Oatly Results Presentation Deck

QUARTER-OVER-QUARTER 30 2022 GROSS MARGIN BRIDGE DECREASE IN GROSS MARGINS IMPACTED BY INFLATION, CONTINUED PRODUCTION UNDER-ABSORPTION AND RELATED CHARGES LINKED TO MACRO-ECONOMIC ENVIRONMENT, PARTIALLY OFFSET BY PRICE INCREASES 15.8% 2022 WHAT HAPPENED? ACTIONS WE ARE TAKING 3.9% PRICING ACTIONS (3.8%) INFLATIONARY PRESSURES Continued pricing actions in EMEA and Americas, offset by higher energy prices in EMEA and input materials across regions. Continued pricing actions to combat inflation (4.9%) CONTINUED COVID-19 PRESSURES IN ASIA COVID-19 pressures resulting in production under- absorption, inventory provisions and production planning challenges Channel and portfolio expansion to capitalize on strong underlying consumer demand (1.1%) EXTENDED RAMP-UP OF OGDEN FACILITY Production challenges at our Ogden facility in Aug / Sep Continued progress during ramp-up period to reach steady-state production levels (6.3%) EMEA CHARGES EXACERBATED BY VOLATILITY IN THE MACRO ENVIRONMENT One-time charges in EMEA related to higher scrap and co- packer volume adjustments, macro headwinds impacting cost of production Increasing simplicity and agility of the organization, improving execution across markets. (0.9%) OTHER, NET 2.7% 3022 Q3'22 EARNINGS PRESENTATION 20

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