Oatly Reports First Quarter 2025 Financial Results
Oatly, the world's largest oat drink company, reported Q1 2025 financial results with revenue of $197.5 million, showing a slight decrease of 0.8% year-over-year. The company demonstrated significant improvements in profitability, with gross margin increasing to 31.6%, up 4.5 percentage points from the previous year.
Key highlights include a reduced net loss of $12.4 million (improved by $33.4 million), and an Adjusted EBITDA loss of $3.7 million (improved by $9.5 million). Regional performance varied significantly: Greater China showed strong growth (+37.6%), while North America declined (-10.6%), and Europe & International decreased slightly (-2.5%).
Oatly maintains its 2025 outlook, expecting:
- Constant currency revenue growth of 2-4%
- Positive adjusted EBITDA of $5-15 million
- Capital expenditures of $30-35 million
The company remains on track for its first full year of profitable growth as a public company in 2025.
Oatly, la più grande azienda al mondo di bevande a base di avena, ha comunicato i risultati finanziari del primo trimestre 2025 con un fatturato di 197,5 milioni di dollari, registrando una leggera diminuzione dello 0,8% rispetto all'anno precedente. L'azienda ha mostrato notevoli miglioramenti nella redditività, con un margine lordo salito al 31,6%, in aumento di 4,5 punti percentuali rispetto all'anno precedente.
I punti salienti includono una riduzione della perdita netta a 12,4 milioni di dollari (migliorata di 33,4 milioni), e una perdita di EBITDA rettificato di 3,7 milioni di dollari (migliorata di 9,5 milioni). Le performance regionali sono state molto diverse: la Grande Cina ha mostrato una forte crescita (+37,6%), mentre il Nord America ha registrato un calo (-10,6%) e l’Europa e il resto del mondo una diminuzione lieve (-2,5%).
Oatly conferma le previsioni per il 2025, prevedendo:
- una crescita del fatturato a valuta costante del 2-4%
- un EBITDA rettificato positivo tra 5 e 15 milioni di dollari
- spese in conto capitale tra 30 e 35 milioni di dollari
L’azienda rimane sulla buona strada per il suo primo anno completo di crescita redditizia come società quotata nel 2025.
Oatly, la mayor compañía mundial de bebidas de avena, informó los resultados financieros del primer trimestre de 2025 con ingresos de 197,5 millones de dólares, mostrando una ligera disminución del 0,8% interanual. La empresa demostró mejoras significativas en la rentabilidad, con un margen bruto que aumentó a 31,6%, subiendo 4,5 puntos porcentuales respecto al año anterior.
Los aspectos más destacados incluyen una reducción de la pérdida neta a 12,4 millones de dólares (mejorada en 33,4 millones), y una pérdida de EBITDA ajustado de 3,7 millones de dólares (mejorada en 9,5 millones). El desempeño regional varió considerablemente: Gran China mostró un fuerte crecimiento (+37,6%), mientras que Norteamérica disminuyó (-10,6%) y Europa e Internacional bajaron ligeramente (-2,5%).
Oatly mantiene sus perspectivas para 2025, esperando:
- un crecimiento de ingresos a moneda constante del 2-4%
- un EBITDA ajustado positivo de 5 a 15 millones de dólares
- gastos de capital de 30 a 35 millones de dólares
La compañía sigue en camino para su primer año completo de crecimiento rentable como empresa pública en 2025.
Oatly는 세계 최대 귀리 음료 회사로서 2025년 1분기 재무 실적을 발표하며 매출액이 1억 9750만 달러로 전년 대비 0.8% 소폭 감소했습니다. 그러나 회사는 수익성에서 큰 개선을 보였으며, 매출총이익률은 전년 대비 4.5%포인트 상승한 31.6%를 기록했습니다.
주요 내용으로는 순손실이 1240만 달러로 3340만 달러 개선되었고, 조정 EBITDA 손실은 370만 달러로 950만 달러 개선되었습니다. 지역별 실적은 큰 차이를 보였는데, 중국 대륙은 강한 성장(+37.6%)을 기록한 반면, 북미는 감소(-10.6%), 유럽 및 기타 국제 시장은 소폭 감소(-2.5%)했습니다.
Oatly는 2025년 전망을 유지하며 다음을 예상합니다:
- 환율 변동을 제외한 매출 성장률 2-4%
- 조정 EBITDA 흑자 500만~1500만 달러
- 자본 지출 3000만~3500만 달러
회사는 2025년에 상장 회사로서 첫 완전한 흑자 성장 연도를 달성할 것으로 기대하고 있습니다.
