#1THE ORIGINAL OAT LY! OATLY 4021 FINANCIAL PRESENTATION MARCH 2022#2LEGAL 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 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 conflict between Russia and 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 techn gy disruptions; failure to protect our intellectual and proprietary tech 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 prospectus pursuant to Rule 424(b) filed with the U.S. Securities and Exchange Commission ("SEC") on May 21, 2021, 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 ITDA 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. 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 excludes tangible asset impairment expenses and although these are non-cash expenses, the impaired asset may have to be replaced in the future increasing our cash requirements; and Adjusted EBITDA does not reflect product recall expenses incurred in EMEA during the fourth quarter and although the product recall expenses to a large extent were non-cash expenses, the recalled products will have to be replaced in the future increasing our cash requirements; . ● . 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! Q4'21 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 Q4'21 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 52, 2021 in Sweden, ending week 52 2021 in Germany, January 8, 2022 in the US, and January 1, 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 52, 2021 in Sweden, ending week 52 2021 in Germany, January 8, 2022 in the US, and January 1, 2022 in The U.K. (Major Multiples). 3. As of December 31, 2021. 2021 KEY FINANCIAL HIGHLIGHTS THE ORIGINAL RECORD REVENUE AND PRODUCTION VOLUMES IN 2021, WITH CONTINUED STRONG GROWTH ACROSS REGIONS SCALED PRODUCTION ACROSS THREE CONTINENTS AT A RECORD PACE, OPENED THREE NEW FACILITIES GAINED MARKET SHARE ACROSS KEY MARKETS (1) ●ATLY! #1 SELLING OATMILK SKU AND HIGHEST VELOCITIES ACROSS KEY MARKETS [²] OATLY NOW AVAILABLE IN 164,000+ RETAIL & FOODSERVICE LOCATIONS GLOBALLY [3] Q4'21 EARNINGS PRESENTATION#5REVENUE SPLIT BY REGION - FY 2021 28% 35% 20% 52% 5% 60% EMEA REVENUE SPLIT BY CHANNEL - FY 2021 Notes: 1. Includes Coffee & Tea shops. 2. Mainly e-Commerce. 3. As of December 31, 2021. 4. Estimated global dairy market for food retail channel. Based on Euromonitor data. Americas Asia Food retail KEY STATS Foodservice(1) Other (2) $643MM FY 2021 Revenue vs. Guidance of $635MM+ 9 Planned Production Facilities by 2023 85,000+ Approx. Retail Doors (3) 7 Product Categories +53% FY 21 Revenue Growth YoY COMMERCIAL SUCCESS in 20+ markets 79,000+ Approx. Foodservice locations (3) ~$600BN Total Addressable Market Nearing the Tipping Point of Adoption (4) Q4'21 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 VELOCITY... NONDAIRY MILK BRAND (2) OATMILK BRAND... BY MARKET SHARE (3) CATEGORY CREATOR & #1 OATMILK BRAND ON TMALL(4) (1) #1+=+=#2 #1=+= #2 #1米 #1米 #1米 Source: Nielsen, 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 52, 2021 in Sweden, ending week 52 2021 in Germany, January 8, 2022 in the US, and January 1, 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 52, 2021 in Sweden, ending week 52 2021 in Germany, January 8, 2022 in the US, and January 1, 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 52, 2021 in Sweden, ending week 52 2021 in Germany, January 8, 2022 in the US, and January 1, 2022 in The U.K. 4. Tmall database, as of February 2022. #2 Q4'21 EARNINGS PRESENTATION 6#7OUR FOCUS REMAINS ON SCALING UP OUR PRODUCTION CAPACITY TO MEET DEMAND REVENUE (USD in millions) +76% 