Slide 1: Q2 2026 Earnings Presentation
Q2 2026 EARNINGS PRESENTATION JULY WRAP UP: DACH22,CAMPAIGN 2026 2025 1
Slide 2: Today's Speakers
TOD A Y’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 TAKE A WA –––––––––––––––– YS • Volume momentum accelerating driven by brand visibility, on -trend innovation, and distribution expansion • Improved mix from channels, customers, and products continues to support revenue growth and gross margin expansion • Raising FY26 revenue guidance with conf
Slide 6: Solid Q2 Results Including Reinvestment and Middle East Conflict
SOLID Q2 RESULTS INCLUDING REINVESTMENT MIDDLEAND EAST CONF 1 GROSS PROFIT ADJ. EBITDA FREE CASH 1FLO REVENUE +15.2%$81.4 MM $0.4 ($0.6 Y/Y REVENUE GROWTH AS REPORTED 33.9% ) MM MM +12.7% Y/Y CONST. CURR 1 . REVENUE GROWTH OF SALES Notes: USD in millions 1. Adjusted EBITDA, constant currency revenue
Slide 7: Delivering on Our 2026 Focus
DELIVERING ON OUR –––––––––––––––––––––––––––––––––––– 2026 FOCU ▪ Double down on growth playbook ▪ Minimize the impact of the conflict in the Middle East ▪ Complete strategic review of Greater China segment 7
Slide 8: Raising 2026 Revenue Guidance
RAISING 2026 REVENUE GUIDA REITERATING EBITDA OUTLOO CONST. CURR. 1 1 ADJ. EBITDA REVENUE GROWTH ––––––––––––––– ––––––––––––––– +8%tovs +10% $25 MMto $35 MM prior Note: +3%to +5% 1. Constant currency revenue and adjusted EBITDA are non -IFRS measures. The Company cannot provide a reconciliation of
Slide 9: Business Update
RICH IN RICH IN We cai CALCIUM & 4 one TODINE! ) source | Mm i OFrBRE | OF FIBRE abl
Slide 10: Playbook Is Driving Profitable Growth
PLAYBOOK IS DRIVING PROFITABLE GROWTH ––––––––––––––––––––––––––––––––– TARGET: Younger generations PORTFOLIO: Beverages COMMS: Taste & Health MEDIA: Social and live culture -creating 10
Slide 11: Beverages Thought-Leadership
BEVERAGES THOUGHT -LEADERSHIP 11
Slide 12: Setting Beverages Trends
SETTING BEVERAGES TRENDS 12
Slide 13: Inspiring Menus
INSPIRING MENUS 13
Slide 14: Setting the Bar Into the Retail
SETTING THE BAR INTO THE RETAIL 14
Slide 15: Global Relevance Proofpoint
GLOBAL RELEVANCE PROOFPOIN 15
Slide 16: Europe & International
EUROPE & INTERNATIONAL –––––––––––––––––––––––––––––––––– 16
Slide 17: Revenue Momentum Building
REVENUE MOMENTUM BUILDING DR EUROPE & INTERNATIONAL SEGMENT EUROPEAN RETAIL TAKEAWAY 1 CONSTANT CURRENCY REVENUE GROWTH 2 Y/Y SALES GROWTH ––––––––––––––––––––––––––––––– –––––––––––––––––––––––––––––– +18% 17% +14% +15% 16% 11% 12% 10% 8% 9% +6% +6% 6% 8% 5% 6% 6% 4% 4% 3% +0% 1% 2% Q1 25 Q2 25 Q3
Slide 18: How We Are Outperforming
HOW WE ARE OUTPERFORMIN RELEVANT TO THE1 YOUNG MULTIPLE GROWTH CHANNELS NEW 2 MARKETS Sweden: Sales breakdown by age 53% 51% OOH 47% 42% 42% 41% 39% +82.3% 30% Q2 Y/Y 28% NET SALES GROWTH 12% 8% 8% Q2 Y/Y 18-34 Total PBM Oatly Matcha Strawberry 35-55 Oatly Matcha 55+ Oatly Barista Churros +33.1% NET
Slide 19: Local Cultural Relevance
