Oatly Results Presentation Deck

YEAR-OVER-YEAR Q1 2022 GROSS MARGIN BRIDGE NEAR-TERM MARGINS IMPACTED BY INFLATIONARY ENVIRONMENT AND CARRYING FULL FIXED AND VARIABLE COST STRUCTURE OF THREE NEW FACILITIES DURING PRODUCTION RAMP-UP PHASE 29.9% 1Q21 HIGHER SHARE OF SELF- MANUFACTURING 2.5% 2 SHORT-TERM UNDER- UTILIZATION DUE TO SUPPLY CHAIN CHALLENGES (9.7%) INFLATIONARY IMPACT (7.6%) 4 EMEA CO-PACKER CONSOLIDATION (2.9%) OTHER, NET (2.7%) 6 THE ORIGINAL 9.5% 1Q22 ●ATLY! KEY EXPECTED IMPACTS TO MARGIN NEAR-TERM SHORT-TERM UNDER UTILIZATION OF NEW FACILITIES INFLATIONARY ENVIRONMENT CONTINUE TO INCREASE PRODUCTION OUTPUT DURING RAMP-UP ONGOING PRICING ACTIONS IN EMEA AND AMERICAS OVERALL MACRO AND COVID-19 IMPACT ON DEMAND ENVIRONMENT IN ASIA, SUPPLY CHAIN CHALLENGES AND TIMING OF NEW CAPACITY STRATEGIC EMEA CO-PACKER CONSOLIDATION [FULL YEAR EXPENSE INCURRED IN Q1] Q1'22 EARNINGS PRESENTATION 21

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