600 $26,016 Income tax expense 7,243 3,860 Net income $38,357 $22,156 Less: Net income attributable to non-controlling interests 12,733 10,216 Net income attributable to Dutch Bros Inc. $25,624 $11,940 Net income per share of Class A and Class D common stock Basic $0.20 $0.12 Diluted $0.20 $0.12 Weighted-average shares of class A and class D common stock outstanding Basic 126,390 101,965 Diluted 126,830 102,356
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 11 Three Months Ended June 30, (in thousands) 2025 2024 Revenues Company-operated shops $380,500 $295,268 Franchising and other 35,313 29,650 Total revenues $415,813 $324,918 Cost of sales Company-operated shops Beverage, food & packaging 96,468 75,147 Labor costs 101,270 80,236 Occupancy & other costs 59,984 44,277 Pre-opening costs 4,542 4,554 Franchising and other 6,429 8,308 Segment cost of sales1 268,693 212,522 Segment contribution Company-operated shops 118,236 91,054 Franchising and other 28,884 21,342 Total segment contribution $147,120 $112,396 Segment depreciation and amortization (27,076) (22,115) Selling, general and administrative (65,385) (58,097) Interest expense, net (7,076) (6,997) Other income (expense), net (1,983) 829 Income before income taxes $45,600 $26,016 INCOME STATEMENT - SEGMENTS ___________ 1 Segment cost of sales for this presentation excludes impact of depreciation and amortization.
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 12 SELECT FINANCIAL METRICS Three Months Ended June 30, Six Months Ended June 30, (in thousands, except number of shops data) 2025 2024 2025 2024 Shop count, beginning of period Company-operated 695 582 670 542 Franchised 317 294 312 289 1,012 876 982 831 Company-operated new openings 30 30 55 70 Franchised new openings 1 6 6 11 Shop count, end of period Company-operated 725 612 725 612 Franchised 318 300 318 300 Total shop count 1,043 912 1,043 912 Systemwide AUV 1 N/A N/A $2,053 $2,005 Company-operated shops AUV 1 N/A N/A $1,982 $1,923 Systemwide same shop sales 2, 3 6.1% 4.1% 5.3% 6.8% Ticket 2.4% 6.1% 3.0% 7.4% Transactions 3.7% (2.0)% 2.3% (0.6)% Company-operated same shop sales 2 7.8% 5.2% 7.2% 7.8% Ticket 1.9% 6.0% 2.6% 7.0% Transactions 5.9% (0.8)% 4.6% 0.8% Systemwide sales 3 $571,273 $466,432 $1,060,945 $863,985 Company-operated operating weeks 4 9,184 7,709 17,921 14,983 Franchising and other operating weeks 4 4,119 3,842 8,130 7,621 Dutch Rewards transactions as a percentage of total transactions 5 71.6% 66.7% 71.7% 66.6%
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 13 SELECT FINANCIAL METRICS (CONT'D) 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 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. 2 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. 3 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. 4 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. 5 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. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Systemwide shop base 831 671 794 641 Company-operated shop base 542 396 510 370
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 14 2022 2023 2024 2025 ($ in millions; except Shop Count) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Company-Operated Shop Count 310 336 370 396 438 473 510 542 582 612 645 670 695 725 Total Shop Count 572 603 641 671 716 754 794 831 831 912 950 982 1012 1043 Company-Operated Shop Revenue $130.2 $160.5 $173.5 $175.5 $173.2 $221.0 $236.5 $227.4 $248.1 $295.3 $308.3 $314.2 $326.4 $380.5 Total Revenue $152.2 $186.4 $198.6 $201.8 $197.3 $249.9 $264.5 $254.1 $275.1 $324.9 $338.2 $342.8 $355.2 $415.8 Company-operated Shop Gross Profit Margin $16.6 $31.2 $34.7 $38.8 $28.9 $52.1 $57.0 $42.3 $54.3 $70.0 $68.4 $67.3 $71.5 $92.6 Company-operated Shop Depreciation & Amortization $7.1 $8.3 $9.6 $11.2 $13.0 $14.8 $16.3 $18.0 $19.7 $21.0 $22.5 $23.6 $24.6 $25.7 Company-Operated Shop Contribution 1 $23.8 $39.5 $44.3 $50.0 $41.9 $66.9 $73.3 $60.2 $74.0 $91.1 $90.8 $90.9 $96.1 $118.2 Adjusted EBITDA $9.7 $23.9 $27.8 $29.8 $23.9 $48.6 $53.0 $34.6 $52.5 $65.2 $63.8 $48.8 $62.9 $89.0 Net Income (Loss) $(16.3) $(1.8) $1.6 $(2.8) $(9.4) $9.7 $13.4 $(3.8) $16.2 $22.2 $21.7 $6.4 $22.5 $38.4 SUMMARY QUARTERLY DATA 1 Represents company-operated shop gross profit plus depreciation, see Company-operated Shop Results on slide 6 for reconciliation to the most directly comparable financial measure stated in accordance with GAAP ___________
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 15 COMMON UNITS OUTSTANDING June 30, 2025 (in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 126,932 71.5% Dutch Bros OpCo Class A common units held by non-controlling interest holders 50,548 28.5% Total Dutch Bros OpCo Class A common units outstanding 177,480 100.0% ___________ 1 Dutch Bros Inc. is the sole managing member of Dutch Bros OpCo, and, as a result, consolidates the financial results of Dutch Bros OpCo. 2 See 10Q Note 13 - Non-Controlling Interests for additional detail regarding the Dutch Bros Inc. and Dutch Bros OpCo relationship. The following table summarizes the ownership interest in Dutch Bros OpCo1: ___________ 1 Dutch Mafia, LLC, a Delaware limited liability company and direct subsidiary of Dutch Bros Inc.
