Slide 1: Q4 2024 Earnings Presentation
THE ORIGINAL Ly! 40 2024 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: Forward-Looking Statements
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 be forward-looki
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Slide 5: As We Exit 2024
‘THE ORIOMAL wevraneawavs »> AS WE EXIT 2024, OATLY IS A MUCH STRONGER COMPANY THAN IT WAS WHEN WE STARTED OUR TRANSFORMATION JOURNEY 2+ YEARS AGO IN 2025, WE EXPECT TO DRIVE OUR FIRST FULL YEAR OF PROFITABLE GROWTH * CONSTANT CURRENCY REVENUE’ GROWTH OF 2% TO 4” ° ADJUSTED EBITDA’ OF $5 TO $15 MILL
Slide 6: We Have Methodically Executed a Significant Transformation
‘THE ORIOMAL WE HAVE METHODICALLY EXECUTED A SIGNIFICANT TRANSFORMATION oeF 6 plants; 3 more planned 5 plants J Building toward >»1,400mm liters capacity = ¥ Rightsized to ~900mm liters capacity ¥ $§30-35mm capex expected in 2025 (~4% of revenue) >$200mm annual capex (>40% of revenue) Customer servi
Slide 7: These Changes Have Strengthened Our P&L
THESE CHANGES HAVE STRENGTHENED OUR P&L GET STRONGER BEFORE FOCUS ON SALES GROWTH GETTING SIGNIFICANTLY BIGGER 1 ' il 1 i 1 REVENUE | i (IN SMM) q i H fl it q ' it 1 i 1 i 1 ! il 1 GROSS MARGIN q q ' ' i 11% i 1 yt 1 ! il 1 ' il 1 i 1 { He (sie) sy ! il 1 ADJ. EBITDA’ (s268) t (IN $MM) I ul ' ! il 1
Slide 8: Each Segment Has Improved Adj. EBITDA by Over $70 Million
EACH SEGMENT HAS IMPROVED ADJ. EBITDA’ BY OVER $70 MILLION Ly! ssn ADJ. EBITDA! 2-2 — EUROPE &INT’L -----; :---- NORTHAMERICA ----; :----- GREATERGHINA ------ +$76MM | ! +$72MM ! ! +$74MM ca : | = ii Y j (s2 Aa Ff Yj 7 L “ - | a ($20) (367) (376) 1 I 1 1 2022 2023 2024 boa 2022 2023 2024 ros 2022 20
Slide 9: Through All the Changes, We Have Maintained Our Mission
‘THE ORIGINAL THROUGH ALL THE CHANGES, WE HAVE MAINTAINED OUR MISSION LY We exist to help people live a healthier life without recklessly taxing the planet’s resources in the process, and to change the food system for the better, We drive that change through the power of oats and through a significa
Slide 10: Guidance
‘THE oRIOMAL Guidance IN 2025, WE EXPECT TO ENTER OUR PROFITABLE GROWTH ERA Ly! rocus GET STRONGER BEFORE PROFITABLE Focls ON SALES GROWTH ____ GETTING SIGNIFICANTLY BIGGER GROWTH joe pee e nen n ens 7 ‘| 424T04% | q H i GONSTANT CURRENCY? | i 1 ! PO 4 a oe 3 + L : i 2022 H 1 2023 2024 1! 2025 i H 4
Slide 11: 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
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Slide 13: 2025 Priorities
2025 PRIORITIES » ¥Y Ly! IGNITE POSITIVE CATEGORY MOMENTUM GLOBALLY ° INCREASE RELEVANCE * ATTACK BARRIERS TO CONVERSION ° INCREASE AVAILABILITY TO CONSUMERS
Slide 14: We Have Continued to Drive Broad-Based Growth
WE HAVE CONTINUED TO DRIVE BROAD-BASED GROWTH @AT- EUROPE & INTERNATIONAL NORTH AMERICA GREATER CHINA FULL YEAR 2024REVENUEGROWTH FULL YEAR 2024 REVENUE GROWTH H2 2024 REVENUE GROWTH _ Impact of Largest Customer Reported Revenue Growth +22% EXCL. LARGEST GUSTOMER 16% a 11% 10% 10% ; = 20F Retail Foo
Slide 15: Increased Relevance, Occasions, and Consumption with Enhanced Barista Portfolio
‘THE ORIOMAL INCREASED RELEVANCE, OCCASIONS, AND CONSUMPTION WITH THE Ly! ENHANCED BARISTA PORTFOLIO NA BARISTA REVENUE GROWTH +10% IN E&I BARISTA REVENUE GROWTH +13% IN |receneam | OAT [Yes ee Ly! Wt Bid ‘ BARIS TA Fe sve?
