#1THE ORIGINAL DAT LY! 20 2022 EARNINGS PRESENTATION AUGUST 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, including on costs of labor, freight and shipping and energy availability and costs (including fuel surcharges); 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, Adjusted EBITDA margin and constant currency revenue 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; reflect income tax payments that reduce cash available to us; Adjusted EBITDA does not 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. . . This presentation also includes reference to constant currency revenue. The Company presents this measure because 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. The constant currency measure 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. Below we have provided a reconciliation of revenue as reported to revenue on a constant currency basis for the periods presented. Q2'22 EARNINGS PRESENTATION 2#3It's like milk but made for humans. THE ORIGINAL AT AT AT LY! STLY! LY! FE OAT DRINK OAT DRINK WHOLE GAT DRINK#420 2022 KEY 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) New product launches and distribution gains driving conversion from dairy to Oatly Notes: Nielsen only covers measured channels 1. Based on most recently available publicly-disclosed FY2021 net sales figures for Gatly's key competitors in U.S. and Nielsen in terms of retail sales value for key markets of Sweden, Germany, the U.S. and the U.K. ending week 24, 2022 in Sweden Netherlands, Austria and Switzerland, ending week 22 2022 in Germany, June 18, 2022 in the US, and June 18, 2022 in the U.K. 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 in Sweden, Netherlands, Austria, Switzerland, Germany, the U.S. and the U.K. for the last 12 weeks ending week 24, 2022 in Sweden Netherlands, Austria and Switzerland, ending week 26 2022 in Germany, June 18, 2022 in the US and June 18, 2022 in the U.K. (Major Multiples). Q2'22 EARNINGS PRESENTATION 4#5GLOBAL, SCALED REVENUE GROWTH DRIVEN BY GROWING CONSUMER DEMAND AND EXPANDING PRODUCTION FOOTPRINT Revenue (USD in millions) % Year-over-year growth EMEA Americas $118 (1) 2018 Asia +66% 2018 - LTM Q2'22 CAGR +73% $204 2019 +106% $421 2020 +53% $643 +24% -29% $800 - $830 Q2 2022 LTM $701 2021 Notes: 1. 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, 2020 and 2021 were prepared in accordance with IFRS and have been audited. 2. Constant currency is a non-IFRS measure. Please see appendix for updated foreign exchange rate assumptions and revenue guidance as of August 2, 2022, the nearest comparable IFRS measure. 2022E (2) +30% - Q2'22 EARNINGS PRESENTATION $835 $865 constant currency 34% SH 5 (2)#6REVENUE SPLIT BY REGION (¹) – 2Q 2022 25% 29% EMEA Notes: 1. Excludes intersegment revenue 2. Foodservice includes Coffee & Tea shops. 3. Other is mainly e-Commerce. REVENUE SUMMARY Americas 46% Asia REVENUE SPLIT BY CHANNEL-20 2022 8% ● 35% Food retail Foodservice (2) 57% Other (3) Q2'22 EARNINGS PRESENTATION 6#72, KEY RETAIL AND E-COMMERCE PERFORMANCE HIGHLIGHTS 3. 4. 5. SALES GROWTH DRIVER... of the total dairy alternatives category(¹) SALES GROWTH DRIVER... of the oatmilk category(¹) VELOCITY... ranking vs. non-dairy milk brands(2) OATMILK BRAND POSITION... by net sales (U.S.)