Slide 1: 3Q 2025 Earnings Presentation
3Q 2025 EARNINGS Presentation October 2025
Slide 2: Today's speakers
Today’s speakers JEAN-CHRISTOPHE FLATIN , CEO DANIEL Ordoñez, global president & COO MARIE-JOSÉ DAVID, CFO 2
Slide 3: Legal Disclaimer
Legal Disclaimer Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to
Slide 4: Key takeaways
Key takeaways we delivered both profit and growth in Q3; first profitable growth quarter since IPO Our refreshed growth playbook is working Reaffirming 2025 outlook 4
Slide 5: We drove profitable growth in Q3
we drove profitable growth in q3 Q3 y/y Constant currency Q3 Adj. ebitda 1 revenue growth 1 +3.8% $3.1 MM Notes: USD in millions 5 1. Adjusted EBITDA and constant currency revenue are non - IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measures
Slide 6: Our refreshed growth playbook is working
Our refreshed growth playbook is working E&I SEGMENT’s top line has accelerated N. America’s rollout starting to drive impact NA Segment foodservice revenue (excl. largest customer) +12% y/y 1 +6% CC +11% y/y $123 $18 $118 $17 $15 $109 $108 4Q24 1Q25 2Q25 3Q25 1Q25 2Q25 3Q25 6 1. Constant currency r
Slide 7: Reaffirming 2025 guidance
Reaffirming 2025 guidance Const . curr . 1 Adj. ebitda 1 Capex revenue growth ~FLATTO+1% $5MMTO$15 MM ~$20 MM 1. Constant currency revenue and adjusted EBITDA are non - IFRS measures. The Company cannot provide a reconciliation of constant cur rency revenue growth or adjusted EBITDA to the nearest c
Slide 8: Greater China remains under strategic review
Greater China remains under strategic review • Business continued to perform well in q3 – both top line and bottom line • We continue to evaluate our options as part of our ongoing strategic review • We remain committed to our customers, consumers, and employees • We will provide updates as appropri
Slide 9: Regional Highlights
REGIONAL HIGHLIGHTS 9
Slide 10: Europe & international continued to execute well
Europe & international continued to execute well Strong Top line growth Strong profitability E&I segment revenue 2 AS E&I SEGMENT ADJ. EBITDA % OF REVENUE +12% y/y 1 +6% CC $123 21% $118 18% 15% 14% $110 11% $109 $108 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Notes: USD in millions 1. “CC” s
Slide 11: Our refreshed growth playbook is working well
Our refreshed growth playbook is working well Strong, accelerating Retail growth accelerating; foodservice growth reached double digits in q3 E&I Segment foodservice revenue European Retail takeaway Y/Y Growth Y/Y Sales Growth 1 +28% 4Q24 1Q25 2Q25 3Q25 +11% +16% +5% +6% +9% 3% 4% 4% 4% 2% 2% 1% +1%
Slide 12: Germany was among first to launch and has driven consistently strong growth
Germany was among first to launch and has driven Consistently strong growth Growth intentionally begins in foodservice… …leading to strong retail growth Oatly Germany foodservice y/y revenue growth Oatly Germany retail takeaway y/y sales growth 1 +127% 2-year growth +53% +54% +50% +48% +14.1% +14.2%
Slide 13: We are driving similar results across our large markets
We are driving similar results across our large markets Oatly UK retail takeaway Oatly sweden retail y/y sales growth 1 takeaway y/y sales growth 2 +5.8% +5.0% +4.5% +4.4% +2.7% +2.1% Last 24 Last 12 Last 4 Last 24 Last 12 Last 4 weeks weeks weeks weeks weeks weeks 13 (1) Source: Circana , periods e
Slide 14: The playbook is also working in expansion markets
the playb0ok is also working in expansion markets Expansion markets y/y sales growth Strong q3 Y/Y growth in Largest expansion markets France +101% +49% +49% +32% Spain +37% 1Q25 2Q25 3Q25 Belgium +50% Note: Expansion markets include Belgium, Denmark, Poland, France, Spain, Portugal, Ireland, Mexico
Slide 15: Driving relevance and attacking barriers to conversion with matcha-based experiences
DRIVINGRELEVANCEANDATTACKING BARRIERS TO CONVERSION WITHMATCHA-BASEDEXPERIENCES 15
Slide 16: Increasing availability through retail distribution
INCREASING AVAILABILITY THROUGH RETAIL DISTRIBUTION GERMANY THE NETHERLANDS SWEDEN 16
Slide 17: Looking ahead: doubling down on taste
Looking ahead: doubling down ontaste 17
Slide 18: North America made progress while navigating discrete headwinds
North America made progress while navigating discrete headwinds North America segment revenue $69 Excluding headwinds $62 from largest customer and frozen, total segment revenue grew Driving growth where we are strategically focused +5%in q3,+4%YTD Q3 2024 Largest Frozen Foodservice Retail & Other Q
Slide 19: North America starting to build momentum as we roll out the refreshed growth playbook
