UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number: 001-40401

Oatly Group AB

(Translation of registrant’s name into English)

Ångfärjekajen 8

211 19 Malmö

Sweden

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

The information included in this Report of Foreign Private Issuer on Form 6-K is hereby incorporated by reference into the registration statements on Form S-8, as amended (File Number 333-256316) and Form F-3, as amended (File Number 333-286101) of the Company (including any prospectuses forming a part of such registration statements), hereby amending them, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

Oatly Group AB

Condensed consolidated financial statements

For the three and twelve months ended December 31, 2025

Oatly Reports Fourth Quarter and Full Year 2025 Financial Results

MALMÖ, Sweden, February 11, 2026 – Oatly Group AB (Nasdaq: OTLY) (“Oatly”, the “Company” or the “Group”), the world’s original and largest oat drink company, today announced financial results for the fourth quarter and twelve months ended December 31, 2025.

Jean-Christophe Flatin, Oatly’s CEO, commented, “I am proud to report that we drove profitable growth in both the fourth quarter and the full year. Achieving this milestone reflects the disciplined, strategic actions we have taken over the past three years to strengthen the foundation of our entire business. We have right-sized our supply chain and overhead structure while simultaneously reinvesting behind our refreshed growth strategy. We are seeing clear evidence that our strategy is working and driving impact, as we are driving growth in every market where it is fully deployed and seeing good early results in the markets where we are still rolling out our playbook. We are also seeing improved profitability and cash flow across the business.”

He continued, “We know that achieving our first full year of profitability is a milestone, not our destination. As we look forward, we expect to accelerate our impact as we continue to execute our growth strategy, drive incremental demand, and deliver even stronger profitable growth. We continue to see significant potential ahead of us, and we are confident that we are taking the right steps to drive durable, scalable, and profitable growth as we execute on our mission.”

The tables below reconcile revenue as reported to revenue on a constant currency basis by segment for the three and twelve months ended December 31, 2025 and 2024.


(Unaudited)	Three months ended December 31,				$ Change						% Change
(in thousands of U.S. dollars)	2025		2024		As reported		Foreign exchange impact		In constant currency		As reported			In constant currency			Volume			Constant currency price/mix
Europe & International		133,736		108,462		133,736		9,855		123,881		23.3	%		14.2	%		13.9	%		0.3	%
North America		64,392		70,596		64,392		—		64,392		-8.8	%		-8.8	%		-12.6	%		3.8	%
Greater China		35,651		35,258		35,651		441		35,210		1.1	%		-0.1	%		-4.0	%		3.9	%
Total revenue		233,779		214,316		233,779		10,296		223,483		9.1	%		4.3	%		2.9	%		1.4	%


(Unaudited)	Twelve months ended December 31,				$ Change						% Change
(in thousands of U.S. dollars)	2025		2024		As reported		Foreign exchange impact		In constant currency		As reported			In constant currency			Volume			Constant currency price/mix
Europe & International		482,861		434,263		482,861		20,746		462,115		11.2	%		6.4	%		8.9	%		-2.5	%
North America		249,559		274,455		249,559		—		249,559		-9.1	%		-9.1	%		-11.0	%		1.9	%
Greater China		130,039		114,948		130,039		232		129,807		13.1	%		12.9	%		19.9	%		-7.0	%
Total revenue		862,459		823,666		862,459		20,978		841,481		4.7	%		2.2	%		5.3	%		-3.1	%

2025 Highlights

•

Fourth quarter revenue of $233.8 million, a 9.1% increase compared to the prior year period, with a constant currency revenue increase of 4.3% compared to the prior year period.

•

Gross margin in the fourth quarter was 34.5%, which is a 5.8 percentage points increase compared to the prior year period.

•

Fourth quarter net loss attributable to shareholders of the parent was $19.1 million, which is an improvement of $72.1 million compared to a net loss attributable to shareholders of the parent of $91.2 million in the prior year period.

