SCHEDULE 13G 0001510589 XXXXXXXX LIVE Ordinary Shares, par value $0.00018 per share 03/31/2025 0001843586 Oatly Group AB 67421J207 C/O OATLY GROUP ANGFARJEKAJEN 8 Malmo V7 211 19 Rule 13d-1(d) Hillhouse Investment Management, Ltd. E9 0.00 40746809.00 0.00 40746809.00 40746809.00 N 6.4 IA Represents 12,625,409 Ordinary Shares (as defined in Item 2(a)) issuable upon conversion of convertible notes and 28,121,400 Ordinary Shares in the form of ADSs issuable upon conversion of convertible notes. Oatly Group AB Angfarjekajen 8, 211 19 Malmo, Sweden This Schedule 13G is filed by Hillhouse Investment Management, Ltd, an exempted Cayman Islands company ("HIM" or the "Reporting Person") with respect to the ordinary shares, par value $0.00018 per share ("Ordinary Shares"), of Oatly Group AB (the "Company") issuable, and Ordinary Shares underlying ADSs (as defined below) issuable, upon conversion of convertible notes held by Mars II Holdings Pte. Ltd. ("Mars II"). HIM acts as the sole management company of Hillhouse Focused Fund Growth V, L.P. ("Growth Fund") and Hillhouse Climate Fund, L.P. ("Climate Fund"). Mars II is indirectly equally owned by Growth Fund and Climate Fund. HIM is hereby deemed to be the beneficial owner of, and to control the voting power of, the Ordinary Shares issuable, and Ordinary Shares underlying ADSs issuable, upon conversion of convertible notes held by Mars II. There is no CUSIP number assigned to the Ordinary Shares. The CUSIP Number 67421J207 has been assigned to the American Depositary Shares ("ADSs") of the Company, which are quoted on the Nasdaq Global Select Market under the symbol "OTLY." Each ADS represents 20 Ordinary Shares. The address of the business office of the Reporting Person is Office #122, Windward 3 Building, Regatta Office Park, West Bay Road, Grand Cayman, Cayman Islands, KY1-9006. Cayman Islands Y The information required by Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 598,559,840 Ordinary Shares outstanding as of February 28, 2025, as reported in the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission on March 13, 2025, and assumes conversion of the convertible notes held by Mars II. 6.4% The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for the Reporting Person and is incorporated herein by reference. Y N See Item 2(a). Y Y Y Y Hillhouse Investment Management, Ltd. /s/ Audrey Woon 05/15/2025