Oatly Results Presentation Deck

Q1 2022 FINANCIALS OVERVIEW TOPLINE MOMENTUM EXPECTED TO FURTHER ACCELERATE AS CAPACITY INCREASES Production volume(¹) Sales volume(1) ● ● 90 92 $140 REVENUE Q1 2021 +19% 121 118 $166 Q1 2022 Broad-based revenue growth across all regions and channels Revenue growth negatively impacted by several factors, including lower production output and lower than expected sales in Asia, primarily in China, as a result of foodservice location closures due to the COVID-19 variants % Margin ● - - GROSS PROFIT - 29.9% $42 Q1 2021 9.5% Gross margin impacted by: $16 Q1 2022 Positive impact from higher share of self-manufacturing, offset by Higher cost inflation of raw materials, logistics and electricity costs, Higher cost of production related to new capacity investments, Consolidation of EMEA co- packer network, and Channel and customer mix shift Notes: USD in millions 1. Million litres of finished goods. 2. The headwind to revenue from foreign exchange impact was -$5.1 million. 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 ● - - ADJ. EBITDA(3) (16.0%) ●ATLY! ($22) Q1 2021 Adjusted EBITDA loss increased due to: (43.0%) ($71) Q1 2022 Lower gross profit Higher employee and consultant expenses as we scale for growth Public company expenses Customer distribution expenses $46 Q1 2021 CAPEX $53 Q1 2022 • Continued to invest in capacity to meet the demand • Investments primarily focused on Peterborough, UK, Maanshan, China, Fort Worth, TX, and Millville, NJ facilities Q1'22 EARNINGS PRESENTATION 17

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