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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. 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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. 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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) 13% of revenue in 2020 (5)

15+ markets United States 5 core markets Mainland China, Hong Kong, Taiwan, Singapore, South Korea

2001 2016 2018 2017 2018 2019 2020 2018 2020 2020 And many Sweden & UK Relaunch Germany Barista Launch Nationwide Frozen Oatgurt Barista-led Launched Strategic Launched more since Nordics Relaunch in Select Retail Launch Desserts Launch Market Launch e-Commerce Partnership with Launch Locations Launch Partnership with Tmall Starbucks China

+58% 290 ($MM) CAGR 268 ($MM) ($MM)

+167% 155 +368% CAGR CAGR 103 113 100 74 54 39 12 2 10

(6) 2018 (6) 2019 2020 LTM Q1 2021 2018 (6) 2019 2020 LTM Q1 2021 2018 2019 2020 LTM Q1 2021

40,000+ ~12,500 #1 7,500+ ~10,000 #1 6,000+ ~11,000 #1 Retail Doors (1) Coffee shops (1) Oatmilk brand (2) Retail Doors (1) Coffee shops (1) Oatmilk brand (3) Retail & Specialty Coffee shops (1) Oatmilk brand (4) Doors (1)

Notes: 1. As of December 31, 2020. 2. By market share in key markets of Sweden, the U.K. and Germany for the full year 2020, 52 weeks ending January 4, 2021 and the 52 weeks ending December 2020, respectively. Market data from IRI and Nielsen. 3. By market share in the United States for the 52 weeks ending December 26, 2020. Market data from Nielsen. 4. On Tmall, from Tmall database as of February 2021. 5. Sales by region does not sum to 100% due to rounding. 6. 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 10 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 and Q1 2021 were prepared in accordance with IFRS and have been audited. Q: When did you first purchase plant-based milk?

Additional opportunity in foodservice Last 2 Years 3+ years

61% 63% Global dairy retail sales Plant-based 71% 71% 69% penetration of dairy retail sales globally is only ~3%, but rapidly growing (1)

39% 37% 29% 29% 31%

c.60-70% of plant-based milk consumers joined the category in the last 2 years

Source: Plant-based market survey commissioned by Oatly, January 2021. 11 Note: 1. As of December 31, 2020. The oat category is rapidly gaining market share and surpassing other crop categories.

Inherent sustainable characteristics Flexible within the supply chain Widely accessible to a range of eaters Nutritional advantages

% of total plant-based milk retail market (1) Oat Soy Almond Oat Dairy Alternatives

Oat surpassed Oat Oat Oat Oat surpassed almond Oat 80% surpassed soy 70% 72% 42% 60% 60% 40% almond and Oat surpassed soy 70% soy 60% 65% 50% 60%

50% 30% 40% 50%

40% 23% 40% 22% 20% 30% 30% 30%

20% 17% 20% 20% Oat 17% 10% 14% 14% 10% 10% 7% 10% 9%

0% 0% 0% 0% Jan – 18 Jan - 19 Jan – 20 Dec – 20 Feb – 18 Jan - 19 Jan – 20 Dec – 20 Jan – 18 Jan - 19 Jan – 20 Dec – 20 Jan – 18 Jan - 19 Jan – 20 Dec – 20

2020 Year-over- Year Growth (2)

Source: Nielsen, IRI. Notes: Sweden Nielsen data as of week 52, 2020, U.K. IRI data as of January 2, 2021, Germany Nielsen data as of December 26, 2020 and U.S. Nielsen data as of December 26, 2020. 1. Market shares represent rolling four weeks period. 12 2. Year over year growth of 52-week periods. As Oatly goes, so goes the oat category. We accelerate overall oat and nondairy category growth in our active markets.

Total plant-based market share (1)

60% 20%

40%

45% 15% 30%

30% 10% 20%

15% 5% 10%

0% 0% 0% Feb – 18 Jan - 19 Jan – 20 Dec – 20 Jan – 18 Jan - 19 Jan – 20 Dec – 20 Jan – 18 Jan - 19 Jan – 20 Dec – 20

of plant-based milk growth of plant-based milk growthJan - 19 of plant-based milk growth 49% contributed by Oatly (3) 43% contributed by Oatly (3) 13% contributed by Oatly (3)

Source: Nielsen, IRI, Plant-based market survey commissioned by Oatly, January 2021. Notes: U.K. IRI data as of January 2, 2021, Germany Nielsen data as of December 26, 2020 and U.S. Nielsen data as of December 26, 2020. 1. Market shares in the total plant-based milk category, represent rolling four weeks period. 2. Dairy Alternatives. 3. Calculated as the sales value increase for Oatly divided by the sales value increase for the total plant-based milk category for the full year 2020 in the absolute dollar amount. 13 Leveraging proprietary production processes Oatly over-indexes versus competitors as “being a and key patented elements to convert fiber- brand that aligns with my values” rich oats into great tasting products

