OTLY · Oatly Group AB

Oatly's 2025 annual report highlights modest revenue growth to $862.5 million, primarily from 5.3% higher sold volumes of 593.1 million liters, fueled by Europe & International and Greater China, though offset by North America volume declines due to a key customer's sourcing shift. Excluding $21.0 million FX tailwind, growth was 2.2% at constant rates. Strategic priorities emphasize profitable growth via organizational simplification, reducing headcount by 94 to 1,388 and incurring $4.9 million restructuring costs, down from $8.2 million in 2024. Financing shifted with September 2025 issuance of SEK 1,700 million Nordic Bonds at STIBOR+7%, proceeds used to fully prepay Term Loan B, repurchase U.S. Notes, and cover costs; outstanding SEK 1,716 million by year-end. This refinanced prior facilities alongside a new SEK 750 million SSRCF with JP Morgan et al., replacing the SRCF, featuring sustainability-linked margins and covenants like tangible solvency and net leverage. A RMB 30 million CMB facility for Oatly Shanghai supported working capital, with RMB 20 million drawn. A strategic review of Greater China operations, including potential carve-out, aims to maximize value, with completion expected in 2026 while maintaining operations. Capex guidance of $20-30 million targets production, with liquidity deemed sufficient for 12 months. Parent company reported 18.3 MSEK net revenues and 570.3 MSEK profit before tax. Share count rose to 624.5 million post 18 million issuance tied to note repurchases. Risks include inflation, geopolitical tensions, and trade issues impacting costs and supply chains.