Oatly Reports Second Quarter 2025 Financial Results
Oatly (NASDAQ:OTLY) reported Q2 2025 financial results with revenue of $208.4 million, up 3.0% year-over-year, though constant currency revenue decreased 0.2%. The company's gross margin improved to 32.5%, a 3.3 percentage point increase from the previous year.
The company faced challenges with a net loss of $55.9 million, an increase from $30.4 million loss in Q2 2024. However, Adjusted EBITDA loss improved to $3.6 million from $11.0 million loss year-over-year. Oatly has initiated a strategic review of its Greater China business and revised its 2025 outlook, now expecting flat to +1% constant currency revenue growth, down from previous 2-4% guidance.
Regional performance varied significantly: Europe & International showed strong growth of 12.0%, while North America and Greater China segments declined by 6.8% and 6.4% respectively. The company maintains its Adjusted EBITDA guidance of $5-15 million positive for the full year.
Oatly (NASDAQ:OTLY) ha riportato i risultati finanziari del secondo trimestre 2025 con ricavi pari a 208,4 milioni di dollari, in crescita del 3,0% su base annua, anche se i ricavi a valuta costante sono diminuiti dello 0,2%. Il margine lordo dell'azienda è migliorato al 32,5%, con un aumento di 3,3 punti percentuali rispetto all'anno precedente.
L'azienda ha affrontato difficoltà con una perdita netta di 55,9 milioni di dollari, in aumento rispetto ai 30,4 milioni di perdita nel secondo trimestre 2024. Tuttavia, la perdita di EBITDA rettificato è migliorata a 3,6 milioni di dollari rispetto agli 11,0 milioni di perdita anno su anno. Oatly ha avviato una revisione strategica del suo business nella Grande Cina e ha rivisto le previsioni per il 2025, prevedendo ora una crescita dei ricavi a valuta costante tra lo zero e l'1%, in calo rispetto alla precedente stima del 2-4%.
Le performance regionali sono state molto diverse: Europa e Internazionale hanno mostrato una forte crescita del 12,0%, mentre i segmenti Nord America e Grande Cina sono diminuiti rispettivamente del 6,8% e del 6,4%. L'azienda mantiene la guida sull'EBITDA rettificato positiva tra 5 e 15 milioni di dollari per l'intero anno.
Oatly (NASDAQ:OTLY) informó los resultados financieros del segundo trimestre de 2025 con ingresos de 208,4 millones de dólares, un aumento del 3,0% interanual, aunque los ingresos a moneda constante disminuyeron un 0,2%. El margen bruto de la compañía mejoró hasta el 32,5%, un incremento de 3,3 puntos porcentuales respecto al año anterior.
La empresa enfrentó desafíos con una pérdida neta de 55,9 millones de dólares, mayor que la pérdida de 30,4 millones en el segundo trimestre de 2024. Sin embargo, la pérdida de EBITDA ajustado mejoró a 3,6 millones de dólares desde una pérdida de 11,0 millones año tras año. Oatly ha iniciado una revisión estratégica de su negocio en la Gran China y ha revisado sus perspectivas para 2025, esperando ahora un crecimiento de ingresos a moneda constante plano a +1%, por debajo de la guía previa del 2-4%.
El desempeño regional varió significativamente: Europa e Internacional mostraron un fuerte crecimiento del 12,0%, mientras que los segmentos de Norteamérica y Gran China disminuyeron un 6,8% y un 6,4% respectivamente. La compañía mantiene su guía de EBITDA ajustado positivo entre 5 y 15 millones de dólares para todo el año.
Oatly (NASDAQ:OTLY)는 2025년 2분기 재무 실적을 발표하며 매출액 2억 840만 달러를 기록해 전년 동기 대비 3.0% 증가했으나, 환율 변동을 고려한 매출은 0.2% 감소했습니다. 회사의 총이익률은 32.5%로 전년 대비 3.3%포인트 상승했습니다.
회사는 5590만 달러의 순손실을 기록해 2024년 2분기 3040만 달러 손실에서 손실이 확대됐습니다. 그러나 조정 EBITDA 손실은 전년 동기 1100만 달러 손실에서 360만 달러 손실로 개선되었습니다. Oatly는 중국 대륙 사업에 대한 전략적 검토를 시작했으며 2025년 전망을 수정해, 기존 2-4%에서 0~1% 환율 변동 기준 매출 성장률을 예상하고 있습니다.
