#1THE ORIGINAL OAT LY! OATLY 2021 FINANCIAL PRESENTATION AUGUST 2021#2LEGAL DISCLAIMER This presentation includes forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "would," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "assumes," "potential," "position" or "continue" or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Such risks include our history of losses and inability to achieve or sustain profitability; reduce or limited availability of oats or other raw material that meet our quality standards; failure to obtain additional financing to achieve our goals or failure to obtain necessary capital when needed on acceptable .terms; damage or disruption to our production facilities; harm to our brand and reputation as the result of real or perceived quality or food safety issues with our products; our ability to successfully compete in our highly competitive markets; reduction in the sales of our oatmilk varieties; failure to expand our manufacturing and production capacity as we grow our business; our ability to successfully remediate the material weaknesses in our internal control over financial reporting; through our largest shareholder, Navitus 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 discusses under the caption "Risk Factors" in Oatly's prospectus pursuant to Rule 424(b) filed with the US securities and Exchange Commission ("SEC") on May 21, 2021. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. The forward-looking statements included in this presentation are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor our advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Neither we nor our advisors undertake any obligation to revise, supplement or update any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, even if new information becomes available in the future, except as may be required by law. You should read this presentation with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. 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 and Adjusted EBITDA margin are financial measures that are not calculated in accordance with IFRS. We define Adjusted EBITDA as loss attributable to shareholders of the parent adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense and non-recurring expenses related to the IPO. Adjusted EBITDA should not be considered as an alternative to loss for the period or any other measure of financial performance calculated and presented in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBITDA rather than loss for the period attributable to shareholders of the parent, which is the most directly comparable IFRS measure. Some of these limitations are: Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements; Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us; Adjusted EBITDA does not reflect income tax payments that reduce cash available to us; Adjusted EBITDA does not reflect share-based compensation expenses and, therefore, does not include all of our compensation costs; Non-recurring expenses related to the IPO; 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. In the appendix to this presentation we have provided a reconciliation of Adjusted EBITDA to loss attributable to shareholders of the parent, the most directly comparable financial measure calculated and presented in accordance with IFRS, for the periods presented. . THE ORIGINAL OATLY! Q2'21 EARNINGS PRESENTATION 1#3It's like milk but made for humans. THE ORIGINAL TOATOAT LY! LY! LY! GAT DRINK OAT DRINK SEMI E A OAT DRINK WHOLE e Q2'21 EARNINGS PRESENTATION 2#4THE ORIGINAL 