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Presentation Includes Forward-Looking Statements 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. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. 2 5 Carbon Land Energy Emissions Usage Usage Source: Florén, Nilsson, Wallman (2013) lifecycle analysis on fresh and aseptic oat drink & RISE (2016) Updated findings resulting from changing to Ecolabel electricity with biogas to replace Swedish average electricity mix and natural gas. 6 Notes: 1. One liter, on average. $421 Liters of Finished Goods Equivalent of Oat Base Production Volumes (millions) (1) Continued investment in $MM Revenue production capacity $204 299 Production $118 (2) capacity expansion China and Germany 165 market entry U.S. market New entry strategy Founding 84 launch of Oatly 51 20 25 31 38 1990s 2013 2014 2015 2016 2017 2018 2019 2020 1990s 2013 ‒ 2014 2015 ‒ 2016 2017 ‒ 2018 2019 2020 - 2021 • Oatly is founded by • Commence • Expand footprint • Enter German and U.S. markets • U.S. and Netherlands • Launch Starbucks + Oatly branded a group of scientists company and launch of through foodservice and retail factories begin production partnerships in U.S. and China at Lund University transformation Barista Edition in U.K. • Mainland China and H.K. market • Broke ground on new Ogden, • Oatly launches on Tmall China • Developed • Launch new entry with foodservice strategy U.S. factory • Strengthened capital structure, first patented enzyme strategy • Launch of Spreads • Launch of chilled products in U.K. • Launch of chilled products in company to execute sustainability process in Sweden • Launch of Barista and Sweden Germany and frozen desserts linked loan Edition in Sweden in U.S. and U.K. • 9 production facilities planned through 2023 Notes: 1. Estimate from oatmilk production at 1.3x 7 2. Revenue for the year ended December 31, 2018 are management’s estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue and gross profit for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited. Our products mirror the dairy portfolio, from oatgurts, to frozen desserts, to a Barista Edition drink that’s a perfect pair for coffee 8 LTM Q1 2021 Revenue 2018 – Q1’21 Revenue CAGR (7) Planned Production Facilities by 2023 in 20+ markets Retail Doors (6) Coffee Shops (6) Product Categories Total Addressable Market Nearing the Tipping Point of Adoption (1) Source: Nielsen, IRI, Euromonitor, management projections, Tmall Database Notes: . 1. Estimated global dairy market for food retail channel. Based on Euromonitor data. 5. Tmall database, as of February 2021. 2. In key markets of Sweden, the U.K., Germany and the U.S. for the full year 2020, 52 weeks ending January 2, 2021, the 52 weeks ending 6. As of December 31, 2020. December 2020 and 52 weeks ending December 26, 2020, respectively. Excludes Private Label. Market data from IRI and Nielsen. 7. Calculated based on 2018 revenue of $118MM and 2020 revenue of $421MM. Revenue for the year ended December 31, 2018 are management’s 3. Based on top selling SKU compared to top selling SKU of next three largest competitors in key markets of Sweden, the U.K., Germany and the estimates that were derived from our audited Swedish consolidated annual report in accordance with generally accepted accounting principles in U.S. for the last four weeks ending 2020, 4 weeks ending January 2, 2021, 4 weeks ending December 2020 and 4 weeks ending December 26, 2020, respectively. Excludes Private Label. Market data from IRI and Nielsen. Sweden. The amounts presented were converted to U.S. dollars and adjusted for comparability with IFRS, and these adjustments have not been audited 9 4. In terms of retail sales for the aforementioned 52-week periods per Nielsen and IRI or reviewed. The estimates may differ from the amounts that would have been presented if our results of operations for the year ended December 31, 2018 had been prepared in accordance with IFRS. Revenue and gross profit for the years ended December 31, 2019 and 2020 were prepared in accordance with IFRS and have been audited. 64% of revenue in 2020 (5) 24% of revenue in 2020 (5)
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