Oatly, la plus grande entreprise mondiale de boissons à base d’avoine, a publié ses résultats financiers du premier trimestre 2025 avec un chiffre d’affaires de 197,5 millions de dollars, enregistrant une légère baisse de 0,8 % en glissement annuel. La société a montré des améliorations significatives en matière de rentabilité, avec une marge brute en hausse à 31,6 %, soit une augmentation de 4,5 points de pourcentage par rapport à l’année précédente.
Les points clés incluent une réduction de la perte nette à 12,4 millions de dollars (amélioration de 33,4 millions) et une perte d’EBITDA ajusté de 3,7 millions de dollars (amélioration de 9,5 millions). Les performances régionales ont varié de manière significative : la Grande Chine a affiché une forte croissance (+37,6 %), tandis que l’Amérique du Nord a diminué (-10,6 %) et l’Europe & International ont légèrement reculé (-2,5 %).
Oatly maintient ses prévisions pour 2025, en s’attendant à :
- une croissance du chiffre d’affaires à taux de change constant de 2 à 4 %
- un EBITDA ajusté positif entre 5 et 15 millions de dollars
- des dépenses d’investissement comprises entre 30 et 35 millions de dollars
L’entreprise reste en bonne voie pour sa première année complète de croissance rentable en tant que société cotée en bourse en 2025.
Oatly, das weltweit größte Unternehmen für Hafergetränke, meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 197,5 Millionen US-Dollar, was einem leichten Rückgang von 0,8 % im Jahresvergleich entspricht. Das Unternehmen verzeichnete deutliche Verbesserungen bei der Profitabilität, wobei die Bruttomarge auf 31,6 % anstieg, ein Plus von 4,5 Prozentpunkten gegenüber dem Vorjahr.
Zu den wichtigsten Highlights gehören ein reduzierter Nettoverlust von 12,4 Millionen US-Dollar (Verbesserung um 33,4 Millionen) sowie ein bereinigtes EBITDA-Verlust von 3,7 Millionen US-Dollar (Verbesserung um 9,5 Millionen). Die regionale Performance variierte deutlich: Großchina verzeichnete ein starkes Wachstum (+37,6 %), während Nordamerika einen Rückgang (-10,6 %) und Europa & International einen leichten Rückgang (-2,5 %) verzeichneten.
Oatly hält an seiner Prognose für 2025 fest und erwartet:
- Umsatzwachstum bei konstanten Wechselkursen von 2-4 %
- Positives bereinigtes EBITDA von 5-15 Millionen US-Dollar
- Investitionsausgaben von 30-35 Millionen US-Dollar
Das Unternehmen ist auf Kurs für sein erstes vollständiges Jahr mit profitabellem Wachstum als börsennotiertes Unternehmen im Jahr 2025.
- Gross margin improved significantly to 31.6% (+4.5 percentage points YoY)
- Net loss reduced by $33.4M to $12.4M compared to $45.8M loss in prior year
- Adjusted EBITDA loss improved by $9.5M to -$3.7M vs -$13.2M prior year
- Greater China revenue grew 37.6% to $30.0M with strong volume growth of 82.6%
- Supply chain efficiency improvements across all segments
- Operating cash flow improved with lower cash burn of $13.6M vs $39.1M prior year
- Company maintains guidance for first profitable year in 2025
- Overall revenue decreased 0.8% to $197.5M
- North America revenue declined 10.6% to $59.9M
- Europe & International revenue decreased 2.5% to $107.7M
- Significant debt burden of $432.1M outstanding
- Still operating at a loss with negative free cash flow of -$20.5M
- Price/mix decline of 4.0% in Europe & International segment
- Declining sales to largest foodservice customer in North America
Insights
Oatly shows improved profitability metrics despite flat revenue, with significant margin expansion offsetting regional sales challenges.
Oatly's Q1 2025 results demonstrate meaningful progress in the company's pursuit of profitability. While revenue slightly decreased by
The company's regional performance tells a complex story. Greater China emerged as the growth engine with revenue increasing
Bottom-line improvements are substantial, with net loss narrowing to
Cash flow is trending positively, with free cash flow improving to
Management maintained its full-year 2025 guidance for
MALMÖ, Sweden, April 30, 2025 (GLOBE NEWSWIRE) -- Oatly Group AB (Nasdaq: OTLY) (“Oatly”, the “Company” or the “Group”), the world’s original and largest oat drink company, today announced financial results for the first quarter ended March 31, 2025.
