Slide 1: Q1 2025 Earnings Presentation
THE ORIGINAL Ly! 10 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: Results Were Largely In-Line With Our Expectations
wevraneawavs »> 1 RESULTS WERE LARGELY IN-LINE WITH OUR EXPECTATIONS ¢ MADE PROGRESS ON TOP LINE, COST STRUCTURE, AND CASH FLOW IN Q1, WE MADE PROGRESS ON OUR 2025 PRIORITIES ¢ POSITIVE EARLY DATA ON (6)))7)NG POSITIVE MOMENTUM, ESPECIALLY WHERE WE HAVE BEEN MOST ACTIVE * GOOD PROGRESS ON GENERATING
Slide 5: Q1 Performance Largely In-Line With Our Expectations
Q1 PERFORMANCE LARGELY IN-LINE WITH OUR EXPECTATIONS LY! tive ensstort antenna 0.7% $62.3. §(3.7) §(20.5).. Y/Y CONST. CURR. REVENUE GROWTH! BEST QUARTER SINCE IPO BEST QUARTER SINCE IPO BEST QUARTER SINCE IPO 31.6 y/ OF SALES BEST QUARTER SINCE IPO
Slide 6: 2025 Priorities
2025 PRIORITIES Ly! »> IGNITE POSITIVE CATEGORY MOMENTUM GLOBALLY ° INCREASE RELEVANCE * ATTACK BARRIERS TO CONVERSION ° INCREASE AVAILABILITY TO CONSUMERS »> CONTINUE AGGRESSIVELY PURSUING COST EFFICIENCIES TO SIMPLIFY AND GENERATE FUEL FOR ADDITIONAL GROWTH-DRIVING INVESTMENTS »> DELIVER OUR FIRST
Slide 7: 2025 Priorities
2025 PRIORITIES » Ly! IGNITE POSITIVE CATEGORY MOMENTUM GLOBALLY ° INCREASE RELEVANCE * ATTACK BARRIERS TO CONVERSION ° INCREASE AVAILABILITY TO CONSUMERS
Slide 8: Relevance Starts With The Product Portfolio
‘THE ORIOMAL RELEVANCE STARTS WITH THE PRODUCT PORTFOLIO iy } » EDITION J HAFER OAT
Slide 9: Increasing Brand Activations To Drive Awareness
‘THE ORIGINAL INCREASING OF BRAND ACTIVATIONS TO DRIVE AWARENESS =i GLOBAL LOCAL Sti11 unconvinced? UbatsApps +44 7468 240087 Se
Slide 10: Attacking Barriers To Conversion: Taste
‘THE ORIGINAL ATTACKING BARRIERS TO CONVERSION: TASTE LY! DRIVING BEVERAGES MOMENTUM IMPACT “CART-STOPPING” RETAIL IN FOOD SERVICE AND ENGAGEMENT EXECUTION LACTO-FERMENTED BLUEBERRY MATCHA CHERRY BAKEWELL DIRTY SODA f A | \ a“ r 10
Slide 11: Attacking Barriers To Conversion: Information
‘THE ORIGINAL ATTACKING BARRIERS TO CONVERSION: !VilSINFORIMATION LY! WHAT WE HAVE BEEN DOING WHAT WE HAVE BEEN SEEING ° SYSTEMATICALLY ENGAGING WITH, AND ¢ SIGNIFICANT REDUCTION IN EDUCATING, REGISTERED DIETICIANS, NEGATIVE MEDIA NUTRITIONISTS, AND KEY OPINION LEADERS ¢ MORE BALANCED DISCUSSION ON
Slide 12: We Have Started To Deploy This Strategy In Europe
‘THE ORION WE HAVE STARTED TO DEPLOY THIS STRATEGY IN EUROPE, Ly! AND WE ARE SEEING EARLY PROGRESS EUROPEAN RETAIL TAKEAWAY Y/Y VOLUME GROWTH! LAST 24 =LASTi2 =LAST4& WEEKS WEEKS WEEKS Plant-Based Milk Gat Milk Qatly
Slide 13: While Still Early, Trends Are Improving In First Markets
‘THE ORIGINAL WHILE STILL EARLY, TRENDS ARE IMPROVING IN FIRST MARKETS TO i) EXECUTE THE STRATEGY OATLY GERMANY RETAIL TAKEAWAY OATLY UK RETAIL TAKEAWAY eee V/VSALESGROWTH! cccceeeeeeeeeeeeeeee W/V SALES GROWTHP 1.7% 0.2% 5.4% Tt 2.1% Last 24 Last 12 weeks weeks 3.6% Last 24 Last 12 Last 4 weeks wee
Slide 14: North America Revenue Impacted By Largest Customer And Frozen SKU Rationalization
NORTH AMERICA REVENUE IMPACTED BY LARGEST CUSTOMER AND FROZEN SKU RATIONALIZATION NORTH AMERICA SEGMENT REVENUE ee $60 \ ) Y $7.3MM (>100% OF SEGMENT’S Y/Y DECLINE) 12024 LARGEST FROZEN ALLELSE 01 2025 REVENUE CUSTOMER REVENUE
