Slide 1: Q1 2026 Earnings Presentation
Q1 2026 EARNINGS PRESENTATION APRIL 2026 1
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 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 deemed to be forwar
Slide 4: Key Takeaways
KEY TAKEAWAYS 4
Slide 5: Key Takeaways
KEY TAKEAWAYS –––––––––––––––– • Solid Q1 results, making consistent progress in line with profitable growth obsession. • Growth playbook continues to drive results in E&I and increasingly so in North America. • Reaffirming guidance whilst navigating the visible impact from the conflict in the Middl
Slide 6: Solid Q1 Results Evidence Focus on Profitable Growth
SOLID Q1 RESULTS EVIDENCE FOCUS ON PROFITABLE GROWTH REVENUE GROSS PROFIT ADJ. EBITDA FREE CASH FLOW +15.6% $76.3 MM Y/Y REVENUE GROWTH AS REPORTED 33.4% $5.0 MM ($11.7 ) MM +8.1% Y/Y CONST. CURR. REVENUE GROWTH1 OF SALES Notes: USD in millions 1. Adjusted EBITDA, constant currency revenue growth, a
Slide 7: Our 2026 Focus Areas
OUR 2026 FOCUS AREAS ––––––––––––––––––––––––––––––––– § Double down on growth playbook. § Complete strategic review of Greater China segment. § Minimize the impact brought by conflict in the Middle East 7
Slide 8: Reaffirming 2026 Guidance
REAFFIRMING 2026 GUIDANCE CONST. CURR. 1 ADJ. EBITDA1 REVENUE GROWTH ––––––––––––––– ––––––––––––––– +3% to +5% $25 to $35 MM MM 1. Constant currency revenue and adjusted EBITDA are non-IFRS measures. The Company cannot provide a reconciliation of constant currency revenue growth or adjusted EBITDA
Slide 9: Business Update
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Slide 10: Doubling Down on a Proven Growth Playbook
DOUBLING DOWN ON A PROVEN GROWTH PLAYBOOK ––––––––––––––––––––––––––––––––– TARGET: Younger generations. PORTFOLIO: Beverages. COMMS: Taste & Health. MEDIA: Social and live culture-creating. 10
Slide 11: Double Down: Taste Leadership in Beverages
DOUBLE DOWN: TASTE LEADERSHIP IN BEVERAGES New additions in market from Q1 in E&I. 11
Slide 12: Double Down: OOH Omnipresence
DOUBLE DOWN: OOH OMNIPRESENCE NETHERLANDS GERMANY USA FRANCE SPAIN 12
Slide 13: Double Down: Relevant Comms to the Young
DOUBLE DOWN: RELEVANT COMMS TO THE YOUNG 13
Slide 14: Double Down: Live Culture-Creating Experiences
DOUBLE DOWN: LIVE CULTURE-CREATING EXPERIENCES 14
Slide 15: Double Down: Massive Social Media Presence
DOUBLE DOWN: MASSIVE SOCIAL MEDIA PRESENCE POLAND IRELAND IRELAND IRELAND 15
Slide 16: Double Down: In-Store Execution Excellence
DOUBLE DOWN: IN-STORE EXECUTION EXCELLENCE Sweden Netherlands Canada 16
Slide 17: Positive Results Are Accelerating
POSITIVE RESULTS ARE ACCELERATING EUROPE & INTERNATIONAL SEGMENT NORTH AMERICA SEGMENT REVENUE GROWTH CONSTANT CURRENCY REVENUE GROWTH1 (EXCL. LARGEST FOODSERVICE CUSTOMER)2 –––––––––––––––––––– –––––––––––––––––––– +14% +15% +12% +10% +6% +6% +3% +3% +0% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 (3)% Q1 25 Q2