Slide 16: Winning Amid Minimal Category Tailwind
WINNING AMID MINIMAL CATEGORY TAILWIND Ly! CONSISTENT SHARE GAINS IN EUROPE 2024 EUROPEAN RETAIL TAKEAWAY Y/Y SALES GROWTH! ESTABLISHED & EXPANSION MARKETS PLANT-BASED MILK OATMILK “OATLY +4% 2% % Plant-Based Oat Milk Qatly Milk CONSISTENT SHARE GAINS IN THE US 2024 US RETAIL TAKEAWAY Y/Y SALES GROW
Slide 17: To Ignite Category Momentum, We Must Grow Category Penetration
‘THE ORIGINAL TO IGNITE CATEGORY MOMENTUM, WE MUST GROW CATEGORY LY PENETRATION _ UK HOUSEHOLD PENETRATION’ ___USHOUSEHOLD PENETRATION? 21.3% 21.3% 20.0%, 19.6% 7
Slide 18: First Step Is Higher-Relevancy, Integrated Brand Activations
FIRST STEP IS HIGHER-RELEVANCY, INTEGRATED BRAND ACTIVATIONS i) OATLY UK SEMI OATMILK OATLY UK SEMI OATMILK BASE VOLUME VELOCITIES! SOURCES OF VOLUME CHANGE? BRAND ie ACTIVATION 14 12 10 ‘ 78% OF VOLUME GROWTH Re eee FROM SHOPPERS NEW TO THE “eee. oe PLANT-BASED DRINKS GATEGORY 18
Slide 19: We Must Attack Two Barriers to Increased Penetration
‘THE ORIGINAL WE MUST ATTACK TWO BARRIERS TO INCREASED PENETRATION i)
Slide 20: Solid Early Results from Taste-Integrated Brand Activation in Germany
SOLID EARLY RESULTS FROM TASTE-INTEGRATED BRAND ACTIVATION IN GERMANY FOR AMBIENT BARISTA et t a s ud i Z @AT Pre-Campaign Campaign Period Period Source: NielsenIQ Grocery excl. Hard Disco Pre-campaign period: Jan~dct 2024, Cam; ; data ending week 52 2024 pei +Dec 2024 20 Note: A blind taste test ci
Slide 21: Setting the Record Straight on Nutrition... The Oatly Way
SETTING THE RECORD STRAIGHT ON NUTRITION... THE OATLY WAY L\
Slide 22: Continuing to Increase Availability Broadly
‘THE ORIOMAL CONTINUING TO INCREASE AVAILABILITY BROADLY EUROPEAN FOODSERVICE: NEW MOMENTS OF CONSUMPTION TURKISH | © Lufthansa © pe IBERIA g norwegian. ae Orussels 33: BRITISH AIRWAYS AIRLINES @ FINNAIR Ly! US RETAIL: GREATER CHINA: NEW DISTRIBUTION COMING ONLINE | ENTERING CLUB CHANNEL IN 2025 Kro
Slide 23: 2025 Priorities
2025 PRIORITIES » ¥ Y Ly! CONTINUE AGGRESSIVELY PURSUING COST EFFICIENCIES TO SIMPLIFY AND GENERATE FUEL FOR ADDITIONAL GROWTH-DRIVING INVESTMENTS
Slide 24: Culture of Continuous Improvement Within the Global Supply Chain
WE HAVE BUILT A CULTURE OF CONTINUOUS IMPROVEMENT WITHIN THE GLOBAL SUPPLY CHAIN TOTAL OATLY COGS PER LITER EXPECT MORE SAVINGS IN 2025 ¢ BENEFITS FROM SINGAPORE PLANT CLOSURE IN LATE 2024 | 19% REDUCTION ¢ US CONTRACT RENEGOTIATIONS COMPLETED IN LATE 2024 ° ADDITIONAL CLEARLY-IDENTIFIED PRODUCTIVIT
