Oatly Results Presentation Deck

Q3 2021 FINANCIALS OVERVIEW CONTINUED TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES Production volume(¹) Sales volume(1) ● 74 76 $115 REVENUE Q3 2020A +49% 131 110 $171(2) Q3 2021A Broad-based growth across all regions and channels • The share of Foodservice channel continued to improve as COVID-19 restrictions have eased (~36% in Q3'21 vs. -27% in Q3'20 share of total revenue), partially offset by closures in Asia • Ended Q3 with the highest production output on record % Margin ● - - GROSS PROFIT - 31.3% Q3 2020A Q3 2021A Strong demand for our products has increased our need to rely on co- packers in the short-term as new capacity is being built • Gross margin impacted by: $36 26.2% $45 Higher logistics costs Regional channel and customer mix Higher share of co-packing Ogden ramp-up Offset by minor positive effect from foreign-exchange Notes: USD in millions 1. Million litres of finished goods. 2. The benefit to revenue from foreign exchange impact was ~$4.4 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) (4.0%) ($5) Q3 2020A ●ATLY! Adjusted EBITDA loss increased due to: (15.8%) ($27) Q3 2021A Higher employee expenses as we scale for growth Public company expenses and IT spend Customer distribution expense driven by higher revenue Branding and marketing to support growth Offset by higher gross profit $33 CAPEX Q3 2020A $52 Q3 2021A • Continued to invest in capacity to meet the surging demand • Investments primarily focused on Ogden, UT, Maanshan, China, Singapore, SG and Peterborough, UK facilities Q3'21 EARNINGS PRESENTATION 17

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