•

Fourth quarter Adjusted EBITDA was $11.0 million, which is an improvement of $17.1 million compared to the prior year period.

2026 Outlook

•

The Company is providing its 2026 outlook as follows:

Constant currency revenue growth is expected to be in the range of +3% to +5%;

Adjusted EBITDA is expected to be in the range of $25 million to $35 million; and

Capital expenditures are expected to be in the range of $20 million to $30 million.

Fourth Quarter 2025 Results

Revenue increased $19.5 million, or 9.1% to $233.8 million for the fourth quarter ended December 31, 2025, compared to $214.3 million for the prior year period. Excluding a foreign currency exchange tailwind of $10.3 million, revenue for the fourth quarter was $223.5 million, or an increase of 4.3% compared to the prior year period. The growth in constant currency revenue was driven by another quarter of consistent performance in Europe & International, partially offset by decline in North America, explained mainly by a reduction in revenue to a large foodservice customer, as well as a slight decline in Greater China. Sold volume for the fourth quarter of 2025 increased 2.9% to 157.6 million liters compared to 153.2 million liters in the fourth quarter of 2024. Produced finished goods volume for the fourth quarter of 2025 was 161.5 million liters compared to 145.3 million liters for the fourth quarter of 2024.

Gross profit was $80.8 million for the fourth quarter of 2025 compared to $61.6 million for the fourth quarter of 2024. Gross profit margin was 34.5% in the fourth quarter of 2025, an increase of 579 basis points compared to the prior period. The margin expansion compared to the fourth quarter of 2024 was explained by improvements in supply chain efficiency in Europe & International, product and channel mix in North America and Greater China.

Research and development expenses in the fourth quarter of 2025 increased $1.3 million to $5.1 million compared to $3.7 million in the prior year period. The increase was mainly explained by expenses related to new product launches and foreign currency exchange headwinds.

Selling, general and administrative expenses in the fourth quarter of 2025 increased $1.9 million to $83.9 million compared to $82.0 million in the prior year period. The increase was driven by foreign currency exchange headwinds and customer distribution costs linked to growth in sold volumes, partially offset by continued actions to reduce overhead expenses.

Other operating income and (expenses), net for the fourth quarter of 2025 was an expense of $1.9 million comprised primarily of $2.6 million in costs for the Company’s strategic review of the Greater China segment, offset by a net foreign exchange gain. Other operating income and (expenses), net for the prior year period was an expense of $65.6 million comprised primarily of non-cash impairment charges of $41.7 million related to the discontinued construction of the second production facility in China (Asia III) and the closure of the production facility in Singapore, and other exit costs of $23.0 million related to the closure of the production facility in Singapore.

Finance income and (expenses), net for the fourth quarter of 2025 was an expense of $7.1 million comprised primarily of fair value gain on Convertible Notes of $24.0 million, offset by $18.9 million in expenses related to the Company’s recent financing activities, and net interest expenses of $13.5 million. The finance income and (expenses), net for the prior year period was an expense of $1.1 million comprised primarily of net interest expenses of $13.6 million, offset by fair value gains on Convertible Notes of $4.6 million and net foreign exchange gains of $8.2 million.

Net loss attributable to shareholders of the parent was $19.1 million for the fourth quarter of 2025 compared to a loss of $91.2 million in the prior year period. The improvement was primarily a result of higher gross profit and decreased other operating income and (expenses), net.

Adjusted EBITDA for the fourth quarter of 2025 was $11.0 million, compared to a loss of $6.1 million in the prior year period. The improvement in Adjusted EBITDA was primarily a result of higher gross profit.

EBITDA, Adjusted EBITDA, and Constant Currency Revenue are non-IFRS financial measures defined under “Non-IFRS financial measures”. Please see above revenue at constant currency table and “Reconciliation of IFRS to Non-IFRS Financial measures” at the end of this report.

The following tables set forth revenue, Adjusted EBITDA, EBITDA and loss before tax for the Company’s three reportable segments for the periods presented.


