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Oatly Group AB American Depositary Shares Earnings Recaps

OTLY Consumer Staples 2 recaps
Next earnings: November 4, 2026 (estimated) · full calendar
Q2 2026 Jul 24, 2026

Oatly's Q2 results and raised revenue guidance outpaced expectations, driving a 38.8% jump in the stock price as investors rewarded the company’s strong volume growth, margin expansion, and confident outlook despite ongoing cost pressures.

Key takeaways
  • Revenue increased 15.2% year-over-year (12.7% constant currency), fueling positive momentum.
  • Gross margin improved by 140 basis points to 33.9%, reflecting operational leverage amid inflationary headwinds.
  • Adjusted EBITDA turned positive at $0.4 million (0.2% of net sales), improving by $4 million compared to last year despite reinvestment and Middle East-related cost pressures.
  • Free cash flow loss narrowed to $0.6 million, a $4.6 million improvement year-over-year, indicating progress toward positive cash flow.
  • Raised full-year constant currency revenue guidance to 8%-10% growth from 3%-5%, while maintaining adjusted EBITDA guidance of $25 million-$35 million despite inflation and growth investments.
Full recap
Q3 2025 Oct 31, 2025

Oatly achieved its first quarter of profitable growth since going public, driven by effective execution of its refreshed growth strategy and strong revenue performance in both the European and International segments.

Key takeaways
  • Revenue grew by over 12% in the European and International segments, fueled by strategic initiatives focused on foodservice and consumer engagement.
  • Achieved positive adjusted EBITDA for the quarter, marking a significant milestone in the company's turnaround efforts.
  • Reaffirmed 2025 guidance with expectations of continued profitable growth and disciplined cost management.
  • Early signs of growth in North America indicate successful deployment of the growth playbook, with foodservice channels showing particular promise.
  • Ongoing strategic review of the Greater China segment is in progress, exploring options to maximize growth potential.
Full recap

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