(3) and retail market share (EMEA) (4) CATEGORY CREATOR... & #1 oatmilk brand on Tmall(5) #1 #1=+* #1 + #1 米 + #1 #2 #2 = + Source: Nielsen IQ, IRI, management projections, Tmall Database Notes: Nielsen only covers measured channels (-38% 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 24, 2022 in Sweden, Netherlands, Austria and Switzerland, ending week 26 2022 in Germany, June 18, 2022 in the US, and June 18, 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. over the aforement 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 in Sweden, Netherlands, Austria, Switzerland, Germany, the U.S. and the Q2'22 EARNINGS PRESENTATION U.K. for the last 12 weeks ending week 24, 2022 in Sweden, Netherlands, Austria and Switzerland, ending week 26 2022 in Germany, June 18, 2022 in the US and June 18, 2022 in the U.K. (Major Multiples). Based on publicly-disclosed FY2021 net sales figures for Oatly's key competitors. Nielsen in terms of retail sales value for key markets of Sweden, Germany, and the U.K. ending week 24, 2022 in Sweden Netherlands, Austria and Switzerland, ending week 26 2022 in Germany, and June 18, 2022 in the U.K. Tmall database, as of June 2022. +=+= 7#81 CONVERTING DAIRY USERS INTO OATLY CONSUMERS Increase brand reach and awareness 2 Invest in global production capacity 3 Pioneer new product innovation 4 Expand distribution footprint across channels 5 Enter new markets 02'22 EARNINGS PRESENTATION 8#9EMERGING OATMILK AS THE NON-DAIRY DEFAULT The oat category is gaining market share and surpassing other crop categories % of total plant-based milk retail market (¹) SWEDEN 80% 60% 40% 20% Inherent sustainable characteristics 0% June 19 YOY Growth (2) Oat: 5% DA: 3% Oat 77% 10% 8% June 22 60% 40% 20% 0% June 19 Flexible within the supply chain UNITED KINGDOM Oat: 16% Oat DA: 2% 21% 20% June 22 Soy Oat 48% 75% 50% 25% 0% Almond June 19 Oat GERMANY Oat: 23% DA: 9% Widely accessible to a range of eaters Dairy Alternatives Oat 67% 14% 13% June 22 80% 60% 40% 20% UNITED STATES June 19 Source: Nielsen IQ, IRI. Notes: 1. Market shares by retail sales value, represent rolling four weeks period; Sweden Nielsen data as of week 24, 2022; U.K. IRI data as of June 18, 2022; Germany Nielsen data as of week 26 2022 and U.S. Nielsen data as of June 18, 2022. 2. Year-over-year growth of 52-week periods; Sweden Nielsen data as of week 24, 2022; U.K. IRI data as of June 18, 2022; Germany Nielsen data as of week 26 2022 and U.S. Nielsen data as of June 18, 2022. Oat: 48% 62% DA: 6% June 22 Oat 22% 7% Q2'22 EARNINGS PRESENTATION 9#10OATLY DRIVES GROWTH FOR THE OAT CATEGORY Gaining market share in key markets Total plant-based market share (¹) 50% 40% 30% 20% 10% 0% UNITED KINGDOM YOY GROWTH DA[2] OATLY 2% 5% June 19 Source: Nielsen IQ, IRI. Notes: OAT 48% OATLY 25% June 22 75% 50% 25% 0% GERMANY YOY GROWTH DA[2] OATLY 9% 13% June 19 OAT 67% OATLY 22% June ¹22 25% 20% 15% 10% 5% 0% UNITED STATES YOY GROWTH DA[2] OATLY 6% 38% June 19 1. Market shares by retail sales value in the total plant-based milk category, represent rolling four weeks period; U.K. IRI data as of June 18, 2022, Germany Nielsen data as week 26 2022 and U.S. Nielsen data as of June 18, 2022. 