Dutch Bros Inc. Announces Proposed Public Offering of Class A Common Stock

Dutch Bros Inc. (NYSE: BROS; “Dutch Bros”) today announced that it has commenced an underwritten public offering of $300 million of shares of its Class A Common Stock. In addition, Dutch Bros expects to grant the underwriters a 30-day option to purchase up to an additional $45 million of shares of its Class A Common Stock. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or the actual size or terms of the proposed offering.

BofA Securities, J.P. Morgan Securities LLC, and Jefferies LLC are acting as lead book-running managers for the proposed offering.

The proposed offering is being made pursuant to an automatic shelf registration statement on Form S-3 that was filed by Dutch Bros with the U.S. Securities and Exchange Commission (the “SEC”) today and automatically became effective upon filing. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and accompanying prospectus, when available, may be obtained by contacting BofA Securities by email at dg.prospectus_requests@bofa.com (or via mail at BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department), J. P. Morgan Securities LLC at (866) 803 803-9204 or by email at pros pectuseq_fi@jpmorganchase.com, or Jefferies LLC at (877) 821 821-7388 or by email at Prospectus_Department@Jefferies.com. The final terms of any offering will be disclosed in a final prospectus supplement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Dutch Bros Inc.

Dutch Bros Inc. 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.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements relating to Dutch Bros’ expectations regarding the proposed public offering. 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 market conditions, the risk that the proposed public offering will not be consummated on the terms or in the amounts contemplated or otherwise, the satisfaction of customary closing conditions related to the proposed public offering, and other risks, including those described under the heading “Risk Factors” in Dutch Bros’ Form 10-Q for the quarter ended June 30, 2023, filed with the SEC on August 9, 2023 and in the preliminary prospectus supplement and accompanying prospectus related to the proposed public offering filed or to be filed with the SEC on September 6, 2023. 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.

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