Oatly Q2 Revenue Jumps 15%, Raises 2026 Outlook; Board Seat Shifts to China Resources

summarizeSummary

Oatly reported Q2 2026 revenue of $240.1 million, up 15.2% year-over-year, with Adjusted EBITDA turning positive. The company raised its full-year revenue growth outlook to 8–10% constant currency, driven by accelerating growth in Europe and North America.

check_boxKey Events · Earnings and Guidance · OTLY

• Q2 Revenue Beats, Up 15.2%

  Revenue reached $240.1 million, driven by 16.9% volume growth in Europe & International and 5.9% growth in North America. Constant currency growth was 12.7%.

• Adjusted EBITDA Turns Positive

  Adjusted EBITDA was $0.4 million, a $4.0 million improvement from a loss of $3.6 million in Q2 2025, driven by higher gross profit and operating leverage.

• FY2026 Revenue Outlook Raised

  Constant currency revenue growth guidance increased to +8% to +10% from +3% to +5%, with foreign exchange expected to add 200-250 bps tailwind.

• Gross Margin Expands 143 bps

  Gross margin improved to 33.9% from 32.5% a year ago, reflecting supply chain efficiencies and favorable channel mix in North America and Europe.

auto_awesomeAnalysis · OTLY · Manufacturing

A strong second quarter saw revenue climb 15.2% to $240.1 million, while gross margin expanded 143 basis points to 33.9%. Adjusted EBITDA swung to a positive $0.4 million—a $4 million improvement from the prior year. Reflecting accelerating momentum in Europe and North America, management lifted its full-year constant currency revenue growth guidance to 8–10%, up from 3–5%. The board change, with China Resources replacing its director, is routine but highlights the strategic importance of the Greater China business, which remains under review. With $44.6 million in cash and $517.8 million in debt, the improved operating trajectory is critical for Oatly's path to sustainable profitability.