Slide 18: Positive Results Are Accelerating
POSITIVE RESULTS ARE ACCELERATING EUROPE & INTERNATIONAL SEGMENT CONSTANT CURRENCY REVENUE GROWTH1 NORTH AMERICA SEGMENT REVENUE GROWTH 2 –––––––––––––––––––– –––––––––––––––––––– +14% +15% +4% +6% +6% +0% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 (7)% (9)% (11)% (10)% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 1. Constant
Slide 19: Consistently Outperforming Our Categories
CONSISTENTLY OUTPERFORMING OUR CATEGORIES EUROPEAN RETAIL TAKEAWAY US RETAIL TAKEAWAY Y/Y SALES GROWTH1 Y/Y SALES GROWTH2 –––––––––––––– ––––––––––––– 16% OATLY 10% OATLY 4% 11% 12% 8% 9% OAT MILK -1% -1% 0% -2% -3% PLANT-BASED MILK 6% 5% 6% 6% PLANT-BASED MILK -3% -2% 4% -5% -3% OAT MILK 4% 3% -3%
Slide 20: Oat Is Clearly Gaining Momentum and Driving PBM Growth Across Europe
OAT IS CLEARLY GAINING MOMENTUM AND 1 DRIVING PBM GROWTH ACROSS EUROPE 40.0 35.0 ROLLOUT OF THE GROWTH PLAYBOOK 30.0 25.0 20.0 $ MM 15.0 10.0 5.0 0.0 (5.0) (10.0) Jul/25 May/24 Jun/24 May/25 Jul/24 Dec/25 Jun/25 Oct/25 Feb/25 Mar/26 Dec/24 Feb/26 Apr/24 Oct/24 Mar/25 Apr/25 Nov/24 Aug/24 Nov/25 Jan/
Slide 21: Bringing New Consumers Into the Category
BRINGING NEW CONSUMERS INTO THE CATEGORY INCREMENTALITY YOUNGER TARGET Germany1 Netherlands2 UK3 % of Units Sold to Gen-Z and Gen Alpha 19% 15% 45% 19% 21% 81% 85% PBMs Oatly Barista Oatly Matcha Incremental Cannibalisation (1) Source:: Shopper Loyalty Card data, Switching analysis, Oatly Barista Ca
Slide 22: US Fundamentals in Place, Stepping Up Now
US FUNDAMENTALS IN PLACE, STEPPING UP NOW DRIVING THE BEVERAGE SPACE IN OOH GAINING TRACTION IN RETAIL +12.4% Q1 GROWTH Y/Y +10.5% Q1 GROWTH Y/Y Driving Market Share gains Oatly Value Share of Oat milks2 29.5% 30.3% 27.4% 28.2% 26.5% 52wk 52wk L52w L24W L12W '24 '25 +150% Y/Y CLUB NET SALES 22 (1) E
Slide 23: Looking Ahead
LOOKING AHEAD FIBERMAXXING US ROLLOUT 23
Slide 24: Greater China: Continuing to Execute Well in a Challenging Environment
GREATER CHINA: CONTINUING TO EXECUTE WELL IN A CHALLENGING ENVIRONMENT • PRICE PRESSURE IN FOODSERVICE CONTINUES • VERY STRONG GROWTH IN RETAIL AND ACCELERATING • AIMING TO COMPLETE STRATEGIC REVIEW IN 2026 24
Slide 25: Business Fundamentals at a Global Level Continue to Solidify
WITH BUSINESS FUNDAMENTALS AT A GLOBAL LEVEL THAT CONTINUE TO SOLIDIFY VOLUME SOLD GROSS MARGIN S,G&A + R&D (in million Liters) (as a % of Net Sales) 33% 65% 153 32% 145 27% 128 132 53% 118 17% 42% 41% 39% 10% 1Q22 1Q23 1Q24 1Q25 1Q26 1Q22 1Q23 1Q24 1Q25 1Q26 1Q22 1Q23 1Q24 1Q25 1Q26 25 Note: S,G&A
Slide 26: Financial Highlights
FINANCIAL HIGHLIGHTS ear. ive ai w
Slide 27: Financial Performance Overview
FINANCIAL PERFORMANCE OVERVIEW ––––––––––––––––––––––––––––––––––– 1Q 2026 Revenue Y/Y Change +15.6% Constant Currency Revenue Y/Y Growth1 +8.1% Gross Margin 33.4% change vs prior year +188 bps Adj. EBITDA1 $5.0 change vs prior year +$8.7 % of total revenue 2.2% Notes: USD in millions 1. Adjusted EB
