#1THE ORIGINAL LY! 40 2022 EARNINGS PRESENTATION MARCH 2023#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 2023 and long-term growth strategy, and anticipated cost savings from our restructuring plans, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate," "will," "aim," "potential," "continue," "is/are likely to" and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: general economic conditions including high inflationary cost pressures, interest rates and supply chain constraints; our history of losses and inability to achieve or sustain profitability; our ability to manage our growth effectively; 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 and ingredients 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 a result of real or perceived quality or food safety issues with our products; food safety and food- borne illness incidents or other safety concerns which may lead to lawsuits, product recalls or regulatory enforcement actions; our ability to successfully compete in our highly competitive markets; our ability to effectively manage our growth, realize the anticipated benefits of the reduction in force and retain our existing employees; changing consumer preferences due to disposable income, credit availability, debt levels and inflation, and our ability to adapt to new or changing preferences; foreign exchange rate fluctuations; the consolidation of customers or the loss of a significant customer; reduction in the sales of our catmilk 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; global conflict and the ongoing war in Ukraine; changes in our tax rates or exposure to additional tax liabilities or assessments; failure to expand our manufacturing and production capacity as we grow our business; supply chain delays, including delays in the receipt of product at factories and ports, and an increase in transportation costs; the impact of rising commodity prices, transportation and labor costs on our cost of goods sold; failure by our logistics providers to deliver our products on time, at all; our ability to successfully ramp up operations at any of our new facilities and operate them in accordance with our expectations; failure to develop and maintain our brand; our ability to introduce new products or successfully improve existing products; failure to retain our senior management or to attract, train and retain employees; cybersecurity incidents or other technology disruptions; failure to protect our intellectual property and other proprietary rights adequately; in our internal control over financial reporting; our status as a foreign private issuer; risks related to the significant influence of our largest shareholder, Nativus Company Limited, entities affiliated with China Resources Verlinvest Health Investment Ltd. has over us, including significant influence over decisions that require the approval of shareholders; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission ("SEC") on April 6, 2022, in our Report on Form 6-K for the period ended September 30, 2022 filed with the SEC on November 14, 2022, and our other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this presentation speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Oatly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. 