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Oatly Group (OTLY) investor relations material
Oatly Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 3.0% year-over-year to $208.4M in Q2 2025, but constant currency revenue declined 0.2% due to North America and Greater China weakness, offset by strong Europe & International growth.
Gross margin improved by 3.3 percentage points to 32.5% year-over-year, driven by supply chain efficiencies in Europe & International.
Adjusted EBITDA loss improved to $3.6M from $11.0M year-over-year, reflecting higher gross profit and lower R&D expenses.
Net loss attributable to shareholders widened to $55.9M from $30.4M year-over-year, mainly due to fair value losses on Convertible Notes.
Strategic review initiated for the Greater China business to accelerate growth and maximize value, considering options like a carve-out.
Financial highlights
Q2 2025 revenue: $208.4M (+3.0% year-over-year); constant currency revenue: $201.7M (-0.2% year-over-year).
Gross profit: $67.6M (Q2 2025) vs $59.0M (Q2 2024); gross margin: 32.5% (+330 bps year-over-year).
Adjusted EBITDA loss: $3.6M (Q2 2025) vs $11.0M (Q2 2024), a $7.4M improvement.
Free cash flow outflow for H1 2025 improved to $25.7M from $106.4M in H1 2024; Q2 free cash outflow was $5M, best since IPO.
Cash and cash equivalents at June 30, 2025: $67.9M; undrawn credit facilities: $221M; total debt: $449.6M.
Outlook and guidance
2025 constant currency revenue growth now expected to be flat to +1% (prior: +2% to +4%), reflecting lower expectations in North America and Greater China.
Adjusted EBITDA guidance reaffirmed at $5M to $15M for 2025.
Capital expenditures forecast reduced to ~$20M for 2025 (prior: $30–$35M).
FX now estimated to be a 150 basis point tailwind to full-year net sales (prior: 100 bps headwind).
Guidance assumes no direct impact from tariffs and stable economic conditions.
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Frequently asked questions
Are oats replacing traditional dairy products?
Oatly Group AB is a Swedish producer of oat-based products on a mission to provide the world with healthy and sustainable oat substitutes for cow milk.
Oatly supplies their products globally and are the world’s leading company producing oat milk. They have an impressive financial track record during the latest years, with 2017 as a great example. That year, Oatly reported revenues of about $140 million, an increase of 30 percent in sales from the previous year. They say the performance is due to the focus on developing innovative products that meet modern customers' needs and trends.
Profiting from the vegan trend
Oatly have absolutely been capitalizing on the increased demand for vegan and vegetarian products. The plant-based milk substitutes grew worldwide from 3.7 billion kilograms in 2013 to 6.3 billion in 2020. And the Guardian (2021) estimates that there are 79 million vegans worldwide and expects this number to increase in the upcoming several years.
Oatly’s growth recipe—their innovation power
Except for the growing trend of plant-based products, Oatly’s innovative ability has been a winning factor in their growth. Oatly have been investing massively in developing new products, like the plant-based ice cream that got overwhelming reviews. The company is associated with sustainability, yet another success for their brand.
Founded in Sweden, 1994
The Swedish brothers Björn Öste and Rickard Öste founded Oatly in 1994 and fought to create a market out of planted-based products–a market that actually was not invented yet. Once, when they approached one of the big dairy companies in Sweden with an MVP of their product, they were rejected and told it was “unsellable.” That rebuff, of course, pushed them even more to make Oatley a success. So, with three successive years of triple-digit annual growth before their IPO in 2021, it's reasonable to argue that plant-based foods are here to stay.
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