Slide 1: Q2 2025 Earnings Presentation
THE ORIGINAL Ly! 20 2025 EARNINGS PRESENTATION
Slide 2: Today's Speakers
mL TODAY’S SPEAKERS J 4 | | JEAN-CHRISTOPHE FLATIN, CEO DANIEL ORDONEZ, GLOBAL PRESIDENT & COO MARIE-JOSE DAVID, CFO
Slide 3: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this document that are not statements of historical fact may be deeme
Slide 4: In Q2, We Made Good Progress
‘THE ORIOMAL @AT > | J 4 Ly! »> IN G2, WE MADE GOOD PROGRESS ON OUR 2025 PRIORITIES »> OUR ACTIONS TOIGNITE POSITIVE CATEGORY MOMENTUM ARE WORKING WELL, AND WE ARE CONTINUING TO ROLL OUT THE PLAYBOOK TO MORE MARKETS REAFFIRMING ADJUSTED EBITDA OUTLOOK, AS ADDITIONAL EFFICIENCIES OFFSET REDUCED TOP-L
Slide 5: Our 2025 Priorities
OUR 2025 PRIORITIES AGGRESSIVELY PURSUE COST EFFICIENCIES IGNITE POSITIVE CATEGORY MOMENTUM DRIVE PROFITABILITY
Slide 6: We Continue to Be Aggressive on Cost Management
‘THE ORIGINAL WE CONTINUE TO BE AGGRESSIVE ON COST MANAGEMENT Ly! AGGRESSIVELY PURSUE COST EFFICIENCIES v REDUCED COGS PER LITER 10% Y/Y IN HI Vv REDUCED SG&A OVERHEAD EXPENSES, REINVESTED IN BRANDING V ADDITIONAL SG&A EFFICIENCIES IDENTIFIED
Slide 7: Our Refreshed Playbook Is Driving Solid Results
‘THE ORIGINAL OUR REFRESHED PLAYBOOK IS DRIVING SOLID RESULTS i) EUROPEAN RETAIL TAKEAWAY Y/Y SALES GROWTH! LAST 24 =LASTi2 =LAST4 WEEKS WEEKS WEEKS ua 73% 4% 3.9% 3.6% 3.7% 3.4% 24% - y a Plant-Based Milk Gat Milk Qatly
Slide 8: In Q2, We Continued to Make Progress on Profitability
IN G2, WE CONTINUED TO MAKE PROGRESS ON PROFITABILITY ‘di? 02 ADJ. EBITDA’ IMPROVED $7MM Y/Y, IN-LINE WITH GUIDANCE die) REAFFIRMING FULL-YEAR ADJ. EBITDA GUIDANCE
Slide 9: Refining 2025 Guidance, Reaffirming Adj. EBITDA Outlook
REFINING 2025 GUIDANCE, REAFFIRMING ADJ. EBITDA OUTLOOK Ly! ~FLAT to +17 $5 un T0 $15 ux ~$20. ¢ E&IREMAINS SOLID ¢ ADDITIONAL SG&A COST SAVINGS IDENTIFIED * CONTINUED FOCUS ON CAPITAL EFFICIENCY UPDATED EXPECTATIONS ON PACE OF ADDITIONAL SAVINGS EXPECTED TO BENEFIT PROGRESS IN NORTH AMERICA STRATEG
Slide 10: Greater China Strategic Review
GREATER CHINA STRATEGIC REVIEW LY © WE HAVE INITIATED A REVIEW OF STRATEGIC ALTERNATIVES FOR OUR GREATER CHINA BUSINESS WITH THE GOAL OF ACCELERATING GROWTH AND MAXIMIZING THE VALUE OF THE BUSINESS ¢ THE GREATER CHINA BUSINESS WILL CONTINUE TO OPERATE AS IT IS CURRENTLY. THE COMPANY REMAINS COMMITTE
Slide 11: Regional Highlights
REGIONAL HIGHLIGHTS
Slide 12: Strong Execution in Europe & International
@AT STRONG EXECUTION IN EUROPE & INTERNATIONAL Ly! _ TOP LINEGROWTH ACCELERATED STRONG PROFITABILITY E&l SEGMENT REVENUE E81 SEGMENT ADJ. EBITDA? AS 7 OF REVENUE +127 vy 57h te! $118 21y% suo S10 si09 $108 13% i J L L : : 1024 2024 3Q24 4024 1925 2Q25 1024 2024 3Q24 4024 1925 2025
Slide 13: Driving Demand Through Disciplined Execution of Our Growth Playbook
‘THE ORIOMAL DRIVING DEMAND THROUGH DISCIPLINED EXECUTION Ly! OF OUR GROWTH PLAYBOOK ©) increase revevance ©) attack Barnicrs To CONVERSION 3] INCREASE AVAILABILITY TO CONSUMERS
Slide 14: In the Markets Where We First Deployed the Playbook
‘THE ORIGINAL IN THE MARKETS WHERE WE FIRST DEPLOYED THE PLAYBOOK ty! WE SEE SUSTAINED STRENGTH OATLY GERMANY FOODSERVICE OATLY GERMANY RETAIL TAKEAWAY GROWING SHELF-SPACE VIA Y/Y REVENUE GROWTH Y/Y SALES GROWTH! NEW FORMATS & USAGE OCCASIONS +14.3% hy *5.0% 1024 2024 3024 4024 1925 2Q25 Last 24 Las