Jean-Christophe Flatin, Oatly’s CEO, commented, “In the first quarter, we made progress on our 2025 priorities. We delivered the expected benefits of our cost efficiency programs, as we drove efficiencies in both the supply chain and our overhead structure. As planned, we redeployed a portion of those efficiencies into brand-building investments. We also began to see early positive signs that our work to ignite positive momentum in our business is working, most notably in our European businesses where we have been most active on executing our playbook. While there is plenty of work still to do, and we will need to navigate a dynamic environment, especially in North America, we remain on track to deliver our first full year of profitable growth as a public company. As such, our 2025 outlook remains unchanged.”
The table below reconciles revenue as reported to revenue on a constant currency basis by segment for the three months ended March 31, 2025.
| (Unaudited) | Three months ended March 31, | $ Change | % Change | |||||||||||||||||||||||||||||||||
| (in thousands of U.S. dollars) | 2025 | 2024 | As reported | Foreign exchange impact | In constant currency | As reported | In constant currency | Volume | Constant currency price/mix | |||||||||||||||||||||||||||
| Europe & International | 107,665 | 110,407 | 107,665 | (2,709 | ) | 110,374 | -2.5 | % | 0.0 | % | 4.0 | % | -4.0 | % | ||||||||||||||||||||||
| North America | 59,886 | 66,967 | 59,886 | — | 59,886 | -10.6 | % | -10.6 | % | -10.9 | % | 0.3 | % | |||||||||||||||||||||||
| Greater China | 29,979 | 21,781 | 29,979 | (331 | ) | 30,310 | 37.6 | % | 39.2 | % | 82.6 | % | -43.4 | % | ||||||||||||||||||||||
| Total revenue | 197,530 | 199,155 | 197,530 | (3,040 | ) | 200,570 | -0.8 | % | 0.7 | % | 9.2 | % | -8.5 | % | ||||||||||||||||||||||
Highlights
- First quarter revenue of
$197.5 million , a0.8% decrease compared to the prior year period, with a constant currency revenue increase of0.7% compared to the prior year period. - Gross margin in the first quarter was
31.6% , which is a 4.5 percentage points increase compared to the prior year period. - First quarter net loss attributable to shareholders of the parent was
$12.4 million , which is an improvement of$33.4 million compared to net loss attributable to shareholders of the parent of$45.8 million in the prior year period. - First quarter Adjusted EBITDA loss was
$3.7 million , which is an improvement of$9.5 million compared to the prior year period. - The Company continues to expect that it will achieve its first full year of profitable growth in 2025. Specifically, in 2025 the Company continues to expect:
- Constant currency revenue growth in the range of
2% to4% , - Positive adjusted EBITDA in the range of
$5 million to$15 million , and - Capital expenditures in the range of
$30 million to$35 million .
- Constant currency revenue growth in the range of
First Quarter 2025 Results
Revenue decreased
Gross profit was
Research and development expenses in the first quarter of 2025 decreased
Selling, general and administrative expenses in the first quarter of 2025 decreased
Other operating income and (expenses), net for the first quarter of 2025 was income of
Finance income and (expenses), net for the first quarter of 2025 was income of
Net loss attributable to shareholders of the parent was
Adjusted EBITDA loss for the first quarter of 2025 was
EBITDA, Adjusted EBITDA loss, and Constant Currency Revenue are non-IFRS financial measures defined under “Non-IFRS financial measures”. Please see above revenue at constant currency table and “Reconciliation of IFRS to Non-IFRS Financial measures” at the end of this press release.
The following tables set forth revenue, Adjusted EBITDA, EBITDA and loss before tax for the Company’s three reportable segments for the periods presented.