200 LY Q2 2021 KEY FINANCIAL HIGHLIGHTS THE ORIGINAL RECORD REVENUE AND PRODUCTION VOLUMES, WITH CONTINUED STRONG GROWTH ACROSS REGIONS ONLY LIMITED BY CAPACITY INCREASING PRODUCTION OUTPUT IN LINE WITH OUR PLANS - JUNE AND JULY STRONGEST CONSECUTIVE PRODUCTION MONTHS IN THE COMPANY'S HISTORY SINGAPORE PLANT STARTED COMMERCIAL PRODUCTION IN EARLY JULY AND MAANSHAN, CHINA PLANT ON TRACK FOR 2H 2021 LAUNCH RAISED CAPITAL TO FUND CAPEX INVESTMENTS TO MEET DEMAND AND CREATE A HUGE COMPETITIVE ADVANTAGE OATLY! Q2'21 EARNINGS PRESENTATION 3#5REVENUE SPLIT BY REGION - Q2 2021 18% ● 28% 33% 54% 5% EMEA REVENUE SPLIT BY CHANNEL - Q2 2021 62% Americas Asia Food retail KEY STATS Foodservice(1) Other (2) $528MM LTM Q2 2021 Revenue 9 Planned Production Facilities by 2023 65,000+ Retail Doors(4) 7 Product Categories Notes: 1. Includes Coffee & Tea shops. 2. Mainly e-Commerce. 3. Calculated based on 2018 revenue of $118MM. Revenue for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited. 4. As of June 30, 2021. 5. Estimated global dairy market for food retail channel. Based on Euromonitor data. +82% 2018 Q2'21 Revenue CAGR (3) COMMERCIAL SUCCESS in 20+ markets 60,000+ Foodservice locations (4) ~$600BN Total Addressable Market Nearing the Tipping Point of Adoption (5) Q2'21 EARNINGS PRESENTATION 4#6KEY RETAIL AND E-COMMERCE PERFORMANCE HIGHLIGHTS SALES GROWTH DRIVER... OF THE OATMILK CATEGORY (1) SALES GROWTH DRIVER... OF THE TOTAL DAIRY ALTERNATIVES CATEGORY (¹) VELOCITY... NONDAIRY MILK BRAND (2) OATMILK BRAND... BY MARKET SHARE(3) CATEGORY CREATOR & #1 OATMILK BRAND ON TMALL(4) #1 #2 + #1+ #1+ #1米 #1 #2 Source: Nielsen, IRI, management projections, Tmall Database Notes: Nielsen only covers measured channels (~35% of total America revenue). 1. In key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 28, 2021 in Sweden, ending week 26 2021 in Germany, July 17, 2021 in the US, and July 17, 2021 in The U.K. Calculated as Oatly sales value growth over the aforementioned periods as a % of total dairy alternatives category sales growth and as a % of total oatmilk category value sales growth over the aforementioned period. 2. Velocity (volume rate of sales) based on top selling SKU by sales value compared to top selling SKU of next three largest competitors by sales value in key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 28, 2021 in Sweden, ending week 26 2021 in Germany, July 17, 2021 in the US, and last 12 weeks as of July 17, 2021 in The U.K. (Major Multiples). 3. In terms of retail sales value for key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 28, 2021 in Sweden, ending week 26 2021 in Germany, July 17, 2021 in the US, and July 17, 2021 in The U.K. 4. Tmall database, as of June 2021. #2 Q2'21 EARNINGS PRESENTATION 5#7KEY DISTRIBUTION WINS SWITZERLAND IRELAND <<İ>> McDonald's ASIA Ahold AMERICAS sam's club <> ASIA KFC ASIA METRO 麦注龍 ASIA Walmart ASIA YH AMERICAS ELEVEN TM AMERICAS/ASIA YONGHUI SUPERSTORES ASIA Q2'21 EARNINGS PRESENTATION 6#8OUR FOCUS REMAINS ON SCALING UP OUR PRODUCTION CAPACITY TO MEET DEMAND REVENUE (USD in millions) +82% 2018-LTM Q2 2021 CAGR $118 2018 (1) 1 $204 2019 $421 2020 $528 '18 - LTM Q2'21 CAGR: ASIA +333% AMERICAS +155% EMEA +55% LTM Q2 2021 GROSS PROFIT (USD in millions) r 1 Notes: 1. Revenue and gross profit for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The THE ORIGINAL estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited, OATLY! +58% 2018-LTM Q2 2021 CAGR $48 2018 41% (1) $67 2019 % Margin $129 2020 $152 LTM Q2 2021 29% Q2'21 EARNINGS PRESENTATION 7#9GLOBAL