Oatly Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Oatly (Nasdaq: OTLY) reported Q1 2026 results: revenue $228.3M (up 15.6% YoY; constant currency +8.1%), gross margin 33.4%, net loss $12.0M, and Adjusted EBITDA $5.0M.
The company reiterated 2026 guidance: constant currency revenue growth +3% to +5%, Adjusted EBITDA $25M–$35M, and capex $20M–$30M. A strategic review of Greater China is ongoing.
Positive
- Total revenue +15.6% YoY to $228.3M in Q1 2026
- Europe & International revenue +27.1% YoY to $136.8M
- Adjusted EBITDA improved to a positive $5.0M in Q1 2026
- Company reiterated 2026 guidance: Adjusted EBITDA $25M–$35M
Negative
- Net loss attributable to shareholders $12.0M in Q1 2026
- Outstanding debt totaled $513.1M as of March 31, 2026
- Greater China revenue down 2.1% YoY (constant currency -6.4%)
- Corporate segment Adjusted EBITDA loss widened to $26.5M
Key Figures
Market Reality Check
Peers on Argus
OTLY was down 4.21% pre-release while key packaged foods peers were mixed: USNA roughly flat (+0.05%), WEST (-0.53%), LWAY (-1.58%), JBSS (-2.71%), MAMA (-3.92%). No broad sector momentum is indicated.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 11 | Q4 & full-year results | Positive | +10.7% | Profitable progress with higher gross margin and positive Adjusted EBITDA guidance. |
| Oct 29 | Q3 earnings | Neutral | -3.5% | Moderate revenue growth, flat gross margin, improved Adjusted EBITDA but wider net loss. |
| Jul 23 | Q2 earnings | Neutral | +0.8% | Low-single-digit revenue growth and better margins amid higher net loss and China review. |
| Apr 30 | Q1 earnings | Neutral | -1.4% | Slight revenue decline but sharply improved gross margin and reduced net loss. |
| Feb 12 | Q4 results | Positive | -34.1% | Revenue growth and strong volume gains alongside major loss reduction and cost actions. |
Earnings have produced mixed reactions: one strong rally on positive results and at least one sharp selloff despite improving fundamentals, suggesting investor sensitivity to guidance and balance sheet risk.
Across the last five earnings releases from Feb 2024 through Feb 2026, Oatly has steadily grown revenue while lifting gross margins and narrowing losses. Q4 2024 and full-year 2025 showed meaningful loss reduction and margin gains, with guidance for positive Adjusted EBITDA and modest constant-currency growth. Subsequent quarters in 2025 sustained volume growth and profitability improvements but with uneven net income trends and an ongoing strategic review of Greater China. Today’s Q1 2026 update continues that narrative of gradual operational improvement.
Historical Comparison
In the past five earnings events, OTLY moved an average of -5.48%, with reactions ranging from a double‑digit gain to a >30% decline, underscoring volatile responses to results.
Recent earnings show a progression toward higher gross margins, improving Adjusted EBITDA, and ongoing strategic work in Greater China while maintaining modest revenue growth guidance.
Market Pulse Summary
This announcement highlights Q1 2026 revenue of $228.3M, solid constant-currency growth of 8.1%, and an improved gross margin of 33.4%, alongside a narrowed net loss of $12.0M and positive Adjusted EBITDA of $5.0M. Results build on prior quarters of margin expansion and cost discipline while the strategic review of Greater China continues. Investors may watch future quarters for sustained profitability, debt reduction from the current $513.1M, and regional mix shifts, especially in North America.
Key Terms
adjusted ebitda financial
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convertible notes financial
free cash flow financial
non-ifrs financial measures financial
basis points financial
intersegment revenue financial
capital expenditures financial
AI-generated analysis. Not financial advice.
MALMÖ, Sweden, April 29, 2026 (GLOBE NEWSWIRE) -- Oatly Group AB (publ) (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, 2026.
