Oatly Group AB reported its fourth‑quarter and full‑year 2025 results on February 11, 2026, announcing a first‑full‑year profit with adjusted EBITDA of $6.8 million and a Q4 adjusted EBITDA of $11.0 million. The company generated $233.8 million in revenue for the quarter and $862.5 million for the year, up 4.7% on a constant‑currency basis from $823.7 million in 2024.
Revenue exceeded analyst expectations by $13.4 million, a 6.1% beat, driven by a 23.3% surge in Europe & International sales and a 4.5% rise in Greater China. North America revenue fell 8.8% due to a reduced order volume from a major food‑service customer, but the company offset this decline with stronger performance in its core European markets and a growing presence in the U.S. grocery channel.
Gross profit margin expanded to 34.5%, up 579 basis points from 28.9% in the prior year, as supply‑chain efficiencies and a higher mix of premium products lifted profitability. The company’s disciplined cost‑management program, which included renegotiated supplier contracts and streamlined production, helped maintain margin growth even as raw‑material costs rose.
Net loss per share widened to $0.61, missing the consensus estimate of $0.54 by $0.07 or 12.9%. The miss was largely attributable to a one‑time restructuring charge and higher marketing expenses associated with the rollout of the refreshed growth playbook. Despite the EPS miss, the company’s first‑full‑year profitability and margin expansion signal a successful turnaround.
Management guided for 2026 constant‑currency revenue growth of 3%–5% and adjusted EBITDA of $25 million–$35 million, a significant improvement over the prior guidance of $15 million–$25 million. The outlook reflects confidence in sustained demand in Europe & International and a gradual recovery in North America as the company continues to diversify its customer base.
The results were well received by the market, with analysts noting the revenue beat, margin expansion, and first‑full‑year profitability as key drivers of the positive reaction. CEO Jean‑Christophe Flatin highlighted the company’s “disciplined, strategic actions” over the past three years that have transformed Oatly from a structurally unprofitable business into one that is now structurally profitable with accelerating growth.
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