COMMERCIAL SUCCESS IN MORE THAN 20 MARKETS ACROSS THREE CONTINENTS E EDEKA ocado REVENUE (USD in millions) REWE TESCO Sainsbury's ICA 103 2018 (4) EMEA 56% of revenue in H1'21 39,000+ Retail Doors (1) 15+ markets +55% CAGR 155 2019 268 10,000+ Foodservice locations (1) COSTA Source: Nielsen, IRI, management projections, Tmall Database Notes: 309 JOE & THE JUICE 2020 LTM Q2 2021 A #1 Oatmilk brand (2) REVENUE (USD in millions) WHOLE FOODS Walmart MARKET Kroger Wegmans 12 2018 (4) AMERICAS 26% of revenue in H1'21 16,000+ Retail Doors (1) United States 39 TARGET 2019 ELEVEN +155% CAGR freshdirect. Oatly.com amazon 100 2020 26,000+ Foodservice locations (1) BLUE BOTTLE COFFEE Y INTELLIDEN STA 130 JOE & THE JUICE LTM Q2 2021 #2 Oatmilk brand (2) 5 core markets Mainland China, Hong Kong, Taiwan, Singapore, South Korea ELEVEN sam's club METRO 表法程 REVENUE (USD in millions) 2 2018 1. As of June 30, 2021. 2. By market share in terms of retail sales value for key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 28, 2021 in Sweden, ending week 26 2021 in Germany, July 17, 2021 in the US, and July 17, 2021 in The U.K. 3. On Tmall, from Tmall database as of June 2021. Family Mart H 永辉超市 TELE MEETORES 10,000+ Retail & Specialty Doors (1) 4. Revenue for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations r the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited. ASIA 18% of revenue in H1'21 (4) HEYTEA 喜茶 McDonakra 10 +333% CAGR 2019 54 Pizza KFC Alibaba.com 2020 H 24,000+ Foodservice locations (1) FEL TMALL 89 JD.COM LTM Q2 2021 #1 Oatmilk brand (3) Q2'21 EARNINGS PRESENTATION 8#10~$600BN TAM WITH ACCELERATING ADOPTION A MASSIVE ACCELERATION IS UNDERWAY FOR DAIRY ALTERNATIVES Additional opportunity in foodservice $592BN (¹) Global dairy retail sales Plant-based penetration of dairy retail sales globally is only ~3%, but rapidly growing (1) Source: Plant-based market survey commissioned by Oatly, January 2021. Note: 1. As of December 31, 2020. $18BN (¹) Q: When did you first purchase plant-based milk? 3+ years Last 2 Years THE ORIGINAL 61% OATLY! 39% 71% 29% 71% 29% c.60-70% of plant-based milk consumers joined the category in the last 2 years 63% 37% 69% 31% Q2'21 EARNINGS PRESENTATION 9#11EMERGING OAT DOMINANCE THE OAT CATEGORY IS RAPIDLY GAINING MARKET SHARE AND SURPASSING OTHER CROP CATEGORIES % of total plant-based milk retail market (¹) SWEDEN 80% 60% 40% 20% Inherent sustainable characteristics 0% Jan '18 YOY Growth (2) OAT: 19% July 21 DA: 15% Oat 76% 10% 9% 45% 1. Market shares by retail sales value, represent rolling four weeks period. 2. Year over year growth of 52-week periods. 40% 35% 30% 25% 20% 15% 10% 5% 0% Flexible within the supply chain UNITED KINGDOM Oat surpassed almond and soy Jan '18 Source: Nielsen, IRI. Notes: Sweden Nielsen data as of week 28, 2021. U.K. IRI data as of July 17, 2021, Germany Nielsen data as week 26 2021 and U.S. Nielsen data as of July 17, 2021. OAT: 59% Oat I I July 21 DA: 20% Soy Oat 43% 23% 21% THE ORIGINAL 60% 50% 40% 30% 20% 10% 0% Widely accessible to a range of eaters Almond ●ATLY! Jan '18 Oat GERMANY Oat surpassed almond I Oat surpassed soy OAT: 62% DA: 36% Dairy Alternatives Oat 56% July '21 17% 16% 70% 60% 50% 40% 30% 20% 10% 0% Jan '18 Nutritional advantages UNITED STATES OAT: 94% Oat surpassed I soy DA: 10% July 21 Q2'21 EARNINGS PRESENTATION 63% Oat 18% 7% 10#12OATLY DRIVES GROWTH FOR THE OAT MARKET AS OATLY GOES, SO GOES THE OAT CATEGORY. WE ACCELERATE OVERALL OAT AND NONDAIRY CATEGORY GROWTH IN OUR ACTIVE MARKETS Total plant-based market share (1) 40% 30% 20% 10% 0% UNITED KINGDOM YOY GROWTH DA(2) OATLY 20% 52% Jan '18 51% of plant-based milk growth contributed by Oatly (3) OAT 43% OATLY 24% July 21 60% 50% 40% 30% 20% 10% 0% GERMANY YOY GROWTH DA(2) OATLY 36% 76% Jan '18 33% of plant-based milk growth contributed by Oatly (3) OAT 56% July 21 OATLY 10% 18% 20% Source: Nielsen, IRI, Plant-based market survey commissioned by Oatly, January 2021. Notes: U.K. IRI data as of July 17, 2021, Germany Nielsen data as of week 26 2021, U.S. Nielsen data as of July 17, 2021. 