Jean-Christophe Flatin, Oatly’s CEO, commented, “I am pleased to report a solid start to the year, as we continue to build on the momentum from our first full year of profitable growth. Our first quarter results reflect the disciplined execution of our strategy. We are encouraged that our growth playbook is beginning to gain traction in North America, consistent with the success we have seen in other markets, all while we make progress in reducing our cost structure.”
He continued, “While these results give us the confidence that we have the right strategy in place and are competing effectively in our core competencies, we remain focused on execution. We are committed to building on this momentum to deliver consistent, sustainable, and profitable growth over time.”
The table below reconciles revenue as reported to revenue on a constant currency basis by segment for the three months ended March 31, 2026 and 2025.
| (Unaudited) | Three months ended March 31, | $ Change | % Change | |||||||||||||||||||||||||||||||||
(in thousands of U.S. dollars) | 2026 | 2025 | As reported | Foreign exchange impact | In constant currency | As reported | In constant currency | Volume | Constant currency price/mix | |||||||||||||||||||||||||||
| Europe & International | 136,796 | 107,665 | 136,796 | 13,525 | 123,271 | 27.1 | % | 14.5 | % | 12.6 | % | 1.9 | % | |||||||||||||||||||||||
| North America | 62,190 | 59,886 | 62,190 | 73 | 62,117 | 3.8 | % | 3.7 | % | 1.6 | % | 2.1 | % | |||||||||||||||||||||||
| Greater China | 29,339 | 29,979 | 29,339 | 1,270 | 28,069 | -2.1 | % | -6.4 | % | -8.8 | % | 2.4 | % | |||||||||||||||||||||||
| Total revenue | 228,325 | 197,530 | 228,325 | 14,868 | 213,457 | 15.6 | % | 8.1 | % | 5.6 | % | 2.5 | % | |||||||||||||||||||||||
Highlights
- First quarter revenue of
$228.3 million , a15.6% increase compared to the prior year period, with a constant currency revenue increase of8.1% compared to the prior year period. - Gross margin in the first quarter was
33.4% , which is a 1.9 percentage point increase compared to the prior year period. - First quarter net loss attributable to shareholders of the parent was
$12.0 million , compared to a net loss attributable to shareholders of the parent of$12.4 million in the prior year period. - First quarter Adjusted EBITDA was
$5.0 million , which is an improvement of$8.7 million compared to an Adjusted EBITDA loss of$3.7 million in the prior year period.
Outlook
- The Company is, whilst navigating the visible impact from the conflict in the Middle East, reiterating its 2026 outlook as follows:
- Constant currency revenue growth is expected to be in the range of +
3% to +5% ; - Adjusted EBITDA is expected to be in the range of
$25 million to$35 million ; and - Capital expenditures are expected to be in the range of
$20 million to$30 million .
- Constant currency revenue growth is expected to be in the range of +
First Quarter 2026 Results
Revenue increased
Gross profit was
Research and development expenses in the first quarter of 2026 increased
Selling, general and administrative expenses in the first quarter of 2026 increased
Other operating income and (expenses), net for the first quarter of 2026 was an income of
Finance income and (expenses), net for the first quarter of 2026 was an expense of
Net loss attributable to shareholders of the parent was
Adjusted EBITDA for the first quarter of 2026 was
EBITDA, Adjusted EBITDA 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, 2026 (Unaudited) (in thousands of U.S. dollars) | Europe & International | North America | Greater China | Corporate* | Eliminations** | Total | ||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Revenue from external customers | 136,796 | 62,190 | 29,339 | — | — | 228,325 | ||||||||||||||||||
| Intersegment revenue | 696 | — | — | — | (696 | ) | — | |||||||||||||||||
| Total segment revenue | 137,492 | 62,190 | 29,339 | — | (696 | ) | 228,325 | |||||||||||||||||
| Adjusted EBITDA | 31,568 | 659 | (767 | ) | (26,497 | ) | — | 4,963 | ||||||||||||||||
| Share-based compensation expense | (538 | ) | (265 | ) | (454 | ) | (1,612 | ) | — | (2,869 | ) | |||||||||||||
| Restructuring costs(1) | 38 | (106 | ) | — | (268 | ) | — | (336 | ) | |||||||||||||||
| Strategic review of Greater China business(2) | — | — | (130 | ) | — | — | (130 | ) | ||||||||||||||||
| Non-controlling interests | — | — | (123 | ) | — | — | (123 | ) | ||||||||||||||||
| EBITDA | 31,068 | 288 | (1,474 | ) | (28,377 | ) | — | 1,505 | ||||||||||||||||
| Finance income and (expenses), net | — | — | — | — | — | (904 | ) | |||||||||||||||||
| Depreciation and amortization | — | — | — | — | — | (12,854 | ) | |||||||||||||||||
| Loss before tax | — | — | — | — | — | (12,253 | ) | |||||||||||||||||
| 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(3) | 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 | ) | |||||||||||||||||
* Corporate consists of general costs not allocated to the segments.