2018-2021 CAGR $118 2018 (1) $204 2019 $421 2020 $643 2021 '18 - '21 CAGR: ASIA +281% AMERICAS +144% EMEA +48% Notes: 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 for the years ended December 31, 2019, 2020 and 2021 were prepared in accordance with IFRS and have been audited, GROSS PROFIT (USD in millions) THE ORIGINAL ●ATLY! +53% 2018-2021 CAGR $49 2018 41% (1) $67 2019 % Margin $129 2020 $155 2021 24% Q4'21 EARNINGS PRESENTATION 7#8EMERGING 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: 9% DA: 9% Dat 78% 8% 8% Dec 21 50% 40% 30% 20% 10% 0% Oat UNITED KINGDOM Mar 19 Source: Nielsen, IRI. Notes: Sweden Nielsen data as of week 52, 2021; U.K. IRI data as of January 1, 2022; Germany Nielsen data as of week 52 2021 and U.S. Nielsen data as of January 8, 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 I I | I I Flexible within the supply chain I I J Oat: 31% DA: 9% Soy Oat 48% 22% 19% Dec 21 75% 50% 25% 0% THE ORIGINAL OATLY! Almond Mar 19 Oat GERMANY Oat: 37% DA: 23% Widely accessible to a range of eaters Dairy Alternatives Oat 65% 14% 13% Dec 21 80% 60% 40% 20% 0% UNITED STATES Mar '19 I Oat surpassed soy I I Oat: 67% DA: 6% 63% Q4'21 EARNINGS PRESENTATION Oat 21% 8% Dec 21 8#9OATLY HELPS DRIVE GROWTH FOR THE OAT MARKET RECORD MARKET SHARE IN KEY MARKETS Total plant-based market share (¹) 50% 40% 30% 20% 10% 0% YOY GROWTH DA(2) OATLY 18% 9% Mar 19 UNITED KINGDOM 47% Dec '21 of plant-based milk growth contributed by Oatly YoY (3) OAT 48% OATLY 28% 75% 50% 25% 0% GERMANY YOY GROWTH DA(2) OATLY 25% 23% Mar '19 Dec 21 of milk growth 22% contributed by Oatly YoY (3) Source: Nielsen, IRI. Notes: U.K. IRI data as of January 1, 2022, Germany Nielsen data as week 52 2021 and U.S. Nielsen data as of January 8, 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 2020 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 2020 in the absolute dollar amount. ●ATLY! OAT 65% OATLY 23% 25% 20% 15% 10% 5% 0% UNITED STATES YOY GROWTH DA(2) OATLY 6% 50% Mar '19 Dec 21 OAT 21% OATLY 6% of plant-based milk growth 34% contributed by Oatly YoY (3) Q4'21 EARNINGS PRESENTATION 9#10EMEA GROWTH SNAPSHOT: DRIVING THE CONVERSION JOURNEY INCREASING DISTRIBUTION BREADTH AND DEPTH IN ESTABLISHED MARKETS SELECTIVELY ENTERING NEW MARKETS WITH RAPID SUCCESS ANNUAL NET SALES GROWTH (USD in millions) $155 2019 +73% $268 2020 Source: Company financials, Nielsen, IRI Notes: +26% $336 2021 # TESCO Sainsbury's WAITROSE C ocado Morrisons & PARTNERS BENUGO amazon ASDA ICA ++ NORDIC CHOICE HOTELS * HESBURGER** ELEVEN Pressbyrån 52,000+ Retail Doors (¹) EREWE dm DB Netto Marken-Discount EDEKA ch JUMBO DEKAMARKT M Kaufland 1. As of December 31, 2021. 2. Market shares by retail sales value in the total plant-based milk category within retail, represent rolling four weeks period, Switzerland Nielsen data as week 52 2021 PENNY coop PLUS 14,500+ Foodservice Locations (¹) 30% 20% 10% 0% Oatly #2 Competitor #1 Competitor OATLY 17% Feb 21 #1 plant-based milk brand in Switzerland in less than 12 months since entry(²) Dec 21 Q4'21 EARNINGS PRESENTATION 10#11EMEA: STRONG ON-SHELF PERFORMANCE WITH SIGNIFICANT DISTRIBUTION UPSIDE Velocity: Units per store selling per week (¹) Based on largest oatmilk SKUs MAT (1) 32 #1 Oatmilk SKU: Oatly Barista Source: Nielsen, IRI Notes: UNITED KINGDOM #1 selling SKU in PBM & Oatmilk (2) 20 #2 Competitor 15 #3 Competitor Total distribution points (3) Oatly's TDP vs. largest PBM brand (4) Oatly Chilled ■Oatly Ambient 21.1k 36.6k A 3x+ Oatly 42.9k YE 2019 YE 2020 YE 2021 143.1k Largest PBM Brand (1) L12W represents the