Oatly Group AB · NASDAQ:OTLY
Oatly Group AB — Q4 2025 Earnings Presentation
46 slides from Oatly Group AB's earnings presentation, Feb 11, 2026
Slide 1: 4Q 2025 Earnings Presentation
4Q 2025 EARNINGS PRESENTAT FEBRUARY 2026 1
Slide 2: Today's Speakers
TOD A Y’S SPEAKERS –––––––––––––––––– JEAN-CHRISTOPHE FLATIN, CEO DANIEL ORDOÑEZ, GLOBAL PRESIDENT & COO MARIE-JOSÉ DAVID, CFO 2
Slide 3: Legal Disclaimer
LEGAL DISCLAIMER Forward - Looking Statements This document contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. An y express or implied statements contained in this document that are not statements of historical fact may be deemed to be f
Slide 4: First Full Year of Profitable Growth!
FIRST FULL YEAR OF PROFI TABLE GROWTH! 4
Slide 5: Key Takeaways
KEY TAKE A WA –––––––––––––––– YS In 2025, we delivered the first full year of profitable growth in 7 years. Disciplined execution of our refreshed growth playbook has ignited positive momentum. In 2026, we expect to accelerate our impact as we continue executing our growth playbook to drive increme
Slide 6: We Have Significantly Improved Our Financial Performance
WE HAVE SIGNIFICANTLY IMPROVED OUR FINANCIAL F FOCUS ON GET STRONGER BEFORE PROFITABLE SALES GROWTH GETTING SIGNIFICANTLY BIGGER GROWTH +4.7% Y/Y +19% VS 2022 REVENUE $783 $824 $862 $722 (IN $MM) $6.8 MM +$275 MMVS 2022 ($35) ($158) ADJ. EBITDA1 ($268) (IN $MM) ($235) ($156) FREE CASH FLOW2 ($475) $
Slide 7: Our Fundamentals Have Continued to Strengthen
OUR FUNDAMENTALS HAVE CONTINUED TO STRENGTHEN VOLUME SOLD GROSS MARGIN (IN MILLIONS OF LITERS) +2100BPS VS 2022 +18% VS 2022 32% 593 29% 563 19% 518 502 11% 2022 2023 2024 2025 2022 2023 2024 2025 7
Slide 8: Efficiencies Have Generated Fuel for Growth-Driving Reinvestments
EFFICIENCIES AVE HGENER ATED FUEL FOR GROWTH-DRIVING REINVESTMENTS COGS PER LITER SG&A + R&D ($ MILLIONS AND % OF REVENUE) 500.5 80% $435 23% REDUCTION 450.5 $394 70% 400.5 60% $355 $339 60% 350.5 300.5 50% 50% 250.5 43% 39% 40% 200.5 30% 150.5 20% 100.5 50.5 10% 0.5 0% 2022 2023 2024 2025 2022 2023
Slide 9: A Few Examples:
A FEW EXAMPLES: 9
Slide 10: Expanded Portfolio With Exciting In-Home Taste Experiences + Ground-Breaking Products
EXPANDED PORTFOLIO WITH EXC IN-HOME TASTE EXPERIENCES + GROUND -BREAKING-PRODUCTS OOH 10
Slide 11: Oatly Look Books & Taste Reports to Prove Taste Leadership
OATLY LOOK BOOKS & TASTE REPO TO PROVE TASTE LEADERSHIP 11
Slide 12: Hand in Hand With Extraordinary Live Experience
HAND IN HA WITH EXTRA - ORDINA RY LIVE EXPERIENCE 12
Slide 13: Massive Social Media Presence
MASSIVE SOCIAL MEDIA PRESENCE 13
Slide 14: Creating Opportunities for Heavy-Store Impact
CRE ATING OPPORTUNITIES FOR HEAVY-STORE IN IMPACT 14
Slide 15: Looking Ahead: 2026 Focus Areas
LOOKING AHEAD: 2026 ––––––––––––––––––––––––––––––––– FOCUS A ▪ Double down on growth playbook, which has already been delivering impact. ▪ Maintain cultural obsession of efficiency, continuous improvement, and impact. ▪ Complete strategic review of Greater China segment. 15
Slide 16: 2026 Expectations: Continuing Refreshed Growth Playbook
IN 2026, WE EXPECT THE CONTINUE OF OUR REFRESHED AGROWTH YBOOK TOPLDRIV ACCELERATED PROFITABLE GROW CONST. CURR. 1 1 ADJ. EBITDA REVENUE GROWTH +3%to +5%$25MMto $35MM 1. Constant currency revenue and adjusted EBITDA are non -IFRS measures. The Company cannot provide a reconciliation of constant cur