** Eliminations in 2026 refers to intersegment revenue for sales of products from Europe & International to Greater China and North America. Eliminations in 2025 refers 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 costs for the strategic review of the Greater China segment.
(3) Relates to reversal of previously recognized exit costs related to closure of the Group’s production facility in Singapore.
Europe & International
Europe & International revenue increased
Europe & International Adjusted EBITDA increased
North America
North America revenue increased
North America Adjusted EBITDA decreased
Greater China
Greater China revenue decreased
Greater China Adjusted EBITDA decreased
Corporate
Oatly’s corporate expense, which consists of general costs not allocated to the segments, was
Balance Sheet and Cash Flows
As of March 31, 2026, 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.
Strategic Review of Greater China Business
The Company continues its strategic review of the Company’s Greater China business.
While there is no definitive timetable for completing the strategic review, the Company expects to complete the strategic review within 2026. The Company does not intend to provide further updates unless and until the Board of Directors has approved a specific course of action or determines that additional disclosure is appropriate or required. The Company cautions that there can be no assurances that the process will result in any transaction or strategic change.
Outlook
The Company’s outlook continues to include the expected results of the Greater China segment. Based on the Company’s assessment of the current operating environment and the actions it is taking, the Company is reiterating its 2026 outlook.
- Constant currency revenue growth is expected to be in the range of +
3% to +5% . Based on recent foreign exchange rates, the full-year impact of foreign exchange is expected to be a tailwind to revenue growth by approximately 100 to 200 basis points. - Adjusted EBITDA is expected to be in the range of
$25 million to$35 million . - Capital expenditures are expected to be in the range of
$20 million to$30 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, First Quarter 2026 Financial Report and Supplemental Presentation Details
Oatly will host a conference call and webcast at 8:00 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.
The complete First Quarter 2026 Financial Report is available on Oatly’s Investors website at https://investors.oatly.com under “Financials and Filings”.
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 60 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 2026, profitability improvement, profitable growth in 2026, 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: we have a history of losses, and we may be unable to achieve or sustain profitability, including due to elevated inflation and increased costs for transportation, energy, and materials; 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 to us; 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; the primary components of all our products are manufactured in our production facilities, and damage or disruption at these facilities has in the past harmed, and may in the future harm, our business; our brand or reputation may be harmed 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 have led to product recalls, and may materially adversely affect our business, financial condition and results of operations by exposing us to lawsuits or regulatory enforcement actions in the future, increasing our operating costs and reducing demand for our product offerings; 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; consolidation of customers, the loss of a significant customer or the decrease of sales from a significant customer, could negatively impact our sales and profitability; sales of our oatmilk varieties contribute a significant portion of our revenue and a reduction in such sales would have an adverse effect on our business, financial condition and results of operations; we continue to pursue largely an asset-light business model blending a heavy reliance on our co-manufacturing partners in addition to in-house capacity expansions where appropriate; our strategic partnerships with our 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; we may not successfully ramp up operations at any of our or our co-manufacturing partners’ facilities, or these facilities may not operate in accordance with our expectations; if we fail to effectively expand our processing, manufacturing and production capacity through existing facilities or acceptable co-manufacturing partners as we continue to grow and scale our business to a steady operating level, our business, financial condition, results of operations and our brand reputation could be harmed; if we fail to develop and maintain our brand, our business could suffer; failure to develop or introduce new products or successfully improve existing products may adversely affect our ability to continue to grow; if we fail to cost-effectively acquire new customers