calculated average of the data for the 4-week rolling periods ending Nov 6 2021, Dec 4 2021 and Jan 2 2022 in the UK (2) Largest PBM and Oatmilk SKU based on absolute value sales for the last 52 weeks ending Jan 1 2022 in the UK and Jan 2 2021 in Germany (3) Total Distribution Points (TDP) represents the sum of Avg. Selling Stores for applicable SKUs at the brand-level. (4) Largest PBM and represents the PBM brand with the highest absolute value sales for the last 52 weeks ending Jan 1 2022 in THE ORIGINAL Velocity: Units per store selling per week (¹) Based on largest oatmilk SKUS MAT (¹) 32 #1 Oatmilk SKU: Oatly Barista and Jan 2 2021 in Germany ●ATLY! #1 selling SKU in PBM & Oatmilk (2) 11 GERMANY 8 #2 #3 Competitor Competitor Total distribution points (3) Oatly's TDP vs. largest PBM brand (4) ■Oatly Chilled ■Oatly Ambient 37.3k YE 2019 71.7k YE 2020 Oatly A 3x+ 90.9k YE 2021 274.9k Largest PBM Brand Q4'21 EARNINGS PRESENTATION 11#12AMERICAS GROWTH SNAPSHOT: 80% YOY NET SALES GROWTH #1 VELOCITY BRAND IN RETAIL – DAIRY & PLANT-BASED MILKS (1) STRONG FOODSERVICE PARTNERSHIPS WITH SIGNIFICANT UPSIDE POTENTIAL ANNUAL NET SALES GROWTH (USD in millions) $39 2019 +156% $100 2020 Source: Company financials, Nielsen Notes: +80% $180 2021 14,000+ Retail Doors (²) WHOLE FOODS Walmart MARKET Kroger Wegmans Albertsons P giant freshdirect. eagle Publix. SPROUTS FARMERS MARKET TARGET amazon ELEVEN STOP&SHOP. Wakefern FOOD CORP. 38,500+ Foodservice Locations (2) 1. By market share of the oatmilk category in terms of retail sales value for the U.S. over the last 52 weeks ending October 9, 2021. Does not represent velocity position in each of the retailers listed. 2. As of December 31, 2021. TM BLUE BOTTLE COFFEE Sysco US. FOODS aramark Foodbuy wework INTELLIGENTSIA AAVENDRA. VISTAR 16 HANDLES (Soft Serve) Q4'21 EARNINGS PRESENTATION 12#13AMERICAS: 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) $80 Oatly Source: Nielsen Notes: Continued QoQ growth of category-leading velocity $54 $17 Largest Dairy Largest PBM Milk Brand Brand SIGNIFICANT DISTRIBUTION UPSIDE IN RETAIL CHANNEL (Brand-level ACV %) (3) A 55 p.p. 34% Oatly 89% 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 January 1, 2022. Does not represent velocity position in each of the retailers listed. 2. Data represents $/Item/ Store Selling / Week for the 13 weeks ending January 1, 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. EXPANDING THE CONVERSION UNIVERSE WITH FROZEN NOVELTY BARS LAUNCH Frozen Novelties launched in Q1 with strong momentum and customer interest OAT x3 vanilla OAT x3 strawberry swirt OAT salted caramel x3 STAY Q4'21 EARNINGS PRESENTATION 13#14ASIA GROWTH SNAPSHOT: 136% YOY NET SALES GROWTH ANNUAL NET SALES GROWTH (USD in millions) $10 2019 +426% il $54 Source: Company financials Notes: 2020 +136% $127 1. As of December 31, 2021. 2. On Tmall, from Tmall database as of February 2022. 2021 #1 OATMILK BRAND ON TMALL(2) Oatly is the #1 selling oatmilk on TMALL(2) Maintained #1 in the plant-based drinks and ranked #3 among beverage brands during "Double 11" in 2021 on T-Mall RAPIDY GROWING E-COMMERCE & RETAIL PRESENCE 19,000+ Retail & Specialty Doors (1) Alibaba.com METRO 麦注龍 SG Family Mart 便利蜂゜ H永辉超市 VONOHUR DUPERSTORE ELEVEN 1 sam's club JD.COM 旗时方。 