Slide 15: More Recent Rollouts Are Also Performing Well
MORE RECENT ROLLOUTS ARE ALSO PERFORMING WELL OATLY SWEDEN RETAIL NEW PORTFOLIO VELOCITIES TAKEAWAY Y/Y SALES GROWTH? EXCEEDING EXPECTATIONS +2.1% +0.9% (3.1)% Last 24 Last 12 Last 4 weeks weeks weeks 1s
Slide 16: Expansion Markets Creating and Building the Oatmilk Category
EXPANSION MARKETS CREATING AND BUILDING Ly! THE OATMILK CATEGORY EXPANSION MARKETS REVENUE ness campaigns $i7 SiS MADRIDOAT WEEK ee 19-25 MAY $12 SU) RUNTORTLY _ 1024 2024 3Q24 4Q24 1925 2Q25 Ly! votes Expeoton snkate Inch Relgiun,Quneaky Poland, France, Spy Portage, Ieelandy esis and cur Internatio
Slide 17: The Look Book Attacks the Biggest Barriers to Conversion
‘THE ORIGINAL THE LOOK BOOK ATTACKS THE BIGGEST BARRIERS TO CONVERSION Ly! | | e9\-— * Seed GUAJILLO COLD BREW LATTE ‘THE SNOWCAP | UBEMATCHA LATTE. tao ) ~ Fe re oa em ar convenes exons CHERRY BAKEWELL LACTO-FERMENTED MISO BANANA DIRTY SODA BLUEBERRY MATCHA CUBANO BLANCO 17
Slide 18: From Food Service Experience to In-Home Consumption
‘THE ORIGINAL FROM FOOD SERVICE EXPERIENCE 10 IN-HOME CONSUMPTION ly! LOOK BOOK: OATLY PORTFOLIO: SWEET & SALTY POPCORN LATTE POPCORN-FLAVORED BARISTA 18
Slide 19: Looking Ahead: Capturing the CA Explosion
LOOKING AHEAD: CAPTURING THE !) 1 CA EXPLOSION LY! DRIVING EXPERIENCE 03 PAN EUROPEAN AVAILABILITY IN FOOD SERVICE RTD PORTFOLIO ROLLOUT VISIBILITY ROSEMARY MATCHA LATTE MATCHA OAT DRINK Sf av | SMOKEY MATCHA.
Slide 20: North America Made Progress While Navigating Discrete Headwinds
‘THE ORIGINAL NORTH AMERICA MADE PROGRESS Ly! WHILE NAVIGATING DISCRETE HEADWINDS __NORTH AMERICA SEGMENT REVENUE = CONTINUED TOMAKE PROGRESS OL BUTBELOW + ALL-TIME HIGH QUARTERLY RETAIL REVENUE IN 02 $68 EXPECTATIONS | $63 + ALL-TIME HIGH QUARTERLY FOODSERVICE REVENUE Td (EXCL LARGEST CUSTOMER) IN
Slide 21: Initiated the Growth Playbook Rollout in Q2
INITIATED THE GROWTH PLAYBOOK ROLLOUT IN Q2 Ly! RELEVANT LOCAL MESSAGING ATTACKING BARRIERS TO CONVERSION DRIVING THE TASTE EXPERIENCE Ina blind taste test, Oatly was equally preferred to cow’s milk
Slide 22: Greater China: Executing Well Amid a Difficult Macro
GREATER CHINA: EXECUTING WELL AMID A DIFFICULT MACRO MAINTAINING STRONG RELATIONSHIPS CONTINUING TO DEVELOP THE RETAIL ee WITHLARGEST COFFEE CHAINS = GHANNEL WITH ENTRANCES INTO CLUB lox ° (% Zia @coTTr <¢esrce FOODSERVICE REVENUE ALL-TIME HIGH RETAIL +12% Y/Y IN Hi VOLUME IN Q2
Slide 23: Financial Highlights
FINANCIAL HIGHLIGHTS
Slide 24: Financial Performance Overview
FINANCIAL PERFORMANCE OVERVIEW Revenue Y/Y Change Constant Currency Revenue Y/Y Growth! Gross Margin change vs prior year Adj. EBITDA? change vs prior year & of total revenue 2Q 2025 +3,0% (0.2)% 32.5% +330 bps
Slide 25: Year-over-Year Revenue Bridge
‘THE ORIOMAL YEAR-OVER-YEAR REVENUE BRIDGE iv (USD IN MILLIONS) (0.2)% Constant Currency Revenue Growth? k +2.8% +3.,2% $208 es Fe Q2 2024 VOLUME CONST. CURRENCY FOREIGN Q2 2025 REVENUE PRICE/MIX EXCHANGE REVENUE 28
Slide 26: Year-over-Year Gross Margin Bridge
YEAR-OVER-YEAR GROSS MARGIN BRIDGE 1.1% 2.7% P| an 0224 ABSORPTION & NET PRICING AND SUPPLY CHAIN PRODUCT MIX IMPROVEMENTS (0.9)% INFLATION 0.4% 32.5% FOREIGN Q2'25 EXCHANGE & OTHER ‘THE ORIOMAL @AT Ly!
