Dutch Bros Inc. Reports Fourth Quarter and Fiscal Year 2023 New Shop Openings

Dutch Bros Inc. (NYSE: BROS; the “Company” or “Dutch Bros”) one of the fastest-growing brands in the quick service beverage industry in the United States by location count, today reported highlights for the quarterly and annual periods ended December 31, 2023. The Company also released shop opening guidance for 2024, announced senior leadership changes that underscore its commitment to building a best in class team to drive scale and support its long runway for growth, and announced its participation at the 2024 ICR Conference.

Fourth Quarter and Full Year 2023 New Shop Openings:

• Opened 37 new shops in the fourth quarter of 2023, of which 32 were company-operated.
• Opened 159 new shops in the full year 2023, of which 146 were company-operated.

As of December 31, 2023, the Dutch Bros system consisted of 831 shops (542 company-operated and 289 franchised-operated) across 16 states.

Preliminary Fiscal Year 2024 Outlook

For full year 2024, Dutch Bros is providing the following preliminary outlook:

• Total system shop openings are expected to be at least 150 - 165.

Leadership Team Additions

The Company plans to welcome three new leaders in the coming months: Joshua Guenser as Incoming Chief Financial Officer on or about February 19, 2024; Sumitro Ghosh as Incoming President of Operations on or about January 15, 2024; and Jess Elmquist as Chief People Officer on January 8, 2024. The Company expects that, following these leadership transitions, longtime Dutch Bros executive Brian Maxwell, currently Chief Operating Officer, will transition into the role of Vice Chairman, reporting to Co-founder and Executive Chairman, Travis Boersma, subject to his appointment by the Board of Directors (the “Board”).

“We are designing our executive leadership team to support the Dutch Bros mission and vision as we scale and grow to 4,000 shops,” said Christine Barone, Chief Executive Officer of Dutch Bros. “I’m excited to welcome best in class leaders who understand the industry and have effectively scaled operations while maintaining and valuing company culture. We have an exceptional team with leaders who have deep knowledge of Dutch Bros and what sets it apart in the drive-through industry, as well as those who know how to thoughtfully guide the company in its next phase of growth.”