W vanguard 屈臣氏 STRONG FOODSERVICE RELATIONSHIPS WITH SIGNIFICANT UPSIDE POTENTIAL 26,000+ Foodservice Locations (¹) KFC COSTA COFFEE BURGER KING |奈雪 * 海底捞 McDonald's TA 859 Q4'21 EARNINGS PRESENTATION 14#15ASIA: STRONG BRAND POSITIONING WITH SIGNIFICANT DISTRIBUTION UPSIDE OATMILK GAINING PLANT-BASED MARKET SHARE IN RETAIL CHANNELS (1) ● GROWTH STRATEGY Accelerate retail strategy Continue expansion in specialty coffee and tea channel Diversify growth in ecommerce and with new product categories SALES MIX BY CHANNEL e-Commerce Retail Foodservice LEADING BRAND IN FOODSERVICE CHANNEL 燕麦 maand Ta *24 /# SANTY 12/R 19.9/2 ola 13 肯德基自在厨房。「上新季」 KFCTLY! 植物基燕麦雪糕 KFC M Huber 29.9/3A (C) waweds BAR KFC 谷物清香 清爽绵密首发 ☑乳糖不耐友好 0反式脂肪 进口燕麦原料: chocolate 1. Source: Euromonitor; Retail channels include offline retail and online retail (Tmall/Taobao/Jingdong), Excludes food service. 2. On Tmall, from Tmall database as of February 2022. ************ THE ORIGINAL 圣诞酷 YEAR- MERRY CHRISTMAS AND HAPPY NEW YEAR 2021.12.24-2022.1.10 里食打卡 捞王XOATLY主题快闪店 拍照分享至朋友圈,并向店员出示 可获赠价值21.8元 捞王 OATLY联名款燕麦冰淇淋1支 A OATLY 燕麦 捞王 ◎胆因醇 雪顶(麦格 生活计划度 GREEN LIFE ●ATLY! 不添加奶油) FE Maty gat ANE Po CAT LY! 藏 E ¥29 EVERES! 日立郎単 0.0% 2019 0.7% 2020 3.4% 2021 Q4'21 EARNINGS PRESENTATION 15#16Q4 2021 FINANCIALS OVERVIEW CONTINUED TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES Production volume(¹) Sales volume(1) ● 91 86 $127 REVENUE +46% Q4 2020 142 124 $186 Q4 2021 Broad-based growth across all regions and channels • The share of Foodservice channel continued to improve as COVID-19 restrictions have relatively eased (-38% in Q4'21 vs. -30% in Q4'20 share of total revenue), partially offset by closures in Asia • Ended Q4 with the highest production output on record % Margin ● - - GROSS PROFIT - 27.7% $35 Q4 2020 15.9% Gross margin impacted by: $30 Q4 2021 COVID-related global supply chain disruptions New facility start-up related costs (depreciation, Singapore inventory provision) Higher inflation impacting logistics and electricity costs Higher share of co-packing A limited product recall, an asset impairment charge Notes: USD in millions 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was $0.2 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) ●ATLY! (19.8%) ($25) Q4 2020 Adjusted EBITDA loss increased due to: (35.3%) ($66) Q4 2021 Lower gross profit Higher employee and consultant expenses as we scale for growth Public company expenses Branding and customer distribution expenses $49 Q4 2020 CAPEX $87 Q4 2021 • Continued to invest in capacity to meet the demand • Investments primarily focused on Peterborough, UK, Maanshan, China, Fort Worth, TX, and Ogden, UT facilities Q4'21 EARNINGS PRESENTATION 16#17YOY 4021 GROSS MARGIN BRIDGE NEAR-TERM MARGINS IMPACTED BY CARRYING FULL FIXED AND VARIABLE COST STRUCTURE DURING RAMP UP OF THREE NEW FACILITIES AND INFLATIONARY ENVIRONMENT 27.7% 4020 NEW FACILITY START-UP EXPENSES -5.0% New Facility Start-up... INFLATION -4.8% Inflation IMPAIRMENT AND RECALL COSTS Notes: 1. Fourth quarter utilization rates based on self-manufacturing. -1.7% Impairment and Recall... OTHER -0.2% Other THE ORIGINAL 15.9% 4021 ●ATLY! KEY EXPECTED IMPACTS TO MARGIN NEAR-TERM INFLATION AND SUPPLY CHAIN CHALLENGES TIMING OF NEW CAPACITY COMING ONLINE AND MIX OF PRODUCTION MODEL; SHORT TERM UNDER UTILIZATION DUE TO RAMP-UP 80% CURRENT SITES OAT BASE 40% NEW SITES 65% TOTAL Excess capacity vs steady state. Produced volume Utilization % (1) 82% FILLING 30% CURRENT NEW SITES SITES Q4'21 EARNINGS PRESENTATION 47% TOTAL 17#18Notes: 1. 2. KEY DRIVERS OF FY2022 GROSS MARGIN EXPANSION (ILLUSTRATIVE] PRICE INCREASES FOR OUR PRODUCTSEXPECTED TO PARTIALLY OFFSET INFLATION IN THE COURSE OF 2022 OAT BASE UTILIZATION OF NEW FACILITIES 40% 4021 (1) FILLING UTILIZATION OF NEW FACILITIES (¹) 30% 4021 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 prospectus filed with Securities & Exchange Commission on May 21, 2021. 