지역별 실적은 크게 차이를 보였는데, 유럽 및 국제 부문은 12.0%의 강한 성장을 기록한 반면, 북미와 중국 대륙 부문은 각각 6.8%, 6.4% 감소했습니다. 회사는 연간 기준으로 조정 EBITDA 500만~1500만 달러의 긍정적 전망을 유지하고 있습니다.
Oatly (NASDAQ:OTLY) a publié ses résultats financiers du deuxième trimestre 2025 avec un chiffre d'affaires de 208,4 millions de dollars, en hausse de 3,0 % en glissement annuel, bien que le chiffre d'affaires en devises constantes ait diminué de 0,2 %. La marge brute de l'entreprise s'est améliorée à 32,5 %, soit une hausse de 3,3 points de pourcentage par rapport à l'année précédente.
L'entreprise a rencontré des difficultés avec une perte nette de 55,9 millions de dollars, en hausse par rapport à une perte de 30,4 millions au deuxième trimestre 2024. Cependant, la perte d'EBITDA ajusté s'est améliorée à 3,6 millions de dollars contre une perte de 11,0 millions en glissement annuel. Oatly a lancé une revue stratégique de ses activités en Grande Chine et a révisé ses prévisions pour 2025, anticipant désormais une croissance du chiffre d'affaires en devises constantes stable à +1 %, en baisse par rapport à la fourchette précédente de 2-4 %.
La performance régionale a été très variable : l'Europe et l'international ont affiché une forte croissance de 12,0 %, tandis que les segments Amérique du Nord et Grande Chine ont diminué respectivement de 6,8 % et 6,4 %. L'entreprise maintient ses prévisions d'EBITDA ajusté positif entre 5 et 15 millions de dollars pour l'année entière.
Oatly (NASDAQ:OTLY) meldete die Finanzergebnisse für das zweite Quartal 2025 mit Umsatz von 208,4 Millionen US-Dollar, ein Anstieg von 3,0 % im Jahresvergleich, obwohl der Umsatz bei konstanten Wechselkursen um 0,2 % zurückging. Die Bruttomarge des Unternehmens verbesserte sich auf 32,5 %, ein Anstieg um 3,3 Prozentpunkte gegenüber dem Vorjahr.
Das Unternehmen hatte mit einem Nettoverlust von 55,9 Millionen US-Dollar zu kämpfen, der sich gegenüber einem Verlust von 30,4 Millionen US-Dollar im zweiten Quartal 2024 erhöhte. Die bereinigte EBITDA-Verlust verringerte sich jedoch auf 3,6 Millionen US-Dollar gegenüber einem Verlust von 11,0 Millionen US-Dollar im Jahresvergleich. Oatly hat eine strategische Überprüfung seines Geschäfts in Großchina eingeleitet und seine Prognose für 2025 angepasst, wobei nun ein Umsatzwachstum bei konstanten Wechselkursen von null bis +1 % erwartet wird, gegenüber der vorherigen Prognose von 2-4 %.
Die regionale Entwicklung war sehr unterschiedlich: Europa & International zeigten ein starkes Wachstum von 12,0 %, während die Segmente Nordamerika und Großchina jeweils um 6,8 % bzw. 6,4 % zurückgingen. Das Unternehmen hält an seiner bereinigten EBITDA-Prognose von 5 bis 15 Millionen US-Dollar positiv für das Gesamtjahr fest.
- Gross margin improved by 330 basis points to 32.5%
- Europe & International revenue grew 12.0% to $118.2 million
- Adjusted EBITDA loss improved by $7.4 million to -$3.6 million
- Total volume increased 2.8% to 140.4 million liters
- Capital expenditure guidance reduced to $20 million from $30-35 million
- Net loss increased by $25.5 million to $55.9 million
- North America revenue declined 6.8% to $63.2 million
- Greater China revenue decreased 6.4% to $27.0 million
- Reduced 2025 revenue growth guidance to 0-1% from previous 2-4%
- Finance expenses increased significantly to $31.9 million from prior year income of $10.4 million
Insights
Oatly shows mixed Q2 results with modest revenue growth but widening losses, while reaffirming EBITDA targets despite regional challenges.
