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Sep 30, 2025
Oatly Q3 2025 Earnings Report
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.
Key Takeaways
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.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
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.
Positive Outlook
- Expected constant currency revenue growth in the range of approximately flat to +1%.
- Anticipated positive Adjusted EBITDA in the range of $5 million to $15 million.
- Capital expenditures expected to be approximately $20 million, indicating controlled spending.
- Foreign exchange is expected to be a tailwind to revenue growth by approximately 250 basis points.
- Ongoing strategic review of Greater China business could lead to improved focus and efficiency.
Challenges Ahead
- Outlook provided in the context of significant macroeconomic uncertainty.
- Geopolitical uncertainties could impact future financial results.
- Inability to provide reconciliation of non-IFRS guidance to IFRS metrics due to prediction difficulties.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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