Slide 17: Growth Strategy Update
GROWTHATEGY STR UPD ATE 17 17
Slide 18: Our Refreshed Growth Playbook Is Built on Three Pillars
OUR REFRESHED GROWTH AYBOOK PL IS BUILT ON THREE PILLARS ––––––––––––––––––––––––––––––––– ▪ Increase relevance. ▪ Attack barriers to conversion. ▪ Increase availability to consumers. 18
Slide 19: Reigniting Growth Through the New Playbook
REIGNITING GROWTH THROUG THE NEWAYBOOK PL FROM TO TARGET Talking to existing fans ▪ Focus on younger generations (+ existing fans) PORTFOLIO Mimicking dairy in all forms ▪ Leveraging our strength in beverages FOCUS Focusing primarily on coffee ▪ Attacking a broader beverage space (+ coffee) Sustaina
Slide 20: Our Actions Have Driven Broad-Based, Global Growth
OUR ACTIONS HAVE DRIVEN - BRO BASED, GLOBAL GROWTH EUROPE & INTERNATIONAL NORTH AMERICA GREATER CHINA FULL YEAR 2025 REVENUE GROWTHFULL YEAR 2025 REVENUE GROWTHFULL YEAR 2025 REVENUE GROWT 1 ––––––––––––––––– ––––––––––––––––– ––––––––––––––––– 54% 150% 7% 7% 7% 5% Established Markets Expansion Reta
Slide 21: Our Underlying Growth Accelerated Through the Year
OUR UNDERLYING GROWTH ACCELERATED THROUGH THE YE EUROPE & INTERNATIONAL SEGMENT NORTH AMERICA SEGMENT REVENUE GROWTH 1 CONSTANT CURRENCY REVENUE GROWTH 2 CUSTOMER) (EXCL. LARGEST FOODSERVICE –––––––––––––––––––– –––––––––––––––––––– +14% +10% +6% +6% +3% +3% +0% 1Q25 2Q25 3Q25 4Q25 (3)% 1Q25 2Q25 3Q
Slide 22: We Consistently Outperformed Our Categories
WE CONSISTENT LY OUTPERFORMED OUR CATEGORIES EUROPEAN RETAIL TAKEAWAY US RETAIL TAKEAWAY 1 Y/Y SALES GROWTH 2 Y/Y SALES GROWTH –––––––––––––– ––––––––––––– 12% OATLY 4% OATLY DRINKS 11% 8% OAT MILK 0% -1% -1% 6% 5% 6% PLANT -BASED MILK -3% -3% -2% -3% PLANT -BASED MILK 4% 4% 3% -5% -5% 2% -6% -6% OA
Slide 23: We Are Driving Household Penetration in Most Key Markets
WE ARE DRIVING HOUSEHOLD PENETRATION IN MOST KEY MAR OATLY DRINKS HOUSEHOLD PENETRATION ––––––––––––––––––––––––– ––––––––––––––––––––––––– 1 GERMANY 1 SWEDEN US2 23.3% 22.5% 7.1% 7.4% 5.7% 5.2% 2024 2025 2024 2025 2024 2025 1. Source: Nielsen, last 12 months ending November 2025 2. Source Numerator
Slide 24: Looking Ahead, We Will Double Down on Our Growth Playbook
LOOKING AHEAD, WE WILL DOU DOWN ON OUR GROWTH A ––––––––––––––––––––––––––––––––– YBOOK PL ▪ Increase relevance. ▪ Attack barriers to conversion. ▪ Increase availability to consumers. 24
Slide 25: Further Expanding Our Lineup
FURTHER EXPANDINGTAOUR LINEUP BARIS WITH -TREND ON AVORS FL AND FORMS NEW! ALSO NEW! SAME GOES FOR THIS ONE ADDITIONAL FLAVORS FOR RETAIL ADDITIONAL USES IN OOH 25
Slide 26: Growing the Matcha Family, Introducing Proven Flavored Options
GROWING THE MATCHA FAMIL INTRODUCING PROVEN AVOREDFL OPTIONS NEW! NEW! 26
Slide 27: Capitalizing on Fibermaxxing by Leveraging Our Fiber Credentials
CAPI TALIZING ON THE FIBERMAXXING BYLEVERAGINGFIBER OURCREDENTIALS 27
Slide 28: Financial Highlights
FINANCIAL HIGHLIGHTS 28
Slide 29: Financial Performance Overview
FINANCIAL PERFORMANCE ––––––––––––––––––––––––––––––––––– OVER 4Q 2025 FY 2025 Revenue Y/Y Change +9.1% +4.7% Constant Currency Revenue Y/Y Growth 1 +4.3% +2.2% Gross Margin 34.5% 32.1% change vs prior year +580 bps +340 bps Adj. EBITDA1 $11.0 $6.8 change vs prior year +$17.1 +$42.1 % of total reven