Revenue, Adjusted EBITDA and EBITDA
Three months ended December 31, 2025 (Unaudited) (in thousands of U.S. dollars)	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		133,736			64,392			35,651			—			—			233,779
Intersegment revenue		348			—			—			—			(348	)		—
Total segment revenue		134,084			64,392			35,651			—			(348	)		233,779
Adjusted EBITDA		26,496			4,381			1,073			(20,951	)		—			10,999
Share-based compensation expense		(463	)		(329	)		(509	)		(1,835	)		—			(3,136	)
Restructuring costs(1)		(244	)		(345	)		—			(1,071	)		—			(1,660	)
Strategic review of Greater China business(2)		—			—			(2,636	)		—			—			(2,636	)
Non-controlling interests		—			—			(91	)		—			—			(91	)
EBITDA		25,789			3,707			(2,163	)		(23,857	)		—			3,476
Finance income and (expenses), net		—			—			—			—			—			(7,126	)
Depreciation and amortization		—			—			—			—			—			(13,575	)
Loss before tax		—			—			—			—			—			(17,225	)

Three months ended December 31, 2024 (Unaudited) (in thousands of U.S. dollars)	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		108,462			70,596			35,258			—			—			214,316
Intersegment revenue		1,326			—			—			—			(1,326	)		—
Total segment revenue		109,788			70,596			35,258			—			(1,326	)		214,316
Adjusted EBITDA		16,580			1,249			589			(24,497	)		—			(6,079	)
Share-based compensation expense		(306	)		(230	)		(511	)		(2,456	)		—			(3,503	)
Restructuring costs(1)		(1,520	)		(356	)		—			(1,721	)		—			(3,597	)
Asset impairment charges and other costs related to closure of production facility(3)		(42,110	)		—			—			—			—			(42,110	)
Asset impairment charges and other costs related to discontinued construction of production facilities(4)		48			2,122			(25,068	)		—			—			(22,898	)
New product launch issue(5)		—			567			—			—			—			567
Non-controlling interests		—			—			(151	)		—			—			(151	)
EBITDA		(27,308	)		3,352			(25,141	)		(28,674	)		—			(77,771	)
Finance income and (expenses), net		—			—			—			—			—			(1,149	)
Depreciation and amortization		—			—			—			—			—			(11,932	)
Loss before tax		—			—			—			—			—			(90,852	)


Twelve months ended December 31, 2025 (in thousands of U.S. dollars)	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		482,861			249,559			130,039			—			—			862,459
Intersegment revenue		1,622			—			—			—			(1,622	)		—
Total segment revenue		484,483			249,559			130,039			—			(1,622	)		862,459
Adjusted EBITDA		88,169			1,871			3,641			(86,860	)		—			6,821
Share-based compensation expense		(1,950	)		(1,333	)		(1,726	)		(8,252	)		—			(13,261	)
Restructuring costs(1)		(954	)		(1,896	)		(42	)		(2,043	)		—			(4,935	)
Strategic review of Greater China business(2)		—			—			(7,547	)		—			—			(7,547	)
Closure of production facility(3)		846			—			—			—			—			846
Non-controlling interests		—			—			(344	)		—			—			(344	)
EBITDA		86,111			(1,358	)		(6,018	)		(97,155	)		—			(18,420	)
Finance income and (expenses), net		—			—			—			—			—			(77,188	)
Depreciation and amortization		—			—			—			—			—			(49,310	)
Loss before tax		—			—			—			—			—			(144,918	)

