#1THE ORIGINAL DAT LY! 30 2023 EARNINGS PRESENTATION NOVEMBER 2023#2TODAY'S SPEAKERS JEAN-CHRISTOPHE FLATIN, CEO DANIEL ORDOÑEZ, COO MARIE-JOSÉ DAVID, CFO 2#3LEGAL DISCLAIMER This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding our financial outlook for 2023 and long-term growth strategy, 2023 and 2024 expected capital expenditure, plans to achieve profitability in 2024, anticipated supply chain performance, plans to enter new markets and launch new products, anticipated impact of our improvement 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: our history of losses and inability to achieve or sustain profitability; including due to elevated inflation and increased costs for transportation, energy and materials; the impact of the COVID-19 pandemic, including the spread of variants of the virus, on our business and the international economy; reduced or limited availability of oats or other raw materials and ingredients that meet our quality standards; failure to successfully achieve any or all of the benefits of the YYF Transaction; failure to obtain additional financing to achieve our goals or failure to obtain necessary capital when needed on acceptable terms, or at all; failure of the financial institutions in which we hold our deposits; damage or disruption to our production facilities; harm to our brand and reputation as a result of real or perceived quality or food safety issues with our products; food safety and food-borne illness incidents or other safety concerns which may lead to lawsuits, product recalls or regulatory enforcement actions; our ability to successfully compete in our highly competitive markets; reduction in the sales of our oatmilk varieties; failure to effectively expand our processing, manufacturing and production capacity, or failure to find acceptable co-packing partners to help us expand, as we continue to grow and scale our business; our ability to ramp up operations at any of our new facilities; failure to meet our existing or new environmental metrics and other risks related to sustainability and corporate social responsibility; litigation, regulatory actions or other legal proceedings including environmental and securities class action lawsuits and settlements; changes to international trade policies, treaties and tariffs; global conflict including the ongoing wars in Ukraine and Israel; changes in our tax rates or exposure to additional tax liabilities or assessments; failure to expand our manufacturing and production capacity as we grow our business; supply chain delays, including delays in the receipt of product at factories and ports, and an increase in transportation costs; the impact of rising commodity prices, transportation and labor costs on our cost of goods sold; failure by our logistics providers to deliver our products on time, or at all; our ability to successfully ramp up operations at any of our new facilities and operate them in accordance with our expectations; failure to develop and maintain our brand; our ability to introduce new products or successfully improve existing products; failure to retain our senior management or to attract, train and retain employees; cybersecurity incidents or other technology disruptions; failure to protect our intellectual property and other proprietary rights adequately; our ability to successfully remediate previously disclosed material weaknesses (which remained unremediated as of our most recent fiscal year end) or other future control deficiencies, in our internal control over