North America starting to build momentum as we continue rolling out the refreshed growth playbook Relevant good early progress in foodservice LOCAL NA Segment foodservice revenue messaging (excl. largest customer) 1 attacking barriers to conversion +11% y/y $18 $17 $15 Provocative menu items with oa
Slide 20: North America retail sales aided by strong club growth
North America retail sales aided by strong club growth Na segment total retail revenue Relevant messaging Strong club Performance; more (in $ millions) In store distribution coming in 2026 Original 3 - pack Barista 6 - pack +4% y/y $36 $38 3Q24 3Q25 20
Slide 21: Greater China: continuing to execute well
Greater china : continuing to Execute well strong growth in both channels Positive adj. ebitda 1 in q3 andytd Execution remained strong 1. Adjusted EBITDA is a non - IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure 21
Slide 22: Financial highlights
Financial highlights
Slide 23: Financial performance overview
financial PERFORMANCE overview Q3 2025 Revenue Y/Y Change +7.1% Constant Currency Revenue Y/Y Growth 1 +3.8% Gross Margin 29.8% change vs prior year ~flat Adj. EBITDA 1 $3.1 change vs prior year +$8.2 % of total revenue 1.4% Notes: USD in millions 23 1. Adjusted EBITDA and constant currency revenue
Slide 24: Year-over-year revenue bridge
Year -over-year revenue bridge (USD in millions) +3.8 % Constant Currency Revenue Growth 1 +6.6% +3. 2% $223 $208 (2.8)% Q3 2024 Volume Const. Currency Foreign Q3 2025 Revenue Price/Mix Exchange Revenue Notes: May not add due to rounding 1. Constant currency revenue growth is a non - IFRS measure. S
Slide 25: Year-over-year gross margin bridge
Year -over-year Gross Margin Bridge 29.8% 0.6% 0.0% 0.3% 29.8% (0.9)% Q3'24 Absorption & Net Pricing and Inflation Foreign Q3'25 Supply Chain Product Mix Exchange & Other Improvements Note: May not add due to rounding 25
Slide 26: Year-over-year adj. EBITDA bridge
Year -over-year adj. EBITDA1 Bridge $3.8 $3.1 $4.3 ($5.0) 1 1 Q3'24 Adj. EBITDA Gross Profit SG&A and Other Q3'25 Adj. EBITDA Note: USD in millions; May not add due to rounding 1. Adjusted EBITDA is a non - IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS
Slide 27: Quarterly segment-level detail
Quarterly segment -level detail Total Europe & North Greater Oatly International America China Corporate Volume Growth 6.6% 8.4% (12.8)% 32.2% CC Rev. Growth1 3.8% 6.0% (10.1)% 28.7% Adj. EBITDA1 $3.1 $21.9 $(1.3) $1.6 ($19.1) Fav / (Unfav) vs. PY $8.2 $9.5 $(4.5) Flat $3.3 1. Constant currency reve
Slide 28: Cash flow
cash flow Good progress on free cash flow 1 Continued progress on working capital Quarterly cash conversion cycle 2 61 ($5) ($5) 49 50 46 37 ($21) ($23) ($27) 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 1. Free Cash Flow is a non - IFRS measure. See the Appendix to this presentation
Slide 29: Refinancing activity
Refinancing activity 2 Potential Shares From Convertible Notes Annualized Interest 1Expense (in millions of ordinary shares) $63 (7)% (10)% $58 401 359 Last 4 Post-Refinancing Pre-Refinancing Post-Refinancing Quarters Actions Actions Actions Ending Q3 2025 1. Reflects interest expense on lease liabi
Slide 30: Reaffirming 2025 Outlook
Reaffirming 2025 Outlook1 Approx. flat to +1% Revenue const. curr . Growth ADJ. EBITDA $5 - $15 mm CAPEX ~$20 mm Notes: 1. These are goals / targets and are forward - looking, subject to significant business, economic, regulatory and competitive uncerta inties and contingencies, many of which are be
Slide 31: Appendix
Appendix 31
Slide 32: Revenue Summary
Revenue Summary Revenue split by Channel – 3Q 2025 Revenue split by Region(3) – 3Q 2025 2% 17% 33% 55% 28% 65% (1) Europe & International Food retail Foodservice Other (2) North America Greater China Notes: 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e - Commerce. 32 3. Excludes i
Slide 33: Revenue Summary
Revenue Summary Revenue split by Channel – 3Q 2025 Europe & International North America Greater China 1% 1% 8% 20% 26% 39% 60% 79% 66% Food retail Foodservice (1) Other (2) Notes: Excludes intersegment revenue. 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e - Commerce. 33
Slide 34: Reconciliation of non-IFRS financial measures
Reconciliation of NON-IFRS financial measures 34
Slide 35: Reconciliation of non-IFRS financial measures
Reconciliation of NON-IFRS financial measures 35
Slide 36: Reconciliation of non-IFRS financial measures
Reconciliation of NON-IFRS financial measures 36
Slide 37: Reconciliation of non-IFRS financial measures
Reconciliation of NON-IFRS financial measures 37
Slide 38: Reconciliation of non-IFRS financial measures
Reconciliation of NON-IFRS financial measures 38
Slide 39: Reconciliation of non-IFRS financial measures
Reconciliation of NON-IFRS financial measures