Oatly Results Presentation Deck

Notes: 1. 2. (USD in millions) $800-$830 PREVIOUS 2022E REVENUE (20'22 FX) 2022 REVENUE GUIDANCE(¹)(²) AMERICAS PRODUCTION CHALLENGES AT OGDEN LIMITING OVERALL SUPPLY IN THE REGION ($53) - ($58) ASIA IMPACT OF CONTINUED COVID-19 RESTRICTIONS ($32) - ($37) TRANSLATION IMPACT DUE TO FX MOVEMENTS SINCE 20'22 ($15) Reported YOY Growth +9% -12% $700-$720 UPDATED 2022E REVENUE (CURRENT FX)(²) 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 6, 2022. 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. Constant currency using previous exchange rate assumptions and current FX" using September 30, 2022 spot rates. Please see appendix for assumed foreign exchange rates. YOY Growth Based on 2021 FX Rates +17% - 20% YOY $755-$775 CONSTANT CURRENCY 2022E REVENUE (2021 FX RATES) Q3'22 EARNINGS PRESENTATION 22

View entire presentation