Oatly Results Presentation Deck

YEAR-OVER-YEAR 3Q 2022 GROSS MARGIN BRIDGE NEAR-TERM MARGINS IMPACTED BY INFLATIONARY ENVIRONMENT, CONTINUED PRODUCTION UNDER-ABSORPTION AND RELATED CHARGES LINKED TO MACRO-ECONOMIC HEADWINDS PARTIALLY OFFSET BY PRICE INCREASES 26.2% 3021 2.2% ● PRICING ACTIONS (9.0%) INFLATIONARY PRESSURES • Price increases introduced in EMEA and Americas across channels Ongoing inflationary pressures mainly driven by higher energy prices in EMEA as well as higher material and packaging prices (8.0%) COVID-19 PRESSURES IN ASIA (1.1%) EXTENDED RAMP-UP OF OGDEN FACILITY AND START-UP OF MILLVILLE EXPANSION (6.9%) EMEA CHARGES EXACERBATED BY VOLATILITY IN THE MACRO ENVIRONMENT • Lower output in Asia driven by COVID-19 related constraints, resulting in under-absorption, inventory provisions and production planning challenges • Production challenges at our Ogden facility in August/September, resulting in lower production than previous year Continued macro conditions in EMEA slowed new market and channel expansion, impacted cost of production, and we incurred one-time charges related to higher scrap and co-packer volume adjustments (0.7%) OTHER, NET 2.7% 3022 Q3'22 EARNINGS PRESENTATION 29

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