| Revenue, Adjusted EBITDA and EBITDA | ||||||||||||||||||||||||
| Three months ended March 31, 2025 (Unaudited) (in thousands of U.S. dollars) | Europe & International | North America | Greater China | Corporate* | Eliminations** | Total | ||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Revenue from external customers | 107,665 | 59,886 | 29,979 | — | — | 197,530 | ||||||||||||||||||
| Intersegment revenue | 689 | — | — | — | (689 | ) | — | |||||||||||||||||
| Total segment revenue | 108,354 | 59,886 | 29,979 | — | (689 | ) | 197,530 | |||||||||||||||||
| Adjusted EBITDA | 15,536 | 1,129 | 1,618 | (22,014 | ) | — | (3,731 | ) | ||||||||||||||||
| Share-based compensation expense | (468 | ) | (358 | ) | (389 | ) | (2,377 | ) | — | (3,592 | ) | |||||||||||||
| Restructuring costs(1) | — | (668 | ) | — | (164 | ) | — | (832 | ) | |||||||||||||||
| Closure of production facility(2) | 846 | — | — | — | — | 846 | ||||||||||||||||||
| Non-controlling interests | — | — | (101 | ) | — | — | (101 | ) | ||||||||||||||||
| EBITDA | 15,914 | 103 | 1,128 | (24,555 | ) | — | (7,410 | ) | ||||||||||||||||
| Finance income and (expenses), net | — | — | — | — | — | 9,411 | ||||||||||||||||||
| Depreciation and amortization | — | — | — | — | — | (11,181 | ) | |||||||||||||||||
| Loss before tax | — | — | — | — | — | (9,180 | ) | |||||||||||||||||
| Three months ended March 31, 2024 (Unaudited) (in thousands of U.S. dollars) | Europe & International | North America | Greater China | Corporate* | Eliminations** | Total | ||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Revenue from external customers | 110,407 | 66,967 | 21,781 | — | — | 199,155 | ||||||||||||||||||
| Intersegment revenue | 1,964 | — | — | — | (1,964 | ) | — | |||||||||||||||||
| Total segment revenue | 112,371 | 66,967 | 21,781 | — | (1,964 | ) | 199,155 | |||||||||||||||||
| Adjusted EBITDA | 14,496 | (388 | ) | (3,428 | ) | (23,884 | ) | — | (13,204 | ) | ||||||||||||||
| Share-based compensation expense | (378 | ) | 1,259 | (700 | ) | (2,796 | ) | — | (2,615 | ) | ||||||||||||||
| Restructuring costs(1) | — | — | (470 | ) | 49 | — | (421 | ) | ||||||||||||||||
| Discontinued construction of production facilities(3) | — | 884 | — | — | — | 884 | ||||||||||||||||||
| Non-controlling interests | — | — | (44 | ) | — | — | (44 | ) | ||||||||||||||||
| EBITDA | 14,118 | 1,755 | (4,642 | ) | (26,631 | ) | — | (15,400 | ) | |||||||||||||||
| Finance income and (expenses), net | — | — | — | — | — | (17,377 | ) | |||||||||||||||||
| Depreciation and amortization | — | — | — | — | — | (13,013 | ) | |||||||||||||||||
| Loss before tax | — | — | — | — | — | (45,790 | ) | |||||||||||||||||
* Corporate consists of general costs not allocated to the segments.
** Eliminations in 2025 and 2024 refer to intersegment revenue for sales of products from Europe & International to Greater China.
(1) Relates primarily to severance costs as the Group adjusts its organizational structure.
(2) Relates to reversal of previously recognized exit costs related to closure of the Group’s production facility in Singapore.
(3) Relates to reversal of previously recognized non-cash impairments related to discontinued construction of the Group’s production facility in Dallas-Fort Worth, Texas.
Europe & International
Europe & International revenue decreased
Europe & International Adjusted EBITDA increased
North America
North America revenue decreased
North America Adjusted EBITDA improved
Greater China
Greater China revenue increased
Greater China Adjusted EBITDA improved
Corporate
Oatly’s corporate expense, which consists of general costs not allocated to the segments, in the first quarter of 2025 was
Balance Sheet and Cash Flows
As of March 31, 2025, the Company had cash and cash equivalents of
Capital expenditures were
Free cash flow was an outflow of
Free Cash Flow is a non-IFRS liquidity measure defined under “Non-IFRS financial measures.” Please see “Reconciliation of IFRS to Non-IFRS Financial measures” at the end of this press release.
Outlook
Based on the Company’s assessment of the current operating environment and the actions it is taking, the Company continues to expect to achieve its first full year of profitable growth in 2025, and the Company’s 2025 outlook remains unchanged. Specifically, in 2025 the Company expects:
- Constant currency revenue growth in the range of
2% to4% , - Positive adjusted EBITDA in the range of
$5 million to$15 million , and - Capital expenditures in the range of
$30 million to$35 million .
This outlook is provided in the context of significant macroeconomic uncertainty and other geopolitical uncertainties.
The Company cannot provide a reconciliation of constant currency revenue growth or Adjusted EBITDA guidance to the nearest comparable corresponding IFRS metric without unreasonable efforts due to difficulty in predicting certain items excluded from these non-IFRS measures. The items necessary to reconcile are not within Oatly’s control, may vary greatly between periods and could significantly impact future financial results.
Conference Call, Webcast and Supplemental Presentation Details
Oatly will host a conference call and webcast at 7:30 a.m. ET today to discuss these results. The conference call, simultaneous, live webcast and supplemental presentation can be accessed on Oatly’s Investors website at https://investors.oatly.com under “Events.” The webcast will be archived for 30 days.
