#1THE ORIGINAL DAT LY! 20 2023 EARNINGS PRESENTATION JULY 2023#2TODAY'S SPEAKERS JEAN-CHRISTOPHE FLATIN, CEO DANIEL ORDOÑEZ, COO CHRISTIAN HANKE, 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, plans to achieve profitability in 2024, anticipated supply chain performance, 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 cats 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; changes to international trade policies, treaties and tariffs; global conflict and the ongoing war in Ukraine; changes in our tax rates or exposure to additional tax liabilities or assessments; failure to expand our manufacturing and production capacity as we grow our business; supply chain delays, including delays in the receipt of product at factories and ports, and an increase in transportation costs; the impact of rising commodity prices, transportation and labor costs on our cost of goods sold; failure by our logistics providers to deliver our products on time, 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; our status as 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 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. a Non-IFRS Financial Measures We use EBITDA, Adjusted EBITDA and Constant Currency Revenue 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. 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 MESSAGES OATLY HAS A SIGNIFICANT AMOUNT OF POTENTIAL - BOTH GROWTH AND PROFITABILITY TO REALIZE THIS POTENTIAL, WE NEED TO CONTINUE TO TAKE BOLD ACTIONS WE HAVE INITIATED AN IMPROVEMENT PLAN IN ASIA, WHICH WE EXPECT WILL ENABLE US TO ADAPT TO THE EVOLVING LOCAL ENVIRONMENT AND PREPARE THE SEGMENT FOR PROFITABLE GROWTH WE HAVE FURTHER SIMPLIFIED OUR CORPORATE FUNCTIONS AND AMERICAS OVERHEAD WE ARE ADJUSTING OUR 2023 GUIDANCE: HOWEVER, WE REMAIN ON-TRACK TO REACHING POSITIVE ADJ. EBITDA IN 2024 01 5#6Additional foodservice I opportunity 1. OATLY IS A UNIQUELY EXCITING COMPANY HUGE GROWTH OPPORTUNITY [1 $631BN Global dairy retail sales $23BN Plant- based 11 I 11 SIGNIFICANT MARGIN EXPANSION POTENTIAL 11% 2022 35-40% 19% il 20 2023 LONGER-TERM TARGET MISSION-AND PURPOSE-DRIVEN CULTURE ✓ DRIVE A FOOD SYSTEM SHIFT ✓ ✓ SET THE EXAMPLE AS A FUTURE COMPANY EMPOWER A PLANT- BASED REVOLUTION Estimated global dairy industry retail sales in 2022 based on Euromonitor data. Dairy includes drinking milk products, cheese, yoghurt and sour milk products, butter and spreads, ice cream and other dairy. Plant-based includes milk, yoghurt, cheese and ice cream. 6#7HOW WE WILL REALIZE OUR POTENTIAL BALANCE PERFORMANCE AND PURPOSE MUST HAVE A STRONGER BUSINESS BEFORE WE HAVE A SIGNIFICANTLY BIGGER BUSINESS DISCIPLINED RESOURCE ALLOCATION DRIVEN BY RIGOROUS FACT-BASED ANALYSES ✔ INCREASED REGIONAL ACCOUNTABILITY AND ALIGNED INCENTIVES 7#8LAST YEAR, WE LAID OUT A PLAN THAT STARTED WITH EMEA AND CORPORATE, AND WE HAVE BEEN EXPANDING EMEA AMERICAS ASIA PREPARE FOR GROWTH CLEAR STRATEGIES ON GEOGRAPHIES, CHANNELS, AND PORTFOLIO STABILIZED SUPPLY CHAIN WITH YAYA; INCREASED AD AND PROMO INVESTMENTS IMPROVEMENT PLAN INITIATED INCREASE SIMPLICITY / AGILITY ✓ ✓ REDUCED MANAGEMENT LAYERS CO-PACKER CONSOLIDATION; ANNOUNCED SG&A RIGHT-SIZING IN MAY ADJUSTING OPERATING COST STRUCTURE DRIVE PROFITABILITY CONSISTENT PROFITABILITY WHILE REINVESTING ADJ. EBITDA