Oatly Results Presentation Deck

YOY 4021 GROSS MARGIN BRIDGE NEAR-TERM MARGINS IMPACTED BY CARRYING FULL FIXED AND VARIABLE COST STRUCTURE DURING RAMP UP OF THREE NEW FACILITIES AND INFLATIONARY ENVIRONMENT 27.7% 4020 NEW FACILITY START-UP EXPENSES -5.0% New Facility Start-up... INFLATION -4.8% Inflation IMPAIRMENT AND RECALL COSTS Notes: 1. Fourth quarter utilization rates based on self-manufacturing. -1.7% Impairment and Recall... OTHER -0.2% Other THE ORIGINAL 15.9% 4021 ●ATLY! KEY EXPECTED IMPACTS TO MARGIN NEAR-TERM INFLATION AND SUPPLY CHAIN CHALLENGES TIMING OF NEW CAPACITY COMING ONLINE AND MIX OF PRODUCTION MODEL; SHORT TERM UNDER UTILIZATION DUE TO RAMP-UP 80% CURRENT SITES OAT BASE 40% NEW SITES 65% TOTAL Excess capacity vs steady state. Produced volume Utilization % (1) 82% FILLING 30% CURRENT NEW SITES SITES Q4'21 EARNINGS PRESENTATION 47% TOTAL 17

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