Oatly Group Investor Presentation — May 2021

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This presentation includes forward -looking statements .Allstatements other than statements ofhistorical facts contained inthispresentation, including statements regarding ourfuture results ofoperations andfinancial position, industry dynamics, business strategy

andplans andourobjectives forfuture operations, areforward -looking statements .These statements represent ouropinions, expectations, beliefs, intentions, estimates orstrategies regarding thefuture, which may notberealized .Insome cases, youcanidentify

forward -looking statements byterms such as“may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “would,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “assumes,” “potential,” “position” or“continue” orthenegative of

these terms orother similar expressions thatareintended toidentify forward -looking statements, although notallforward -looking statements contain these identifying words .Forward -looking statements arebased largely onourcurrent expectations andprojections

about future events andfinancial trends thatwebelieve may affect ourfinancial condition, results ofoperations, business strategy, short -term andlong-term business operations andobjectives andfinancial needs .These forward -looking statements involve known and

unknown risks, uncertainties, contingencies, changes incircumstances that aredifficult topredict andother important factors that may cause ouractual results, performance orachievements tobematerially and/or significantly different from anyfuture results,

performance orachievements expressed orimplied bytheforward -looking statement .Such risks include ourhistory oflosses andinability toachieve orsustain profitability ;reduce orlimited availability ofoats orother rawmaterial that meet ourquality standards ;

failure toobtain additional financing toachieve ourgoals orfailure toobtain necessary capital when needed onacceptable .terms ;damage ordisruption toourproduction facilities ;harm toourbrand andreputation astheresult ofrealorperceived quality orfood

safety issues with ourproducts ;ourability tosuccessfully compete inourhighly competitive markets ;reduction inthesales ofouroatmilk varieties ;failure toexpand ourmanufacturing andproduction capacity aswegrow ourbusiness ;ourability tosuccessfully

remediate thematerial weaknesses inourinternal control over financial reporting ;through ourlargest shareholder, Navitus Company Limited, entities affiliated with China Resources Verlinvest Health Investment Ltd.willcontinue tohave significant influence over us,

including significant influence over decisions that require theapproval ofshareholders ;andtheother important factors discusses under thecaption “Risk Factors” inOatly’s prospectus pursuant toRule 424(b)filed with theUSsecurities andExchange Commission