#1THE ORIGINAL DAT LY! 30 2022 EARNINGS PRESENTATION NOVEMBER 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, long term growth strategy and anticipated cost savings from our restructuring efforts, 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 or at all; 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; our ability to effectively manage our growth, realize the anticipated benefits of the reduction in force and retain our existing employees; 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, our Report on Form 6-K for the period ended September 30, 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; 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 cos 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#4TONI PETERSSON, CEO CHRISTIAN HANKE, CFO I I AGENDA TONI PETERSSON, CEO CHRISTIAN HANKE, CFO JEAN-CHRISTOPHE FLATIN, GLOBAL PRESIDENT DANIEL ORDONEZ, COO Introduction Strategic Actions. Growth Opportunity Regional Update Financials Guidance Q&A I I Q3'22 EARNINGS PRESENTATION 4#5WE HAVE MADE STRATEGIC DECISIONS WITH IMMEDIATE ACTION ITEMS AND THREE KEY GOALS PREPARE FOR CONTINUED HIGH GROWTH INCREASE SIMPLICITY/AGILITY OF THE ORGANIZATION DRIVE PROFITABILITY EXPECT TO BE ADJUSTED EBITDA POSITIVE EXITING 4Q 2023 Q3'22 EARNINGS PRESENTATION 5#6OUR RESET PLAN INVOLVES TWO FUNDAMENTAL STREAMS FOCUSING THE SUPPLY CHAIN NETWORK STRATEGY FOCUSING OUR INVESTMENTS IN OUR PROPRIETARY OATBASE TECHNOLOGY, WHILE REDUCING CAPITAL INTENSITY ACTIVELY PURSUING AND IN DISCUSSIONS WITH - MANUFACTURING PARTNERS TO CREATE A MORE HYBRID PRODUCTION NETWORK - EXPECTED FUTURE CAPEX SAVINGS, WITH POSITIVE EFFECT ON OUR CASH FLOW OUTLOOK SIMPLIFYING THE ORGANIZATIONAL STRUCTURE ADJUSTING FIXED COST BASE GLOBALLY FOR MORE BALANCED GROWTH AND PROFITABILITY EQUATION TO START, EXECUTING AN OVERHEAD AND HEADCOUNT REDUCTION RELATED TO THE GROUP CORPORATE FUNCTIONS AND REGIONAL EMEA LAYERS: EXPECT ANNUAL SAVINGS OF UP TO $25M, TAKING EFFECT STARTING 10 2023 IDENTIFIED INCREMENTAL OPPORTUNITIES IN THE REST OF THE ORGANIZATION: EXPECT UP TO $25M IN ADDITIONAL ANNUAL SAVINGS IN THE FIRST HALF OF 2023 Q3'22 EARNINGS PRESENTATION 6#7GROWTH REMAINS A TOP PRIORITY STRATEGIC ACTIONS ARE EXPECTED TO STRENGTHEN OUR POSITION ENTERING 2023 AND BEYOND Global plant-based retail sales (¹) ($Bn) ~$631BN TOTAL ADDRESSABLE GLOBAL DAIRY RETAIL MARKET OPPORTUNITY(¹) 2. 3, 4. 5. $21 2021A ~4%E PENETRATION +8% GROWTH $23 2022E $631 Total Addressable Market OAT CONTINUES TO BE A KEY GROWTH DRIVER WITHIN PLANT-BASED MILK(2) +39% + +20% +12% +12% OATLY HAS A LEADING POSITION ACROSS ALL ITS KEY MARKETS #1 VELOCITY... ranking vs. non-dairy milk brands (3) + +5% Source: Nielsen IQ, IRI, management projections, Tmall Database Notes: Nielsen only covers measured channels (-38% of total America revenue). 1. Estimated global dairy industry retail sales in 2021 based on Euromonitor data. Dairy includes drinking milk products, cheese, yoghurt and sour milk products, butter and spreads, ice cream and other dairy. Plant-based includes milk, yoghurt, cheese and ice cream. Year-over-year growth of 52-week periods; U.K. IRI data as of October 8, 2022; Germany Nielsen data as of week 39 2022, Netherland Nielsen data as of week 39 2022 and U.S. Nielsen data as of October 8, 2022. 