Oatly's Q2 Results Spark 16% Stock Surge

Oatly Group AB delivered a performance well beyond expectations in Q2 2026 revenue, propelling its shares up more than 16%.

Profitability Turning Point

The company posted a positive adjusted EBITDA of $0.4 million, a sharp improvement from a $3.6 million loss in the same quarter a year earlier. Gross margin expanded by 143 basis points to 33.9%, reflecting enhanced supply‑chain efficiency and a more favorable sales‑channel mix.

■Revenue of $240.1 million, a 15% YoY increase, far exceeding the consensus estimate of $220.1 million

■Adjusted loss per ADS of $0.99, outperforming the expected $1.02

■Net loss narrowed to $31.3 million from $55.9 million in Q2 2025

Regional Performance Breakdown

Europe & International delivered the strongest growth, posting a 21% increase to $143.1 million driven by a 16.9% rise in volume. North America grew 5.9% to $66.9 million, while Greater China recorded 11.6% growth, amounting to $30.1 million.

■Europe & International: 21% growth, $143.1 million revenue

■North America: 5.9% growth, $66.9 million revenue

■Greater China: 11.6% growth, $30.1 million revenue

■Constant‑currency total revenue up 12.7% YoY

Strengthened Full‑Year Outlook

Oatly raised its full‑year constant‑currency revenue growth guidance to 8%–10%, up from the prior 3%–5% range. The midpoint now sits at 9%, reflecting robust sales expectations for the remainder of 2026. Adjusted EBITDA guidance remains unchanged at $25 million–$35 million.

Gökberk Uçar – Oatly's solid quarter results stem largely from a demand surge in Europe and effective supply‑chain optimization. The shift to positive EBITDA and narrowing losses mark a pivotal step toward sustainable profitability. Nevertheless, high cash burn and intense competition in the plant‑based milk segment warrant close monitoring by investors.