#1THE ORIGINAL DAT LY! 10 2023 EARNINGS PRESENTATION MAY 2023#2I TODAY'S SPEAKERS TONI PETERSSON, CEO CHRISTIAN HANKE, CFO JEAN-CHRISTOPHE FLATIN, GLOBAL PRESIDENT DANIEL ORDONEZ, COO 2#3LEGAL DISCLAIMER This 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 2023 and long-term growth strategy, anticipated supply chain performance, the closing of the convertible notes offering, the success of our partnership with Minor League Baseball, as well as statements that include the words "expect," " "intend," "plan," "believe," "project," "forecast," "estimate," "may, "should," "anticipate," "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: our history of losses and inability to achieve or sustain profitability; including due to elevated inflation and increased costs for transportation, energy and materials; 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 cats or other raw materials and ingredients that meet our quality standards; failure to successfully achieve any or all of the benefits of the YYF Transaction; failure to obtain additional financing to achieve our goals or failure to obtain necessary capital when needed on acceptable terms, or at all; failure of the financial institutions in which we hold our deposits; damage or disruption to our production facilities; harm to our brand and reputation as a result of real or perceived quality or food safety issues with our products; food safety and food-borne illness incidents or other safety concerns which may lead to lawsuits, product recalls or regulatory enforcement actions; our ability to successfully compete in our highly competitive markets; reduction in the sales of our catmilk varieties; failure to effectively expand our processing, manufacturing and production capacity, or failure to find acceptable co-packing partners to help us expand, as we continue to grow and scale our business; our ability to ramp up operations at any of our new facilities; 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; global conflict 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 property and other proprietary rights adequately; our ability to successfully remediate previously disclosed material weaknesses (which remained unremediated as of our most recent fiscal year end) or other future control deficiencies, in our internal control over financial reporting; our status as a foreign private issuer; risks related to the significant influence of our largest shareholder, Nativus Company Limited, entities affiliated with China Resources Verlinvest Health Investment Ltd. has 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 our Annual Report on Form 20-F for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission ("SEC") on April 19, 2023 and our 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. Non-IFRS Financial Measures We use EBITDA, Adjusted EBITDA and Constant Currency Revenue as non-IFRS financial measures in assessing our operating performance and in our financial communications: "EBITDA" is defined as loss for the period attributable to shareholders of the parent