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 40, 2022 in Sweden, Netherlands, Austria and Switzerland, ending week 39 2022 in Germany, October 8, 2022 in the US and October 8, 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 40, 2022 in Sweden Netherlands, Austria and Switzerland, ending week 39 2022 in Germany, and October 8, 2022 in the U.K. #1 OATMILK BRAND POSITION... by net sales (U.S.) (4) and retail market share (EMEA) (5) #00000 + Q3'22 EARNINGS PRESENTATION 7#8CONVERTING DAIRY USERS INTO OATLY CONSUMERS 2 4 5 Increase brand reach and awareness Pioneer new product innovation Driving asset-light production capacity expansion to support demand Expand our presence across channels Enter new markets Q3'22 EARNINGS PRESENTATION 8#9WARNING! YOU ARE ENTERING A MILK INDUSTRY DEPROGRAMMING ZONE. REGIONAL HIGHLIGHTS MAK IXXX TER ILP www.m#103Q 2022 KEY HIGHLIGHTS Revenue +7%, or +17% in constant currency Volume growth across regions. #1 selling oatmilk SKU and highest velocities across key markets (¹) Successful rollout of new product launches Continued channel expansion Notes: Nielsen only covers measured channels 1. 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 40, 2022 in Sweden, Netherlands, Austria and Switzerland, ending week 39 2022 in Germany, October 8, 2022 in the US and October 8, 2022 in the U.K. (Major Multiples). Q3'22 EARNINGS PRESENTATION 10#11(USD in millions) % Year-over-year growth Sales volume (¹) Constant currency revenue growth (5) EMEA: STRONG PERFORMANCE ACROSS MARKETS DEMONSTRATING THE RESILIENCE OF OUR BRAND Reported revenue growth Source: Nielsen IQ, IRI. Notes: $87 3Q 2021 63 NET SALES +7% +11% (5%) 67 $97 (5) $83 (2) 3Q 2022 #1 VELOCITY LEADERSHIP IN RETAIL VELOCITY: UNITS/STORE/WEEK (3)(4) Based on largest oatmilk SKUS MAT UK 27 #1 Oatmilk SKU: Oatly Barista 20 #2 Competitor 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was $14.5 million. 3. L12W represents the calculated average of the data for the 4-week rolling periods ending Aug 13, 2022, Sep 10, 2022 and Oct 8, 2022 in the UK. 4. L12W represents the calculated average of the data for the 4-week rolling periods ending Aug 7, 2022, Sep 4, 2022 and Oct 2, 2022 in Germany. 5. Constant currency revenue is 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 = 0.848; GBP:USD = 0.726; SEK:USD = 8.649; RMB:USD = 6.468). See appendix for reconciliation of foreign exchange rates. 27 GERMANY #1 Oatmilk SKU: Oatly Barista 11 #2 Competitor Q3'22 EARNINGS PRESENTATION 11#12EMEA: DRIVING GROWTH IN EXISTING MARKETS WITH SIGNIFICANT INTERNATIONAL EXPANSION OPPORTUNITY LAUNCHED NEW SKU THAT IS ADDING THE MOST VALUE TO THE CATEGORY UK THE ORIGINAL OAT What kind LY! BARISTA EDITION OAT DRINK Totally vegan at drink came fram? 1L CHILLED BARISTA #1 FASTEST GROWING SKU IN THE NON-DAIRY DRINK CATEGORY (1) DISTRIBUTION EXPANSION ACROSS CHANNELS (SELECT EXAMPLES) PLANET ORGANIC Source: Nielsen IQ, IRI. Notes: 1 Based on absolute value sales L12W periods ending Aug 13, 2022, Sep 10, 2022 and Oct 8, 2022 in the UK LIDL ALDI SÜD RETAIL LNER LONDON NORTH EASTERN RAILWAY ARAL JET FOODSERVICE ESP ASSO ENTERING NEW MARKETS Current key markets consist of UK, DACH, The Nordics and the Netherlands. Limited presence in broader EMEA Q3'22 EARNINGS PRESENTATION 12#13AMERICAS: STRONG DEMAND SUPPORTING GROWTH, WITH SIGNIFICANT UPSIDE TO BE UNLOCKED Sales volume (¹) (USD in millions) % Year-over-year growth 30 $50 3Q 2021 Source: Nielsen IQ. Notes: NET SALES +17% +23% 36 $61 3Q 2022 #1 FASTEST-TURNING BRAND IN THE TOTAL DAIRY AND PLANT-BASED MILK CATEGORIES (2) VELOCITY: USD/STORE/ITEM/WEEK (3) Based on brands with >15% ACV $69 Oatly $55 Largest Dairy Milk Brand $20 Largest PBM Brand GROWTH OPPORTUNITIES Closing the gap 67% -79% FILL RATE END OF 1Q 2022 → END OF 3Q 2022 Distribution expansion 36% RETAIL ACV OF OATMILK (4) Frozen innovation #4 BRAND IN PLANT-BASED FROZEN IN LESS THAN 3 YEARS 1. Million litres of finished goods. 