RBC Elements™: US Restaurants & Fitness Weather Tracker

Research evidence excerpt

RBC Elements™: US Restaurants & Fitness Weather Tracker

RBC Capital Markets, LLC

Logan Reich, CFA (Analyst)

(646) 618-6870,

logan.reich@rbccm.com

Emir Akdogan (Senior

Associate)

(212) 301-1601,

emir.akdogan@rbccm.com

June 8, 2026

RBC Elements™: US Restaurants & Fitness WeatherRESEARCH Tracker

Our view: Callouts from our monthly weather tracker:

1. May temps above average in the Pacific northwest and south/central Florida, which were the

warmest relative to historical average. Western states overall were slightly above average.

2. May rainy days and daily precipitation down y/y for nearly all brands. Nearly all brands in ourEQUITY coverage saw declines in precipitation except for JACK, which overindexes to western states. Regionally,

the southeast was much rainier than average, the northeast and southern Texas were slightly more rainy,

and the upper Midwest as well as parts of Idaho, Nevada, and Oregon were drier than usual.

3. June expected to be warmer than average. The forecast calls for warmer temperatures in the

southern and western states, while the Northeast, upper Midwest, and west Texas are expected to be

in-line.

4. June precipitation largely in-line with historical averages. The upper western states are projected to

be less rainy than average, whereas NM/FL and parts of surrounding states are expected to be wetter.

Exhibit 1 - May y/y Exhibit 2 - May y/y Exhibit 3 - May y/ Exhibit 4 - May y/y

change in temperature change in number of y change in daily change in precipitation

y/y change in temperature rainy days precipitation per raining day

Ticker Brand May 2026

BROS Dutch Bros 0.3% y/y change in number of rainy days y/y change in daily precipitation y/y change in precipitation per raining day