Oatly Results Presentation Deck

PRODUCTION VOLUMES EXPECTED TO IMPROVE IN THE SECOND QUARTER Q1 2022 Commentary ● ● ● Increased our quarterly production output by 34% vs. prior year, ending at 121ML First quarter production output decreased by 17% sequentially due to a number of COVID-19 related factors EMEA: Stable production in line with expectations, with fewer shipments to Asia • Americas: Production impacted by a number of COVID-19 related factors - Ogden expected to continue to ramp up, with full utilization expected by the end of 1H22 Asia: Singapore expected to reach steady-state production in the third quarter; Maanshan expected to continue to ramp up for the full year of 2022 (Million litres of finished goods) 90 1Q21 Note: 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 Annual Report on Form 20-F filed with the Securities & Exchange Commission on April 6, 2022. Nothing in this presentation and our 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. 106 2Q21 THE ORIGINAL FINISHED GOODS PRODUCTION VOLUME ●ATLY! 131 3Q21 142 4Q21 COVID-19 related challenges 121 1Q22 135 145 2022E¹ Q1'22 EARNINGS PRESENTATION 19

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