Dutch Bros Inc.

Results for our company-operated shops segment were as follows:

1 Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Company-operated Shops Segment Performance

Company-operated Shops Revenue

The company-operated shops revenue increase was driven by $62.1 million from newly opened shops not yet in the comparable shop base and $16.2 million from an increase in same shop sales within the comparable shop base.

1 The comparable same shop bases were 510 and 370 for the three months ended March 31, 2025 and 2024, respectively.

Beverage, Food, and Packaging Costs

As a percentage of company-operated shops revenues, beverage, food and packaging costs decreased by 70 basis points. This was primarily due to a 90 basis point decrease for the impact of pricing on the comparable shop base.

Labor Costs

As a percentage of company-operated shops revenues, labor costs increased by 100 basis points. This was primarily due to 180 basis points from increased wages partially offset by a decrease of 90 basis points from the impact of pricing.

Occupancy and Other Costs

As a percentage of company-operated shops revenues, occupancy and other costs decreased by 20 basis points. This decrease was primarily due to the impact of pricing.

Pre-opening Costs

The increase in pre-opening costs was primarily driven by increased travel for setup and training teams, and lease expense related to unopened shops, in the three months ended March 31, 2025 as compared to the same period in 2024.

Depreciation and Amortization

The increase in depreciation and amortization was primarily driven by the increase in the number of company-operated shops in the current period compared to the prior period.

Company-operated Shops Gross Profit and Contribution 1

1 Reconciliation of GAAP to non-GAAP results is provided in the section “Non-GAAP Financial Measures” in Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

The company-operated shops gross profit margin was flat. This was driven primarily by a 230 basis point increase due to the impact of pricing on the comparable shop base, offset by a 160 basis point decrease due to increased labor costs.