Slide 1: Q3 2023 Earnings Presentation
THE ORIGINAL Ly! 30 2023 EARNINGS PRESENTATION
Slide 2: Today's Speakers
> L__TOBAY'S SPEAKERS J | | JEAN-CHRISTOPHE FLATIN, CEO MARIE-JOSE DAVID, CFO
Slide 3: Legal Disclaimer
LEGAL DISCLAIMER This presentation contains fervard-looking statements within the meaning of the Private Securities Litigation fefors Act of 1995, Any express or inplied ton that are not statements of historical fact may be deoned to be forvard-locking Statonents, including, without imitation, state
Slide 4: CEO Update
Slide 5: Q3 Adj. EBITDA Exceeded Our Expectations
as J <4 7] Q3 ADJ. EBITDA’ EXCEEDED OUR EXPECTATIONS, AND UNDERLYING RESULTS DEMONSTRATE SOLID PROGRESS ‘™ EMEA: DEMONSTRATED ITS STRENGTH AND DURABILITY AMERICAS: GOOD MOMENTUM IN RETAIL: FOODSERVICE MIX HELPED MARGINS, IMPACTED REVENUE GROWTH ‘ASIA: RESET PLAN IS ON TRACK AND DELIVERING 7] WE ARE
Slide 6: Q3 Results Demonstrate Progress Toward Profitability
Q3 RESULTS DEMONSTRATE PROGRESS TOWARD PROFITABILITY ADJ. EBITDA! (IN $MM) Each segment pone : r T u ' improved ! _320bps of Adj. EBITDA ' impact from sequentially ' | one-o ff Asia “sag ' reset costs in 43 19% 17% 17% $(36) $(50) $(53) Ql Q2 Q3 Ql Q2 Q3
Slide 7: Doubling Down on Asset-Light Production Model
DOUBLING DOWN ON ASSET-LIGHT PRODUCTION MODEL V WE HAVE NOW FOUND WAYS AND SOLUTIONS TO EXPAND CAPACITY, WHEN NEEDED, IN OUR EXISTING EMEA AND AMERICAS SUPPLY CHAIN FACILITIES Vv WE ARE DISCONTINUING CONSTRUCTION OF NEW MANUFACTURING PLANTS IN EMEA AND AMERICAS 7 INCREASED FOCUS BY SIMPLIFYING THE S
Slide 8: The Original
Nae : THE ORIGINE ~
Slide 9: EMEA Continued to Outpace the Category's Strong Growth Rate
IN Q3, EMEA CONTINUED TO OUTPACE THE CATEGORY’S STRONG GROWTH RATE 16% 15% Plant-Based Milk Qat Orinks Oatly (2) Consolidsted Yesr-over yesr value grouth for the 12 weeks ended Sept 10 for Germany, UK, Sveden, Austria, Svitzerlend, Netherlands, Denmark, Norway. Source Nielsen, For Germany Hard disco
Slide 10: EMEA's Consistently Solid Volume Growth
EMEA’S CONSISTENTLY SOLID VOLUME GROWTH DRIVEN BY A HEALTHY MIX OF ESTABLISHED AND NEW MARKETS MEstablished Markets New Markets 8.0% . Consistent 7.2% mid-single digit volume growth in 6.0% Established Markets Ql Q2 Q3 ao (1) Established markets include the UKy Germany, Sueden, the Netherlands, Finl
Slide 11: EMEA Continues Making Progress
EMEA CONTINUES MAKING PROGRESS EXPANDING USAGE OCCASIONS BEYOND COFFEE RANK AMONG AMBIENT PLANT-BASED MILKS IN UK (RANK BASED ON UNITS/STORE/WEEK) TOTAL NET GO BLUE VOLUME’ ~% YOY GROWTH IN 30 % OF TOTAL GERMANY VOLUME 7.1% +40bps +24% JULY 2 2 46 81 8.7% SEPTEMBER 8 9 40 76 CHANGE +4 +13 +6 +5 3022
Slide 12: Driving Consumer Awareness and Trial in New Markets
DRIVING CONSUMER AWARENESS AND TRIAL IN NEW MARKETS
Slide 13: Continued to Drive Consumer Engagement
CONTINUED TO DRIVE CONSUMER ENGAGEMENT WITH A SUMMER COFFEE & SOFT SERVE TOUR ‘V1 MUSIC FESTIVALS 35 SOFT SERVE AND FRIES FOOD TRUCK LOCATIONS 60 SOFT SERVE AND FRIES FOOD TRUCK EVENTS | SOFT SERVE POP-UP SHOP 116,318 SOFT SERVES SERVED
Slide 14: EMEA's Already-Solid Margins Have Room to Expand