2. By market share of the oatmilk category in terms of retail sales value for the U.S. over the last 13 weeks ending October 8, 2022. Does not represent velocity position in each of the retailers listed. 3. Data represents $/ Item / Store Selling / week for the 13 weeks ending October 8, 2022. Includes brands with over 15% ACV. Excludes private label. 4. Based on oatmilk portfolio as of October 8, 2022 (L13W). Q3'22 EARNINGS PRESENTATION 13#14● AMERICAS: INCREASING SUPPLY CONTINUES TO BE THE KEY TO DRIVE FUTURE GROWTH Lower production in 3Q 2022 than previously anticipated driven by technical issues, which impacted production performance and output Production output is expected to increase in 4Q 2022 OGDEN, UT MILLVILLE, NJ Production line expansion well underway and commenced commercial production runs in November Q3'22 EARNINGS PRESENTATION 14#15Sales volume (¹) (USD in millions) % Year-over-year growth Constant currency revenue growth (5) Reported revenue growth 17 $34 ASIA: RESILIENT PERFORMANCE IN A COVID-19 CONSTRAINED ENVIRONMENT CONTINUING TO ADAPT IN A COVID-19 IMPACTED ENVIRONMENT, EXPANDING PRESENCE ACROSS RETAIL AND ECOMMERCE (OTHER) 3Q 2021 NET SALES +38% +23% +16% 23 $42 (5) $40 3Q 2022 10'22 14% 10% 75% Foodservice (3) Ret 30% 20'22 11% 58% Other (4) Notes: 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was $2.1 million. 3. Foodservice includes Coffee & Tea shops. 4. Other is mainly e-Commerce. 5. Constant currency revenue is a non-IFRS measure. Please see appendix for a reconciliation to revenue, the nearest IFRS measure. The constant currency measure is calculated by translating the current year reported revenue amounts into comparable amounts using the prior year reporting period's average foreign currency exchange rates, which have been provided by a third-party foreign exchange service provider (EUR:USD = 0.848; GBP:USD = 0.726; SEK:USD = 8.649; RMB:USD = 6.468). See appendix for reconciliation of foreign exchange rates. 30'22 24% 13% 63% Q3'22 EARNINGS PRESENTATION 15#16ASIA: SIGNIFICANT GROWTH OPPORTUNITIES DRIVEN BY STRONG BRAND POSITIONING, INNOVATION AND INCREASING LOCAL SUPPLY GROWTH OPPORTUNITIES Product portfolio expansion 63% OF 30 2022 SALES FROM ONE SKU Distribution expansion 13% OF 3Q 2022 SALES IN RETAIL International expansion ~7% OF 30 2022 SALES OUTSIDE OF MAINLAND CHINA, HONG KONG AND TAIWAN Notes: 1. Tmall database, as of September 2022. STRONG BRAND WITH EXPANDING DISTRIBUTION AND NEW PRODUCT LAUNCHES TMALL #1 理想生活上天猫 0.0 THE ORIGINAL CAT JEVE GO CAT 蘭芳園 LY! LA FOME INSIDE D 高安防•茶 TEA MA LY! ST BUTA 茶饮 |大师 燕麦奶 TEA MASTER 313 TRAM TRAN MON - 蘭芳園 TRER DAN IN PLANT-BASED CATEGORY (1) 25K FOODSERVICE DOORS BY THE END OF Q4 RTD CO-BRANDED PRODUCTS CONTINUE TO SHIFT PRODUCTION TO MAANSHAN AND SINGAPORE % of volumes sold based on production location ~98% FY 21 EMEA ~70% ~30% 3Q 22 Asia Q3'22 EARNINGS PRESENTATION 16#17GO AHEAD, EAT LIKE A VEGAN. Come CY EXCHANGE registracio myeasy p 2€¥$ $€ CLICK & COLLECT CURRENCY EXCHANGE Ice 88 FINANCIAL