Oatly's Q2 2025 results present a mixed financial picture with some encouraging signals alongside persistent challenges. The company reported revenue of
The regional performance divergence is particularly noteworthy. Europe & International emerged as the bright spot with
On the positive side, Oatly achieved significant gross margin improvement, reaching
However, the bottom-line performance deteriorated significantly, with net loss attributable to shareholders widening to
Despite these challenges, Oatly is making progress on its path to profitability, with Adjusted EBITDA loss narrowing to
The revised 2025 outlook indicates cautious expectations, with constant currency revenue growth now projected at approximately flat to
MALMÖ, Sweden, July 23, 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 second quarter ended June 30, 2025.
Jean-Christophe Flatin, Oatly’s CEO, commented, “In the first half of the year, we made good progress on our 2025 priorities. We continue to drive cost efficiencies in our supply chain and overhead structure, and our disciplined execution of our growth playbook has seen success in our Europe & International segment, where we are seeing top line momentum. All of these steps are aimed toward our goal of consistently improved profitability. Our updated guidance reflects slower-than-expected top-line progress in our North America segment, as well as a soft macro-environment in our Greater China business. Importantly, we continue to drive additional cost efficiencies to keep us on-track to deliver on our profitability commitment, enabling us to reaffirm our adjusted EBITDA guidance.”
He continued, “Additionally, we are conducting a strategic review of our Greater China business, with the goal of accelerating the growth and maximizing the value of the business.”
The tables below reconcile revenue as reported to revenue on a constant currency basis by segment for the three and six months ended June 30, 2025.
| (Unaudited) | Three months ended June 30, | $ 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 | 118,193 | 105,541 | 118,193 | 6,593 | 111,600 | 12.0 | % | 5.7 | % | 9.4 | % | -3.7 | % | ||||||||||||||||||||||
| North America | 63,185 | 67,819 | 63,185 | — | 63,185 | -6.8 | % | -6.8 | % | -7.5 | % | 0.7 | % | ||||||||||||||||||||||
| Greater China | 26,976 | 28,835 | 26,976 | 49 | 26,927 | -6.4 | % | -6.6 | % | -1.2 | % | -5.4 | % | ||||||||||||||||||||||
| Total revenue | 208,354 | 202,195 | 208,354 | 6,642 | 201,712 | 3.0 | % | -0.2 | % | 2.8 | % | -3.0 | % | ||||||||||||||||||||||
| (Unaudited) | Six months ended June 30, | $ 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 | 225,858 | 215,948 | 225,858 | 3,991 | 221,867 | 4.6 | % | 2.7 | % | 6.6 | % | -3.9 | % | ||||||||||||||||||||||
| North America | 123,071 | 134,786 | 123,071 | — | 123,071 | -8.7 | % | -8.7 | % | -9.2 | % | 0.5 | % | ||||||||||||||||||||||
| Greater China | 56,955 | 50,616 | 56,955 | (240 | ) | 57,195 | 12.5 | % | 13.0 | % | 32.5 | % | -19.5 | % | |||||||||||||||||||||
| Total revenue | 405,884 | 401,350 | 405,884 | 3,751 | 402,133 | 1.1 | % | 0.2 | % | 6.0 | % | -5.8 | % | ||||||||||||||||||||||
Highlights
- Second quarter revenue of
$208.4 million , a3.0% increase compared to the prior year period, with a constant currency revenue decrease of0.2% compared to the prior year period. - Gross margin in the second quarter was
32.5% , which is a 3.3 percentage points increase compared to the prior year period. - Second quarter net loss attributable to shareholders of the parent was
$55.9 million , which is an increase of$25.5 million compared to a net loss attributable to shareholders of the parent of$30.4 million in the prior year period. - Second quarter Adjusted EBITDA loss was
$3.6 million , which is an improvement of$7.4 million compared to the prior year period. - The Company has initiated a strategic review of its Greater China business.
