Oatly Group AB Earnings Call Transcripts
Fiscal Year 2026
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Q3 revenue grew 8.9% in constant currency and adjusted EBITDA rose to $9.4 million, with gross margin up 436 bps. Rising U.S. fuel and freight costs cut FY adjusted EBITDA guidance to $16 million-$20 million, while revenue guidance stayed at 8%-10%.
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Q2 2026 saw double-digit revenue growth, margin expansion, and improved cash flow, driven by strong volume and mix across regions. Full-year revenue guidance was raised, while EBITDA outlook remains steady amid ongoing cost pressures from the Middle East conflict.
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The AGM confirmed strong revenue and margin growth, approved all agenda items including new board leadership, incentive programs, and no dividend for 2025. Strategic focus remains on profitable growth, sustainability, and expanding the plant-based market.
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Q1 2026 saw strong revenue and margin growth, with Europe and International leading performance and North America returning to positive volume growth. Guidance for 2026 is reaffirmed, though cost headwinds from the Middle East conflict are expected to pressure EBITDA toward the low end of the range.
Fiscal Year 2025
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Delivered first full year of profitable growth with revenue up 4.7% and positive adjusted EBITDA. Strong segment performance in Europe and International, ongoing efficiency gains, and new product launches support 2026 guidance of 3%-5% revenue growth and $25M-$35M adjusted EBITDA.
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Achieved first profitable quarter since IPO, driven by strong growth in Europe and international markets, disciplined cost control, and a successful new growth playbook. Reaffirmed 2025 guidance, with North America showing early signs of improvement despite ongoing headwinds.
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Q2 saw 3% revenue growth and a 330 bps gross margin expansion, with Adjusted EBITDA improving by $7 million year-over-year. Guidance for Adjusted EBITDA is reaffirmed, but revenue outlook is trimmed due to North America and Greater China headwinds. Strategic review of Greater China is underway.
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The AGM featured unanimous approval of all agenda items, including financial statements, board composition, and incentive program amendments. The company reported record financial performance, highlighted a successful two-year transformation, and reaffirmed its mission and growth strategy.
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First quarter saw record gross margin and adjusted EBITDA since IPO, with volume up 9.2% but revenue flat due to price mix and North America headwinds. Europe and Greater China outperformed, and full-year guidance remains unchanged as efficiency gains fund growth investments.
Fiscal Year 2024
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2024 saw strong volume and margin growth, though revenue was slightly below guidance due to a major U.S. customer sourcing change. 2025 targets the first full year of profitable growth, driven by supply chain and SG&A efficiencies, with continued focus on category expansion and cost control.
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Profitable growth was achieved across all segments, with strong volume and margin improvements year-over-year. Guidance was refined downward due to sluggish category growth in Europe, but operational discipline and cost efficiencies continue to drive progress.
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Q2 saw accelerated top-line growth, margin expansion, and improved adjusted EBITDA, with all regions contributing to volume gains. Guidance was raised for revenue and narrowed for EBITDA loss, reflecting confidence in continued progress and strategic investments in brand and demand generation.