HIGHLIGHTS 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#1830 2022 REVENUE GROWTH IMPACTED BY FX MOVEMENTS Revenue (USD in millions) % Year-over-year growth YOY Sales volumes growth (¹) $171 3Q21 $29 YOY constant currency sales. growth (2) +15% +17% $200 3Q22 (@constant FX rates) (2) ($17) FX impact +7% $183 3Q22 (@actual FX rates) (2) 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 = 0.848; GBP:USD = 0.726; SEK:USD = 8.649; RMB:USD = 6.468). See appendix for reconciliation of foreign exchange rates. EMEA YOY sales volumes growth (1) $87 3Q21 Americas $97 +7% 3Q22 FX impact +11% $83 (6%) $49 3Q21 Asia +17% Customer mix and pricing actions $61 +23% 3Q22 Constant currency revenue growth(²) $34 3Q21 $42 $40 3Q22 +38% Channel mix partly offset by FX impact +23% +16% Q3'22 EARNINGS PRESENTATION 18#19Production volume(1) Sales volume(¹) ● 131 110 $171 3Q 2021 3Q 30 2022 FINANCIALS OVERVIEW REVENUE +17% +7% 124 126 $200 (2) (3) $183 3Q 2022 Revenue growth across retail and foodservice channels The foodservice channel contribution continued to increase in the third quarter of 2022 compared to the prior year period Experienced strong growth in e-commerce sales in China Constant currency revenue growth (³) % Margin 26.2% $45 3Q 2021 GROSS PROFIT Gross margin impacted by: Inflationary environment 2.7% Notes: USD in millions. 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was $16.6 million. 3. 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 = 0.848; GBP:USD = 0.726; SEK:USD = 8.649; RMB:USD = 6.468). See appendix for reconciliation of foreign exchange rates. $5 3Q 2022 Continued production underutilization and related charges linked to macro-economic headwinds including continued COVID-19 restrictions in China Partially offset by positive impact from Americas and EMEA pricing actions Q3'22 EARNINGS PRESENTATION 19#20QUARTER-OVER-QUARTER 30 2022 GROSS MARGIN BRIDGE DECREASE IN GROSS MARGINS IMPACTED BY INFLATION, CONTINUED PRODUCTION UNDER-ABSORPTION AND RELATED CHARGES LINKED TO MACRO-ECONOMIC ENVIRONMENT, PARTIALLY OFFSET BY PRICE INCREASES 15.8% 2022 WHAT HAPPENED? ACTIONS WE ARE TAKING 3.9% PRICING ACTIONS (3.8%) INFLATIONARY PRESSURES Continued pricing actions in EMEA and Americas, offset by higher energy prices in EMEA and input materials across regions. Continued pricing actions to combat inflation (4.9%) CONTINUED COVID-19 PRESSURES IN ASIA COVID-19 pressures resulting in production under- absorption, inventory provisions and production planning challenges Channel and portfolio expansion to capitalize on strong underlying consumer demand (1.1%) EXTENDED RAMP-UP OF OGDEN FACILITY Production challenges at our Ogden facility in Aug / Sep Continued progress during ramp-up period to reach steady-state production levels (6.3%) EMEA CHARGES EXACERBATED BY VOLATILITY IN THE MACRO ENVIRONMENT One-time charges in EMEA related to higher scrap and co- packer volume adjustments, macro headwinds impacting cost of production Increasing simplicity and agility of the organization, improving execution across markets. (0.9%) OTHER, NET 2.7% 3022 Q3'22 EARNINGS PRESENTATION 20#21% Margin (15.8%) ($27) 3Q 2021 30 2022 FINANCIALS OVERVIEW ADJ. EBITDA (1) (45.2%) ($83) 3Q 2022 Adjusted EBITDA loss increased due to: Lower gross profit of $39.9 million - Higher branding and customer distribution expenses Other operating expenses to support growth across three continents Partially offset by positive impact from foreign exchange rates $187 Notes: USD in millions. 