Oatly Results Presentation Deck

WE CURRENTLY DEPLOY A VARIETY OF PRODUCTION MODELS TO MEET OUR GROWING DEMAND EARLY CAPEX INVESTMENT INTO SELF-MANUFACTURING PRODUCTION MODELS TO DRIVE MARGIN PROFILE LOW CO-PACKING ■ Quickest and easiest option to market Higher costs from shipping and profit share ▪ Oat base shelf life requires time sensitive transportation FY 2021: 45% of total volumes Target Mix: 10-20% (¹) ■ ■ TARGET % OF TOTAL VOLUMES HYBRID Oat base is transported via pipeline to partners who execute the mixing and filling process Lighter cash choice with more favorable margins ▪ Centers around long term partnerships (10 years) FY 2021: 34% of total volumes Target Mix: 30-40% (¹) ■ THE ORIGINAL OATLY! ■ END-TO-END SELF-MANUFACTURING HIGH In-house oat base manufacturing, mixing and filling in one location Flexibility to build value-added processes (e.g., oatgurt fermentation) Full control of production and costs paired with high margins FY 2021: 21% of total volumes Target Mix: 50-60% (¹) Notes: 1. These are not projections; they are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus filed with Securities & Exchange Commission on May 21, 2021. Nothing in this presentation and SEC filings should be regarded as a representation by any person that these goals / targets will be achieved and the Company undertakes no duty to update its goals. Q4'21 EARNINGS PRESENTATION 22

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