EMEA’S ALREADY-SOLID MARGINS HAVE ROOM TO EXPAND MID-TO-HIGH 35-40% TEENS LOW-707S | 1 i il Q3 Total-Qatly Total-Oatly Longer-term Longer-term Target Target
Slide 15: Americas Is Back to Gaining Share in Retail
AMERICAS IS BACK TO GAINING SHARE IN RETAIL VALUE SHARE OF CHILLED OATMILK CATEGORY 24.4% 24.1% 23.9%
Slide 16: Americas Continues to Expand Retail Distribution
AMERICAS CONTINUES TO EXPAND RETAIL DISTRIBUTION STRONG DISTRIBUTION GROWTH! MORE TO COME DURING FALL/WINTER SHELF RESETS TOTAL YY POINTS me i je e i CosTco 265 new 2 ACV NOW 397, +250BPS Y/Y ‘ » Walmart - SS WE stopeshop las (Sih Inccooce) sae nee tees
Slide 17: Good Acceptance of New Innovation
GOOD ACCEPTANCE OF NEW INNOVATION OAT MILKS CREAMERS | THE ORIGINAL SWEET: ENED |: ATMILK i
Slide 18: Americas' Foodservice Diversifying Customer Mix
AMERICAS’ FOODSERVICE DIVERSIFYING CUSTOMER MIX AMERICAS AMERICAS FOODSERVICE REVENUE FOODSERVICE REVENUE EXCLUDING LARGEST CUSTOMER (6)Z Y/Y : +102 Y/Y 3Q22 3Q23 3Q22 3023
Slide 19: Americas' Co-Packer Consolidation Is Driving Savings
AMERICAS’ CO-PACKER CONSOLIDATION IS DRIVING SAVINGS: MORE OPPORTUNITY REMAINS AMERICAS TOTAL COGS PER LITER 10% REDUCTION FROM Qi TO Q3 1Q23 2023 3Q23
Slide 20: Asia's Q3 Results Reflect First Stages of Reset Plan
ASIA’S G3 RESULTS REFLECT THE FIRST STAGES OF ITS RESET PLAN SOLD VOLUME (15)/ Y/Y ADJ. EBITDA! +$10MM Y/Y 23mm A liters 20mm liters a “ $(22) 3Q22 3Q23 $(28) 3Q22 2023 3Q23
Slide 21: Asia Team Has Moved Quickly to Execute Its Reset Plan
ASIA TEAM HAS MOVED QUICKLY TO EXECUTE ITS RESET PLAN SKU COUNT IN GREATER CHINA REVENUE MIX BY CHANNEL ethene UTR ats | Foodservice Retail mOther — ——_ (16) v/Y \ 24% 22h \ ~~ 11% (73)4.0/0 5 \ +1100 BPS aa/a \ a/a } | oo , June September 2023 3Q23 3Q22 2Q23 3023
Slide 22: Asia Team Focused on Achieving Profitable Growth
ASIA TEAM FOCUSED ON ACHIEVING PROFITABLE GROWTH TT $40MM SG&A COST SAVINGS PROGRAM IS ON TRACK \ CONTINUING TO DRIVE EFFICIENCY IN THE SUPPLY CHAIN LT SALES TEAM PURSUING A CONTROLLED EXPANSION OF BUSINESS ‘v CORE CHANNELS \v CORE GEOGRAPHIES \. CORE SKUS
Slide 23: Financial Highlights
=a w AMEAD EAT UKE A VEGAN. - ] FINANCIAL HIGHLIGHTS ="
Slide 24: Financial Performance Overview
FINANCIAL PERFORMANCE OVERVIEW 3Q 2023 Y/Y Revenue Growth +3% Y/Y Constant Currency Revenue Growth? Flat Gross Margin 17.4% change vs prior year +1470 bps change vs prior quarter (180) Bps Adj. EBITDA! $(36) change vs prior year +547 change vs prior quarter +517
Slide 25: 2023 Revenue Bridge
30 2023 REVENUE BRIDGE Revenue (USD in millions) % Year-over-year growth +3% Revenue Growth $183.0 +h +58 $187.6 (1)% \ ) Y Flat Constant Currency Revenue Grouth'2) Q3 2022 Revenue YoY Volume Growth (1) YoY Constant Currency FX Impact Q3 2023 Revenue Price/Mix Growth(2) Notes: ay not add due to roun
Slide 26: 2023 Segment-Level Revenue Bridge
30 2023 SEGMENT-LEVEL REVENUE BRIDGE Constant 1 Constant | Revenu Currency) ' Currency ) ' evenue Volume Price / Mix ! Growth 1 FX Impact Growth EMEA 6% 10% 16% 7% 23% Americas (6)% 2% (4)% 0% (4)% Asia (15)% (13)6 | (28)8 1 (3) (31)% Total (1)% 1% | Flat 3% 3% beens Note: unk (2) Const
Slide 27: Quarter-over-Quarter 2023 Gross Margin Bridge