1. Adjusted EBITDA and adjusted EBITOA margin are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. 9M 2021 CAPEX $171 9M 2022 Continued to invest in capacity to meet the demand Near-term capex savings due to phasing of production facility expansion projects Q3'22 EARNINGS PRESENTATION 21#22Notes: 1. 2. (USD in millions) $800-$830 PREVIOUS 2022E REVENUE (20'22 FX) 2022 REVENUE GUIDANCE(¹)(²) AMERICAS PRODUCTION CHALLENGES AT OGDEN LIMITING OVERALL SUPPLY IN THE REGION ($53) - ($58) ASIA IMPACT OF CONTINUED COVID-19 RESTRICTIONS ($32) - ($37) TRANSLATION IMPACT DUE TO FX MOVEMENTS SINCE 20'22 ($15) Reported YOY Growth +9% -12% $700-$720 UPDATED 2022E REVENUE (CURRENT FX)(²) 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 September 30, 2022 spot rates. Please see appendix for assumed foreign exchange rates. YOY Growth Based on 2021 FX Rates +17% - 20% YOY $755-$775 CONSTANT CURRENCY 2022E REVENUE (2021 FX RATES) Q3'22 EARNINGS PRESENTATION 22#23UPDATED 2022 GUIDANCE(¹)(2) CAPITAL EXPENDITURES Notes: 1. REVENUE (2) RUN-RATE CAPACITY AT THE END OF THE YEAR 2. $700-$720 MILLION 9% -12% YOY GROWTH $220 - $240 MILLION ~900 MILLION LITRES OF FINISHED GOODS CONSTANT CURRENCY BASED ON 2021 FX RATES $755 - $775 MILLION 17%-20% 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 and the Report on Form 6-K for the three months ended September 30, 2022. 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. See appendix for updated foreign exchange rates used. FX rates updated (2) Q3'22 EARNINGS PRESENTATION 23#24PATH TO PROFITABILITY 1 Expand our distribution footprint with new geographies and within existing channels 2 Improve gross margin 3 Leverage our improved cost structure with the organizational changes EXPECT TO BE ADJUSTED EBITDA POSITIVE EXITING 40 2023 KEY DRIVERS OF GROSS MARGIN EXPANSION Continued pricing actions to combat COGS inflation Drive steady production progress at Ogden and new line in Millville Optimize utilization of supply chain network Expand channel footprint and product portfolio in Asia to navigate COVID-19 Improve operational execution with simplified org structure Q3'22 EARNINGS PRESENTATION 24#25APPENDIX#26Sales volume(1) BROAD-BASED SALES VOLUME GROWTH ACROSS REGIONS Constant currency revenue growth (5) Reported revenue growth Constant currency revenue growth (5) ● 63 $87 3Q 2021 EMEA +7% +11% (5%) 67 $97 $83 2022 • Growth in foodservice and retail channels, primarily from oat drinks • Growth impacted by foreign exchange headwind of $14.5 million Expansion into new markets and re- entering markets shorted due to capacity constraints last year, as well as increasing shelf space in existing retailers. 30 AMERICAS +17% $50 3Q 2021 $16.6 million. $14.5 million. $2.1 million. +23% 36 $61 • Revenue growth enabled by increased production REVENUE 30 022 Growth in both foodservice and retail channels Growth continues to be impacted by capacity constraints and production challenges 17 $34 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 5. 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 = 0.848; GBP:USD = 0.726; SEK:USD = 8.649; RMB:USD = 6.468). See appendix for reconciliation of foreign exchange rates. 