Oatly Results Presentation Deck

SHIFTING PRODUCTION MODEL DRIVES HIGHER GROSS MARGINS SIGNIFICANT GROSS MARGIN IMPROVEMENT EXPECTED ACROSS REGIONS WITH MORE LOCALIZED PRODUCTION Self- Manufacturing 21% Hybrid 34% FY 2021 Co-Packing 45% GROSS MARGIN 24% YEAR-END FY22 TARGET Self- Manufacturing Co-Packing Hybrid for illustrative purposes only Self- Manufacturing 50-60% LONG-TERM (¹) Co-Packing 10-20% Hybrid 30-40% GROSS MARGIN 40%+ Notes: 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 Securities & Exchange Commission on May 21, 2021. Nothing in this presentation and 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. The graphs for our Year-End FY2022 targets are for illustrative purposes only and represent an increase from 4Q21. We are not intending to convey a specific percentage of utilization at Year-End FY 2022. THE ORIGINAL ●ATLY! Q4'21 EARNINGS PRESENTATION 19

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