Oatly Group (OTLY) Q4 2025 earnings summary

Executive summary

• Achieved first full year of profitable growth, transitioning from structural unprofitability to profitability, driven by disciplined execution, operational efficiencies, and a refreshed growth playbook.

• Embedded a culture of efficiency and disciplined investment, strengthening the financial foundation and driving impact in all markets.

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

• Strategic review of the Greater China segment ongoing, with potential carve-out under consideration and expected completion in 2026.

Financial highlights

• Full-year 2025 revenue grew 4.7% to $862.5M; Q4 revenue up 9.1% to $233.8M; constant currency revenue up 2.2% for the year and 4.3% for Q4.

• Gross margin reached 34.5% in Q4, up 580 basis points year-over-year; full-year gross margin over 32%, up 2,100 basis points since 2022.

• Adjusted EBITDA positive at $6.8M for the year and $11M in Q4, a $17.1M improvement over prior year Q4.

• Free cash flow outflow improved to $39M for 2025 from $155.6M in 2024 and $235M in 2023.

• Full year net loss attributable to shareholders was $152.8M, improved from $201.9M in 2024.

Outlook and guidance

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

• No expectation of positive free cash flow in 2026, but improvement anticipated from 2025 levels.

• Outlook includes a 200 bps headwind from a large North America foodservice customer and a 100–200 bps FX tailwind.

• Guidance assumes no direct impact from U.S. tariffs and stable economic conditions.