2. Growth rates last 52 weeks vs parallel periods in 2021 Dairy Alternatives, OAT 22% OATLY 5% June 22 Q2'22 EARNINGS PRESENTATION 10#1120 2022 REVENUE GROWTH IMPACTED BY FX MOVEMENTS Revenue (USD in millions) % Year-over-year growth EMEA YOY sales volumes growth (1) $79 2Q21 Americas +16% FX impact +5% $82 2Q22 19% $41 2Q21 Asia +37% Customer mix +25% $52 2Q22 Constant currency revenue growth (2) $26 2Q21 +56% Channel mix partly offset by FX impact +66% $44 2Q22 70% Notes: 1. Million litres of finished goods, 2. Constant currency revenue is a non-IFRS measure. Please see appendix for a reconciliation to revenue, the nearest IFRS measure. The constant currency measure is calculated by translating the current year reported revenue amounts into comparable amounts using the prior year reporting period's average foreign currency exchange rates, which have been provided by a third- party foreign exchange service provider (EUR:USD = 0.830; GBP:USD = 0.715; SEK:USD = 8.411; RMB:USD = 6.458). See appendix for reconciliation of foreign exchange rates. YOY Sales volumes growth (1) $146 2021 $43 YOY constant currency sales. (2) growth +28% +30% $190 2022 (@constant FX rates) (2) ($12) FX impact +22% $178 2022 (@actual FX rates) (2) Q2'22 EARNINGS PRESENTATION 11#12EMEA: MARKET LEADERSHIP IN KEY MARKETS WITH FURTHER GROWTH OPPORTUNITIES (USD in millions) % Year-over-year growth YOY Sales volumes growth (1) $155 2019 NET SALES Source: Nielsen IQ, IRI. Notes: +71% +73% $268 2020 +21% +26% $336 2021 +20% +13% $349 LTM 2Q 2022 20 2022 NET SALES SPLIT BY CHANNEL 1. Million litres of finished goods. 2. Based on plant-based milk category total distribution points in UK as of June 18th, 2022, and Germany as of June 5th, 2022, compared to the largest PBM brand based on absolute value sales. Foodservice 18% Retail 82% GROWTH OPPORTUNITIES Foodservice channel expansion 18% 20 2022 SALES IN FOODSERVICE Depth in retail execution >3X TDP GAP VS. LARGEST PBM BRAND (2) International expansion 4 KEY MARKETS TODAY: UK, DACH, NORDICS AND NETHERLANDS Q2'22 EARNINGS PRESENTATION 12#13DRIVING GROWTH IN EXISTING MARKETS WITH NEW PRODUCT LAUNCHES AND EXPANDING DISTRIBUTION #1 VELOCITY LEADERSHIP IN RETAIL WITH A SUPERIOR PRODUCT VELOCITY: UNITS/STORE/WEEK (¹) (²) Based on largest oatmilk SKUs MAT UK 29 #1 Oatmilk SKU: Oatly Barista 23 #2 Competitor Source: Nielsen IQ, IRI. Notes: GERMANY 29 13 #1 Oatmilk #2 SKU: Oatly Competitor Barista LAUNCHING NEW FORMATS OF OUR #1 SKU TO CONVERT NEW CONSUMERS 0.5L "MINI" BARISTA + THE ORIGINAL OATLY! OAT DRINK BARISTA EDITION HEY VEGAN PREVEGAN NON VEGAN HAVE-NO IDEA-WRAP-VERAN MEANS OUT AN LOVER MEMADE THIS FOR YOU 1L CHILLED BARISTA THE ORIGINAL OAT LY! BARISTA EDITION DAT DRINK Totally regions What kind out drink A CARE IN 北 1. L12W represents the calculated average of the data for the 4-week rolling periods ending Apr 23, 2022, May 21, 2022 and Jun 18, 2022 in the UK. 2. L12W represents the calculated average of the data for the 4-week rolling periods ending May 8, 2022, Jun 5, 2022 and Jul 3, 2022 in Germany. 3. As of June 30, 2022. EXPANDING DISTRIBUTION TO REACH CONSUMERS WHERE THEY SHOP LADL ~900 RETAIL DOORS (3) WE ALDI SÜD ~770 RETAIL DOORS (3) Q2'22 EARNINGS PRESENTATION 13#14SIGNIFICANT INTERNATIONAL EXPANSION OPPORTUNITY WITH EXPANDED PRODUCTION CAPACITY OATLY'S EMEA PRESENCE CURRENT KEY MARKETS CONSIST OF UK, DACH, THE NORDICS AND THE NETHERLANDS LIMITED PRESENCE IN BROADER EMEA EXPECT INVESTMENTS IN EXPANDING PRODUCTION CAPACITY WILL ENABLE OATLY TO ENTER ADDITIONAL INTERNATIONAL MARKETS Q2'22 EARNINGS PRESENTATION 14#15AMERICAS: BROAD AND BALANCED MULTI-CHANNEL FOOTPRINT TO DRIVE CATEGORY GROWTH (USD in millions) % Year-over-year growth YOY Sales volumes growth (1) $39 2019 NET SALES Source: Nielsen IQ. Notes: +158% +89% +156% $100 2020 +80% $180 3. Foodservice includes Coffee & Tea shops. 