Slide 28: Year-over-Year Revenue Bridge
YEAR-OVER-YEAR REVENUE BRIDGE (USD IN MILLIONS) +8.1% Constant Currency Revenue Growth1 +7.5% $228 +5.6% +2.5% $198 Q1 '25 Volume Const. Currency Foreign Q1 '26 Revenue Price/Mix Exchange Revenue Notes: May not add due to rounding 1. Constant currency revenue growth is a non-IFRS measure. See the ap
Slide 29: Year-over-Year Gross Margin Bridge
YEAR-OVER-YEAR GROSS MARGIN BRIDGE 1.1% 0.4% 33.4% 1.1% 31.6% (0.8)% Q1 '25 Absorption & Net Pricing and Inflation Foreign Q1 '26 Supply Chain Product Mix Exchange & Other Improvements* Note: (*) Including volume linked commitments May not add due to rounding 29
Slide 30: Year-over-Year Adj. EBITDA Bridge
1 YEAR-OVER-YEAR ADJ. EBITDA BRIDGE $14.0 $5.0 ($5.3) ($3.7) Q1'25 Adj. EBITDA 1 Gross Profit SG&A and Other Q1'26 Adj. EBITDA1 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 31: Segment-Level Detail
SEGMENT-LEVEL DETAIL TOTAL EUROPE & NORTH GREATER OATLY INTERNATIONAL AMERICA CHINA CORPORATE Volume Growth 5.6% 12.6% 1.6% (8.8)% CC Rev. Growth1 8.1% 14.5% 3.7% (6.4)% Q1 ‘26 Adj. EBITDA1 $5.0 $31.6 $0.7 ($0.8) ($26.5) Fav / (Unfav) vs. PY $8.7 $16.0 ($0.5) ($2.4) ($4.5) 1. Constant currency reven
Slide 32: Cash Flow
CASH FLOW GOOD PROGRESS ON FREE CASH FLOW1 DRIVERS OF FREE CASH FLOW GOING FORWARD ––––––––––––––––––– –––––––––––––––––––––––– § Continued progress on increasing ($12) Adj. EBITDA ($21) § Working capital improvements. ($45) § Will maintain discipline in how we invest capex. ($99) ($122) Q1 '22 Q1 '
Slide 33: 2026 Outlook
2026 OUTLOOK(1)(2) GUIDANCE CONSIDERATIONS –––––– ––––––––– CONSTANT CURRENCY REVENUE GROWTH2 3% TO 5% § ~100-200 bps tailwind from FX. § Y/Y improvement driven by increase in gross profit behind sales growth and productivity ADJ. EBITDA2 $25 - $35 MILLION improvements. § Strong brand building inves
Slide 34: Appendix
APPENDIX 34
Slide 35: Revenue Summary
REVENUE SUMMARY REVENUE SPLIT BY CHANNEL – Q1 2026 REVENUE SPLIT BY REGION (3) – Q1 2026 –––––––––––––––––––––– –––––––––––––––––––––– 2% 13% 30% 27% 60% 69% Food retail Europe & International Foodservice(1) North America Other(2) Greater China Notes: 1. Foodservice includes Coffee & Tea shops. 2. O
Slide 36: Revenue Summary
REVENUE SUMMARY REVENUE SPLIT BY CHANNEL – Q1 2026 EUROPE & INTERNATIONAL NORTH AMERICA GREATER CHINA ––––––––––––––– –––––––––– ––––––––– 0% 1% 9% 20% 27% 34% 65% 80% 63% Food retail Foodservice(1) Other(2) Notes: Excludes intersegment revenue. 1. Foodservice includes Coffee & Tea shops. 2. Other i
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 39
Slide 39: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES 40
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