Oatly Group (OTLY) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $243.1M, up 9.1% reported and 8.9% in constant currency; Adjusted EBITDA rose $6.3M YoY to $9.4M.

• Europe & International and North America grew, while Greater China declined; FY26 revenue guidance was maintained and Adjusted EBITDA guidance reduced.

• Growth initiatives included Fiber beverages, expanded distribution and product innovation; margin protection remained a priority amid cost volatility.

Financial highlights

• Q3 revenue of $243.1M grew 9.1% reported and 8.9% in constant currency; volume contributed 4.2%, price/mix 4.7% and FX 0.2%.

• Gross profit was $83.0M versus $66.3M; gross margin increased 436 bps YoY to 34.1%.

• Adjusted EBITDA was $9.4M, up $6.3M YoY; $16.6M higher gross profit was partly offset by $10.3M higher SG&A and other costs.

• Q3 free cash flow was an $18.4M outflow versus $5.4M; 9M revenue reached $711.5M, up 13.2% reported, and 9M Adjusted EBITDA was $14.8M.

Outlook and guidance

• FY26 constant-currency revenue growth guidance remained 8%–10%; current exchange rates implied a 200–250 bps benefit to reported sales.

• FY26 Adjusted EBITDA guidance was reduced from $25M–$35M to $16M–$20M, reflecting faster North American fuel and freight inflation.

• FY26 capex guidance remained $20M–$30M; full-year free cash flow was expected to remain negative.

• Q4 cash flow was expected to improve sequentially and YoY as CapEx timing, innovation inventory and payables normalize.

• Incremental U.S. pricing takes effect in Q1 2027; European pricing was under review.