Oatly Reports Third Quarter 2026 Financial Results

North American fuel and freight inflation prompted a lower annual profit forecast despite improved third-quarter results.

Rhea-AI Summary

Oatly (Nasdaq: OTLY) reported third-quarter revenue of $243.1 million, with higher sales and improved profitability alongside a reduced annual earnings outlook. Revenue rose 9.1% year over year, or 8.9% excluding currency effects. Gross margin reached 34.1%, versus 29.7% a year earlier. Net loss attributable to parent shareholders narrowed to $27.5 million from $65.3 million, while adjusted EBITDA, an adjusted earnings measure, increased to $9.4 million from $3.1 million.

Europe & International revenue grew 19.5%, North America rose 2.8%, and Greater China declined 14.6%. Oatly now expects 2026 adjusted EBITDA of $16 million–$20 million, down from $25 million–$35 million, citing North American fuel and freight inflation and delays in offsetting those costs. Its forecast for revenue growth excluding currency effects remains 8%–10%, and planned capital expenditures remain $20 million–$30 million.

21 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue rose 9.1% to $243.1 million; growth excluding currency effects was 8.9% year over year.
• Moderate pointThird-quarter sold volume increased 4.2% to 156.9 million liters, versus 150.6 million liters a year earlier.
• Moderate pointThird-quarter gross margin increased 4.4 percentage points to 34.1% year over year.
• Moderate pointThird-quarter net loss attributable to parent shareholders narrowed to $27.5 million from $65.3 million.
• Moderate pointThird-quarter adjusted EBITDA increased to $9.4 million from $3.1 million a year earlier.
• Moderate pointThird-quarter net finance expense fell to $16.066 million from $47.557 million a year earlier.
• Moderate pointNine-month loss before tax narrowed to $68.213 million from $127.693 million a year earlier.

14 minor points

• Minor pointThird-quarter gross profit increased to $83.0 million from $66.3 million a year earlier.
• Minor pointThird-quarter EBITDA turned positive at $3.181 million, versus negative $4.664 million a year earlier.
• Minor pointEurope & International third-quarter revenue rose 19.5% to $147.245 million; currency-neutral growth was 20.4%.
• Minor pointEurope & International third-quarter adjusted EBITDA increased to $31.514 million from $21.876 million.
• Minor pointNorth America third-quarter revenue rose 2.8% to $63.844 million; currency-neutral growth was 2.9%.
• Minor pointNorth America third-quarter adjusted EBITDA turned positive at $0.331 million, versus negative $1.270 million.
• Minor pointNine-month revenue rose 13.2% to $711.474 million; growth excluding currency effects was 9.9% year over year.
• Minor pointNine-month adjusted EBITDA reached $14.814 million, versus negative $4.178 million a year earlier.
• Minor pointEurope & International nine-month revenue rose 22.3% to $427.108 million; currency-neutral growth was 17.7%.
• Minor pointEurope & International nine-month adjusted EBITDA increased to $88.076 million from $61.673 million.
• Minor pointNorth America nine-month revenue rose 4.2% to $192.953 million, also 4.2% excluding currency effects.
• Minor pointNorth America nine-month adjusted EBITDA reached $1.725 million, versus negative $2.510 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Oatly maintained expected 2026 revenue growth excluding currency effects at 8%–10%.
• Minor point. Forward-looking: it has not happened yet and may not happen.Oatly still expects currency movements to add approximately 200–250 basis points to 2026 revenue growth.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Oatly cut expected 2026 adjusted EBITDA to $16 million–$20 million from $25 million–$35 million.
• Moderate pointGreater China third-quarter revenue fell 14.6% to $31.965 million; currency-neutral revenue declined 19.3%.
• Moderate pointThird-quarter selling, general and administrative expenses increased $10.2 million to $85.3 million year over year.
• Minor point. Forward-looking: it has not happened yet and may not happen.North American fuel and freight inflation and delayed offsets are expected to hurt fourth-quarter profit.
• Minor pointGreater China third-quarter volume declined 26.2% year over year amid foodservice competition.