financial reporting; impairments of the value of our assets; potential delisting from the Nasdaq; our status as a foreign private issuer; risks related to the significant influence of our largest shareholder, Nativus Company Limited, entities affiliated with China Resources Verlinvest Health Investment Ltd. has over us, including significant influence over decisions that require the approval of shareholders; and the other important factors discussed under the caption "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission ("SEC") on April 19, 2023 and our Form 6-K to be filed with the SEC on November 9, 2023 and our other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this presentation speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Oatly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Non-IFRS Financial Measures We use EBITDA, Adjusted EBITDA, Constant Currency Revenue, and Free Cash Flow as non-IFRS financial measures in assessing our operating performance and in our financial communications: "EBITDA" is defined as loss for the period attributable to shareholders of the parent adjusted to exclude, when applicable, income tax expense, finance expenses, finance income and depreciation and amortization expense. "Adjusted EBITDA" is defined as loss for the period attributable to shareholders of the parent adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, asset impairment charge and other costs related to assets held for sale. "Constant Currency Revenue" is calculated by translating the current year reported revenue amounts into comparable amounts using the prior year reporting period's average foreign exchange rates which have been provided by a third party. Adjusted EBITDA should not be considered as an alternative to loss for the period or any other measure of financial performance calculated and presented in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBITDA rather than loss for the period attributable to shareholders of the parent, which is the most directly comparable IFRS measure. Some of these limitations are: • Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements; Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us; • Adjusted EBITDA does not reflect income tax payments that reduce cash available to us; • Adjusted EBITDA does not reflect recurring share-based compensation expense and, therefore, does not include all of our compensation costs; • Adjusted EBITDA does not reflect restructuring costs that reduce cash available to us in future periods; • Adjusted EBITDA excludes asset impairment charge and other costs related to assets held for sale, although these are non-cash expenses, the assets being impaired may have to be replaced in the future increasing our cash requirements; and Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Adjusted EBITDA should not be considered in isolation or as a substitute for financial information provided in accordance with IFRS. See the Appendix to this presentation for a reconciliation of EBITDA and Adjusted EBITDA to loss attributable to shareholders of the parent, the most directly comparable financial measure calculated and presented in accordance with IFRS, for the periods presented. We use constant currency information to provide a framework in assessing how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations and believe this information is useful to investors to facilitate comparisons and better identify trends in our business. See the Appendix to this presentation for a reconciliation