#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 DAT LY! HT THE ORIGINAL DAT LY! GAT DRINK OAT DRINK SEM 商品 OAT LY! OAT DRINK WHOLE for humans. Q2'21 EARNINGS PRESENTATION 2#4A Q2 2021 KEY FINANCIAL HIGHLIGHTS 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 THE ORIGINAL SINGAPORE PLANT STARTED COMMERCIAL PRODUCTION IN EARLY JULY AND MAANSHAN, CHINA PLANT ON TRACK FOR 2H 2021 LAUNCH LY THE ORIGINAL ●ATLY! RAISED CAPITAL TO FUND CAPEX INVESTMENTS TO MEET DEMAND AND CREATE A HUGE COMPETITIVE ADVANTAGE Q2'21 EARNINGS PRESENTATION 3#5Notes: REVENUE SPLIT BY REGION - Q2 2021 18% 28% 33% EMEA Americas 54% Asia REVENUE SPLIT BY CHANNEL - Q2 2021 5% Food retail Foodservice (1) 62% Other(2) KEY STATS $528MM LTM Q2 2021 Revenue +82% 2018 Q2'21 Revenue CAGR (3) 9 Planned Production Facilities by 2023 COMMERCIAL SUCCESS in 20+ markets 65,000+ Retail Doors (4) 60,000+ Foodservice locations (4) 7 Product Categories 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. -$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 # #2 #1 # #1 + #2 #1 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. Q2'21 EARNINGS PRESENTATION 5#7KEY DISTRIBUTION WINS M McDonald's ASIA ASIA SWITZERLAND <<i>> Ahold AMERICAS KFC METRO 麦法龍 ASIA IRELAND sam's club <> Walmart ASIA ASIA TM AMERICAS ELEVEN AMERICAS / ASIA YH永辉超市 YONGHUI SUPERSTORES ASIA Q2'21 EARNINGS PRESENTATION 6#8OUR FOCUS REMAINS ON SCALING UP OUR PRODUCTION CAPACITY TO MEET DEMAND REVENUE (USD in millions) Notes: +82% 2018 LTM Q2 2021 CAGR $118 $204 (1) 2018 2019 $421 $528 '18 - LTM Q2'21 CAGR: ASIA +333% AMERICAS +155% GROSS PROFIT (USD in millions) +58% 2018 LTM Q2 2021 CAGR $67 EMEA +55% $48 2020 LTM Q2 2021 $152 $129 2018 (¹) 41% 2019 2020 % Margin LTM Q2 2021 29% Q2'21 EARNINGS PRESENTATION 7 ●ATLY! 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,#9GLOBAL COMMERCIAL SUCCESS IN MORE THAN 20 MARKETS ACROSS THREE CONTINENTS EMEA 56% of revenue in H1'21 15+ markets E REWE TESCO EDEKA ocado Sainsbury's ICA COSTA HO JOE & THE REVENUE +55% (USD in millions) 309 CAGR 268 155 103 JUICE AMERICAS 26% of revenue in H1'21 United States JUICE WHOLE Walmart FOODS MARKET FRISH FOR EVERYONE Kroger Wegmans REVENUE (USD in millions) TARGET freshdirect. Oatly.com ELEVEN amazon BLUE BOTTLE COFFEE INTELLIDENTSTA JOE & THE +155% CAGR 130 100 ASIA 18% of revenue in H1'21 5 core markets Mainland China, Hong Kong, Taiwan, Singapore, South Korea ELEVEN sam's club HEYTEA 喜茶 Pizza Hut 麦法墟 METRO FamilyMart McDonakra 永辉超市 FENGHE SUPERSTORES REVENUE (USD in millions) +333% CAGR ACIFIC TMALL JD.COM KFC Alibaba.com 39 12 2 89 54 10 2018 (4) 2019 2020 LTM Q2 2021 2018 (4) 2019 2020 LTM Q2 2021 2018 (4) 2019 2020 LTM Q2 2021 #1 Oatmilk brand (2) 39,000+ Retail Doors (1) 10,000+ Foodservice locations (1) Source: Nielsen, IRI, management projections, Tmall Database Notes: 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. 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 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. 16,000+ 26,000+ #2 Retail Doors (1) Foodservice locations (1) Oatmilk brand (2) 10,000+ Retail & Specialty Doors (1) 24,000+ #1 Foodservice locations (1) Oatmilk brand (3) Q2'21 EARNINGS PRESENTATION 8#10~$600BN TAM WITH ACCELERATING ADOPTION A MASSIVE ACCELERATION IS UNDERWAY FOR DAIRY ALTERNATIVES Q: When did you first purchase plant-based milk? 