Oatly Results Presentation Deck

Production volume(1) Sales volume(1) 106 95 $146 20 2022 FINANCIALS OVERVIEW TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE IN 2H22 AS CAPACITY INCREASES REVENUE GROSS PROFIT ADJ. EBITDA (3) CAPEX 20 2021 +22% 124 121 $178 2Q 2022 Broad-based revenue growth across retail and foodservice and channels The foodservice channel contribution continued to increase in the second quarter of 2022 compared to the prior year period Experienced strong growth in e- commerce sales in China % Margin 26.4% $39 20 2021 15.8% $28 Other items 2Q 2022 Gross margin impacted by: Positive impact from higher share of self-manufacturing and EMEA price increases, offset by Short-term underutilization of new facilities driven by COVID-19 restrictions in China and COVID-19 supply chain related impacts more broadly Higher cost inflation of raw materials, co-packing and electricity costs, and % Margin ● (21.8%) ($32) 20 2021 (30.0%) ($53) Q2 2022 Adjusted EBITDA loss increased due to: Notes: USD in millions 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was $11.7 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. Lower gross profit Branding and customer distribution expenses Public company expenses Other operating expenses to support growth across three continents Partially offset by positive impact from foreign exchange rates $89 20 2021 $58 2Q 2022 Continued to invest in capacity to meet the demand Near-term capex savings due to phasing of production facility. expansion projects. Q2'22 EARNINGS PRESENTATION 19

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