adjusted to exclude, when applicable, income tax expense, finance expenses, finance income and depreciation and amortization expense, "Adjusted EBITDA" is defined as loss for the period 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, restructuring costs, asset impairment charge and other costs related to assets held for sale. "Constant Currency Revenue" is calculated by translating the current year reported revenue amounts into comparable amounts using the prior year reporting period's average foreign exchange rates which have been provided by a third party. 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 expense and, therefore, does not include all of our compensation costs; Adjusted EBITDA does not reflect restructuring costs that reduce cash available to us in future periods; • Adjusted EBITDA excludes asset impairment charge and other costs related to assets held for sale, although these are non-cash expenses, the assets being impaired may have to be replaced in the future increasing our cash requirements; and • Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Adjusted EBITDA should not be considered in isolation or as a substitute for financial information provided in accordance with IFRS. Below we have provided a reconciliation of EBITDA and 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. . We use constant currency information to provide a framework in assessing how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations and believe this information is useful to investors to facilitate comparisons and better identify trends in our business. Below we have provided a reconciliation of revenue as reported to revenue on a constant currency basis for the periods presented. 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. 3#4It's like milk but made for humans. THE ORIGINAL AT AT AT LY! STLY! LY! FE OAT DRINK OAT DRINK WHOLE GAT DRINK#5μl Toni Petersson to become Co-Chairman of BOD HAS LED OATLY SINCE 2012, THROUGH GLOBAL EXPANSION AND IPO WILL BECOME CO-CHAIRMAN OF THE BOD, ALONGSIDE CURRENT CHAIRMAN ERIC MELLOUL Jean-Christophe Flatin to become CEO on June 1, 2023 HAS SPENT THE PAST YEAR AS GLOBAL PRESIDENT OF OATLY, LEADING SIGNIFICANT VALUE-CREATING CHANGES DEEP EXPERIENCE LEADING GLOBAL, HIGH-GROWTH BRANDS STRONG TRACK RECORD OF DELIVERING TOP AND BOTTOM-LINE GROWTH WHILE NURTURING COLLABORATIVE CULTURES 5#6KEY MESSAGES 2023 IS OFF TO A GOOD START WITH A SOLID Q1 IN Q1, WE MADE NOTABLE PROGRESS ON OUR 2023 PRIORITIES: ACCELERATE TOP LINE GROWTH GLOBALLY CONTINUOUS IMPROVEMENT IN SUPPLY CHAIN DRIVE TOWARDS POSITIVE ADJ. EBITDA IN 2024 EACH SEGMENT IS STARTING TO PLAY OFFENSE WE ARE REITERATING OUR 2023 GUIDANCE 6#7SOLID START TO THE YEAR Y/Y Revenue Growth Y/Y Constant Currency Revenue Growth¹ change vs prior quarter Gross Margin change vs prior year change vs prior quarter Adj. EBITDA ¹ change vs prior year change vs prior quarter Notes: USD in millions 1. Adjusted EBITDA and constant currency revenue are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measures 1Q 2023 +18% +24% +960 bps 17% +790 bps +150 