Oatly IPO Presentation Deck

LEGAL DISCLAIMER Oatly Group AB (together with its subsidiaries, the "Company." "we." "our" and "us") has filed a Registration Statement on Form F-1 (File No. 333-255344) (the "Registration Statement"), including a base prospectus, with the Securities and Exchange Commission (the "SEC") for an initial public offering of the Company's American Depositary Shares represented by ordinary shares (the "ADSS") to which this presentation relates. Before you invest, you should read the Registration Statement and any other documents the Company has filed with the SEC, each of which is available at no charge by visiting EDGAR on the SEC's website at http://www.sec.gay. Neither the SEC nor any other regulatory body has approved or disapproved of the ADSS or passed upon the accuracy or adequacy of this presentation. This presentation is not a prospectus or an offer to sell securities or a solicitation of an offer to buy securities. The ADSs may not be sold, nor may offers to buy the ADSS be accepted, prior to the time the Registration Statement becomes effective. The initial public offering is being made by the means of a prospectus only, copies of which may be obtained from Morgan Stanley & Co. LLC. 1585 Broadway, New York, New York 10036. Attention: Equity Syndicate Desk: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717. or by telephone at (866) 803-9204, or by email at [email protected]; or Credit Suisse Securities (USA) LLC. 6933 Louis Stephens Drive. Morrisville, North Carolina 27560, United States, Attention: Prospectus Department, or by phone at 1-800-221-1037 or by email at [email protected]. This presentation includes forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, industry dynamics, business strategy and plans and our objectives for future operations, are forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as "may." "will," "should," "expects." "plans." "anticipates," "could." "would." "intends." "targets." "projects." "contemplates," "believes." "estimates." "predicts." "assumes," "potential," "position" or "continue" or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties. contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. We caution you therefore against relying on these forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. The forward-looking statements included in this presentation are made only as of the date hereof. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither we nor our advisors nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Neither we nor our advisors undertake any obligation to revise, supplement or update any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, even if new information becomes available in the future, except as may be required by law. You should read this presentation with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. Unless otherwise indicated, information contained in this presentation concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from our internal research, and are based on assumptions made by us upon reviewing such data, and our experience in, and knowledge of, such industry and markets, which we believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by us. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. This presentation and the information it contains has been prepared by the Company. Morgan Stanley & Co. LLC. J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC and any other underwriter (the "Underwriters") acting in connection with the initial public offering of the securities of the Company are acting exclusively for the Company and no one else and will not be responsible for providing advice to any other party. Subject to applicable law, none of the Underwriters accepts any responsibility whatsoever and makes no representation or warranty, express or implied, for the contents of the presentation, including its accuracy, completeness or verification or for any other statement made or purported to be made in connection with the Company and nothing in this document or at this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Underwriters accordingly disclaim all and any liability whatsoever, whether arising in tort, contract or otherwise (save as referred above) which any of them might otherwise have in respect of the information contained in the presentation or any such statement. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or the initial public offering. THE ORIGINAL OATLY! 2