and consumers or retain our existing customers and consumers, or if we fail to derive revenue from our existing customers consistent with our historical performance, our business could be materially adversely affected; 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; if we fail to manage our future growth effectively, including maintenance of our workforce, our business, financial condition and results of operations could be materially adversely affected; we have recognized impairment charges for long-lived assets and other exit costs in connection with our production facilities, and we may need to recognize further costs in the future, which could adversely impact our business, financial condition and results of operations; we are subject to risks related to sustainability (including environmental, climate change 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; we rely on information technology systems and any inadequacy, failure or interruption of, or cybersecurity incidents affecting, those systems may harm our reputation and ability to effectively operate our business; a cybersecurity incident or other technology disruptions could negatively impact our business and our relationships with customers; to remain competitive, we believe we will need to adopt artificial intelligence and other machine learning technologies; our customer agreements do not contain long-term commitments and do not require our customers to continue purchasing products from us and this may negatively impact our business or financial condition; we may face difficulties as we expand our operations into countries in which we have no prior operating experience; the strategic review of the Company’s Greater China operations may not be successful; our operations in China could expose us to substantial business, regulatory, political, financial and economic risks; the international nature of our business subjects us to additional global economic and geopolitical risks; if we fail to comply with trade compliance and economic sanctions laws and regulations of the United States (the “U.S.”), the EU and other applicable international jurisdictions, it could materially adversely affect our reputation and results of operations; some of our debt agreements contain a floating interest rate component and as a result, an increase in market interest rates will increase our future interest payments under such agreements; our international operations expose us to the risk of fluctuations in currency exchange rates; we maintain cash and cash equivalents at financial institutions, often in amounts exceeding insured limits, and the failure of one or more of these institutions could result in a loss of deposits and adversely affect our liquidity or ability to raise capital; packaging costs are volatile and may rise significantly, which may negatively impact the profitability of our business; fluctuations in our results of operations may impact, and may have a disproportionate effect on, our overall financial condition and results of operations; 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 may adversely affect our operations or our ability to grow successfully; 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 may adversely affect our business, financial condition and results of operations; our business is affected by macroeconomic conditions, including rising inflation, interest rates and supply chain constraints; we are subject to risks inherent to organizations with international operations, which could harm our business, and global conflicts, including the ongoing conflict in Iran; legal claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties; 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 applicable laws and 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; we are subject to stringent environmental regulation and potentially subject to environmental litigation, proceedings and investigations; we may not be able to protect, enforce or defend our intellectual property and other proprietary rights adequately, which may impact our commercial success; we have incurred substantial indebtedness that may decrease our business flexibility, access to capital, and/or increase our future borrowing costs; 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, 2025, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2026, 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, costs related to the strategic review of the Greater China business, impacts related to the closure of production facility 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 does not reflect costs related to the strategic review of the Greater China business that reduce cash available to us;
- Adjusted EBITDA excludes impacts related to the closure of production facility, 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.
For further information:
Contact person
Marie-José David, Chief Financial Officer
E-mail: investors@oatly.com, press.us@oatly.com
This information is information that Oatly Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 ET on April 29, 2026.