bps $(50) +$22 +$11 7#8EMEA'S 2023 PRIORITIES STRENGTHEN CORE MARKETS GROW FOODSERVICE CUSTOMERS EXPAND PORTFOLIO BEYOND COFFEE EXPAND TO ADJACENT MARKETS 8#9EMEA CONTINUED TO STRENGTHEN ITS CORE MARKETS AND EXPAND FOODSERVICE CUSTOMER BASE TOTAL EMEA CATEGORY GROWTH REMAINED ROBUST¹ Y/Y RETAIL SALES GROWTH IN Q1 2023¹ 3% Plant-Based Milk 12% Oat STRENGTHENING CORE MARKETS² VALUE SHARE OF NON-DAIRY MILK 22.0% 26.4% Germany 25.3% 27.6% UK 26.6% 27.1% Netherlands 6 months ago GROWING FOODSERVICE Latest RECENTLY-SIGNED CUSTOMERS 8tea5 CUSTOMERS Nordic Choice Hotels edyn 12 months ago (1) Consolidated Year-over year value growth for the 12 weeks ended April 2 for Germany and March 26 for UK, Sweden, Austria, Switzerland, Netherlands, Belgium, Denmark, Norway. Source Nielsen. For Germany Hard discount is excluded. 9 Source for UK, IRI. (2) Value market share for the 4w ending March 26 (April 2 for Germany) 2023, October 9 (October 2 for Germany) 2022, March 27 ( April 3 for Germany) 2022. Source Nielsen, For Germany Hard discount is excluded. Source for UK, IRI. GRIND#10THE ORIGINAL OAT LY! LY! SEMI OAT DRINK CLIMATE FOOTPRINT 0.46 KGCB/8G 1L THE ORIGINAL OAT- LY! "NO" SUGARS OAT DRINK CLIMATE FOOTPRINT 0.41 RG CAS 홍받을풍량화를 REALLY THE ORIGINAL WHOLE OAT DRINK CLIMATE FOOTPRINT 0.41 NGCO,/G LIGHT OAT DRINK THE ORIGINAL OAT- LY! -pent CLIMATE FOOTPRINT 0.36 KECO/ 1L 1L OIHAN MYNE EL-MINI PERTENG WIN EMEA EXPANDING BEYOND COFFEE OCCASIONS ATLY! OATLY! OATLY! ALIFIA DAT FIA pro RISTAL OATLY! Please ask a member of staff for help with items on the top shelf RAD RUDE HEALTH AT DAT DAT LYI LY! LYI LYLYI LYS LYI LYS LYI LÀ £2.10 £2.10 £2.10 CAT CAT CAT ATAT CAT AT DAT DAT DAT LY! | LY! LY! | LY! LY! LY LYS LYILYI LYI LYS LYS LY! [ LY! LY LYI|LY! AT CAT AT CAT ATAT CAT CAT L. ------- I GARS SUCARS SUGARS re réirere E D 6412 €1.4 AT CAT DAT CAT CAT alpro LY! LY: LY! LY! LY! LY! LYILY: LY: | LY: LY! LYI LY! LY! LY! LY! | LY! AT AT ATAT CAT AT AT AT AT CAT CAT CAT CAT CAT CAT LY! LY' | LY. | LYI | LY! | LYI | LY! | LY: m 36 £1,40 £1.80 B GU (2 €1. AT LY! AT AT OAT CAT AT OAT AT AT LY! LY! TY LÝ.LYI | LYI 00 OATLY! #CATLY! AE A LY. LY £2 £1.49 110 CAT CAT CAT CAT CAT CAT LYILY. LILY. TU- CAT LYILYET LY: LY £1.90 CAILI Wo WHOLE CAT CAT CAT CAT CAT CAT LY! | LY! | LY. | LYT - LY: - LI ELL alpro NOT 6 alpro alpro AMONO alpro alpro 'pro WORKS ******* 00 WORKS IN: DUES MOT www.ke Thanks milk NOW NO WOW WOW NO LOW! COW! COW! COW! ITY C LÀ LÀ M DOES NOT WORK IN: 6 THE BRIGINAL TỦYI LYI CAT CAT 15 WE'LL TAKE IT FROM HERE D De 019 WORKS IN: THE ORIGINAL THE MILL OAT OAT OAT CAT LÝ LÝ IT IT Thanks milk WE'LL TAKE IT FROM HERE CAT E#11THE ORIGINAL Thally 1L EMEA INCREASING MARKETING INVESTMENTS TO FURTHER SUPPORT PRODUCT EXPANSION Thanks milk DRINK PORTFOLIO EXPANSION THE ORIGINAL THE ORIGINAL OATHOAT OATHOAT LY I LYI . LY LIGHT SEMI WHOLE OAT OAT OAT DRINK DRINK DRINK Totally vegane 1L WE'LL TAKE IT FROM HERE THE ORIGINAL Totally vegare 1L THE ORIGINAL OAT LY! LY. "NO" SUGARS 11 SEMI OAT DRINK OAT DRINK W New! JEE JCDecaux Thanks milk WE'LL TAKE IT FROM HERE Ney! LYINLY