[Form 3] Oatly Group AB Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Oatly Group AB Chief Executive Officer Jean-Christophe Flatin filed an initial ownership report detailing his equity stake in the company. The filing shows direct holdings of 172,708 ADSs, plus stock options exercisable for 81,328 ADSs at an exercise price of 35.2000 and options for 73,584 ADSs at 21.2000.

Footnotes explain additional RSU awards, each representing one ADS. These include 3,526 RSUs vesting on 5/30/2026, 5,856 RSUs vesting on 6/28/2026, 32,704 RSUs vesting in two equal annual increments beginning 5/30/2026, and 95,869 RSUs vesting in three equal annual increments beginning 5/30/2026. The stock options vest in three equal annual increments beginning on either 5/30/2024 or 5/30/2025 and expire five years after each relevant vesting date.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Flatin Jean-Christophe Marie

(Last) (First) (Middle)

ANGFARJEKAJEN 8

(Street)

MALMO SWEDEN 211 19

(City) (State) (Zip)

SWEDEN

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Oatly Group AB [ OTLY ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
ADSs(1)	172,708	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options(2)	(3)	(4)	ADSs	81,328	$35.2	D
Stock Options(2)	(5)	(4)	ADSs	73,584	$21.2	D

Explanation of Responses:

1. Includes RSUs, each RSU represents a right to receive one ADS in the Issuer. 3,526 RSUs vest on 5/30/2026, 5,856 RSUs will vest on 6/28/2026, 32,704 RSUs will vest in two equal annual increments beginning 5/30/2026, and 95,869 RSUs will vest in three equal annual increments beginning 5/30/2026. There are no voting or dividend rights prior to vesting.

2. Each stock option represents a right to receive one ADS in the Issuer.

3. The stock options vest in three equal annual increments beginning 5/30/2024.

4. The stock options expire five years after the relevant vesting date.

5. The stock options vest in three equal annual increments beginning 5/30/2025.

	Timothy Sjovall, pursuant to power of attorney	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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* Form 3: SEC 1473 (03-26)