- The Company is refining its 2025 outlook as follows:
- Constant currency revenue growth is now expected to be in the range of approximately flat to +
1% , compared to the prior expectation of +2% to +4% , reflecting reduced expectations in the North America segment as well as a softer-than-expected macro-environment in the Greater China segment; - Adjusted EBITDA continues to be expected to be in the range of positive
$5 million to$15 million ; - Capital expenditures are now expected to be approximately
$20 million , compared to the prior expectation of$30 t o$35 million ; and - Based on recent foreign exchange rates, the full-year impact of foreign exchange is now expected to be a tailwind to revenue growth by approximately 150 basis, compared to the prior expectation of an approximately 100 basis point headwind.
- Constant currency revenue growth is now expected to be in the range of approximately flat to +
Second Quarter 2025 Results
Revenue increased
Gross profit was
Research and development expenses in the second quarter of 2025 decreased
Selling, general and administrative expenses in the second quarter of 2025 decreased
Other operating income and (expenses), net for the second quarter of 2025 was an expense of
Finance income and (expenses), net for the second quarter of 2025 was an expense of
Net loss attributable to shareholders of the parent was
Adjusted EBITDA loss for the second 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 June 30, 2025 (Unaudited) (in thousands of U.S. dollars) | Europe & International | North America | Greater China | Corporate* | Eliminations** | Total | ||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Revenue from external customers | 118,193 | 63,185 | 26,976 | — | — | 208,354 | ||||||||||||||||||
| Intersegment revenue | 455 | — | — | — | (455 | ) | — | |||||||||||||||||
| Total segment revenue | 118,648 | 63,185 | 26,976 | — | (455 | ) | 208,354 | |||||||||||||||||
| Adjusted EBITDA | 24,261 | (2,369 | ) | (636 | ) | (24,819 | ) | — | (3,563 | ) | ||||||||||||||
| Share-based compensation expense | (515 | ) | (328 | ) | (334 | ) | (2,276 | ) | — | (3,453 | ) | |||||||||||||
| Restructuring costs(1) | (471 | ) | (585 | ) | (42 | ) | (295 | ) | — | (1,393 | ) | |||||||||||||
| Strategic review of Greater China business(2) | — | — | (1,378 | ) | — | — | (1,378 | ) | ||||||||||||||||
| Non-controlling interests | — | — | (35 | ) | — | — | (35 | ) | ||||||||||||||||
| EBITDA | 23,275 | (3,282 | ) | (2,425 | ) | (27,390 | ) | — | (9,822 | ) | ||||||||||||||
| Finance income and (expenses), net | — | — | — | — | — | (31,916 | ) | |||||||||||||||||
| Depreciation and amortization | — | — | — | — | — | (12,294 | ) | |||||||||||||||||
| Loss before tax | — | — | — | — | — | (54,032 | ) | |||||||||||||||||
| Three months ended June 30, 2024 (Unaudited) (in thousands of U.S. dollars) | Europe & International | North America | Greater China | Corporate* | Eliminations** | Total | ||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Revenue from external customers | 105,541 | 67,819 | 28,835 | — | — | 202,195 | ||||||||||||||||||
| Intersegment revenue | 1,814 | — | — | — | (1,814 | ) | — | |||||||||||||||||
| Total segment revenue | 107,355 | 67,819 | 28,835 | — | (1,814 | ) | 202,195 | |||||||||||||||||
| Adjusted EBITDA | 12,638 | 1,166 | (428 | ) | (24,373 | ) | — | (10,997 | ) | |||||||||||||||
| Share-based compensation expense | (501 | ) | (232 | ) | (479 | ) | (2,967 | ) | — | (4,179 | ) | |||||||||||||
| Restructuring costs(1) | (855 | ) | (769 | ) | (1,470 | ) | (120 | ) | — | (3,214 | ) | |||||||||||||
| Discontinued construction of production facilities(4) | (2,923 | ) | 277 | — | — | — | (2,646 | ) | ||||||||||||||||
| New product launch issue(5) | — | (5,677 | ) | — | — | — | (5,677 | ) | ||||||||||||||||
