Slides
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DUTCH BROS Coffee Supplemental Earnings Slides Q2 2026 DUTC PUP RADIATE OUTCH BROS Colla
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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 2026, 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 inflation, increased minimum wages, general macroeconomic conditions, changes in taxes and tax rates, new and evolving legislative and regulatory requirements , 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, 2025 filed with the SEC on February 13, 2026, 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, 2026. 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. 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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$275 $325 $338 $343 $355 $416 $424 $444 $464 $551 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 SYSTEM SHOPS 876 912 950 982 1,012 1,043 1,081 1,136 1,177 1,225 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 QUARTERLY FINANCIALS (SHOPS) TOTAL REVENUES ($M) ADJUSTED EBITDA1 ($M) 1 See appendix for a reconciliation to the most directly comparable financial measure stated in accordance with GAAP. $53 $65 $64 $49 $63 $89 $78 $73 $79 $114 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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SAME SHOP SALES SAME SHOP SALES VS PRIOR PERIODS 2024 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Systemwide Same Shop Sales 10.0% 4.1% 2.7% 6.9% 5.3% 4.7% 6.1% 5.7% 7.7% 5.6% 8.3% 5.8% Transactions 1.2% (2.0)% 0.8% 2.3% (0.1)% 1.3% 3.7% 4.7% 5.4% 3.2% 5.1% 1.7% Ticket 8.8% 6.1% 1.9% 4.6% 5.4% 3.4% 2.4% 1.0% 2.3% 2.4% 3.2% 4.1% Company-Operated Same Shop Sales 10.9% 5.2% 4.0% 9.5% 6.8% 6.9% 7.8% 7.4% 9.7% 7.4% 10.6% 8.3% Transactions 2.7% (0.8)% 2.4% 5.2% 1.5% 3.7% 5.9% 6.8% 7.6% 5.4% 6.9% 3.4% Ticket 8.2% 6.0% 1.6% 4.3% 5.3% 3.2% 1.9% 0.6% 2.1% 2.0% 3.7% 4.9%
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OUTLOOK FY 2026 Outlook 1 Total System New Shop Openings at least 185 Revenue between $2.1 billion and $2.13 billion Same Shop Sales Growth in the range of 5% to 6% Adjusted EBITDA 2 between $385 million and $390 million Capital Expenditures between $350 million and $370 million 2026 Outlook is Derived From Recent Trends and Does Not Assume Material Changes to the Current Operating Environment 1 Excludes any impact from the Salad and GoTM transaction announced on August 5, 2026. 2 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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APPENDIX
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COMMON UNITS OUTSTANDING June 30, 2026 (Units in thousands) OpCo Units Ownership % Dutch Bros OpCo Class A common units held by Dutch Bros Inc. 137,893 77.6% Dutch Bros OpCo Class A common units held by non-controlling interest holders 39,843 22.4% Total Dutch Bros OpCo Class A common units outstanding 177,736 100.0% ___________ 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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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. Acquisition-related costs — Costs incurred in connection with our purchase of the franchise rights and assets from a franchisee. 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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SG&A LEVERAGE 2024 2025 2026 ($ in thousands) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Total revenues $275,099 $324,918 $338,212 $342,786 $1,281,015 $355,152 $415,813 $423,584 $443,610 $1,638,159 $464,412 $550,851 Selling, general, and administrative 1 $46,194 $58,097 $57,536 $72,170 $234,036 $58,921 $65,385 $65,289 $73,171 $262,766 $73,176 $80,651 As a percentage of total revenue 16.8% 17.9% 17.0% 21.1% 18.3% 16.6% 15.7% 15.4% 16.5% 16.0% 15.8% 14.6% Adjustments 2 Depreciation and amortization (264) (235) (389) (393) (1,281) (402) (817) (924) (1,237) (3,380) (1,430) (1,656) Equity-based compensation (1,839) (3,056) (2,688) (3,012) (10,595) (3,794) (4,096) (4,076) (3,920) (15,886) (4,619) (5,979) Expenses associated with equity offerings (961) (528) — — (1,489) — — — — — — — Executive transitions (75) — — — (75) — — — — — — — Acquisition related costs — — — — — — — — — — — (309) Organization realignment and restructuring: Employee-related costs (2,625) (6,664) (3,998) (2,262) (15,549) (1,009) (1,734) (2,484) (2,380) (7,607) (1,615) (216) Other — (30) (193) (2,104) (2,327) (219) (29) (166) (217) (631) — — Total adjustments $(5,764) $(10,513) $(7,268) $(7,771) $(31,316) $(5,424) $(6,676) $(7,650) $(7,754) $(27,504) $(7,664) $(8,160) Adjusted selling, general, and administrative $40,430 $47,584 $50,268 $64,399 $202,720 $53,497 $58,709 $57,639 $65,417 $235,262 $65,512 $72,491 As a percentage of total revenue 14.7% 14.6% 14.9% 18.8% 15.8% 15.1% 14.1% 13.6% 14.7% 14.4% 14.1% 13.2% ___________ 1 Selling, general, and administrative includes depreciation and amortization. 2 See appendix for explanations of each non-GAAP adjustment.
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ADJUSTED EBITDA RECONCILIATION 2024 2025 2026 ($ in thousands) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Net income (loss) $16,215 $22,156 $21,712 $6,367 $66,450 $22,480 $38,357 $27,283 $29,155 $117,275 $23,664 $51,605 Depreciation and amortization 21,253 22,350 23,881 25,521 93,005 26,430 27,893 29,066 31,744 115,133 38,255 35,481 Interest expense, net 6,393 6,997 6,869 6,761 27,020 7,115 7,076 6,695 7,419 28,305 7,220 7,038 Income tax expense 8,772 3,860 4,698 1,105 18,435 1,459 7,243 7,661 1,985 18,348 3,341 12,623 EBITDA $52,633 $55,363 $57,160 $39,754 $204,910 $57,484 $80,569 $70,705 $70,303 $279,061 $72,480 $106,747 Equity-based compensation 1,933 3,326 2,961 3,262 11,482 4,194 4,671 4,648 4,509 18,022 5,278 6,879 Expenses associated with equity offerings 961 528 — — 1,489 — — — — — — — Expenses associated with 2022 credit facility refinancing — — — — — — 2,000 — — 2,000 — — Executive transitions 75 — — — 75 — — — — — — — TRA remeasurement (5,687) — — 1,440 (4,247) — — — (4,767) (4,767) — (437) Acquisition related costs — — — — — — — — — — — 309 Sale of Aircraft — (752) (550) — (1,302) — — — — — — — Organization realignment and restructuring: Employee-related costs 2,625 6,664 3,998 2,262 15,549 1,009 1,734 2,484 2,380 7,607 1,615 216 Other — 30 193 2,104 2,327 219 29 166 217 631 — — Adjusted EBITDA 1 $52,540 $65,159 $63,762 $48,822 $230,283 $62,906 $89,003 $78,003 $72,642 $302,554 $79,373 $113,714 Adjusted EBITDA margin 19.1% 20.1% 18.9% 14.2% 18.0% 17.7% 21.4% 18.4% 16.4% 18.5% 17.1% 20.6% ___________ 1 See appendix for explanations of each non-GAAP adjustment.