#1THE ORIGINAL OAT LY! OATLY 1022 FINANCIAL PRESENTATION MAY 2022#2This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding our financial outlook for 2022 and long-term growth strategy, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate," "would," "ambition," "targets," "predicts," "will," "aim," "potential," "continue," "is/are likely to" and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: general economic conditions including high inflationary cost pressures; our history of losses and inability to achieve or sustain profitability; the impact of the COVID-19 pandemic, including the spread of variants of the virus, on our business and the international economy; reduced or limited availability of oats or other raw materials that meet our quality standards; failure to obtain additional financing to achieve our goals or failure to obtain necessary capital when needed on acceptable terms; damage or disruption to our production facilities; harm to our brand and reputation as the result of real or perceived quality or food safety issues with our products; food safety and food-borne illness incidents and associated lawsuits, product recalls or regulatory enforcement actions; our ability to successfully compete in our highly competitive markets; changing consumer preferences and our ability to adapt to new or changing preferences; the consolidation of customers or the loss of a significant customer; reduction in the sales of our oatmilk varieties; failure to meet our existing or new environmental metrics and other risks related to sustainability and corporate social responsibility; litigation, regulatory actions or other legal proceedings including environmental and securities class action lawsuits; changes to international trade policies, treaties and tariffs and the ongoing war in Ukraine; changes in our tax rates or exposure to additional tax liabilities or assessments; failure to expand our manufacturing and production capacity as we grow our business; supply chain delays, including delays in the receipt of product at factories and ports, and an increase in transportation costs; the impact of rising commodity prices, transportation and labor costs on our cost of goods sold; failure by our logistics providers to deliver our products on time, or at all; our ability to successfully ramp up operations at any of our new facilities and operate them in accordance with our expectations; failure to develop and maintain our brand; our ability to introduce new products or successfully improve existing products; failure to retain our senior management or to attract, train and retain employees; cybersecurity incidents or other technology disruptions; failure to protect our intellectual and proprietary technology adequately; our ability to successfully remediate the material weaknesses or other future control deficiencies, in our internal control over financial reporting; our status as an emerging growth company; our status as a foreign private issuer; through our largest shareholder, Nativus Company Limited, entities affiliated with China Resources Verlinvest Health Investment Ltd. will continue to have significant influence over us, including significant influence over decisions that require the approval of shareholders; and the other important factors discussed under the caption "Risk Factors" in Oatly's Annual Report on Form 20-F for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission ("SEC") on April 6, 2022, and Oatly's other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this presentation speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Oatly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. 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. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Non-IFRS Financial Measures EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are financial measures that are not calculated in accordance with IFRS. We define Adjusted EBITDA as loss attributable to shareholders of the parent adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense and non-recurring expenses related to the IPO. LEGAL DISCLAIMER Adjusted EBITDA should not be considered as an alternative to loss for the period or any other measure of financial performance calculated and presented in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBITDA rather than loss for the period attributable to shareholders of the parent, which is the most directly comparable IFRS measure. Some of these limitations are: Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements; Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us; ● . Adjusted EBITDA does not reflect income tax payments that reduce cash available to us; Adjusted EBITDA does not reflect recurring share-based compensation expenses and, therefore, does not include all of our compensation costs; Adjusted EBITDA does not reflect IPO preparation and transaction costs that reduce cash available to us. Adjusted EBITDA should not be considered in isolation or as a substitute for financial information provided in accordance with IFRS. In the appendix to this presentation we have provided a reconciliation of Adjusted EBITDA to loss attributable to shareholders of the parent, the most directly comparable financial measure calculated and presented in accordance with IFRS, for the periods presented. ● . THE ORIGINAL ●ATLY! Q1'22 EARNINGS PRESENTATION 2#3It's like milk but made for humans. THE ORIGINAL TOATOAT LY! LY! LY! GAT DRINK OAT DRINK SEMI E A OAT DRINK WHOLE e Q1'22 EARNINGS PRESENTATION 3#4T THE ORIGINAL Notes: Nielsen only covers measured channels 1. In key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 12, 2022 in Sweden, ending week 13 2022 in Germany, March 26, 2022 in the US, and March 26, 2022 in the U.K. Calculated as Oatly growth in value sales over the aforementioned periods as a % of total dairy alternatives category sales growth and as a % of total oatmilk category value sales growth over the aforementioned period. Excludes private label. 2. Velocity (rate of sales) based on top selling SKU by sales value compared to top selling SKU of next three largest competitors by sales value in key markets of Sweden, Germany, the U.S. and the U.K. for the last 12 weeks ending week 12, 2022 in Sweden, ending week 13 2022 in Germany, March 26, 2022 in the US, and March 26, 2022 in the U.K. (Major Multiples). 3. As of March 31, 2022. Q1 2022 KEY FINANCIAL HIGHLIGHTS BROAD-BASED REVENUE GROWTH ACROSS REGIONS CONTINUE TO SCALE PRODUCTION ACROSS THREE CONTINENTS LEADING MARKET SHARE ACROSS KEY MARKETS (1) #1 SELLING OATMILK SKU AND HIGHEST VELOCITIES ACROSS KEY MARKETS [2] OATLY AVAILABLE IN 179,000+ RETAIL & FOODSERVICE LOCATIONS GLOBALLY [3] THE ORIGINAL ●ATLY! Q1'22 EARNINGS PRESENTATION#528% REVENUE SPLIT BY REGION-Q1 2022 17% 34% Notes: 1. Includes Coffee & Tea shops. 2. Mainly e-Commerce. 3. As of March 31, 2022. 54% EMEA REVENUE SPLIT BY CHANNEL -01 2022 3% 63% Americas Asia KEY STATS Food retail Foodservice (1) Other (2) $669MM LTM Q1 2022 Revenue 9 Planned Production Facilities by 2023 88,500+ Approx. Retail Doors (3) 7 Product Categories 4. Estimated global dairy industry retail sales in 2021 based on Euromonitor data. 5. Calculated based on 2018 revenue of $118MM. 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 for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited. +71% 2018-LTM Q1'22 Revenue Growth CAGR (5) COMMERCIAL SUCCESS in 25+ markets 90,500+ Approx. Foodservice locations (3) ~$628BN Total Addressable Market Nearing the Tipping Point of Adoption (4) Q1'22 EARNINGS PRESENTATION 5#6KEY RETAIL AND E-COMMERCE PERFORMANCE HIGHLIGHTS SALES GROWTH DRIVER... OF THE OATMILK CATEGORY (1) SALES GROWTH DRIVER... OF THE TOTAL DAIRY ALTERNATIVES CATEGORY #1 (1) VELOCITY... NONDAIRY MILK BRAND (2) OATMILK BRAND... BY MARKET SHARE (3) #1半=+= #2 #1 == #2 CATEGORY CREATOR & #1 OATMILK BRAND ON TMALL(4) #1米 #1*=*=#2 #1米 Source: Nielsen IQ, IRI, management projections, Tmall Database Notes: Nielsen only covers measured channels (-43% of total America revenue). 