| Non-controlling interests | — | — | (58 | ) | — | — | (58 | ) | ||||||||||||||||
| EBITDA | 8,359 | (5,235 | ) | (2,435 | ) | (27,460 | ) | — | (26,771 | ) | ||||||||||||||
| Finance income and (expenses), net | — | — | — | — | — | 10,389 | ||||||||||||||||||
| Depreciation and amortization | — | — | — | — | — | (12,308 | ) | |||||||||||||||||
| Loss before tax | — | — | — | — | — | (28,690 | ) | |||||||||||||||||
| Six months ended June 30, 2025 (in thousands of U.S. dollars) | Europe & International | North America | Greater China | Corporate* | Eliminations** | Total | ||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Revenue from external customers | 225,858 | 123,071 | 56,955 | — | — | 405,884 | ||||||||||||||||||
| Intersegment revenue | 1,144 | — | — | — | (1,144 | ) | — | |||||||||||||||||
| Total segment revenue | 227,002 | 123,071 | 56,955 | — | (1,144 | ) | 405,884 | |||||||||||||||||
| Adjusted EBITDA | 39,797 | (1,240 | ) | 982 | (46,833 | ) | — | (7,294 | ) | |||||||||||||||
| Share-based compensation expense | (983 | ) | (686 | ) | (723 | ) | (4,653 | ) | — | (7,045 | ) | |||||||||||||
| Restructuring costs(1) | (471 | ) | (1,253 | ) | (42 | ) | (459 | ) | — | (2,225 | ) | |||||||||||||
| Strategic review of Greater China business(2) | — | — | (1,378 | ) | — | — | (1,378 | ) | ||||||||||||||||
| Closure of production facility(3) | 846 | — | — | — | — | 846 | ||||||||||||||||||
| Non-controlling interests | — | — | (136 | ) | — | — | (136 | ) | ||||||||||||||||
| EBITDA | 39,189 | (3,179 | ) | (1,297 | ) | (51,945 | ) | — | (17,232 | ) | ||||||||||||||
| Finance income and (expenses), net | — | — | — | — | — | (22,505 | ) | |||||||||||||||||
| Depreciation and amortization | — | — | — | — | — | (23,475 | ) | |||||||||||||||||
| Loss before tax | — | — | — | — | — | (63,212 | ) | |||||||||||||||||
| Six months ended June 30, 2024 (in thousands of U.S. dollars) | Europe & International | North America | Greater China | Corporate* | Eliminations** | Total | ||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| Revenue from external customers | 215,948 | 134,786 | 50,616 | — | — | 401,350 | ||||||||||||||||||
| Intersegment revenue | 3,778 | — | — | — | (3,778 | ) | — | |||||||||||||||||
| Total segment revenue | 219,726 | 134,786 | 50,616 | — | (3,778 | ) | 401,350 | |||||||||||||||||
| Adjusted EBITDA | 27,134 | 778 | (3,856 | ) | (48,257 | ) | — | (24,201 | ) | |||||||||||||||
| Share-based compensation expense | (879 | ) | 1,027 | (1,179 | ) | (5,763 | ) | — | (6,794 | ) | ||||||||||||||
| Restructuring costs(1) | (855 | ) | (769 | ) | (1,940 | ) | (71 | ) | — | (3,635 | ) | |||||||||||||
| Discontinued construction of production facilities(4) | (2,923 | ) | 1,161 | — | — | — | (1,762 | ) | ||||||||||||||||
| New product launch issue(5) | — | (5,677 | ) | — | — | — | (5,677 | ) | ||||||||||||||||
| Non-controlling interests | — | — | (102 | ) | — | — | (102 | ) | ||||||||||||||||
| EBITDA | 22,477 | (3,480 | ) | (7,077 | ) | (54,091 | ) | — | (42,171 | ) | ||||||||||||||
| Finance income and (expenses), net | — | — | — | — | — | (6,988 | ) | |||||||||||||||||
| Depreciation and amortization | — | — | — | — | — | (25,321 | ) | |||||||||||||||||
| Loss before tax | — | — | — | — | — | (74,480 | ) | |||||||||||||||||
* 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 costs related to 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.
(4)Relates primarily to non-cash impairments related to discontinued construction of the Group’s production facility in Peterborough, UK, and reversal of previously recognized non-cash impairments related to discontinued construction of the Group’s production facility in Dallas-Fort Worth, Texas.
(5)Expenses related to a new product launch issue.