of revenue as reported to revenue on a constant currency basis for the periods presented. "Free Cash Flow" is defined as net cash flows from operating activities less capital expenditures. We believe Free Cash Flow is a useful supplemental financial measure for us and investors in assessing our ability to pursue business opportunities and investments. Free Cash Flow is not a measure of our liquidity under IFRS and should not be considered as an alternative to net cash flows from operating activities. Free Cash Flow is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial performance. Because Free Cash Flow is not a measurement determined in accordance with IFRS, and is susceptible to varying calculations, it may not be comparable to other similarly titled measures presented by other companies. You should not consider Free Cash Flow in isolation, or as a substitute for an analysis of our results as reported on our interim condensed consolidated financial statements appearing elsewhere in this document. Below we have provided a reconciliation of Free Cash Flow to net cash flows from operating activities for the periods presented. Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates, Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by us. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed, Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation, The trademarks included herein are the property of the owners thereof and are used for reference purposes only. 3#4THE ORIGINAL OAT LY! aging Provi OAT DRINK ding no CHOCOLATE DELUXE Another side of U Totally vegane reason at all why No milk. No say. No ah whatever. Should try it. CEO UPDATE#5KEY TAKEAWAYS Q3 ADJ. EBITDA¹ EXCEEDED OUR EXPECTATIONS, AND UNDERLYING RESULTS DEMONSTRATE SOLID PROGRESS EMEA: DEMONSTRATED ITS STRENGTH AND DURABILITY AMERICAS: GOOD MOMENTUM IN RETAIL: FOODSERVICE MIX HELPED MARGINS, IMPACTED REVENUE GROWTH ASIA: RESET PLAN IS ON TRACK AND DELIVERING WE ARE DOUBLING DOWN ON OUR ASSET-LIGHT PRODUCTION MODEL ADJUSTING 2023 GUIDANCE TO REFLECT ACCELERATION OF OUR STRATEGIC ACTIONS FULL YEAR CONSTANT CURRENCY REVENUE GROWTH NEAR LOW END OF +7-12% RANGE Q4 GROSS MARGIN IN MID-20%S FULL YEAR CAPEX BELOW $75MM WE REMAIN ON TRACK TO ACHIEVE PROFITABLE GROWTH IN 2024 1. Adjusted EBITDA is a non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure 01 5#6Q3 RESULTS DEMONSTRATE PROGRESS TOWARD PROFITABILITY Ql GROSS MARGIN 19% LI 17% 17% Q2 Q3 320bps of impact from one-off Asia reset costs Notes: USD in millions 1. Adjusted EBITDA is a non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure ADJ. EBITDA¹ (IN $MM) II $(50) Q1 $(53) Q2 $(36) Q3 Each segment improved Adj. EBITDA sequentially in Q3 6#7DOUBLING DOWN ON ASSET-LIGHT PRODUCTION MODEL ACTIONS BEING TAKEN WE HAVE NOW FOUND WAYS AND SOLUTIONS TO EXPAND CAPACITY, WHEN NEEDED, IN OUR EXISTING EMEA AND AMERICAS SUPPLY CHAIN FACILITIES WE ARE DISCONTINUING CONSTRUCTION OF NEW MANUFACTURING PLANTS IN EMEA AND AMERICAS EXPECTED IMPACTS INCREASED FOCUS BY SIMPLIFYING THE SUPPLY CHAIN AND REDUCING COMPLEXITY REDUCED CAPEX NEEDS INCREASED CONFIDENCE IN LONGER-TERM MARGIN TARGETS NOW EXPECT CAPEX TO BE BELOW $75 MILLION IN 2023 AND BELOW $75 MILLION IN 2024 CONTINUOUSLY EVALUATING THE ENTIRE SUPPLY CHAIN, INCLUDING THE ASIA SUPPLY CHAIN 7#8OPERATIONAL UPDATE THE ORIGINAL OAT- LY! OAT- MILK FULL FAT W No dairy. No nuts. No gluten. IT'S VEGAN! 32 fl oz (1 qt) (946 ml.)