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) $18BN (1) Last 2 Years 3+ years 61% 63% 71% 71% 69% 39% 37% 31% 29% 29% 米 c.60-70% of plant-based milk consumers joined the category in the last 2 years Source: Plant-based market survey commissioned by Oatly, January 2021. Note: 1. As of December 31, 2020. THE ORIGINAL ●ATLY! Q2'21 EARNINGS PRESENTATION 9#11EMERGING OAT DOMINANCE THE OAT CATEGORY IS RAPIDLY GAINING MARKET SHARE AND SURPASSING OTHER CROP CATEGORIES Inherent sustainable characteristics Flexible within the supply chain % of total plant-based milk retail market (1) Oat Soy SWEDEN UNITED KINGDOM 80% 60% 40% 20% 0% Jan '18 Widely accessible to a range of eaters Nutritional advantages Dairy Alternatives Almond Oat GERMANY Oat Oat surpassed almond 43% 60% Oat surpassed soy Oat UNITED STATES Oat surpassed I soy 70% 56% I 60% Oat 45% Oat surpassed I 76% almond and 40% soy 35% 50% 30% 40% 25% 23% 20% 21% 30% 15% 10% 10% 9% 5% 0% July '21 Jan '18 YoY Growth (2) OAT: 19% DA: 15% 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. 1. Market shares by retail sales value, represent rolling four weeks period. 2. Year over year growth of 52-week periods. | 50% | 40% | 63% 30% I 20% 17% 20% Oat 18% 16% 10% 10% 0% July '21 Jan '18 OAT: 59% DA: 20% THE ORIGINAL OATLY! 0% July '21 Jan '18 OAT: 62% DA: 36% July '21 OAT: 94% DA: 10% 7% Q2'21 EARNINGS PRESENTATION 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) UNITED STATES GERMANY OAT 56% YOY GROWTH 20% DA(2) OATLY 10% 74% UNITED KINGDOM OAT 60% 40% YOY GROWTH DA(2) OATLY 20% 52% 43% YOY GROWTH 50% DA (2) OATLY 36% 76% 30% OATLY 40% 24% 30% 20% 10% 0% Jan '18 51% of plant-based milk growth contributed by Oatly (3) 20% 10% 0% July '21 Jan '18 33% of plant-based milk growth contributed by Oatly (3) OATLY 18% 10% 0% July '21 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 OATLY! Jan '18 19% of plant-based milk growth contributed by Oatly (3) July '21 OAT 18% OATLY 5% Q2'21 EARNINGS PRESENTATION 11#13ROBUST PRODUCT PORTFOLIO FUELING GROWTH ACROSS MULTIPLE CATEGORIES OATMILK CHILLED & AMBIENT - Our products mirror the dairy portfolio, from oatgurts, to frozen desserts, to a Barista Edition drink that's a perfect pair for coffee THE ORIGINAL OAT LY! OAT- MILK BARISTA 32 fl oz (qt) (946) 100% Vesan THE ORIGINAL OATLY! IKAFFE THE ORIGINAL THE ORIGINAL THE ORIGINAL THE ORIGINAL THE ORIGINAL OAT LYLY. OAT- MILK LOW FAT No gluten 100% 64 fl oz (1/2 GAL) 1.89) OAT- MILK 64 FLO (1/2CAL) (1.89) OAT OAT LY! DAT- MILK FULL FAT 100% Vegan LY! OAT- MILK CHOCO- LATE THE ORIGINAL THE ORIGINAL THE ORIGINAL THE ORIGINAL THE ORIGINAL AT OAT OAT LY! LYLY. LY! OAT OAT OAT LY. | LY. LY! OAT- MILK LOWERT OAT- MILK OAT- MILK CHOCO- OAT DRINK HAFER HAVER VANILLE OAT DRINK LATE RANGE MANGO ש 1002 (1/2 GAL) 100% Vegan 04 (1/2 GAL) 32 fl oz 3271e (.apk) (lat) (946) (1 at) (946 mL) 1qt) (946) 32 F1 oz ORGANIC FROZEN DESSERTS one cow! Wowwo cow! MOM NO COM MO MOM MO COM THE ORIGINAL DAT LY! cow wow No cow! Mocow! wowwo cow! Moco! Owocow! Mocowowo cow! MO HOM HO COMP MOM NO COMP THE ORIGINAL OAT LY! THE ORIGINAL LY! MOM NO.COM MOMO COM W THE ORIGINAL THE ORIGINAL MOM! WOW NO COW! MO OAT LY! MOM NO COM! MOM NO COMER THE ORIGINAL AT THE ORIGINAL AT LY! THE ORIGINAL AT LY! COOKING & SPREADS THE ORIGINAL THE ORIGINAL THE ORIGINAL OATLY! OATLY! OATLY! LY! *LY! Bac strawberry chocolate chip mint chip coffee vanilla chocolate fudge hazelnut swirl salted Caramel 250ml CREAMY OAT USEAS SINGLE whippable CREAMY OAT 250 ml 250 ml