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) | 2026 | 2025 | ||||||
| Revenue | 228,325 | 197,530 | ||||||
| Cost of goods sold | (151,985 | ) | (135,200 | ) | ||||
| Gross profit | 76,340 | 62,330 | ||||||
| Research and development expenses | (4,876 | ) | (4,391 | ) | ||||
| Selling, general and administrative expenses | (83,470 | ) | (77,498 | ) | ||||
| Other operating income and (expenses), net | 657 | 968 | ||||||
| Operating loss | (11,349 | ) | (18,591 | ) | ||||
| Finance income and (expenses), net | (904 | ) | 9,411 | |||||
| Loss before tax | (12,253 | ) | (9,180 | ) | ||||
| Income tax benefit/(expense) | 124 | (3,351 | ) | |||||
| Loss for the period | (12,129 | ) | (12,531 | ) | ||||
| Attributable to: | ||||||||
| Shareholders of the parent | (12,006 | ) | (12,430 | ) | ||||
| Non-controlling interests | (123 | ) | (101 | ) | ||||
| Loss per share, attributable to shareholders of the parent: | ||||||||
| Basic | (0.02 | ) | (0.02 | ) | ||||
| Diluted | (0.02 | ) | (0.03 | ) | ||||
| Loss per ADS, attributable to shareholder of the parent (1 ADS representing 20 ordinary shares): | ||||||||
| Basic | (0.38 | ) | (0.42 | ) | ||||
| Diluted | (0.38 | ) | (0.51 | ) | ||||
| Weighted average common shares outstanding: | ||||||||
| Basic | 624,500,001 | 598,559,840 | ||||||
| Diluted | 624,500,001 | 999,176,184 | ||||||
Interim Condensed Consolidated Statement of Financial Position
| (Unaudited) | March 31, 2026 | December 31, 2025 | ||||||
| (in thousands of U.S. dollars) | ||||||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets | 132,023 | 137,747 | ||||||
| Property, plant and equipment | 284,148 | 294,688 | ||||||
| Right-of-use assets | 35,156 | 37,907 | ||||||
| Other non-current receivables | 48,720 | 46,992 | ||||||
| Deferred tax assets | 4,595 | 4,676 | ||||||
| Total non-current assets | 504,642 | 522,010 | ||||||
| Current assets | ||||||||
| Inventories | 76,760 | 68,537 | ||||||
| Trade receivables | 96,196 | 103,522 | ||||||
| Current tax assets | 2,383 | 2,737 | ||||||
| Other current receivables | 16,806 | 17,438 | ||||||
| Prepaid expenses | 11,015 | 8,608 | ||||||
| Cash and cash equivalents | 49,414 | 64,345 | ||||||
| Total current assets | 252,574 | 265,187 | ||||||
| TOTAL ASSETS | 757,216 | 787,197 | ||||||
| EQUITY AND LIABILITIES | ||||||||
| Equity | ||||||||
| Share capital | 110 | 110 | ||||||
| Treasury shares | (0 | ) | (0 | ) | ||||
| Other contributed capital | 1,641,601 | 1,641,601 | ||||||
| Other reserves | (231,236 | ) | (225,351 | ) | ||||
| Accumulated deficit | (1,406,942 | ) | (1,397,805 | ) | ||||
| Equity attributable to shareholders of the parent | 3,533 | 18,555 | ||||||
| Non-controlling interests | 1,012 | 1,116 | ||||||
| Total equity | 4,545 | 19,671 | ||||||
| Liabilities | ||||||||
| Non-current liabilities | ||||||||
| Lease liabilities | 21,710 | 24,729 | ||||||
| Interest-bearing loans and borrowings | 175,682 | 182,783 | ||||||
| Provisions | — | 2,697 | ||||||
| Total non-current liabilities | 197,392 | 210,209 | ||||||
| Current liabilities | ||||||||
| Lease liabilities | 12,209 | 12,457 | ||||||
| Interest-bearing loans and borrowings | 337,428 | 340,266 | ||||||
| Trade payables | 68,493 | 66,481 | ||||||
| Current tax liabilities | 770 | 1,642 | ||||||
| Other current liabilities | 10,567 | 11,176 | ||||||
| Accrued expenses | 109,923 | 107,932 | ||||||
| Provisions | 15,889 | 17,363 | ||||||
| Total current liabilities | 555,279 | 557,317 | ||||||
| Total liabilities | 752,671 | 767,526 | ||||||
| TOTAL EQUITY AND LIABILITIES | 757,216 | 787,197 | ||||||
Interim Condensed Consolidated Statement of Cash Flows
