Oatly Results Presentation Deck

Q2 2021 FINANCIALS OVERVIEW CONTINUED TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES ADJ. EBITDA (3) CAPEX Production volume (1) Sales volume(1) ● ● 74 67 ● $95 REVENUE +53% Q2 2020A 106 95 $146 Q2 2021A Broad-based growth across all regions and channels • Fill rate levels remain low across regions, as expected given ramp up in production capacity The Foodservice channel increased compared to PY (~33% in Q2'21 vs. ~22% in Q2'20 share of total revenue) Ended Q2 with the highest production output on record % Margin ● ● - - GROSS PROFIT - 32.3% $31 Q2 2020A Strong demand for our products has increased our need to rely on co- packers in the short-term as new capacity is being built Gross margin also impacted by: Higher logistics costs 26.4% $39 Q2 2021A Regional channel and customer mix Minor negative effect from foreign exchange Notes: USD in millions 1. Million litres of finished goods. 2. The benefit to revenue from foreign exchange impact was ~$10.2 millions. 3. Adjusted EBITDA and adjusted EBITDA margin are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. THE ORIGINAL % Margin ● (1.3%) (21.8%) ($1) Q2 2020A Higher Adj. EBITDA loss due to planned growth investments and new recurring expenses associated with being a public company ●ATLY! ($32) Q2 2021A • Increased global employee headcount from ~600 to ~1,500 to support growth Higher branding and marketing expense $25 $89 Q2 2021A Q2 2020A • Continued to invest in capacity to meet the surging demand • Investments primarily focused on Ogden, UT, Maanshan, China, Singapore, SG and Peterborough, UK facilities Q2'21 EARNINGS PRESENTATION 16

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