AT CAT E WHOLE Campaign across UK, DACH, NL, SE & FI including 00H, print, partnerships, PR, social and digital media. SEM New! Also hey! VSE H BACK ON THE BILL- BOARDS! LAUNCH OF SOFT SERVE Big roll out in UK, Germany, Benelux & Nordics through events, festivals, food trucks and pop-ups backed by PR, social and digital media. - 59FF SBIBLE SOFT. SERVE CHANGE (S CAST! MENU: THE ORIG INAL FESTIVAL CONTAINER SOFT SERVE THE ORIGINAL OAT LY! COFFEE OATLY! BACK ON THE STREETS! Hey human thing you can start with any thing, like replacing chased thing with a plant-based thing that's kind of the sate thing and it's such an easy thing that you change and the thing and then another thing and when s the same thing un can not people do change everything.#12EMEA IS MAKING GOOD PROGRESS IN ADJACENT MARKETS EXPANDING IN A CONTROLLED MANNER NEW MARKETS: SMALL % OF VOLUME BUT LARGE % OF GROWTH + New Markets' Impact to Total EMEA in Ql 5% % of Segment's Total Volume Sold 31% % of Segment's Y/Y Volume Growth 12#13COMMERCIAL AMERICAS' 2023 PRIORITIES: RE-ACCELERATE GROWTH WITH CONTINUED SUPPLY CHAIN IMPROVEMENT SUPPLY CHAIN Execute transition to Ya YA Foods Expand distribution across all channels via new doors and incremental SKUs Consolidate co-packer network Refine in-store promotions starting in Ql Accelerate brand building starting in Q2 13#14AMERICAS' SUPPLY CHAIN IMPROVEMENT PLANS PROGRESSING WELL Execute Transition to Ya YA Foods TRANSITION ON-TRACK AND GOING WELL OATLY EMPLOYEES TRANSITIONED TO YA YA SERVICE LEVELS REMAIN IN MID-90S Consolidate Co-Packer Network NOTIFIED ALL IMPACTED CO-PACKERS CONSOLIDATION EXPECTED TO BE COMPLETE BY END OF Q3 14#15EXPANDED DISTRIBUTION +23% Y/Y CHANGE (12 WEEKS ENDED 3/25/2023) Total Distribution Points (TDPs) Source: Nielsen +14% SOLID EXECUTION ON AMERICAS' COMMERCIAL PRIORITIES IN Q1 Avg. Items per TDP +320 bps % ACV BEGAN TO INCREASE IN-STORE PROMOTIONS % OF RETAIL SALES SOLD ON PROMOTION (PERIODS ENDED 3/25/2023) 17% Last 52 weeks 17% 20% Last 12 Last 4 weeks weeks STARTED TO IMPROVE SHARE TRENDS Y/Y CHANGE IN DOLLAR SHARE OF CHILLED OAT MILK CATEGORY (ROLLING 4-WEEK PERIODS) |||| ||!! -1.7% -2.1% -2.6% -2.6% -2.6% -2.2% 0.2% 15#16AMERICAS Q2 BRAND BUILDING ACTIVITY 1ST EVER PLANT-BASED DAIRY ALTERNATIVE SPONSOR OF A US NATIONAL SPORTS LEAGUE! MINOR LEAGUE BASEBALL DON >100 Sampling Moments 50+ Points of Sale vanilla ATLY! Official Oatmilk & PB Frozen Dessert Player Collabs Nat'l Media An Oatfield! "PRODUCT CLIMATE FOOTPRINT (PCF) CHALLENGE" CLIMATE LABELING CAMPAIGN CLIMATE FOOTPRINT 0.62 KG CO₂e/KG Q&Q WA pletena, LES Freest asan, at E N Is your company ing dairy mpanies are pro-cow? THE ORIGINAL DAT LY! OAT- MILK 目 No dairy. No nuts. No gluten. CURATE FORTPOINT AS CO 64 fl oz (1/2 GAL) (1.89L) PRINT: NY Times, Washington Post, LA Times OUTDOOR: Times Square, Madison Square Garden, Hollywood Blvd WEB: Online application site 16#17ighborhood Bar Apples BA Applebees Salada S SOMEDAY WELL BE TAUGHT WE BOUGHT TWO BILLBOARDS TO TELL YOU WE'VE BEGUN INCLUDING CLIMATE FOOT- PRINT NUMBERS ON OUR PRODUCTS. G 1713 Jobster Dias WHOLESALE SE Labeler CLIMATE FOOTPRINT 0.62 KC CO₂e/KG THE ORIGINAL OA LY! M-15 OUT FRONT/PRIME Lobster Place NY T.SHIRTS NEW VER 40330310 NY-TSHIRT AND WE'RE DONATING THIS ONE TO THE DAIRY INDUSTRY SO THEY CAN TELL YOU THEIR CLIMATE FOOTPRINT NUMBERS TOO. SCAN TO IN TO APPLY AND OTHER OFFICIAL STUIT FAAS OUTFRONT PRIME KJC-2831 7 GAMES. 