#1THE ORIGINAL OAT LY! OATLY 3021 FINANCIAL PRESENTATION NOVEMBER 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; 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, including at our Ogden facility, and operate them in accordance with our expectations; failure to develop and maintain our brand; the impact of the COVID-19 pandemic, including the spread of variants of the virus, on our business; our ability to introduce new products or successfully improve existing products;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 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: yAdjusted 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 differentl, 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 ●ATLY! Q3'21 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 Q3'21 EARNINGS PRESENTATION 2#4T THE ORIGINAL Notes: Nielsen only covers measured channels (~40% 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 40, 2021 in Sweden, ending week 39 2021 in Germany, October 9, 2021 in the US, and October 9, 2021 in The U.K. Calculated as Oatly growth in value sales over the aforementioned periods as a % of total dairy alternatives category sales growth and as a % of total oatmilk category value sales growth over the aforementioned period. Excludes private label. 2. Velocity (rate of sales) based on top selling SKU by sales value compared to top selling SKU of next three largest competitors by sales value in key markets of Sweden, Germany, the U.S. and the U.K. for the last 12 weeks ending week 40, 2021 in Sweden, ending week 39 2021 in Germany, October 9, 2021 in the US, and October 9, 2021 in The U.K. (Major Multiples). Q3 2021 KEY FINANCIAL HIGHLIGHTS RECORD REVENUE AND PRODUCTION VOLUMES AT THE END OF Q3, WITH CONTINUED STRONG GROWTH ACROSS REGIONS CONTINUE TO SCALE PRODUCTION ACROSS THREE CONTINENTS - ALL TIME PRODUCTION HIGH IN OCTOBER GAINING MARKET SHARE ACROSS KEY MARKETS (1) THE ORIGINAL ●ATLY! #1 SELLING OATMILK SKU AND HIGHEST VELOCITIES ACROSS KEY MARKETS [²] THIRD QUARTER REVENUE IMPACTED BY TEMPORARY OGDEN PRODUCTION SET-BACK AND COVID-19 IN ASIA Q3'21 EARNINGS PRESENTATION 3#529% 36% REVENUE SPLIT BY REGION -Q3 2021 Notes: 1. Includes Coffee & Tea shops. 2. Mainly e-Commerce. 20% 51% 59% EMEA REVENUE SPLIT BY CHANNEL -Q3 2021 5% Americas 4. As of September 30, 2021. 5. Estimated global dairy market for food retail channel. Based on Euromonitor data. Asia Food retail KEY STATS Foodservice(1) Other (2) $584MM LTM Q3 2021 Revenue 9 Planned Production Facilities by 2023 74,000+ Approx. Retail Doors (4) 7 Product Categories 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. +79% 2018 Q3'21 Revenue CAGR (3) COMMERCIAL SUCCESS in 20+ markets 72,000+ Approx. Foodservice locations (4) ~$600BN Total Addressable Market Nearing the Tipping Point of Adoption (5) Q3'21 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 #2 (1) #1米 VELOCITY... NONDAIRY MILK BRAND (2) OATMILK BRAND... BY MARKET SHARE (3) #1米 #2 #2 CATEGORY CREATOR & #1 OATMILK BRAND ON TMALL(4) #1 ● #1 米精 #1 Source: Nielsen, IRI, management projections, Tmall Database Notes: Nielsen only covers measured channels (~40% 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 40, 2021 in Sweden, ending week 39 2021 in Germany, October 9, 2021 in the US, and October 9, 2021 in The U.K. Calculated as Oatly growth in value sales over the aforementioned periods as a % of total dairy alternatives category sales growth and as a % of total oatmilk category value sales growth over the aforementioned period. Excludes private label. 