Slide 1: Oatly 4Q21 Financial Presentation
‘THE ORIGINAL Ly! OATLY 4021 FINANCIAL PRESENTATION
Slide 2: Forward-looking statements
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this presentation that are not statements of historical fact may be deemed to be forward-looking statements, including, wit
Slide 3: It's like milk but made for humans
It’s like milk but made for humans.
Slide 4: Notes: Nielsen only covers measured channels 1. In key markets of Sweden, Germany, the
Notes: Nielsen only covers measured channels 1. In key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 52, 2021 in Sweden, ending week 52 2021 in Germany, January 8, 2022 in the US, and January 1, 2022 in The U.K. Calculated as Oatly growth in value sales over the
Slide 5: FY 2021 revenue by region and channel
FY 2021 Revenue FY 21 Revenue Growth YoY EMEA vs. Guidance of $635MM+ Americas Asia Planned Production Facilities by 2023 in 20+ markets Approx. Retail Doors(3) Approx. Foodservice locations(3) Food retail Foodservice(1) Other(2) Total Addressable Market Nearing Product Categories the Tipping Point
Slide 6: Source: Nielsen, IRI, management projections, Tmall Database Notes: Nielsen only covers measured channels (~43%
Source: Nielsen, IRI, management projections, Tmall Database Notes: Nielsen only covers measured channels (~43% of total America revenue). 1. In key markets of Sweden, Germany, the U.S. and the U.K. for the last 52 weeks ending week 52, 2021 in Sweden, ending week 52 2021 in Germany, January 8, 2022
Slide 7: Revenue and gross profit 2018-2021 CAGR
(USD in millions) (USD in millions) ’18 - ’21 CAGR: 2018 – 2021 CAGR $643 2018 – 2021 CAGR $155 $421 $129 $204 $67 $49 $118 Notes: % Margin 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 repor
Slide 8: Oat share of plant-based milk market
Inherent sustainable characteristics Flexible within the supply chain Widely accessible to a range of eaters % of total plant-based milk retail market (1) Oat Soy Almond Oat Dairy Alternatives YoY Growth(2) Source: Nielsen, IRI. Notes: Sweden Nielsen data as of week 52, 2021; U.K. IRI data as of Jan
Slide 9: Total plant-based market share
Total plant-based market share (1) 47% contributed by Oatly YoY 22% contributed by Oatly YoY 34% contributed by Oatly YoY of plant-based milk growth of plant-based milk growth of plant-based milk growth (3) (3) (3) Source: Nielsen, IRI. Notes: U.K. IRI data as of January 1, 2022, Germany Nielsen dat
Slide 10: Source: Company financials, Nielsen, IRI Notes: 1. As of December 31, 2021.
Source: Company financials, Nielsen, IRI Notes: 1. As of December 31, 2021. 2. Market shares by retail sales value in the total plant-based milk category within retail, represent rolling four weeks period, Switzerland Nielsen data as week 52 2021
Slide 11: Velocity and distribution points
Velocity: Units per store selling per week (1) Total distribution points (3) Velocity: Units per store selling per week (1) Total distribution points (3) Based on largest oatmilk SKUs MAT (1) Oatly’s TDP vs. largest PBM brand (4) Based on largest oatmilk SKUs MAT (1) Oatly’s TDP vs. largest PBM bran
Slide 12: Source: Company financials, Nielsen Notes: 1. By market share of the oatmilk category in
Source: Company financials, Nielsen Notes: 1. By market share of the oatmilk category in terms of retail sales value for the U.S. over the last 52 weeks ending October 9, 2021. Does not represent velocity position in each of the retailers listed. 2. As of December 31, 2021.
Slide 13: Continued QoQ growth of category-leading velocity
Continued QoQ growth of category-leading velocity Δ 55 p.p. Source: Nielsen Notes: 1. By market share of the oatmilk category in terms of retail sales value for the U.S. over the last 13 weeks ending January 1, 2022. Does not represent velocity position in each of the retailers listed. 2. Data repre
Slide 14: Oatly in China
• Oatly is the #1 selling oatmilk on (2) • Maintained #1 in the plant-based drinks and ranked #3 among beverage brands during “Double 11” in 2021 on T-Mall Source: Company financials Notes: 1. As of December 31, 2021. 2. On Tmall, from Tmall database as of February 2022.