| (Unaudited) | Three months ended March 31, | |||||||
| (in thousands of U.S. dollars) | 2026 | 2025 | ||||||
| Operating activities | ||||||||
| Net loss | (12,129 | ) | (12,531 | ) | ||||
| 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 | 12,854 | 11,181 | ||||||
| —Write-downs of inventories | 667 | 3,611 | ||||||
| —Impairment loss on trade receivables | 42 | 242 | ||||||
| —Share-based compensation | 2,869 | 3,592 | ||||||
| —Movements in provisions | (4,147 | ) | (6,241 | ) | ||||
| —Finance (income) and expenses, net | 904 | (9,411 | ) | |||||
| —Income tax (benefit)/expense | (124 | ) | 3,351 | |||||
| —Loss on disposal of property, plant and equipment and intangible assets | (275 | ) | — | |||||
| —Other | (1,176 | ) | (1 | ) | ||||
| Interest received | 70 | 745 | ||||||
| Interest paid | (6,239 | ) | (5,944 | ) | ||||
| Income tax paid | (1,240 | ) | (806 | ) | ||||
| Changes in working capital: | ||||||||
| —Increase in inventories | (10,012 | ) | (689 | ) | ||||
| —Decrease in trade receivables, other current receivables, prepaid expenses | 3,465 | 7,214 | ||||||
| —Increase/(decrease) in trade payables, other current liabilities, accrued expenses | 9,270 | (7,871 | ) | |||||
| Net cash flows used in operating activities | (5,201 | ) | (13,558 | ) | ||||
| Investing activities | ||||||||
| Purchase of intangible assets | (846 | ) | (291 | ) | ||||
| Purchase of property, plant and equipment | (5,646 | ) | (6,660 | ) | ||||
| Proceeds from sale of property, plant and equipment | 268 | — | ||||||
| Other | (41 | ) | 302 | |||||
| Net cash flows used in investing activities | (6,265 | ) | (6,649 | ) | ||||
| Financing activities | ||||||||
| Repayment of liabilities to credit institutions | — | (647 | ) | |||||
| Proceeds from liabilities to credit institutions | 1,448 | — | ||||||
| Payment of loan transaction costs | (1,153 | ) | (1,020 | ) | ||||
| Repayment of lease liabilities | (3,118 | ) | (3,397 | ) | ||||
| Cash flows used in financing activities | (2,823 | ) | (5,064 | ) | ||||
| Net decrease in cash and cash equivalents | (14,289 | ) | (25,271 | ) | ||||
| Cash and cash equivalents at the beginning of the period | 64,345 | 98,923 | ||||||
| Exchange rate differences in cash and cash equivalents | (642 | ) | 776 | |||||
| Cash and cash equivalents at the end of the period | 49,414 | 74,428 | ||||||
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) | 2026 | 2025 | ||||||
| Loss for the period | (12,129 | ) | (12,531 | ) | ||||
| Income tax (benefit)/expense | (124 | ) | 3,351 | |||||
| Finance (income) and expenses, net | 904 | (9,411 | ) | |||||
| Depreciation and amortization expense | 12,854 | 11,181 | ||||||
| EBITDA | 1,505 | (7,410 | ) | |||||
| Share-based compensation expense | 2,869 | 3,592 | ||||||
| Restructuring costs(1) | 336 | 832 | ||||||
| Strategic review of Greater China business(2) | 130 | — | ||||||
| Closure of production facility(3) | — | (846 | ) | |||||
| Non-controlling interests | 123 | 101 | ||||||
| Adjusted EBITDA | 4,963 | (3,731 | ) | |||||
(1) Relates primarily to severance costs as the Group adjusts its organizational structure.
(2) Relates to costs for the strategic review of the Greater China segment.
(3) Relates to reversal of previously recognized exit costs related to closure of the Group’s production facility in Singapore
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) | 2026 | 2025 | ||||||
| Net cash flows used in operating activities | (5,201 | ) | (13,558 | ) | ||||
| Capital expenditures | (6,492 | ) | (6,951 | ) | ||||
| Free Cash Flow | (11,693 | ) | (20,509 | ) | ||||
