Oatly reports third quarter 2025 revenue of $222.8 million (+7%), adjusted EBITDA of $3.1 million

MALMÖ, Sweden – Oatly Group AB has recently announced financial results for the third quarter ended September 30, 2025. Jean-Christophe Flatin, Oatly’s CEO, commented, “I am proud to report that we drove profitable growth in the quarter, with solid constant currency revenue growth and positive adjusted EBITDA.

Achieving this milestone reflects the disciplined, strategic actions we have taken over the past three years to strengthen the foundation of our entire business.

While we are proud of this achievement, we know that profitable growth is a milestone and not the finish line. We see significant potential ahead of us, and we are confident that we are taking the right steps to drive durable, scalable, and profitable growth as we execute on our mission.”

Highlights

• Third quarter revenue of $222.8 million, a 7.1% increase compared to the prior year period, with a constant currency revenue increase of 3.8% compared to the prior year period.
• Gross margin in the third quarter was 29.8%, which was flat compared to the prior year period.
• Third quarter net loss attributable to shareholders of the parent was $65.3 million, which is an increase of $30.7 million compared to a net loss attributable to shareholders of the parent of $34.6 million in the prior year period primarily due to fair value losses on Convertible Notes.
• Third quarter Adjusted EBITDA was $3.1 million, which is an improvement of $8.2 million compared to the prior year period.
• The Company is reaffirming its 2025 outlook on its primary guidance metrics as follows:
  • Constant currency revenue growth is expected to be in the range of approximately flat to +1%;
  • Adjusted EBITDA is expected to be in the range of positive $5 million to $15 million;
  • Capital expenditures are expected to be approximately $20 million.
• The Company’s strategic review of its Greater China business is ongoing.
• Subsequent to quarter-end, on October 3, 2025, the Company completed its previously-announced refinancing by using proceeds from issuance of Nordic Bonds to prepay the Term Loan B Credit Agreement in full, repurchase and cancel certain of its U.S. Convertible Notes and by canceling, terminating, and replacing its existing revolving credit facility with a new super senior revolving credit facility.

Outlook

The Company’s outlook continues to include the expected results of the Greater China segment. Based on the Company’s assessment of the current operating environment and the actions it is taking, the Company is reaffirming its 2025 outlook for its primary metrics.