Founded in the 1990s by food scientists on a Leading the industry and empowering people to mission to make the best possible form of milk make informed choices for the benefit of people for human beings and the planet

Our shared mission and core belief in driving a societal shift towards a plant-based food system unifies our company in our quest for purpose-driven growth

Source: Plant-based market survey commissioned by Oatly, January 2021. 14 Sustainable Artists People Who Care Barista Community Sustainability Talks Awesome People About The Planet

Online (Of Course) Packaging Out-of-Home Events And Music Festivals

15 ’

16 We aim to make products with nutritional profiles that are best suited for human nutritional needs.

We hold our food up to dairy lovers’ expectations on tastes so switching to We strive to create a plant based product plant-based options doesn’t feel like a that allows people to turn what they eat sacrifice. and drink into personal moments of healthy joy without recklessly taxing the planet’s resources.

17 Patented 50+ enzymation process research & development to create our core oatbase team members across the – the foundation of our globe (2) products

Built on 25+ Process improves years of Swedish stability and science with more than maintains natural 95 filed and pending fiber content patents (1)

Our multifaceted innovation approach begins with research at the raw material level.

Notes: 1. As of March 31, 2021. 18 2. As of December 31, 2020. Early capex investment into self-manufacturing production models to drive margin profile.

▪ Quickest and easiest option to market ▪ Oat base is transported via pipeline to ▪ In-house oat base manufacturing, mixing partners who execute the mixing and filling and filling in one location ▪ Higher costs from shipping and profit share process ▪ Flexibility to build value-added processes ▪ Oatbase shelf life requires time sensitive ▪ Lighter cash choice with more favorable (e.g., oatgurt fermentation) transportation margins ▪ Full control of production and costs paired ▪ Centers around long term partnerships with high margins (10 years)

2020: 52% of total volumes 2020: 24% of total volumes 2020: 24% of total volumes Target Mix: 10-20% (1) Target Mix: 30-40% (1) Target Mix: 50-60% (1)

Maanshan, CN Hybrid Ogden, U.S. 2020: 24% of total volumes (2022) Target Mix: 30-40% (1) Asia III Millville, U.S. (2021) US III Landskrona, SE Co-Packing 2020: 52% of total volumes Singapore, SG Date of go-live Target Mix: 10-20% (1) (2021) = Established capacity = Capacity added in 2021 Vlissingen, NL (1)(2) = Near-term capacity expansions Expected Capacity = Self-Manufacturing • 2020: 299 million liters (3) = Hybrid • 2021: ~600 million liters (Year) = Expected expansion • 2022: ~1,000 million liters

Note: • 2023: ~1,400 million liters 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 the Securities & Exchange Commission on May 21, 2021. Nothing in this presentation 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. 2. Finished goods equivalent of oat base. 20 3. Represents actual production volume of finished good liters in 2020. ($MM) ’18 - LTM ($MM) Q1’21 $477 CAGR: $144 $421 Asia $129 +368% 2018 – LTM Q1 2021 2018 – LTM Q1 2021 CAGR Americas CAGR +167%

$204 $67 $49 $118 EMEA +58%

(1) (1)

41% % Margin 30% Note: 1. Revenue and gross profit 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 21 31, 2019 and 2020 and Q1 2021 were prepared in accordance with IFRS and have been audited. • Capacity expansion delays due to Americas $33.5 $20.3 65.2% COVID-19 and continued to experience significant supply constraints as consumer EMEA $81.6 $59.1 38.1% demand globally increases

• Launched branded partnership with Asia $24.9 $4.8 414.6% Starbucks in the U.S.

• Started oatbase production at the Total Revenue $140.1 $84.2 66.2% Ogden, UT facility in mid-March

Gross Profit $41.9 $27.3 53.7% • Began production on the third oatbase line in Vlissingen, Netherlands Gross Margin 29.9% 32.4% (2.4%)

22 (Million liters of finished goods equivalent of oat base) (1) ($MM)

(1) (1) Historic production volume 2021 2022 2021 2023 • Landskrona (SE) • Millville (U.S.) • Ogden (U.S.) • Peterborough (U.K.) ~1,400 Total expected capacity • Vlissingen (NL) • Maanshan (CN) • Asia III • Singapore (SG) • U.S. III

~1,000 ~$350-400 ~$300-400

~600

$134 ~$100-200 299 165 $54 84 $21

(1) (1) (1) (3) (1) (1) (1)

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 the Securities & Exchange Commission on May 21, 2021. Nothing in this presentation 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. 2. Represents cash capital expenditures (excludes capital expenditures financed through equipment leases). 3. Capex and 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. 23 Accelerate brand awareness and consumer trial

Invest in global production capacity to capture immense demand

Expand into new markets with proven, disciplined and thoughtful multi-channel strategy

Drive category growth through distribution, velocity and market share gains in existing markets

Roll out our existing product portfolio across global regions and pioneer new product categories with innovation

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