1. Market shares by retail sales value in the total plant-based milk category, represent rolling four weeks period. 2. Dairy Alternatives. 3. Calculated as the sales value increase for Oatly divided by the sales value increase for the total plant-based milk category for the first 6 months of 2021 vs. parallel period in 2020 in the absolute dollar amount. THE ORIGINAL ●ATLY! 0% YOY GROWTH DA(2) OATLY 10% 74% Jan '18 UNITED STATES 19% of plant-based milk growth contributed by Oatly (3) Q2'21 EARNINGS PRESENTATION OATLY 5% July '21 OAT 18% 11#13ROBUST PRODUCT PORTFOLIO FUELING GROWTH ACROSS MULTIPLE CATEGORIES Our products mirror the dairy portfolio, from oatgurts, to frozen desserts, to a Barista Edition drink that's a perfect pair for coffee FROZEN DESSERTS cow! WOW WOCOW! WOW NOW NO COM MOMC THE ORIGINAL OAT LY! eat A wow! WOW NO COW! MO WOWOCOMOM NO COM THE ORIGINAL OAT LY! strawberry A OATGURTS WOW NO COM! HOWHO.CO THE ORIGIN ATLY! LY! ATLY! DATGURT OATGURT DATGURT mixed Berry peach Hack cherry MONG MOM NO COM LY! chocolate chip ATLY! DATGURT rawberry wwNO COW! WOW HO Com COM! WOW NO COM! WOW MOM MO.COM THE ORIGINAL LY! mint chip OATMILK CHILLED & AMBIENT THE ORIGINAL OAT LY! DAT- MILK AARISTA 100 Vegan 32 fl oz (1 qt) (946 mL) THE ORIGINAL DATLY! ATLY! OATGURT PLAIN OATGURT plain THE ORIGINAL ATLY! IKAFFE www.com COM! WOWOCOW! WOW! MOM NO COM MOM NO.COM THE ORIGINAL OAT LY! coffee WOW BECOM. WOW NO COW! MOW MOMO COMP NOW HO COM OATLY! DATGURT GREEK STYLE THE ORIGINAL THE ORIGINAL LY! vanilla AT LY! DAT- MILK LOW FAT conta CATLY! OATGURT BLUEBERRY Nude uta 100 FANA vegar 64 Floz (1/2 GAL) (1.89L) THE ORIGINAL THE ORIGINAL OAT AT LY! LY. DAT- MILK OAT chocolate fudge THE ORIGINAL OATLY! HAVREGURT TURK ISK 100% (1/2GAL) (1.89L) THE ORIGINAL THE ORIGINAL DAT- MILK FULL FAT LY! hazelnut swirl THE ORIGINAL OAT LY! HAVRE GURT ●ATLY! Mar 100% Vegan 641202 (1.091) THE ORIGINAL THE ORIGINAL CAT LY. THE ORIGINAL AT LY! HAVRE GURT 10000 OAT- MILK CHOCO 100% 04 Få Vegan 61/2 CAL (L.99L) LY! salted Caramel THE ORIGINAL OAT- LY! HAVRE GURT HALLON 1000g 23 Totally pagare THE ORIGINAL THE ORIGINAL THE ORIGINAL THE ORIGINAL DAT OAT OAT CAT LY. LY: | LYS | LY LAT DAT- MILK LOWERT 32 12 0 (1 qt) (946 ml) glutes. 250ml CREAMY OAT DAT- MILK USE AS SINGLE CREAM W 32 flas (191) (946 ml) THE ORIGINAL THE ORIGINAL THE ORIGINAL OATLY! OATLY! OATLY! whippable CREAMY OAT COOKING & SPREADS 250 ml THE ORIGINAL DAT- MILK 100% LY! COLD BREW LATTE 100% g 250 ml 32 r1 c (1 qt) (946 THE ORIGINAL READY-TO-GO CREAMY DAT USE AS SIMIL CREAM ORGANIC Matcha latte 100% veg ORGANIC DAT DRINK en MAT FRAICHE OATLY! THE ORIGINAL THE ORIGINAL AT LY HAFER HAVER VANILLE BIO THE ORIGINAL LY! LY! ORGANIC MOCHA oat LATTE drink 100% vegen Powered by oats THE ORIGINAL OAT LY! DAT DRINK DRANGE MATE IGE BASHA AT CREAMY AVER ΤΟΜΑ MATT MELA LY! OAT SPREAD SPREAD THE ORIGINAL AT OAT LY LY. THE ORIGINAL DAT DRINK 250 ml Q2'21 EARNINGS PRESENTATION DAT DRINK CHOCOLATE 250 1 12#14OATLY OUTPERFORMS IN AREAS THAT MATTER TO CONSUMERS GREAT TASTING PRODUCTS Leveraging proprietary