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 16 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, 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. Expenses associated with 2022 credit facility refinancing — Costs incurred as a result of amending our credit facility in May 2025, including write-off of unamortized loan costs related to the termination of our 2022 Credit Facility, and intermediary fees and other costs related to our 2025 Credit Facility. 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. TRA remeasurement — (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. Organization realignment and restructuring — Fees and costs, including consulting, employee-related and other costs, in connection with our comprehensive initiatives to develop and implement a long- term strategy involving changes to our organizational structure to support our growth. Our 2024 initiative resulted in realignment activities that occurred in 2023, and restructuring activities to expand our support center operations in Phoenix, Arizona including the build out and move into our new office, that commenced in 2024, and were substantially completed in March 2025. The activities related to our 2025 initiative, which commenced in May 2025 and are expected to continue through at least the first half of 2026, primarily relate to relocation and streamlining of our remaining back-office operations to our new Phoenix, Arizona corporate headquarters. Given the magnitude and scope of these strategic initiatives, 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. NON-GAAP ADJUSTMENTS ___________ 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". 2 Dutch Bros OpCo refers to Dutch Mafia, LLC, a Delaware limited liability company, and a direct subsidiary of Dutch Bros Inc.
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 17 ADJUSTED EBITDA RECONCILIATION 2023 2024 2025 ($ in thousands) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net income (loss) $ (9,391) $ 9,711 $ 13,401 $ (3,769) $ 16,215 $ 22,156 $ 21,712 $ 6,367 $ 22,480 $ 38,357 Depreciation and amortization 14,779 16,516 18,116 19,724 21,253 22,350 23,881 25,521 26,430 27,893 Interest expense, net 7,886 9,058 9,325 6,052 6,393 6,997 6,869 6,761 7,115 7,076 Income tax expense (benefit) 2,580 1,851 1,828 708 8,772 3,860 4,698 1,105 1,459 7,243 EBITDA $ 15,854 $ 37,136 $ 42,670 $ 22,715 $ 52,633 $ 55,363 $ 57,160 $ 39,754 $ 57,484 $ 80,569 Equity-based compensation 9,170 10,149 9,698 10,205 1,933 3,326 2,961 3,262 4,194 4,671 Expenses associated with equity offerings — — — — 961 528 — — — — Expenses associated with 2022 credit facility refinancing — — — — — — — — — 2,000 Executive transitions 150 225 225 400 75 — — — — — TRA remeasurement (1,294) (861) 415 (898) (5,687) — — 1,440 — — Legal proceedings — 1,950 — — — — — — — — Sale of Aircraft — — — — — (752) (550) — — — Organization realignment and restructuring: Consulting — — — 2,153 — — — — — — Employee-related costs — — — — 2,625 6,664 3,998 2,262 1,009 1,734 Other — — — — — 30 193 2,104 219 29 Adjusted EBITDA $ 23,880 $ 48,599 $ 53,008 $ 34,575 $ 52,540 $ 65,159 $ 63,762 $ 48,822 $ 62,906 $ 89,003 Adjusted EBITDA margin 12.1 % 19.4 % 20.0 % 13.6 % 19.1 % 20.1 % 18.9 % 14.2 % 17.7 % 21.4 %
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 18 ADJUSTED NET INCOME RECONCILIATION Three Months Ended June 30, ($ in thousands) 2025 2024 Net income $38,357 $22,156 Equity-based compensation 4,671 3,326 Expenses associated with equity offering — 528 Expenses associated with 2022 credit facility refinancing 2,000 — Sale of Aircraft — (752) Organization realignment and restructuring: Employee-related costs 1,734 6,664 Other costs 29 30 Income tax effects (1,280) (770) Adjusted net income $45,511 $31,182
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12 51 90 251 223 35 228 3 11 39 97 159 0 141 203 217 217 217 19 CONTACT INFORMATION MEDIA CONTACT Jeff Priester ICR investors@dutchbros.com (332) 242-4370 Jessica Liddell ICR Jessica.Liddell@icrinc.com (203) 682-8208 INVESTOR CONTACT
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20 - TRAV BOERSMA