Twelve months ended December 31, 2024 (in thousands of U.S. dollars)	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		434,263			274,455			114,948			—			—			823,666
Intersegment revenue		6,429			—			—			—			(6,429	)		—
Total segment revenue		440,692			274,455			114,948			—			(6,429	)		823,666
Adjusted EBITDA		56,128			5,298			(1,645	)		(95,106	)		—			(35,325	)
Share-based compensation expense		(1,985	)		656			(2,101	)		(10,168	)		—			(13,598	)
Restructuring costs(1)		(2,410	)		(1,222	)		(1,940	)		(2,600	)		—			(8,172	)
Asset impairment charges and other costs related to closure of production facility(3)		(42,110	)		—			—			—			—			(42,110	)
Asset impairment charges and other costs related to discontinued construction of production facilities(4)		(2,875	)		3,283			(25,068	)		—			—			(24,660	)
New product launch issue(5)		—			(11,998	)		—			—			—			(11,998	)
Non-controlling interests		—			—			(323	)		—			—			(323	)
EBITDA		6,748			(3,983	)		(31,077	)		(107,874	)		—			(136,186	)
Finance income and (expenses), net		—			—			—			—			—			(12,421	)
Depreciation and amortization		—			—			—			—			—			(49,966	)
Loss before tax		—			—			—			—			—			(198,573	)

* Corporate consists of general costs not allocated to the segments.

** Eliminations in 2025 and 2024 refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1)Relates primarily to severance costs as the Group adjusts its organizational structure.

(2)Relates to costs for the strategic review of the Greater China segment, mainly consisting of cost for external consultants.

(3)Relates to costs for the closure of the Group’s production facility in Singapore.

(4)Relates primarily to non-cash impairments related to discontinued construction of the Group’s production facility in Peterborough, UK, reversal of previously recognized non-cash impairments related to discontinued construction of the Group’s production facility in Dallas-Fort Worth, Texas, and non-cash impairments related to discontinued construction of the Group’s second production facility in China (Asia III).

(5)Expenses related to a new product launch issue.

Europe & International

Europe & International revenue increased $25.3 million, or 23.3%, to $133.7 million for the fourth quarter of 2025, compared to $108.5 million in the prior year period. Excluding a foreign currency exchange tailwind of $9.9 million, Europe & International revenue for the fourth quarter was $123.9 million, or an increase of 14.2%. For the fourth quarter of 2025, the increase in revenue was primarily due to volume growth of 13.9%, mainly driven by growth in the Barista products. Approximately 79% of Europe & International revenue was from the retail channel for the fourth quarter of 2025 compared to 81% in the prior year period. The sold finished goods volume for the three months ended December 31, 2025 and 2024 amounted to 89.3 and 78.3 million liters, respectively.

Europe & International Adjusted EBITDA increased $9.9 million to $26.5 million for the fourth quarter of 2025 compared to $16.6 million in the prior year period. The improvement in Adjusted EBITDA was primarily driven by higher gross profit driven by higher revenue and continued supply chain productivity.

North America

North America revenue decreased $6.2 million, or 8.8%, to $64.4 million for the fourth quarter of 2025, compared to $70.6 million in the prior year period. The sold finished goods volume for the three months ended December 31, 2025 and 2024 amounted to 35.8 million and 41.1 million liters, respectively. The 12.6% volume decrease was primarily due to reduction in sales to the segment’s largest foodservice customer. Approximately 61% of North America revenue was from the retail channel in the fourth quarter of compared to 48% in the prior year period.

North America Adjusted EBITDA increased $3.1 million to $4.4 million for the fourth quarter of 2025, compared to $1.2 million in the prior year period. The increase in Adjusted EBITDA was primarily due to higher gross profit, largely driven by channel and product mix as well as supply chain performance offsetting lower fixed cost absorption driven by lower volumes.

Greater China

Greater China revenue increased $0.4 million, or 1.1%, to $35.7 million for the fourth quarter of 2025, compared to $35.3 million in the prior year period. Excluding a foreign currency exchange tailwind of $0.4 million in the quarter, Greater China revenue for the quarter was $35.2 million or a decrease of 0.1%. The Greater China segment slight decline was primarily driven by reduced sales in Foodservice, partially offset by growth in the retail channel. Approximately 66% of Greater China revenue was from the foodservice channel for the fourth quarter of 2025 compared to 76% in the prior year period. The sold finished goods volume for the three months ended December 31, 2025 and 2024 amounted to 32.5 million and 33.8 million liters, respectively.

