#1THE ORIGINAL OAT LY! OATLY ROADSHOW PRESENTATION MAY 2021#2LEGAL DISCLAIMER Oatly Group AB (together with its subsidiaries, the "Company." "we." "our" and "us") has filed a Registration Statement on Form F-1 (File No. 333-255344) (the "Registration Statement"), including a base prospectus, with the Securities and Exchange Commission (the "SEC") for an initial public offering of the Company's American Depositary Shares represented by ordinary shares (the "ADSS") to which this presentation relates. Before you invest, you should read the Registration Statement and any other documents the Company has filed with the SEC, each of which is available at no charge by visiting EDGAR on the SEC's website at http://www.sec.gay. Neither the SEC nor any other regulatory body has approved or disapproved of the ADSS or passed upon the accuracy or adequacy of this presentation. This presentation is not a prospectus or an offer to sell securities or a solicitation of an offer to buy securities. The ADSs may not be sold, nor may offers to buy the ADSS be accepted, prior to the time the Registration Statement becomes effective. The initial public offering is being made by the means of a prospectus only, copies of which may be obtained from Morgan Stanley & Co. LLC. 1585 Broadway, New York, New York 10036. Attention: Equity Syndicate Desk: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717. or by telephone at (866) 803-9204, or by email at [email protected]; or Credit Suisse Securities (USA) LLC. 6933 Louis Stephens Drive. Morrisville, North Carolina 27560, United States, Attention: Prospectus Department, or by phone at 1-800-221-1037 or by email at [email protected]. This presentation includes forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as "may." "will," "should," "expects." "plans." "anticipates," "could." "would." "intends." "targets." "projects." "contemplates," "believes." "estimates." "predicts." "assumes," "potential," "position" or "continue" or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties. contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. The forward-looking statements included in this presentation are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor our advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Neither we nor our advisors undertake any obligation to revise, supplement or update any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, even if new information becomes available in the future, except as may be required by law. You should read this presentation with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by us. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. This presentation and the information it contains has been prepared by the Company. Morgan Stanley & Co. LLC. J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC and any other underwriter (the "Underwriters") acting in connection with the initial public offering of the securities of the Company are acting exclusively for the Company and no one else and will not be responsible for providing advice to any other party. Subject to applicable law, none of the Underwriters accepts any responsibility whatsoever and makes no representation or warranty, express or implied, for the contents of the presentation, including its accuracy, completeness or verification or for any other statement made or purported to be made in connection with the Company and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Underwriters accordingly disclaim all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred above) which any of them might otherwise have in respect of the information contained in the presentation or any such statement. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or the initial public offering. THE ORIGINAL OATLY! 2#3OFFERING SUMMARY Issuer Ticker/ Exchange Total Deal Size Private Placement Public Offering Cornerstone Public Shares Offered Over-allotment Option Filing Range Use of Primary Proceeds Selling Shareholders Expected Pricing Active Bookrunners Oatly Group AB UNTING COPYING, AND DISTRIBUTION DE OTLY / NASDAQ.co $1,485mm $135mm to fund warrant sales (Luxor Capital Group, Quadrant Capital Advisors, K2VC) $1,350mm (77% primary / 23% secondary) Indication of interest up to $500mm from Baillie Gifford 84,376,000 shares (64,688,000 primary and 19,688,000 secondary) 15% (100% secondary) $15.00-$17.00 Fund working capital, incremental growth and other general corporate purposes Nativus Company Limited and certain other existing shareholders Week of May 17, 2021 Morgan Stanley, J.P. Morgan, Credit Suisse 3#4TODAY'S PRESENTERS TONI PETERSSON Chief Executive Officer PETER BERGH Chief Operating Officer CHRISTIAN HANKE Chief Financial Officer 4#5It's like milk but made for humans. CAT CATAT LY! ST LY! DAT GAT DRINK LY! OAT DRINK#6THE CONVERSION FROM COW'S MILK TO OATLY RESULTS IN (1): 80% FEWER CARBON EMISSIONS 79% LESS LAND USAGE 60% LESS ENERGY USAGE THIS EQUATION IS OUR PRIMARY MECHANISM FOR IMPACT. -80% Carbon Emissions Source: Florén, Nilsson, Wallman (2013) lifecycle analysis on fresh and aseptic oat drink & RISE (2016) Updated findings resulting from changing to Ecolabel electricity with biogas to replace Swedish average electricity mix and natural gas. Notes: 1. One liter, on average. -79% Land Usage -60% Energy Usage 6 por m#7A BRIEF HISTORY Liters of Finished Goods Equivalent of Oat Base Production Volumes (millions) (1) $MM Revenue Founding of Oatly 1990s 1990s • Oatly is founded by a group of scientists at Lund University • Developed Notes: 1. 2. patented enzyme process 20 2013 2013-2014 Commence company transformation • Launch new strategy Launch of Barista Edition in Sweden New strategy launch 25 2014 2015-2016 Expand footprint and launch of Barista Edition in U.K. 31 2015 Launch of Spreads in Sweden 38 2016 U.S. market entry 2017-2018 Enter German and U.S. markets through foodservice and retail • Mainland China and H.K. market entry with foodservice strategy • Launch of chilled products in U.K. and Sweden PRINTING COPIING SHODISTRIBU $118 (2) 51 2017 China and Germany market entry 84 2018 2019 U.S. and Netherlands factories begin production Broke ground on new Ogden. U.S. factory Launch of chilled products in Germany and frozen desserts in U.S. and U.K. $204 Production capacity expansion 165 $421 Continued investment in production capacity 299 2019 2020-2021 Launch Starbucks + Oatly branded partnerships in U.S. and China Oatly launches on Tmall China 2020 • Strengthened capital structure, first company to execute sustainability linked loan • 9 production facilities planned through 2023 7 Estimate from oatmilk production at 1.3x Revenue for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue and gross profit for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited.#8ROBUST PRODUCT PORTFOLIO FUELING GROWTH ACROSS MULTIPLE CATEGORIES Our products mirror the dairy portfolio, from oatgurts, to frozen desserts, to a Barista Edition drink that's a perfect pair for coffee FROZEN DESSERTS AT LY! LY! LY! LY! chines late che OATGURTS MATLY! LY! ATLY! ATLY! AT LY! BATGURT MATGURT OATMILK - CHILLED & AMBIENT DAT LY! DAT- ATLY! KAFFE GATUNT DAT LY. LY. coffee THE CAT LY GATCURT STYL GAT- MILK BATLY SATGURT LY.LY. M74 www OAT OAT OATLY! LY! LY! LY! LY LY DAT- MILK chocolats fudge OATLY! ANREGUNT TURK ISK GAT- MILK AL FAT DAT swirl DAT LY.LYI THE RINGL OATLY! DAT- MILK LY! OAT L BAT MILK We AT OAT CAT CAT AT LY! Waleu DAT- MILK WHE THE PRIGINAL CATLY! ATLY! ATLY! CREAMY Freda CREAMY DAT COOKING & SPREADS READY-TO-GO COLD BREW LATTE netw DAT DRINK MO LY.LY.LY. DACARTE Matcha ATLY! IMGANIC NOCH latte LATT WAPER INC DAT LY! Pred 10 MT CREAM CHAVER LY! DAT SPREA SPREAD OAT OAT LY. LYI 8#9PERFORMANCE HIGHLIGHTS #1 SALES GROWTH DRIVER ... OF THE OATMILK CATEGORY (2) ...OF THE TOTAL DAIRY ALTERNATIVES CATEGORY (2) #1 VELOCITY NONDAIRY MILK BRAND (3) #1 OATMILK BRAND BY MARKET SHARE (4) CATEGORY CREATOR &#1 OATMILK BRAND ON TMALL (5) Source: Nielsen, IRI, Euromonitor, management projections, Tmall Database Notes: 1. Estimated global dairy market for food retail channel Based on Euromonitor data 2. In key markets of Sweden, the U.K., Germany and the U.S. for the full year 2020, 52 weeks ending January 2, 2021, the 52 weeks ending December 2020 and 52 weeks ending December 26, 2020, respectively. Excludes Private Label. Market data from IRI and Nielsen. 3. Based on top selling SKU compared to top selling SKU of next three largest competitors in key markets of Sweden, the UK, Germany and the US for the last four weeks ending 2020, 4 weeks ending January 2, 2021, 4 weeks ending December 2020 and 4 weeks ending December 26, 2020, respectively. Excludes Private Label Market data from IRI and Nielsen. 4. In terms of retail sales for the aforementioned 52-week periods per Nielsen and IRI KEY STATS $477MM LTM Q1 2021 Revenue 9 Planned Production Facilities by 2023 ~60,000 Retail Doors (6) 7 Product Categories +86% 2018-Q1'21 Revenue CAGR (17) COMMERCIAL SUCCESS PETTE in 20+ markets 32,200+ Coffee Shops (6) ~$600BN Total Addressable Market Nearing the Tipping Point of Adoption (¹) 5. Tmall database, as of February 2021. 6. As of December 31, 2020. 7. Calculated based on 2018 revenue of $118MM and 2020 revenue of $421MM. Revenue for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue and gross profit for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited#10GLOBAL COMMERCIAL SUCCESS IN MORE THAN 20 MARKETS ACROSS THREE CONTINENTS 2001 Sweden & Nordics Launch REVENUE COPT($MM) 103 2018 (6) EMEA 64% of revenue in 2020 (5) 15+ markets 2016 UK Relaunch 40,000+ Retail Doors (" +58% CAGR 155 2019 2018 Germany Relaunch 268 And many more since 290 2020 LTM Q1 2021 -12,500 #1 Coffee shops (¹) Oatmilk brand 121 2017 Barista Launch in Select Locations REVENUE (SMM) 12 2018 (6) 7,500+ Retail Doors (¹) AMERICAS 24% of revenue in 2020 (5) United States 2018 Nationwide Frozen Retail Launch Desserts Launch 39 +167% CAGR 2019 2020 Oatgurt Launch 2019 100 113 2020 LTM Q1 2021 ~10,000 #1 Coffee shops Oatmilk brand 5 core markets Mainland China, Hong Kong, Taiwan, Singapore, South Korea 2018 Barista-led Market Launch REVENUE (SMM) 2 Notes: 1. As of December 31, 2020. 2. By market share in key markets of Sweden, the UK, and Germany for the full year 2020, 52 weeks ending January 4, 2021 and the 52 weeks ending December 2020, respectively. Market data from IRI and Nielsen. 3. By market share in the United States for the 52 weeks ending December 26, 2020. Market data from Nielsen. 4. On Tmall, from Tmall database as of February 2021. 2018 ASIA 13% of revenue in 2020 (5) (6) 2020 Launched Strategic e-Commerce Partnership with Tmall 10 +368% CAGR 2019 54 2020 6,000+ -11,000 Coffee shops (¹) Retail & Specialty Doors !!! 5. Sales by region does not sum to 100% due to rounding. 