4. Other is mainly e-Commerce. 2021 1. Million litres of finished goods. 2. Based on catmilk portfolio as of June 18, 2022 (L12w). +68% +57% $204 LTM 2Q 2022 20 2022 NET SALES SPLIT BY CHANNEL Foodservice (3) 42% Other 2% (4) Retail 55% MOTOR GROWTH OPPORTUNITIES Closing the gap 67%➡76% FILL RATE END OF 1Q 2022 → END OF 2Q 2022 Distribution expansion 36% RETAIL ACV OF OATMILK (2) Frozen innovation #4 BRAND IN PLANT-BASED FROZEN IN LESS THAN 3 YEARS Q2'22 EARNINGS PRESENTATION 15#16FASTEST TURNING NATIONAL BRAND IN THE ENTIRE U.S MILK CATEGORY WITH SIGNIFICANT DISTRIBUTION UPSIDE #1 FASTEST-TURNING BRAND IN THE TOTAL DAIRY AND PLANT-BASED MILK CATEGORIES (¹) VELOCITY: USD/STORE/ITEM/WEEK (2) Based on brands with >15% ACV $77 Oatly $52 Largest Dairy Milk Brand $21 Largest PBM Brand MAINTAINING STRONG VELOCITY AS PRODUCTION RAMPS UP AND DISTRIBUTION EXPANDS, WITH FURTHER UPSIDE FROM CLOSING FILL RATE GAPS AND EXPANDING DISTRIBUTION (³) Velocity: Units/Store/Item/Week Stores Scanned 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Stores Scanned 1Q20 17 6,555 11 2020 3Q20 4Q20 1Q21 11,671 16 2021 3Q21 Source: Nielsen IQ. Notes: 1. By market share of the oatmilk category in terms of retail sales value for the U.S. over the last 13 weeks ending June 18, 2022. Does not represent velocity position in each of the retailers listed. 2. Data represents $/Item/ Store Selling / Week for the 13 weeks ending June 18, 2022. Includes brands with over 15% ACV. Excludes private label. 3. Represents Chilled Oatly's 64oz. Each quarter calculated as the average of the 4-week periods included during the quarter. 4Q21 1Q22 13,267 20 16 2022 18 16 14 12 10 60 t 2 Q2'22 EARNINGS PRESENTATION Units/Store/Item/Week 16#17(USD in millions) % Year-over-year growth YOY Sales volumes growth (¹) $10 2019 NET SALES ASIA: STRONG BRAND POSITIONING WITH SIGNIFICANT UPSIDE +599% +121% +427% $54 2020 Notes: 1. Million litres of finished goods, 2. Foodservice includes Coffee & Tea shops. 3. Other is mainly e-Commerce. +136% $127 2021 +55% +66% $148 LTM 2Q 2022 20 2022 NET SALES SPLIT BY CHANNEL Other (3) 30% Retail 11% Foodservice (2) 58% GROWTH OPPORTUNITIES Product portfolio expansion 82% OF 2021 SALES FROM ONE SKU Distribution expansion 11% OF 20 2022 SALES IN RETAIL International expansion ~6% OF 20 2022 SALES OUTSIDE OF MAINLAND CHINA, HONG KONG AND TAIWAN Q2'22 EARNINGS PRESENTATION 17#18SINCE LAUNCH, TEA MASTER HAS BECOME THE "SUMMER DRINK" IN THE TEA CHANNEL, SUPPORTED BY TAILORED ONLINE & DIRECT PROMOTION WITH KEY PARTNERS EXPANDING THE CONVERSION UNIVERSE THROUGH NEW PRODUCT LAUNCHES THE ORIGINAL OAT HEY TEA MA LY! 北欧 品牌 的 STER 茶饮 hthis ema's for you 茶大 饮师 大师 燕麦奶 【针对技校定制开发 TEA MASTER |宝藏茶件风味百倍| 净含量:1升 Source: Tmall Database 朝疆 Secured 13,000+ doors in the specialty tea channel in China 熊姬 吃个好瓜 NEVE GOT “麦”个西瓜 CAT LY! INSIDE 19 THE ORIGINAL CATF M 燕麦奶 SR Sinthy ⑤ 书亦“燒仙草 喝前摇一起 植物有能量 夏日轻负担 植物基 新鲜米 不設茶 更矮松 AM 益禾堂 畅饮年轻这一杯! ARTEVSG 喝奶茶 就喝鲜奶茶 专江国际科创中心。 出版 森林子 SUNLTH 时令鲜果茉 植物有能量 日轻负担 *15 支力服店 第二杯之瞒 立即购工 牛花(广州市沙 回 .... m ㄧ只酸奶牛 INCREASING ON-THE-GO OCCASIONS WITH PRISMA 250ML FORMAT THE ORIGINAL CAT LY! 