Oatly Results Presentation Deck

QUARTER-OVER-QUARTER 20 2022 GROSS MARGIN BRIDGE SEQUENTIAL INCREASE IN MARGINS DRIVEN BY IMPROVING PRODUCTION MODEL, POSITIVE PRICING AND MIX EFFECT, PARTIALLY OFFSET BY INFLATIONARY ENVIRONMENT 9.5% 10 2022 MANUFACTURING AND SUPPLY CHAIN IMPACTS +4.1% 3.2% HIGHER SHARE OF (LOCAL) SELF-MANUFACTURING (1.8%) SHORT-TERM UNDER- UTILIZATION OF FACILITIES AND LOGISTICS NETWORK 2.7% 10 2022 ADJUSTMENT RELATED TO EMEA CO-PACKER CONSOLIDATION Production model improvement as we increase in-house production, reducing reliance on co-packers • Reduction of COGS per liter in Asia as local production ramps up • Short-term under-utilization of new facilities and logistics network as production ramps up in Americas and Asia 1.9% EMEA PRICE INCREASE 0.3% OTHER, NET +6.3% 15.8% 20 2022 Q2'22 EARNINGS PRESENTATION 21

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