1. In key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 12, 2022 in Sweden, Netherlands, Austria and Switzerland, ending week 13 2022 in Germany, March 26, 2022 in the US, and March 26, 2022 in the U.K. Calculated as Oatly growth in value sales over the aforementioned periods as a % of total dairy alternatives category sales growth and as a % of total oatmilk category value sales growth over the aforementioned period. Excludes private label. 2. Velocity (rate of sales) based on top selling SKU by sales value compared to top selling SKU of next three largest competitors by sales value in key markets of Sweden, Netherlands, Austria, Switzerland, Germany, the U.S. and the U.K. for the last 12 weeks ending week 12, 2022 in Sweden Netherlands, Austria and Switzerland, ending week 13 2022 in Germany, March 26, 2022 in the US, and March 26, 2022 in the U.K. (Major Multiples). 3. In terms of retail sales value for key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 12, 2022 in Sweden Netherlands, Austria and Switzerland, ending week 13 2022 in Germany, March 26, 2022 in the US, and March 26, 2022 in the U.K. 4. Tmall database, as of March 2022. Q1'22 EARNINGS PRESENTATION 6#7EMERGING OAT DOMINANCE THE OAT CATEGORY IS RAPIDLY GAINING MARKET SHARE AND SURPASSING OTHER CROP CATEGORIES % of total plant-based milk retail market (¹) 80% 60% 40% 20% 0% Mar '19 Inherent sustainable characteristics YoY Growth(2) SWEDEN Oat: 6% DA: 7% Oat 75% 9% 9% Mar '22 50% 40% 30% 20% 10% 0% Oat UNITED KINGDOM Mar '19 Source: Nielsen IQ, IRI. Notes: Sweden Nielsen data as of week 12, 2022; U.K. IRI data as of March 26, 2022; Germany Nielsen data as of week 13 2022 and U.S. Nielsen data as of March 26, 2022. 1. Market shares by retail sales value, represent rolling four weeks period. 2. Year-over-year growth of 52-week periods. I Oat surpassed I almond and soy I I Flexible within the supply chain Oat: 22% DA: 5% Soy Oat 47% 21% 20% Mar 22 75% 50% 25% 0% THE ORIGINAL OATLY! Almond Mar 19 Oat GERMANY Oat: 28% DA: 17% Widely accessible to a range of eaters Dairy Alternatives Oat 64% 14% 13% Mar 22 80% 60% 40% 20% 0% UNITED STATES Mar '19 I Oat surpassed soy 1 Oat: 57% DA: 5% 63% Oat 21% 7% Mar 22 Q1'22 EARNINGS PRESENTATION 7#8OATLY HELPS DRIVE GROWTH FOR THE OAT MARKET GAINING MARKET SHARE IN KEY MARKETS Total plant-based market share (¹) 50% 40% 30% 20% 10% 0% YOY GROWTH DA(2) OATLY 5% 10% Mar 19 UNITED KINGDOM 46% Mar 22 of plant-based milk growth contributed by Oatly YoY (3) OAT 47% OATLY 25% 75% 50% 25% 0% GERMANY YOY GROWTH DA(2) OATLY 17% 15% Mar '19 Mar 22 of plant-based milk growth 19% contributed by Oatly YoY (3) Source: Nielsen IQ, IRI. Notes: U.K. IRI data as of March 26, 2022, Germany Nielsen data as week 13 2022 and U.S. Nielsen data as of March 26, 2022. 1. Market shares by retail sales value in the total plant-based milk category, represent rolling four weeks period. 2. Growth rates last 52 weeks vs parallel periods in 2021 Dairy Alternatives. 3. Calculated as the sales value increase for Oatly divided by the sales value increase for the total plant-based milk category THE ORIGINAL for the last 52 weeks per the previously mentioned periods vs. parallel period in 2021 in the absolute dollar amount. ●ATLY! OAT 64% OATLY 21% 25% 20% 15% 10% 5% 0% UNITED STATES YOY GROWTH DA(2) OATLY 5% 42% Mar '19 Mar 22 OAT 21% OATLY 5% of plant-based milk growth 32% contributed by Oatly YoY (3) Q1'22 EARNINGS PRESENTATION 8#9EMEA: MARKET LEADERSHIP POSITIONS IN KEY MARKETS WITH FURTHER GROWTH OPPORTUNITIES (USD in millions) $155 NET SALES GROWTH 2019 $268 2020 Source: Company financials Notes: 1. As of March 31, 2022. $336 2021 $345 LTM Q1 2022 INCREASING DISTRIBUTION BREADTH AND DEPTH IN ESTABLISHED MARKETS 北 TESCO Sainsbury's Z Morrisons & PARTNERS BENUGO amazon ICA WAITROSE C ocado ASDA ++ NORDIC CHOICE HOTELS * HESBURGER ELEVEN Pressbyrån I 52,500+ Retail Doors (¹) EREWE ROSSMANN DB Netto dm Marken-Discount EDEKA ch JUMBO DEKAMARKT Kaufland PLUS соор PENNY 15,000+ Foodservice Locations (¹) INCREASING DISPLAY SPACE AND ROLLING OUT BROADER PRODUCT PORTFOLIO PALYS