Oatly Group AB Earnings Call Transcripts
Fiscal Year 2026
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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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All segments achieved profitable growth, with revenue up 10.9% year-over-year and gross margin expanding by 1,240 basis points. Guidance was refined to the lower end of prior ranges due to sluggish UK growth, but strong liquidity and disciplined cost control support continued progress toward profitability.
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Q2 saw accelerated revenue and margin growth, with gross margin up 1,000 bps and adjusted EBITDA loss narrowing to $11M. Updated 2024 guidance reflects higher revenue and improved EBITDA outlook, with all segments showing progress and strong liquidity at $335M.