production processes and key patented elements to convert fiber-rich oats into great tasting products HEALTHY NUTRITIONAL PROFILE Founded in the 1990s by food scientists on a mission to make the best possible form of milk for human beings OUR CULTURE Source: Plant-based market survey commissioned by Oatly, January 2021. THE ORIGINAL CAT LY! 1L THE ORIGINAL No milk. ●ATLY! No soy. No eh whatever. We promise to be a good company. are not perfect copaty even close, but ne istation are tra, in 15 be Judged by the good un test Just the pretty vend provide aedam autrition Espect ch is hy everythin annak is based on plats, be proud that nokling that help people apps th me fll always com fre the reckless uralt of p ale to produce the d and are acridg ta main the food Industry a aere at place by declaring to be trancent Lastly, an are not ally this serien our page and pronder not to mi a hel EMOTIONAL CONNECTION TO OUR BRAND Oatly over-indexes versus competitors as "being a brand that aligns with my values" Our shared mission and core belief in driving a societal shift towards a plant-based food system unifies our company in our quest for purpose-driven growth AUTHENTIC, SUSTAINABILITY CREDENTIALS Leading the industry and empowering people to make informed choices for the benefit of people and the planet Q2'21 EARNINGS PRESENTATION 13#15INNOVATION ENSURES WE DELIVER ON THE THINGS THAT MATTER MOST TASTE We hold our food up to dairy lovers' expectations on tastes so switching to plant- based options doesn't feel like a sacrifice. THIS PACKAGE SUPPORTS THE POST MILK GENERATION The POST MILK GENERATION is a soon to be non-profit organization that will work to inform the public about the health and sustainability advantages of eating a plant-based diet. That's right, it will be a real organization and not just a crazy t-shirt slogan people are wearing around the festi- val oceno during the summer. Well it's that too. Anyway, if you would like to become part of this genera- tion or learn more about keeping things real in the futuro then visit. www.postmilkgeneration.com. In the meantime, here is your tomporary membership card. Cut it out and carry it with you wherever you go. POST MILK GENERATION Membership Card THE ORIGINAL SHIO***... NAME/TITLE. OATLY! NUTRITION We aim to make products with nutritional profiles that are best suited for human nutritional needs. SUSTAINABILITY We strive to create a plant based product that allows people to turn what they eat and drink into personal moments of healthy joy without recklessly taxing the planet's resources. Q2'21 EARNINGS PRESENTATION 14#16NOT ALL OATMILKS ARE CREATED EQUALLY Built on 25+ years of Swedish science with more than 95 filed and pending patents (1) ENZYMATION PROCESS to create our core oatbase - the foundation of our products PATENTED BUILDING THE WORLD'S BEST OAT-BASED DAIRY PRODUCTS Focused on process and functionality improvements to iterate the product portfolio Notes: 1. As of June 30, 2021. Process improves stability and maintains natural fiber content 65+ research & development team members across the globe (1) OAT EXPERTISE to understand variances in raw material and their effects on end products THE ORIGINAL DEVELOPING WORLD-LEADING OAT TECHNOLOGY AT GLOBAL RESEARCH HUBS Our multifaceted innovation approach begins with research at the raw material level. Local innovation power tailors products to local taste profiles and consumer expectations CLINICAL STUDIES to validate our nutritional product attributes ●ATLY! E TRA Rocolat AT OAT LY! ATGURT Besday GAT DRINK OAT