Oatly Results Presentation Deck

LONGER-TERM TARGETS Gross profit margin 35-40% Adjusted EBITDA margin(¹) MID-TO HIGH- TEENS MARGIN TARGETS ALLOW FOR FLEXIBILITY OF LONG-TERM PRODUCTION MIX Hybrid 25% 31% 44% 4Q22 End-to-End 10-20% 50-60% 30-40% Long-Term Target @ IPO Co-packing Notes: 1. Adjusted EBITDA margin is a non-IFRS measure. The Company cannot provide a reconciliation of EBITDA guidance to the corresponding IFRS metric without unreasonable efforts, due to difficulty in predicting certain items excluded from this non-IFRS measure. These items are not within Oatly's control and may vary greatly between periods and could significantly impact future financial results. ~10% 35-40% 50-55% Peterborough and Asia III treated as E2E Fully-Ramped Mix Post-Ya YA Transaction Q4'22 EARNINGS PRESENTATION 26

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