9 minor points

• Minor pointGreater China third-quarter adjusted EBITDA fell to negative $1.897 million from positive $1.586 million.
• Minor pointThird-quarter research and development expenses rose to $4.6 million from $4.5 million a year earlier.
• Minor pointGreater China review costs and non-cash impairments totaled $2.419 million in the third quarter.
• Minor pointThird-quarter share-based compensation increased to $3.317 million from $3.080 million a year earlier.
• Minor pointThird-quarter corporate adjusted EBITDA deteriorated to negative $20.519 million from negative $19.076 million.
• Minor pointGreater China nine-month revenue declined 3.2% to $91.413 million; currency-neutral revenue fell 8.1%.
• Minor pointGreater China nine-month adjusted EBITDA fell to negative $4.127 million from positive $2.568 million.
• Minor pointNine-month corporate adjusted EBITDA deteriorated to negative $70.860 million from negative $65.909 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Oatly maintained expected 2026 capital expenditures of $20 million–$30 million.

Argus 15 min delay 10 alerts

-17.23% vs previous close $9.73 last price 0.2x rel. volume Open Argus

Details

Market move: OTLY -17.23% vs previous close. 3Q26 earnings report

$9.52 – $11.85 Day Range

$310.35M Mkt Cap at Last Price

On Oct 28, the day this news came out, the latest delayed price for OTLY is 17.23% below the previous close. Our momentum scanner has recorded 10 alerts for this stock so far that day. The latest delayed price is $9.73.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Third-quarter revenue: $243.1 million, up 9.1% Gross profit margin: 34.1%, up 4.4 percentage points Net loss: $27.5 million, versus $65.3 million +3 more

Third-quarter revenue

$243.1 million, up 9.1%

Third quarter 2026 versus prior-year period

Gross profit margin

34.1%, up 4.4 percentage points

Third quarter 2026 versus prior-year period

Net loss

$27.5 million, versus $65.3 million

Third quarter 2026 versus prior-year period

Adjusted EBITDA

$9.4 million, versus $3.1 million

Third quarter 2026 versus prior-year period

Constant-currency revenue growth outlook

+8% to +10%

2026; unchanged from prior outlook

Adjusted EBITDA outlook

$16 million to $20 million, down from $25 million to $35 million

Updated 2026 outlook

Previous Earnings Reports

3 past events · Latest: Jul 22

Same Type 3 events

1. Jul 22

   Q2 earnings

   24h Move

   +19.1%

   Revenue rose 15.2%; Oatly raised 2026 constant-currency revenue guidance to 8%–10%.

2. Apr 29

   Q1 earnings

   24h Move

   +3.7%

   Revenue grew 15.6% year over year; Oatly reiterated its 2026 revenue and EBITDA ranges.

3. Oct 29

   Q3 earnings

   24h Move

   -3.5%

   Revenue rose 7.1%, but net loss widened and the 2025 revenue outlook was flat to +1%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, constant currency, non-ifrs financial measures, convertible notes

4 terms

adjusted ebitda financial

"Third quarter Adjusted EBITDA was $9.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

constant currency financial

"Constant Currency Revenue growth is expected to be in the range of +8% to +10%"

Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.

non-ifrs financial measures financial

"EBITDA, Adjusted EBITDA and Constant Currency Revenue are non-IFRS financial measures"

Non-IFRS financial measures are company-reported numbers that modify or exclude items from standard accounting results so management can highlight what it sees as underlying business performance—common examples are adjusted EBITDA or adjusted earnings per share. They matter to investors because they can make trends clearer by removing unusual or noncash items, like cleaning lens smudges off a camera, but they require scrutiny since companies decide what to exclude and comparisons across firms may not be uniform.

convertible notes financial

"fair value losses on Convertible Notes of $0.9 million"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Oatly Reports Third Quarter 2026 Financial Results

MALMÖ, Sweden, October 28, 2026 – 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 third quarter ended September 30, 2026.

