Oatly Results Presentation Deck

SUMMARY OF INTERNAL REVENUE EXPECTATIONS VS. ACTUAL (USD in millions) --- Prior forecast for illustrative purposes Actuals / new budget 140.1 1Q21 66% 146.2 2Q21 53% 178.0 171.1 3Q21 55% 49% 226 178+ 4Q21 78% 40%+ 690 635+ FY21 CONFIDENTIAL THE ORIGINAL ●ATLY! 64% 51%+ 30 Strong 49% revenue growth y/y partially offset by: Americas: $3M below plan due to lower than expected production output at the Company's facility in Ogden, UT primarily due to temporary mechanical and automation issues in late August. ● ● ● Asia: $3M below plan due to foodservice location closures in Asia due to the COVID-19 Delta variant. 40 Strong 40%+ revenue growth y/y partially offset by: EMEA: $31M below plan as the timing of when we expected to expand our retail distribution footprint and open new markets is slower than we anticipated, as retailers have delayed material updates to their planograms in light of a highly dynamic COVID operating environment. ● EMEA: $1M below plan due to easing of lockdown restrictions in certain European markets resulting in a softer food-at-home retail environment and the truck driver shortage in the United Kingdom temporarily delaying distribution of products. - In the first half of 2022, we expect to have an increased share of shelf space at retail driven by our leading velocities and supported by our increased production capacity. Retail represents more than 80% of the region's revenue. Americas: $13M below plan as we navigate a challenging supply chain environment and we expect lower production and sales volume versus our prior outlook. Asia: $4M below plan as strict public health measures remain in effect due to an increase in cases of the COVID-19 Delta-variant. Q3'21 EARNINGS PRESENTATION 25

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