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 evenue are financial measures that are not calculated in accordance with IFRS. We define Adjusted EBITDA as loss for the period attributable to shareholders of the parent adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, asset impairment charge and other costs related to assets held for sale, and IPO preparation and transaction costs, with IFRS. Below 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 period presented. Adjusted EBITDA should not be considered as an alternative to loss for the period or any other measure of financial performance calculated and presented in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBITDA rather than loss for the period attributable to shareholders of the parent, which is the most directly comparable IFRS measure. Some of these limitations are: Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements; Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us; Adjusted EBITDA does not reflect income tax payments that reduce cash available to us; Adjusted EBITDA does not reflect recurring share-based compensation expense and, therefore, does not include all of our compensation costs; Adjusted EBITDA does not reflect restructuring costs that reduce cash available to us in future periods; Adjusted EBITDA excludes asset impairment charge and other costs related to assets held for sale, although these are non-cash expenses, the assets being impaired may have to be replaced in the future increasing our cash requirements; Adjusted EBITDA does not reflect non-recurring expenses related to the IPO that reduce cash available to us; and Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Adjusted EBITDA should not be considered in isolation or as a substitute for financial information provided in accordance This presentation also includes references 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. Q4'22 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 AGENDA TONI PETERSSON, CEO CHRISTIAN HANKE, CFO JEAN-CHRISTOPHE FLATIN, GLOBAL PRESIDENT DANIEL ORDONEZ, COO Business Update Financial Update & Outlook Q & A Q4'22 EARNINGS PRESENTATION 4#5KEY MESSAGES ENDED 2022 WITH A SOLID FOURTH QUARTER CONTINUED TO SEE STRONG UNDERLYING DEMAND FROM CONSUMERS AND CUSTOMERS STABILIZED AND ENHANCED GLOBAL SUPPLY CHAIN $425M IN COMMITTED FINANCING; FULLY FUNDED TO SUPPORT GROWTH INVESTMENTS AND REACH FINANCIAL SELF-SUFFICIENCY COMPANY WELL-POSITIONED TO START PLAYING OFFENSE IN 2023 Q4'22 EARNINGS PRESENTATION 5#6SOLID END TO THE YEAR Revenue Growth (vs prior year) Constant Currency Revenue Growth (vs prior year) Gross Margin change vs prior year change vs prior quarter Adj. EBITDA (in USD millions) change vs prior year, favorable / (unfavorable) change vs prior quarter, favorable / (unfavorable) 4Q 2022 +5% +14% 16% Flat +1,320 bps $(60) +55 +$22 Notes: USD in millions 1. Adjusted EBITDA and constant currency revenue are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS 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. See appendix for reconciliation of foreign exchange rates. FY22 +12% +20% 11% (1300) bps $(268) $(121) Q4'22 EARNINGS PRESENTATION 6#7CATEGORY GROWTH REMAINED ROBUST IN TOTAL EMEA IN Q4 EMEA GAINING MOMENTUM BEHIND DISCIPLINED EXECUTION Y/Y RETAIL SALES GROWTH FOR THE 12-WEEKS ENDING JAN. 1, 2023¹ 4% Plant-Based Milk 12% Oat 30% 28% 26% 24% 22% 20% x 1/29/2022 2/26/2022 3/26/2022 GAINING SHARE IN KEY MARKETS² 4/23/2022 5/21/2022 UK 6/18/2022 7/16/2022 8/13/2022 Netherlands Source: Nielsen. 1. Year-over-year value sales growth for the 12-weeks ended January 1, 2023 consolidated for EMEA markets of the United Kingdom, Germany, Austria, Switzerland, Sweden, Norway, Denmark, the Netherlands, and Belgium. 2. Year-over-year value sales growth of 4-week periods ended December 31, 2022 in UK, and January 1, 2023 for Germany and Netherlands. 