6. Revenue for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue and gross profit for the years ended December 31, 2019 and 2020 and Q1 2021 were prepared in accordance with IFRS and have been audited. 2020 Launched Partnership with LIDE Starbucks China 74 LTM Q1 2021 #1 Oatmilk brand (4) 10#11~$600BN TAM WITH ACCELERATING ADOPTION RICTLY PROHINITED Additional opportunity in foodservice $592BN (¹) Global dairy retail sales Plant-based penetration of dairy retail sales globally is only -3%, but rapidly growing (¹) Source: Plant-based market survey commissioned by Oatly, January 2021. Note: 1. As of December 31, 2020. $18BN (1) Q: When did you first purchase plant-based milk? Last 2 Years 3+ years 61% 39% 71% 29% # 71% 29% 63% 37% c.60-70% of plant-based milk consumers joined the category in the last 2 years 69% 31% 11#12EMERGING OAT DOMINANCE The oat category is rapidly gaining market share and surpassing other crop categories. % of total plant-based milk retail market !!! SWEDEN 70% 60% 50% 40% 30% 20% Inherent sustainable characteristics 10% 0% Jan-18 2020 Year-over- Year Growth (2) OAT: 34% DA: 26% Oat 72% Jan-19 Jan-20 Dec-20 17% 1. Market shares represent rolling four weeks period. 2. Year over year growth of 52-week periods. 7% 40% 30% 20% 10% Flexible within the supply chain Oat UNITED KINGDOM Oat surpassed almond and soy OAT: 98% DA: 31% Source: Nielsen, IRI. Notes: Sweden Nielsen data as of week 52, 2020, UK IRI data as of January 2, 2021, Germany Nielsen data as of December 26, 2020 and U.S. Nielsen data as of December 26, 2020. Feb-18 Jan-19 Jan-20 Dec-20 Soy Oat 42% 23% 22% Widely accessible to a range of eaters THE ORIGINAL 60% 50% 40% 30% CARRYING AND 10% 20% 0% OATLY! Almond GERMANY Oat surpassed almond I Oat surpassed soy Jan - 18 Oat OAT: 94% DA: 44% Dairy Alternatives Oat 60% Jan - 19 Jan-20 Dec-20 17% 14% 80% 70% 60% 50% 40% 30% 20% Nutritional advantages 10% UNITED STATES Oat surpassed soy OAT: 203% 65% DA: 20% Oat 14% Jan-18 Jan - 19 Jan-20 Dec-20 9% 12#13OATLY DRIVES GROWTH FOR THE OAT MARKET As Oatly goes, so goes the oat category. We accelerate overall oat and nondairy category growth in our active markets. Total plant-based market share!!! 40% 30% 20% 10% 0% UNITED KINGDOM Feb-18 2020 YOY GROWTH DA(3) OATLY 31% 99% 49% Jan - 19 Jan - 20 Dec-20 of plant-based milk growth contributed by Oatly (3) OAT 42% OATLY 27% 60% 45% 30% 15% 0% 2020 YOY GROWTH Jan - 18 GERMANY DA(3) OATLY 44% 199% Jan - 19 Jan-20 43% of plant-based milk growth by Oatly (3) Source: Nielsen, IRI, Plant-based market survey commissioned by Oatly, January 2021. Notes: UK, IRI data as of January 2, 2021, Germany Nielsen data as of December 26, 2020 and U.S. Nielsen data as of December 26, 2020. 1. Market shares in the total plant-based milk category, represent rolling four weeks period. 2. Dairy Alternatives. 3. Calculated as the sales value increase for Oatly divided by the sales value increase for the total plant-based milk category for the full year 2020 in the absolute dollar amount. THE ORIGINAL OATLY! OAT 60% OATLY 23% Dec-20 20% 15% 10% 5% 0% UNITED STATES Jan - 18 2020 YOY GROWTH DA(3) OATLY 20% 182% Jan - 19 Jan - 20 Dec-20 13% of plant-based milk growth contributed by Oatly OATLY OAT 14% 13#14OATLY OUTPERFORMS IN AREAS THAT MATTER TO CONSUMERS MITED GREAT TASTING PRODUCTS Leveraging proprietary production processes and key patented elements to convert fiber- rich oats into great tasting products HEALTHY NUTRITIONAL PROFILE Founded in the 1990s by food scientists on a mission to make the best possible form of milk for human beings OUR CULTURE Source: Plant-based market survey commissioned by Oatly, January 2021. THE ORIGINAL CAT LY! company. We promise to be a good THE