Jean-Christophe Flatin, Oatly’s CEO, commented, “I am pleased to report another quarter of strong revenue growth accompanied by substantial improvement in our Adjusted EBITDA. Our third quarter results reflect continued strong returns from our growth playbook including growth in market share, household penetration, and distribution. The quarter’s strong Adjusted EBITDA reflects improvement in our mix of customers, channels, and products. I am proud of our business year-to-date resilience absorbing cost inflation while maintaining investments for growth. I am also excited to announce the launch of our new Fiber beverage platform which expands our portfolio in the wellness space and leverages our core identity, created through over 30 years of expertise, in oats as a natural source of dietary fiber.”

He continued, “Despite elevated macro volatility, we maintain our outlook for Constant Currency Revenue growth for the 2026 year. However, similar to food and beverage peers, we are impacted by the latest wave of fuel and freight inflation in North America which has been stronger and faster than expected. We possess multiple levers to offset this pressure, but timing delays will adversely impact our profit in the fourth quarter and result in our reduced outlook for Adjusted EBITDA for the 2026 year. We remain steadfast in our growth investments and focus on delivering consistent and profitable growth over time.”

The tables below reconcile revenue as reported to revenue on a constant currency basis by segment for the three and nine months ended September 30, 2026 and 2025.

(Unaudited)		Three months ended September 30,								$ 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			147,245				123,267				147,245				(1,226	)			148,471				19.5	%			20.4	%			17.6	%			2.8	%
North America			63,844				62,096				63,844				(33	)			63,877				2.8	%			2.9	%			0.4	%			2.5	%
Greater China			31,965				37,433				31,965				1,772				30,193				-14.6	%			-19.3	%			-26.2	%			6.9	%
Total revenue			243,054				222,796				243,054				513				242,541				9.1	%			8.9	%			4.2	%			4.7	%
(Unaudited)		Nine months ended September 30,								$ 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			427,108				349,125				427,108				16,121				410,987				22.3	%			17.7	%			15.7	%			2.0	%
North America			192,953				185,167				192,953				30				192,923				4.2	%			4.2	%			1.3	%			2.9	%
Greater China			91,413				94,388				91,413				4,640				86,773				-3.2	%			-8.1	%			-11.5	%			3.4	%
Total revenue			711,474				628,680				711,474				20,791				690,683				13.2	%			9.9	%			6.9	%			3.0	%

Highlights

• Third quarter revenue of $243.1 million, a 9.1% increase compared to the prior year period, with a Constant Currency Revenue increase of 8.9% compared to the prior year period.
• Gross profit margin in the third quarter was 34.1%, which is a 4.4 percentage point increase compared to the prior year period.
• Third quarter net loss attributable to shareholders of the parent was $27.5 million, compared to a net loss attributable to shareholders of the parent of $65.3 million in the prior year period.
• Third quarter Adjusted EBITDA was $9.4 million, which is an improvement of $6.3 million compared to Adjusted EBITDA of $3.1 million in the prior year period.

Outlook

• The Company’s outlook is as follows (including an updated 2026 Adjusted EBITDA outlook):
  • Constant Currency Revenue growth is expected to be in the range of +8% to +10% (unchanged from our prior outlook). Based on recent foreign exchange rates, the full-year impact of foreign exchange is expected to be a tailwind to revenue growth by approximately 200 to 250 basis points; also unchanged relative to our prior outlook.
  • Adjusted EBITDA is now expected to be in the range of $16 million to $20 million relative to our prior outlook of $25 million to $35 million.
  • Capital expenditures are expected to be in the range of $20 million to $30 million (unchanged).

This outlook is made in the context of elevated macro volatility and based on current conditions.

Third Quarter 2026 Results

Revenue increased $20.3 million, or 9.1% to $243.1 million for the third quarter ended September 30, 2026, compared to $222.8 million for the prior year period. Excluding a foreign currency exchange tailwind of $0.5 million, revenue for the third quarter was $242.5 million, or an increase of 8.9% compared to the prior year period. The growth in Constant Currency Revenue was driven by another quarter of accelerating growth in Europe & International, growth in North America driven mainly by the retail channel, partially offset by volume decline in Greater China driven by competition in the foodservice channel. Sold volume for the third quarter of 2026 increased 4.2% to 156.9 million liters compared to 150.6 million liters in the third quarter of 2025. Produced finished goods volume for the third quarter of 2026 was 164.9 million liters compared to 147.6 million liters for the third quarter of 2025.