2. Velocity (rate of sales) based on top selling SKU by sales value compared to top selling SKU of next three largest competitors by sales value in key markets of Sweden, Germany, the U.S. and the U.K. for the last 12 weeks ending week 40, 2021 in Sweden, ending week 39 2021 in Germany, October 9, 2021 in the US, and October 9, 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 40, 2021 in Sweden, ending week 39 2021 in Germany, October 9, 2021 in the US, and October 9, 2021 in The U.K. 4. Tmall database, as of November 2021. #2 Q3'21 EARNINGS PRESENTATION 5#7OUR FOCUS REMAINS ON SCALING UP OUR PRODUCTION CAPACITY TO MEET DEMAND REVENUE (USD in millions) 1 +79% 2018-LTM Q3 2021 CAGR $118 2018 (1) I $204 2019 $421 2020 $584 '18 - LTM Q3'21 CAGR: ASIA +304% AMERICAS +149% EMEA +52% LTM Q3 2021 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 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, GROSS PROFIT (USD in millions) I T THE ORIGINAL ●ATLY! +55% 2018 - LTM Q3 2021 CAGR $48 2018 41% (1) $67 2019 % Margin $129 2020 $161 LTM Q3 2021 27% Q3'21 EARNINGS PRESENTATION#8DRIVING THE CONVERSION FROM DAIRY UNITED STATES: UNITED KINGDOM: 1. 2. GERMANY: SWEDEN: PBM penetration % of total retail dairy category based on volume (¹) 2019 8% 6% 4% 5% Source: Nielsen, Commissioned Consumer Insights survey. Notes: Sweden Nielsen data as of week 1, 2019 and week 32, 2021; U.K. IRI data as of September 1, 2018 and August 8, 2021; Germany Nielsen data as of week 1 2019 and week 32 2021 and U.S. Nielsen data as of September 15 2018 and September 15 2021. Penetration of total milk category by retail sales value, representing the last 4 weeks ending the aforementioned periods. Based on data from fall 2021 Consumer Insights survey commissioned by company +34% +35% +134% +80% 3Q 2021 THE ORIGINAL ●ATLY! 11% 8% 9% 9% Based on value (¹) 3Q 2021 16% 14% 14% 60-70% OF CURRENT PBM CONSUMERS USE PBM AT LEAST ONCE EVERY 2-3 DAYS, AND NEARLY 80% USE PBM AT LEAST ONCE PER WEEK (²) 13% Q3'21 EARNINGS PRESENTATION 7#9EMERGING OAT DOMINANCE THE OAT CATEGORY IS RAPIDLY GAINING MARKET SHARE AND SURPASSING OTHER CROP CATEGORIES % of total plant-based milk retail market (¹) 80% 70% 60% 50% 40% 30% 20% 10% Inherent sustainable characteristics 0% Oct '18 YOY Growth (2) SWEDEN Oat: 14% DA: 12% Oat 77% 9% 9% Sep ¹21 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Flexible within the supply chain UNITED KINGDOM Oat surpassed almond and soy Oct '18 Source: Nielsen, IRI. Notes: Sweden Nielsen data as of week 40, 2021; U.K. IRI data as of October 9, 2021; Germany Nielsen data as week 39 2021 and U.S. Nielsen data as of October 9, 2021. 1. Market shares by retail sales value, represent rolling four weeks period. 2. Year-over-year growth of 52-week periods. Oat Oat: 62% DA: 21% Soy Oat 45% 21% 21% Sep ¹21 THE ORIGINAL Widely accessible to a range of eaters 60% 50% 40% 30% 20% 10% 0% ●ATLY! Almond Oct '18 GERMANY Oat surpassed almond Oat I Oat surpassed soy | | Oat: 50% DA: 31% Oat 57% Dairy Alternatives 16% 16% Sep ¹21 70% 60% 50% 40% 30% 20% 10% 0% Nutritional advantages Oct '18 UNITED STATES Oat surpassed soy Oat: 80% I DA: 8% 63% Q3'21 EARNINGS PRESENTATION Oat 19% 8% Sep ¹21 8#10OATLY DRIVES GROWTH FOR THE OAT MARKET GAINING MARKET SHARE IN KEY