#9IN Q3, EMEA CONTINUED TO OUTPACE THE CATEGORY'S STRONG GROWTH RATE EMEA Y/Y RETAIL TAKEAWAY SALES GROWTH IN Q3 2023¹ 6% Plant-Based Milk 15% Oat Drinks EMEA CONSTANT CURRENCY NET REVENUE GROWTH² 16% Oatly (1) Consolidated Year-over year value growth for the 12 weeks ended Sept 10 for Germany, UK, Sweden, Austria, Switzerland, Netherlands, Denmark, Norway. Source Nielsen. For Germany Hard discount is excluded. For Denmark, only total plant- based data is available. Source for UK, IRI, (2) Constant currency revenue is a non-IFRS measure. Please see appendix for a reconciliation to revenue, the nearest IFRS measure.#10EMEA'S CONSISTENTLY SOLID VOLUME GROWTH DRIVEN BY A HEALTHY MIX OF ESTABLISHED AND NEW MARKETS 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 6.4% Ql EMEA Y/Y VOLUME GROWTH¹ Established Markets 7.2% Q2 New Markets 6.3% Q3 Consistent mid-single digit volume growth in Established Markets 10 (1) Established markets include the UK, Germany, Sweden, the Netherlands, Finland, Norway, Austria, and Switzerland. New markets include all other markets, including Spain, Ireland, Denmark, France, Belgium, Italy, Portugal, and Poland#11IN THE UK, "GO BLUE" NEW PRODUCT PORTFOLIO IS PERFORMING VERY WELL RANK AMONG AMBIENT PLANT-BASED MILKS IN UK [RANK BASED ON UNITS/STORE/WEEK] JULY EMEA CONTINUES MAKING PROGRESS EXPANDING USAGE OCCASIONS BEYOND COFFEE SEPTEMBER CHANGE THE ORIGINAL OAT- LY! WHOLE DAT DRINK Totally vegare 12 8 +4 THE ORIGINAL LY! AT- Totally reare 1L SEMI OAT DRINK 22 9 +13 THE ORIGINAL OAT LY! "NO" SUGARS IL OAT DRINK To 46 40 +6 THE ORIGINAL LY! LIGHT DAT DRINK 81 76 Tobally Vegard +5 Source: IRI, 12 weeks ended 7/15/23 and 9/9/23, CWD Wtd Unit Rate of Sale, UK Major Multiples 1L GERMANY'S ROLLOUT OF GO BLUE NEW PRODUCT PORTFOLIO IS PROGRESSING WELL TOTAL NET GO BLUE VOLUME¹ % YOY GROWTH IN 30 +24% % OF TOTAL GERMANY VOLUME 6.7% 3Q22 +40bps (1) Includes Original/Enriched, Full Fat/Deluxe, Low Fat/Skinny, Semi Fat, and No Sugar SKUs 7.1% 3Q23 11#12DRIVING CONSUMER AWARENESS AND TRIAL IN NEW MARKETS OATLY AS THE ONLY MILK OPTION IN A BELGIAN CAFE and Mocha shot Specialleke Cappuccino a Latte MOAI e shot MUNCH-TAPAS P FRIS Vers Freshly squerdaasappelsap 5 orange juice 100% pure apple juice Bionade Cortado Sue with D mandarin, ananas en Estrella De Galicia er at autonome regis Galic thers igion of G Elderberry Lemon fogonabitters BEER the ou CHAI LATTE Mas or Logron GOD alcohgi Amebaner & malegria Chaudfontaine Plat of bruiswater 0.501 WATER S er een of mango. Trobal Diter wput appl 45 SPECIALS 25 5.7 Golden Milk wer Dirty CHAI LATTE 5 the express or Lengross Hot or Cold GIMBER Aplice with shot 2 d and con Latte Matcha Okwim Macho Martha Brown Eyes (strong dark) ten donker bar in quadrupel st sven pompelmoes style h 5.5 fenerit, ck pepe pinger on on me Blue butterfly latte DRINKS Bundaberg Gingerbeer Martha Sexy Blond S Serk blond er met nagising op fes og band op Mondary r de e Almdudler noogheid en Martha Guilty Pleasure gdy met verskeide trouge/re ge/red) van hoge gisting 5 3 5 5 4.5 35 he Leverbena Espresso Doppio Americano Cappuccino Latte Flat white Chocolademelk Verse muntthee in een kan 4 Mene kan/grote kan ORTEA? Dragon Peart Jasmine Biologische groene thee met natuurlijk parfum van jasmin Bio green te with the mural perfume of EnerGinger Citroengras, gember, rozemarin verbend Ginseng Beauty ologische groene thee met hout, otroengras e pear with te's Blues e bergama grass ginger, rosemary and em WARM 4.5 sche zwarte thee met korenbloem in natuurlijk aroma van bergamot k ces with blue and the & Flu Fighter 45 weelachtig vote smack versterkt so de