Europe & International
Europe & International revenue increased
Europe & International Adjusted EBITDA increased
North America
North America revenue decreased
North America Adjusted EBITDA decreased
Greater China
Greater China revenue decreased
Greater China Adjusted EBITDA loss increased
Corporate
Oatly’s corporate expense, which consists of general costs not allocated to the segments, in the second quarter of 2025 was
Balance Sheet and Cash Flows
As of June 30, 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.
Strategic Review of Greater China Business
The Company has initiated a strategic review of the Company’s Greater China business. The review will consider a range of options, including a potential carve-out of the Greater China segment, with the goal of accelerating growth and maximizing the value of the business.
The Company continues to operate in the Greater China market, including operating its production facility, and remains committed to its customers, consumers, and employees as it looks to accelerate the growth and maximize the value of the business.
There is no definitive timetable for completing the strategic review. 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 refining its 2025 outlook as follows.
- Constant currency revenue growth is now expected to be in the range of approximately flat to +
1% , compared to the prior expectation of +2% to +4% , reflecting reduced expectations in the North America segment as well as a softer-than-expected macro-environment in the Greater China segment; - Adjusted EBITDA continues to be expected to be in the range of positive
$5 million to$15 million ; - Capital expenditures are now expected to be approximately
$20 million , compared to the prior expectation of$30 t o$35 million ; and - Based on recent foreign exchange rates, the full-year impact of foreign exchange is now expected to be a tailwind to revenue growth by approximately 150 basis, compared to the prior expectation of an approximately 100 basis point headwind.
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 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.
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; the successful execution of the strategic review of the Company’s Greater China operations, the outcome of the strategic review and the market reaction thereto; 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, costs related to the strategic review of Greater China business, impacts related to the closure of production facility, discontinued construction of production facilities, expenses related to a new product launch issue 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 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;
- Adjusted EBITDA excludes impacts related to discontinued construction of production facilities, although some of these may reduce cash available to us in future periods;
- Adjusted EBITDA does not reflect expenses related to a new product launch issue that reduced cash available to us;
- 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 June 30, | Six months ended June 30, | |||||||||||||
| (in thousands of U.S. dollars, except share and per share and ADS data) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenue | 208,354 | 202,195 | 405,884 | 401,350 | |||||||||||
| Cost of goods sold | (140,729 | ) | (143,239 | ) | (275,929 | ) | (288,496 | ) | |||||||
| Gross profit | 67,625 | 58,956 | 129,955 | 112,854 | |||||||||||
| Research and development expenses | (4,605 | ) | (10,898 | ) | (8,996 | ) | (15,540 | ) | |||||||
| Selling, general and administrative expenses | (84,111 | ) | (84,261 | ) | (161,609 | ) | (163,003 | ) | |||||||
| Other operating income and (expenses), net | (1,025 | ) | (2,876 | ) | (57 | ) | (1,803 | ) | |||||||
| Operating loss | (22,116 | ) | (39,079 | ) | (40,707 | ) | (67,492 | ) | |||||||
| Finance income and (expenses), net | (31,916 | ) | 10,389 | (22,505 | ) | (6,988 | ) | ||||||||
| Loss before tax | (54,032 | ) | (28,690 | ) | (63,212 | ) | (74,480 | ) | |||||||