MARKETS Total plant-based market share (¹) 50% 40% 30% 20% 10% 0% UNITED KINGDOM YOY GROWTH DA(2) OATLY 21% 34% Oct '18 Sep ¹21 of plant-based milk growth 50% contributed by Oatly (3) OAT 45% OATLY 26% 70% 60% 50% 40% 30% 20% 10% 0% GERMANY YOY GROWTH DA(2) OATLY 31% 46% Oct '18 Sep '21 of plant-based milk growth 27% contributed by Oatly (3) OAT 57% OATLY 20% 30% 25% 20% 15% 10% 5% 0% UNITED STATES YOY GROWTH DA(2) OATLY 8% 60% Oct '18 Sep ¹21 Source: Nielsen, IRI, Plant-based market survey commissioned by Oatly, January 2021. Notes: U.K.IRI data as of October 9, 2021, Germany Nielsen data as week 39 2021 and U.S. Nielsen data as of October 9, 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 last 52 weeks per the previously mentioned periods vs. parallel period in 2020 in the absolute dollar amount. THE ORIGINAL ●ATLY! OAT 19% OATLY 5% of plant-based milk growth 22% contributed by Oatly (3) Q3'21 EARNINGS PRESENTATION 9#11EMEA GROWTH SNAPSHOT Historical Quarterly Revenue Since Q1 2019 (USD in millions) $33.7 $38.1 $36.5 $46.4 $59.1 $59.7 $71.0 Source: Unaudited company financials, Nielsen, IRI, management projections Notes: $77.9 $81.7 $78.5 $87.4 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 EXPANDING GEOGRAPHIC FOOTPRINT #1 OATMILK BRAND IN RETAIL (2) E EDEKA C ocado RES 15+ markets STRONG FOODSERVICE PARTNERSHIPS WITH SIGNIFICANT OPPORTUNITY REWE TESCO Sainsbury's ICA 43,000+ Retail Doors (1) 1. As of September 30, 2021. 2. By market share of the oat drinks category 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 40, 2021 in Sweden, ending week 39 2021 in Germany, and October 9, 2021 in The U.K. JOE & HE JUICE OM FRANCO MANCA SEM PA THE IVY COLLECTION SINCE 1917 13,000+ Foodservice Locations (1) Q3'21 EARNINGS PRESENTATION 10#12STRONG ON-SHELF PERFORMANCE WITH SIGNIFICANT DISTRIBUTION UPSIDE Velocity: Units per store selling per week (¹) Based on largest oatmilk SKUs MAT (1) 34 #1 Oatmilk SKU: Oatly Barista Source: Nielsen, IRI Notes: UNITED KINGDOM #1 selling SKU in PBM & Oatmilk (2) 17 #2 Competitor 16 #3 Competitor Total distribution points (3) Oatly's TDP vs. largest PBM brand ■Oatly Chilled TDP ■Oatly Ambient TDP 21.1k YE 2019 36.6k 3x+ Oatly 42.7k 141.9k YE 2020 Q3 2021 Largest PBM Brand Velocity: Units per store selling per week (¹) Based on largest oatmilk SKUS MAT (¹) 29 #1 Oatmilk SKU: Oatly Barista (1) L12W represents the calculated average of the data for the 4-week rolling periods ending Aug 14 2021, Sep 11 2021 and Oct 9 2021 in the UK (2) Largest PBM Brand represents the PBM brand with the highest absolute value sales for the last 52 weeks ending Oct 9 2021 in the UK and Oct 3 2021 in Germany (3) Total Distribution Points (TDP) represents the sum Avg. Selling Stores for applicable SKUs at the brand-level. THE ORIGINAL ●ATLY! #1 selling SKU in PBM & Oatmilk (2) 11 GERMANY 8 #2 #3 Competitor Competitor Total distribution points (3) Oatly's TDP vs. largest PBM brand Oatly Chilled TDP ■Oatly Ambient TDP 37.3k YE 2019 71.7k YE 2020 Oatly A 3x+ 71.5k Q3'21 256.5k Largest PBM Brand Q3'21 EARNINGS PRESENTATION 11#13AMERICAS GROWTH SNAPSHOT Historical Quarterly Revenue Since Q1 2019 (USD in millions) $14.7 $5.3 $20.3 $25.1 Source: Unaudited company financials, Nielsen, IRI, management projections Notes: $26.4 $28.2 $33.5 $41.3 $11.7 $7.4 ÏÏ Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 $49.5 EXPANDING GEOGRAPHIC FOOTPRINT United States #1 VELOCITY BRAND IN RETAIL - DAIRY & PLANT-BASED MILKS(2) WHOLE Walmart FOODS MARKET TARGET 1. As of September 30, 2021. 