Risk Factors Update Summary

• Increased total shops from 671 to 831, with company-operated shops rising from 396 to 542.
• Ownership of combined voting power decreased from 75% to 74% and from 18% to 17%.
• Identified and remediated material weaknesses in internal control over financial reporting. If not remedied, may impact stock price.
• Increased cost of sugar and other commodities in 2023 may impact packing materials cost.
• Ownership of Dutch Bros OpCo Class A common units decreased from 105 to 96.
• Increased number of company-operated shops from 396 to 542 and franchised shops from 275 to 289.
• Dairy costs remained elevated in 2023, impacting business. Increased costs could harm operations.
• Outstanding indebtedness decreased from $98 million to $95 million as of December 31, 2023.
• Opened 26 new company-operated shops across 13 states, up from 120 in the previous year.
• Dairy costs remained elevated in 2023. Further increases could harm business operations.
• Ownership of Dutch Bros OpCo Class A common units that may be converted into Class A common stock decreased from 12 to 10.
• Ownership of Dutch Bros OpCo Class D common stock that may be converted into Class A common stock decreased from 411 to 668.
• Ownership of Dutch Bros OpCo Class D common stock that may be converted into Class A common stock decreased from 419 to 841.