COAT SOME! CAFE LYE NO LAIT 1936- THE ORIGINAL COAT LY! MAXIMUM TASTE NO SUGAR MINSTA NYHET! ARETS MINSTA NYHET! LY LY! LY LYE KOLLA SA AKLI MINSTA NYHET! *** SMA SMA L KOLLA VI Y LY OAT LY! Q1'22 EARNINGS PRESENTATION 9#10UK: MARKET LEADERSHIP WITH SIGNIFICANT MOMENTUM VELOCITY: UNITS PER STORE SELLING PER WEEK (1) Based on largest oatmilk SKUs MAT (¹) 33 #1 selling SKU in PBM & Oatmilk (2) 21 Iñ 16 #1 Oatmilk SKU: #2 Competitor Oatly Barista Source: Nielsen IQ, IRI Notes: (1) (2) #3 Competitor LY! TANK LY. LY. THE TH LYI| LY: | LY LERA K THE AT LYILYEỦY:|LÝ: LY! H THE LYI LY. LY! UNTER FicfOCE THE BRISA CATLY! AST THE CAIL COMMERCIAL MOMENTUM ACROSS KEY RETAIL PARTNERS OATLY! LY! LE D THE FRA LY! MT OLYM OATLY! acom TROX CATLY! LY. LY LY BAT THINK LY. LY: DAT MAT DUBIN LY! LY!| LY! LY! | LYU | LY! LY! LY! AFT POK LY! LY LY ANT SAX THE ORIGINAL O L12W represents the calculated average of the data for the 4-week rolling periods ending Jan 29, 2022, Feb 26, 2022 and Mar 26, 2022 in the UK. Largest PBM nd Oatmilk SKU based on absolute alue sale r the last 52 eeks ending Mar 26, 2022 in the UK DAT Dens ●ATLY! www. LY. LYI DAT ORAN HALLA www DAT DRINK AT LU ATLY! £1.60 N 11949 DAT AT MUNKA ATLY! £1.60 TESCO DAT NEW PALLET DISPLAYS FOR BARISTA AMBIENT, A FIRST IN THE PLANT-BASED MILK CATEGORY 50% INCREASE IN FACINGS AND SHELF SPACE IN AMBIENT AT KEY RETAILER DOUBLED SKU COUNT AND NUMBER OF STOCK POINTS WITH ANOTHER KEY RETAILER CHILLED OATMILK EXPANSION PLANNED FOR JUNE AND JULY WITH MULTIPLE KEY RETAILERS LAUNCHING FROZEN DESSERTS IN KEY RETAILER Q1'22 EARNINGS PRESENTATION 10#11GERMANY: EXPANDING CHANNEL AND PORTFOLIO FOOTPRINT VELOCITY: UNITS PER STORE SELLING PER WEEK (1) Based on largest oatmilk SKUs MAT (¹) 30 #1 selling SKU in PBM & Oatmilk (2) 17. 11 8 #1 Oatmilk SKU: #2 Competitor #3 Competitor Oatly Barista Source: Nielsen IQ, IRI Notes: Barista market leadership SLY LY! LYLY! TATLY the new NORM UILLMIUI LI Wi show CIT P BAY AT ALT LYF LY LY! Y LY COD BRITY BRITH BA Pi COMMERCIAL MOMENTUM IN RETAIL AND FOODSERVICE Int OATLY'S 1L BARISTA NOW HAS HIGHER RETAIL SALES VALUE THAN THE NEXT FIVE BRANDED COMPETITOR PRODUCTS COMBINED (3) (1) L12W represents the calculated average of the data for the 4-week rolling periods ending Feb 6, 2022 and Mar 6, 2022 and Apr 3,2022 in Germany. (2) Largest PBM and Oatmilk SKU based on absolute value sales for the last 52 weeks ending Apr 3, 2022 in Germany. (3) Niels Grocery ex. HD based on value sales for 12-week period ending Apr 2022 in Germany. THE ORIGINAL OATLY! Foodservice partnerships Q1 highlights DB & Tchibo Hilgetränke ESTRE Sube SSO B 200 TRAINS/ 1,400 CONNECTIONS PER DAY HOUSE 3 san LY! BIGGEST COFFEE BRAND IN GERMANY:~500 DOORS w Q2 highlights DUNKIN' aramark THE ORIGINAL Frozen desserts launch LY! strawberry HOW www THE ORIGINAL LY! Salted caramel BE ORIGINES chocolate fudge c LY LOCOMO MACHER THE ORIGINAL Co LY! Vanilla www THE ORIGINAL De muced the BRAV hazelnut swirl FROZEN DESSERT LAUNCH ADDING +32,000 STOCKING POINTS IN DACH, INCLUDING +25,000 IN GERMANY Q1'22 EARNINGS PRESENTATION 11#12EMEA: SIGNIFICANT INTERNATIONAL EXPANSION OPPORTUNITY WITH EXPANDED PRODUCTION CAPACITY OATLY'S EMEA PRESENCE CURRENT KEY MARKETS CONSIST OF THE NORDICS, UK, GERMANY AND THE NETHERLANDS LIMITED PRESENCE IN BROADER EMEA, INCLUDING LARGE MARKETS SUCH AS FRANCE, ITALY AND SPAIN EXPECT INVESTMENTS IN EXPANDING PRODUCTION CAPACITY WILL ENABLE OATLY TO ENTER ADDITIONAL INTERNATIONAL MARKETS Q1'22 EARNINGS PRESENTATION 12#13AMERICAS: BROAD AND BALANCED MULTI-CHANNEL FOOTPRINT TO DRIVE CATEGORY GROWTH (USD in millions) $39 NET SALES GROWTH 2019 $180 $100 all 2020 Source: Company financials, Nielsen Notes: $193 2021 LTM Ql 2022 #1 VELOCITY BRAND IN RETAIL DAIRY & PLANT-BASED MILKS (1) 14,500+ Retail Doors(2) WHOLE FOODS Walmart MARKET Albertsons Kroger Wegmans freshdirect. P giant eagle Publix. SPROUTS FARMERS MARKET - ELEVEN TARGET ♥CVS pharmacy STOP&SHOP. amazon Wakefern Walgreens FOOD CORP. 1. By market share of the oatmilk category in terms of retail sales value for the U.S. over the last 13 weeks ending March 26, 2022. Does not represent velocity position in each of the retailers listed. 