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    Oatly Group AB (publ) (OTLY)

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    Business Description

    Oatly Group AB (OTLY) is the world’s largest oatmilk company, specializing in the development and sale of oat-based products. With over 25 years of expertise, the company focuses on providing plant-based dairy alternatives that promote sustainability and health. Oatly's product portfolio includes oatmilk, ice creams, yogurts, cooking creams, spreads, and on-the-go drinks, catering to a global market through retail, e-commerce, and foodservice channels.

    1. Europe & International - Generates revenue from the sale of oatmilk and other oat-based products in markets such as the United Kingdom, Germany, and Sweden, making it the largest contributor to the business.
    2. North America - Focuses on the distribution of oatmilk and related products, with the United States being the primary market.
    3. Greater China - Drives sales of oat-based products in China and surrounding regions, leveraging a foodservice-led strategy.
    4. Oatmilk - Represents the core product category, accounting for the majority of the company’s consolidated revenue.
    5. Other Oat-Based Products
      • Ice Creams - Offers plant-based frozen desserts made from oats.
      • Yogurts - Produces oat-based alternatives to traditional yogurt.
      • Cooking Creams - Supplies oat-based cooking solutions for culinary use.
      • Spreads - Provides plant-based spreads for various applications.
      • On-the-Go Drinks - Delivers convenient, ready-to-drink oat-based beverages.

    Executive Team

    NamePositionStart DateShort Bio
    Jean-Christophe FlatinChief Executive OfficerJune 1, 2023Jean-Christophe Flatin joined Oatly as Global President in June 2022 and became CEO on June 1, 2023. He has over 30 years of experience at Mars, Incorporated, holding roles such as Global CEO of Royal Canin and President of Mars Edge.
    Marie-José DavidChief Financial OfficerOctober 1, 2023Marie-José David became CFO of Oatly on October 1, 2023. She previously served as CFO at Mars Veterinary Health International (2020–2023) and held finance leadership roles at Pandora and L’Oréal USA.
    Daniel OrdoñezChief Operating OfficerJune 2022Daniel Ordoñez has been COO at Oatly since June 2022. He has over 30 years of experience in consumer goods, with leadership roles at Danone and Unilever across markets like Argentina, Spain, and France.

    Questions to Ask Management

    1. Given the recent category sluggishness in Europe, most notably in the UK , what specific strategies are you implementing to reignite growth in this key market, and what gives you confidence that these initiatives will be effective?
    2. With your guidance now expecting constant currency revenue growth to be near or slightly below the low end of your previously provided range of 6% to 10% , what are the main factors contributing to this downward revision, and how do you plan to address these challenges going forward?
    3. While you have achieved significant improvements in gross margin, increasing by 1,240 basis points year-over-year to 29.8% , how sustainable are these margin improvements, and what key initiatives will drive further margin expansion in the future?
    4. Despite the progress in adjusted EBITDA, with a loss of $5 million this quarter and all three segments turning profitable , what are the main obstacles preventing you from achieving positive adjusted EBITDA in 2025, and when can investors expect to see sustained profitability?
    5. You mentioned exiting your U.S. and U.K. manufacturing facilities and evaluating Asian supply chain options , how will these actions impact your cost structure and supply chain efficiency, and what risks do you foresee in executing these transitions?