咖啡大师 2013 【燕麦奶 BARISTA CER 品牌 WHAT CAF CAF CAF LY! LY! LY! LY. 0015 06.20 #1 IN PLANT-BASED CATEGORY #2 IN BEVERAGE CATEGORY Ranking during 618 promotions, on Tmall and Tmart Q2'22 EARNINGS PRESENTATION 18#19Production volume(1) Sales volume(1) 106 95 $146 20 2022 FINANCIALS OVERVIEW TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE IN 2H22 AS CAPACITY INCREASES REVENUE GROSS PROFIT ADJ. EBITDA (3) CAPEX 20 2021 +22% 124 121 $178 2Q 2022 Broad-based revenue growth across retail and foodservice and channels The foodservice channel contribution continued to increase in the second quarter of 2022 compared to the prior year period Experienced strong growth in e- commerce sales in China % Margin 26.4% $39 20 2021 15.8% $28 Other items 2Q 2022 Gross margin impacted by: Positive impact from higher share of self-manufacturing and EMEA price increases, offset by Short-term underutilization of new facilities driven by COVID-19 restrictions in China and COVID-19 supply chain related impacts more broadly Higher cost inflation of raw materials, co-packing and electricity costs, and % Margin ● (21.8%) ($32) 20 2021 (30.0%) ($53) Q2 2022 Adjusted EBITDA loss increased due to: Notes: USD in millions 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was $11.7 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. Lower gross profit Branding and customer distribution expenses Public company expenses Other operating expenses to support growth across three continents Partially offset by positive impact from foreign exchange rates $89 20 2021 $58 2Q 2022 Continued to invest in capacity to meet the demand Near-term capex savings due to phasing of production facility. expansion projects. Q2'22 EARNINGS PRESENTATION 19#20Production volume(1) Sales volume(1) BROAD-BASED REVENUE GROWTH ACROSS REGIONS 79 55 $79 2Q 2021 EMEA +16% +5% 69 64 (3) $82 2Q 2022 Growth in foodservice and retail channels, primarily from oat drinks • Growth impacted by foreign exchange headwind of $10.6 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 28 26 AMERICAS Notes: USD in millions 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was 3. The headwind to revenue from foreign exchange impact was 4. The headwind to revenue from foreign exchange impact was -$1.0 million. $41 $11.7 million. $10.6 million. 20 2021 +37% +25% 20 39 35 • Revenue growth enabled by increased production $52 REVENUE Growth in both foodservice and retail channels 2022 Growth continues to be impacted by capacity constraints and supply chain disruptions 14 $26 2021 ASIA +56% +66% 15 22 $44(4) 2022 • Revenue growth impacted by the implementation of various degrees of lock-downs due to COVIO-19 variants in China • Continued market leadership on T-mall, in spite of increasing competition and limited supply Localized production supporting launch of new products and formats ● 106 95 $146 TOTAL 20 2021 +28% +22% 124 121 $178 (2) 2Q 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 Asia throughout 2022 Q2'22 EARNINGS PRESENTATION 20#21QUARTER-OVER-QUARTER 20 2022 GROSS MARGIN BRIDGE SEQUENTIAL INCREASE IN MARGINS DRIVEN BY IMPROVING PRODUCTION MODEL, POSITIVE PRICING AND MIX EFFECT, PARTIALLY OFFSET BY INFLATIONARY ENVIRONMENT 9.5% 10 2022 MANUFACTURING AND SUPPLY CHAIN IMPACTS +4.1% 3.2% HIGHER SHARE OF (LOCAL) SELF-MANUFACTURING (1.8%) SHORT-TERM UNDER- UTILIZATION OF FACILITIES AND LOGISTICS NETWORK 2.7% 10 2022 ADJUSTMENT RELATED TO EMEA CO-PACKER CONSOLIDATION Production model improvement as we increase in-house production, reducing reliance on co-packers • Reduction of COGS per liter in Asia as local production ramps up • Short-term under-utilization of new facilities and logistics network as production ramps up in Americas and Asia 1.9% EMEA PRICE INCREASE 0.3% OTHER, NET +6.3% 15.8% 20 