9 LIVES. CAN YOU BEAT THE CUBEZ $2.50 000 do DWYANE WADE JUNE 10 WE BOUGHT THIS TWO-PAGE AD TO TELL YOU WE'VE BEGUN INCLUDING CLIMATE FOOT- PRINT NUMBERS ON OUR PROD- UCTS. CLIMATE FOOTPRINT 0.62 KG CO₂e/KG Q8Q BUR OAT LY! DAT MILK AND WE'RE DONATING THIS PAGE TO THE DAIRY INDUSTRY SO THEY CAN TELL YOU THEIR 10 CLIMATE FOOTPRINT NUM- BERS TOO. SCAN TO APPLY AND OTHER OFFICIAL STUIT 17#18EXPAND DISTRIBUTION ASIA'S 2023 PRIORITIES LAUNCH NEW PRODUCTS DRIVE EFFICIENCY 18#19ASIA'S RETAIL EXECUTION IS A GREAT EXAMPLE OF PROGRESS ICE CREAM DRIVING LAUNCHING NEW DRINKS / FORMATS GROWTH ICE CREAM Q1 REVENUE ALREADY ~7% OF SEGMENT'S Q1 REVENUE INCREASING RETAIL DISTRIBUTION RETAIL STORE COUNT 22 Ql Y/Y% +202% a/a%+45% 22 Q4 23 Q1 CLASSIC STICK & CUP DOUBLE LAYERS ZERO SUCROSE SERIES 3D SHAPE LY! LY! www LYI CTLY! LY! ATLY! ATLY! wwwwwww ALVI BITMAN LY! LY! ATLY! RE SATLY! * 马先生 Cra ATLY MANIK S NEW RTD PRODUCTS Ql LY! 山茶花风味 燕麦拿铁 FEST Camellia flavor Oat Latte OAT LY! REAR 巧克力味 燕麦奶 GATMILK Peets OAT LY! 至尊而麦拿铁 ME www-EDEN 847 FLAVORED OAT MILK WITH SMALL PACK THE ORIGINAL OAT LY! Peet's x OATLY Oat-milk Latte & Mocha ALA 麦香味 燕麦奶 GATMILK Upcoming in Q2 SAE Peets OAT LY! 燕麦摩卡 谷物饮料 200 14252 TIMS X OATLY cold brew & Osmanthus Oat Latte THE ORIGINAL OAT LY! REAR 草莓味 燕麦奶 GATMILK Tims BA 桂花风味 态 冷萃风味 •燕麦拿铁 【燕麦拿铁 GELAR 饮料 300:20毫升 32E SO 200 THE ORIGINAL OAT LY! 香蕉味 燕麦奶 DATMILK 谷物饮料 REAR Chocolate/OAT/Strawberry/Banana (200ml) 311 200 19#20DRIVING EFFICIENCY IN SUPPLY CHAIN IMPROVED UTILIZATION AND PRODUCTION EFFICIENCY ENABLED BY SIGNIFICANT Y/Y INCREASE IN VOLUME SOLD AND VOLUME PRODUCED LOCALLY SUPPLY AND DEMAND TEMPORARILY IMPACTED BY COVID-19 IN THE BEGINNING OF THE QUARTER; NOW BEHIND US LAUNCHED SEVERAL EFFICIENCY PROJECTS TO REDUCE COST 20#21SUMMARY • SOLID Q1 RESULTS • MAKING PROGRESS ON STRATEGIC PRIORITIES ● WILL CONTINUE TO BE DISCIPLINED IN BALANCING GROWTH-DRIVING INVESTMENTS AND PROFITABILITY • REMAIN ON-TRACK TO DELIVER 2023 GUIDANCE 21#22GO AHEAD, EAT LIKE A VEGAN. BOUCH commun CY EXCHANGE registrac dick&collect £€¥$ TERNATIONAL CURRENCY EXCHANGE S ice SE CLICK & COLLECT FINANCIAL HIGHLIGHTS 88 PASTY SHOP 9 ICE CREAM ANYONE? ICE CREAM MENU ICE CREAM! AY FROM OATLY WITH LOVE HANDLES 10 TRY THESE HERE Upper not THE HEIGINAL LY! 11 11 Salf-service Self-service tickets SAME#231Q 2023 FINANCIAL HIGHLIGHTS Y/Y Revenue Growth Y/Y Constant Currency Revenue Growth¹ change vs prior quarter Gross Margin change vs prior year change vs prior quarter Adj. EBITDA¹ change vs prior year change vs prior quarter Notes: USD in millions 1. Adjusted EBITDA and constant currency revenue are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measures. 