Oatly Results Presentation Deck

Q4 2021 FINANCIALS OVERVIEW CONTINUED TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES Production volume(¹) Sales volume(1) ● 91 86 $127 REVENUE +46% Q4 2020 142 124 $186 Q4 2021 Broad-based growth across all regions and channels • The share of Foodservice channel continued to improve as COVID-19 restrictions have relatively eased (-38% in Q4'21 vs. -30% in Q4'20 share of total revenue), partially offset by closures in Asia • Ended Q4 with the highest production output on record % Margin ● - - GROSS PROFIT - 27.7% $35 Q4 2020 15.9% Gross margin impacted by: $30 Q4 2021 COVID-related global supply chain disruptions New facility start-up related costs (depreciation, Singapore inventory provision) Higher inflation impacting logistics and electricity costs Higher share of co-packing A limited product recall, an asset impairment charge Notes: USD in millions 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was $0.2 million. 3. Adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. THE ORIGINAL % Margin ● - - ADJ. EBITDA(3) ●ATLY! (19.8%) ($25) Q4 2020 Adjusted EBITDA loss increased due to: (35.3%) ($66) Q4 2021 Lower gross profit Higher employee and consultant expenses as we scale for growth Public company expenses Branding and customer distribution expenses $49 Q4 2020 CAPEX $87 Q4 2021 • Continued to invest in capacity to meet the demand • Investments primarily focused on Peterborough, UK, Maanshan, China, Fort Worth, TX, and Ogden, UT facilities Q4'21 EARNINGS PRESENTATION 16

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