revealserende sinsuseppe cente ve our ampted by the real inge 45 Queen Berry 45 Bolopuche blend wascut verbes thauwe bes, rozenbortel, zwane bes Que a mu's bosbes en aardbe Cara AS 45 WITT UN is m en we ats anan hann may s such as SAMPLING SOFT SERVE IN FRANCE Not milk bar. THE ORIGINAL LY! GRA- TU- IT! SPAIN CULINARY FESTIVALS IN SPAIN SOFT SERVE SOFTLY SERVED INSIDE! THE ORIGINAL DAT LY! PALO MARKET FEST 12#13CONTINUED TO DRIVE CONSUMER ENGAGEMENT WITH A SUMMER COFFEE & SOFT SERVE TOUR 11 MUSIC FESTIVALS 35 SOFT SERVE AND FRIES FOOD TRUCK LOCATIONS 60 SOFT SERVE AND FRIES FOOD TRUCK EVENTS 1 SOFT SERVE POP-UP SHOP 116,318 SOFT SERVES SERVED Port Po tur LY! SOFT SERVE AND FRENCH FRISS PANTAL MJUKGLASS MED V TORI OCH FRENCH FRIES GU L 13#14EMEA'S ALREADY-SOLID MARGINS HAVE ROOM TO EXPAND EMEA GROSS PROFIT AS A % OF REVENUE LOW-30%S Q3 35-40% Total-Oatly Longer-term Target EMEA ADJ. EBITDA¹ AS A % OF REVENUE 12% Q3 1. Adjusted EBITDA is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. MID-TO-HIGH TEENS Total-Oatly Longer-term Target EMEA CAPACITY UTILIZATION LOW-70%S Q3 14#15AMERICAS IS BACK TO GAINING SHARE IN RETAIL Source: Nielsen, period ending Oct. 7, 2023 VALUE SHARE OF CHILLED OATMILK CATEGORY 23.9% Last 52 weeks 24.1% Last 12 weeks 24.4% Last 4 weeks 15#16AMERICAS CONTINUES TO EXPAND RETAIL DISTRIBUTION STRONG DISTRIBUTION GROWTH¹ TOTAL DISTRIBUTION POINTS +18% Y/Y ACV NOW 39%, +250BPS Y/Y Source: Nielsen, 12-week period ending Oct. 7, 2023. Data is for Chilled oat milk. MORE TO COME DURING FALL/WINTER SHELF RESETS meijer COSTCO WHOLESALE 265 new doors 2 new regions Walmart +400 new doors (52% increase) Stop&Shop 400 new doors 16#17THE ORIGINAL OAT LY! No dairy. No nuts. No gluten. GOOD ACCEPTANCE OF NEW INNOVATION SUPER BASIC OATMILK 64 fl oz (1/2 GAL) (1.89 L) INGRE DIENTS ONLY! 48 OAT MILKS Note: Packaging under development; subject to change OAT UN- SWEET- ENED OATMILK No dairy. No nuts. No gluten. 64 fl oz (1/2 GAL) (1.89 L) Og 40 SUGAR/ CALORIES/ SHA ME THE ORIGINAL DAT LY! VANILLA DATMILK CREAMER No dairy. No nuts. No gluten. Net 29.7 fl oz (1.85 pt)(880mL) CREAMERS SHA ME No dairy. No nuts. No gluten. SHA ME THE ORIGINAL THE ORIGINAL THE ORIGINAL OAT OAT OAT OAT LY. LY! | LY CARAMEL DATMILK CREAMER Net 29.7 fl oz (1.85 pt)(880mL) SHA M SWEET & MOCHA CREAMY OATMILK CREAMER DATMILK CREAMER No dairy. No nuts. No gluten. Net 29.7 fl oz (1.85 pt) (880mL) No dairy. No nuts. No gluten. Net 29,7 fl oz (1.85 pt) (880mL) 17#18AMERICAS' FOODSERVICE DIVERSIFYING CUSTOMER MIX AMERICAS FOODSERVICE REVENUE 3Q22 (6)% Y/Y 3Q23 AMERICAS FOODSERVICE REVENUE EXCLUDING LARGEST CUSTOMER +10% Y/Y 3Q22 3Q23 18#19AMERICAS' CO-PACKER CONSOLIDATION IS DRIVING SAVINGS; MORE OPPORTUNITY REMAINS 1Q23 AMERICAS TOTAL COGS PER LITER 10% REDUCTION FROM Q1 TO Q3 2Q23 3Q23 19#20INTENTIONALLY PULLED BACK ON SOLD VOLUME ASIA'S Q3 RESULTS REFLECT THE FIRST STAGES OF ITS RESET PLAN 23mm liters 3Q22 SOLD VOLUME (15)% Y/Y 20mm liters 3Q23 Notes: USD in millions. 1. Adjusted EBITDA is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. IMPROVED PROFITABILITY BOTH ON A Y/Y AND Q/Q BASIS ADJ. EBITDA¹ +$10MM Y/Y TTT $(18) $(22) $(28) 3Q22 2Q23 3Q23 20#21FOCUS ON CORE SKUS SKU COUNT IN GREATER CHINA 127 June ASIA TEAM HAS MOVED QUICKLY TO EXECUTE ITS RESET PLAN (73)% a/a 34 September FOCUS ON CORE CHANNELS REVENUE MIX BY CHANNEL Foodservice Retail Other 24% 19% 57% 2Q23 +1100 BPS a/a 22% 11% 68% 3Q23 INCREASED EFFICIENCY COGS PER LITER (INCLUDES ONE-OFF RESET COSTS) 3Q22 (16)% Y/Y 2Q23 (8)% a/a 3Q23 21#22ASIA