2. As of March 31, 2022. STRONG FOODSERVICE PARTNERSHIPS WITH SIGNIFICANT UPSIDE POTENTIAL 38,500+ Foodservice Locations (2) TM BLUE BOTTLE COFFEE Sysco US. FOODS aramark Foodbuy wework INTELLIGENTSIA AAVENDRA. VISTAR 16 HANDLES (Soft Serve) Q1'22 EARNINGS PRESENTATION 13#14AMERICAS: FASTEST TURNING NATIONAL BRAND IN THE ENTIRE U.S. MILK CATEGORY WITH SIGNIFICANT DISTRIBUTION UPSIDE #1 VELOCITY BRAND IN RETAIL DAIRY & PLANT-BASED MILKS (1) (USD/Store/Item/week) (2) $84 Oatly Source: Nielsen IQ Notes: Continued QoQ growth of category-leading velocity $56 $20 Largest Dairy Largest PBM Milk Brand Brand SIGNIFICANT DISTRIBUTION UPSIDE IN RETAIL CHANNEL (Brand-level ACV %) (3) A 54 p.p. 34% Oatly 88% Largest PBM Brand by value sales, last 52 weeks 1. By market share of the oatmilk category in terms of retail sales value for the U.S. over the last 13 weeks ending March 26, 2022. Does not represent velocity position in each of the retailers listed. 2. Data represents $ / Item / Store Selling / Week for the 13 weeks ending March 26, 2022. Includes brands with over 15% ACV. Excludes private label. 3. Largest PBM brand represents the brand with the largest absolute value sales for the last 52 weeks ending the aforementioned period. 4. Data represents stores selling for the 13 weeks ending March 26, 2022. EXPANDING THE CONVERSION UNIVERSE WITH FROZEN NOVELTY BARS LAUNCH 30-3 x3 Frozen Novelties building distribution with 2,500+ retail locations confirmed in first six months post-launch Brah dispod OAT LY! vanilla Giant 100 imodoRROR OAT LY! Wegmans O TARGET Hannaford chocolate fudge STOP& SHOP. ADRE T MOD ON MON OAT OAT LY! LY! strawberry salted caramel imodoN MON T it's Walmart freshdirect Harris Teeter Neighborhood Food & Pharmacy Albertsons High Lowes Raley's Gelson's EARTH Key Food Schnucks FARE. QUALITY GUARANTEED HEALTHY FOOD FOREVERYONE Q1'22 EARNINGS PRESENTATION 14#15ASIA: STRONG BRAND POSITIONING WITH SIGNIFICANT UPSIDE (USD in millions) $10 NET SALES GROWTH 2019 $54 2020 Source: Company financials Notes: $127 || 2021 $131 1. As of March 31, 2022. 2. On Tmall, from Tmall database as of March 31, 2022. LTM Q1 2022 ● #1 OATMILK BRAND ON TMALL(2) Oatly is the #1 selling oatmilk on TMALL(2) Maintained #1 position in plant- based drinks RAPIDY GROWING E-COMMERCE & RETAIL PRESENCE 21,500+ Retail & Specialty Doors (¹) €ZAI Alibaba.com ④ 便利蜂 S 苏果 LAWSON Family Mart ELEVEN Sam's LUB JD.COM 盒马 YHXB YEIMIIMMELINERITORE 鲜美生活 *** Ole RT-Mart supermarket 北海万 vanguard. METRO 麦法龍 W 屈臣氏 STRONG FOODSERVICE RELATIONSHIPS WITH SIGNIFICANT UPSIDE POTENTIAL 37,000+ Foodservice Locations (¹) KFC COSTA COFFEE BURGER KING TM 奈雪 の茶 书亦烧仙草 MANNER 00 M COFFE H 海底捞 859 IKEA Q1'22 EARNINGS PRESENTATION 15#16ASIA: DRIVING GROWTH THROUGH INNOVATION-LED CHANNEL AND MARKET EXPANSION ● ● ● GROWTH STRATEGIES Continue expansion in specialty coffee and tea channels Accelerate retail strategy with new format Diversify growth in ecommerce and with new product categories SALES MIX BY CHANNEL 1022 Retail e-Commerce Foodservice 17,000+ of our retail and foodservice locations have been closed in China due to lockdowns starting at the end of March UNLOCKING THE TEA CHANNEL WITH NEW TEA MASTER PRODUCT INNOVATION In China, the tea channel is estimated to be twice the size of the coffee channel THE ORIGINAL OAT LY! 茶饮 大师 燕麦奶 TEA MASTER 18 品牌 43444 THE ORIGINAL 净含量:门升 ●ATLY! TEA MA STER this is for you. 【针对按供定制开发 【宝藏条件品味百搭 | AL 55 REA T KFC 250ML prisma pack size to increase retail and e-Commerce presence and promote at home and on-the-go consumption LY! BROADENING PORTFOLIO WITH NEW FORMATS AND PRODUCT CATEGORIES TEM DATLY! TIL FO THE ORIGINAL OAT LY! 咖啡大师 燕麦奶 250年 BARISTA KFC Frozen portfolio extensions for retail of melate Durians with TLY! mm 長轻回 Li LY! THE ORIGINAL me 专轻团 LY! 原味 低脂 燕麦奶 GATMILK OATLY! 麦轻身西贡甜糕 ME HEN? OAT LY! METO $7686 原味 196 燕麦奶 DATMILK The w 吉祥 ATLY! CATLY! 