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 GRADUAL SHIFT IN PRODUCTION MIX OATLY! Self-manufacturing ■Hybrid Co-packing YEAR-END FY22 TARGET (2) YEAR-END FY22 TARGET (2) HIGHER UTILIZATION AT NEW SELF-MANUFACTURING FACILITIES AND LOWER CONTRIBUTION FROM CO-PACKING 37% 41% 22% 4021 YEAR-END FY22 TARGET (2) Q4'21 EARNINGS PRESENTATION 18#19SHIFTING PRODUCTION MODEL DRIVES HIGHER GROSS MARGINS SIGNIFICANT GROSS MARGIN IMPROVEMENT EXPECTED ACROSS REGIONS WITH MORE LOCALIZED PRODUCTION Self- Manufacturing 21% Hybrid 34% FY 2021 Co-Packing 45% GROSS MARGIN 24% 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 prospectus filed with Securities & Exchange Commission on May 21, 2021. 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 ●ATLY! Q4'21 EARNINGS PRESENTATION 19#20STRONG TOPLINE MOMENTUM REMAINS ACROSS REGIONS SUPPORTED BY HIGHER PRODUCTION OUTPUT Production volume(¹) Sales volume(¹) 75 ● 57 $78 Q4 2020 EMEA +14% 95 66 $89 (3) Q4 2021 Steady, consistent production in EMEA • Growth in foodservice and retail channels, primarily from oat drinks Expansion into new markets and re- entering markets shorted due to capacity constraints last year AMERICAS Notes: USD in millions 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was $0.2 million. 3. The headwind to revenue from foreign exchange impact was -$1.4 million. 4. The benefit to revenue from foreign exchange impact was ~$1.2 million. 15 17 $28 Q4 2020 +96% 38 36 $55 Q4 2021 REVENUE • All-time production high in Americas • Growth in new and existing foodservice and retail channels • Growth limited by capacity constraints THE ORIGINAL 12 ● $21 Q4 2020 OATLY! ASIA +98% 10 22 $42(4) • Growth across sales channels • Revenue negatively impacted by COVID- 19 related foodservice closures Q4 2021 • Still market leader on T-mall, despite increasing competition and limited supply Singapore continued to scale production and Maanshan facility began commissioning phase 91 86 ● $127 TOTAL Q4 2020 +46% 142 124 $186 (2) Q4 2021 • Total revenue growth continued to reflect accelerating consumer demand Topline momentum will continue to benefit from new capacity scaling up throughout 2022 Q4'21 EARNINGS PRESENTATION 20#21KEY DRIVERS OF PROFITABILITY IN THE MEDIUM-TERM INCREASING IN-HOUSE PRODUCTION THROUGH HYBRID AND END-TO-END MODELS LOCALIZATION OF PRODUCTION ALLOWS 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) 1002 Vegan No dairy- so nute. No gluten. Q4'21 EARNINGS PRESENTATION 21 www.#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 FY 2021: 45% 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) FY 2021: 34% 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) Full control of production and costs paired with high margins FY 2021: 21% 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 prospectus filed with Securities & Exchange Commission on May 21, 2021. 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. Q4'21 EARNINGS PRESENTATION 22#23SCALING EFFICIENT GLOBAL OATMILK PRODUCTION CAPABILITIES 2021 (2023/2024) Ogden, U.S. 2023E (1) Fort Worth, U.S. 2019 (2022) Millville, U.S. 2019 2023E (1) 2006 Peterborough, U.K. Vlissingen, NL (TBD) Landskrona, SE 2021 Maanshan, CN 2023E (¹1) Asia III 2021 Singapore, SG 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 prospectus filed with the Securities & Exchange Commission on 21, 2021. 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. 2. Finished goods. THE ORIGINAL ●ATLY! 