Oatly Group AB, a Swedish company, has achieved profitable growth in 2025 despite facing challenges in North America. This marks a significant milestone for the company since going public in 2021. The CEO, Jean-Christophe Flatin, expressed satisfaction with the transformation of Oatly from a structurally unprofitable company with slowing growth to one that is now structurally profitable and experiencing accelerated growth.
In the fiscal fourth quarter of 2025, Oatly reported an adjusted EBITDA of $11 million, a substantial improvement from a loss of $6.1 million in the same period the previous year. For the full 2025 fiscal year, the company’s adjusted EBITDA was $6.8 million, compared to a loss of $35 million in 2024. Despite these positive results, Oatly still recorded net losses, although the gap is narrowing. In the fourth quarter, the company reported a loss of $19 million, down from $91 million in the previous year. Revenue increased by 9% to $234 million.
In North America, Oatly saw mixed results with an increase in adjusted EBITDA to $4.4 million in the fourth quarter but a decrease in revenue and volume. The company attributed this decline to a reduction in sales to its largest foodservice customer. However, Oatly’s retail presence is expanding, accounting for 61% of North America sales during the fourth quarter. The company is optimistic about its growth potential in North America, despite challenges in the foodservice segment.
Oatly is focusing on product innovation to drive growth in 2026, introducing new flavors such as churro and coconut for its Barista Edition oat milks. The company is also launching new flavors for its ready-to-drink line of matcha oat milks. Additionally, Oatly plans to emphasize the fiber content of its products in response to increasing consumer awareness of the benefits of fiber in diets.
Regarding the new Dietary Guidelines for Americans, Oatly’s CEO expressed mixed feelings, welcoming the inclusion of non-dairy milks in school lunches but expressing concerns about the emphasis on animal protein and full-fat dairy products. Oatly believes that promoting a diet rich in meat and dairy without adequate fiber intake could have negative health and environmental implications.
Looking ahead to 2026, Oatly forecasts adjusted EBITDA of between $25 million and $35 million, with revenue growth of 3% to 5%. The company plans to invest in brand-building activities and expects to see continued progress through sales growth and productivity improvements. Oatly remains optimistic about its future growth prospects despite challenges in the market.