9/10/2022 Germany 10/8/2022 11/5/2022 12/3/2022 12/31/2022 30% 29% 25% Q4'22 EARNINGS PRESENTATION 7#8IN 2023, EMEA WILL LEVERAGE EXISTING ASSETS TO EXPAND EXPAND TO ADJACENT MARKETS ENHANCE PORTFOLIO BEYOND COFFEE THE ORIGINAL Vii OAT DAT LY! 13. LY! Enc BARISTA EDITION DAT DRINK ATLY! DAT DRINK THE ORIGINAL m AUSTRIA DAT OAT LY! LY! SEMI LIGHT BAT OAT LY! + SWISS WHOLE GAT 0.41 OAT LY! Eurowings "NO" SUGARS GAT DUNK THE GAT OAT LY! GROW FOODSERVICE CUSTOMERS "NO" SUGARS GAT BANK 641 LNER LONDON NORTH EASTERN RAILWAY LIMITED NEED FOR NEW SUPPLY CHAIN INFRASTRUCTURE New markets to be supplied by Landskrona and/or Vlissingen manufacturing facilities Minimal new warehousing LIMITED NEED FOR NEW HIRES • France and S. Europe only markets to need new hires Q4'22 EARNINGS PRESENTATION 8#9AMERICAS: STRONG UNDERLYING CONSUMER DEMAND WITH IMPROVED ABILITY TO SUPPLY CUSTOMERS WE ARE NOT REACHING OUR GROWTH POTENTIAL... YET US Y/Y RETAIL SALES GROWTH [12WE 12/31/22][¹] 12% Plant-Based Milk 23% Oat 9% Oatly RELATIVE VELOCITIES DEMONSTRATE STRONG CONSUMER PREFERENCE AMERICAS VELOCITIES ($/STORE/WEEK)(2) $79 Oatly Chilled Oatmilk $20 Largest PBM brand. (1) Refers to Total Plant-Based Chilled Milk category; represents L12W as of Dec 31, 2022. (2) Refers to Total Plant-Based Chilled Milk category. Q4 represents L12W as of Dec 31, 2022. Largest PBM brand as of Q4 2022. ADEQUATE FILL RATES PROVIDE FOUNDATION FOR FUTURE GROWTH AMERICAS FILL RATES Mid-70s Q3 YTD Mid-90s Q4 Q4'22 EARNINGS PRESENTATION 9#10STABLE AND EXPANDED CAPACITY KEY TO UNLOCKING GROWTH Ogden, UT plant has been stable for >4 months OGDEN, UT T MILLVILLE, NJ New Millville, NJ line began producing in 4Q22 • Once fully ramped, will increase Americas capacity by ~33% Q4'22 EARNINGS PRESENTATION 10#11YA YA FOODS (YYF) PARTNERSHIP FURTHER STRENGTHENS SUPPLY CHAIN KEY PARTNERSHIP PRINCIPLES OGDEN AND DALLAS-FORT WORTH (DFW) FACILITIES CONVERTED FROM END-TO-END TO HYBRID PRODUCTION MODELS OATLY RETAINS OWNERSHIP AND OPERATION OF OAT BASE PRODUCTION YYF WILL BE RESPONSIBLE FOR ALL FILLING ACTIVITIES AT OGDEN AND DFW YYF ASSUMES RESPONSIBILITY FOR THE CONSTRUCTION OF THE DFW FACILITY Notes: 1. $72mm refers to gross proceeds, of which $8mm will be used to settle lease liabilities, 2. Recorded an $39.6 million impairment related to this transaction OGDEN, UT T DALLAS-FORT WORTH, TX TRANSACTION FRAMEWORK ● Ya YA FOODS CORP. TM Sale of Ogden filling and shared utilities assets for $72M(¹) (2) YYF assumes Ogden property lease 10-year contract manufacturing agreement YYF assumes DFW property lease, construction and equipment contracts Oatly and YYF to develop joint construction plan post-closing Target commercial production in 2024/25 Q4'22 EARNINGS PRESENTATION 11#12COMMERCIAL AMERICAS' 2023 PRIORITIES: RE-ACCELERATE GROWTH WITH CONTINUED SUPPLY CHAIN IMPROVEMENT Expand distribution across all channels via new doors and incremental SKUs SUPPLY CHAIN Refine in-store promotions starting in Ql Execute transition to Ya YA Foods Consolidate Accelerate brand building starting in late Ql/early Q2 co-packer network Q4'22 EARNINGS PRESENTATION 12#13WHILE MANAGING THROUGH COVID-19, ASIA CONTINUED TO INVEST TO STRENGTHEN PLATFORM FOR FUTURE GROWTH ADJUSTED PROMOTIONS TO MANAGE INVENTORY Volume % Y/Y GROWTH Q4 Constant Currency Revenue Growth (¹) +22% FY22 Price / Mix (constant currency) (1) (15) % (6) % +8% +32% +26% CONTINUED TO SUPPORT THE BRAND AND CATEGORY AWARENESS ASIA MARKETING SPEND AS A % OF REVENUE Mid- teens Q1 Q2 Q3 >20% Q4 MARKETING CAMPAIGNS & IN-STORE DISPLAYS 我不一样的燕麦奶 106227 “燕麦奶 aman R 凤休闲食品Bests OBE AT-HISZIK 94000-68 mis Diy BARATON, 1 LY! INCREASED CUSTOMER BASE AS A PLATFORM FOR GROWTH INCREASED DOORS +150% YEAR-OVER-YEAR IN 2022 (1) Constant currency is a non-IFRS measure. See the appendix for a reconciliation to 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. See appendix for reconciliation of foreign exchange rates. Q4'22 EARNINGS PRESENTATION 13#14STABLE LOCAL SUPPLY TO FACILITATE ASIA'S EXPANSION IN 2023 AS COVID-19 RESTRICTION EASE EXPAND DISTRIBUTION LAUNCH NEW PRODUCTS DRIVE EFFICIENCY Notes: 1. Quick service restaurant ("QSR") 2. Ready-to-drink ("RTD") ● ● ● Opportunities remain in coffee and QSRs (¹) Expand in tea and e-commerce Accelerate entrance into retail Continue rolling out recent launches New formats and sizes Leverage co-branding for additional RTD (2) items THE REGINAL OAT LY! 茶饮 ATLY! ATLY! LY! www 請5度 Supply chain continuous improvement and fixed cost absorption Cost control Q4'22 EARNINGS PRESENTATION N36 14#15FINANCING OVERVIEW $425M COMMITTED THROUGH CONVERTIBLE BONDS AND TERM LOAN B COMMITMENT LETTER FOR RENEWAL OF REVOLVING CREDIT FACILITY KEY ANCHOR SHAREHOLDER SUPPORT FULLY FUNDED TO SUPPORT GROWTH INVESTMENTS AND REACH FINANCIAL SELF- SUFFICIENCY Q4'22 EARNINGS PRESENTATION 15#162023 PRIORITIES ● ● ACCELERATE TOP LINE GROWTH GLOBALLY CONTINUOUS IMPROVEMENT IN SUPPLY CHAIN DRIVE TOWARDS PROFITABILITY DELIVER 2023 GUIDANCE Q4'22 EARNINGS PRESENTATION 16#17GO AHEAD, EAT LIKE A VEGAN. Come CY EXCHANGE registracio myeasy p 2€¥$ $€ 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#1840 2022 & FY22 FINANCIAL HIGHLIGHTS Revenue Growth (vs prior year) Constant Currency Revenue Growth (vs prior year) Gross Margin change vs prior year change vs prior quarter Adj. EBITDA (in USD millions) change vs prior year, favorable / (unfavorable) change vs prior quarter, favorable / (unfavorable) 4Q 2022 +5% +14% 16% Flat +1,320 bps $(60) + $5 +$22 Notes: USD in millions 1. Adjusted EBITDA and constant currency revenue are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS 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. See appendix for reconciliation of foreign exchange rates. FY22 +12% +20% 11% (1300) bps $(268) $(121) Q4'22 EARNINGS PRESENTATION 18#19Revenue (USD in millions) % Year-over-year growth $185.9 4Q 2022 REVENUE GROWTH Q4 2021 Revenue +10% +14% Constant Currency Revenue Growth (2) YOY Volume Growth +4% YOY Constant Currency Price/Mix Growth(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. See appendix for reconciliation of foreign exchange rates. (9%) FX Impact +5% Revenue Growth $195.1 Q4 2022 Revenue Q4'22 EARNINGS PRESENTATION 19#20Ε.Μ.Ε.Α Americas Asia Total 40 2022 REVENUE BRIDGE Volume 12% 0% 22% 10% % Year-over-year growth Constant Currency (¹) Price / Mix 4% 16% (15%) 4% 1 Constant Currency (¹) Growth 15% 16% 8% 14% FX Impact (14%) 0% (10%) (9%) (1) 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. See appendix for reconciliation of foreign exchange rates. Revenue Growth 1% 16% (2%) 5% Q4'22 EARNINGS PRESENTATION 20#21QUARTER-OVER-QUARTER 40 2022 GROSS MARGIN BRIDGE SEQUENTIAL IMPROVEMENT IN MARGINS DRIVEN BY IMPROVING PRODUCTION ABSORPTION, LOWER INFLATION AND FEWER ONE-OFFS THAN 3Q 2022 LINKED TO MACRO-ECONOMIC ENVIRONMENT 2.7% 30 2022 6.6% SUPPLY CHAIN IMPROVEMENTS IN AMERICAS AND EMEA 4.3% COVID-19 PRESSURE EASING IN ASIA 1.4% PRICING ACTIONS 0.6% DEFLATIONARY COSTS 0.3% OTHER, NET 15.9% 40 2022 Q2'22 EARNINGS PRESENTATION 21#22% Margin (45.2%) EMEA ($11) ($17) ($28) ($26) ($83) 3Q 2022 PROFIT AND CASH FLOW ITEMS ADJ. EBITDA (1) (31.0%) Americas Asia Corporate $2 (55) ($21) ($37) ($60) 4Q 2022 $274 FY 2021 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. CAPEX $202 FY 2022 $220 SHD 240 FY 2022 Guidance Q4'22 EARNINGS PRESENTATION 22#23FINANCING OVERVIEW FULLY FUNDED TO SUPPORT GROWTH INVESTMENTS AND REACH FINANCIAL SELF-SUFFICIENCY Size ($USD) Investors /lenders Pricing Tenor PRIVATE CONVERTIBLE NOTES ● $300mm Anchor shareholder support from Nativus, Verlinvest, and Blackstone for $200mm 3% Original Issue Discount 9.25% coupon in PIK or cash at company's option Conversion premium of 17% to March 14 closing price 5.5-year maturity ● ● SR. SEC. TERM LOAN B ● $125mm Anchor commitment for $125mm Potential upsize to $150mm, depending on terms SOFR + 750 bps (2.50% floor) • 96.0 OID 5-year maturity (NC2/103/par) ● ● ● SRCF RENEWAL ~$200mm (undrawn) Key relationship lenders ~$50mm uncommitted incremental option Base rate of currency draw + 4.00% 3.5-year tenor + 1 year extension option Q4'22 EARNINGS PRESENTATION 23#24Notes: 1. 2. 3. REVENUE (2) GROSS MARGIN CAPEX OUTLOOK(¹)(²) 2023 23% -28% YOY CONSTANT CURRENCY GROWTH FX headwind of ~250 bps; Q1 highest impact, moderating thereafter SEQUENTIAL Q/Q IMPROVEMENT, REACHING HIGH-20%S IN 4Q $180 - $200 MILLION SETS UP FY 2024 FOR POSITIVE ADJ. EBITDA ON A FULL-YEAR BASIS These are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon. assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022, in our Report on Form 6-K for the period ended September 30, 2022 filed with the SEC on November 14, 2022 and in our other filings. with the SEC. Nothing in this presentation should be regarded as a representation by any persons that these goals / targets will be achieved and the Company undertakes no duty to update its goals. Constant currency is a non-IFRS measure. See appendix for a reconciliation to the nearest comparable IFRS measure and for updated foreign exchange rates used. 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, due to difficulty in predicting certain items excluded from this non-IFRS measure. These items are not within Oatly's control and may vary greatly between periods and could significantly impact future financial results. 24#25CLEAR LINE OF SIGHT TO IMPROVED GROSS MARGINS IN 2023 ~16% 40 2022 COVID-19 ENVIRONMENT IMPROVEMENT COVID-19 ONE-OFFS IN ASIA PRIMARILY NET SALES/LITER DRIVERS EMEA PRICE INCREASES IMPROVING AMERICAS CHANNEL MIX COGS/L IMPROVEMENTS IMPROVING UTILIZATION AND CO-PACKER CONSOLIDATION, NET OF ATION HIGH 20%S 40 2023 Q4'22 EARNINGS PRESENTATION 25#26LONGER-TERM TARGETS Gross profit margin 35-40% Adjusted EBITDA margin(¹) MID-TO HIGH- TEENS MARGIN TARGETS ALLOW FOR FLEXIBILITY OF LONG-TERM PRODUCTION MIX Hybrid 25% 31% 44% 4Q22 End-to-End 10-20% 50-60% 30-40% Long-Term Target @ IPO Co-packing 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, due to difficulty in predicting certain items excluded from this non-IFRS measure. These items are not within Oatly's control and may vary greatly between periods and could significantly impact future financial results. ~10% 35-40% 50-55% Peterborough and Asia III treated as E2E Fully-Ramped Mix Post-Ya YA Transaction Q4'22 EARNINGS PRESENTATION 26#272021 Ogden, UT 2024/2025E(1) Fort Worth, TX DATE OF GO-LIVE Established capacity Capacity added in 2021 Near-term capacity expansions Self-manufacturing Hybrid *YEAR Expected expansion PRODUCTION FOOTPRINT 2019 Millville, NJ 2025/2026E(1) Peterborough, UK 2019 Vlissingen, NL 2006 Landskrona, SE *2023 2021 Singapore, SG 2021 Ma'anshan, CN 2024/2025E(1) Asia III, CN 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. LY! 27#28APPENDIX#29REVENUE SPLIT BY CHANNEL - 4Q 2022 5% 38% Food retail REVENUE SUMMARY Notes: 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 3. Excludes intersegment revenue. Foodservice(1) 57% Other (2) REVENUE SPLIT BY REGION (³) — 40 2022 21% 33% EMEA Americas 46% Asia Q4'22 EARNINGS PRESENTATION 29#3017% EMEA 1% Notes: Excludes intersegment revenue. 