Slide 25: Continued Efficiencies in Our Overhead Structure
WE HAVE CONTINUED TO DRIVE EFFICIENCIES IN OUR OVERHEAD OAT STRUCTURE Ly! TOTAL OATLY SG&A + R&D ($ MILLIONS AND % OF REVENUE) OVER THE PAST TWO YEARS... REDUCED SG&A + R&D $80 MILLION $435 . $394 rf $355 + _ INCREASED BRANDING & ADVERTISING ~$8 MILLION a | * GREW REVENUE >$100 MILLION 25
Slide 26: Financial Highlights
Slide 27: Financial Performance Overview
FINANCIAL PERFORMANCE OVERVIEW Ly! 4Q 2024 FY 2024 & of total revenue (2.8)% (4.3)% ' Y/Y Revenue Growth +5,0% +5,1% Y/Y Constant Currency Revenue Growth?! +4,7% +4,8% ' Gross Margin 28.8% 28.7% ' change vs prior year +540 bps +930 bps H ' Adj. EBITDA! $(6.1) $(35.3) ' change vs prior year +513,1 +5
Slide 28: Revenue Bridge
REVENUE BRIDGE REVENUE (USD IN MILLIONS), % YEAR-OVER-YEAR GROWTH FOURTH QUARTER +4.7% Constant Currency? -——— +9,9% +0,3% $214 $204 042023 VOLUME CONST. CURRENCY FX 042024 REVENUE PRICE/MIX IMPACT REVENUE IMPACT 4d due te rounding ie cutteney revenue 4¢ @ nomIFAS meacure, Please gee appendix for »
Slide 29: Year-over-Year Gross Margin Bridge
YEAR-OVER-YEAR GROSS MARGIN BRIDGE FOURTH QUARTER 5.0% On 0.1% (0.22 23.41 0423 ‘ABSORPTION & NET PRICING AND FX INFLATION ‘SUPPLY CHAIN — PRODUCT MIX IMPROVEMENTS notest Nay not add dus te 28.8% a424 FULL YEAR 1.0% 0.5% 7.9% — (01%) 19.4% UO Fv23 ‘ABSORPTION & NET PRICING AND FX INFLATION SUPPLY CH
Slide 30: Year-over-Year Adj. EBITDA Bridge
YEAR-OVER-YEAR ADJ. EBITDA' BRIDGE Ly! FOURTH QUARTER FULL YEAR ($0.7) ($6.1) ($19.2) Q4'23 GROSS SG&A Q4'24 2023 GROSS SG&A 2024 ADJ. EBITDA PROFIT AND OTHER ADJ. EBITDA ADJ. EBITDA PROFIT ANDOTHER ADJ. EBITDA Notes: USD in millions; May not add due to rounding 30 1, Adjusted EBITOA is @ norrIFRS m
Slide 31: Segment-Level Detail
SEGMENT-LEVEL DETAIL Ls Constant cure ney revenue VOLUME GROWTH CC REV. GROWTH! ADJ. EBITDA! VOLUME GROWTH CC REV. GROWTH! ADJ. EBITDA! FAV / (UNFAV) VS. PY FAV / (UNFAV) VS. PY grovth and adjusted EBITDA are RormIFRS measures, 4.7% ‘THE ORIOMAL @AT Ly! Fo 4 2.1% 714 val $16.6 $1.2 $0.6 ($24.5) $5.2
Slide 32: Balance Sheet & Cash Flow
BALANCE SHEET & CASH FLOW BALANCE SHEET REMAINS SOLID + $99MM OF CASH * $186MM UNDRAWN CREDIT FACILITIES OUR BUSINESS PLAN REMAINS FULLY FUNDED CONTINUED IMPROVEMENT ON FREE CASH FLOW! nN a Nn nN nN a Nn a nN a Nn S S c=) nN S ‘THE ORIOMAL @AT Ly! IMPROVED TRADE WORKING CAPITAL’; OPPORTUNITY REMAINS
Slide 33: 2025 Priorities
