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.
- 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.
- North America - Focuses on the distribution of oatmilk and related products, with the United States being the primary market.
- Greater China - Drives sales of oat-based products in China and surrounding regions, leveraging a foodservice-led strategy.
- Oatmilk - Represents the core product category, accounting for the majority of the company’s consolidated revenue.
- 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.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Daniel Ordoñez Executive | Chief Operating Officer | None | COO since June 2022; previously held leadership roles at Danone and Unilever, with over 30 years of experience in consumer goods. | |
Jean-Christophe Flatin Executive | Chief Executive Officer | None | CEO since June 2023; previously Global President of Oatly (2022-2023) and held leadership roles at Mars, Inc. for over 30 years. | View Report → |
Marie-José David Executive | Chief Financial Officer | None | CFO of Oatly; no additional details provided in the documents. | |
Ann Chung Board | Board Member | Managing Director at The Blackstone Group; Board Member at Spanx LLC, Supergoop LLC. | Board member since July 2020; independent director with expertise in entrepreneurial management and private equity. | |
Bernard Hours Board | Board Member | President of Andros España and Chef Sam; President of Medved Limited; Board Member at Verlinvest. | Board member since March 2019; former COO of Danone S.A. and board member of Essilor International. | |
Calvin Tuen-Muk Lai Shu Board | Board Member | CFO of China Resources Enterprise; Board Member at several private companies. | Board member since November 2022; extensive experience in corporate finance and treasury management. | |
Eric Melloul Board | Board Member | Senior Advisor to Verlinvest; Board Member at Vita Coco, Hint Inc., Mutti S.p.A.. | Board member since 2016; previously served as Chairman of the Board and is a member of the Remuneration Committee. | |
Eric Xin Wang Board | Board Member | CEO and Chairman of CR Consumer Fund; Board Member at CR CCT, China Structural Reform Fund, and others. | Board member since June 2023; appointed by China Resources, with over 20 years of experience in investment and asset management. | |
Frances Rathke Board | Board Member | Board Member at Planet Fitness, Green Mountain Power, Northern New England Energy, John Hancock Investment Management, Flynn Center, Citizen Cider. | Board member since May 2021; Chairperson of the Audit Committee; previously CFO of Green Mountain Coffee Roasters. | |
Lillis Hård Board | Board Member (Employee Representative) | None | Employee representative on the board since February 2023; process operator at Oatly since 2019. | |
Martin Brok Board | Board Member | Founder/CEO of mb Capital Advisors B.V.; Operating Partner at Advent International; Board Member at Revlon, Tous S.L., Self Esteem Brands. | Board member since May 2023; former Global President and CEO of Sephora and held senior roles at Starbucks, Nike, and Coca-Cola. | |
Toni Petersson Board | Co-Chairman of the Board | None | Former CEO (2012-2023); transitioned to Co-Chairman in June 2023, focusing on strategic initiatives and advising on Oatly's China business. | |
Yawen Wu Board | Board Member | CEO of CR Verlinvest Health Investment; Board Member at Comvita Limited and several private companies. | Board member since January 2021; General Manager of Asset Management at China Resources Enterprise. |
- 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?
- 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?
- 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?
- 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?
- 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?
Research analysts who have asked questions during Oatly Group earnings calls.
John Baumgartner
Mizuho Securities
3 questions for OTLY
Kaumil Gajrawala
Jefferies
2 questions for OTLY
Max Andrew Gumport
BNP Paribas
2 questions for OTLY
Michael Lavery
Piper Sandler & Co.
2 questions for OTLY
Andrew Lazar
Barclays PLC
1 question for OTLY
Ken Goldman
JPMorgan Chase & Co.
1 question for OTLY
Kenneth Goldman
JPMorgan Chase & Co.
1 question for OTLY
Max Gumport
BNP Paribas
1 question for OTLY
Recent press releases and 8-K filings for OTLY.
- Revenue for the third quarter of 2025 increased by 7.1% year-over-year to $222.8 million, and by 3.2% to $628.7 million for the nine months ended September 30, 2025.
- The company achieved positive Adjusted EBITDA of $3.1 million in Q3 2025, an improvement from a loss of $5.0 million in Q3 2024.
- However, net loss for the period increased to $65.4 million in Q3 2025 from $34.6 million in Q3 2024, and to $133.9 million for the nine months ended September 30, 2025, from $110.9 million in the prior year period.
- Oatly Group AB executed a significant debt restructuring, issuing SEK 1,700 million Nordic Bonds on September 30, 2025, and subsequently using the proceeds on October 3, 2025, to fully prepay the TLB Credit Agreement and repurchase certain U.S. Notes.
- The company is also conducting a strategic review of its Greater China business, which may include a potential carve-out.
- Oatly Group AB (OTLY) achieved its first quarter of profitable goals since its IPO in Q3 2025, reporting positive adjusted EBITDA of $3.1 million, an $8.2 million improvement year-over-year.
- The company reaffirmed its 2025 guidance, anticipating constant currency revenue growth of approximately flat to 1% and adjusted EBITDA between $5 million and $15 million, expecting its first full year of profitable goals.
- Total revenue for Q3 2025 increased by 7.1% (or 3.8% on a constant currency basis), primarily driven by 6.6% volume growth.
- The Europe and International segment's revenue grew over 12% with an 18% EBITDA margin (a 700 basis point increase year-over-year), and the Greater China segment's constant currency revenue grew by 28.7%.
- Free cash flow showed significant improvement, with a net cash outflow of $5 million in Q3 2025, which is $22 million better than the prior year, and the cash conversion cycle was below 40 days.