2. By market share of the oatmilk category in terms of retail sales value for the U.S. over the last 52 weeks ending October 9, 2021. Does not represent velocity position in each of the retailers listed. freshdirect Kroger Wegmans amazon Oatly.com 18,000+ Retail Doors (¹) STRONG FOODSERVICE PARTNERSHIPS WITH SIGNIFICANT OPPORTUNITY BLUE BOTTLE COFFEE ELEVEN INTELLIGENTSIA 34,000+ Foodservice Locations (1) Q3'21 EARNINGS PRESENTATION 12#14STRONG U.S. VELOCITY TRAJECTORY DRIVEN BY HIGHER PRODUCTION CAPACITY Oatly brand-level oatmilk velocity & number of stores selling Store Scanned 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 18 1,919 Dec-18 Jan-19 Stores Scanned Units/Store/Week Feb-19 Mar-19 Mar-19 Apr-19 III May-19 Jun-19 Jul-19 Aug-19 Source: Nielsen XAOC Notes: Nielsen only covers measured channels (~40% of total America revenue). 1. Data represents Units / Store Selling / Week for the 4 week rolling periods through October 9, 2021. Sep-19 Oct-19 32 4,556 Nov-19 Dec-19 Jan-20 Feb-20 Feb-20 Mar-20 Apr-20 THE ORIGINAL May-20 Jul-20 Jun-20 OATLY! Aug-20 Sep-20 Oct-20 40 7,840 Nov-20 Dec-20 Jan-21 Jan-21 Feb-21 W Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 41 12,037 Oct-21 50 45 40 35 30 25 20 15 10 VELOCITY REACHING COVID SHELTER-IN-PLACE LEVELS WITH IMPROVED ON-SHELF AVAILABILITY, EVEN WITH BROADER DISTRIBUTION FOOTPRINT 5 0 Units/Store/Week Q3'21 EARNINGS PRESENTATION 13#15FASTEST TURNING NATIONAL BRAND IN THE ENTIRE U.S. MILK CATEGORY WITH FURTHER DISTRIBUTION UPSIDE Velocity: Dollars per store selling per SKU per week (¹) Oatly brand-level velocity vs. other milk brands $69 Oatly $64 Organic dairy milk brand $50 Organic dairy milk brand Source: Nielsen XAOC Notes: Nielsen only covers measured channels (~40% of total America revenue). $49 Lactose-free milk brand $39 Nondairy milk brand 1. Data represents $ / Item / Store Selling / Week for the 24 weeks ending October 9, 2021. Includes brands with over 15% ACV. Excludes private label. 2. Data represents the 4 weeks ending October 9, 2021. 3. Largest PBM brand represents the brand with the largest absolute value sales for the last 52 weeks ending the aforementioned period. 4. Total Distribution Points (TDP) represents the sum of Avg. Selling Stores for applicable SKUs at the brand-level. $38 Dairy milk brand THE ORIGINAL $33 Nondairy milk brand ●ATLY! $29 Nondairy milk brand Brand-level %ACV Oatly's %ACV vs. largest PBM brand (3) 89% A 55 p.p. 34% Oatly Largest PBM Brand by value sales, last 52 weeks Q3'21 EARNINGS PRESENTATION 14#16ASIA GROWTH SNAPSHOT Historical Quarterly Revenue Since Q1 2019 (USD in millions) $1.3 $1.8 $2.6 $4.5 $4.8 Source: Unaudited company financials, management projections Notes: $10.6 1. As of September 30, 2021. 2. On Tmall, from Tmall database as of November 12, 2021. $17.3 $21.0 $24.9 $26.3 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 $34.2 EXPANDING GEOGRAPHIC FOOTPRINT 5 core markets Mainland China, Hong Kong, Taiwan, Singapore, South Korea #1 OATMILK BRAND ON TMALL(2) TMALL Alibaba.com JD.COM ™S 苏果 METRO 表法施 sam's club KFC Family Mart Pizza Hut W vanguard 屈臣氏 便利蜂° 13,000+ Retail & Specialty Doors (1) McDonald's YH永辉超市 YOSHLE RUPERTORES STRONG FOODSERVICE RELATIONSHIPS WITH SIGNIFICANT OPPORTUNITY ELEVEN HEYTEA 喜茶 Q 杂雪 の茶 25,000+ Foodservice Locations (1) OFF Q3'21 EARNINGS PRESENTATION 15#17CONTINUED SUCCESS ACROSS CHANNELS IN ASIA KFC i LEADING BRAND IN FOODSERVICE CHANNEL 肯德基自在厨房。