Oatly Lowers 2026 EBITDA Outlook on Fuel and Freight Costs
Oatly grew third-quarter revenue 9.1% and narrowed its loss, but expects 2026 adjusted EBITDA of $16 million to $20 million, down from $25 million to $35 million.
Oatly cut its 2026 adjusted EBITDA outlook to a range of $16 million to $20 million. The prior range was $25 million to $35 million. The company blames fuel and freight inflation in North America that it says hit "stronger and faster than expected."
Revenue guidance did not change. Oatly still expects constant-currency revenue growth of 8% to 10% for the year, and capital spending of $20 million to $30 million.
Third quarter in numbers
Revenue for the quarter ended September 30 rose 9.1% to $243.1 million. In constant currency the increase was 8.9%. Sold volume grew 4.2% to 156.9 million liters.
Gross margin reached 34.1%, up 4.4 percentage points, helped by supply chain efficiency and price/mix. Energy and logistics costs tied to the conflict in the Middle East, and freight constraints in the United States, partly offset the gain.
Net loss attributable to shareholders was $27.5 million, against $65.3 million a year earlier. Adjusted EBITDA came in at $9.4 million, compared with $3.1 million in the prior-year quarter. Selling, general and administrative expenses rose $10.2 million to $85.3 million, driven by branding and advertising, higher distribution costs and inflation.
By region
Europe and International revenue climbed 19.5% to $147.2 million. North America grew, mainly in the retail channel. Greater China had a volume decline that Oatly links to competition in the foodservice channel.
CEO Jean-Christophe Flatin said Oatly has "multiple levers to offset this pressure," but timing delays will hurt fourth-quarter profit and lead to the lower EBITDA outlook. He also announced a new Fiber beverage platform for the wellness space.
Source: Oatly Group