CREAMY DAT USE AS SIMBLE CREAM MAT FRAICH ATLY! OATGURTS ATLY! DATGURT ATLY! OATLY! DATGURT DATGURT ATLY! OATGURT OATLY! DATGURT PLAIN GREEK STYLE drawberry plain ATLY! DATGURT mixed Berry ATLY! DATGURT P Black cherry READY-TO-GO THE ORIGINAL THE ORIGINAL THE ORIGINAL THE ORIGINAL OAT OAT OAT LY! LY! LY! THE ORIGINAL HAVRE HAVRE OATLY! HAVRE GURT GURT GURT HALLON OATLY! DATGURT BLUEBERRY HAVREGURT TURK ISK Tobable 1000 a 1000g 1000 g THE ORIGINAL ●ATLY! Tobally TOMA LIGE BASILA AT CREAMY AVER LY! OAT SPREAD SPREAD LY! COLD BREW LATTE 100% vegen THE ORIGINAL LY! ORGANIC DA LY! THE ORIGINAL OAT LY! THE ORIGINAL ORGANIC Matcha NOCH oat latte LATTE drink 100% Powered by oats 235 THE ORIGINAL OAT OAT LY! LY! DAT DRINK 250 m1 OAT DRINK CHOCOLATE Q2'21 EARNINGS PRESENTATION 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 OUR CULTURE THE ORIGINAL QAT LY! We promise to be a good соmраnу. We are not a perfect copy www close, but ne taties are true, in the EMOTIONAL CONNECTION TO OUR BRAND Oatly over-indexes versus competitors as "being a brand that aligns with my values" Jusged by the gordun tat HEALTHY NUTRITIONAL PROFILE Founded in the 1990s by food scientists on a mission to make the best possible form of milk for human beings 1L No milk. No soy. No-ah- whatever. Just the pretty vent goal is to delbet pract provide medan trition wele and side andmetal pect his ly everyt keit best plats, ve proxies that taking balanced nutritional producta that help people upp their Lala come before the reckless art of po jale to produce the responsible protects pessible and are acridig ta main the food Industry are at place by declating to be trancentr verything Lastnarently this sins in our page and promise not to me a b AUTHENTIC, SUSTAINABILITY CREDENTIALS Leading the industry and empowering people to make informed choices for the benefit of people and the planet 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 Source: Plant-based market survey commissioned by Oatly, January 2021. THE ORIGINAL OATLY! Q2'21 EARNINGS PRESENTATION 13#15INNOVATION ENSURES WE DELIVER ON THE THINGS THAT MATTER MOST NUTRITION We aim to make products with nutritional profiles that are best suited for human nutritional needs. 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 scene 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 future 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 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. NAME/TITLE THE ORIGINAL OATLY! Q2'21 EARNINGS PRESENTATION 14#16NOT ALL OATMILKS ARE CREATED EQUALLY Built on 25+ PATENTED ENZYMATION PROCESS to create our core oatbase - the foundation of our products 65+ research & development team members across the globe (1) Process improves stability and maintains natural fiber content Local innovation power tailors products to local taste profiles and consumer expectations years of Swedish science with more than 95 filed and pending patents (1) DEVELOPING WORLD-LEADING OAT TECHNOLOGY AT GLOBAL RESEARCH HUBS Our multifaceted innovation approach begins with research at the raw material level. DAT LY! DAT DRINK MTGUET DDD ATLY BUILDING THE WORLD'S BEST OAT-BASED DAIRY PRODUCTS Focused on process and functionality improvements to iterate the product portfolio OAT EXPERTISE to understand variances in raw material and their effects on end products CLINICAL STUDIES to validate our nutritional product attributes OAT GENOME LIBRARY