1Q 2023 +18% +24% +960 bps 17% +790 bps +150 bps $(50) +$22 +$11 23#24Revenue (USD in millions) % Year-over-year growth $166.2 1Q 2023 REVENUE GROWTH Q1 2022 Revenue +9% +24% YOY Volume Growth (1) Constant Currency Revenue Growth (2) +15% Notes: May not add due to rounding 1. Liters of finished goods sold 2. Constant currency revenue is a non-IFRS measure. Please see appendix for a reconciliation to revenue, the nearest IFRS measure. YOY Constant Currency Price/Mix Growth(2) (5%) FX Impact +18% Revenue Growth $195.6 Q1 2023 Revenue 24#25Ε.Μ.Ε.Α Americas Asia Total 1Q 2023 REVENUE BRIDGE Volume 6% 7% 23% 9% % Year-over-year growth Constant Currency (¹) Price / Mix 10% 30% 1% 15% 1 Constant Currency (¹) Growth 17% 36% 24% 24% (1) Constant currency revenue is a non-IFRS measure. Please see appendix for a reconciliation to revenue, the nearest IFRS measure. FX Impact (8%) (6%) (5%) Revenue Growth 9% 36% 16% 18% 25#26QUARTER-OVER-QUARTER 10 2023 GROSS MARGIN BRIDGE SEQUENTIAL IMPROVEMENT IN MARGINS DRIVEN BY INTRODUCTION OF EMEA PRICE INCREASES AND IMPROVING MIX EFFECT ACROSS REGIONS, OFFSET BY SLOWER RECOVERY IN CHINA POST COVID-19 RE-OPENING AND ONE-OFFS IN AMERICAS RELATED TO CO-PACKER CONSOLIDATION 15.9% 40 2022 COVID-19 ENVIRONMENT (0.8%) COVID-19 ONE-OFFS IN ASIA 2.4% NET SALES/LITER EMEA PRICE INCREASES, NET OF TRADE SPEND 1.4% MIX EFFECT COGS/LITER (2.0%) IMPROVING PRODUCTION MODEL AND CO-PACKER CONSOLIDATION, NET OF INFLATION 0.4% OTHER, NET 17.4% 10 2023 26#27% Margin¹ (45.2%) ($11) ($17) ($28) PROFIT, CASH FLOW, AND LIQUIDITY EMEA ($26) ($83) 30 2022 ADJ. EBITDA (1) (31.0%) Americas Asia Corporate $2 (55) ($21) ($37) ($60) (25.5%) 40 2022 $7 ($10) ($17) ($29) ($50) 10 2023 CASH AND LIQUIDITY CLOSED ON $430 MILLION FINANCING IN APRIL HILLHOUSE TO INVEST $35 MILLION VIA CONVERTIBLE NOTES, PENDING SHAREHOLDER APPROVAL AND LENDER CONSENTS HILLHOUSE WILL ALSO BUY $15 MILLION OF EXISTING CONVERTIBLE NOTES FROM VERLINVEST GIVEN THEIR STRONG REPUTATION, TRACK RECORD, AND GLOBAL PRESENCE WITH PARTICULAR STRENGTH IN ASIA, WE LOOK FORWARD TO STRENGTHENING OUR RELATIONSHIP WITH HILLHOUSE Notes: USD in millions 1. Adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. 27#28Notes: 1. 2. REVENUE (2) GROSS MARGIN CAPEX REITERATING OUTLOOK(¹2) 2023 23% -28% YOY CONSTANT CURRENCY GROWTH SEQUENTIAL Q/Q IMPROVEMENT, REACHING HIGH-20%S IN 40 $180 - $200 MILLION SETS UP FY 2024 FOR POSITIVE ADJ. EBITDA ON A FULL-YEAR BASIS 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 19, 2023, and in our other filings with the SEC. Nothing in this presentation should be regarded as a representation by any persons that these goals / targets will be achieved and the Company undertakes no duty to update its goals. Constant currency is a non-IFRS measure. 28#29APPENDIX#30REVENUE SPLIT BY CHANNEL - 10 2023 4% 34% Food retail REVENUE SUMMARY Notes: 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 3. Excludes intersegment revenue. Foodservice(1) 63% Other (2) REVENUE SPLIT BY REGION (³) — 10 2023 17% 33% EMEA Americas 50% Asia 30#3115% EMEA 1% Notes: Excludes intersegment revenue. 