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Samu Wilhelmsson

credit analyst at Nordea Markets

Samu Wilhelmsson is a credit analyst at Nordea Markets, specializing in credit research and analysis for infrastructure and energy sectors. He follows companies such as Vattenfall and Bulk Infrastructure Group, serving as a key contact for their investor relations with direct lines for credit inquiries. Wilhelmsson operates from Nordea's Helsinki office, reachable at +358 9 53007505, though specific performance metrics, rankings, or quantitative track records are not publicly detailed in available sources. His professional experience centers on Nordea Markets with no disclosed prior firms or formal credentials like securities licenses.

Samu Wilhelmsson's questions to Oatly Group (OTLY) leadership

Question · Q4 2025

Samu Wilhelmsson questioned the underlying reasons for the lack of sequential improvement in free cash flow during the past two quarters of 2025 and what factors are expected to drive improvement in 2026, especially given the higher CapEx guidance. He also asked about the capacity utilization of existing facilities at year-end and the company's assessment of its current $80 million equity position.

Answer

Marie-José David, CFO, explained that the free cash flow variance between quarters in 2025 was due to phasing in CapEx, tax, interest, and the evolution of net working capital. For 2026, she expects free cash flow to improve driven by accelerated EBITDA, disciplined CapEx management (including phasing), and leveraging working capital as a key lever. Jean-Christophe Flatin, CEO, stated that Oatly has sufficient oat-based capacity for foreseeable goals, and the planned CapEx increase for 2026 is primarily for adding new filling capacity in Europe and International due to accelerated growth. Ms. David added that the company is "always looking at our opportunities when it comes to how to manage the balance sheets and the value creations from the balance sheet" regarding the equity position.

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Question · Q4 2025

Samu Wilhelmsson inquired about the underlying reasons for the lack of sequential Free Cash Flow improvement since Q2 2025 and what factors are expected to drive the anticipated Free Cash Flow improvement in 2026, especially given higher CapEx guidance. He also asked about the capacity utilization of existing facilities at year-end and the company's assessment of its equity position given the current $80 million on the balance sheet.

Answer

Marie-José David (CFO) attributed the quarterly Free Cash Flow variance to phasing in CapEx, tax, and interest, and the evolution of net working capital. For 2026, she expects improvement from accelerated EBITDA, disciplined CapEx management, and leveraging working capital. Jean-Christophe Flatin (CEO) stated that Oatly has sufficient oat-based capacity for foreseeable goals, with the 2026 CapEx increase primarily for adding filling capacity in Europe and International due to accelerated growth. Marie-José David (CFO) confirmed that the company is always assessing opportunities to manage its balance sheet and value creation, but had no further details on the equity position.

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