Oatly Group (OTLY) investor relations material

Executive summary

• Achieved first full year of profitable growth and positive adjusted EBITDA, transitioning from structural unprofitability with accelerating growth and operational efficiencies.

• Revenue, adjusted EBITDA, and free cash flow improved year-over-year, supported by a refreshed growth playbook and disciplined execution.

• Embedded a culture of efficiency, reinvesting savings into growth-driving initiatives and new product launches, with a focus on beverages and younger demographics.

• Continued innovation and strong brand presence contributed to increased household penetration and outperformance in key markets.

• Strategic review of the Greater China business ongoing, with expected completion in 2026.

Financial highlights

• FY 2025 revenue grew 4.7% year-over-year to $862.5M; Q4 2025 revenue up 9.1% year-over-year to $233.8M.

• Gross margin improved to 34.5% in Q4 2025, up 580 basis points year-over-year; FY 2025 gross margin at 32.1%.

• Adjusted EBITDA for FY 2025 was $6.8M, with Q4 at $11.0M, a $17.1M improvement year-over-year.

• Free cash flow outflow improved to $39M for 2025 from $155.6M in 2024.

• Cost of goods sold per liter reduced by 23% from 2022 to 2025; SG&A reduced by nearly $100M.

Outlook and guidance

• 2026 guidance: constant currency revenue growth of 3%-5%, adjusted EBITDA of $25M-$35M, and capex of $20M-$30M.

• Free cash flow expected to improve in 2026 but not yet positive for the full year.

• Guidance assumes no direct impact from U.S. tariffs, stable economic conditions, and includes a 200 bps headwind from a large North America foodservice customer.

• Focus on efficiency, innovation, and completion of the Greater China strategic review.