MALMO, SWEDEN — Despite weak results in North America, Oatly Group AB recorded its first full year of “profitable growth” overall in 2025, its first since going public in 2021, and continuing a trend started during Oatly’s recent third quarter, according to the company.
“We have achieved a major milestone of transforming Oatly from structurally unprofitable with slowing growth, to a company that is now structurally profitable with accelerating growth,” said Jean-Christophe Flatin, chief executive officer, Oatly. “For the first time since our IPO and for the first time in seven years, we drove profitable growth for the full year with solid, constant currency revenue growth and positive adjusted EBITDA … which officially enter us into our profitable growth era.”
Adjusted EBITDA for the company’s fiscal fourth quarter, ended Dec. 31, 2025, was $11 million, compared to a loss of $6.1 million during the prior fourth quarter. For the 2025 fiscal year, adjusted EBITDA was $6.8 million, compared to a loss of $35 million during 2024.
Net losses for the company continue though, although the gap is shrinking. During its fiscal fourth quarter, Oatly recorded a loss of $19 million, compared to a loss of $91 million in the same period a year ago. Revenue rose to $234 million, an increase of 9% from $214 million last year.
For the full 2025 fiscal year ended Dec. 31, 2025, Oatly sustained a loss of $153 million, compared to a loss of $202 million in 2024. Revenue increased to $862 million, up 4.7% from $823 million last year.
North America performance
Oatly’s adjusted EBITDA in North America rose to $4.4 million during the fourth quarter — compared with $1.2 million the prior fourth quarter — while revenue dropped 9% to $64 million, and volume declined nearly 13%.
For the full 2025 fiscal year, adjusted EBITDA for North America dropped to $1.9 million from $5.3 million in 2024, revenue declined 9% to $250 million, and volume fell 11%.
The company attributed the negative numbers in North America to “a reduction in sales to the segment’s largest foodservice customer.” At the same time, Oatly’s retail presence is increasing, with 61% of the company’s North America sales emerging from the retail channel during the fourth quarter, compared with 48% the year prior.
Oatly said the foodservice customer in question also will be responsible for a projected 200 basis points headwind during 2026. Daniel Ordonez, global president and chief operating officer at Oatly, said when that foodservice customer is taken out of the equation, Oatly has seen a 7% growth in retail and foodservice sales in North America, and during the company’s fourth quarter, North America revenue growth accelerated to 10%, minus that foodservice customer.
Oatly’s retail sales accounted for 61% of the company’s overall North America sales during the fourth quarter, up from 48% last year.
| Photo: ©JIXIANG – STOCK.ADOBE.COMProduct innovation
Oatly is planning to continue its retail and foodservice growth in 2026 with several new products, including churro and coconut flavors for its Barista Editon oat milks, as well as a cold foam version. The company also is introducing new flavors for its ready-to-drink line of matcha oat milks.
Regarding trends in the marketplace, Oatly said it will be emphasizing the fiber content of its products in 2026.
“Unless you have been ignoring all social media for the past year, you will know that consumer awareness of the importance of fiber has been rapidly increasing,” Ordonez said. “Consumers are fibermaxxing to boost gut health, increase satiety, and lose weight. As a company that is rooted in science, Oatly has historically advocated for the benefits of fiber in people’s diets. In fact, many global health authorities estimate that people in the Western world have a fiber deficiency of 10 grams per day. So, we will be decisively leveraging our fiber credentials by campaigning about the fiber content of our products.”
US Dietary Guidelines
When asked by an analyst during the earnings call about the new Dietary Guidelines for Americans, which emphasize animal protein and full-fat dairy products, Flatin said, ”I look at it with mixed feelings, to be honest. First, I see very positively the normalization of non-dairy milks in the Whole Milk for Healthy Kids Act, meaning that more children in more schools around the US will have easier access to nutritious, sustainable non-dairy options on their lunch trays. I think that’s great.
“On the other hand, when I look at the heavy push for diets to include more whole cow’s milk, animal proteins, and animal-based fats, I find it both concerning and a missed opportunity. Concerning because the leading cardiologists have warned that encouraging an increase in meat and full-fat while neglecting fiber goes against clinician advice, ignores decades of clinical evidence, and risks increasing evidence and incidence of heart disease for Americans, which already is the leading cause of death in America.
“And when it comes to the planet’s health, we know that meat and dairy alone represent half of all climate emissions produced by our food system.”
Oatly is adding new flavors to its line of Matcha and Barista Edition products in 2026, including strawberry matcha, and Barista churro and coconut Barista flavors.
| Photo: ©TATJANAMEININGER – STOCK.ADOBE.COM2026 forecast
For the 2026 fiscal year, Oatly is forecasting adjusted EBITDA of between $25 million and $35 million, with constant currency revenue growth of between 3% to 5%, and year-over-year progress attributed to an increase in gross profit behind sales growth and productivity improvements, according to the company.
“We expect to support the continued rollout of our growth playbook with strong brand-building investments, especially in the first half of the year,” said Marie-Jose David, chief financial officer. “Our guidance continues to assume no direct impact from US tariffs. We also assume that the current economic conditions and consumer behavior will remain largely consistent for the year.”
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