Greater China Adjusted EBITDA increased $0.5 million to $1.1 million for the fourth quarter of 2025, compared to $0.6 million in the prior year period. The increase in EBITDA is explained by higher gross profit, driven by channel and product mix.

Corporate

Oatly’s corporate expense, which consists of general costs not allocated to the segments, in the fourth quarter of 2025 was $23.9 million, a decrease of $4.8 million compared to the prior year period, driven by continuous efforts for reduction of expenses, partially offset by foreign currency exchange headwinds. Adjusted EBITDA in the fourth quarter of 2025 was a loss of $21.0 million compared to a loss of $24.5 million in the prior year period.

Balance Sheet and Cash Flows

As of December 31, 2025, the Company had cash and cash equivalents of $64.3 million and total outstanding debt of $523.0 million consisting of Nordic Bonds, Convertible Notes and liabilities to credit institutions. Net cash used in operating activities was $23.7 million for the twelve months ended December 31, 2025, compared to $114.4 million during the prior year period, which was primarily driven by improved operating results and improvements in net working capital.

As previously disclosed, on September 30, 2025, the Company issued Nordic Bonds with an initial issue amount of SEK 1,700 million and entered into a SEK 750 million super senior revolving credit facility. Following the satisfaction of certain conditions, the proceeds from the Nordic Bonds were released to the Company from escrow on October 3, 2025, and used to prepay the Term Loan B Credit Agreement in full, repurchase and cancel an aggregate amount of $42.9 million of its U.S. Convertible Notes and pay related transaction costs. Further, on October 3, 2025, the Company cancelled, terminated, and replaced its existing revolving credit facility with the new super senior revolving credit facility.

Capital expenditures were $15.3 million for the twelve months ended December 31, 2025, compared to $41.2 million in the prior year period, driven by the Company’s continued discipline in how it invests as well as certain projects that were originally planned to be completed in 2025 are now expected to be completed in 2026.

Free cash flow was an outflow of $39.0 million for the twelve months ended December 31, 2025 compared to an outflow of $155.6 million during the prior year period. The improvement in free cash flow was driven by decreased net cash flows used in operating activities and lower capital expenditures.

Free Cash Flow is a non-IFRS liquidity measure defined under “Non-IFRS financial measures.” Please see “Reconciliation of IFRS to Non-IFRS Financial measures” at the end of this report.

Strategic Review of Greater China Business

The Company continues its strategic review of the Company’s Greater China business.

While there is no definitive timetable for completing the strategic review, the Company expects to complete the strategic review within 2026. The Company does not intend to provide further updates unless and until the Board of Directors has approved a specific course of action or determines that additional disclosure is appropriate or required. The Company cautions that there can be no assurances that the process will result in any transaction or strategic change.

Outlook

The Company’s outlook continues to include the expected results of the Greater China segment. Based on the Company’s assessment of the current operating environment and the actions it is taking, the Company is providing its 2026 outlook.

Constant currency revenue growth is expected to be in the range of +3% to +5%. This includes an expected headwind of approximately 200 basis points from a large foodservice customer in the North America segment. Based on recent foreign exchange rates, the full-year impact of foreign exchange is expected to be a tailwind to revenue growth by approximately 100 to 200 basis points.

Adjusted EBITDA is expected to be in the range of $25 million to $35 million.

Capital expenditures are expected to be in the range of $20 million to $30 million.

This outlook is provided in the context of significant macroeconomic uncertainty and other geopolitical uncertainties.

The Company cannot provide a reconciliation of constant currency revenue growth or Adjusted EBITDA guidance to the nearest comparable corresponding IFRS metric without unreasonable efforts due to difficulty in predicting certain items excluded from these non-IFRS measures. The items necessary to reconcile are not within Oatly’s control, may vary greatly between periods and could significantly impact future financial results.