2022 Q2'22 EARNINGS PRESENTATION 21#22PRODUCTION VOLUMES EXPECTED TO STEP-UP IN THE THIRD QUARTER Q2 2022 Commentary • Increased our quarterly production output by 17% vs. prior year, ending at 124ML EMEA: Stable production output; adjusted to macro dynamics Americas: Record quarterly production; optimizing Ogden production in 2H22 Asia: Singapore expected to reach steady-state production in 2H22; Maanshan expected to continue to ramp up for the full year of 2022 Total run-rate capacity at the end of the year 2022E: ~900 million litres 2023E: 1,200 million litres 90 1Q21 Finished goods production volumes (in million litres) 106 2Q21 131 3Q21 142 121 || 4Q21 1Q22 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 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. 124 2Q22 135-145 3Q22E (1) Q2'22 EARNINGS PRESENTATION 22#23LOW WE CURRENTLY DEPLOY A VARIETY OF PRODUCTION MODELS TO MEET OUR GROWING DEMAND Early capex investment into self-manufacturing production models to drive margin profile CO-PACKING Oat base is shipped to external co- packing partners by ground transportation to execute the mixing and filling process Oatbase shelf life requires time sensitive transportation 2Q 2022: 27% of total volumes Target Mix: 10-20% ● ● TARGET % OF TOTAL VOLUMES HYBRID Oat base is transported via pipeline to nearby co-packing partners to mix and fill our products Centers around long-term partnerships with co-packers 2Q 2022: 39% of total volumes Target Mix: 30-40% ● ● END-TO-END SELF-MANUFACTURING In-house oat base manufacturing, mixing and filling in one location. Flexibility to build value-added processes HIGH Increased control of production and costs paired with high margins 2Q 2022: 34% of total volumes Target Mix: 50-60% Q2'22 EARNINGS PRESENTATION 23#24SCALING EFFICIENT GLOBAL PRODUCTION CAPABILITIES 2021 Ogden, UT *TBD 2023/2024E(¹) Fort Worth, TX DATE OF GO-LIVE Established capacity Capacity added in 2021 Near-term capacity expansions Self-manufacturing 2019 Millville, NJ *2022 Hybrid *YEAR Expected expansion 2024E(¹) Peterborough, UK 2019 Vlissingen, NL 2006 Landskrona, SE *2023 2021 Singapore, SG 2021 Maanshan, CN LY! 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 and Exchange Commission for the year ended December 31, 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. 2023/2024E(1) Asia III, CN#25Self- Manufacturing 21% Hybrid 35% Notes: 1. 2. SHIFTING PRODUCTION MODEL MIX TO LOCALIZED AND IN-HOUSE PRODUCTION FY 2021 Co-Packing 44% GROSS MARGIN 24% YEAR-END FY 2022 TARGET Self- Manufacturing D Co-Packing Hybrid For illustrative purposes only LONG-TERM (1) Self- Manufacturing 50-60% Co-Packing 10-20% 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 4021. We are not intending to convey a specific percentage of utilization at Year-End FY 2022. Hybrid 30-40% GROSS MARGIN 40%+ Q2'22 EARNINGS PRESENTATION 25#26UPDATED 2022 GUIDANCE(¹)(2) CAPITAL EXPENDITURES REVENUE (2) RUN-RATE CAPACITY AT THE END OF THE YEAR Notes: 1. 