Gross profit was $83.0 million for the third quarter of 2026 compared to $66.3 million for the third quarter of 2025. Gross profit margin was 34.1% in the third quarter of 2026, an increase of 436 basis points compared to the prior year period. The margin improvement compared to the third quarter of 2025 was due to improvements in supply chain efficiency and price/mix across all regions, partially offset by the impact of the conflict in the Middle East on energy and logistics costs as well as freight market constraints in the United States.

Research and development expenses in the third quarter of 2026 were $4.6 million compared to $4.5 million in the prior year period.

Selling, general and administrative expenses in the third quarter of 2026 increased $10.2 million to $85.3 million compared to $75.1 million in the prior year period. The increase was mainly driven by increased branding and advertising expenses, higher customer distribution costs due to increased sold volumes and increased inflation driven by the conflict in the Middle East, partially offset by continued actions to reduce general and administrative expenses.

Other operating income and (expenses), net for the third quarter of 2026 was an expense of $2.3 million, comprised primarily of $2.4 million in costs and non-cash impairments related to the strategic review of the Greater China segment partially offset by net foreign exchange gains and grants. Other operating income and (expenses), net for the prior year period was an expense of $3.6 million comprised primarily of $3.5 million in costs for the Company’s strategic review of the Greater China segment.

Finance income and (expenses), net for the third quarter of 2026 was an expense of $16.1 million comprised primarily of net interest expenses of $13.8 million and fair value losses on Convertible Notes of $0.9 million. The finance income and (expenses), net for the prior year period was an expense of $47.6 million comprised primarily of fair value losses on Convertible Notes of $32.2 million and net interest expenses of $15.2 million.

Net loss attributable to shareholders of the parent was $27.5 million for the third quarter of 2026 compared to a loss of $65.3 million in the prior year period.

Adjusted EBITDA for the third quarter of 2026 was $9.4 million, compared to $3.1 million in the prior year period. The improvement in Adjusted EBITDA was primarily a result of higher gross profit.

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 September 30, 2026 (Unaudited) (in thousands of U.S. dollars)		Europe & International				North America				Greater China				Corporate*				Eliminations**				Total
Revenue
Revenue from external customers			147,245				63,844				31,965				—				—				243,054
Intersegment revenue			346				—				—				—				(346	)			—
Total segment revenue			147,591				63,844				31,965				—				(346	)			243,054
Adjusted EBITDA			31,514				331				(1,897	)			(20,519	)			—				9,429
Share-based compensation expense			(627	)			(373	)			(157	)			(2,160	)			—				(3,317	)
Restructuring costs(1)			(144	)			(195	)			—				(178	)			—				(517	)
Strategic review of Greater China business(2)			—				—				(2,419	)			—				—				(2,419	)
Non-controlling interests			—				—				5				—				—				5
EBITDA			30,743				(237	)			(4,468	)			(22,857	)			—				3,181
Finance income and (expenses), net			—				—				—				—				—				(16,066	)
Depreciation and amortization			—				—				—				—				—				(12,370	)
Loss before tax			—				—				—				—				—				(25,255	)
Three months ended September 30, 2025 (Unaudited) (in thousands of U.S. dollars)		Europe & International				North America				Greater China				Corporate*				Eliminations**				Total
Revenue
Revenue from external customers			123,267				62,096				37,433				—				—				222,796
Intersegment revenue			130				—				—				—				(130	)			—
Total segment revenue			123,397				62,096				37,433				—				(130	)			222,796
Adjusted EBITDA			21,876				(1,270	)			1,586				(19,076	)			—				3,116
Share-based compensation expense			(504	)			(318	)			(494	)			(1,764	)			—				(3,080	)
Restructuring costs(1)			(239	)			(298	)			—				(513	)			—				(1,050	)
Strategic review of Greater China business(2)			—				—				(3,533	)			—				—				(3,533	)
Non-controlling interests			—				—				(117	)			—				—				(117	)
EBITDA			21,133				(1,886	)			(2,558	)			(21,353	)			—				(4,664	)
Finance income and (expenses), net			—				—				—				—				—				(47,557	)
Depreciation and amortization			—				—				—				—				—				(12,260	)
Loss before tax			—				—				—				—				—				(64,481	)