to craft the most nutritional and functional oat variety Notes: 1. As of June 30, 2021. THE ORIGINAL OATLY! Q2'21 EARNINGS PRESENTATION 15#17Q2 2021 FINANCIALS OVERVIEW CONTINUED TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES ADJ. EBITDA (3) 26.4% % Margin (1.3%) (21.8%) REVENUE GROSS PROFIT Production 74 106 volume (1) % Margin 32.3% Sales volume (1) 67 95 +53% (2) $146 $95 $39 $31 ($1) CAPEX $89 $25 • • Q2 2020A 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 Q2 2020A Q2 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 also impacted by: - - Higher logistics costs Regional channel and customer mix Minor negative effect from foreign exchange • Q2 2020A ($32) Q2 2021A Higher Adj. EBITDA loss due to planned growth investments and new recurring expenses associated with being a public company • Increased global employee headcount from ~600 to ~1,500 to support growth • Higher branding and marketing expense • Q2 2020A Q2 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 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 ●ATLY! Q2'21 EARNINGS PRESENTATION 16#18STRONG TOPLINE MOMENTUM ACROSS REGIONS DESPITE CONTINUED SUPPLY CONSTRAINTS REVENUE EMEA AMERICAS Production 59 79 15 28 volume(1) Sales volume (1) 46 55 15 26 • • +32% $79(3) +65% $60 $25 $41 Q2 2020A Q2 2021A Q2 2020A Q2 2021A I 16 $11 Q2 2020A ASIA TOTAL 74 106 14 67 20 95 +53% $146(2) +149% $95 (4) $26 Q2 2021A Q2 2020A Q2 2021A Growth limited by capacity and low customer fill rates as EMEA continued to support Asia All-time production high in EMEA • Growth in new and existing foodservice and retail distribution • Scaling production in Ogden, UT All-time production high in Americas • 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 • Total revenue growth continued to reflect accelerating consumer demand • • Topline momentum will continue to benefit from new capacity scaling up throughout 2021 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. THE ORIGINAL ●ATLY! Q2'21 EARNINGS PRESENTATION 17#19KEY DRIVERS OF PROFITABILITY IN THE MEDIUM-TERM TOTALLY DATSOME! MIL DAY 2Y! SHAKE ME! INCREASING IN-HOUSE PRODUCTION THROUGH HYBRID AND END-TO-END MODELS LOCALIZATION OF PRODUCTION ALLOWING US TO IMPROVE ECONOMICS AND IMPROVE SERVICE LEVELS THE ORIGINAL OAT LY! DAT- THE ORIGINAL OPERATING LEVERAGE FROM RAPID INCREASE IN SALES COUPLED WITH A LOWER INCREASE IN SG&A SIGNIFICANT MARGIN IMPROVEMENT ACROSS REGIONS LEVERAGING INITIAL CAPITAL INVESTMENTS MILN Z ATMATM ATM THE ORIGINAL AT LY! DAT- MILK BARISTA EDITION No dairy No nuts. No gluten. dairy. No nuts. No gluten. DAT- MILK LOW FAT No di No r No gl 32 fl oz (1 qt) (946 mL) 100% Vegar 64 fl oz (1/2 GAL) (1.89L) 64 (1/2 G (1.89L) 1002 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 HIGH - ☐ 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) END-TO-END SELF-MANUFACTURING 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 2021:27% of total volumes Target Mix: 30-40% (1) 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 Q2'21 EARNINGS PRESENTATION OATLY! 19#21SCALING EFFICIENT GLOBAL OATMILK PRODUCTION CAPABILITIES Note: +75 ML BY THE END OF 2022 2021 Ogden, U.S. 2023E(1) Fort Worth, U.S. 2023E[1] Peterborough, U.K. 2021E Maanshan, CN Date of go-live = Established capacity = Capacity added in 2021 = Near-term capacity expansions = Self-Manufacturing = Hybrid (Year) = Expected expansion Total expected capacity at (2022) 2023E[1] 2019 Millville, U.S. Asia III (2022/2023) 2006 Landskrona, SE 2021E(1) Singapore, SG • 2020: 299 million litres (3) the end of the year(1)(2) (2021) 2019 Vlissingen, NL 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. Finished goods. 