
• Reported GAAP EPS of -$0.03 up 80.00% YoY • Reported revenue of $233.78M up 9.08% YoY • Oatly expects 2026 constant currency revenue growth in the range of +3% to +5%, Adjusted EBITDA between $25M and $35M, and capital expenditures from $20M to $30M.
Bullish
Oatly achieved a 5.8 percentage point gross margin increase and improved Adjusted EBITDA in Q4 2025, driven by strong Europe & International growth and significantly reduced cash used in operations.
Bearish
Oatly's Q4 revenue declined in North America due to a large foodservice customer, while research and development expenses increased, and the Greater China strategic review lacks a definitive outcome.