Oatly Group (OTLY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 15.2% year-over-year to $240.1 million, driven by strong volume growth, positive mix, and expanded distribution, especially in Europe & International and North America.

• Gross margin improved to 33.9%, up 140 basis points from last year, reflecting supply chain efficiencies and favorable channel/product mix.

• Adjusted EBITDA turned positive at $0.4 million, a $4 million improvement year-over-year.

• Net loss narrowed to $31.3 million from $55.9 million in Q2 2025; operating loss reduced to $17.3 million from $22.1 million.

• Strategic review of Greater China business ongoing, with options including a potential carve-out; completion expected in 2026.

Financial highlights

• Q2 2026 revenue: $240.1 million (+15.2% YoY); constant currency revenue up 12.7%.

• Gross profit: $81.4 million (Q2 2025: $67.6 million); gross margin 33.9% (+1.4pp YoY).

• Adjusted EBITDA: $0.4 million (Q2 2025: -$3.6 million); margin 0.2% of net sales.

• Free cash flow outflow improved to $12.3 million for H1 2026 (H1 2025: $25.7 million outflow); Q2 free cash flow negative $0.6 million, a $4.6 million improvement year-over-year.

• Volume sold reached 156.1 million liters in Q2 2026, up 11.2% year-over-year; price/mix up 1.5%, FX tailwind 2.5%.

Outlook and guidance

• Raised 2026 constant currency revenue growth guidance to 8–10% (previously 3–5%).

• Adjusted EBITDA guidance unchanged at $25–35 million; expected toward the low end of the range.

• CapEx guidance remains $20–30 million for the full year.

• No expectation for positive free cash flow for full year 2026 due to inventory and CapEx needs.

• Outlook assumes no worsening of Middle East conflict impacts.