2025 PRIORITIES » ¥ oY ‘THE ORIOMAL Ly! DELIVER OUR FIRST FULL YEAR OF PROFITABLE GROWTH AS A PUBLIC COMPANY
Slide 34: 2025 Outlook
2025 OUTLOOK @) CONSTANT CURRENCY REVENUE GROWTH ADJ. EBITDA” CAPEX GUIDANCE 27 TO 47% $5~-15 MILLION $30 - 35 MILLION ‘THE ORIOMAL CONSIDERATIONS ~300 BPS Y/Y HEADWIND FROM LARGEST US CUSTOMER * Y/Y IMPROVEMENT PRIMARILY DRIVEN BY GROSS PROFIT * CONTINUING TO EVALUATE POTENTIAL TARIFF SITUATION FOR
Slide 35: Plan to Deliver Our 2025 Adj. EBITDA Guidance
PLAN TO DELIVER OUR 2025 ADJ. EBITDA‘? GUIDANCE Ly! MAJORITY OF SAVINGS ALREADY EXECUTED AGAINST: REMAINDER IDENTIFIED WITH CLEAR PLAN TO ACHIEVE 35) 2024 SALES GROWTH / ‘SUPPLY CHAIN SG&A INCREASED 2025 ‘ADJ. EBITDA ABSORPTION PRODUCTIVITY (INCL. EFFICIENCIES BRAND BUILDING ‘ADJ. EBITDA ‘SINGAPORE
Slide 36: Appendix
APPENDIX
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Slide 39: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES ~~, Three months ended December 31. $ Change % Change Foreign Constant (Unaudited) 2024 2023 A gq exchange In constant AS a Inconstant Volume currency (in thousands of U.S. dollars) reporte' impact currency reportes currency price/mix Europe & Internatio
Slide 40: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES é{ | een Ly! Casudited) Earope & North Greater i of 5. dollar) i America _China Corporate Fliminstins** _Tatl Revenue Revenue from external customers 108,462 70,596 35,258 — — 24316 Intersegment revenue 1,326 = = = 1326) = Total segment revenue 109,788 7
Slide 41: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES ~ 7 =o emt SST es eee Ly! Revenue Revenue ffom extemal customers 434,263 274455 114,948, - 823,666 Intersegment reveaue 6,429 — — - (6429) — Total segment revenue 440,692 274485 114,948, = (6429) $23,666 Adjusted EBITDA $6128 $298 (4645) (95,106) — 05328
Slide 42: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES ei Ly! Europe & Twelve months ended December 31, 2022 International North America Greater China Corporate* Revenue Rev m external customers 356,629 880 141,729 _ Intersegment revenue 48,290 820 182 a Total segment revenue 404,919 224,700 141,911 _ Adjust
Slide 43: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION OF NON-IFRS FINANCIAL MEASURES ei | Ly! Reconciliation of Free Cash Flow to Net Cash Flows used in Operating Activitie (Unaudited) Three months ended December 31, __‘Twetve months ended December 31, (in thousands of US. dollars) 2024 2023 2024 2023 Net cash flows used in operating act