ORIGINAL No milk. OATLY! No soy- whatever. EMOTIONAL CONNECTION TO OUR BRAND Oatly over-indexes versus competitors as "being a brand that aligns with my values" Our shared mission and core belief in driving a societal shift towards a plant-based food system unifies our company in our quest for purpose-driven growth AUTHENTIC SUSTAINABILITY CREDENTIALS Leading the industry and empowering people to make informed choices for the benefit of people and the planet 14#15WE SUPPORT INITIATIVES AND INTERACT WITH PEOPLE WHERE THEY ARE je ne dais OF THE MONTH SUSTAINABLE ARTIST OF THE YEAR Sustainable Artists NO WORRIES, WE'LL JUST RETARGET YOU LATER. Online (Of Course) THEY WILL PUT AN OAT COMPANY SUSTAINABILITY REPORT ANYWHERE THESE DAYS. People Who Care About The Planet IT TAKES BRAINS STURID LAT HERE'S WHAT WEGELIEVE Packaging RING IN SPRING WITH A KYOTO COLD BREW Barista Community It's like milk but made for humans. Out-of-Home THE ORIGINAL OATLY! Sustainability Talks Awesome People OATLY X END OF THE ROAD THE ORIGINAL Events And Music Festivals TAK THE 72 15 HOURS DITC MILK PLEDG#16OUR VOICE IS DIFFERENT AND HONEST, WHICH RESONATES ON A UNIQUE LEVEL "This tastes like sh*t! Blah!' THEY WILL STICK AN AD FOR OATMILK ANY- WHERE THESE DAYS. LY! HEY FOOD INDUSTRY. SHOW US YOUR NUMBERS. I have been saved from the milk industry ULYI BAT YOU ACTU-PAT ALLY READ THIS? TOTAL SUCCESS. IT'S LIKE MILK, BUT MADE FOR HUMANS. LY! BAY DRINK from M ste of the world 129 Tallar string and Nat AT LY! Moslav FOR DUMMILS 15 YEARS LE 325 50+ IN-HOUSE CREATIVE FTES DOING THE CRITICAL WORK OF CLARIFYING AND COMMUNICATING OATLY'S VALUES TO CONSUMERS How can got involved? WOW NO COW! DAT LY! 067 BAST Seriously, WHO OAT LY! DRINKS MILK at a festival ANYWAY? W OAT LY! THANKS FOR YOUR ATTENTION. LY! YOU MIGHT WANT TO ASK YOUR BARISTA FOR A COFFEE MADE WITH THIS. OR NOT. WHATEVER. How to write an Oatly package. POST MILK POST MILK GENERATION GENERATION 16#17INNOVATION ENSURES WE DELIVER ON THE THINGS THAT MATTER MOST TASTE We hold our food up to dairy lovers' expectations on tastes so switching to plant-based options doesn't feel like a sacrifice. THIS PACKAGE SUPPORTS THE POST MILK CENERATION The POST MILK CENCATION is a coon to be non-profit organization that will work to inform the public about the health and sustainability advantages of eating plant-based diet, That's right. It will be a real crganization and not just a crazy t-shirt slogan people are wearing creund the festi- val beone during the sunner. Well it's that too. Anyway, it you would 11 to become part of this genera- tion or learn more about keeping things real in the futurs than visit www.pestnilkgeneration.com. In the neantime, here is your tomporary nankerchip card. Cut it out and carry it ifth you whatever you go. POST MILK GENERATION Membership Card THE ORIGINAL OATLY! NUTRITION We aim to make products with nutritional profiles that are best suited for human nutritional needs. SUSTAINABILITY We strive to create a plant based product that allows people to turn what they eat and drink into personal moments of healthy joy without recklessly taxing the planet's resources. 17#18NOT ALL OATMILKS ARE CREATED EQUALLY Patented enzymation process to create our core oatbase - the foundation of our products Built on 25+ years of Swedish science with more than 95 filed and pending patents (1) Sta Notes: 1. As of March 31, 2021. 