About Oatly
We are the world’s original and largest oat drink company. For over 30 years, we have exclusively focused on developing expertise around oats: a global power crop with inherent properties. Our commitment to oats has resulted in core technical advancements that enabled us to unlock the breadth of the dairy portfolio, including alternatives to milks, ice cream, yogurt, cooking creams, spreads and on-the-go drinks. Headquartered in Malmö, Sweden, the Oatly brand is available in more than 50 countries globally.
For more information, please visit www.oatly.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding our financial outlook for 2025, profitability improvement, profitable growth in 2025, long-term growth strategy, expected capital expenditures, anticipated returns on our investments, anticipated supply chain performance, anticipated impact of our improvement plans, anticipated impact of our decision to discontinue construction of certain production facilities, plans to achieve profitable growth and anticipated cost savings and efficiencies as well as statements that include the words “expect”, “intend”, “plan”, “believe”, “project”, “forecast”, “estimate”, “may”, “should”, “anticipate”, “will”, “aim”, “potential”, “continue”, “is/are likely to” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: our history of losses and how we may be unable to achieve or sustain profitability, including due to elevated inflation and increased costs for transportation, energy and materials; how our future business, financial condition and results of operations may be adversely affected by reduced or limited availability of oats and other raw materials and ingredients, which meet our quality standards, that our limited number of suppliers are able to sell us; how a failure to obtain necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our product manufacturing and development and other operations; those concerning our cash and cash equivalents maintained at financial institutions, often in balances that exceed federally insured limits; any damage or disruption at our production facilities, which manufacture the primary components of all our products; harm to our brand or reputation due to real or perceived quality, food safety, nutrition or sustainability issues with our products, which could have an adverse effect on our business, reputation, financial condition and results of operations; food safety and food-borne illness incidents or other safety concerns that have led to product recalls and how such events may in the future materially adversely affect our business, financial condition and results of operations by exposing us to lawsuits or regulatory enforcement actions, increasing our operating costs and reducing demand for our product offerings; how a failure by our suppliers of raw materials or co-manufacturers to comply with food safety, environmental or other laws and regulations, or with the specifications and requirements of our products, may disrupt our supply of products and adversely affect our business; we may not be able to compete successfully in our highly competitive markets; risks from consolidation of customers or the loss of a significant customer; a reduction in sales of our oatmilk varieties, which contribute a significant portion of our revenue, would have an adverse effect on our business, financial condition and results of operations; relying heavily on our co-manufacturing partners; our strategic partnerships with co-manufacturers may not be successful, which could adversely affect our operations and manufacturing strategy; failure by our logistics providers to deliver our products on time, or at all, could result in lost sales; that we may not successfully ramp up operations at any of our facilities, or these facilities may not operate in accordance with our expectations; a failure to effectively expand our processing, manufacturing and production capacity through existing facilities, or a failure to find acceptable co-manufacturing or co-manufacturing partners to help us expand, as we continue to grow and scale our business to a steady operating level; failure to develop and maintain our brand; failure to develop or introduce new products or successfully improve existing products may adversely affect our ability to continue to grow; a failure to cost-effectively acquire new customers and consumers or retain our existing customers and consumers, or a failure to derive revenue from our existing customers consistent with our historical performance; consumer preferences for our products are difficult to predict and may change, and, if we are unable to respond quickly to new trends, our business may be adversely affected; a failure to manage our future growth effectively; impairment charges for long-lived assets and other exit costs in connection with our production facilities, and how we may need to recognize further costs in the future; sustainability risks (including environmental, climate change, uncertainty about future related mandatory disclosure requirements, and broader corporate social responsibility matters), which may materially adversely affect our business as a result of lawsuits, regulatory investigations and enforcement actions, complaints concerning our disclosures, impacts on our operations and supply chain (particularly in connection with the physical impacts of climate change), and impacts on our brand and reputation; reliance on information technology systems and how any inadequacy, failure or interruption of, or cybersecurity incidents affecting, those systems may harm our reputation and ability to effectively operate our business; how cybersecurity incidents or other technology disruptions could negatively impact our business and our relationships with customers; risks associated with how our customers generally are not obligated to continue purchasing products from us; difficulties as we expand our operations into countries in which we have no prior operating experience; risks associated with the international nature of our business; how our operations in China could expose us to substantial business, regulatory, political, financial and economic risks; our strategic reset in Asia may not be successful; if we fail to comply with trade compliance and economic sanctions laws and regulations of the United States, the EU and other applicable international jurisdictions, it could