TEAM FOCUSED ON ACHIEVING PROFITABLE GROWTH $40MM SG&A COST SAVINGS PROGRAM IS ON TRACK CONTINUING TO DRIVE EFFICIENCY IN THE SUPPLY CHAIN SALES TEAM PURSUING A CONTROLLED EXPANSION OF BUSINESS CORE CHANNELS CORE GEOGRAPHIES CORE SKUS 22#23CY registra GO AHEAD, EAT LIKE A VEGAN. com/click BOUCH commun 88 NGE FINANCIAL HIGHLIGHTS PASTY SHOP 9 ICE CREAM ANYONE? ICE CREAM MENU ICE CREAM! AY FROM OATLY WITH LOVE HANDLES 10 TRY THESE HERE Upper not THE HEIGINAL LY! 11 11 Salf-service Self-service tickets SAME#24FINANCIAL PERFORMANCE OVERVIEW Y/Y Revenue Growth Y/Y Constant Currency Revenue Growth¹ Gross Margin change vs prior year change vs prior quarter Adj. EBITDA¹ change vs prior year change vs prior quarter Notes: USD in millions 1. Adjusted EBITDA and constant currency revenue are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measures 3Q 2023 +3% Flat 17.4% +1470 bps (180) Bps $ (36) +$47 +$17 24#25Revenue (USD in millions) % Year-over-year growth $183.0 Q3 2022 Revenue 3Q 2023 REVENUE BRIDGE (1)% Flat Constant Currency Revenue Growth (2) YOY Volume Growth (1) +1% Notes: May not add due to rounding 1. Liters of finished goods sold 2. Constant currency revenue is a non-IFRS measure. Please see appendix for a reconciliation to revenue, the nearest IFRS measure. YOY Constant Currency Price/Mix Growth (2) +3% FX Impact +3% Revenue Growth $187.6 Q3 2023 Revenue 25#26ΕΜΕΑ Americas Asia 3Q 2023 SEGMENT-LEVEL REVENUE BRIDGE Total Volume 6% (6)% (15)% (1)% % Year-over-year growth Constant Currency (¹) Price / Mix 10% 2% (13)% 1% I I I Constant Currency (¹) Growth | 16% (4)% (28)% Flat Note: Number may not add due to rounding (1) Constant currency revenue is a non-IFRS measure. Please see appendix for a reconciliation to revenue, the nearest IFRS measure. FX Impact 7% 0% (3)% 3% Revenue Growth 23% (4)% (31)% 3% 26#27QUARTER-OVER-QUARTER 3Q 2023 GROSS MARGIN BRIDGE 19.2% 20 2023 ASIA STRATEGY RESET (1.9%) ASIA STRATEGY RESET 0.3% NET SALES/ LITER EMEA & AMERICAS NET PRICE IMPACT 0.8% MIX EFFECT COGS / LITER (0.9%) COST OF PRODUCTION, EXCL. FX (EMEA AND AMERICAS ONLY) (0.2%) OTHER, NET 17.4% 30 2023 27#283Q 2023 SEGMENT-LEVEL PROFIT IN $ MILLIONS EMEA AMERICAS ASIA CORPORATE TOTAL ADJ. EBITDA(1) 02 $7.3 (9.4) (21.9) (28.4) $(52.5) Notes: USD in millions 1. Adjusted EBITDA and is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. 03 $12.3 (6.6) (17.9) (23.8) $(36.0) 28#29STRONG LIQUIDITY POSITION UNDRAWN BANK FACILITIES CASH & EQUIVALENTS AVAILABLE LIQUIDITY ($MM) 487 204 BALANCE SHEET & CASH FLOW 283 Q3'23 IMPROVING FREE CASH FLOW FREE CASH FLOW ($MM) $(148) Q3'22 $(49) Q3'23 Notes: 1.Free Cash Flow is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. CASH FLOW EXPECTED TO CONTINUE TO IMPROVE EXPECT TO REACH POSITIVE ADJ. EBITDA IN 2024 CONTINUE TO OPTIMIZE MANUFACTURING FOOTPRINT WORKING CAPITAL OPPORTUNITIES REMAIN 29#302. REVENUE (2) GROSS MARGIN Notes: 1. CAPEX UPDATING 2023 OUTLOOK(¹)(2) PRIOR 7% -12% YOY CONSTANT CURRENCY GROWTH ~130 BPS FX HEADWIND SEQUENTIAL Q/Q IMPROVEMENT, REACHING HIGH-20%S IN 40 $110-$130 MILLION UPDATED CONSTANT CURRENCY GROWTH NEAR THE LOW END OF THE RANGE ~100 BPS FX HEADWIND MID-20%S IN Q4 BELOW $75 MILLION WE REMAIN ON TRACK TO ACHIEVE POSITIVE ADJ. EBITDA² IN 2024 These are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 19, 2023, and in our other filings with the SEC. Nothing in this presentation should be regarded as a representation by any persons that these goals targets will be achieved and the Company undertakes no duty to update its goals. Constant currency and adjusted EBITDA are non-IFRS measures. The Company cannot provide a reconciliation of constant currency revenue growth or adjusted EBITDA to the nearest comparable corresponding IFRS metric without unreasonable efforts due to difficulty in predicting certain items excluded from this non-IFRS measure. The items necessary to reconcile are not within Oatly's control, may vary greatly between periods and could significantly impact future financial results. 