The earnings call reflected significant improvements in cost efficiencies and gross margin expansion, as well as strong volume growth in key regions like Greater China. However, the top-line revenue growth was modest, and the company faced challenges in North America, impacting overall performance. While there are positive signs of progress, particularly in profitability and operational efficiency, the mixed revenue performance and regional challenges create a balanced outlook.

Company Guidance

During the Oatly First Quarter 2025 Earnings Conference Call, management reinforced their guidance for the year, emphasizing their commitment to structural, consistent, profitable growth. They reported a strong first quarter with gross profit, gross margin, adjusted EBITDA, and free cash flow all reaching their highest levels since the IPO. The quarter saw a 9.2% increase in volume, with particularly strong growth in Greater China, but constant-currency revenue growth was modest at 0.7%. Despite facing challenges in North America, the company remains optimistic about accelerating growth later in the year. Oatly continues to pursue cost efficiencies, reducing cost of goods sold per liter by 15% year-on-year, which contributed to a 450 basis point improvement in gross margin to 31.6%. Their full year guidance, projecting constant-currency growth of 2% to 4% and adjusted EBITDA between $5 million to $15 million, remains unchanged.

Improvement in Gross Margin and Adjusted EBITDA

Gross margin expanded by 450 basis points year-over-year to 31.6%, and adjusted EBITDA improved by $9.5 million compared to last year's first quarter, marking the best quarterly results as a public company.

Strong Volume Growth

Volume grew a solid 9.2% in the quarter, with notable strength in the Greater China segment and solid growth in Europe and International markets.

Cost Efficiency Gains

Significant cost reductions achieved, reducing cost of goods sold per liter by 15% year-on-year. Total cost of goods was reduced by $10 million.

Progress in Greater China

The Greater China segment showed strong performance, particularly in the foodservice channel, and the retail channel is starting to gain traction.

Cash Flow Improvement

Free cash flow was positive at $21 million, the best quarterly performance as a public company and a $25 million improvement compared to last year's first quarter.

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Oatly Group (OTLY) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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OTLY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 24, 2025	2025 (Q2)	-0.69 / -	-1	―	―	―
Apr 30, 2025	2025 (Q1)	-0.81 / -0.51	-1.6	68.13% (+1.09)
Feb 12, 2025	2024 (Q4)	-1.37 / -3.00	-10	70.00% (+7.00)
Nov 07, 2024	2024 (Q3)	-1.30 / -1.20	-1.4	14.29% (+0.20)
Jul 24, 2024	2024 (Q2)	-1.37 / -1.00	-3	66.67% (+2.00)
Apr 30, 2024	2024 (Q1)	-1.66 / -1.60	-2.6	38.46% (+1.00)
Feb 15, 2024	2023 (Q4)	-2.50 / -10.00	-4.2	-138.10% (-5.80)
Nov 09, 2023	2023 (Q3)	-2.46 / -1.40	-3.6	61.11% (+2.20)
Jul 27, 2023	2023 (Q2)	-2.51 / -3.00	-2.4	-25.00% (-0.60)
May 09, 2023	2023 (Q1)	-2.52 / -2.60	-3	13.33% (+0.40)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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OTLY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Apr 30, 2025	$10.28	$10.14	-1.36%
Feb 12, 2025	$11.69	$7.70	-34.13%
Nov 07, 2024	$18.59	$15.34	-17.48%
Jul 24, 2024	$20.00	$19.37	-3.15%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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