| Income tax expense | (1,914 | ) | (1,751 | ) | (5,265 | ) | (1,805 | ) | |||||||
| Loss for the period | (55,946 | ) | (30,441 | ) | (68,477 | ) | (76,285 | ) | |||||||
| Attributable to: | |||||||||||||||
| Shareholders of the parent | (55,911 | ) | (30,384 | ) | (68,341 | ) | (76,183 | ) | |||||||
| Non-controlling interests | (35 | ) | (57 | ) | (136 | ) | (102 | ) | |||||||
| Loss per share, attributable to shareholders of the parent: | |||||||||||||||
| Basic and diluted | (0.09 | ) | (0.05 | ) | (0.11 | ) | (0.13 | ) | |||||||
| Loss per ADS, attributable to shareholder of the parent (1 ADS representing 20 ordinary shares): | |||||||||||||||
| Basic and diluted | (1.86 | ) | (1.02 | ) | (2.28 | ) | (2.56 | ) | |||||||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic and diluted | 601,195,247 | 596,242,505 | 599,884,824 | 595,654,647 | |||||||||||
| Interim condensed consolidated statement of financial position (Unaudited) | June 30, 2025 | December 31, 2024 | |||||
| (in thousands of U.S. dollars) | |||||||
| ASSETS | |||||||
| Non-current assets | |||||||
| Intangible assets | 133,628 | 116,208 | |||||
| Property, plant and equipment | 304,565 | 294,199 | |||||
| Right-of-use assets | 43,541 | 45,555 | |||||
| Other non-current receivables | 45,140 | 44,331 | |||||
| Deferred tax assets | 4,698 | 4,561 | |||||
| Total non-current assets | 531,572 | 504,854 | |||||
| Current assets | |||||||
| Inventories | 65,851 | 65,602 | |||||
| Trade receivables | 102,597 | 103,366 | |||||
| Current tax assets | 5,933 | 6,095 | |||||
| Other current receivables | 17,968 | 15,738 | |||||
| Prepaid expenses | 11,203 | 9,402 | |||||
| Cash and cash equivalents | 67,931 | 98,923 | |||||
| Total current assets | 271,483 | 299,126 | |||||
| TOTAL ASSETS | 803,055 | 803,980 | |||||
| EQUITY AND LIABILITIES | |||||||
| Equity | |||||||
| Share capital | 107 | 106 | |||||
| Treasury shares | (0 | ) | (0 | ) | |||
| Other contributed capital | 1,628,045 | 1,628,045 | |||||
| Other reserves | (222,137 | ) | (274,160 | ) | |||
| Accumulated deficit | (1,310,599 | ) | (1,249,303 | ) | |||
| Equity attributable to shareholders of the parent | 95,416 | 104,688 | |||||
| Non-controlling interests | 1,303 | 1,435 | |||||
| Total equity | 96,719 | 106,123 | |||||
| Liabilities | |||||||
| Non-current liabilities | |||||||
| Lease liabilities | 29,508 | 31,724 | |||||
| Liabilities to credit institutions | 115,746 | 116,216 | |||||
| Provisions | 9,317 | 14,857 | |||||
| Total non-current liabilities | 154,571 | 162,797 | |||||
| Current liabilities | |||||||
| Lease liabilities | 13,473 | 13,359 | |||||
| Convertible Notes | 328,981 | 324,395 | |||||
| Liabilities to credit institutions | 4,899 | 5,757 | |||||
| Trade payables | 64,688 | 60,152 | |||||
| Current tax liabilities | 1,349 | 1,476 | |||||
| Other current liabilities | 7,568 | 7,998 | |||||
| Accrued expenses | 112,675 | 103,719 | |||||
| Provisions | 18,132 | 18,204 | |||||
| Total current liabilities | 551,765 | 535,060 | |||||
| Total liabilities | 706,336 | 697,857 | |||||
| TOTAL EQUITY AND LIABILITIES | 803,055 | 803,980 | |||||
| Interim condensed consolidated statement of cash flows (Unaudited) | Six months ended June 30, | ||||||
| (in thousands of U.S. dollars) | 2025 | 2024 | |||||
| Operating activities | |||||||
| Net loss | (68,477 | ) | (76,285 | ) | |||
| 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 | 23,475 | 25,321 | |||||
| —Write-downs of inventories | 4,360 | 517 | |||||
| —Impairment (gain)/loss on trade receivables | (16 | ) | 176 | ||||
| —Share-based compensation | 7,045 | 6,794 | |||||
| —Movements in provisions | (7,670 | ) | (35,507 | ) | |||
| —Finance (income) and expenses, net | 22,505 | 6,988 | |||||
| —Income tax expense | 5,265 | 1,805 | |||||
| —Impairment reversal related to discontinued construction of production facilities | — | 1,747 | |||||
| —Other | (86 | ) | 1,317 | ||||
| Interest received | 1,035 | 5,897 | |||||