2. As of December 31, 2020. BUILDING THE WORLD'S BEST OAT-BASED DAIRY PRODUCTS 50+ research & development team members across the globe (2) Process improves stability and maintains natural fiber content DEVELOPING WORLD-LEADING OAT TECHNOLOGY AT GLOBAL RESEARCH HUBS Our multifaceted innovation approach begins with research at the raw material level. Local innovation power tailors products to local taste profiles and consumer expectations OAT EXPERTISE THE ORIGINAL CLINICAL STUDIES OATLY! OAT GENOME LIBRARY 18#19WE CURRENTLY DEPLOY A VARIETY OF PRODUCTION MODELS TO MEET OUR GROWING DEMAND Early capex investment into self-manufacturing production models to drive margin profile. LOW CO-PACKING • Quickest and easiest option to market • Higher costs from shipping and profit share Oatbase shelf life requires time sensitive transportation 2020: 52% of total volumes Target Mix: 10-20% (¹) TARGET % OF TOTAL VOLUMES HYBRID Oat base is transported via pipeline to partners who execute the mixing and filling process ▪ Lighter cash choice with more favorable margins Centers around long term partnerships (10 years) 2020:24% of total volumes Target Mix: 30-40% (¹) END-TO-END SELF-MANUFACTURING OATLY! HIGH • In-house oat base manufacturing, mixing and filling in one location Flexibility to build value-added processes (e.g., oatgurt fermentation) . Full control of production and costs paired with high margins 2020: 24% of total volumes Target Mix: 50-60% (¹) Notes: 1. These are not projections; they are goals/targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of a prospectus to be issued by the Company into OF relation to the offering. Nothing in this presentation should be regarded as a representation by any person that these goals/ targets will be achieved and the Company undertakes no duty to update its goals. THE ORIGINAL 19#20SCALING EFFICIENT GLOBAL OATMILK PRODUCTION CAPABILITIES 2021 Ogden, U.S. 2023E(1) US III Date of go-live = Established capacity = Capacity added in 2021 = Near-term capacity expansions = Self-Manufacturing = Hybrid (Year) = Expected expansion 2019 2. Finished goods equivalent of oat base. 3. Represents actual production volume of finished good liters in 2020. (2022) Millville, U.S. 2019 (2021) 2023E(¹) 2006 Peterborough, U.K. Vlissingen, NL (2021) Landskrona, SE 2021E OATLY! Maanshan, CN 2023E(1) Asia III 2021E(1) Note: 1. These are not projections, they are goals/targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of a prospectus to be issued by the Company in relation to the offering. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved and the Company undertakes no duty to update its goals. THE ORIGINAL Singapore, SG Self-Manufacturing 2020: 24% of total volumes Target Mix: 50-60% (¹) Hybrid 2020: 24% of total volumes Target Mix: 30-40% (1) Co-Packing 2020: 52% of total volumes Target Mix: 10-20% (¹) Expected Capacity (1)(2) 2020: 299 million liters (3) 2021: 600 million liters 2022: -1,000 million liters 2023: 1,400 million liters . 20#21WE HAVE PRIORITIZED GROWTH OVER SHORT-TERM PROFITABILITY TO MEET DEMAND REVENUE ($MM) +86% i 2018-LTM Q1 2021 CAGR $118 2018 $204 2019 $421 2020 PA18-LTM Q1'21 $477 CAGR: Asia +368% Americas +167% EMEA +58% LTM 01 2021 Note: 1. Revenue and gross profit for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue and gross profit for the years ended December 31, 2019 and 2020 and Q1 2021 were prepared in accordance with IFRS and have been audited. THE ORIGINAL GROSS PROFIT ($MM) I I I I OATLY! +62% I 2018 - LTM Q1 2021! CAGR $49 2018 41% $67 2019 $129 2020 % Margin $144 LTM 01 2021 30% 21#22PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED. CONTINUED STRONG MOMENTUM IN Q1 2021 C PRINTING, CO ⠀ ROADSHOW MATERIALS IS STRICTLY PROHIBITED KEY DEVELOPMENTS P ADDRESS: 42.12 IP ADDRESS: 42.110.153.227 EMAIL: [email protected] • Launched branded partnership with