- Oatly reported its first profitable growth quarter since its IPO in Q3 2025, achieving Adjusted EBITDA of $3.1 million.
- The company's total revenue for Q3 2025 was $223 million, marking a 7.1% year-over-year increase.
- Oatly reaffirmed its 2025 outlook, projecting constant currency revenue growth of approximately flat to +1% and Adjusted EBITDA between $5 million and $15 million.
- Oatly Group AB achieved its first quarter of profitable goals since its IPO in Q3 2025, reporting positive adjusted EBITDA of $3.1 million and revenue growth of 7.1% (3.8% on a constant currency basis).
- The company reaffirmed its 2025 guidance, expecting constant currency revenue growth of approximately flat to 1% and adjusted EBITDA in the range of $5 million to $15 million.
- The Europe and International segment demonstrated strong performance with 12% revenue growth and 8% volume growth, while the Greater China segment's constant currency revenue grew 28.7% in Q3 2025.
- Oatly completed capital structure improvements, including reducing its revolving credit facility and repurchasing convertible notes, which are projected to result in approximately $5 million in annualized interest expense savings and a reduction of potential dilution by approximately 40 million shares.
- Oatly Group AB reported its first quarter of profitable goals since its IPO in Q3 2025, with positive adjusted EBITDA of $3.1 million, an $8.2 million improvement compared to the prior year.
- Revenue for Q3 2025 grew 7.1% (or 3.8% on a constant currency basis), driven by 6.6% volume growth. The Europe and International segment saw strong performance, with revenue growth over 12% and volume up 8.4%.
- The company reaffirmed its 2025 guidance, expecting constant currency revenue growth of approximately flat to 1% and adjusted EBITDA in the range of $5 million to $15 million, noting it is likely to be in the bottom half of that range.
- Capital structure improvements were fully executed in early October, including the issuance of SEK 1.7 billion of Nordic bonds and the repurchase of convertible notes, which is expected to save approximately $5 million in annualized interest expense and reduce potential dilution by 40 million shares.
- Oatly Group AB reported third quarter 2025 revenue of $222.8 million, marking a 7.1% increase compared to the prior year period, with constant currency revenue growing 3.8%.
- The company achieved positive Adjusted EBITDA of $3.1 million in Q3 2025, an improvement of $8.2 million from a loss of $5.0 million in the prior year period. However, the net loss attributable to shareholders for the quarter increased to $65.3 million, primarily due to fair value losses on Convertible Notes.
- Oatly reaffirmed its 2025 outlook, projecting constant currency revenue growth in the range of approximately flat to +1% and Adjusted EBITDA between positive $5 million to $15 million.
- Oatly Group AB issued SEK 1,700 million Nordic Bonds and entered into a new SEK 750 million super senior revolving credit facility on September 30, 2025.
- The proceeds from these new financing arrangements will be used to refinance the existing $130 million term loan B credit facility and to repurchase and cancel certain 9.25% Convertible Senior PIK Notes due 2028.
- These transactions are expected to strengthen the company's financial foundation by reducing total outstanding debt, lowering costs, improving capital structure terms, and reducing dilution impact. The closing of these transactions is anticipated around October 3, 2025.
- Oatly Group AB announced on September 16, 2025, the pricing of SEK 1,700 million in senior secured floating rate bonds, referred to as Nordic Bonds.
- The Nordic Bonds will be issued at 100.00 percent of the nominal amount, with an interest rate of 3-month STIBOR plus 7.00%, and a 4-year tenor.
- The proceeds from these bonds are intended to prepay the existing $130 million term loan B credit facility in full and to repurchase and cancel certain 9.25% Convertible Senior PIK Notes due 2028.
- This action is aimed at improving the company's capital structure without raising additional financing.
- Unqualified 2024 Audit Report: The audit report confirmed that the 2024 annual report complies with Swedish regulations and includes the SEC filing audit opinion, affirming a true and fair financial position.
- Business Transformation Success: Executives detailed a two-year transformation yielding approximately $100 million revenue growth, +18 percentage points gross margin expansion, and over $230 million adjusted EBITDA improvement compared to FY2022, with Q1 2025 performance at record levels.
- Sustainability Milestone & Market Opportunity: The call emphasized the achievement of significant CO2 savings from shifting consumers from dairy to Oatly products, supporting the company’s mission in a nearly $600 billion dairy market.
- Revenue & Margin: Q1 2025 revenue hit $197.5M (0.8% decline, 0.7% increase constant currency) with a gross profit of ~$62.3M and a 31.6% gross margin .
- EBITDA & Loss Improvement: Adjusted EBITDA loss narrowed to $3.7M while operating loss stood at approximately $18.6M and net loss compressed to around $12.4‑12.5M from $45.8M in the prior year .
- Margin Expansion & Cost Efficiencies: Gross margin expanded by 450 basis points, COGS per liter was reduced by 15% YoY, and total costs dropped by $10M .
- Operational Metrics: The quarter achieved a 9.2% volume growth offset by an 8.5% decline in price/mix, with a 1.5% headwind from foreign exchange .
- FY Guidance & Strategic Outlook: Full-year guidance remains unchanged with targets of 2‑4% constant currency revenue growth, adjusted EBITDA of $5‑15M, and CAPEX of $30‑35M, alongside efforts to expand in Europe, Greater China, and boost North American performance .
- Financial Position: As of March 31, 2025, total assets were approximately $793M, with equity of roughly $121.9M and liabilities around $671.1M .