「上新季」 KFC × TLY! 植物基茧麦雪榚 谷物清香 清爽约 ☑乳糖不耐友好 反式脂肪 进口 ORITANT 12/R $19.9/25 (DE) 129.9/3R (E牌) KFC KFC chocolate Res Mas KFC JAT!!! 燕麦拿铁风味 凳 '16 80H游及建证阿拉比卡咖极豆 |宇宙大爱 咖啡加燕麦。 ED OB 1. On Tmall, from Tmall database as of November 2021. LY! '11 DRINK COFFEE LY! 燕麦拿铁 全国上市。 OFFEE 奈雪×OATLY! 燕麦 NAYUKI 綠野 生活计划 GREEN LIFE O胆固醇 雪顶 首发> (燕麦基, 不添加奶油) oat 燕麦 mel 雪顶® 首发 K 街 THE ORIGINAL 奈雪 の茶 X AT LY! 權力 燕麦可可宝藏茶 29 |扫码立即点单 BAYARA OATLY! ● E-COMMERCE & RETAIL HIGHLIGHTS Oatly is the #1 selling oatmilk on TMALL (1) Significant room for distribution expansion in retail as we scale capacity - even within existing retail locations 家FamilyMart. THE ORIGINAL OAT LY! + 巧克力味 俗魔饮街。 净含量:250毫升 THE ORIGINAL Localized production at our Maanshan, China facility to begin production in November DAT LY! 原味 FER -电量:250毫升 LY! Q3 21 EARNINGS PRESENTATION 16#18Q3 2021 FINANCIALS OVERVIEW CONTINUED TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES Production volume(¹) Sales volume(1) ● 74 76 $115 REVENUE Q3 2020A +49% 131 110 $171(2) Q3 2021A Broad-based growth across all regions and channels • The share of Foodservice channel continued to improve as COVID-19 restrictions have eased (~36% in Q3'21 vs. -27% in Q3'20 share of total revenue), partially offset by closures in Asia • Ended Q3 with the highest production output on record % Margin ● - - GROSS PROFIT - 31.3% Q3 2020A Q3 2021A 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 impacted by: $36 26.2% $45 Higher logistics costs Regional channel and customer mix Higher share of co-packing Ogden ramp-up Offset by minor positive effect from foreign-exchange Notes: USD in millions 1. Million litres of finished goods. 2. The benefit to revenue from foreign exchange impact was ~$4.4 million. 3. Adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. THE ORIGINAL % Margin ● - - ADJ. EBITDA(3) (4.0%) ($5) Q3 2020A ●ATLY! Adjusted EBITDA loss increased due to: (15.8%) ($27) Q3 2021A Higher employee expenses as we scale for growth Public company expenses and IT spend Customer distribution expense driven by higher revenue Branding and marketing to support growth Offset by higher gross profit $33 CAPEX Q3 2020A $52 Q3 2021A • Continued to invest in capacity to meet the surging demand • Investments primarily focused on Ogden, UT, Maanshan, China, Singapore, SG and Peterborough, UK facilities Q3'21 EARNINGS PRESENTATION 17#19STRONG TOPLINE MOMENTUM REMAINS ACROSS REGIONS SUPPORTED BY HIGHER PRODUCTION OUTPUT Production volume(¹) Sales volume(¹) 57 51 $71 - EMEA Q3 2020A +23% 97 63 $87(3) Q3 2021A • All-time production high in EMEA • Growth across sales channels: Retail 81% as a percent of revenue vs. 85% prior year period Foodservice 18% as a percent of revenue vs. 14% prior year period EMEA foodservice sales positively impacted by greater share of out of home consumption AMERICAS 17 16 Notes: USD in millions 1. Million litres of finished goods. 2. The benefit to revenue from foreign exchange impact was -$4.4 millions. 3. The benefit to revenue from foreign exchange impact was ~$2.7 millions. 