Slide 15: We Continued To Outperform In North America Retail
‘THE ORIGINAL WE CONTINUED TO OUTPERFORM IN NORTH AMERICA RETAIL: LY CATEGORY HEADWINDS REMAIN Q1 NORTH AMERICA RETAIL TAKEAWAY CONTINUED TO GAIN SHARE Y/Y SALES GROWTHI IN EVERY DRINKS SUB-CATEGORY Q1 Y/Y CHANGE IN RETAIL SHARE OF SUB-CATEGORY! +380 BPS 141% 45% +80 BPS aoe 5.4% -5.6% ee Plant-Base
Slide 16: Outperformance Supported By Strong Distribution Gains In Every Drinks Sub-Category
‘THE ORIGINAL OUTPERFORMANCE SUPPORTED BY STRONG DISTRIBUTION GAINSIN 14 EVERY DRINKS SUB-CATEGORY COFFEE-FOCUSED PORTFOLIO STRONG DISTRIBUTION GAINS INEVERYDRINKSSUB-CATEGORY PERFORMING WELL = 424% +19% +9% ii “2m as Chilled Chilled Ambient: Ambient: Oatmilk Barista / Gatmilk Barista / Creamers Cre
Slide 17: Greater China Segment Executing Well
GREATER CHINA SEGMENT EXECUTING WELL Ly! FOODSERVICE REVENUE NOW ABOVE EXPANSION INTO CLUB PRERESETLEVELS ISDRIVINGGROWTHINRETAIL — GREATER CHINAFOODSERVICE REVENUE GREATER CHINA RETAIL REVENUE RESET INITIATED ENTERED CLUB 2023 SUB-CHANNEL $22.8 $39 $19.7 $20.2 | | I | | | | 1022 1023 1024 1025 1024
Slide 18: 2025 Priorities
2025 PRIORITIES Ly! »> CONTINUE AGGRESSIVELY PURSUING COST EFFICIENCIES TO SIMPLIFY AND GENERATE FUEL FOR ADDITIONAL GROWTH-DRIVING INVESTMENTS
Slide 19: Continuing To Drive Efficiencies In Our Supply Chain
CONTINUING TO DRIVE EFFICIENCIES IN OUR SUPPLY CHAIN REDUCED COGS PER LITER DRIVING IMPROVEMENTS WITH MULTIPLE LEVERS ee TOTALOATLYCOGSPERLITER == as * CLOSED SINGAPORE PLANT (15% ¥/¥ * VOLUME ABSORPTION (6)% a/a + RENEGOTIATED CONTRACTS CONTINUOUS PRODUCTIVITY MINDSET 1024 4Q24 1Q25 19
Slide 20: Continuing To Drive Efficiencies In Our Overhead Structure
CONTINUING TO DRIVE EFFICIENCIES IN OUR OVERHEAD STRUCTURE TO GENERATE FUEL FOR REINVESTMENT TOTAL OATLY SG&A + R&D ($ MILLIONS AND % OF REVENUE) 1Q23 1924 1Q25 ‘THE ORION Ly! SHIFTING MIX OF SPEND TOTAL SG&A + R&D OVERHEAD DISTRIBUTION (DRIVEN BY HIGHER VOLUME SOLD) BRANDING & ADVERTISING INVESTMEN
Slide 21: Looking Ahead, We Will Keep Making Progress
LOOKING AHEAD, WE WILL KEEP MAKING PROGRESS LY ¢ WILL CONTINUE TO DRIVE PRODUCTIVITY SAVINGS IN THE SUPPLY CHAIN AND SG&A ¢ CONTINUE TO REINVEST A PORTION OF THE PRODUCTIVITY SAVINGS INTO BRAND ACTIVATIONS ROLL OUT BRAND ACTIVATION STRATEGY MORE BROADLY IN 02 ¢ BRAND-BUILDING REINVESTMENTS EXPECTED
Slide 22: Financial Highlights
FINANCIAL HIGHLIGHTS drinks Also pr thought you aight be fs carton of barista edition oat drink, It's based on Liquid oats na tt Sen’t overly sumet tvely heavy. net St ite you i Z total control over the gensity sad perfersence of your fous so 7a¥ 668 P rt witty
Slide 23: Financial Performance Overview
FINANCIAL PERFORMANCE OVERVIEW Ly! & of total revenue (1.9)% 1g 2025! Revenue Y/Y Change (0.8)% ' Constant Currency Revenue Y/Y Growth? +0.7% ' Gross Margin 31.6% ' change vs prior year +450 bps H ' Adj. EBITDA! $(3.7) ' change vs prior year +59,5 I
Slide 24: Year-Over-Year Revenue Bridge
REVENUE YEAR-OVER-YEAR REVENUE BRIDGE (USD IN MILLIONS) +0,7% Constant Currency Revenue Growth? k +9,2% 012024 VOLUME CONST. CURRENCY FOREIGN REVENUE PRICE/MIX EXCHANGE $198 Q1 2025 REVENUE ‘THE ORIOMAL @AT Ly!
