Oatly Results Presentation Deck

Self- Manufacturing 21% Hybrid 35% Notes: 1. 2. SHIFTING PRODUCTION MODEL MIX TO LOCALIZED AND IN-HOUSE PRODUCTION FY 2021 Co-Packing 44% GROSS MARGIN 24% YEAR-END FY 2022 TARGET Self- Manufacturing D Co-Packing Hybrid For illustrative purposes only LONG-TERM (1) Self- Manufacturing 50-60% Co-Packing 10-20% 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 Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. Nothing in this presentation and other SEC filings 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 graphs for our Year-End FY2022 targets are for illustrative purposes only and represent an increase from 4021. We are not intending to convey a specific percentage of utilization at Year-End FY 2022. Hybrid 30-40% GROSS MARGIN 40%+ Q2'22 EARNINGS PRESENTATION 25

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