Slide 27: Year-over-Year Adj. EBITDA Bridge
‘THE ORIGINAL GAT YEAR-OVER-YEAR ADv. EBITDA’ BRIDGE Ly! ($1.2) ($3.6) ($11.0) 2°24 ADJ. EBITDA’ GROSS PROFIT 56&A AND OTHER 2°25 ADJ. EBITDA’ Note: USD in millions; Mey not add due to rounding 1, Adjusted EGITOA ie 8 norrIFRS measure, See the Appendix to this presentation for @ reconciliation to th
Slide 28: Quarterly Segment-Level Detail
‘THE ORIOMAL QUARTERLY SEGMENT-LEVEL DETAIL ly! VOLUME GROWTH (750% (12M CC REV. GROWTH! aa z (6.8) (6.6)% ADJ. EBITDA! ($3.6) $24.3 $(2.4) $(0.6) ($24.8) FAV / (UNFAV) VS. PY $7.4 S116 $(3.5) $(0.2) $(0.4)
Slide 29: Balance Sheet & Cash Flow
‘THE ORIOMAL @AT BALANCE SHEET & CASH FLOW LY! OUR BUSINESS PLAN REMAINS BEST QUARTERLY FREE CASH FLOW! CONTINUED MAKING PROGRESS ON FULLY FUNDED SINCE IPO WORKING CAPITAL + $68MM OF CASH * LOWEST TRADE WORKING CAPITAL ¢ CREDIT FACILITIES REMAIN ($5) BALANCE SINCE 2021 UNDRAWN — USD $221MM ¢ LOWEST
Slide 30: 2025 Outlook
‘THE ORIOMAL 2025 OUTLOOK' PRIOR UPDATED REVENUE 27 TO 4Z CONST. CURR. GROWTH APPROX. FLAT TO +17 CONST. CURR. GROWTH FX ~100 BPS HEADWIND FX ~150 BPS TAILWIND ADJ. EBITDA $5-$15 MM $5-$15 MM CAPEX $30-35 MM ~$20 MM 30
Slide 31: Appendix
APPENDIX
Slide 32: Revenue Split by Region and Channel
REVENUE SPLIT BY REGION) - 20 2025 REVENUE SPLIT BY CHANNEL - 20 2025
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Slide 34: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES ~~, (Unaudited) (in thousands of U.S. dollars) Europe & International North America Greater China Total revenue Three months ended $ Change % Change Foreign Tn 2025 2024 As exchange constant. = In constant Votume reported . _ Feported currency impact _cu
Slide 35: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES ~ 7 Pep en Ly! North Greater {Gin thousands of US. dollars) America China Corporate* Total Revenue Revenue from external customers 118,193 63,185 26,976 — — 208,354 Intersegment revenue 455 - — - (455) - ‘Total segment revenue 118,648 63,185 26,976 — (45
Slide 36: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Reconciliation of Free Cash Flow to Net Cash Flows used in Operating Activities (Unaudited) Three months ended June 30, (in thousands of U.S. dollars) 20: 2 Net cash flows used in operating activities (1.447) (46,935) Capital expenditures (3,748) (14,226
Slide 37: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES ~~ Revenue, Adjusted EBITDA and EBITDA Ly t Three months ended March 31, 2025 (Unaudited) Europe & North Greater (in thousands of US. dollars) International _ America China Corporate Eliminations** __Total Revenue Revenue from external customers 107,665
Slide 38: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES é{ | een Ly! Casudited) Earope & North Greater i of 5. dollar) i America _China Corporate Fliminstins** _Tatl Revenue Revenue from external customers 108,462 70,596 35,258 — — 24316 Intersegment revenue 1,326 = = = 1326) = Total segment revenue 109,788 7
Slide 39: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES é{ Ly! Revenue, Adjusted EBITDA and EBITDA Three months ended September 30, 2024 Europe & North Greater (im thousands of U.S. dollars) International America China Corporate* _Elimimations** Total Revenue Revenue from extemal customers 109,853 69,073 29,0