Slide 25: Year-Over-Year Gross Margin Bridge
YEAR-OVER-YEAR GROSS MARGIN BRIDGE 49% 0.3% 27 a ar24 ABSORPTION & SUPPLY CHAIN IMPROVEMENTS NET PRICING AND PRODUCT MIX 0.6% INFLATION 0.1% 31.6% ar2s ‘THE ORIOMAL @AT Ly!
Slide 26: Year-Over-Year Adjusted EBITDA Bridge
‘THE ORIGINAL GAT YEAR-OVER-YEAR ADv. EBITDA’ BRIDGE Ly! su ss De ($3.7) ($13.2) O24 ADJ. EBITDA’ GROSS PROFIT 568A AND OTHER 125 ADJ. EBITDA’ Note: USD in millions; Mey not add due to rounding 26 1, Adjusted EGITOA ie 8 norrIFRS measure, See the Appendix to this presentation for @ reconciliation to
Slide 27: Segment-Level Detail
‘THE ORIOMAL SEGMENT-LEVEL DETAIL oeF VOLUME GROWTH (10.9)% CC REV. GROWTH! a an (10.6) a ADJ. EBITDA! ($3.7) $15.5 $11 $16 ($22.0) FAV / (UNFAV) VS. PY $9.5 $1.0 $15 $5.0 $19
Slide 28: Balance Sheet & Cash Flow
‘THE ORIOMAL BALANCE SHEET & CASH FLOW Wi OUR BUSINESS PLAN REMAINS CONTINUED IMPROVEMENT ON IMPROVED TRADE WORKING FULLY FUNDED FREE CASH FLOW! CAPITAL; OPPORTUNITY REMAINS f@m$ in millions * $74MM OF CASH % of last 4 quarters’ revenue ¢ CREDIT FACILITIES REMAIN UNDRAWN $138 — USD $211MM ($2) 320 \
Slide 29: Deliver Our First Full Year Of Profitable Growth As A Public Company
DELIVER OUR FIRST FULL YEAR OF PROFITABLE GROWTH AS A PUBLIC COMPANY
Slide 30: 2025 Outlook
2025 OUTLOOK' CONSTANT CURRENCY REVENUE GROWTH? ADJ. EBITDA? CAPEX wot These are goals / targets and are forvard-looking, sub ject to elgniticant busin: Factors" vection ef the Annual these goale / targete ull be achieved, end the Company undertakes no duty to update ite goele, fue to di tein {tang
Slide 31: Appendix
APPENDIX
Slide 32: Revenue Split By Region - 1Q 2025
REVENUE SPLIT BY REGION - 10 2025 REVENUE SPLIT BY CHANNEL - 10 2025 Be in a o i 5 od » o Cc & oO oO oO Be fo) i 3 B | oO a
Slide 33: Revenue Summary: Revenue Split By Channel - 1Q 2025
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 March 31, $ Change % Change Foreign In Constant 2025 2024 As exchange constant As In constant Volume currency reported . = . re
Slide 35: 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 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 (Cnaudited) Three months ended March 31, (in thousands of US. dollars) 2025 2024 Net cash flows used in operating activities (13,558) (39,078) Capital expenditures (6,951