Q2'21 Earnings Presentation

LONG-TERM TARGETS * GROSS PROFIT MARGIN GREATER THAN 40% ADJUSTED EBITDA MARGIN (1) APPROACHING 20% Notes: 1. Adjusted EBITDA margin is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. The Company cannot provide a reconciliation between of EBITDA guidance to the corresponding IFRS metric without unreasonable efforts, as we are unable to provide reconciling information. These items are not within Oatly's control and may vary greatly between periods and could significantly impact future financial results. THINK COW'S MILK. WITHOUT THE COW AND THE MILK PART. AND 80% FEWER GREENHOUSE GAS EMISSIONS. THAT'S ALL. THE ORIGINAL IL DAT LY! DAT DRINK LARTA Q2'21 EARNINGS PRESENTATION 24

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