GENOME LIBRARY to craft the most nutritional and functional oat variety Q2'21 EARNINGS PRESENTATION ATLY MTGURT ATLY MTGURT 15#17Q2 2021 FINANCIALS OVERVIEW CONTINUED TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES ADJ. EBITDA (3) CAPEX Production volume (1) Sales volume(1) ● ● 74 67 ● $95 REVENUE +53% Q2 2020A 106 95 $146 Q2 2021A Broad-based growth across all regions and channels • Fill rate levels remain low across regions, as expected given ramp up in production capacity The Foodservice channel increased compared to PY (~33% in Q2'21 vs. ~22% in Q2'20 share of total revenue) Ended Q2 with the highest production output on record % Margin ● ● - - GROSS PROFIT - 32.3% $31 Q2 2020A Strong demand for our products has increased our need to rely on co- packers in the short-term as new capacity is being built Gross margin also impacted by: Higher logistics costs 26.4% $39 Q2 2021A Regional channel and customer mix Minor negative effect from foreign exchange Notes: USD in millions 1. Million litres of finished goods. 2. The benefit to revenue from foreign exchange impact was ~$10.2 millions. 3. Adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. THE ORIGINAL % Margin ● (1.3%) (21.8%) ($1) Q2 2020A Higher Adj. EBITDA loss due to planned growth investments and new recurring expenses associated with being a public company ●ATLY! ($32) Q2 2021A • Increased global employee headcount from ~600 to ~1,500 to support growth Higher branding and marketing expense $25 $89 Q2 2021A Q2 2020A • Continued to invest in capacity to meet the surging demand • Investments primarily focused on Ogden, UT, Maanshan, China, Singapore, SG and Peterborough, UK facilities Q2'21 EARNINGS PRESENTATION 16#18STRONG TOPLINE MOMENTUM ACROSS REGIONS DESPITE CONTINUED SUPPLY CONSTRAINTS Production volume(1) Sales volume(1) 59 46 $60 EMEA Q2 2020A +32% 79 55 $79(3) Q2 2021A • Growth limited by capacity and low customer fill rates as EMEA continued to support Asia • All-time production high in EMEA Notes: USD in millions 1. Million litres of finished goods. 2. The benefit to revenue from foreign exchange impact was ~$10.2 millions. 3. The benefit to revenue from foreign exchange impact was ~$8.3 millions. 4. The benefit to revenue from foreign exchange impact was ~$1.8 millions. ● AMERICAS ● 15 15 $25 Q2 2020A +65% 28 26 $41 • Growth in new and existing foodservice and retail distribution Q2 2021A REVENUE Scaling production in Ogden, UT All-time production high in Americas THE ORIGINAL ● ● ● ● 6 $11 Q2 2020A ASIA ●ATLY! +149% 14 $26 (4) Q2 2021A Growth in new and existing foodservice, retail and e-commerce distribution Still market leader on T-mall, despite increasing competition and limited supply Navigated the Suez canal blockage using trains to China Singapore, SG facility initial production runs commenced in July ● 74 67 $95 TOTAL Q2 2020A +53% 106 95 $146 (2) Q2 2021A Total revenue growth continued to reflect accelerating consumer demand Topline momentum will continue to benefit from new capacity scaling up throughout 2021 Q2'21 EARNINGS PRESENTATION 17#19KEY DRIVERS OF PROFITABILITY IN THE MEDIUM-TERM INCREASING IN-HOUSE PRODUCTION THROUGH HYBRID AND END-TO-END MODELS LOCALIZATION OF PRODUCTION ALLOWING US TO IMPROVE ECONOMICS AND IMPROVE SERVICE LEVELS OPERATING LEVERAGE FROM RAPID INCREASE IN SALES COUPLED WITH A LOWER INCREASE IN SG&A SIGNIFICANT MARGIN IMPROVEMENT ACROSS REGIONS LEVERAGING INITIAL CAPITAL INVESTMENTS THE ORIGINAL OAT LY! DAT- MILI LY! THE ORIGINAL E dairy. No nuts. No gluten. 