Nine months ended September 30, 2026 (Unaudited) (in thousands of U.S. dollars)		Europe & International				North America				Greater China				Corporate*				Eliminations**				Total
Revenue
Revenue from external customers			427,108				192,953				91,413				—				—				711,474
Intersegment revenue			1,582				—				—				—				(1,582	)			—
Total segment revenue			428,690				192,953				91,413				—				(1,582	)			711,474
Adjusted EBITDA			88,076				1,725				(4,127	)			(70,860	)			—				14,814
Share-based compensation expense			(1,776	)			(974	)			(800	)			(6,137	)			—				(9,687	)
Restructuring costs(1)			(112	)			(301	)			—				(1,175	)			—				(1,588	)
Strategic review of Greater China business(2)			—				—				(3,366	)			—				—				(3,366	)
Non-controlling interests			—				—				(171	)			—				—				(171	)
EBITDA			86,188				450				(8,464	)			(78,172	)			—				2
Finance income and (expenses), net			—				—				—				—				—				(30,364	)
Depreciation and amortization			—				—				—				—				—				(37,851	)
Loss before tax			—				—				—				—				—				(68,213	)
Nine months ended September 30, 2025 (Unaudited) (in thousands of U.S. dollars)		Europe & International				North America				Greater China				Corporate*				Eliminations**				Total
Revenue
Revenue from external customers			349,125				185,167				94,388				—				—				628,680
Intersegment revenue			1,274				—				—				—				(1,274	)			—
Total segment revenue			350,399				185,167				94,388				—				(1,274	)			628,680
Adjusted EBITDA			61,673				(2,510	)			2,568				(65,909	)			—				(4,178	)
Share-based compensation expense			(1,487	)			(1,004	)			(1,217	)			(6,417	)			—				(10,125	)
Restructuring costs(1)			(710	)			(1,551	)			(42	)			(972	)			—				(3,275	)
Strategic review of Greater China business(2)			—				—				(4,911	)			—				—				(4,911	)
Closure of production facility(3)			846				—				—				—				—				846
Non-controlling interests			—				—				(253	)			—				—				(253	)
EBITDA			60,322				(5,065	)			(3,855	)			(73,298	)			—				(21,896	)
Finance income and (expenses), net			—				—				—				—				—				(70,062	)
Depreciation and amortization			—				—				—				—				—				(35,735	)
Loss before tax			—				—				—				—				—				(127,693	)

* 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, mainly consisting of non-cash impairments and cost for external consultants during 2026 and mainly cost for external consultants during 2025.
(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 $24.0 million, or 19.5%, to $147.2 million for the third quarter of 2026, compared to $123.3 million in the prior year period. Excluding a foreign currency exchange headwind of $1.2 million, Europe & International revenue for the third quarter was $148.5 million, or an increase of 20.4%. For the third quarter of 2026, the increase in revenue was primarily due to volume growth of 17.6%, mainly driven by growth in the Barista products. Approximately 78% of Europe & International revenue was from the retail channel for the third quarter of 2026 compared to 79% in the prior year period. The sold finished goods volume for the three months ended September 30, 2026 and 2025 amounted to 98.3 and 83.6 million liters, respectively.

Europe & International Adjusted EBITDA increased $9.6 million to $31.5 million for the third quarter of 2026 compared to $21.9 million in the prior year period. The improvement in Adjusted EBITDA was primarily driven by higher gross profit driven by higher revenue and continued supply chain productivity, partially offset by higher selling, general and administration expenses, mainly explained by higher customer distribution costs due to increased sold volumes and increased inflation driven by the conflict in the Middle East, and higher branding and advertising costs.

North America

North America revenue increased $1.7 million, or 2.8%, to $63.8 million for the third quarter of 2026, compared to $62.1 million in the prior year period. The sold finished goods volume for the three months ended September 30, 2026 and 2025 amounted to 34.6 million and 34.4 million liters, respectively. The 0.4% volume increase was mainly driven by growth in the retail channel. Approximately 68% of North America revenue was from the retail channel in the third quarter of 2026 compared to 61% in the prior year period.