30#31APPENDIX#32REVENUE SPLIT BY CHANNEL - 3Q 2023 4% 32% Food retail REVENUE SUMMARY Notes: 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 3. Excludes intersegment revenue. Foodservice(1) 64% Other (2) REVENUE SPLIT BY REGION (³) – 3Q 2023 15% 31% EMEA Americas Asia 54% 32#3316% EMEA 1% Notes: Excludes intersegment revenue. 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 84% REVENUE SUMMARY REVENUE SPLIT BY CHANNEL -30 2023 45% AMERICAS Food retail 2% 53% Foodservice(¹) 22% Other (2) ASIA 11% 68% 33#342.7% Q3'22 YEAR-OVER-YEAR 3Q 2023 GROSS MARGIN BRIDGE 0.8% FX IMPACT 6.1% PRICING ACTIONS (2.2%) TRADE PROMOTION & MIX EFFECT (1.9%) INFLATIONARY PRESSURES 11.9% PRODUCTION & SUPPLY CHAIN IMPROVEMENT 17.4% Q3'23 34#35RECONCILIATION OF NON-IFRS FINANCIAL MEASURES EMEA Americas Asia Total revenue Three months ended September 30, 2023 2022 reported 82,567 101,762 60,702 58,491 39,757 27,342 187,595 101,762 58,491 27,342 187,595 183,026 $ Change Foreign exchange impact 5,917 % Change In constant currency 95,845 58,491 23.2% -3.6% 28,616 -31.2% 2.5% (1,274) 4,643 182,952 As reported In constant currency Volume 16.1% 6.3% -5.6% -3.6% -28.0% -14.8% 0.0% -1.0% Constant currency price/mix 9.8% 2.0% -13.2% 1.0% 35#36RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Revenue, Adjusted EBITDA and EBITDA Three months ended September 30, 2023 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense Restructuring costs (1) Legal settlement (2) Non-controlling interests EBITDA Finance income and (expenses), net Depreciation and amortization Profit 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 tax EMEA 101,762 312 102,074 12,326 (478) 11,848 EMEA 82,567 6,236 88,803 (11,491) (175) (11,666) Americas 58,491 58,491 (6,634) (950) 112 (7,472) Americas 60,702 7 60,709 (16,577) (1,312) (17,889) Asia 27,342 2,329 29,671 (17,934) (1,249) (2,321) (74) (21,578) Asia 39,757 935 40,692 (28,447) (1,855) (30,302) Corporate* Eliminations** (23,756) (3,613) (968) (9,250) (37,587) (2,641) (2,641) Corporate* Eliminations** (26,188) (5,161) (1,005) (32,354) (7,178) (7,178) Corporate consists of general overhead costs not alloca to the segments. ** Eliminations in 2023 refer to intersegment revenue for sales of products from EMEA to Asia and from Asia to EMEA. Eliminations in 2022 primarily refer to intersegment revenue for sales of products from EMEA to Asia. (1) Relates primarily to severance payments as the Company continues to adjust its organizational structure to the macro environment, and inventory write- offs related to the Company's strategy reset in the Asia segment. (2) Relates to US securities class action litigation settlement expenses. Total 187,595 187,595 (35,998) (6,290) (3,177) (9,250) (74) (54,789) 112,841 (12,559) 45,493 Total 183,026 183,026 (82,703) (8,503) (1,005) (92,211) (7,491) (12,157) (111,859) 36#37RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Revenue, Adjusted EBITDA and EBITDA Three months ended June 30, 2023 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense Restructuring