NASDAQ$OTLY
Oatly Group AB · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Oatly reported its second quarter 2025 financial results, showing increased revenue and improved gross margin and Adjusted EBITDA loss, despite challenges in North America and Greater China.
Oatly's second quarter 2025 results showed a 3.0% increase in revenue to $208.4 million and a significant improvement in gross margin to 32.5%. The Adjusted EBITDA loss narrowed to $3.6 million, an improvement of $7.4 million year-over-year. However, the company reported an increased net loss of $55.9 million, primarily due to fair value losses on Convertible Notes. The company is also undertaking a strategic review of its Greater China business.
- Revenue increased by 3.0% to $208.4 million in Q2 2025 compared to the prior year, driven by growth in Europe & International.
- Gross margin improved significantly to 32.5% in Q2 2025, a 3.3 percentage point increase, mainly due to supply chain efficiencies in Europe & International.
- Adjusted EBITDA loss improved to $3.6 million in Q2 2025, compared to a loss of $11.0 million in the prior year period, reflecting higher gross profit and lower R&D expenses.
- Net loss attributable to shareholders increased to $55.9 million in Q2 2025, up from $30.4 million in Q2 2024, primarily due to fair value losses on Convertible Notes.
Headline financials
Revenue & EPS history
Oatly · Revenue · Quarterly
$208M
Revenue by segment
Oatly · $228M total across 3 segments · Q1 2026
- Europe & International$137M—59.9%
- North America$62.2M—27.2%
- Greater China$29.3M—12.8%
Forward guidance
Oatly has refined its 2025 outlook, adjusting constant currency revenue growth expectations downwards due to challenges in North America and Greater China, while reaffirming its Adjusted EBITDA guidance. Capital expenditures are also expected to be lower than previously anticipated.
Tailwinds
- Adjusted EBITDA continues to be expected in the range of positive $5 million to $15 million, reaffirming profitability commitment.
- Capital expenditures are now expected to be approximately $20 million, a reduction from the prior expectation of $30 million to $35 million, indicating more efficient capital allocation.
- The full-year impact of foreign exchange is now expected to be a tailwind to revenue growth by approximately 150 basis points, an improvement from the prior expectation of a 100 basis point headwind.
- The company continues to drive additional cost efficiencies to stay on track for profitability.
- Strategic review of Greater China business aims to accelerate growth and maximize value.
Headwinds
- Constant currency revenue growth is now expected to be in the range of approximately flat to +1%, a reduction from the prior expectation of +2% to +4%.
- Reduced expectations in the North America segment are a key factor in the revised revenue guidance.
- A softer-than-expected macro-environment in the Greater China segment also contributes to the lowered revenue outlook.
- The outlook is provided in the context of significant macroeconomic uncertainty and other geopolitical uncertainties.
- The company cannot provide a reconciliation of constant currency revenue growth or Adjusted EBITDA guidance to IFRS metrics without unreasonable efforts due to difficulty in predicting certain excluded items.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports · overlaid with Q2 2025
-4.1%
Avg return
Earnings day
-6.4%
Avg return
5 days after
-7.6%
Avg return
30 days after
41%
7 / 17 earnings
Positive
+17.0%
Q1 2024
Best reaction
-24.4%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.0% | +2.6% | -16.0% | |
| Q4 2025 | +10.7% | +9.7% | -7.7% | |
| Q3 2025 | -3.5% | -5.0% | -20.9% | |
| Q2 2025 | +0.5% | -2.6% | +16.8% | |
| Q3 2024 | -15.0% | -25.6% | -24.4% | |
| Q1 2024 | +17.0% | +23.0% | +7.0% | |
| Q4 2023 | -9.3% | -13.3% | -26.5% | |
| Q3 2023 | -10.0% | -11.7% | +85.0% | |
| Q2 2023 | -24.4% | -29.5% | -42.4% | |
| Q1 2023 | +4.7% | -2.3% | -9.3% | |
| Q4 2022 | +5.3% | +18.0% | +10.7% | |
| Q3 2022 | -16.7% | -20.4% | -44.9% | |
| Q2 2022 | -9.9% | +1.3% | -19.4% | |
| Q1 2022 | +3.2% | -12.9% | +16.0% | |
| Q4 2021 | -6.3% | -17.8% | -22.3% | |
| Q3 2021 | -13.9% | -15.0% | -31.5% | |
| Q2 2021 | -5.6% | -7.4% | +0.6% | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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