Oatly Group AB American Depositary Shares Q3 2026 Earnings Recap

Oatly’s shares fell 31.9% after the company cut its 2026 adjusted EBITDA outlook, citing North American fuel and logistics inflation that it can no longer fully offset. Revenue growth guidance was unchanged, but the sharp earnings-outlook reduction overshadowed improved Q3 margins and EBITDA.

Key Takeaways

• Q3 revenue grew 9.1% (8.9% in constant currency); gross margin rose 436 basis points year over year to 34.1%.
• Adjusted EBITDA was positive €9.4 million, or 3.9% of sales, up €6.3 million year over year.
• Full-year adjusted EBITDA guidance fell from €25–35 million to €16–20 million. Management attributed the revision to North American fuel and logistics costs, including a roughly 70% rise in U.S. diesel prices since the Middle East conflict began in February.
• Full-year constant-currency revenue growth guidance was maintained at 8%–10%.
• Q3 free cash flow was negative €18.4 million versus a negative €5.4 million a year earlier; management said the decline reflected timing and that the business plan remains fully funded.