Q2'21 Earnings Presentation

SIGNIFICANT UPSIDE FOR GROWTH AS WE INVEST TO CAPTURE DEMAND CAPACITY RAMP UP OVER TIME (Million litres of finished goods) (1) Notes: Historic production volume Total expected capacity at the end of the year 361 299 165 84 ~600 ~1,075 CAPITAL EXPENDITURES (2) (USD in millions) CAPACITY EXPANSION 2021 2022 (1) NEW FACILITIES 2021 ~1,475 Vlissingen (NL) Landskrona (SE) Millville (U.S.) Ogden (U.S.) Ogden (U.S.) Maanshan (CN) Singapore (SG) (1) (1) (1) 2018 2019 2020 LTM Q2 2021E 2022E 2023E 2021 Expected at the low-end of the range $134 $134 $54 $21 2023 (1) Peterborough (U.K.) Asia III Fort Worth (U.S.) ~$350-400 ~$300-400 ~$100-200 (3) (1) (1) (1) 2018 2019 2020 H12021 2021E 2022E 2023E 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 the Securities & Exchange Commission on May 21, 2021. Nothing in this presentation 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. 2. Represents cash capital expenditures. 3. Capex for the year ended December 31, 2018 are management's estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. THE ORIGINAL OATLY! Q2'21 EARNINGS PRESENTATION 22

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