North America Adjusted EBITDA increased $1.6 million to $0.3 million for the third quarter of 2026, compared to a loss of $1.3 million in the prior year period. The increase in Adjusted EBITDA was primarily due to higher gross profit, partially offset by higher customer distribution costs due to increased sold volumes, increased inflation driven by the conflict in the Middle East and by the constraints in the freight market in the United States.

Greater China

Greater China revenue decreased $5.5 million, or 14.6%, to $32.0 million for the third quarter of 2026, compared to $37.4 million in the prior year period. Excluding a foreign currency exchange tailwind of $1.8 million in the quarter, Greater China revenue for the quarter was $30.2 million or a decrease of 19.3%. The decline in the Greater China segment was primarily explained by competition in the foodservice market, partially offset by increased sales in retail. Approximately 44% of Greater China revenue was from the foodservice channel for the third quarter of 2026 compared to 66% in the prior year period. The sold finished goods volume for the three months ended September 30, 2026 and 2025 amounted to 23.9 million and 32.5 million liters, respectively.

Greater China Adjusted EBITDA decreased $3.5 million to a loss of $1.9 million in the third quarter of 2026, compared to Adjusted EBITDA of $1.6 million in the prior year period. The decrease in Adjusted EBITDA is mainly explained by lower gross profit due to declining volumes sold as well as higher selling expenses.

Corporate

Oatly’s corporate expense, which consists of general costs not allocated to the segments, was $22.9 million in the third quarter of 2026, an increase of $1.5 million compared to the prior year period, driven by higher personnel costs. Adjusted EBITDA in the third quarter of 2026 was a loss of $20.5 million compared to a loss of $19.1 million in the prior year period.

Balance Sheet and Cash Flows

As of September 30, 2026, the Company had cash and cash equivalents of $23.3 million and total outstanding debt of $523.2 million consisting of Nordic Bonds, Convertible Notes and liabilities to credit institutions. Net cash used in operating activities was $11.5 million for the nine months ended September 30, 2026, compared to $17.4 million during the prior year period, which was primarily driven by improved operating results.

Capital expenditures were $19.2 million for the nine months ended September 30, 2026, compared to $13.8 million in the prior year period.

Free Cash Flow was an outflow of $30.7 million for the nine months ended September 30, 2026, compared to an outflow of $31.1 million during the prior year period. The improvement in Free Cash Flow was driven by decreased net cash flows used in operating activities, partly offset by higher capital expenditures.

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

Based on the Company’s assessment of the current operating environment and the actions it is taking, the Company is maintaining its outlook for Constant Currency Revenue for the 2026 year and reducing its outlook for full-year Adjusted EBITDA. The Company is also maintaining its outlook for capital expenditures for the 2026 year.

• Constant Currency Revenue growth is expected to be in the range of +8% to +10% (unchanged from our prior outlook). Based on recent foreign exchange rates, the full-year impact of foreign exchange is expected to be a tailwind to revenue growth by approximately 200 to 250 basis points; also unchanged relative to our prior outlook.
• Adjusted EBITDA is now expected to be in the range of $16 million to $20 million relative to our prior outlook of $25 million to $35 million.
• Capital expenditures are expected to be in the range of $20 million to $30 million (unchanged).
  
  

The Company’s outlook continues to include the expected results of the Greater China segment. As previously noted, there continue to be significant macroeconomic uncertainty and other geopolitical uncertainties and this outlook assumes that the impact from the conflict in the Middle East does not worsen from what is expected today.

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, Third Quarter 2026 Financial Report and Supplemental Presentation Details

Oatly will host a conference call and webcast at 08:00 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 Third 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 timely or 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, or the threat of 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 international tariffs and trade wars, 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 the Middle East; 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 and 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 and non-cash impairments 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 and non-cash impairments related to the strategic review of the Greater China business that may 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
John Baumgartner, CFA, Vice President, Investor Relations
E-mail: investors@oatly.com, press@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 October 28, 2026.