3. Represents actual production volume of finished good litres in 2020. THE ORIGINAL OATLY! • 2021: ~600 million litres 2022: ~1,075 million litres 2023: ~1,475 million litres Q2'21 EARNINGS PRESENTATION 20#22JUNE AND JULY HAVE BEEN RECORD MONTHS AS NEW CAPACITY RAMPS UP Commentary . • • • 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 FINISHED GOODS PRODUCTION VOLUME - YTD (Million litres of finished goods) Landskrona closed for planned maintenance Ogden not yet at full capacity but showing stable performance Start of production in Singapore 45.7 Vlissingen impacted by Covid-19 40.1 35.5 33.3 30.9 28.5 28.2 JAN'21 FEB'21 MAR'21 APR'21 MAY'21 JUN'21 JUL'21 Q2'21 EARNINGS PRESENTATION 21 THE ORIGINAL OATLY!#23SIGNIFICANT UPSIDE FOR GROWTH AS WE INVEST TO CAPTURE DEMAND CAPACITY RAMP UP OVER TIME (Million litres of finished goods) (1) Notes: Historic production volume Total expected capacity at the end of the year 361 299 165 84 ~600 ~1,075 CAPITAL EXPENDITURES (2) (USD in millions) CAPACITY EXPANSION 2021 2022 (1) NEW FACILITIES 2021 ~1,475 Vlissingen (NL) Landskrona (SE) Millville (U.S.) Ogden (U.S.) Ogden (U.S.) Maanshan (CN) Singapore (SG) (1) (1) (1) 2018 2019 2020 LTM Q2 2021E 2022E 2023E 2021 Expected at the low-end of the range $134 $134 $54 $21 2023 (1) Peterborough (U.K.) Asia III Fort Worth (U.S.) ~$350-400 ~$300-400 ~$100-200 (3) (1) (1) (1) 2018 2019 2020 H12021 2021E 2022E 2023E 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. 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. THE ORIGINAL OATLY! Q2'21 EARNINGS PRESENTATION 22#24ACCELERATING GROWTH ACROSS REGIONS, WITH BALANCED CONTRIBUTION FROM EACH (USD in millions) $421 2020 EMEA PROJECTED REVENUE GROWTH > 64% GROWTH YOY ●.. >$690 AMERICAS ASIA THE ORIGINAL OATLY! 2021E ASIA AMERICAS EMEA Q2'21 EARNINGS PRESENTATION 23#25LONG-TERM TARGETS * GROSS PROFIT MARGIN GREATER THAN 40% ADJUSTED EBITDA MARGIN (1) 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 IL DAT LY! DAT DRINK LARTA Q2'21 EARNINGS PRESENTATION 24#26MULTIPLE OPPORTUNITIES FOR CONTINUED GLOBAL GROWTH Accelerate brand awareness and consumer trial 2 Invest in global production capacity to capture immense demand 4 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 5 Roll out our existing product portfolio across global regions and pioneer new product categories with innovation THE ORIGINAL OATLY! Q2'21 EARNINGS PRESENTATION 25#27APPENDIX Seriously WI DRINKS MILK eat festival YWAY? Q2'21 EARNINGS PRESENTATION 26#28RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Thee months ended June 30, 2021 Six months ended June 30, 2020 2021 2020 (in thousands $) Loss for the period attributable to shareholders of the parent Income tax expense Finance income and expenses, net Depreciation and amortization expense EBITDA (59,064) (4,790) (91,447) (12,963) 264 420 2,212 772 10,696 23 12,616 2,673 4,642 3,113 8,646 5,964 (43,462) (1,234) (68,155) (3,554) Share-based compensation expense 4,466 4,466 1,014 IPO preparation and transaction costs 7,065 9,288 Adjusted EBITDA (31,931) (1,234) (54,401) (2,540) Adjusted EBITDA margin (21.8%) (1.3%) (19.0%) (1.4%) THE ORIGINAL OATLY! Q2'21 EARNINGS PRESENTATION 27