要轻易示美国联 要轻园砾天国祥 F THE ORIGINAL CAT LY! 87 1巧克力味 |燕麦奶 OATMILK (10 AMER MAG 20 BRA 587 ELY taneTM Po C19 Q1'22 EARNINGS PRESENTATION 16 通鲜花服#17Q1 2022 FINANCIALS OVERVIEW TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES Production volume(¹) Sales volume(1) ● ● 90 92 $140 REVENUE Q1 2021 +19% 121 118 $166 Q1 2022 Broad-based revenue growth across all regions and channels Revenue growth negatively impacted by several factors, including lower production output and lower than expected sales in Asia, primarily in China, as a result of foodservice location closures due to the COVID-19 variants % Margin ● - - GROSS PROFIT - 29.9% $42 Q1 2021 9.5% Gross margin impacted by: $16 Q1 2022 Positive impact from higher share of self-manufacturing, offset by Higher cost inflation of raw materials, logistics and electricity costs, Higher cost of production related to new capacity investments, Consolidation of EMEA co- packer network, and Channel and customer mix shift Notes: USD in millions 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was -$5.1 million. 3. Adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. THE ORIGINAL % Margin ● - - ADJ. EBITDA(3) (16.0%) ●ATLY! ($22) Q1 2021 Adjusted EBITDA loss increased due to: (43.0%) ($71) Q1 2022 Lower gross profit Higher employee and consultant expenses as we scale for growth Public company expenses Customer distribution expenses $46 Q1 2021 CAPEX $53 Q1 2022 • Continued to invest in capacity to meet the demand • Investments primarily focused on Peterborough, UK, Maanshan, China, Fort Worth, TX, and Millville, NJ facilities Q1'22 EARNINGS PRESENTATION 17#18STRONG BROAD-BASED REVENUE GROWTH ACROSS REGIONS AMERICAS GROWTH CONSTRAINED BY CAPACITY CONSTRAINTS: ASIA IMPACTED BY COVID RESTRICTIONS Production volume (¹) Sales volume(¹) 69 57 $82 EMEA Q1 2021 +21% +11% 86 (3) $90 Notes: USD in millions 1. Million litres of finished goods. Q1 2022 Steady, consistent production in EMEA • Growth in foodservice and retail channels, primarily from oat drinks • Growth impacted by foreign exchange headwind of ~$5.5 million Expansion into new markets and re-entering markets shorted due to capacity constraints last year, as well as increasing shelf space in existing retailers AMERICAS 21 21 $34 2. The headwind to revenue from foreign exchange impact was ~$5.1 million. 3. The headwind to revenue from foreign exchange impact was ~$5.5 million. 4. The tailwind to revenue from foreign exchange impact was ~$0.4 million. Q1 2021 +57% +40% 31 33 $47 Q1 2022 • All-time production high in Americas in March • Growth in new and existing foodservice and retail channels • Growth limited by capacity constraints REVENUE 14 ● $25 THE ORIGINAL ●ATLY! Q1 2021 ASIA +14% +15% 16 $29(4) • Revenue growth significantly impacted by the implementation of various degrees of lock-downs due to COVID-19 variants in China Q1 2022 • Market leader on T-mall, in spite of increasing competition and limited supply Localized production in Singapore and Maanshan slowed due to COVID lockdowns 90 92 ● $140 TOTAL Q1 2021 +28% +19% 121 118 $166 (2) Q1 2022 • Total revenue growth continued to reflect strong consumer demand Expect topline momentum to continue to benefit from new capacity scaling up in Americas and easing of COVID restrictions in China throughout 2022 Q1'22 EARNINGS PRESENTATION 18#19PRODUCTION VOLUMES EXPECTED TO IMPROVE IN THE SECOND QUARTER Q1 2022 Commentary ● ● ● Increased our quarterly production output by 34% vs. prior year, ending at 121ML First quarter production output decreased by 17% sequentially due to a number of COVID-19 related factors EMEA: Stable production in line with expectations, with fewer shipments to Asia • Americas: Production impacted by a number of COVID-19 related factors - Ogden expected to continue to ramp up, with full utilization expected by the end of 1H22 Asia: Singapore expected to reach steady-state production in the third quarter; Maanshan expected to continue to ramp up for the full year of 2022 (Million litres of finished goods) 90 1Q21 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 the Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. Nothing in this presentation and our other SEC filings 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. 