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 84% REVENUE SUMMARY REVENUE SPLIT BY CHANNEL - 10 2023 46% AMERICAS Food retail 2% 52% Foodservice(¹) 17% Other (2) ASIA 65% 18% 31#329.5% Q1'22 YEAR-OVER-YEAR 1Q 2023 GROSS MARGIN BRIDGE (1.4%) FX 10.5% PRICING ACTIONS (2.1%) INFLATIONARY PRESSURES 1.9% PRODUCTION & SUPPLY CHAIN IMPROVEMENT (1.2%) AMERICA SUPPLY CHAIN RESET 0.3% OTHER, NET 17.4% Q1'23 32#33RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Non-IFRS Financial Measures - Reconciliation (Unaudited) (in thousands of U.S. dollars) Loss for the period attributable to shareholders of the parent Income tax expense/(benefit) Finance (income) and expenses, net Depreciation and amortization expense EBITDA Share-based compensation expense Restructuring costs (1) Costs related to the YYF transaction (2) Adjusted EBITDA Adjusted EBITDA margin (1) Relates to severance payments as the Company reviews its organizational structure. (2) Relates to the close of the Ya YA Foods USA LLC transaction. Three months ended March 31, 2023 (75,577) 2,012 1,996 12,233 (59,336) 8,047 1,195 221 (49,873) (25.5)% 2022 (87,459) (1,121) (3,577) 10,731 (81,426) 10,037 (71,389) (43.0)% 33#34RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Revenue, Adjusted EBITDA and EBITDA Three months ended March 31, 2023 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense Restructuring costs(1) Cost related to the YYF transaction (2) EBITDA Finance income and (expenses), net Depreciation and amortization Loss before income tax Three months ended March 31, 2022 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense EBITDA Finance income and (expenses), net Depreciation and amortization Loss before income tax * (1) EMEA 98,216 851 99,067 6,584 (1,022) (1,008) 4,554 EMEA 90,483 15,046 105,529 (5,856) (1,584) (7,440) Americas 64,041 64,041 (10,306) (1,044) (187) (221) (11,758) Americas 47,017 572 47,589 (22,013) (1,292) (23,305) Asia 33,388 1.440 34,828 (16,716) (1,411) (18,127) Asia 28,686 28,686 (14,967) (1,949) (16,916) Corporate* (29,435) (4,570) (34,005) Corporate* (28,553) (5,212) (33,765) Eliminations** (2,291) (2,291) Eliminations** (15,618) (15,618) Total 195,645 195,645 (49,873) (8,047) (1,195) (221) (59,336) (1,996) (12,233) (73,565) Total 166,186 166,186 (71,389) (10,037) (81,426) 3,577 (10,731) (88,580) Corporate consists of general overhead costs not allocated to the segments. Eliminations in 2023 refer to intersegment revenue for sales of products from EMEA to Asia and from Asia to EMEA. Eliminations in 2022 refer to intersegment revenue for sales of products from EMEA to Asia and from Americas to Asia Relates to severance payments as the Company reviews its organizational structure. Relates to the close of the Ya YA Foods USA LLC transaction. 