Starbucks in the U.S. · Capacity expansion delays due to COVID-19 and continued to experience significant supply constraints as consumer demand globally increases PRINTING COPYING AND DISTRIBUTION OF Started oatbase production at the STRICTLY PROHIBITED Ogden, UT facility in mid-March Began production on the third oatbase line in Vlissingen, Netherlands ($MM) Americas EMEA RIALS IS STRICTLY PR01 2021 Q1 Asia Total Revenue Gross Margin THE ORIGINAL OATLY! $33.5NTING, COPYING, AND DIS $81.6 Gross Profit G, AND DISTRIBUTION OF $41.9 MATERIALS IS STRICTLY PROHIBITED $24.9 $140.1 01 2020 $20.3ION OF $59.1 $4.8 $84.2 $27.3 PROHIBITED 29.9%NTING, COPYING, AND D 32.4% ON OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED YOY GROWTH 65.2% PRINTING 38.1% AND DISTRIBUTION OF ROADSHOWIALS IS STRICTLY PROHIBIT IP ADDRESS: 42.110.158 227 414.6% 66.2% 53.7% (2.4%) PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBI 22 EMAIL: [email protected]#23PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED SIGNIFICANT UPSIDE FOR GROWTH AS WE INVEST TO CAPTURE DEMAND AND DISTRIBUTI ROADSHOW MATERIALS IS STRICTLY PROHIBITED CAPACITY RAMP UP OVER TIME (Million liters of finished goods equivalent of oat base) (1)OADSHOW MATERIALS IP ADDRESS: 42.110.158.22 EMAIL: [email protected] Historic production volume Total expected capacity PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED 84 165 - 1,000 -600 PRINTING COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED El [email protected] (1) (1) CAPITAL EXPENDITURES (2) ($MM) CAPACITY EXPANSION 2021 -1,400 H H Landskrona (SE) Vlissingen (NL) ROADSHOW MATERIALS IS STRICE $21 OHIBITED (3) OATLY! 2022 (1) COPYING, AND 2021UTION OF Millville (U.S.) RIALS IS IP SOUT NEW FACILITIES $54 # $134 Ogden (U.S.) Maanshan (CN) Singapore (SG) 2023 (1) 2019. COPYR 2020 STRIBU 2021E (¹) S STRICTLY P # Peterborough (U.K.) Asia III U.S. III TERIALS IS STRICTLY PROHIBIT IP ADDRESS: 42.110.158 227 -$350-400 E vero.com -$300-400 II -$100-200 2018 2019 2020 2021 2022 2023E (¹) 2018 2022E (¹) 2023E (¹) Notes: 1. These are not projections, they are goals /targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of a prospectus to be issued by the Company in relation to the offering. Nothing in this presentation should be regarded as a representation by any person that these goals/ targets will be achieved and the Company undertakes no duty to update its goals. 2. Represents cash capital expenditures (excludes capital expenditures financed through equipment leases) 3. Capex and revenue for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS,ISTRIBUTION OF Revenue and gross profit for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited. ROADSHOW MATERIALS IS STRICTLY PROHIBIT 23 THE ORIGINAL EMAIL [email protected]#24LONG-TERM TARGETS (1) GROSS PROFIT MARGIN EBITDA MARGIN GREATER THAN 40% APPROACHING 20% Note: 1. These are not projections; they are goals/targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of a prospectus to be issued by the Company in relation to the offering. Nothing in this presentation should be regarded as a representation by any person that these goals/targets will be achieved and the Company undertakes no duty to update its goals. THINK COW'S MILK. WITHOUT THE COW AND THE MILK PART. AND 80% FEWER GREENHOUSE GAS EMISSIONS. THAT'S ALL. THE ORIGINAL AT LY! DAT 24#25PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBITED MULTIPLE OPPORTUNITIES FOR CONTINUED GLOBAL GROWTH IBUTION ROADSHOW MATERIALS IS STRICTLY PROHIBITED IP ADDRESS: 42.110.158.227 EMAIL:[email protected] 1 2 PRINTING Accelerate brand awareness and consumer trial EMAIL: [email