0001843586-26-000004
SEC filingOatly Group AB reported FY 2025 revenue of $862.5 million, up 4.7% YoY from $823.7 million in 2024, driven by 5.3% volume growth to 593.1 million liters, partially offset by pricing pressures. Gross profit rose 17.2% to $277.1 million, with gross margin expanding 3.4 points to 32.1%, reflecting supply chain efficiencies across all segments. Operating loss narrowed to $67.7 million from $186.2 million, aided by lower R&D expenses and restructuring. Net loss was $153.1 million, or -$0.25 per share (-$5 per ADS), improved from -$202.3 million (-$0.34 per share, -$6.77 per ADS). Europe & International contributed 56% of revenue ($482.9 million, +11.2% YoY), North America 29% ($249.6 million, -9.1%), and Greater China 15% ($130.0 million, +13.1%). Adjusted EBITDA turned positive at $6.8 million from -$35.3 million. Cash used in operations improved to $23.7 million from $114.4 million, with cash and equivalents at $64.3 million. Balance sheet shows total assets $787.2 million, equity $19.7 million, debt $523.0 million primarily Nordic Bonds. Forward-looking, asset-light strategy and capacity expansion support growth amid macroeconomic challenges.
Oatly Group AB delivered FY 2025 revenue of $862.5 million, a 4.7% YoY increase from $823.7 million, supported by 5.3% volume growth to 593.1 million liters despite pricing headwinds. Gross profit expanded 17.2% to $277.1 million (32.1% margin vs 28.7% prior), driven by supply chain efficiencies. Operating loss narrowed to $67.7 million from $186.2 million, reflecting lower R&D ($18.6M vs $30.1M) and SG&A discipline. Net loss improved to $153.1 million (-$0.25/share, -$5/ADS) from $202.3 million (-$0.34/share, -$6.77/ADS). Adjusted EBITDA achieved $6.8 million positivity from -$35.3 million. Cash burn moderated with operating cash -$23.7 million (vs -$114.4M), ending with $64.3 million liquidity.
Revenue growth stemmed from Europe & International ($482.9M, +11.2% YoY, 56% total), Greater China ($130.0M, +13.1%, 15%), offset by North America ($249.6M, -9.1%, 29%). Retail channel drove 65.1% of revenue ($561.5M, +11.4% volume), foodservice 32.8% ($282.9M). Oatmilk comprised 90% of sales. Constant currency growth was 2.2%, highlighting FX tailwind of $21.0M. One foodservice customer represented 6% revenue.
Gross margin expanded 340bps to 32.1% via efficiencies, despite COGS stability at $585.4M (-0.3%). Operating margin improved to -7.9% from -22.6%. SG&A declined 1.3% to $320.6M (37.2% revenue). Other operating expenses fell to -$5.6M from -$67.8M (no major impairments). Finance expenses rose to -$77.2M (Convertible Notes valuation, FX).
Operating cash improved to -$23.7M from -$114.4M via working capital gains. Investing outflow -$15.5M (capex $15.3M). Financing +$1.2M (Nordic Bonds issuance offset repayments). Total assets $787.2M, equity $19.7M (thin), debt $523.0M (Nordic Bonds $187.1M, Convertible Notes $333.1M). Current ratio adequate at 0.48.
Asset-light strategy targets $20-30M 2026 capex for capacity. Strategic Greater China review ongoing (potential carve-out). Restructuring yields cost savings; sustainability focus (Climate Solutions status). Macro risks (inflation, geopolitics) persist, but efficiencies support margin expansion.