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 82% REVENUE SUMMARY REVENUE SPLIT BY CHANNEL - 40 2022 49% AMERICAS Food retail 1% 50% Foodservice(¹) 21% Other (2) ASIA 10% 69% Q4'22 EARNINGS PRESENTATION 30#3124.1% 2021 YEAR-OVER-YEAR 2022 GROSS MARGIN BRIDGE 2.1% PRICING ACTIONS (4.5%) INFLATIONARY PRESSURES (4.5%) CONTINUED COVID-19 PRESSURES IN ASIA (2.6%) EXTENDED RAMP-UP OF OGDEN FACILITY (2.3%) EMEA CHARGES EXACERBATED BY VOLATILITY IN THE MACRO ENVIRONMENT (1.3%) OTHER, NET 11.1% 2022 Q4'22 EARNINGS PRESENTATION 31#32RESILIENT PERFORMANCE AS A GLOBAL OATMILK CATEGORY LEADER UNITED STATES OATLY DRIVES 60% GROWTH FOR THE OAT CATEGORY AS IT GAINS MARKET SHARE IN DAIRY ALTERNATIVES UNITED KINGDOM % of total plant-based milk retail market (¹) VELOCITY REMAINS STRONG AFTER PRICE INCREASES AND DISTRIBUTION GAINS 40% 20% 0% Oct '19 (£/store/week) (3) £41 Oatly Barista £32 Dec 22 #2 Competitor Oat 53% Oatly 30% 21% 16% Oat 75% 50% 25% 0% Mar 19. Soy Almond (€/store/week) (³) GERMANY €56 Oatly Barista Oatly €24 Oat 70% #2 Competitor Oatly 25% 13% 10% Jan '23 COVID-19 75% 30% 0% Mar 19 Inflationary period ($/store/week) (4) $79 Oatly Chilled Oatmilk $20 61% Oat 22% Oatly 9%(2) Largest PBM brand. Dec 22 8% Oatly 5% Weighted avg. market share in Oatly's top 5 retailers Source: Nielsen, IRI; Note: 1. Market shares by retail sales value, represent rolling four weeks period; U.K. IRI data as of December 31, 2022; Germany Nielsen data as of January 01, 2023; and U.S. Nielsen data as of December 31, 2022. 2. Represents weighted average market share in top 5 Oatly retailers in terms of sales (whole Foods, Target, Kroger, Albertsons and Publix) from February 2020 to December 2022. 32 3. Refers to Barista SKU in the respective markets. Q4 represents L12W as of Dec 31, 2022 for the UK, L12W as of Jan 01, 2023 for Germany. #2 competitor in Oatmilk category based on market share, and the velocity is for their top selling Oatmilk SKU as of the same respective Q4 period. 4. Refers to Total Plant-Based Chilled Milk category. Q4 represents L12W as of Dec 31, 2022. Largest PBM brand as of Q4 2022.#33RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (Unaudited) (in thousands $) Loss for the period attributable to shareholders of the parent Income tax (benefit)/expense Finance (income) and expenses, net Depreciation and amortization expense EBITDA Share-based compensation expense Restructuring costs(¹) Product recall expenses (2) Asset impairment and other costs related to assets held for sale (³) IPO preparation and transaction costs Adjusted EBITDA Adjusted EBITDA margin Three months ended December 31, 2022 (125,169) 3,236 (3,098) 13,835 (111,196) 7,741 3,410 39,581 (60,464) (31.0%) 2021 (79,753) (5,434) (7,480) 10,836 (81,831) 9,598 1,654 4,970 (65,609) (35.3%) (1) Relates to accrued severance payments as the Company reviews its organizational structure to adjust the fixed cost base globally. (2) Relates to the recall of products in Sweden as communicated on November 17, 2021. See the Company's Form 6-K filed on November 17, 2021. (3) The 