Financial Statements

Interim Condensed Consolidated Statement of Operations

(Unaudited)		Three months ended September 30,								Nine months ended September 30,
(in thousands of U.S. dollars, except share and per share and ADS data)		2026				2025				2026				2025
Revenue			243,054				222,796				711,474				628,680
Cost of goods sold			(160,072	)			(156,449	)			(470,788	)			(432,378	)
Gross profit			82,982				66,347				240,686				196,302
Research and development expenses			(4,561	)			(4,524	)			(14,071	)			(13,520	)
Selling, general and administrative expenses			(85,320	)			(75,146	)			(263,470	)			(236,755	)
Other operating income and (expenses), net			(2,290	)			(3,601	)			(994	)			(3,658	)
Operating loss			(9,189	)			(16,924	)			(37,849	)			(57,631	)
Finance income and (expenses), net			(16,066	)			(47,557	)			(30,364	)			(70,062	)
Loss before tax			(25,255	)			(64,481	)			(68,213	)			(127,693	)
Income tax expense			(2,198	)			(923	)			(2,705	)			(6,188	)
Loss for the period			(27,453	)			(65,404	)			(70,918	)			(133,881	)
Attributable to:
Shareholders of the parent			(27,458	)			(65,287	)			(70,747	)			(133,628	)
Non-controlling interests			5				(117	)			(171	)			(253	)
Loss per share, attributable to shareholders of the parent:
Basic and diluted			(0.04	)			(0.11	)			(0.11	)			(0.22	)
Loss per ADS, attributable to shareholders of the parent (1 ADS representing 20 ordinary shares):
Basic and diluted			(0.86	)			(2.15	)			(2.24	)			(4.44	)
Weighted average common shares outstanding:
Basic and diluted			638,254,231				606,332,281				630,675,537				602,057,593

Interim Condensed Consolidated Statement of Financial Position

(Unaudited)		September 30, 2026				December 31, 2025
(in thousands of U.S. dollars)
ASSETS
Non-current assets
Intangible assets			126,610				137,747
Property, plant and equipment			273,019				294,688
Right-of-use assets			29,482				37,907
Other non-current receivables			48,872				46,992
Deferred tax assets			3,565				4,676
Total non-current assets			481,548				522,010
Current assets
Inventories			80,701				68,537
Trade receivables			100,583				103,522
Current tax assets			1,879				2,737
Other current receivables			13,146				17,438
Prepaid expenses			11,526				8,608
Cash and cash equivalents			23,322				64,345
Total current assets			231,157				265,187
TOTAL ASSETS			712,705				787,197
EQUITY AND LIABILITIES
Equity
Share capital			112				110
Treasury shares			(0	)			(0	)
Other contributed capital			1,641,601				1,641,601
Other reserves			(233,668	)			(225,351	)
Accumulated deficit			(1,458,865	)			(1,397,805	)
Equity attributable to shareholders of the parent			(50,820	)			18,555
Non-controlling interests			987				1,116
Total equity			(49,833	)			19,671
Liabilities
Non-current liabilities
Lease liabilities			17,329				24,729
Interest-bearing loans and borrowings			168,830				182,783
Provisions			—				2,697
Total non-current liabilities			186,159				210,209
Current liabilities
Lease liabilities			10,847				12,457
Interest-bearing loans and borrowings			354,346				340,266
Trade payables			67,591				66,481
Current tax liabilities			1,323				1,642
Other current liabilities			8,617				11,176
Accrued expenses			125,962				107,932
Provisions			7,693				17,363
Total current liabilities			576,379				557,317
Total liabilities			762,538				767,526
TOTAL EQUITY AND LIABILITIES			712,705				787,197