costs(1) Costs related to the YYF transaction(?) EBITDA Finance income and (expenses), net Depreciation and amortization Loss before tax Three months ended June 30, 2022 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense EBITDA Finance income and (expenses), net Depreciation and amortization Loss before tax EMEA 96,989 359 97,348 7,270 261 7,531 EMEA 82,485 9,493 91,978 5,313 (1,433) 3,880 Americas 61,832 61,832 (9,414) (607) (2,407) (154) (12,582) Americas 51,775 241 52,016 (19,584) (1,120) (20,704) Asia 37,166 1,696 38,862 (21,900) (1,291) (136) — (23,327) Asia 43,698 537 44,235 (10,765) (1,842) (12,607) Corporate* Eliminations** (28,424) (785) (5,429) (34,638) Corporate* (28,331) (4,790) (33,121) * Corporate consists of general overhead costs not allocated to the segments. ** Eliminations in 2023 refer to intersegment revenue for sales of products from EMEA to Asia and from Asia to EMEA. Eliminations in 2022 refer to intersegment revenue for sales of products from EMEA to Asia, from Americas to Asia, and from Asia to EMEA. (1) Relates primarily to severance payments as the Company continues to adjust its organizational structure to the current macro environment. (2) Relates to the closing of the Ya Ya Foods USA LLC transaction. (2,055) (2,055) Eliminations** (10,271) (10,271) Total 195,987 195,987 (52,468) (2,422) (7,972) (154) (63,016) (11,512) (12,464) (86,992) Total 177,958 177,958 (53,367) (9,185) (62,552) (593) (11,877) (75,022) 37#38RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Revenue, Adjusted EBITDA and EBITDA Three months ended March 31, 2023 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense Restructuring costs(1) Cost related to the YYF transaction (2) EBITDA Finance income and (expenses), net Depreciation and amortization Loss before income tax Three months ended March 31, 2022 (in thousands of U.S. dollars) Revenue Revenue from external customers Intersegment revenue Total segment revenue Adjusted EBITDA Share-based compensation expense EBITDA Finance income and (expenses), net Depreciation and amortization Loss before income tax * (1) EMEA 98,216 851 99,067 6,584 (1,022) (1,008) 4,554 EMEA 90,483 15,046 105,529 (5,856) (1,584) (7,440) Americas 64,041 64,041 (10,306) (1,044) (187) (221) (11,758) Americas 47,017 572 47,589 (22,013) (1,292) (23,305) Asia 33,388 1.440 34,828 (16,716) (1,411) (18,127) Asia 28,686 28,686 (14,967) (1,949) (16,916) Corporate* (29,435) (4,570) (34,005) Corporate* (28,553) (5,212) (33,765) Eliminations** (2,291) (2,291) Eliminations** (15,618) (15,618) Total 195,645 195,645 (49,873) (8,047) (1,195) (221) (59,336) (1,996) (12,233) (73,565) Total 166,186 166,186 (71,389) (10,037) (81,426) 3,577 (10,731) (88,580) Corporate consists of general overhead costs not allocated to the segments. Eliminations in 2023 refer to intersegment revenue for sales of products from EMEA to Asia and from Asia to EMEA. Eliminations in 2022 refer to intersegment revenue for sales of products from EMEA to Asia and from Americas to Asia Relates to severance payments as the Company reviews its organizational structure. Relates to the close of the Ya YA Foods USA LLC transaction. 34#39RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Reconciliation of Free Cash Flow Net cash flows from operating activities Capital expenditures Free Cash Flow Three months ended September 30, 2023 2022 (38,389) (10,949) (49,338) (87,948) (60,530) (148,478) Nine months ended September 30, 2023 2022 (151,479) (51,983) (203,462) (215,224) (174,352) (389,576) 39