QUARTER-OVER-QUARTER 30 2023 GROSS MARGIN BRIDGE 19.2% 0.8% _ oa —_ 174% (19%) (0.97) (0.22) 20 2023 ASIA STRATEGY RESET EMEA & AMERICAS MIX EFFECT COST OF PRODUCTION, OTHER, NET 30.2023 NET PRICE IMPACT EXCL. FX (EMEA AND ‘AMERICAS ONLY)
Slide 28: 2023 Segment-Level Profit
30 2023 SEGMENT-LEVEL PROFIT ADJ. EBITDA IN $ MILLIONS a2 a3 EMEA $7.3 $12.3 AMERICAS (9.4) (6.6) ASIA (21.9) (17.9) CORPORATE (28.4) (23.8) TOTAL $(52.5) $(36.0)
Slide 29: Balance Sheet & Cash Flow
BALANCE SHEET & CASH FLOW CASH FLOW EXPECTED TO STRONG LIQUIDITY POSITION IMPROVING FREE CASH FLOW CONTINUE TO IMPROVE AVAILABLE LIQUIDITY FREE CASH FLOW ° 17] EXPECT TO REACH POSITIVE ADJ. (smm) (smu) EBITDA IN 2024 487 (J CONTINUE To OPTIMIZE MANUFACTURING FOOTPRINT UNDRAWN BANK FACILITIES 204 (WO
Slide 30: Updating 2023 Outlook
UPDATING 2023 OUTLOOK PRIOR UPDATED (2) Th- 12% CONSTANT CURRENCY GROWTH NEAR REVENUE YOY CONSTANT CURRENCY GROWTH THE LOW END OF THE RANGE ~130 BPS FX HEADWIND ~100 BPS FX HEADWIND GROSS MARGIN SEQUENTIAL 0/0 IMPROVEMENT, MID-2075 IN 04 REACHING HIGH-2025 IN 40 CAPEX $110- $130 MILLION BELOW $75 MI
Slide 31: Appendix
APPENDIX
Slide 32: Revenue Split by Channel / Revenue Split by Region
~~ By REVENUE SPLIT BY CHANNEL - 30 2023 REVENUE SPLIT BY REGION) - 30 2023 4g 15% 32% 54% 64% 31% Food retail Foodservice!) Other?) {emea Americas | Asia 32
Slide 33: Food Retail, Foodservice, Other
Hi Food retail Foodservice(2) | Other(2) 33
Slide 34: Year-over-Year 2023 Gross Margin Bridge
YEAR-OVER-YEAR 30 2023 GROSS MARGIN BRIDGE L os a (192) FX IMPACT PRICI TRADEPROMOTION& = = INFLATIONAI RY
Slide 35: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Three months ended September 30, $ Change % Change Foreign In Constant 2023 2022 As exchange _ constant As In constant Volume currency reported reported currency rene] impact__currency price/mix EMEA 101,762 82,567 101,762 5,917 95,845 23.2% 16.1% 6.3% 9
Slide 36: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON- Revenue, Adjusted EBITDA and EBITDA Three months ended September 30, 2023 FRS FINANCIAL MEASURES (in thousands of U.S. dollars) EMEA Americas Asia Corporate*_—_Fliminations** Total Revenue Revenue from external customers 101,762 58,491 27,342 — — 187,595 Intersegment revenue 3
Slide 37: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON- Revenue, Adjusted E] EBITDA Three months ended June 30, 2023 A and FRS FINANCIAL MEASURES (in thousands of U.S. dollars) EMEA Americas Asia Corporate*__Eliminations** Total Revenue Revenue from external customers 96,989 61,832 37,166 _ = 195,987 Intersegment revenue 359 - 1,69
Slide 38: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON- FRS FINANCIAL MEASURES Revenue, Adjusted and EBITDA ‘Three months ended March 31, 2023 (in thousands of U.S. dollars) EMEA Americas Asia Corporate* Eliminations** Total Revenue Revenue from external customers 98.216 64.041 33,388 _ _ 195,645 Intersegment revenue 851 _ 1,440 _
Slide 39: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES Reconciliation of Free Cash Flow Net cash flows from operating activities Capital expenditures Free Cash Flow Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (38,389) (87,948) (151,479) (215,224) (10,949) (60,530) (51