Oatly Results Presentation Deck

Notes: 1. 2. 3. REVENUE (2) GROSS MARGIN CAPEX OUTLOOK(¹)(²) 2023 23% -28% YOY CONSTANT CURRENCY GROWTH FX headwind of ~250 bps; Q1 highest impact, moderating thereafter SEQUENTIAL Q/Q IMPROVEMENT, REACHING HIGH-20%S IN 4Q $180 - $200 MILLION SETS UP FY 2024 FOR POSITIVE ADJ. EBITDA ON A FULL-YEAR BASIS 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, in our Report on Form 6-K for the period ended September 30, 2022 filed with the SEC on November 14, 2022 and in our other filings. with the SEC. Nothing in this presentation should be regarded as a representation by any persons that these goals / targets will be achieved and the Company undertakes no duty to update its goals. Constant currency is a non-IFRS measure. See appendix for a reconciliation to the nearest comparable IFRS measure and for updated foreign exchange rates used. Adjusted EBITDA margin is a non-IFRS measure. The Company cannot provide a reconciliation of EBITDA guidance to the corresponding IFRS metric without unreasonable efforts, due to difficulty in predicting certain items excluded from this non-IFRS measure. These items are not within Oatly's control and may vary greatly between periods and could significantly impact future financial results. 24

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