4. The benefit to revenue from foreign exchange impact was -$1.7 million. $26 Q3 2020A +87% 32 30 $49 Q3 2021A REVENUE • All-time production high in Americas • Revenue negatively impacted by production set-back in Ogden • Growth in new and existing foodservice and retail distribution, partially offset by continued low fill rates due to capacity constraints THE ORIGINAL 10 ● $17 ●ATLY! ASIA Q3 2020A +98% 2 17 $34 (4) • Growth across sales channels • Revenue negatively impacted by COVID- 19 in China Q3 2021A • Growth limited by capacity constraints • Still market leader on T-mall, despite increasing competition and limited supply Singapore, SG facility continues to scale production 74 76 ● $115 TOTAL Q3 2020A +49% 131 110 $171 Q3 2021A • Total revenue growth continued to reflect accelerating consumer demand Topline momentum will continue to benefit from new capacity scaling up throughout 2021 Q3'21 EARNINGS PRESENTATION 18#20KEY DRIVERS OF PROFITABILITY IN THE MEDIUM-TERM INCREASING IN-HOUSE PRODUCTION THROUGH HYBRID AND END-TO-END MODELS LOCALIZATION OF PRODUCTION ALLOWS 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- CATE LY! THE ORIGINAL E dairy.. No nuts. No gluten. 100% Vegari 64 fl oz (1/2 GAL) (1.89L) TOTALLY DATSOME SHAKE ME! DAT- MILK LOW FAT No di No r No gl MICH 64 (1/2 G. (1.89L) THE ORIGINAL AT LY! OAT- MILK BARISTA EDITION 32 fl oz (1 qt) (946 mL) 1002 Vegan No dairy- so nute. No gluten. Q3'21 EARNINGS PRESENTATION 19 www.#21WE 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 Q3 YTD: 47% 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) Q3 YTD: 32% of total volumes Target Mix: 30-40% (¹) ■ ●ATLY! ■ 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 Q3 YTD: 21% 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. Q3'21 EARNINGS PRESENTATION THE ORIGINAL 20#22SCALING EFFICIENT GLOBAL OATMILK PRODUCTION CAPABILITIES 2021 (2022/2023) 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 (¹1) 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 v 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. Finished goods. THE ORIGINAL Date of go-live = Established capacity = Capacity added in 2021 = Near-term capacity expansions ● = Self-Manufacturing = Hybrid (Year) = Expected expansion Total expected capacity at the end of the year(¹)(2) 2021: 600 million litres 2022: 1,075 million litres 2023: 1,475 million litres Q3'21 EARNINGS PRESENTATION 21#23PRODUCTION VOLUME AT ALL TIME HIGH AT THE END OF THE THIRD QUARTER 3Q21 Commentary • Increased our quarterly production output by 23% vs prior quarter and 78% prior year ending at 131ML • Ogden production improved since a temporary set back in August ● ● Third quarter below expectations due to slower ramp up in Ogden ● - Ogden will continue to ramp up, with full utilization expected in 1H 2022 Stable production in EMEA in line with expectations Singapore ramping up production Maanshan, China initial production runs expected to begin in November (Million litres of finished goods) 28.5 28.2 FINISHED GOODS PRODUCTION VOLUME - YTD Jan'21 Feb'21 33.3 Mar'21 THE ORIGINAL 35.5 Apr¹21 ●ATLY! 30.9 40.1 May'21 Jun'21 45.7 Jul'21 Ogden production delays 39.4 46.3 52.0 Aug 21 Sep¹21 Oct¹21 Q3'21 EARNINGS PRESENTATION 22#24SIGNIFICANT UPSIDE FOR GROWTH AS WE INVEST TO CAPTURE DEMAND CAPITAL EXPENDITURES (2) (USD in millions) CAPACITY EXPANSION 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 419 -600 LTM Q3 2021E (1) 2021 -1,075 -1,475 2022E (1) 2023E (1) 2021 Vlissingen (NL) THE ORIGINAL $21 2018 OATLY! (3) 2022 (¹) Landskrona (SE) Millville (U.S.) Ogden (U.S.) $54 2019 2023 (¹) Landskrona (SE) Ogden (U.S.) $134 2020 NEW FACILITIES 2021 Ogden (U.S.) Maanshan (CN) Singapore (SG) Shift in timing from FY21 to FY22 -$280 - $320 2021E (1) 2023 (1) Peterborough (U.K.) Asia III Fort Worth (U.S.) -$400-500 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. 