Oatly Group AB American Depositary Shares Q2 2026 Earnings Recap

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.