IMPROVING ALIGNING INCENTIVES TO FOCUS ON PROFITABLE GROWTH 8#9RIGHT-SIZING COST STRUCTURE SG&A + R&D (INCL.SHARE-BASED COMPENSATION,; EXCL. CUSTOMER DISTRIBUTION AND OTHER OPERATING INCOME AND (EXPENSES), NET) 2022 ACTUAL Change in estimated SG&A + R&D vs previous forecast Note: bars in chart are not perfectly to scale 2023E 2024E $85MM REDUCTION IN FORECASTED 2024 OVERHEAD EXPENSES TARGETED SAVINGS BY SEGMENT IN $ MILLIONS AMERICAS ASIA CORPORATE TOTAL FY24 $10 $40 $35 $85 9#102. REVENUE (2) GROSS MARGIN Notes: 1. CAPEX UPDATING 2023 OUTLOOK (¹2) PRIOR 23% -28% YOY CONSTANT CURRENCY GROWTH ~250 BPS FX HEADWIND SEQUENTIAL Q/Q IMPROVEMENT, REACHING HIGH-20%S IN 40 $180-$200 MILLION UPDATED 7% -12% YOY CONSTANT CURRENCY GROWTH ~130 BPS FX HEADWIND SEQUENTIAL Q/Q IMPROVEMENT, REACHING HIGH-20%S IN 40 $110-$130 MILLION WE REMAIN ON-TRACK TO ACHIEVE POSITIVE ADJ. EBITDA 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 is a non-IFRS measure. The Company cannot provide a reconciliation of constant currency revenue growth 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. 10#11OPERATIONAL 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.)#12EMEA EXECUTING WELL ON ALL 2023 PRIORITIES STRENGTHEN CORE MARKETS GROW FOODSERVICE CUSTOMERS EXPAND PORTFOLIO BEYOND COFFEE EXPAND TO ADJACENT MARKETS 12#13EMEA CONTINUED TO STRENGTHEN ITS CORE MARKETS AND EXPAND FOODSERVICE CUSTOMER BASE TOTAL EMEA CATEGORY GROWTH REMAINED ROBUST¹ Y/Y RETAIL SALES GROWTH IN Q2 2023¹ 5% Plant-Based Milk 14% Oat STRENGTHENING CORE MARKETS² Y/Y CHANGE IN VALUE SHARE OF NON-DAIRY MILK +140 bps +170 bps +200 bps UK GROWING FOODSERVICE RECENTLY-SIGNED CUSTOMERS ITALY CUSTOMERS SOFT. SERVE M SLOVENIA, SERBIA, CROATIA, HUNGARY THE ORIGINAL OAT LY! QATAR القطرية AIRWAYS SOFT SERVE GAINING TRACTION ACROSS EUROPE Germany Netherlands (1) Consolidated Year-over-year value growth for the 12 weeks ended June 18 for Germany, UK, Sweden, Austria, Switzerland, Netherlands Denmark, Norway. Source Nielsen. For Germany Hard discount is excluded. For Denmark Oats is not available. Source for UK, IRI. (2) Value market share for the 4w ending June 18 (June 4 for Germany) 2023. For Germany Hard discount is excluded. Source for UK, IRI. 13#14EMEA IS MAKING GOOD PROGRESS EXPANDING THE PORTFOLIO BEYOND COFFEE OCCASSIONS MOVING TO HIGHER-MARGIN PORTFOLIO THAT BETTER REPLICATES DAIRY FROM: LIMITED PORTFOLIO THE ORIGINAL OAT LY! OAT DRINK No milk. No soy- No eh. whatever. Totally vegane POWER PLANTS UIT THE GAR by to ma That w Pro A TO: EXPANDED "GO BLUE" PORTFOLIO THE ORIGINAL OAT LY! SEMI OAT DRINK Stalle vege THE ORIGINAL OAT LY! LIGHT CAT DRINK Tebally vegare IL THE ORIGINAL OAT LY! WHOLE OAT DRINK T-bally are THE ORIGINAL OAT LY! 11 "NO" SUGARS OAT DRINK Totally WHILE STILL EARLY, UK IS FURTHEST ALONG IN "GO BLUE" MIX SHIFT TOTAL NET GO BLUE VOLUME¹ % YOY GROWTH IN 20 +13% % OF TOTAL UK VOLUME +60bps 14.4% 2Q22 15.0% (1) Includes Original/Enriched, Full Fat/Deluxe, Low Fat/Skinny, Semi Fat, and No Sugar SKUs (2) Source: Kantar, 12 w/e 11/06/23 vs. prior period 2Q23 53% OF GO BLUE VOLUME HAS BEEN INCREMENTAL TO THE CATEGORY AND 71% HAS BEEN INCREMENTAL TO OATLY² 14#15EMEA IS MAKING GOOD PROGRESS IN ADJACENT MARKETS CONTINUING TO EXPAND IN A CONTROLLED MANNER NEW MARKETS' VOLUME AS A % OF TOTAL EMEA VOLUME EXPANDING DISTRIBUTION AGREEMENT WITH AMAZON +50bps 4.7% Q1 5.2% Q2 amazon 15#16AMERICAS SUMMARY SUPPLY CHAIN EXECUTION REMAINS EXCELLENT, AND WE REMAIN ON-TRACK WITH OUR 2023 PRIORITIES OUR COMMERCIAL STRATEGY IS WORKING, BUT IT IS RAMPING SLIGHTLY SLOWER THAN WE EXPECTED WE ARE AGGRESSIVELY PURSUING ADDITIONAL OPPORTUNITIES ACROSS CHANNELS SG&A RE-SET TO FURTHER FACILITATE SIMPLICITY AND AGILITY 16#17COMMERCIAL SUPPLY CHAIN AMERICAS 2023 PRIORITIES Execute transition to YaYA Foods Expand distribution across all channels co-packer network Refine in-store Consolidate promotions Accelerate brand building 17#18YAYA PARTNERSHIP PROGRESSING VERY WELL SIGNIFICANT IMPROVEMENT IN OPERATIONAL RELIABILITY AND CAPABILITIES STRONG WORKING RELATIONSHIPS AT A STRATEGIC LEVEL AND AT A DAY-TO-DAY, ON-THE-GROUND LEVEL HIGHLY COLLABORATIVE ON LONGER-TERM PLANNING 18#19CO-PACKER CONSOLIDATION DRIVES SIMPLICITY NORTH AMERICA PRODUCTION NETWORK Ad --- PRODUCTION FACILITIES* X EXITED CO-PACKERS REMAINING DRINKS CO-PACKERS REMAINING FOOD CO-PACKERS X *The Dallas-Fort Worth facility is not yet open 19#20CO-PACKER CONSOLIDATION LEADING TO SIGNIFICANT SAVINGS Jan Feb OUTBOUND FREIGHT PER LITER Mar ~25% REDUCTION Apr May Jun ADDITIONAL RUNWAY FOR CONTINUED IMPROVEMENT 20#21ACCELERATING BRAND BUILDING INVESTMENTS IN Q2 Increased Brand-Building Investments In Q2 AMERICAS ADVERTISING AS A % OF SEGMENT SALES 4% 4% 6% 04'22 01'23 02'23 14:08 ADWEEK PLANT-BASED PRODUCTS Oatly and Minor League Baseball are 'Down to Clown' in Unique Partnership The collaborators are introducing halftime shows and other cheeky new rituals to the storied game HALF ALFTIME MINOR LEAGUE BASEBALL There's no halftime in baseball, until now, via an Oatly and MiLB alliance. Oatly There's no halftime in baseball, and fans have to wait until the seventh inning stretch to be part of the entertainment by serenading the crowd with their rendition of "Take Me Out to the Ballgame Oatly and Minor League Baseball are folly aware of the storied traditions but ready to add desne 14:10 = News News VegOut Oatly Vegan Ice Cream to Be Served at 50+ Minor League Baseball Stadiums ALLISON VAN TILBORGH/May 4, 2023 ogen Food & Drink assert Oatly and Minor League Baseball partner to bring non- dairy concession options to fans DON'T HOM IF YOU LOVE FREE FROZEN ESSE BORS bars 196 Fashion & Beauty Recent Campaigns Driving Significant Buzz free! fromert desser 370ATLYADS.COM 370ATLYADS.COM 370ATLYADS.COM PCF CHALLENGE 14:19 www.The Drum = CULTURE The plant-ba carbon emis According Edition m ethos ICO LIVING EAT PLANET Big Oat Versus Big Dairy: The Milk War Rages On Audrey Enjoli May 6, 2023 IT TWO BILLBOARDS U WE'VE G WE BOUGHT T TO TELL YOU ACCUN INCLUDING CLIMATE FOOT 662 PRINT NUMBERS ON OUR PRODUCTS Q = Menu Oatly will pay for Big Dairy's ad space... if it comes clean on footprint By Ellen Ormesher | Senior Reporter MAY 5, 2023 13 MIN READ al 94 The oat drink company has also created about it SC0°odes gr Outly's n ad campaigns in new carbon footprint labeling Catery Cat ON OUR BANK OF PROD- UCTS. CLIMATE FOOTPRINT 0.62 RG C/KG al 98 WE BOUGHT TWO BILLBOARDS TO TELL YOU WE'VE BEGUN INCLUDING CLIMATE FOOT- PRINT NUMBERS 21231 286 201 AND WE'RE DOMATING THE ONE TO CANT THEY Q CLIMATE FOCTAT WIMSERS TOO ward to the 's only one to mop up on the dairy ed the help of White fake nut milk brand. n aimed at mocking the avaliant effort, donning mustache and NK OF AMERICA HOW SIM WE BOUGHT THIS TWO- SIDED AD TO TELL YOU WE'VE BEGUN INCLUDING CLIMATE FOOTPRINT NUMBERS O OUR PRO- DUCTS. 