About Oatly

We are the world’s original and largest oat drink company. For over 30 years, we have exclusively focused on developing expertise around oats: a global power crop with inherent properties. Our commitment to oats has resulted in core technical advancements that enabled us to unlock the breadth of the dairy portfolio, including alternatives to milks, ice cream, yogurt, cooking creams, spreads and on-the-go drinks. Headquartered in Malmö, Sweden, the Oatly brand is available in more than 50 countries globally.

For more information, please visit www.oatly.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding our financial outlook for 2026, profitability improvement, profitable growth in 2026, long-term growth strategy, expected capital expenditures, anticipated returns on our investments, anticipated supply chain performance, anticipated impact of our improvement plans, anticipated impact of our decision to discontinue construction of certain production facilities, plans to achieve profitable growth and anticipated cost savings and efficiencies as well as statements that include the words “expect”, “intend”, “plan”, “believe”, “project”, “forecast”, “estimate”, “may”, “should”, “anticipate”, “will”, “aim”, “potential”, “continue”, “is/are likely to” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: our history of losses and how we may be unable to achieve or sustain profitability, including due to elevated inflation and increased costs for transportation, energy and materials; how our future business, financial condition and results of operations may be adversely affected by reduced or limited availability of oats and other raw materials and ingredients, which meet our quality standards, that our limited number of suppliers are able to sell us; how a failure to obtain necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our product manufacturing and development and other operations; those concerning our cash and cash equivalents maintained at financial institutions, often in balances that exceed federally insured limits; any damage or disruption at our production facilities, which manufacture the primary components of all our products; harm to our brand or reputation due to real or perceived quality, food safety, nutrition or sustainability issues with our products, which could have an adverse effect on our business, reputation, financial condition and results of operations; food safety and food-borne illness incidents or other safety concerns that have led to product recalls and how such events may in the future materially adversely affect our business, financial condition and results of operations by exposing us to lawsuits or regulatory

enforcement actions, increasing our operating costs and reducing demand for our product offerings; how a failure by our suppliers of raw materials or co-manufacturers to comply with food safety, environmental or other laws and regulations, or with the specifications and requirements of our products, may disrupt our supply of products and adversely affect our business; we may not be able to compete successfully in our highly competitive markets; risks from consolidation of customers or the loss of a significant customer; a reduction in sales of our oatmilk varieties, which contribute a significant portion of our revenue, would have an adverse effect on our business, financial condition and results of operations; relying heavily on our co-manufacturing partners; our strategic partnerships with co-manufacturers may not be successful, which could adversely affect our operations and manufacturing strategy; failure by our logistics providers to deliver our products on time, or at all, could result in lost sales; that we may not successfully ramp up operations at any of our facilities, or these facilities may not operate in accordance with our expectations; a failure to effectively expand our processing, manufacturing and production capacity through existing facilities, or a failure to find acceptable co-manufacturing or co-manufacturing partners to help us expand, as we continue to grow and scale our business to a steady operating level; failure to develop and maintain our brand; failure to develop or introduce new products or successfully improve existing products may adversely affect our ability to continue to grow; a failure to cost-effectively acquire new customers and consumers or retain our existing customers and consumers, or a failure to derive revenue from our existing customers consistent with our historical performance; consumer preferences for our products are difficult to predict and may change, and, if we are unable to respond quickly to new trends, our business may be adversely affected; a failure to manage our future growth effectively; impairment charges for long-lived assets and other exit costs in connection with our production facilities, and how we may need to recognize further costs in the future; sustainability risks (including environmental, climate change, uncertainty about future related mandatory disclosure requirements, and broader corporate social responsibility matters), which may materially adversely affect our business as a result of lawsuits, regulatory investigations and enforcement actions, complaints concerning our disclosures, impacts on our operations and supply chain (particularly in connection with the physical impacts of climate change), and impacts on our brand and reputation; reliance on information technology systems and how any inadequacy, failure or interruption of, or cybersecurity incidents affecting, those systems may harm our reputation and ability to effectively operate our business; how cybersecurity incidents or other technology disruptions could negatively impact our business and our relationships with customers; risks associated with how our customers generally are not obligated to continue purchasing products from us; difficulties as we expand our operations into countries in which we have no prior operating experience; risks associated with the international nature of our business; the successful execution of the strategic review of the Company’s Greater China operations, the outcome of the strategic review and the market reaction thereto; how our operations in China could expose us to substantial business, regulatory, political, financial and economic risks; our strategic reset in Asia may not be successful; if we fail to comply with trade compliance and economic sanctions laws and regulations of the United States, the EU and other applicable international jurisdictions, it could materially adversely affect our reputation and results of operations; packaging costs are volatile and may rise significantly; how fluctuations in our results of operations may impact, and may have a disproportionate effect on, our overall financial condition and results of operations; how litigation or legal proceedings could expose us to significant liabilities or costs and have a negative impact on our reputation or business; our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all; failure to retain our senior management or to attract, train and retain qualified employees; if we cannot maintain our company culture or focus on our mission as we grow, our success and our business and competitive position may be harmed; our insurance may not provide adequate levels of coverage against claims or we may be unable to find insurance with sufficient coverage at a reasonable cost; disruptions in the worldwide economy; macroeconomic conditions, including rising inflation, interest rates and supply chain constraints; global conflicts, other effects of ongoing wars and conflicts, and increasing geopolitical tensions and changes to international trade policies, treaties and tariffs, including as a result of the emergence of a trade war; the risk that legal claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties; how our operations are subject to U.S., EU, China and other laws and regulations, and there is no assurance that we will be in compliance with all regulations; changes in existing laws or regulations, or the adoption of new laws or regulations, may increase our costs and otherwise adversely affect our business, financial condition and results of operations; how we are subject to stringent environmental regulation and potentially subject to environmental litigation, proceedings and investigations; failure to protect our intellectual property, enforce or defend our intellectual property and other proprietary rights adequately, which may impact our commercial success; if we are unable to remediate material weaknesses, or if other material weaknesses are identified, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a public company in a timely manner; how our largest shareholder has significant influence over us, including significant influence over decisions that require the approval of shareholders; and the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2025 and our other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Oatly disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