Interim Condensed Consolidated Statement of Cash Flows

(Unaudited)		Nine months ended September 30,
(in thousands of U.S. dollars)		2026				2025
Operating activities
Net loss			(70,918	)			(133,881	)
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			37,851				35,735
—Write-downs of inventories			4,796				5,705
—Impairment gain on trade receivables			(135	)			(21	)
—Share-based compensation			9,687				10,125
—Movements in provisions			(12,548	)			(11,902	)
—Finance (income) and expenses, net			30,364				70,062
—Income tax expense			2,705				6,188
—Gain on disposal of property, plant and equipment and intangible assets			(474	)			—
—Impairment related to the strategic review of Greater China business			1,638				—
—Other			(545	)			(187	)
Interest received			131				1,226
Interest paid			(16,690	)			(17,807	)
Income tax paid			(3,026	)			(2,348	)
Changes in working capital:
—Increase in inventories			(19,301	)			(1	)
—Decrease in trade receivables, other current receivables, prepaid expenses			890				10,740
—Increase in trade payables, other current liabilities, accrued expenses			24,094				9,007
Net cash flows used in operating activities			(11,481	)			(17,359	)
Investing activities
Purchase of intangible assets			(2,588	)			(1,707	)
Purchase of property, plant and equipment			(16,649	)			(12,068	)
Proceeds from sale of property, plant and equipment			562				374
Other			7				415
Net cash flows used in investing activities			(18,668	)			(12,986	)
Financing activities
Repayment of liabilities to credit institutions			—				(2,006	)
Proceeds from liabilities to credit institutions			1,448				—
Payment of loan transaction costs			(1,533	)			(1,020	)
Repayment of lease liabilities			(9,100	)			(9,369	)
Proceeds from exercise of stock options			—				111
Cash flows used in financing activities			(9,185	)			(12,284	)
Net decrease in cash and cash equivalents			(39,334	)			(42,629	)
Cash and cash equivalents at the beginning of the period			64,345				98,923
Exchange rate differences in cash and cash equivalents			(1,689	)			2,609
Cash and cash equivalents at the end of the period			23,322				58,903

Reconciliation of IFRS to Non-IFRS Financial Measures

Reconciliation of EBITDA and Adjusted EBITDA to Loss for the Period

(Unaudited)		Three months ended September 30,								Nine months ended September 30,
(in thousands of U.S. dollars)		2026				2025				2026				2025
Loss for the period			(27,453	)			(65,404	)			(70,918	)			(133,881	)
Income tax expense			2,198				923				2,705				6,188
Finance (income) and expenses, net			16,066				47,557				30,364				70,062
Depreciation and amortization expense			12,370				12,260				37,851				35,735
EBITDA			3,181				(4,664	)			2				(21,896	)
Share-based compensation expense			3,317				3,080				9,687				10,125
Restructuring costs(1)			517				1,050				1,588				3,275
Strategic review of Greater China business(2)			2,419				3,533				3,366				4,911
Closure of production facility(3)			—				—				—				(846	)
Non-controlling interests			(5	)			117				171				253
Adjusted EBITDA			9,429				3,116				14,814				(4,178	)

(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, mainly consisting of non-cash impairments and cost for external consultants during 2026 and mainly cost for external consultants during 2025.
(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 September 30,								Nine months ended September 30,
(in thousands of U.S. dollars)		2026				2025				2026				2025
Net cash flows used in operating activities			(9,917	)			(2,354	)			(11,481	)			(17,359	)
Capital expenditures			(8,516	)			(3,076	)			(19,237	)			(13,775	)
Free Cash Flow			(18,433	)			(5,430	)			(30,718	)			(31,134	)

Attachment

• Earnings Release (3Q26)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Oatly's third-quarter 2026 revenue and earnings results?

Oatly reported $243.1 million in revenue and a $27.5 million net loss attributable to parent shareholders. Revenue increased 9.1% year over year, while the loss narrowed from $65.3 million. Adjusted EBITDA increased to $9.4 million from $3.1 million.

Why did Oatly lower its 2026 adjusted EBITDA outlook?

Oatly lowered expected adjusted EBITDA to $16 million–$20 million from $25 million–$35 million because it expects North American fuel and freight inflation, together with delays in offsetting those pressures, to hurt fourth-quarter profit. Its expected revenue growth excluding currency effects remains 8%–10%.

What drove Oatly's third-quarter 2026 gross-margin improvement?

Improved supply-chain efficiency and pricing and sales mix across all regions drove Oatly's gross-margin improvement. These gains were partly offset by energy and logistics costs linked to the Middle East conflict and freight-market constraints in the United States. Gross margin reached 34.1%.