protected] 5 Invest in global production capacity to capture immense demand ROADSHOW MATERIALS IS STRICTLY PROHIBIT Expand into new markets with proven, disciplined and thoughtful multi-channel strategy 3 ROADSHOW MATERIALS IS ST IP ADDRESS: 42.110.158.227 EMAIL: [email protected] Drive category growth through distribution, velocity and market share gains in existing markets ROADSHOW MATERIALS IS STRICTLY PROHIBITED Roll out our existing product portfolio across global regions and pioneer new product categories with innovation COPYING, AND DISTRIBUTION OF MATERIALS IS STRICTLY PROHIBITED OATLY! PRINTING, COPYING, AND DISTRIBUTION OF ROADSHOW MATERIALS IS STRICTLY PROHIBI 25 EMAIL [email protected]#26WARNING! YOU ARE ENTERING A MILK INDUSTRY DEPROGRAMMING ZONE. WE SIT AT THE CROSSROADS OF HUMANITY'S GREATEST CHALLENGES ACROSS CLIMATE CHANGE AND HEALTH & NUTRITION VIE MEDE GUDA#27THANK YOU 03 04 THE ORIGINAL Another side of AT our pack-LY! ing i. HAVR#288 APPENDIX OAT LY! Super Men's Spa#29THE ANIMAL BASED FOOD INDUSTRY IS A LEADING CAUSE OF OUR PLANET'S CLIMATE, HEALTH AND RESOURCE CRISES TODAY'S FOOD SYSTEM AND OFTEN OUR EATING HABITS-DOES NOT MEET OUR NUTRITIONAL NEEDS, DRIVING THE PREVALENCE OF NON- COMMUNICABLE DISEASES LIKE MALNUTRITION, OBESITY AND HEART AND VASCULAR DISEASES THE ORIGINAL Food & Agriculture Industry Resource Usage % of Global Total Resource Usage Annually OF GHG Emissions Land Usage Fresh Water Usage World population 2020E OATLY! 25% 38% 70% 7.6Bn 1 2050E Rotate 52% 48% 84% 9.7Bn Sources: United Nations World Water Development Report 4 (2012). Stockholm International Water Institute. World Resources Institute. Global Environmental Change (47, 2017). 29#30PROVEN STRATEGY FOR GROWTH ACROSS GEOGRAPHIES, SALES CHANNELS, AND PRODUCT CATEGORIES - FROM SPECIALTY TO MAINSTREAM COSTA BLUE HOTE FOODSERVICE Pizza HEYTEA 喜茶 WOW 25% 2020 Revenue (1) Our foodservice partnerships generate buzz, increase awareness and drive pull-through into the food retail and e-commerce Successful, highly replicable proven strategy that works across regions and is tailored to local market structures Notes: 1. Foodservice includes coffee and tea shops 2. Defined as "Other Revenue", includes e-commerce Sainsbury's TESCO Kroger WHOLE FOODS ICA Wegmans REWE Walmart O TARGET METRO FOOD RETAIL 我係到 soms BLEVEN FenllyPart club 71% 2020 Revenue PRINTING COPYING TMALL.COM Our brand has found rapid success across multiple retail sectors - natural, grocery, and mass Halo effect of carrying a high demand brand brings value to retail partners Transforming the margin structure of a low-value product category amazon JD.COM Gocado . Alibaba freshdirect E-COMMERCE Oatly.com UCTS BATIBLE THE WAY LY! 6-PACK $32.00 4% 2020 Revenue (2) High-performing e-commerce presence in China and the U.K. with early growth in U.S. Significant opportunity to grow online presence through owned-DTC and 3rd party Building deeper relationships with consumers through a unique online experience 30#31VISIONARY LEADERSHIP TEAM BRINGING A FRESH PERSPECTIVE TO THE FOOD INDUSTRY Toni Petersson Chief Executive Officer Åsa Ragnar Chief Corporate Communications Officer Peter Bergh Chief Operating Officer Sofia Ehlde Executive Vice President, Food Innovation Christian Hanke Chief Financial Officer Mike Messersmith President, North America Ashley Allen Chief Sustainability Officer Johan Girdo President, EMEA THE ORIGINAL OATLY! Christel Kinning Chief Transformation & People Officer David Zhang Johan Rabe President, Asia Me227 Chief Supply Chain Officer EMJohn Schoolcraft Chief Creative Officer Fredrik Frimodig Chief Business Technology Officer 31