3. 2022E 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. Q3'21 EARNINGS PRESENTATION (1) 23#25ACCELERATING GROWTH ACROSS REGIONS, WITH BALANCED CONTRIBUTION FROM EACH (USD in millions) ■■■ Prior forecast for illustrative purposes $421 2020 EMEA PROJECTED REVENUE GROWTH Americas THE ORIGINAL ●ATLY! Asia >$635 2021E >51% growth YoY ASIA AMERICAS EMEA Q3'21 EARNINGS PRESENTATION 24#26SUMMARY OF INTERNAL REVENUE EXPECTATIONS VS. ACTUAL (USD in millions) --- Prior forecast for illustrative purposes Actuals / new budget 140.1 1Q21 66% 146.2 2Q21 53% 178.0 171.1 3Q21 55% 49% 226 178+ 4Q21 78% 40%+ 690 635+ FY21 CONFIDENTIAL THE ORIGINAL ●ATLY! 64% 51%+ 30 Strong 49% revenue growth y/y partially offset by: Americas: $3M below plan due to lower than expected production output at the Company's facility in Ogden, UT primarily due to temporary mechanical and automation issues in late August. ● ● ● Asia: $3M below plan due to foodservice location closures in Asia due to the COVID-19 Delta variant. 40 Strong 40%+ revenue growth y/y partially offset by: EMEA: $31M below plan as the timing of when we expected to expand our retail distribution footprint and open new markets is slower than we anticipated, as retailers have delayed material updates to their planograms in light of a highly dynamic COVID operating environment. ● EMEA: $1M below plan due to easing of lockdown restrictions in certain European markets resulting in a softer food-at-home retail environment and the truck driver shortage in the United Kingdom temporarily delaying distribution of products. - In the first half of 2022, we expect to have an increased share of shelf space at retail driven by our leading velocities and supported by our increased production capacity. Retail represents more than 80% of the region's revenue. Americas: $13M below plan as we navigate a challenging supply chain environment and we expect lower production and sales volume versus our prior outlook. Asia: $4M below plan as strict public health measures remain in effect due to an increase in cases of the COVID-19 Delta-variant. Q3'21 EARNINGS PRESENTATION 25#27LONG-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. ing our pack- LY Another side of HAVR THE ORIGINAL 03 04 11 Q3'21 EARNINGS PRESENTATION 26#28MULTIPLE OPPORTUNITIES FOR CONTINUED GLOBAL GROWTH 1 2 4 Accelerate brand awareness and consumer trial 3 Expand into new markets with proven, disciplined and thoughtful multi-channel strategy 5 Invest in global production capacity to capture immense demand 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 Q3'21 EARNINGS PRESENTATION 27#29APPENDIX Seriously WHE DRINKS MILK at festival YWAY? Q3'21 EARNINGS PRESENTATION 28#30RECONCILIATION 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 Three months ended September 30, 2021 (41.193) 567 (3,831) 7.922 (36,535) 9,568 (26,967) (15.8%) THE ORIGINAL ●ATLY! 2020 (in thousands $) (10,407) 554 1,971 3,256 (4,626) 11 Nine months ended September 30, (4,615) (4.0%) 2021 (132,640) 2,779 8,785 16,386 (104,690) 14,034 9,288 (81,368) (17.8%) 2020 (23,370) 1,326 4,644 9,220 (8,180) 1,014 11 (7,155) (2.4%) Q3'21 EARNINGS PRESENTATION 29