2021 ASIA +38% +23% +16% 23 $42 (4) $40 2022 • Revenue growth impacted by the implementation of various degrees. of lock-downs due to COVID-19 variants in China Continued market leadership on T- mall, in spite of increasing competition Localized production supporting launch of new products and formats 110 $171 TOTAL 3Q 2021 +15% +17% +7% 126 $200 (2) $183 3Q 2022 Total revenue growth continued to reflect strong consumer demand, partially offset by macro environment and operational challenges Q3'22 EARNINGS PRESENTATION 26#27REVENUE SPLIT BY CHANNEL - 3Q 2022 6% 36% Food retail REVENUE SUMMARY Notes: 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 3. Excludes intersegment revenue Foodservice(1) 58% Other (2) REVENUE SPLIT BY REGION (³) — 30 2022 22% 33% ΕΜΕΑ Americas 45% Asia Q3'22 EARNINGS PRESENTATION 27#2817% EMEA Notes: 1. Excludes intersegment revenue 2. Foodservice includes Coffee & Tea shops. 3. Other is mainly e-Commerce. 83% REVENUE SUMMARY REVENUE SPLIT BY CHANNEL -30 2022 45% AMERICAS 2% Food retail 53% Foodservice (2) 24% Other (3) ASIA 13% 63% Q3'22 EARNINGS PRESENTATION 28#29YEAR-OVER-YEAR 3Q 2022 GROSS MARGIN BRIDGE NEAR-TERM MARGINS IMPACTED BY INFLATIONARY ENVIRONMENT, CONTINUED PRODUCTION UNDER-ABSORPTION AND RELATED CHARGES LINKED TO MACRO-ECONOMIC HEADWINDS PARTIALLY OFFSET BY PRICE INCREASES 26.2% 3021 2.2% ● PRICING ACTIONS (9.0%) INFLATIONARY PRESSURES • Price increases introduced in EMEA and Americas across channels Ongoing inflationary pressures mainly driven by higher energy prices in EMEA as well as higher material and packaging prices (8.0%) COVID-19 PRESSURES IN ASIA (1.1%) EXTENDED RAMP-UP OF OGDEN FACILITY AND START-UP OF MILLVILLE EXPANSION (6.9%) EMEA CHARGES EXACERBATED BY VOLATILITY IN THE MACRO ENVIRONMENT • Lower output in Asia driven by COVID-19 related constraints, resulting in under-absorption, inventory provisions and production planning challenges • Production challenges at our Ogden facility in August/September, resulting in lower production than previous year Continued macro conditions in EMEA slowed new market and channel expansion, impacted cost of production, and we incurred one-time charges related to higher scrap and co-packer volume adjustments (0.7%) OTHER, NET 2.7% 3022 Q3'22 EARNINGS PRESENTATION 29#30SCALING 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 2024/2025E(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. 2024E(¹) Asia III, CN#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 Restructuring costs IPO preparation and transaction costs Adjusted EBITDA Adjusted EBITDA margin Three Months Ended September 30, 2022 (107,949) (3,910) 7,491 12,157 (92,211) 8,503 1,005 (82,703) (45.2%) 2021 (41,193) 567 (3,831) 7,922 (36,535) 9,568 (26,967) (15.8%) Q3'22 EARNINGS PRESENTATION 31#32RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (in thousands of U.S. dollars) EMEA Americas Asia Total revenue Three months ended September 30, 2022 82,567 60,702 39,757 183,026 2021 87,398 49,469 34,195 171,062 As reported 82,567 60,702 39,757 183,026 $ Change Foreign exchange impact 14,484 2,145 16,629 In constant currency 97,051 60,702 41,902 199,655 % Change As reported -5.5% 22.7% 16.3% 7.0% In constant currency 11.0% 22.7% 22.5% 16.7% Q3'22 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) 11.14 10.25 1.02 0.96 0.90 0,82 7.12 6.67 Exchange rates as of September 30, 2022 used in revised guidance as of November 14, 2022. Previous management expectations set at 20'22 earnings on August 2, 2022. % Chg -8% -6% -9% -6% Q3'22 EARNINGS PRESENTATION 33