Oatly Group Investor Presentation — April 2022

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Thispresentation contains forward -looking statements within themeaning ofthePrivate Securities Litigation Reform Actof1995 .Any express orimplied statements contained inthispresentation that arenotstatements ofhistorical fact may bedeemed to

beforward -looking statements, including, without limitation, statements regarding ourfinancial outlook for2022 and long -term growth strategy, aswell asstatements that include thewords “expect,” “intend,” “plan,” “believe,” “project,” “forecast,”

“estimate,” “may,” “should,” “anticipate,” “would,” “ambition,” “targets,” “predicts,” “will,” “aim,” “potential,” “continue,” “is/are likely to”and similar statements ofafuture orforward -looking nature .Forward -looking statements areneither promises nor

guarantees, butinvolve known and unknown risksand uncertainties that could cause actual results todiffer materially from those projected, including, without limitation :general economic conditions including high inflationary cost pressures ;ourhistory of

losses and inability toachieve orsustain profitability ;theimpact oftheCOVID -19pandemic, including thespread ofvariants ofthevirus, onourbusiness and theinternational economy ;reduced orlimited availability ofoats orother raw materials that

meet ourquality standards ;failure toobtain additional financing toachieve ourgoals orfailure toobtain necessary capital when needed onacceptable terms ;damage ordisruption toourproduction facilities ;harm toourbrand and reputation asthe

result ofreal orperceived quality orfood safety issues with ourproducts ;food safety and food -borne illness incidents and associated lawsuits, product recalls orregulatory enforcement actions ;ourability tosuccessfully compete inourhighly competitive

markets ;changing consumer preferences and ourability toadapt tonew orchanging preferences ;theconsolidation ofcustomers orthelossofasignificant customer ;reduction inthesales ofouroatmilk varieties ;failure tomeet ourexisting ornew

environmental metrics and other risks related tosustainability and corporate social responsibility ;litigation, regulatory actions orother legal proceedings including environmental and securities class action lawsuits ;changes tointernational trade policies,

treaties and tariffs and theongoing war inUkraine ;changes inourtaxrates orexposure toadditional taxliabilities orassessments ;failure toexpand ourmanufacturing and production capacity aswegrow ourbusiness ;supply chain delays, including

delays inthereceipt ofproduct atfactories and ports, and anincrease intransportation costs ;theimpact ofrising commodity prices, transportation and labor costs onourcost ofgoods sold;failure byourlogistics providers todeliver ourproducts on

time, oratall;ourability tosuccessfully ramp upoperations atany ofournew facilities and operate them inaccordance with ourexpectations ;failure todevelop and maintain ourbrand ;ourability tointroduce new products orsuccessfully improve