34#35RECONCILIATION OF NON-IFRS FINANCIAL MEASURES EMEA Americas Asia Total revenue Three months ended March 31, $ Change Foreign constant reported 98,216 90,483 98,216 64,041 47,017 64,041 exchange impact currency 7,495 105,711 64,041 33,388 28,686 33,388 2,118 35.506 195,645 166,186 195,645 9,613 205,258 2023 2022 % Change reported 8.5% 36.2% 16.4% 17.7% In constant currency 16.8% 36.2% 23.8% 23.5% Volume 6.4% 6.5% 23.0% 8.7% Constant currency price/mix 10.4% 29.7% 0.8% 14.8% 35#36RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (Unaudited) (in thousands $) 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 Restructuring costs(¹) Asset impairment and other costs related to assets held for sale (2) IPO preparation and transaction costs Adjusted EBITDA Adjusted EBITDA margin Three months ended December 31, 2022 (125,169) 3,236 (3,098) (1) Relates to accrued severance payments as the Company reviews its organizational structure to adjust the fixed cost base globally. (2) The 2022 asset impairment charge related to the YYF Transaction. The 2021 asset impairment charge related to production equipment at our Landskrona production facility in Sweden for which we had no alternative use. 13,835 (111,196) 7,741 3,410 39,581 (60,464) (31.0%) 36#37RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Three Months Ended December 31, 2022 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense Restructuring costs (¹) Asset impairment charge and other costs related to assets held for sale (2) EBITDA Finance income and (expenses), net Depreciation and amortization Loss before tax Three Months Ended September 30, 2022 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense Restructuring costs(¹) EBITDA Finance income and (expenses), net Depreciation and amortization Loss before income tax ** (1) (2) EMEA 89,974 4,165 94,139 1,735 (1,121) (918) EMEA (304) 82,567 6,236 88,803 (11,491) (175) (11,666) M Americas 64,386 64,386 (4,661) (763) (797) (39,581) (45,802) Americas 60,702 7 60,709 (16,577) (1,312) - (17,889) - Asia 40,708 2,187 42,895 (21,004) (1,327) (309) (22,640) Asia 39,757 935 40,692 (28,447) (1,855) (30,302) Corporate consists of general overhead costs not allocated to the segments. Eliminations in 2022 refer to intersegment revenue for sales of products from EMEA to Americas and Asia, from Americas to Asia and from Asia to EMEA. Relates to accrued severance payments as the Company reviews its organizational structure to adjust the fixed cost base globally. The 2022 asset impairment charge relates to the YYF transaction. Corporate* (36,534) (4,530) (1,386) (42,450) Corporate* (26,188) (5,161) (1,005) (32,354) Eliminations** (6,352) (6,352) Eliminations** (7,178) (7,178) |||||| Total 195,068 195,068 (60,464) (7,741) (3,410) (39,581) (111,196) 3,098 (13,835) (121,933) Total 183,026 183,026 (82,703) (8,503) (1,005) (92,211) (7,491) (12,157) (111,859) 37#38RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (in thousands of U.S. dollars) Ε.ΜΕ.Α Americas Asia Total revenue Three Months Ended December 31, 2022 89,974 64,386 40,708 195,068 2021 As reported 88,881 89,974 55,487 64,386 41,557 40,708 185,925 195,068 $ Change Foreign exchange impact 12,615 4,019 16,634 In constant currency 102,589 64,386 44,727 211,702 % Change As reported 1.2% 16.0% -2.0% 4.9% In constant currency 15.4% 16.0% 7.6% 13.9% Volume 11.5% -0.2% 22.1% 10.0% Constant currency price/mix 3.9% 16.2% -14.5% 3.9% 38