LOCAL CULTURAL RELEVANCE WITH G 600MM+ 100MM+ Cumulative reach Cumulative reach 19
Slide 20: Sweden Proves There's No Such "Mature Market"
SWEDEN PROVES THERE’S NO SUCH “MATURE MARKET” SWEDEN 12 MONTH PENETRATION SWEDEN PLANT BEVERAGES SHARE OF SHELF VALUE SHARE OF PLANT BASED NEARLY +2pps SINCE 2023 1 IS +10pps SINCE 2023 2 NEARLY +2pps SINCE 2024 46.3% 46.3% 45.9% 20.9% 39% 44.4% 44.3% 36% 32% 29% 19.2% 19.1% 19.0% Jun/23 Jun/24 Jun/
Slide 21: Beverages Stance Enhances
BEVERAGES STANCE ENHANCES D 21
Slide 22: North America
NORTH AMERICA –––––––––––––––––––––––––––––––––– 22
Slide 23: Accelerating Growth in Challenging Retail Category
ACCELERATING GROWTH IN CHALLENGING RETAIL CATEGORY E U.S. RETAIL TAKEAWAY SALES GROWTH OATLY Y/Y RETAIL DISTRIBUTION POINTS –––––––––––––––––– –––––––––––––––––– Source: NielsenIQ Total xAOCending 06/21/26; Baristas included Source: NielsenIQ Total xAOCending 06/27/26 23
Slide 24: U.S. Retail Measured Channels Near Record High Share
U.S. RETAIL MEASURED CHANN NEAR RECORD HIGH SHARE OATLY VALUE SHARE OF PLANT BEVERAGES OATLY VALUE SHARE OF OAT BEVERAGES –––––––––––––––––– –––––––––––––––––– 7.3% 31.3% 7.2% 30.9% 7.0% 29.4% 6.7% 27.6% 6.4% 26.8% YE '24 YE '25 L52 WK L24 WK L12 WK YE '24 YE '25 L52 WK L24 WK L12 WK Source: Nielsen
Slide 25: OOH Replicating the Beverages and Eliminating Legacy Headwinds
OOH REPLICATING THE BEVERAGES AND ELIMINATING LEGACY HEADW 1 +18.0% Q2 GROWTH Y/Y Note: 1. Net Sales growth, excluding one of the channel’s largest customers in North America. When this customer is included, Y/Y OOH gro wth in Q2 is -4.5%. 25
Slide 26: Penetration Building Momentum Driven by Younger & Influential
PENETRATION BUILDING MOME DRIVEN BY YOUNGER & INFLUENTIA GEN-Z IS THE FASTEST GROWING GENERATION FOR OATLY SPENDING16% MORE ON OATLY OVER THE LAST 5 YEARS PROJECTED TO BE THELARGEST AND RICHEST GENERATION BY 2035 Source: Source: internalinternal data data 26
Slide 27: Next Up in Retail: Building Breadth and Depth
NEXT UP IN RETAIL: BUI LDING BREADTH AND DEPTH IN KEY 27
Slide 28: Greater China Update
GREATER CHINA UPDATE • FOODSERVICE REMAINS PRESSURED BY MACRO HEADWINDS • RETAIL GROWTH IS A POSITIVE OFFSET • STRATEGIC REVIEW ONGOING • CONTINUE TO EXPECT THE CONCLUSION OF THE REVIEW IN 2026 28
Slide 29: Global Business Fundamentals Show Sustained Improvement
1 GLOBAL BUSINESS FUNDAMENTAL SHOW SUSTAINED IMPROVEM VOLUME SOLD GROSS MARGIN 2 SG&A + R&D (in million Liters) (as a % of Net Sales) 70% 60% 50% 40% 156.1 33.9% 32.5% 30% 57.8% 57.2% 140.4 29.2% 136.6 47.1% 20% 42.6% 41.4% 120.9 125.0 19.2% 15.8% 10% 0% Q2 22 Q2 23 Q2 24 Q2 25 Q2 26 Q2 22 Q2 23 Q2
Slide 30: Financial Highlights
FINANCIAL HIGHLIGHTS IDEAL FOR COFFEE MACHINES
Slide 31: Financial Performance Over Q2 2026
FINANCIAL PERFORMANCE ––––––––––––––––––––––––––––––––––– OVER Q2 2026 Revenue Y/Y Change +15.2% Constant Currency Revenue Y/Y Growth 1 +12.7% Gross Margin 33.9% change vs prior year +140 bps Adj. EBITDA1 $0.4M change vs prior year +$4.0M % of total revenue 0.2% Notes: USD in millions 1. Adjusted EB