2022 asset impairment charge related to the YYF Transaction. The 2021 asset impairment charge related to production equipment at our Landskrona production facility in Sweden for which had no alternative use. Twelve months ended December 31, 2022 (392,567) (4,827) 1,409 48,600 (347,385) 35,466 4,415 39,581 (267,923) (37.1%) 2021 (212,393) (2,655) 1,305 27,222 (186,521) 23,632 1,654 4,970 9,288 (146,977) (22.9%) Q4'22 EARNINGS PRESENTATION 33#34RECONCILIATION 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 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%) Q4'22 EARNINGS PRESENTATION 34#35RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Three Months Ended December 31, 2022 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense Restructuring costs(¹) Asset impairment charge and other costs related to assets held for sale (2) EBITDA Finance income and (expenses), net Depreciation and amortization Loss before tax Three Months Ended September 30, 2022 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense Restructuring costs(¹) EBITDA Finance income and (expenses), net Depreciation and amortization Loss before income tax ** (1) (2) EMEA 89,974 4,165 94,139 1,735 (1,121) (918) EMEA (304) 82,567 6,236 88,803 (11,491) (175) (11,666) M Americas 64,386 64,386 (4,661) (763) (797) (39,581) (45,802) Americas 60,702 7 60,709 (16,577) (1,312) - (17,889) - Asia 40,708 2,187 42,895 (21,004) (1,327) (309) (22,640) Asia 39,757 935 40,692 (28,447) (1,855) (30,302) Corporate consists of general overhead costs not allocated to the segments. Eliminations in 2022 refer to intersegment revenue for sales of products from EMEA to Americas and Asia, from Americas to Asia and from Asia to EMEA. Relates to accrued severance payments as the Company reviews its organizational structure to adjust the fixed cost base globally. The 2022 asset impairment charge relates to the YYF transaction. Corporate* (36,534) (4,530) (1,386) (42,450) Corporate* (26,188) (5,161) (1,005) (32,354) Eliminations** (6,352) (6,352) Eliminations** (7,178) (7,178) IIII Total 195,068 195,068 (60,464) (7,741) (3,410) (39,581) (111,196) 3,098 (13,835) (121,933) Total 183,026 183,026 (82,703) (8,503) (1,005) (92,211) (7,491) (12,157) (111,859) Q4'22 EARNINGS PRESENTATION 35#36RECONCILIATION OF NON-IFRS FINANCIAL MEASURES (in thousands of U.S. dollars) Ε.ΜΕ.Α Americas Asia Total revenue Ε.ΜΕ.Α Americas Asia Total revenue Three Months Ended December 31, 2022 89,974 64,386 40,708 195,068 2022 2021 Twelve Months Ended December 31, 345,509 223,880 152,849 722,238 88,881 89,974 55,487 64,386 41,557 40,708 185,925 195,068 As reported 2021 As reported 336,452 345,509 179,830 223,880 126,908 152,849 643,190 722,238 $ Change Foreign exchange impact 12,615 4,019 16,634 $ Change Foreign exchange impact 43,166 6,811 49,977 In constant currency 102,589 64,386 44,727 211,702 In constant currency 388,675 223,880 159,660 772,215 % Change As reported 1.2% 16.0% -2.0% 4.9% As reported In constant currency % Change 2.7% 24.5% 20.4% 12.3% 15.4% 16.0% 7.6% 13.9% In constant currency 15.5% 24.5% 25.8% 20.1% Volume 11.5% -0.2% 22.1% 10.0% Volume 13.7% 23.2% 31.9% 19.1% Constant currency price/mix 3.9% 16.2% -14.5% 3.9% Constant currency price/mix 1.8% 1.3% -6.1% 1.0% Q4'22 EARNINGS PRESENTATION 36#37FOREIGN EXCHANGE ASSUMPTIONS FOR 2023 REVENUE GUIDANCE SEK/USD EUR/USD GBP/USD RMB/USD 2022 Average Used for Constant Currency Sales Growth in 2023 10.10 1.05 0.81 6.74 Fiscal 2023 Budgeted Rates Used for Estimated FX Impact 10.41 1.00 0.84 6.80 Q4'22 EARNINGS PRESENTATION 37