Oatly Group AB · Q3 2025 earnings

Briefing

Oatly reported profitable growth in Q3 2025, with increased revenue and positive adjusted EBITDA, despite a net loss primarily due to fair value losses on Convertible Notes.

Oatly Group AB achieved profitable growth in the third quarter of 2025, with a 7.1% increase in revenue to $222.8 million and a positive Adjusted EBITDA of $3.1 million. This marks a significant improvement from the prior year's Adjusted EBITDA loss. However, the company reported a net loss of $65.3 million, primarily driven by fair value losses on Convertible Notes.

• Revenue increased by 7.1% to $222.8 million, with constant currency revenue growth of 3.8% compared to the prior year.
• Adjusted EBITDA turned positive at $3.1 million, an improvement of $8.2 million from a loss in the prior year period.
• Gross margin remained flat at 29.8%, benefiting from supply chain efficiency and foreign exchange, offset by North America volume declines and Greater China mix impact.
• Net loss attributable to shareholders increased to $65.3 million, primarily due to $32.2 million in fair value losses on Convertible Notes.

Headline financials

Revenue & EPS history

Oatly reaffirmed its 2025 outlook, expecting constant currency revenue growth to be flat to +1% and Adjusted EBITDA to be between $5 million and $15 million. Capital expenditures are projected to be approximately $20 million.