materially adversely affect our reputation and results of operations; packaging costs are volatile and may rise significantly; how fluctuations in our results of operations may impact, and may have a disproportionate effect on, our overall financial condition and results of operations; how litigation or legal proceedings could expose us to significant liabilities or costs and have a negative impact on our reputation or business; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all; failure to retain our senior management or to attract, train and retain qualified employees; if we cannot maintain our company culture or focus on our mission as we grow, our success and our business and competitive position may be harmed; our insurance may not provide adequate levels of coverage against claims or we may be unable to find insurance with sufficient coverage at a reasonable cost; disruptions in the worldwide economy; macroeconomic conditions, including rising inflation, interest rates and supply chain constraints; global conflicts, other effects of ongoing wars and conflicts, and increasing geopolitical tensions and changes to international trade policies, treaties and tariffs, including as a result of the emergence of a trade war; the risk that legal claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties; how our operations are subject to U.S., EU, China and other laws and regulations, and there is no assurance that we will be in compliance with all regulations; changes in existing laws or regulations, or the adoption of new laws or regulations, may increase our costs and otherwise adversely affect our business, financial condition and results of operations; how we are subject to stringent environmental regulation and potentially subject to environmental litigation, proceedings and investigations; failure to protect our intellectual property, enforce or defend our intellectual property and other proprietary rights adequately, which may impact our commercial success; if we are unable to remediate material weaknesses, or if other material weaknesses are identified, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a public company in a timely manner; how our largest shareholder has significant influence over us, including significant influence over decisions that require the approval of shareholders; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2025 and our other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Oatly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.
Non-IFRS Financial Measures
We use EBITDA, Adjusted EBITDA, Constant Currency Revenue as non-IFRS financial measures in assessing our operating performance and Free Cash Flow as a non-IFRS liquidity measure, and each in our financial communications:
“EBITDA” is defined as loss for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income and depreciation and amortization expense.
“Adjusted EBITDA” is defined as loss for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, impacts related to closure of production facility, discontinued construction of production facilities and non-controlling interests.
Adjusted EBITDA should not be considered as an alternative to loss for the period or any other measure of financial performance calculated and presented in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBITDA rather than loss for the period, which is the most directly comparable IFRS measure. Some of these limitations are:
- Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements;
- Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us;
- Adjusted EBITDA does not reflect income tax payments that reduce cash available to us;
- Adjusted EBITDA does not reflect recurring share-based compensation expense and, therefore, does not include all of our compensation costs;
- Adjusted EBITDA does not reflect restructuring costs that reduce cash available to us in future periods;
- Adjusted EBITDA excludes impacts related to closure of production facility, although some of these may reduce cash available to us in future periods;
- Adjusted EBITDA excludes impacts related to discontinued construction of production facilities, although some of these may reduce cash available to us in future periods;
- Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Adjusted EBITDA should not be considered in isolation or as a substitute for financial information provided in accordance with IFRS. Below we have provided a reconciliation of EBITDA and Adjusted EBITDA to loss for the period, the most directly comparable financial measure calculated and presented in accordance with IFRS, for the periods presented.
“Constant Currency Revenue” is calculated by translating the current year reported revenue amounts into comparable amounts using the prior year reporting period’s average foreign exchange rates which have been provided by a third party. Constant Currency Revenue is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial performance.
Constant currency revenue is used to provide a framework in assessing how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations and we believe this information is useful to investors to facilitate comparisons and better identify trends in our business. Above we have provided a reconciliation of revenue as reported to revenue on a constant currency basis for the periods presented.
“Free Cash Flow” is defined as net cash flows used in operating activities less capital expenditures. We believe Free Cash Flow is a useful supplemental financial measure for us and investors in assessing our ability to pursue business opportunities and investments. Free Cash Flow is not a measure of our liquidity under IFRS and should not be considered as an alternative to net cash flows used in operating activities.
Free Cash Flow is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial liquidity. Because Free Cash Flow is not a measurement determined in accordance with IFRS, and is susceptible to varying calculations, it may not be comparable to other similarly titled measures presented by other companies. Free Cash Flow should not be considered in isolation, or as a substitute for an analysis of our results as reported on our interim condensed consolidated financial statements appearing elsewhere in this document. Below we have provided a reconciliation of Free Cash Flow to net cash flows used in operating activities for the periods presented.