106 2Q21 THE ORIGINAL FINISHED GOODS PRODUCTION VOLUME ●ATLY! 131 3Q21 142 4Q21 COVID-19 related challenges 121 1Q22 135 145 2022E¹ Q1'22 EARNINGS PRESENTATION 19#20Notes: 1. 2. KEY DRIVERS OF EXPECTED FY2022 GROSS MARGIN EXPANSION (ILLUSTRATIVE) LOWER CAPACITY UTILIZATION NEGATIVELY IMPACTED GROSS MARGINS IN Q1 2022 AND IS EXPECTED TO IMPROVE STARTING IN Q2 2022 OAT BASE UTILIZATION OF NEW FACILITIES 40% 4Q21 26% 1Q22 (1) Year-End FY22 Target (2) FILLING UTILIZATION OF NEW FACILITIES 30% 4Q21 Utilization rates based on self-manufacturing. 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 the Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. Nothing in this presentation and other SEC filings 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 graphs for our Year-End FY2022 targets are for illustrative purposes only and represent an increase from 4Q21. We are not intending to convey a specific percentage of utilization at Year-End FY 2022. 28% 1Q22 THE ORIGINAL (1) Year-End FY22 Target (2) OATLY! GRADUAL SHIFT IN PRODUCTION MIX Self-manufacturing ■Hybrid Co-packing 32% 43% 25% 1022 YEAR-END FY22 TARGET (2) Q1'22 EARNINGS PRESENTATION 20#21YEAR-OVER-YEAR Q1 2022 GROSS MARGIN BRIDGE NEAR-TERM MARGINS IMPACTED BY INFLATIONARY ENVIRONMENT AND CARRYING FULL FIXED AND VARIABLE COST STRUCTURE OF THREE NEW FACILITIES DURING PRODUCTION RAMP-UP PHASE 29.9% 1Q21 HIGHER SHARE OF SELF- MANUFACTURING 2.5% 2 SHORT-TERM UNDER- UTILIZATION DUE TO SUPPLY CHAIN CHALLENGES (9.7%) INFLATIONARY IMPACT (7.6%) 4 EMEA CO-PACKER CONSOLIDATION (2.9%) OTHER, NET (2.7%) 6 THE ORIGINAL 9.5% 1Q22 ●ATLY! KEY EXPECTED IMPACTS TO MARGIN NEAR-TERM SHORT-TERM UNDER UTILIZATION OF NEW FACILITIES INFLATIONARY ENVIRONMENT CONTINUE TO INCREASE PRODUCTION OUTPUT DURING RAMP-UP ONGOING PRICING ACTIONS IN EMEA AND AMERICAS OVERALL MACRO AND COVID-19 IMPACT ON DEMAND ENVIRONMENT IN ASIA, SUPPLY CHAIN CHALLENGES AND TIMING OF NEW CAPACITY STRATEGIC EMEA CO-PACKER CONSOLIDATION [FULL YEAR EXPENSE INCURRED IN Q1] Q1'22 EARNINGS PRESENTATION 21#22WE 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 ▪ Oat base shelf life requires time sensitive transportation Q1 2022: 32% 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) Q1 2022: 43% of total volumes Target Mix: 30-40% (¹) THE ORIGINAL ■ OATLY! ■ END-TO-END SELF-MANUFACTURING HIGH In-house oat base manufacturing, mixing and filling in one location Flexibility to build value-added processes (e.g., oatgurt fermentation) Increased control of production and costs paired with high margins Q1 2022: 25% 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 the Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. Nothing in this presentation and SEC filings 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. Q1'22 EARNINGS PRESENTATION 22#23SCALING EFFICIENT GLOBAL OATMILK PRODUCTION CAPABILITIES 2021 (Expansion in 2023/2024) Ogden, U.S. 2023E (1) Fort Worth, U.S. 2019 (Expansion in 2022) Millville, U.S. 2019 2023E (1) 2006 Peterborough, U.K. Vlissingen, NL Landskrona, SE (Expansion TBD) THE ORIGINAL 2021 OATLY! Maanshan, CN 2023E (¹1) Asia III 2021 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 the Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. Nothing in this presentation and our other SEC filings should be regarde as a representation by any person that these / targets will be achieved and the Com any undertakes no duty to update its goals. 