For further information:

Contact person

Brian Kearney, Vice President Investor Relations

E-mail: investors@oatly.com, press.us@oatly.com

Table of contents


FINANCIAL INFORMATION
Financial Statements
Condensed consolidated statement of operations	1
Condensed consolidated statement of comprehensive loss	2
Condensed consolidated statement of financial position	3
Condensed consolidated statement of changes in equity	4
Condensed consolidated statement of cash flows	6
Notes to the condensed consolidated financial statements	7
Non-IFRS Financial Measures	26

Signatures	29

FINANCIAL INFORMATION

Financial Statements

Condensed consolidated statement of operations


(Unaudited)		Three months ended December 31,						Twelve months ended December 31,
(in thousands of U.S. dollars, except share and per share and ADS data)	Note	2025			2024			2025			2024
Revenue	5		233,779			214,316			862,459			823,666
Cost of goods sold			(153,024	)		(152,699	)		(585,402	)		(587,174	)
Gross profit			80,755			61,617			277,057			236,492
Research and development expenses			(5,053	)		(3,728	)		(18,573	)		(30,135	)
Selling, general and administrative expenses			(83,888	)		(81,973	)		(320,643	)		(324,719	)
Other operating income and (expenses), net	7		(1,913	)		(65,619	)		(5,571	)		(67,790	)
Operating loss			(10,099	)		(89,703	)		(67,730	)		(186,152	)
Finance income and (expenses), net	8		(7,126	)		(1,149	)		(77,188	)		(12,421	)
Loss before tax			(17,225	)		(90,852	)		(144,918	)		(198,573	)
Income tax expense	9		(2,009	)		(505	)		(8,197	)		(3,699	)
Loss for the period			(19,234	)		(91,357	)		(153,115	)		(202,272	)
Attributable to:
Shareholders of the parent			(19,143	)		(91,206	)		(152,771	)		(201,949	)
Non-controlling interests			(91	)		(151	)		(344	)		(323	)
Loss per share, attributable to shareholders of the parent:
Basic and diluted	24		(0.03	)		(0.15	)		(0.25	)		(0.34	)
Loss per ADS, attributable to shareholder of the parent (1 ADS representing 20 ordinary shares):
Basic and diluted	24		(0.61	)		(3.05	)		(5.03	)		(6.77	)
Weighted average common shares outstanding:
Basic and diluted	24		623,752,493			598,226,750			607,525,897			596,886,163

The accompanying notes are an integral part of these condensed consolidated financial statements.