| Interest paid | (11,829 | ) | (13,002 | ) | |||
| Income tax paid | (1,674 | ) | (3,767 | ) | |||
| Changes in working capital: | |||||||
| —Increase in inventories | (959 | ) | (14,151 | ) | |||
| —Decrease in trade receivables, other current receivables, prepaid expenses | 6,382 | 15,923 | |||||
| —Increase/(decrease) in trade payables, other current liabilities, accrued expenses | 5,639 | (9,786 | ) | ||||
| Net cash flows used in operating activities | (15,005 | ) | (86,013 | ) | |||
| Investing activities | |||||||
| Purchase of intangible assets | (921 | ) | (773 | ) | |||
| Purchase of property, plant and equipment | (9,778 | ) | (19,647 | ) | |||
| Proceeds from sale of property, plant and equipment | 70 | 20,392 | |||||
| Other | 409 | 886 | |||||
| Net cash flows (used in)/from investing activities | (10,220 | ) | 858 | ||||
| Financing activities | |||||||
| Repayment of liabilities to credit institutions | (1,320 | ) | (1,360 | ) | |||
| Payment of loan transaction costs | (1,020 | ) | (4,965 | ) | |||
| Repayment of lease liabilities | (5,811 | ) | (13,888 | ) | |||
| Cash flows used in financing activities | (8,151 | ) | (20,213 | ) | |||
| Net decrease in cash and cash equivalents | (33,376 | ) | (105,368 | ) | |||
| Cash and cash equivalents at the beginning of the period | 98,923 | 249,299 | |||||
| Exchange rate differences in cash and cash equivalents | 2,384 | (1,203 | ) | ||||
| Cash and cash equivalents at the end of the period | 67,931 | 142,728 | |||||
Reconciliation of IFRS to Non-IFRS Financial measures
| Reconciliation of EBITDA and Adjusted EBITDA to loss for the period | |||||||||||||||
| (Unaudited) | Three months ended June 30, | Six months ended June 30, | |||||||||||||
| (in thousands of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Loss for the period | (55,946 | ) | (30,441 | ) | (68,477 | ) | (76,285 | ) | |||||||
| Income tax expense | 1,914 | 1,751 | 5,265 | 1,805 | |||||||||||
| Finance (income) and expenses, net | 31,916 | (10,389 | ) | 22,505 | 6,988 | ||||||||||
| Depreciation and amortization expense | 12,294 | 12,308 | 23,475 | 25,321 | |||||||||||
| EBITDA | (9,822 | ) | (26,771 | ) | (17,232 | ) | (42,171 | ) | |||||||
| Share-based compensation expense | 3,453 | 4,179 | 7,045 | 6,794 | |||||||||||
| Restructuring costs(1) | 1,393 | 3,214 | 2,225 | 3,635 | |||||||||||
| Strategic review of Greater China business(2) | 1,378 | — | 1,378 | — | |||||||||||
| Closure of production facility(3) | — | — | (846 | ) | — | ||||||||||
| Discontinued construction of production facilities(4) | — | 2,646 | — | 1,762 | |||||||||||
| New product launch issue(5) | — | 5,677 | — | 5,677 | |||||||||||
| Non-controlling interests | 35 | 58 | 136 | 102 | |||||||||||
| Adjusted EBITDA | (3,563 | ) | (10,997 | ) | (7,294 | ) | (24,201 | ) | |||||||
(1)Relates primarily to severance costs as the Group adjusts its organizational structure.
(2)Relates to costs related to 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.
(4)Relates primarily to non-cash impairments related to discontinued construction of the Group’s production facility in Peterborough, UK, and reversal of previously recognized non-cash impairments related to discontinued construction of the Group’s production facility in Dallas-Fort Worth, Texas.
(5)Expenses related to a new product launch issue.
| Reconciliation of Free Cash Flow to Net Cash Flows used in Operating Activities | |||||||||||||||
| (Unaudited) | Three months ended June 30, | Six months ended June 30, | |||||||||||||
| (in thousands of U.S. dollars) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Net cash flows used in operating activities | (1,447 | ) | (46,935 | ) | (15,005 | ) | (86,013 | ) | |||||||
| Capital expenditures | (3,748 | ) | (14,226 | ) | (10,699 | ) | (20,420 | ) | |||||||
| Free Cash Flow | (5,195 | ) | (61,161 | ) | (25,704 | ) | (106,433 | ) | |||||||
Contacts Oatly Group AB +1 866-704-0391 investors@oatly.com press.us@oatly.com
FAQ
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