Oatly Reports Third Quarter 2026 Financial Results
MALMÖ, Sweden, October 28, 2026 -- Oatly Group AB (publ) (Nasdaq: OTLY) ("Oatly", the "Company" or the "Group"), the world's original and largest oat drink company, today announced financial results for the third quarter ended September 30, 2026.
Jean-Christophe Flatin, Oatly's CEO, commented, "I am pleased to report another quarter of strong revenue growth accompanied by substantial improvement in our Adjusted EBITDA. Our third quarter results reflect continued strong returns from our growth playbook including growth in market share, household penetration, and distribution. The quarter's strong Adjusted EBITDA reflects improvement in our mix of customers, channels, and products. I am proud of our business year-to-date resilience absorbing cost inflation while maintaining investments for growth. I am also excited to announce the launch of our new Fiber beverage platform which expands our portfolio in the wellness space and leverages our core identity, created through over 30 years of expertise, in oats as a natural source of dietary fiber."
He continued, "Despite elevated macro volatility, we maintain our outlook for Constant Currency Revenue growth for the 2026 year. However, similar to food and beverage peers, we are impacted by the latest wave of fuel and freight inflation in North America which has been stronger and faster than expected. We possess multiple levers to offset this pressure, but timing delays will adversely impact our profit in the fourth quarter and result in our reduced outlook for Adjusted EBITDA for the 2026 year. We remain steadfast in our growth investments and focus on delivering consistent and profitable growth over time."
The tables below reconcile revenue as reported to revenue on a constant currency basis by segment for the three and nine months ended September 30, 2026 and 2025.
Three months ended
(Unaudited) September 30, $ Change % Change
(in thousands Foreign In In Constant
of U.S. As exchange constant As constant currency
dollars) 2026 2025 reported impact currency reported currency Volume price/mix
-------- --------- -------- -------- -------- -------- -------- ------ ---------
Europe &
International 147,245 123,267 147,245 (1,226) 148,471 19.5% 20.4% 17.6% 2.8%
North America 63,844 62,096 63,844 (33) 63,877 2.8% 2.9% 0.4% 2.5%
Greater China 31,965 37,433 31,965 1,772 30,193 -14.6% -19.3% -26.2% 6.9%
Total revenue 243,054 222,796 243,054 513 242,541 9.1% 8.9% 4.2% 4.7%
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Nine months ended
(Unaudited) September 30, $ Change % Change
(in thousands Foreign In In Constant
of U.S. As exchange constant As constant currency
dollars) 2026 2025 reported impact currency reported currency Volume price/mix
-------- --------- -------- -------- -------- -------- -------- ------ ---------
Europe &
International 427,108 349,125 427,108 16,121 410,987 22.3% 17.7% 15.7% 2.0%
North America 192,953 185,167 192,953 30 192,923 4.2% 4.2% 1.3% 2.9%
Greater China 91,413 94,388 91,413 4,640 86,773 -3.2% -8.1% -11.5% 3.4%
Total revenue 711,474 628,680 711,474 20,791 690,683 13.2% 9.9% 6.9% 3.0%
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Highlights
-- Third quarter revenue of $243.1 million, a 9.1% increase compared to the
prior year period, with a Constant Currency Revenue increase of 8.9%
compared to the prior year period.
-- Gross profit margin in the third quarter was 34.1%, which is a 4.4
percentage point increase compared to the prior year period.
-- Third quarter net loss attributable to shareholders of the parent was
$27.5 million, compared to a net loss attributable to shareholders of the
parent of $65.3 million in the prior year period.
-- Third quarter Adjusted EBITDA was $9.4 million, which is an improvement
of $6.3 million compared to Adjusted EBITDA of $3.1 million in the prior
year period.
Outlook
-- The Company's outlook is as follows (including an updated 2026 Adjusted
EBITDA outlook):
-- Constant Currency Revenue growth is expected to be in the range of
+8% to +10% (unchanged from our prior outlook). Based on recent
foreign exchange rates, the full-year impact of foreign exchange
is expected to be a tailwind to revenue growth by approximately
200 to 250 basis points; also unchanged relative to our prior
outlook.
-- Adjusted EBITDA is now expected to be in the range of $16 million
to $20 million relative to our prior outlook of $25 million to $35
million.
-- Capital expenditures are expected to be in the range of $20
million to $30 million (unchanged).
This outlook is made in the context of elevated macro volatility and based on current conditions.
Third Quarter 2026 Results
Revenue increased $20.3 million, or 9.1% to $243.1 million for the third quarter ended September 30, 2026, compared to $222.8 million for the prior year period. Excluding a foreign currency exchange tailwind of $0.5 million, revenue for the third quarter was $242.5 million, or an increase of 8.9% compared to the prior year period. The growth in Constant Currency Revenue was driven by another quarter of accelerating growth in Europe & International, growth in North America driven mainly by the retail channel, partially offset by volume decline in Greater China driven by competition in the foodservice channel. Sold volume for the third quarter of 2026 increased 4.2% to 156.9 million liters compared to 150.6 million liters in the third quarter of 2025. Produced finished goods volume for the third quarter of 2026 was 164.9 million liters compared to 147.6 million liters for the third quarter of 2025.
Gross profit was $83.0 million for the third quarter of 2026 compared to $66.3 million for the third quarter of 2025. Gross profit margin was 34.1% in the third quarter of 2026, an increase of 436 basis points compared to the prior year period. The margin improvement compared to the third quarter of 2025 was due to improvements in supply chain efficiency and price/mix across all regions, partially offset by the impact of the conflict in the Middle East on energy and logistics costs as well as freight market constraints in the United States.
Research and development expenses in the third quarter of 2026 were $4.6 million compared to $4.5 million in the prior year period.
Selling, general and administrative expenses in the third quarter of 2026 increased $10.2 million to $85.3 million compared to $75.1 million in the prior year period. The increase was mainly driven by increased branding and advertising expenses, higher customer distribution costs due to increased sold volumes and increased inflation driven by the conflict in the Middle East, partially offset by continued actions to reduce general and administrative expenses.
Other operating income and (expenses), net for the third quarter of 2026 was an expense of $2.3 million, comprised primarily of $2.4 million in costs and non-cash impairments related to the strategic review of the Greater China segment partially offset by net foreign exchange gains and grants. Other operating income and (expenses), net for the prior year period was an expense of $3.6 million comprised primarily of $3.5 million in costs for the Company's strategic review of the Greater China segment.
Finance income and (expenses), net for the third quarter of 2026 was an expense of $16.1 million comprised primarily of net interest expenses of $13.8 million and fair value losses on Convertible Notes of $0.9 million. The finance income and (expenses), net for the prior year period was an expense of $47.6 million comprised primarily of fair value losses on Convertible Notes of $32.2 million and net interest expenses of $15.2 million.
Net loss attributable to shareholders of the parent was $27.5 million for the third quarter of 2026 compared to a loss of $65.3 million in the prior year period.
Adjusted EBITDA for the third quarter of 2026 was $9.4 million, compared to $3.1 million in the prior year period. The improvement in Adjusted EBITDA was primarily a result of higher gross profit.
EBITDA, Adjusted EBITDA and Constant Currency Revenue are non-IFRS financial measures defined under "Non-IFRS Financial Measures". Please see above revenue at constant currency table and "Reconciliation of IFRS to Non-IFRS Financial Measures" at the end of this press release.
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