Oatly (OTLY) Announces Plan to Implement ADR Ratio Change

Oatly Group AB (Nasdaq: OTLY) (“Oatly” or the “Company”), the world’s original and largest oat drink company, today announced that it plans to change the ratio of its American Depositary Receipts (“ADRs”) to ordinary shares from one ADR representing one ordinary share to one ADR representing twenty ordinary shares.

This ratio change will have the same effect as a one-for-twenty reverse ADR split for Oatly’s ADR holders. There will be no change to Oatly’s underlying ordinary shares, and no ordinary shares will be issued or cancelled in connection with this ratio change. The effect of the ratio change on the ADR trading price on the Nasdaq Global Select Market is expected to take place at the opening of business on February 18, 2025. Following the ratio change, Oatly’s ADRs will continue to be traded on the Nasdaq Global Select Market under the ticker symbol “OTLY.”

No fractional new ADRs will be issued in connection with the change in the ADR ratio. Instead, fractional entitlements to the new ADRs will be aggregated and sold by the depositary bank, and the net cash proceeds from the sale of the fractional ADR entitlements (after deduction of fees, taxes, and expenses) will be distributed to the applicable ADR holders by the depositary bank. ADR holders should refer to the Deposit Agreement (filed most recently with the U.S. Securities and Exchange Commission ("SEC") as an exhibit to the Company’s Annual Report on Form 20-F filed on March 22, 2024) regarding any fees that may be payable by holders to the depositary bank in connection with the ratio change.

As a result of the change in the ADR ratio, the trading price per ADR is expected to increase proportionally, although the Company can give no assurance that the trading price per ADR after the change in the ADR ratio will be equal to or greater than twenty times the trading price per ADR before the change.

As previously announced, the Company will report financial results on February 12, 2025 and host a conference call and webcast on the same day. The Company will provide any necessary additional updates regarding the ADR ratio change as part of those communications.

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