Slide 30: Year-Over-Year Revenue Bridge
YEAR -OVER -YEAR REVENUE BRIDGE (USD IN MILLIONS) +4.3% Constant Currency Revenue Growth 1 +4.8% $234 +2.9% +1.4% $214 Q4 2024 Volume Const. Currency Foreign Q4 2025 Revenue Price/Mix Exchange Revenue Notes: May not add due to rounding 1. Constant currency revenue growth is a non -IFRS measure. See
Slide 31: Year-Over-Year Gross Margin Bridge
YEAR -OVER -YEAR GROSS MARGIN BRI 2.0% 34.5% 4.1% (0.3)% (0.1)% 28.8% Q4'24 Absorption & Net Pricing and Inflation Foreign Q4'25 Supply Chain Product Mix Exchange & Other Improvements Note: May not add due to rounding 31
Slide 32: Year-Over-Year Adj. EBITDA Bridge
YEAR -OVER 1 -YEAR ADJ. EBITDA BRIDGE $19.1 $11.0 ($2.0) ($6.1) Q4'24 Adj. EBITDA1 Gross Profit SG&A and Other Q4'25 Adj. EBITDA1 Note: USD in millions; May not add due to rounding 1. Adjusted EBITDA is a non -IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IF
Slide 33: Segment-Level Detail
SEGMENT -LEVELTAIL DE TOTAL EUROPE & NORTH GREATER OATLY INTERNATIONAL AMERICA CHINA CORPORATE Volume Growth 2.9% 13.9% (12.6)% (4.0)% CC Rev. Growth 1 4.3% 14.2% (8.8)% (0.1)% Q4 Adj. EBITDA1 $11.0 $26.5 $4.4 $1.1 ($21.0) Fav / ( Unfav ) vs. PY $17.1 $9.9 $3.1 $0.5 $3.5 Volume Growth 5.3% 8.9% (11.
Slide 34: Cash Flow
CASH FLOW 1 GOOD PROGRESS ON FREE CASH FLOW DRIVERS OF FREE CASH FLOW GOING FORWA ––––––––––––––––––– –––––––––––––––––––––––– ▪ Continued progress on increasing ($39) adj. ebitda . ▪ Working capital improvements. ($156) ▪ Will maintain discipline in how we ($235) invest capex. ($475) 2022 2023 2024
Slide 35: 2026 Outlook
(1)(2) 2026 OUTLOOK GUIDANCE –––––– CONSIDERATIONS ––––––––– CONSTANT CURRENCY ▪ ~100-200 bps tailwind from FX. REVENUE GROWTH 3% TO 5% ▪ ~200 bps headwind from large N. America customer. ▪ Y/Y improvement driven by increase in gross ADJ. EBITDA2 $25- 35 MILLION profit behind sales growth and produc
Slide 36: Appendix
APPENDIX 36
Slide 37: Revenue Summary
REVENUE SUMMA RY REVENUE SPLIT BY CHANNEL –4Q 2025 REVENUE SPLIT BY(3)REGION –4Q 2025 –––––––––––––––––––––– –––––––––––––––––––––– 2% 15% 32% 28% 57% 66% Food retail Europe & International Foodservice (1) North America Other (2) Greater China Notes: 1. Foodservice includes Coffee & Tea shops. 2. Ot
Slide 38: Revenue Summary
REVENUE SUMMA RY REVENUE SPLIT BY CHANNEL– 4Q 2025 EUROPE & INTERNATIONAL NORTH AMERICA GREATER CHINA ––––––––––––––– –––––––––– ––––––––– 1% 0% 10% 20% 24% 38% 61% 79% 66% Food retail Foodservice (1) Other (2) Notes: Excludes intersegment revenue. 1. Foodservice includes Coffee & Tea shops. 2. Othe
Slide 39: Reconciliation - IFRS of Non Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 39
Slide 40: Reconciliation - IFRS of Non Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 40
Slide 41: Reconciliation - IFRS of Non Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 41
Slide 42: Reconciliation - IFRS of Non Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 42
Slide 43: Reconciliation - IFRS of Non Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 43
Slide 44: Reconciliation - IFRS of Non Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 44
Slide 45: Reconciliation - IFRS of Non Financial Measures
RECONCILIATION-IFRS OF NON FINANCIAL MEA 45
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