Oatly Group (OTLY) Company Report

Analyst Coverage

Research analysts who have asked questions during Oatly Group earnings calls.

John Baumgartner

Mizuho Securities

5 questions for OTLY

Also covers: BRBR, BYND, GIS +16 more

Kaumil Gajrawala

Jefferies

4 questions for OTLY

Also covers: BARK, BRBR, BTMD +22 more

Max Gumport

BNP Paribas

3 questions for OTLY

Also covers: CAG, FLO, GIS +10 more

Kenneth Goldman

JPMorgan Chase & Co.

2 questions for OTLY

Also covers: ACI, BRBR, BYND +17 more

Max Andrew Gumport

BNP Paribas

2 questions for OTLY

Also covers: CAG, FLO, GIS +8 more

Michael Lavery

Piper Sandler & Co.

2 questions for OTLY

Also covers: BGS, BYND, CELH +26 more

Samu Wilhelmsson

Nordea Markets

2 questions for OTLY

Andrew Lazar

Barclays PLC

1 question for OTLY

Also covers: BGS, BRBR, CAG +15 more

Latest news

Recent press releases and 8-K filings for OTLY.

Oatly Reports Q4 and Full Year 2025 Financial Results and Provides 2026 Outlook

OTLY

Earnings

Guidance Update

New Projects/Investments

Fourth quarter 2025 revenue increased 9.1% to $233.8 million, and full-year 2025 revenue increased 4.7% to $862.5 million.
Oatly reported a significant improvement in fourth quarter 2025 profitability, with net loss attributable to shareholders of the parent improving to $19.1 million from a loss of $91.2 million in the prior year period, and Adjusted EBITDA reaching $11.0 million compared to a loss of $6.1 million in Q4 2024.
Oatly achieved its first full year of profitable growth in 2025, with full-year Adjusted EBITDA reaching $6.8 million, a significant improvement from a loss of $35.3 million in 2024.
For 2026, the company forecasts constant currency revenue growth between +3% and +5% and Adjusted EBITDA between $25 million and $35 million.
The company continues its strategic review of the Greater China business, which is expected to be completed within 2026.

2 days ago

6-K

Oatly Group Reports First Full Year of Profitable Growth in 2025 and Provides 2026 Outlook

OTLY

Earnings

Guidance Update

Product Launch

Oatly Group achieved its first full year of profitable growth in 2025, with revenue increasing 4.7% (2.2% on a constant currency basis) and Adjusted EBITDA reaching positive $6.8 million.
For Q4 2025, revenue grew 9.1% (4.3% constant currency), gross margin improved to 34.5%, and Adjusted EBITDA was positive $11 million.
The company provided 2026 guidance, expecting Constant Currency revenue growth of 3%-5% and Adjusted EBITDA in the range of $25 million-$35 million.
Strategic initiatives, including a focus on beverages, taste, and digital-first communication, have driven accelerating growth and increased household penetration in major markets.
Oatly plans to launch new Barista flavors and a Barista Cold Foam in 2026, while also emphasizing the fiber-maxing trend with its oat-based products.

3 days ago

Transcript

Oatly Group Reports First Full Year of Profitable Growth in 2025 and Provides 2026 Guidance

OTLY

Earnings

Guidance Update

Revenue Acceleration/Inflection

Oatly Group achieved its first full year of profitable growth in 2025, reporting +$6.8 million in adjusted EBITDA and 4.7% revenue growth (2.2% constant currency).
For Q4 2025, the company reported 9.1% revenue growth (4.3% constant currency), a gross margin of 34.5%, and +$11 million in adjusted EBITDA. The North America segment recorded its highest-ever quarterly profit of $4.4 million.
The company provided 2026 guidance, expecting constant currency revenue growth of 3%-5% and adjusted EBITDA between $25 million-$35 million. Free cash flow is anticipated to improve from 2025 levels but is not expected to be positive for the full year.
Oatly plans to continue the rollout of its refreshed growth playbook, increase capacity in its Europe and International segment, and conduct a strategic review of its Greater China segment in 2026, including a potential carve-out.

3 days ago

Transcript

Oatly Group Achieves First Full Year of Profitable Growth and Provides Positive 2026 Outlook

OTLY

Earnings

Guidance Update

Revenue Acceleration/Inflection

Oatly Group reported its first full year of profitable growth since its IPO and in seven years, with positive Adjusted EBITDA of $6.8 million for FY 2025 and $11 million for Q4 2025.
The company provided a positive outlook for 2026, projecting Constant Currency revenue growth of 3%-5% and Adjusted EBITDA between $25 million and $35 million.
Significant financial improvements were noted, including a gross margin of over 32% in 2025, an increase of 2,100 basis points from 2022, and a $117 million improvement in Free Cash Flow compared to the previous year, though it remained a net outflow of $39 million.
Oatly's refreshed growth playbook is driving results, with plans for new product launches in 2026, including additional Barista flavors, Barista Cold Foam, and flavored matcha products, alongside a strategic review of the Greater China segment.

3 days ago

Transcript

Oatly Group AB Announces Fourth Quarter and Full Year 2025 Financial Results

OTLY

Earnings

Guidance Update

New Projects/Investments

Oatly reported fourth quarter 2025 revenue of $233.8 million, a 9.1% increase compared to the prior year period, or 4.3% in constant currency. The company achieved a gross margin of 34.5% and Adjusted EBITDA of $11.0 million for the quarter, while the net loss attributable to shareholders of the parent improved to $19.1 million.
For the full year 2025, Oatly achieved Adjusted EBITDA of $6,821 thousand , which the CEO noted as the "first full year of profitability". Net cash used in operating activities significantly improved to $23.7 million, and free cash flow outflow was reduced to $39.0 million.
The company's 2026 outlook projects constant currency revenue growth in the range of +3% to +5% and Adjusted EBITDA between $25 million and $35 million. Capital expenditures for 2026 are expected to be in the range of $20 million to $30 million.
Oatly is continuing its strategic review of the Greater China business, with completion anticipated within 2026.

3 days ago

6-K

Oatly Group AB Reports Q3 2025 Financial Results and Debt Restructuring

OTLY

Earnings

Debt Issuance

M&A

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.

Oct 29, 2025, 8:01 PM

6-K

Oatly Reports First Profitable Quarter, Reaffirms 2025 Guidance

OTLY

Earnings

Guidance Update

Revenue Acceleration/Inflection

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.

Oct 29, 2025, 12:00 PM

Transcript

Oatly Reports First Profitable Growth Quarter Since IPO in Q3 2025

OTLY

Earnings

Guidance Update

Revenue Acceleration/Inflection

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.

Oct 29, 2025, 12:00 PM

Presentation

Oatly Group AB Reports First Profitable Quarter Since IPO and Reaffirms 2025 Guidance

OTLY

Earnings

Guidance Update

Revenue Acceleration/Inflection

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.

Oct 29, 2025, 12:00 PM

Transcript

Oatly Group AB Reports First Profitable Quarter Since IPO in Q3 2025 and Reaffirms Full-Year Guidance

OTLY

Earnings

Guidance Update

Debt Issuance

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.