14:01 =Q Cas Angeles Times AND WE'RE DONATING THIS SIDE TO THE DAIRY INDUSTRY SO THEY CAN TELL YOU THEIR CLIMATE FOOTPRINT NUMBERS TOO. 05-12-23 The meat and dairy industries peddle misinformation. It's time for plant-based food brands to fight back Plant-based milk and meat-alternative brands need to step up against the meat industry's campaign of misinformation. BY BRIAN KATEMAN 7 MINUTE READ WE'RE DONATHIS ONE TO THE DAIRY INDUSTRY 98 FAST COMPANY SUBSCRIBE CAN TELL YOU THEIR CLIENT PNUMBERS TOO. Big Dairy has been funding pro-milk public relations campaigns for decades: You've without a doubt seen a "Got Milk?" ad on a billboard or in a magazine at some point between the 1990s and now. One of dairy's iggest rivals, oat milk brand Oatly, has just, CHCHCECECECIDE CREAM CHEESE CREAM CHEESE THAT TASTES EXACTLY LIKE CREAM CHEESE. CREAM LY! CHEESE LY! CREAM LY! CHEESE BET YOU NEVER SAW THAT COMING. CREA at from ally getting st alle coutons of co NO C Momi News the - 14:13 LOW! WOW SPREAD THE NEWS! OATLY'S NEW CREAM CHEESE IS HERE! Oatly Cream Cheese to Roll Out Nationwide ALLISON VAN TILBORGH/Jun 9, 2023 well .m some of the state LL egy News Spread the lo Chive & Onio cheese. dl, w Spread the love wit cheese, available a month! This excitin will roll out with tw 124 iar wek mom of VegOut e desea, CREAM CHEESE IT MUST BE CREAM CHEESE Food & Drink Fashion & Beaut ON MEDOR..bagy ATLYE SMIL Y! COW! MOM 16:42 ACE THA HEESE MADE! 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B IT'S the sweetpo So far, good first impressions! @oatly LTE 83 21#22CONTINUED PROGRESS IN EXPANDING DISTRIBUTION IN THE US Source: Nielsen 310 290 270 250 230 210 190 170 150 RETAIL DISTRIBUTION HAS GROWN 24% SINCE THE SUPPLY CHAIN STABILIZED 06/18/22 07/16/22 08/13/22 TOTAL DISTRIBUTION POINTS (TDP) (ROLLING 4 WEEK PERIODS) OCT. 22: SERVICE LEVELS REACH 90%+ 09/10/22 10/08/22 11/05/22 22#23VOLUME GROWTH STEADILY IMPROVING IN THE US WITH INCREASED PROMOTIONAL SUPPORT Source: Nielsen %9 4% 2% %0 -2% -4% -6% -8% -10% 01/07/23 01/14/23 01/21/23 01/28/23 02/04/23 02/11/23 02/18/23 02/25/23 Y/Y GROWTH IN UNITS [ROLLING 12 WEEK PERIODS] 03/04/23 03/11/23 03/18/23 03/25/23 FIRST WAVE OF PROMOTIONAL SUPPORT 04/01/23 04/08/23 Week Ending 04/15/23 04/22/23 04/29/23 05/06/23 05/13/23 05/20/23 05/27/23 SECOND WAVE OF PROMOTIONAL SUPPORT 06/03/23 06/10/23 06/17/23 06/24/23 07/01/23 23#24ASIA SUMMARY ASIA REMAINS A VERY BIG OPPORTUNITY FOR US CONSUMERS HAVE CHANGED THEIR BEHAVIOR IN POST-PANDEMIC ERA WE ARE ADAPTING TO THE EVOLVING ENVIRONMENT TO STRENGTHEN THE CORE BEFORE MEANINGFULLY ACCELERATING GROWTH 24#25ASIA WILL FOCUS ON ITS CORE BUSINESS TO DRIVE PROFITABLE GROWTH FROM FOCUS ON EXPANDING RAPIDLY ACROSS CHANNELS PILOTING MANY NEW PRODUCTS HIGH OPERATING COSTS TO SUPPORT HIGH LEVEL OF ACTIVITY ΤΟ CONTROLLED EXPANSION, PRIMARILY IN CORE BUSINESSES FOCUS ON CORE SKUS REDUCED OPERATING COSTS TO ENABLE FOCUS ON CORE 25#26CY 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#27FINANCIAL 