| Financial Statements | ||||||||
| Interim condensed consolidated statement of operations | ||||||||
| (Unaudited) | Three months ended March 31, | |||||||
(in thousands of U.S. dollars, except share and per share and ADS data) | 2025 | 2024 | ||||||
| Revenue | 197,530 | 199,155 | ||||||
| Cost of goods sold | (135,200 | ) | (145,257 | ) | ||||
| Gross profit | 62,330 | 53,898 | ||||||
| Research and development expenses | (4,391 | ) | (4,642 | ) | ||||
| Selling, general and administrative expenses | (77,498 | ) | (78,742 | ) | ||||
| Other operating income and (expenses), net | 968 | 1,073 | ||||||
| Operating loss | (18,591 | ) | (28,413 | ) | ||||
| Finance income and (expenses), net | 9,411 | (17,377 | ) | |||||
| Loss before tax | (9,180 | ) | (45,790 | ) | ||||
| Income tax expense | (3,351 | ) | (54 | ) | ||||
| Loss for the period | (12,531 | ) | (45,844 | ) | ||||
| Attributable to: | ||||||||
| Shareholders of the parent | (12,430 | ) | (45,799 | ) | ||||
| Non-controlling interests | (101 | ) | (45 | ) | ||||
| Loss per share, attributable to shareholders of the parent: | ||||||||
| Basic | (0.02 | ) | (0.08 | ) | ||||
| Diluted | (0.03 | ) | (0.08 | ) | ||||
| Loss per ADS, attributable to shareholder of the parent (1 ADS representing 20 ordinary shares): | ||||||||
| Basic | (0.42 | ) | (1.54 | ) | ||||
| Diluted | (0.51 | ) | (1.54 | ) | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 598,559,840 | 595,060,257 | ||||||
| Diluted | 999,176,184 | 595,060,257 | ||||||
| Interim condensed consolidated statement of financial position | ||||||||
| (Unaudited) | March 31, 2025 | December 31, 2024 | ||||||
| (in thousands of U.S. dollars) | ||||||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets | 126,842 | 116,208 | ||||||
| Property, plant and equipment | 301,538 | 294,199 | ||||||
| Right-of-use assets | 44,951 | 45,555 | ||||||
| Other non-current receivables | 44,287 | 44,331 | ||||||
| Deferred tax assets | 4,325 | 4,561 | ||||||
| Total non-current assets | 521,943 | 504,854 | ||||||
| Current assets | ||||||||
| Inventories | 64,762 | 65,602 | ||||||
| Trade receivables | 94,645 | 103,366 | ||||||
| Current tax assets | 6,034 | 6,095 | ||||||
| Other current receivables | 19,477 | 15,738 | ||||||
| Prepaid expenses | 11,734 | 9,402 | ||||||
| Cash and cash equivalents | 74,428 | 98,923 | ||||||
| Total current assets | 271,080 | 299,126 | ||||||
| TOTAL ASSETS | 793,023 | 803,980 | ||||||
| EQUITY AND LIABILITIES | ||||||||
| Equity | ||||||||
| Share capital | 106 | 106 | ||||||
| Treasury shares | (0 | ) | (0 | ) | ||||
| Other contributed capital | 1,628,045 | 1,628,045 | ||||||
| Other reserves | (249,465 | ) | (274,160 | ) | ||||
| Accumulated deficit | (1,258,141 | ) | (1,249,303 | ) | ||||
| Equity attributable to shareholders of the parent | 120,545 | 104,688 | ||||||
| Non-controlling interests | 1,336 | 1,435 | ||||||
| Total equity | 121,881 | 106,123 | ||||||
| Liabilities | ||||||||
| Non-current liabilities | ||||||||
| Lease liabilities | 30,456 | 31,724 | ||||||
| Liabilities to credit institutions | 115,739 | 116,216 | ||||||
| Provisions | 11,953 | 14,857 | ||||||
| Total non-current liabilities | 158,148 | 162,797 | ||||||
| Current liabilities | ||||||||
| Lease liabilities | 13,408 | 13,359 | ||||||
| Convertible Notes | 311,172 | 324,395 | ||||||
| Liabilities to credit institutions | 5,154 | 5,757 | ||||||
| Trade payables | 52,145 | 60,152 | ||||||
| Current tax liabilities | 1,358 | 1,476 | ||||||
| Other current liabilities | 7,794 | 7,998 | ||||||
| Accrued expenses | 106,358 | 103,719 | ||||||
| Provisions | 15,605 | 18,204 | ||||||
| Total current liabilities | 512,994 | 535,060 | ||||||
| Total liabilities | 671,142 | 697,857 | ||||||
| TOTAL EQUITY AND LIABILITIES | 793,023 | 803,980 | ||||||
| Interim condensed consolidated statement of cash flows | ||||||||
| (Unaudited) | Three months ended March 31, | |||||||
| (in thousands of U.S. dollars) | 2025 | 2024 | ||||||
| Operating activities | ||||||||