Slide 15: China growth strategy
• Accelerate retail strategy • Continue expansion in specialty coffee and tea channel • Diversify growth in ecommerce and with new product categories 1. Source: Euromonitor; Retail channels include offline retail and online retail (Tmall/Taobao/Jingdong), Excludes food service. 2. On Tmall, from Tma
Slide 16: 4Q21 financial results
Production volume(1) 91 142 % % Margin 27.7% 15.9% Margin (19.8%) (35.3%) Sales 86 124 volume(1) +46% (2) $186 $127 $87 $35 $30 $49 ($25) ($66) • Broad-based growth across all • Gross margin impacted by: • Adjusted EBITDA loss increased due • Continued to invest in capacity to regions and channels –
Slide 17: Capacity utilization
250.0 90% 70.0 90% 80% 80% 60.0 200.0 70% 70% 50.0 60% 60% 150.0 40.0 50% 50% 40% 30.0 40% 100.0 30% 30% 20.0 50.0 20% 20% 10.0 10% 10% 0.0 0.0 0% 0% Notes: 1. Fourth quarter utilization rates based on self-manufacturing.
Slide 18: Production model mix
Self-manufacturing Hybrid Co-packing 37% 40% 30% 41% 22% Notes: 1. Utilization rates based on self-manufacturing. 2. These are not projections; they are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, man
Slide 19: Notes on goals and targets
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 re
Slide 20: Regional results
Production volume(1) 75 95 15 38 – 10 91 142 Sales 57 66 17 36 12 22 86 124 volume(1) +46% (2) +14% $186 (3) +96% +98% $89 $127 $78 $55 $42 (4) $28 $21 • Steady, consistent production in EMEA • All-time production high in Americas • Growth across sales channels • Total revenue growth continued to re
Slide 21: Key drivers of profitability in the medium term
KEY DRIVERS OF PROFITABILITY IN THE MEDIUM-TERM INCREASING IN-HOUSE PRODUCTION THROUGH HYBRID AND END-TO-END MODELS LOCALIZATION OF PRODUCTION ALLOWS US TO IMPROVE ECONOMICS AND IMPROVE SERVICE LEVELS OPERATING LEVERAGE FROM INCREASE IN SALES COUPLED WITH A LOWER INCREASE IN SG&A SIGNIFICANT MARGIN
Slide 22: Production models and target mix
▪ 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 ▪ Oat
Slide 23: Total run-rate capacity by year-end
Date of go-live Peterborough, U.K. = Established capacity = Capacity added in 2021 (2023/2024) = Near-term capacity expansions Maanshan, CN = Self-Manufacturing Ogden, U.S. = Hybrid (Year) = Expected expansion (2022) Asia III Millville, U.S. (TBD) Fort Worth, U.S. Total run-rate capacity at Landskro
Slide 24: 4Q21 production commentary
4Q21 Commentary • Increased our quarterly (Million litres of finished goods) production output by 8% vs. prior COVID-19 related labor and supply quarter and 57% vs. prior year, chain challenges ending at 142ML in Jan./Feb. • Fourth quarter below 142 expectations due to COVID-19 131 and disruptions c
Slide 25: Capacity and capex outlook
(USD in millions) (Million litres of finished goods)(1) 2022 (1) 2023 (1) 2024 (1) 2023 (1) • Millville (U.S.) • Ogden (U.S.) • Ogden (U.S.) • Peterborough (U.K.) Historic production volume • Asia III TBD(1) • Fort Worth (U.S.) Total expected run-rate capacity at the end of ~1,300 • Landskrona (SE)
Slide 26: Notes on goals and targets
Notes: 1. These 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,
Slide 27: 2022 financial outlook
Notes: 1. Adjusted EBITDA margin is a non-IFRS measure. The Company cannot provide a reconciliation between of EBITDA guidance to the corresponding IFRS metric without unreasonable efforts, as we are unable to provide reconciling information. These items are not within Oatly’s control and may vary g
Slide 28: Growth strategy
Accelerate brand awareness and consumer trial Invest in global production capacity to capture 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 exi
Slide 29: Appendix
| b (Beaty festival APPENDIX
Slide 30: Adjusted EBITDA reconciliation
Three months ended December 31, Twelve months ended December 31, 2021 2020 2021 2020 (in thousands $) Loss for the period attributable to shareholders of the parent (79,753) (36,991) (212,393) (60,361) Income tax expense (5,434) 1,085 (2,655) 2,411 Finance income and expenses, net (7,480) 6,213 1,30