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 Q4'21 EARNINGS PRESENTATION 23#24PRODUCTION VOLUME AT ALL TIME HIGH AT THE END OF THE FOURTH QUARTER 4Q21 Commentary ● ● ● Increased our quarterly production output by 8% vs. prior quarter and 57% vs. prior year, ending at 142ML • EMEA: Stable production in line with expectations ● Fourth quarter below expectations due to COVID-19 and disruptions caused to the global supply chain Americas: Production impacted by a number of COVID-19 related factors - Ogden will continue to ramp up, with full utilization expected in 1H 2022 Asia: Singapore (hybrid) began production in Q3 and is ramping up production; Maanshan (self) commenced commissioning phase in Q4 (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 prospectus filed with the Securities & Exchange Commission on May 21, 2021. 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. FINISHED GOODS PRODUCTION VOLUME 106 2Q21 THE ORIGINAL ●ATLY! 131 3Q21 142 4Q21 COVID-19 related labor and supply chain challenges in Jan./Feb. 120-125 1Q22E (¹) Q4'21 EARNINGS PRESENTATION 24#25SIGNIFICANT UPSIDE FOR GROWTH AS WE INVEST TO CAPTURE DEMAND CAPITAL EXPENDITURES (2) (USD in millions) CAPACITY EXPANSION 2022 (1) CAPACITY RAMP UP OVER TIME (Million litres of finished goods) (¹) Historic production volume Total expected run-rate capacity at the end of the year 84 2018 165 2019 299 2020 470 2021 -900 2022E (1) -1,300 2023E(¹) Millville (U.S.) TBD (1) Landskrona (SE) $21 THE ORIGINAL ●ATLY! 2018 (3) 2023 (¹) Ogden (U.S.) $54 2019 2024 (¹) Ogden (U.S.) $134 2020 NEW FACILITIES 2023 (¹) Peterborough (U.K.) Asia III Fort Worth (U.S.) Shift in timing from FY21 to FY22 $274 2021 -$400-500 2022E 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 prospectus filed with the Securities & Exchange Commission on May 21, 2021. 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. 3. Capex 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. Q4'21 EARNINGS PRESENTATION (1) 25#262022 GUIDANCE Notes: 1. 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 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 prospectus filed with the Securities & Exchange Commission on May 21, 2021. Nothing 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 ●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 Q4'21 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 Q4'21 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 Q4'21 EARNINGS PRESENTATION 28#29APPENDIX Seriously WHE DRINKS MILK at festival YWAY? Q4'21 EARNINGS PRESENTATION 29#30RECONCILIATION OF IFRS FINANCIAL MEASURES Loss for the period attributable to shareholders of the parent Income tax expense Finance income and expenses, net Depreciation and amortization expense EBITDA Share-based compensation expense Product recall expenses(¹) Asset impairment charge(2) IPO preparation and transaction costs Adjusted EBITDA Adjusted EBITDA margin Three months ended December 31, 2021 2020 (79,753) (5,434) (7,480) 10,836 (81,831) 9,598 1,654 4,970 THE ORIGINAL (65,609) (35.3%) (1) Relates to recall of products in Sweden as previously communicated on November 17, 2021. See the Company's Form 6-K filed on November 17, 2021. (2) Relate an asset impairment charge of certain production equipment at our Landskrona production facility in Sw eden for which we have no alternative use. ●ATLY! (in thousands $) (36,991) 1,085 6,213 3,898 (25,795) Twelve months ended December 31, 2021 2020 668 (25,127) (19.8%) (212,393) (2,655) 1,305 27,222 (186,521) 23,632 1,654 4,970 9,288 (146,977) (22.9%) (60,361) 2,411 10,857 13,118 (33,975) 1,014 679 (32,282) (7.7%) Q4'21 EARNINGS PRESENTATION 30