2. $800-$830 MILLION 24% -29% YOY GROWTH $220-$240 MILLION ~900 MILLION LITRES OF FINISHED GOODS CONSTANT CURRENCY $835-$865 MILLION 30%-34% YOY GROWTH 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. See appendix for updated foreign exchange rates used. FX rates updated (2) Q2'22 EARNINGS PRESENTATION 26#272022 REVENUE GUIDANCE(¹)(2) REVISED EXPECTATIONS DRIVEN PRIMARILY BY +37% 43% YOY $880 - $920 CURRENT MACRO ENVIRONMENT 2. PREVIOUS 2022E REVENUE ($45) - ($55) +30% - 34% YOY $835-$865 UPDATED 2022E REVENUE (CONSTANT CURRENCY) (2) TRANSLATION IMPACT DUE TO FX MOVEMENTS DURING 2022 ($35) 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. Constant currency using previous exchange rate assumptions and current FX" using June 30, 2022 spot rates. Please see appendix for assumed foreign exchange rates. +24% B 29% YOY $800-$830 UPDATED 2022E REVENUE (CURRENT FX) (2) Q2'22 EARNINGS PRESENTATION 27#28KEY DRIVERS OF PROFITABILITY IN THE MEDIUM-TERM Increasing in-house production Localization of production Operating leverage from increased sales Scalable infrastructure tal D LONG-TERM TARGETS Gross profit margin GREATER THAN 40% Adjusted EBITDA Margin(¹) APPROACHING 20% Notes: 1. Adjusted EBITDA margin is a non-IFRS measure. The Company cannot provide a reconciliation of EBITDA guidance to the corresponding IFRS metric without unreasonable efforts, as we are unable to provide reconciling information. These items are not within Oatly's control and may vary greatly between periods and could significantly impact future financial results. Q2'22 EARNINGS PRESENTATION 28#29GO AHEAD, EAT LIKE A VEGAN. Come CY EXCHANGE registracio myeasy p collect 2€¥$ $€ CLICK & COLLECT Ice APPENDIX 88 CURRENCY EXCHANGE PASTY SHOP ICE CREAM ANYONE? ICE CREAM MENU ICE CREAM! AYATHIN FROM OATLY WITH LOVE HANDLES 10 BOD TRY THESE HERE LY! 11 11 alf-service Self-service tickets Q2'22 EARNINGS PRESENTATION 29#30YEAR-OVER-YEAR 20 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 26.4% 20 2021 MANUFACTURING AND SUPPLY CHAIN IMPACTS (5.9%) 2.8% (6.7%) HIGHER SHARE OF (LOCAL) SHORT-TERM UNDER- SELF-MANUFACTURING UTILIZATION OF FACILITIES (2.0%) LOGISTICS NETWORK EXPANSION • Production model improvement as we increase in-house production, reducing co-packers needs • Short-term under-utilization of new facilities as production ramps up in Americas and Asia Cost under-absorption from logistic expansion as support growth primarily in Americas and Asia PRICING AND INFLATIONARY IMPACTS (3.8%) 1.2% EMEA PRICING ACTIONS (5.1%) INFLATIONARY PRESSURES • EMEA price increases introduced in major markets starting in March • Americas price increases in effect beginning August 1, 2022 Ongoing inflationary pressure across raw materials, packaging and energy (0.9%) OTHER, NET 15.8% 20 2022 Q2'22 EARNINGS PRESENTATION 30#31RECONCILIATION 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 Three Months Ended June 30, 2022 (71,990) (3,032) 593 11,877 (62,552) 9,185 (53,367) (30.0%) 2021 (59,064) 264 10,696 4,642 (43,462) 4,466 7,065 (31,931) (21.8%) Q2'22 EARNINGS PRESENTATION 31#32RECONCILIATION OF NON-IFRS FINANCIAL MEASURES EMEA Americas Asia Total revenue Three months ended June 30, 2022 82,485 51,775 43,698 177,958 2021 78,526 41,346 26,279 146,151 As reported 82,485 51,775 43,698 177,958 $ Change Foreign exchange impact 10,647 1,013 11,660 In constant currency 93,132 51,775 44,711 189,618 % Change As reported 5.0% 25.2% 66.3% 21.8% In constant currency 18.6% 25.2% 70.1% 29.7% Q2'22 EARNINGS PRESENTATION 32#33UPDATED FOREIGN EXCHANGE ASSUMPTIONS FOR 2022 GUIDANCE Notes: 1. 2. SEK/USD EUR/USD GBP/USD RMP/USD Updated(¹) Previous (2) 10.25 9.14 0.96 0.88 0.82 0.74 6,67 6.35 Exchange rates as of June 30, 2022 used in revised guidance as of August 2, 2022. Previous management expectations set at the time of original 2022 guidance on March 9, 2022. % Chg -11% -8% -10% -5% Q2'22 EARNINGS PRESENTATION 33