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 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 2Q 2023 +10% +11% 19.2% +340 bps +180 bps $(53) +$1 27#28Revenue (USD in millions) % Year-over-year growth $178.0 20 2023 REVENUE GROWTH Q2 2022 Revenue +3% +11% YOY Volume Growth (1) Constant Currency Revenue Growth (2) +8% 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) (1%) FX Impact +10% Revenue Growth $196.0 Q2 2023 Revenue 28#29EMEA Americas Asia Total 20 2023 REVENUE BRIDGE Volume 7% 2% (5)% 3% % Year-over-year growth Constant Currency (¹) Price / Mix 10% 18% (6)% 8% 1 Constant Currency (¹) Growth 18% 19% (11)% 11% 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 0% 0% (4)% (1)% Revenue Growth 18% 19% (15)% 10% 29#30QUARTER-OVER-QUARTER 2Q 2023 GROSS MARGIN BRIDGE 17.4% 10 2023 COVID-19 ENVIRONMENT (0.9%) COVID-19 RECOVERY IN ASIA 0.4% NET SALES/ LITER EMEA & AMERICAS PRICE INCREASES, NET OF TRADE SPEND (0.4%) MIX EFFECT COGS / LITER 2.9% IMPROVING PRODUCTION MODEL AND CO-PACKER CONSOLIDATION, NET OF INFLATION (0.2%) OTHER, NET 19.2% 20 2023 30#31IN $ MILLIONS EMEA AMERICAS ASIA CORPORATE TOTAL PROFIT, CASH FLOW, AND LIQUIDITY ADJ. EBITDA (1) Q2 ADJ. EBITDA $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. CASH AND LIQUIDITY ALL PREVIOUSLY-ANNOUNCED FINANCING TRANSACTIONS CLOSED DURING Q2 >$340MM OF CASH AND EQUIVALENTS ON Q2 BALANCE SHEET 31#322. REVENUE(2) GROSS MARGIN Notes: 1. CAPEX UPDATING 2023 OUTLOOK(¹)(²) PRIOR 23% -28% YOY CONSTANT CURRENCY GROWTH ~250 BPS FX HEADWIND SEQUENTIAL Q/Q IMPROVEMENT, REACHING HIGH-20%S IN 40 $180-$200 MILLION UPDATED 7% -12% YOY CONSTANT CURRENCY GROWTH ~130 BPS FX HEADWIND SEQUENTIAL Q/Q IMPROVEMENT, REACHING HIGH-20%S IN 40 $110-$130 MILLION WE REMAIN ON-TRACK TO ACHIEVE POSITIVE ADJ. EBITDA 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 is a non-IFRS measure. The Company cannot provide a reconciliation of constant currency revenue growth 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.#33APPENDIX#34REVENUE SPLIT BY CHANNEL -20 2023 6% 34% Food retail REVENUE SUMMARY Notes: 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 3. Excludes intersegment revenue. Foodservice(1) 60% Other (2) REVENUE SPLIT BY REGION (³) — 20 2023 19% 32% EMEA Americas Asia 50% 34#3518% EMEA 1% Notes: Excludes intersegment revenue. 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e-Commerce. 81% REVENUE SUMMARY REVENUE SPLIT BY CHANNEL - 20 2023 46% AMERICAS Food retail 3% 51% Foodservice(¹) 24% Other (2) ASIA 57% 19% 35#3615.8% 02'22 YEAR-OVER-YEAR 2Q 2023 GROSS MARGIN BRIDGE 6.1% PRICING ACTIONS (0.9%) TRADE PROMOTION & MIX EFFECT (2.7%) INFLATIONARY PRESSURES 0.9% PRODUCTION & SUPPLY CHAIN IMPROVEMENT 19.2% 02'23 36#37RECONCILIATION OF NON-IFRS FINANCIAL MEASURES EMEA Americas Asia Total revenue Three months ended June 30, 2023 2022 As reported 96,989 82,485 61,832 51,775 43,698 37,166 37,166 195,987 177,958 195,987 96,989 61,832 $ Change Foreign exchange impact 30 In constant currency 96,959 61,832 (1,840) 39,006 (1,810) 197,797 % Change Ås reported 17.6% 19.4% - 14.9% 10.1% In constant currency 17.5% 19.4% -10.7% 11.1% Volume 7.2% 1.7% -5.1% 3.4% Constant currency price/mix 10.3% 17.7% -5.6% 7.7% 37#38RECONCILIATION 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) 38