Oatly Results Presentation Deck

Notes: 1. 2. KEY DRIVERS OF EXPECTED FY2022 GROSS MARGIN EXPANSION (ILLUSTRATIVE) LOWER CAPACITY UTILIZATION NEGATIVELY IMPACTED GROSS MARGINS IN Q1 2022 AND IS EXPECTED TO IMPROVE STARTING IN Q2 2022 OAT BASE UTILIZATION OF NEW FACILITIES 40% 4Q21 26% 1Q22 (1) Year-End FY22 Target (2) FILLING UTILIZATION OF NEW FACILITIES 30% 4Q21 Utilization rates based on self-manufacturing. 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 Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. Nothing in this presentation and other 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. The graphs for our Year-End FY2022 targets are for illustrative purposes only and represent an increase from 4Q21. We are not intending to convey a specific percentage of utilization at Year-End FY 2022. 28% 1Q22 THE ORIGINAL (1) Year-End FY22 Target (2) OATLY! GRADUAL SHIFT IN PRODUCTION MIX Self-manufacturing ■Hybrid Co-packing 32% 43% 25% 1022 YEAR-END FY22 TARGET (2) Q1'22 EARNINGS PRESENTATION 20

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