100% Vegari 64 fl oz (1/2 GAL) (1.89L) OTALLY OATSOME! SHAKE ME! PE 2018 QAT- MILK LOW FAT No di No r No gl THE ORIGINAL 64 (1/2 G. (1.89 L) LY! DAT- MILK EDITION 32 fl oz (1 qt) (946 mL) 2 T No dairy- So nute. No gluten. Vegan Q2'21 EARNINGS PRESENTATION 18#20WE CURRENTLY DEPLOY A VARIETY OF PRODUCTION MODELS TO MEET OUR GROWING DEMAND EARLY CAPEX INVESTMENT INTO SELF-MANUFACTURING PRODUCTION MODELS TO DRIVE MARGIN PROFILE LOW ■ ■ ■ CO-PACKING Quickest and easiest option to market Higher costs from shipping and profit share Oatbase shelf life requires time sensitive transportation H1 2021: 53% of total volumes Target Mix: 10-20% (¹) ■ ■ ■ TARGET % OF TOTAL VOLUMES HYBRID Oat base is transported via pipeline to partners who execute the mixing and filling process Lighter cash choice with more favorable margins Centers around long term partnerships (10 years) H1 2021: 27% of total volumes Target Mix: 30-40% (1) ■ ■ ■ END-TO-END SELF-MANUFACTURING HIGH In-house oat base manufacturing, mixing and filling in one location Flexibility to build value-added processes (e.g., oatgurt fermentation) Full control of production and costs paired with high margins H1 2021: 20% of total volumes Target Mix: 50-60% (1) Notes: 1. These are not projections; they are goals/ targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus filed with Securities & Exchange Commission on May 21, 2021. Nothing in this presentation should be regarded as a representation by any person that these goals / targets will be achieved and the Company undertakes no duty to update its goals. THE ORIGINAL ●ATLY! Q2'21 EARNINGS PRESENTATION 19#21SCALING EFFICIENT GLOBAL OATMILK PRODUCTION CAPABILITIES +75 ML BY THE END OF 2022 2021 Ogden, U.S. 2023E (1) Fort Worth, U.S. 2019 (2022) Millville, U.S. 2019 (2021) 2023E (1) 2006 Peterborough, U.K. Vlissingen, NL (2022/2023) Landskrona, SE 2021E ●ATLY! Maanshan, CN 2023E (1) Asia III 2021E(1) Singapore, SG Note: 1. These are not projections; they are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus filed with the Securities & Exchange Commission on May 21, 2021. Nothing in this presentation should be regarded as a representation by any person that these goals / targets will be achieved and the Company undertakes no duty to update its goals. THE ORIGINAL 2. Finished goods. 3. Represents actual production volume of finished good litres in 2020. Date of go-live = Established capacity = Capacity added in 2021 = Near-term capacity expansions Self-Manufacturing (Year) ● = = - Hybrid Expected expansion = Total expected capacity at the end of the year(1)(2) 2020: 299 million litres (3) 2021: ~600 million litres 2022: ~1,075 million litres 2023: ~1,475 million litres Q2'21 EARNINGS PRESENTATION 20#22Commentary ● ● JUNE AND JULY HAVE BEEN RECORD MONTHS AS NEW CAPACITY RAMPS UP FINISHED GOODS PRODUCTION VOLUME - YTD ● July came in significantly better than June driven by the Vlissingen expansion and Ogden ramp-up Ogden performed much better in July, with all lines now fully installed, up more than 250% vs previous month Ogden will continue to ramp up, with full utilization only expected in 2022 Major success from Vlissingen operations team, now close to reaching the monthly target of 20+ million litres and significantly better than June at +48% Singapore successfully went live in July and we received the first 100k litres from co-packing partner YHS (Million litres of finished goods) 28.5 JAN'21 28.2 FEB'21 THE ORIGINAL 33.3 MAR'21 ●ATLY! Landskrona closed for planned maintenance 35.5 APR'21 Vlissingen impacted by Covid-19 30.9 Ogden not yet at full capacity but showing