2. Finished goods. Singapore, SG Date of go-live = Established capacity = Capacity added in 2021 = Near-term capacity expansions Self-Manufacturing ● = = Hybrid (Year) Expected expansion = Total run-rate capacity at the end of the year(¹)(2) 2021A: 600+ million litres 2022E: 900 million litres 2023E: -1,300 million litres Q1'22 EARNINGS PRESENTATION 23#24SHIFTING PRODUCTION MODEL DRIVES HIGHER GROSS MARGINS SIGNIFICANT GROSS MARGIN IMPROVEMENT EXPECTED ACROSS REGIONS WITH MORE LOCALIZED PRODUCTION Self- Manufacturing 25% Hybrid 43% 1022 Co-Packing 32% GROSS MARGIN 10% YEAR-END FY22 TARGET Self- Manufacturing Co-Packing Hybrid for illustrative purposes only Self- Manufacturing 50-60% LONG-TERM (¹) Co-Packing 10-20% Hybrid 30-40% GROSS MARGIN 40%+ 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 the Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. Nothing in this presentation and other SEC filings 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 graphs for our Year-End FY2022 targets are for illustrative purposes only and represent an increase from 4Q21. We are not intending to convey a specific percentage of utilization at Year-End FY 2022. THE ORIGINAL Q1'22 EARNINGS PRESENTATION 24 ●ATLY!#25KEY DRIVERS OF PROFITABILITY IN THE MEDIUM-TERM INCREASING IN-HOUSE PRODUCTION THROUGH HYBRID AND END-TO-END SELF-MANUFACTURING MODELS LOCALIZATION OF PRODUCTION ENABLES US TO IMPROVE ECONOMICS AND IMPROVE SERVICE LEVELS OPERATING LEVERAGE FROM INCREASE IN SALES COUPLED WITH A LOWER INCREASE IN SG&A SIGNIFICANT MARGIN IMPROVEMENT ACROSS REGIONS LEVERAGING INITIAL CAPITAL INVESTMENTS THE ORIGINAL OAT LY! DAT- CATE LY! THE ORIGINAL E dairy.. No nuts. No gluten. 100% Vegari 64 fl oz (1/2 GAL) (1.89L) TOTALLY DATSOME SHAKE ME! DAT- MILK LOW FAT No di No r No gl MICH 64 (1/2 G. (1.89L) THE ORIGINAL AT LY! OAT- MILK BARISTA EDITION 32 fl oz (1 qt) (946 mL) No dairy- so nute. No gluten. 1002 Vegan Q1'22 EARNINGS PRESENTATION 25 www.#262022 GUIDANCE REVENUE CAPITAL EXPENDITURES(1) RUN-RATE CAPACITY AT THE END OF THE YEAR¹ $880-$920 MILLION 37% -43% YOY GROWTH $400-$500 MILLION ~900 MILLION LITERS OF FINISHED GOODS Notes: 1. These 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 the Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. 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. See appendix for assumed foreign exchange rates. THE ORIGINAL ●ATLY! Guidance reflects a mid-single-digit appreciation of the U.S. dollar versus its major European currencies on a percentage basis compared to the prior year (2) Q1'22 EARNINGS PRESENTATION 26#27LONG-TERM TARGETS GROSS PROFIT MARGIN ADJUSTED EBITDA MARGIN (1) GREATER THAN 40% APPROACHING 20% Notes: 1. Adjusted EBITDA margin is a non-IFRS measure. The Company cannot provide a reconciliation between of EBITDA guidance to the corresponding IFRS metric without unreasonable efforts, as we are unable to provide reconciling information. These items are not within Oatly's control and may vary greatly between periods and could significantly impact future financial results. ing our pack- LY Another side of HAVR THE ORIGINAL 03 04 11 Q1'22 EARNINGS PRESENTATION 27#28MULTIPLE OPPORTUNITIES FOR CONTINUED GLOBAL GROWTH 1 2 4 Accelerate brand awareness and consumer trial 3 Expand into new markets with proven, disciplined and thoughtful multi-channel strategy 5 Invest in global production capacity to capture demand Drive category growth through distribution, velocity and market share gains in existing markets Roll out our existing product portfolio across global regions and pioneer new product categories with innovation Q1'22 EARNINGS PRESENTATION 28#29APPENDIX Seriously WHE DRINKS MILK at festival YWAY? Q1'22 EARNINGS PRESENTATION 29#30RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (Unaudited) (in thousands of U.S. dollars) Loss for the period attributable to shareholders of the parent Income tax (benefit)/expense Finance income and expenses, net Depreciation and amortization expense EBITDA Share-based compensation expense IPO preparation and transaction costs Adjusted EBITDA Adjusted EBITDA margin THE ORIGINAL ●ATLY! Three Months Ended March 31, 2022 (87,459) (1,121) (3,577) 10,731 (81,426) 10,037 (71,389) (43.0%) 2021 (32,383) 1,948 1,920 3,822 (24,693) 2,223 (22,470) (16.0%) Q1'22 EARNINGS PRESENTATION 30#31FOREIGN EXCHANGE ASSUMPTIONS FOR 2022 GUIDANCE Notes: Management expectations set at the time of 2022 guidance on March 9, 2022. USD/SEK 9.14 USD/EUR 0.88 USD/GBP 0.74 USD/RMB 6.35 THE ORIGINAL ●ATLY! Q1'22 EARNINGS PRESENTATION 31