Key Takeaways:
- Revenue rose 15% to $240M, up from $208M a year earlier.
- Gross margin expanded 143 basis points to 33.9%.
- Oatly raised its 2026 constant-currency revenue growth forecast to 8%-10%.
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Oatly jumps 19% as Q2 revenue beats, lifts 2026 sales outlook
Oatly Group AB reported Q2 revenue of $240.1 million, up 15%, and raised its full-year sales growth outlook.
"Our second quarter results reflect the disciplined execution of our strategy including improvements to the mix of channels, customers, and products," Chief Executive Officer Jean-Christophe Flatin said.
Revenue climbed 15.2% to $240.1 million from $208.4 million a year earlier, or 12.7% on a constant-currency basis. Gross profit rose 20% to $81.4 million, with margin expanding 143 basis points to 33.9%. The net loss narrowed to $31.3 million from $55.9 million. Adjusted EBITDA turned positive at $0.4 million, compared with a loss of $3.6 million in the year-ago period.
The Swedish oat-drink maker now expects constant-currency revenue growth of 8% to 10% for 2026, up from a prior forecast of 3% to 5%. Management maintained its adjusted EBITDA target of $25 million to $35 million, citing higher costs tied to the conflict in the Middle East.
Europe and International, Oatly's largest segment, posted revenue of $143.1 million, up 21% as reported and 18% in constant currency, driven by 16.9% volume growth in Barista products. North America revenue rose 5.9% to $66.9 million, with retail channel gains lifting volume 1.9%. Greater China revenue increased 11.6% to $30.1 million, though foodservice sales declined amid heightened competition.
Chief Operating Officer Daniel Ordonez said oat milk sales are growing faster than other plant-based milks and Oatly is gaining market share. New flavors and beverage formats are attracting younger consumers through live events and digital marketing, he said.
The guidance raise signals management expects demand momentum to continue across its core markets. Investors will watch the Q3 earnings report for further margin progression and an update on the strategic review of Oatly's Greater China business, which the company expects to complete within 2026.
This article is for informational purposes only and does not constitute investment advice.
