The earnings call presented a mix of positive developments such as cost efficiency improvements and growth in the Europe and International segment, alongside challenges including reduced revenue expectations and difficulties in North America and Greater China. The company is taking strategic actions to address these issues.

Company Guidance -

Q3 2025

During the Oatly Second Quarter 2025 Earnings Conference Call, the management provided refined guidance for fiscal year 2025, reflecting challenges in specific markets. Constant currency revenue growth is now expected to range from flat to 1%, adjusting downwards due to slower-than-anticipated progress in North America and a soft macroeconomic environment in Greater China. However, the company reaffirmed its adjusted EBITDA guidance, maintaining a range of $5 million to $15 million, and projected capital expenditures of approximately $20 million. Oatly emphasized ongoing cost reduction efforts, reporting an eighth consecutive quarter of year-on-year reductions in the cost of goods sold per liter, achieving a 10% decrease in the first half compared to the previous year. Additionally, in the Europe and International segment, Oatly experienced a revenue growth of 4.7% in the quarter, outpacing the category growth of 1.9%. The company also announced a strategic review of its Greater China business, aiming to accelerate growth and maximize value.

Cost Efficiency Improvements

Oatly has driven down its cost of goods per liter by 10% compared to last year's first half, achieving its eighth straight quarter of year-on-year reductions. SG&A overhead expenses have also been reduced, providing additional funds for branding investments.

Europe and International Growth

The Europe and International segment showed strong performance with a 9.4% increase in volume and double-digit revenue growth. The EBITDA margin improved from the low double digits to over 20% in Q2.

Improved Gross Margin and EBITDA

Gross margin expanded by 330 basis points to 32.5%, and adjusted EBITDA improved by $7 million year-on-year to a loss of $3.6 million, marking the best quarterly results since becoming a public company.

Strategic Initiatives and Product Innovations

Oatly's growth playbook is driving demand through new product launches and increased consumer engagement, particularly in the European market. The introduction of the Oatly Look Book aims to break down taste barriers and enhance product offerings.

Oatly Group (OTLY) Earnings, Revenues Date & History

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OTLY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 17, 2025	2025 (Q3)	-0.40 / -	-1.2	―	―	―
Jul 23, 2025	2025 (Q2)	-0.53 / -0.09	-1	91.00% (+0.91)
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)

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

OTLY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 23, 2025	$15.23	$15.36	+0.85%
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%

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.