stable MAY'21 performance 40.1 JUN'21 Start of production in Singapore 45.7 JUL'21 Q2'21 EARNINGS PRESENTATION 21#23SIGNIFICANT UPSIDE FOR GROWTH AS WE INVEST TO CAPTURE DEMAND CAPACITY RAMP UP OVER TIME (Million litres of finished goods) (¹) Historic production volume Total expected capacity at the end of the year 84 2018 165 2019 299 2020 361 ~600 (1) ~1,075 (1) ~1,475 LTM Q2 2021E 2022E 2023E 2021 (1) CAPITAL EXPENDITURES (2) (USD in millions) CAPACITY EXPANSION 2021 THE ORIGINAL Vlissingen (NL) $21 2018 (3) 2022 (1) OATLY! . · Landskrona (SE) Millville (U.S.) Ogden (U.S.) $54 2019 $134 NEW FACILITIES 2021 Expected at the low-end of the range 2020 ● Ogden (U.S.) Maanshan (CN) Singapore (SG) $134 H1 2021 2023 (1) 2021E · ~$350-400 (1) Peterborough (U.K.) Asia III Fort Worth (U.S.) ~$300-400 (1) ~$100-200 Notes: 1. These are not projections; they are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus filed with the Securities & Exchange Commission on May 21, 2021. Nothing in this presentation should be regarded as a representation by any person that these goals / targets will be achieved and the Company undertakes no duty to update its goals. 2. Represents cash capital expenditures. 2022E 2023E 3. Capex for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Q2'21 EARNINGS PRESENTATION 22 (1)#24ACCELERATING GROWTH ACROSS REGIONS, WITH BALANCED CONTRIBUTION FROM EACH PROJECTED REVENUE GROWTH (USD in millions) $421 2020 EMEA AMERICAS THE ORIGINAL ●ATLY! ASIA >64% GROWTH YOY ..>$690 2021E Q2'21 EARNINGS PRESENTATION ASIA AMERICAS EMEA 23#25LONG-TERM TARGETS $ GROSS PROFIT MARGIN ADJUSTED EBITDA MARGIN(1) GREATER THAN 40% APPROACHING 20% Notes: 1. Adjusted EBITDA margin is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. The Company cannot provide a reconciliation between of EBITDA guidance to the corresponding IFRS metric without unreasonable efforts, as we are unable to provide reconciling information. These items are not within Oatly's control and may vary greatly between periods and could significantly impact future financial results. THINK COW'S MILK. WITHOUT THE COW AND THE MILK PART. AND 80% FEWER GREENHOUSE GAS EMISSIONS: THAT'S ALL. THE ORIGINAL OAT LY! DAT DRINK LARATA 16:5 for veget IL dith! MATY Q2'21 EARNINGS PRESENTATION 24#26MULTIPLE OPPORTUNITIES FOR CONTINUED GLOBAL GROWTH 2 3 4 5 Accelerate brand awareness and consumer trial Invest in global production capacity to capture immense demand Expand into new markets with proven, disciplined and thoughtful multi-channel strategy Drive category growth through distribution, velocity and market share gains in existing markets Roll out our existing product portfolio across global regions and pioneer new product categories with innovation THE ORIGINAL ●ATLY! Q2'21 EARNINGS PRESENTATION 25#27APPENDIX Seriously WHO DRINKS MILK at festival YWAY? Q2'21 EARNINGS PRESENTATION 26#28RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Loss for the period attributable to shareholders of the parent Income tax expense Finance income and expenses, net Depreciation and amortization expense EBITDA Share-based compensation expense IPO preparation and transaction costs Adjusted EBITDA Adjusted EBITDA margin THE ORIGINAL Thee months ended June 30, 2021 2020 (59,064) 264 10,696 4,642 (43,462) 4,466 7,065 (31,931) (21.8%) OATLY! (in thousands $) (4,790) 420 23 3,113 (1,234) (1,234) (1.3%) Six months ended June 30, 2021 2020 (91,447) 2,212 12,616 8,646 (68,155) 4,466 9,288 (54,401) (19.0%) (12,963) 772 2,673 5,964 (3,554) 1,014 (2,540) (1.4%) Q2'21 EARNINGS PRESENTATION 27