Slide 32: Year-Over-Year Revenue Bridge
YEAR -OVER -YEAR REVENUE BRIDGE (USD IN MILLIONS) +12.7% Constant Currency Revenue Growth 1 +2.5% $240 +11.2% +1.5% $208 Q2 '25 Volume Const. Currency Foreign Q2 '26 Revenue Price/Mix Exchange Revenue Notes: May not add due to rounding 1. Constant currency revenue growth is a non -IFRS measure. See
Slide 33: Year-Over-Year Gross Margin Bridge
YEAR -OVER -YEAR GROSS MARGIN BRID 2.1% 0.3% 0.1% 33.9% 32.5% (1.0)% Q2 '25 Absorption & Net Pricing and Inflation Foreign Q2 '26 Supply Chain Product Mix Exchange & Other Improvements*1 Note: (1) Including volume linked commitments 33 May not add due to rounding
Slide 34: Year-Over-Year Adj. EBITDA Bridge
YEAR -OVER 1 -YEAR ADJ. EBITDA BRIDGE: $13.7 $0.4 ($9.7) ($3.6) Q2'25 Adj. EBITDA1 Gross Profit SG&A and Other Q2'26 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 IF
Slide 35: Segment-Level Detail
SEGMENT -LEVELTAIL DE TOTAL EUROPE & NORTH GREATER OATLY INTERNATIONAL AMERICA CHINA CORPORATE Volume Growth 11.2% 16.9% 1.9% 5.5% CC Rev. Growth 1 12.7% 18.0% 5.9% 5.6% Q2 ‘26 Adj. EBITDA1 $0.4 $25.0 $0.7 ($1.5) ($23.8) Fav / (Unfav) vs. PY $4.0 $0.7 $3.1 ($0.8) $1.0 Note: 1. Constant currency reve
Slide 36: Cash Flow
CASH FLOW 1 GOOD PROGRESS ON FREE CASH FLOW DRIVERS OF FREE CASH FLOW GOING FORWA ––––––––––––––––––– –––––––––––––––––––––––– ($1) ▪ Continued progress on increasing ($5) Adj. EBITDA ▪ Working capital improvements. ▪ Will maintain discipline in how we ($55) invest capex. ($61) ($112) Q2 '22 Q2 '23
Slide 37: 2026 Outlook
(1)(2) 2026 OUTLOOK GUIDANCE –––––– CONSIDERATIONS ––––––––– CONSTANT CURRENCY ▪ Positive revision vs. prior 3% to 5% 2 REVENUE GROWTH 8% TO 10% ▪ FX tailwind now ~200bps -250bps vs. prior ~100 -200 bps ▪ Y/Y improvement driven by increase in gross profit behind sales growth and productivity ADJ. EB
Slide 38: Appendix
APPENDIX 38
Slide 39: Revenue Summary
REVENUE SUMMA RY REVENUE SPLIT BY CHANNEL –Q2 2026 REVENUE SPLIT BY(3)REGION –Q2 2026 –––––––––––––––––––––– –––––––––––––––––––––– 2% 12% 30% 28% 60% 68% Food retail Europe & International Foodservice (1) North America Other (2) Greater China Notes: 1. Foodservice includes Coffee & Tea shops 2. Oth
Slide 40: Revenue Summary
REVENUE SUMMA RY REVENUE SPLIT BY CHANNEL– Q2 2026 EUROPE & INTERNATIONAL NORTH AMERICA GREATER CHINA ––––––––––––––– –––––––––– ––––––––– 1% 0% 12% 22% 34% 37% 63% 77% 54% Food retail Foodservice (1) Other (2) Notes: Excludes intersegment revenue 1. Foodservice includes Coffee & Tea shops 2. Other
Slide 41: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 41
Slide 42: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 42
Slide 43: Reconciliation of Non-IFRS Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 43
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