| Net loss | (12,531 | ) | (45,844 | ) | ||||
| Adjustments to reconcile net loss to net cash flows | ||||||||
| —Depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets | 11,181 | 13,013 | ||||||
| —Write-downs of inventories | 3,611 | 752 | ||||||
| —Impairment loss on trade receivables | 242 | 105 | ||||||
| —Share-based compensation | 3,592 | 2,615 | ||||||
| —Movements in provisions | (6,241 | ) | (3,036 | ) | ||||
| —Finance (income) and expenses, net | (9,411 | ) | 17,377 | |||||
| —Income tax expense | 3,351 | 54 | ||||||
| —Impairment reversal related to discontinued construction of production facilities | — | (884 | ) | |||||
| —Other | (1 | ) | 50 | |||||
| Interest received | 745 | 3,456 | ||||||
| Interest paid | (5,944 | ) | (6,493 | ) | ||||
| Income tax paid | (806 | ) | (1,021 | ) | ||||
| Changes in working capital: | ||||||||
| —Increase in inventories | (689 | ) | (11,422 | ) | ||||
| —Decrease in trade receivables, other current receivables, prepaid expenses | 7,214 | 6,812 | ||||||
| —Decrease in trade payables, other current liabilities, accrued expenses | (7,871 | ) | (14,612 | ) | ||||
| Net cash flows used in operating activities | (13,558 | ) | (39,078 | ) | ||||
| Investing activities | ||||||||
| Purchase of intangible assets | (291 | ) | (482 | ) | ||||
| Purchase of property, plant and equipment | (6,660 | ) | (5,712 | ) | ||||
| Proceeds from sale of property, plant and equipment | — | 14,007 | ||||||
| Other | 302 | — | ||||||
| Net cash flows (used in)/from investing activities | (6,649 | ) | 7,813 | |||||
| Financing activities | ||||||||
| Repayment of liabilities to credit institutions | (647 | ) | (707 | ) | ||||
| Payment of loan transaction costs | (1,020 | ) | (4,965 | ) | ||||
| Repayment of lease liabilities | (3,397 | ) | (3,054 | ) | ||||
| Cash flows used in financing activities | (5,064 | ) | (8,726 | ) | ||||
| Net decrease in cash and cash equivalents | (25,271 | ) | (39,991 | ) | ||||
| Cash and cash equivalents at the beginning of the period | 98,923 | 249,299 | ||||||
| Exchange rate differences in cash and cash equivalents | 776 | (283 | ) | |||||
| Cash and cash equivalents at the end of the period | 74,428 | 209,025 | ||||||
Reconciliation of IFRS to Non-IFRS Financial measures
| Reconciliation of EBITDA and Adjusted EBITDA to loss for the period | ||||||||
| (Unaudited) | Three months ended March 31, | |||||||
| (in thousands of U.S. dollars) | 2025 | 2024 | ||||||
| Loss for the period | (12,531 | ) | (45,844 | ) | ||||
| Income tax expense | 3,351 | 54 | ||||||
| Finance (income) and expenses, net | (9,411 | ) | 17,377 | |||||
| Depreciation and amortization expense | 11,181 | 13,013 | ||||||
| EBITDA | (7,410 | ) | (15,400 | ) | ||||
| Share-based compensation expense | 3,592 | 2,615 | ||||||
| Restructuring costs(1) | 832 | 421 | ||||||
| Closure of production facility(2) | (846 | ) | — | |||||
| Discontinued construction of production facilities(3) | — | (884 | ) | |||||
| Non-controlling interests | 101 | 44 | ||||||
| Adjusted EBITDA | (3,731 | ) | (13,204 | ) | ||||
(1) Relates primarily to severance costs as the Group adjusts its organizational structure.
(2) Relates to reversal of previously recognized exit costs related to closure of the Group’s production facility in Singapore.
(3) Relates to reversal of previously recognized non-cash impairments related to discontinued construction of the Group’s production facility in Dallas-Fort Worth, Texas.
| Reconciliation of Free Cash Flow to Net Cash Flows used in Operating Activities | ||||||||
| (Unaudited) | Three months ended March 31, | |||||||
| (in thousands of U.S. dollars) | 2025 | 2024 | ||||||
| Net cash flows used in operating activities | (13,558 | ) | (39,078 | ) | ||||
| Capital expenditures | (6,951 | ) | (6,194 | ) | ||||
| Free Cash Flow | (20,509 | ) | (45,272 | ) | ||||
Contacts Oatly Group AB +1 866-704-0391 investors@oatly.com press.us@oatly.com
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