Condensed consolidated statement of comprehensive loss


(Unaudited)	Note		Three months ended December 31,						Twelve months ended December 31,
(in thousands of U.S. dollars)			2025			2024			2025			2024
Loss for the period				(19,234	)		(91,357	)		(153,115	)		(202,272	)
Other comprehensive income/(loss):
Items that may be subsequently reclassified to the consolidated statement of operations (net of tax):
Exchange differences from translation of foreign operations				2,437			(37,231	)		56,197			(40,985	)
Items that will not be subsequently reclassified to the consolidated statement of operations (net of tax):
Fair value changes on Convertible Notes attributable to changes in credit risk		14		—			—			(16,355	)		—
Total other comprehensive income/(loss) for the period				2,437			(37,231	)		39,842			(40,985	)
Total comprehensive loss for the period				(16,797	)		(128,588	)		(113,273	)		(243,257	)
Attributable to:
Shareholders of the parent				(16,718	)		(128,394	)		(112,954	)		(242,905	)
Non-controlling interests				(79	)		(194	)		(319	)		(352	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Condensed consolidated statement of financial position


(Unaudited)	Note	December 31, 2025			December 31, 2024
(in thousands of U.S. dollars)
ASSETS
Non-current assets
Intangible assets	10		137,747			116,208
Property, plant and equipment	11		294,688			294,199
Right-of-use assets	12		37,907			45,555
Other non-current receivables	13,14		46,992			44,331
Deferred tax assets	9		4,676			4,561
Total non-current assets			522,010			504,854
Current assets
Inventories	15		68,537			65,602
Trade receivables	16		103,522			103,366
Current tax assets			2,737			6,095
Other current receivables	17		17,438			15,738
Prepaid expenses			8,608			9,402
Cash and cash equivalents	18		64,345			98,923
Total current assets			265,187			299,126
TOTAL ASSETS			787,197			803,980
EQUITY AND LIABILITIES
Equity	19
Share capital			110			106
Treasury shares			(0	)		(0	)
Other contributed capital			1,641,601			1,628,045
Other reserves			(225,351	)		(274,160	)
Accumulated deficit			(1,397,805	)		(1,249,303	)
Equity attributable to shareholders of the parent			18,555			104,688
Non-controlling interests			1,116			1,435
Total equity			19,671			106,123
Liabilities
Non-current liabilities
Lease liabilities	12		24,729			31,724
Interest-bearing loans and borrowings	20		182,783			116,216
Provisions	21		2,697			14,857
Total non-current liabilities			210,209			162,797
Current liabilities
Lease liabilities	12		12,457			13,359
Interest-bearing loans and borrowings	14,20		340,266			330,152
Trade payables			66,481			60,152
Current tax liabilities			1,642			1,476
Other current liabilities			11,176			7,998
Accrued expenses	22		107,932			103,719
Provisions	21		17,363			18,204
Total current liabilities			557,317			535,060
Total liabilities			767,526			697,857
TOTAL EQUITY AND LIABILITIES			787,197			803,980

The accompanying notes are an integral part of these condensed consolidated financial statements.

Condensed consolidated statement of changes in equity


(Unaudited) (in thousands of U.S. dollars)	Note	Share capital	Treasury shares	Other contributed capital	Other reserves	Accumulated deficit	Equity attributable to shareholders of the parent	Non-controlling interests	Total equity
Balance at December 31, 2024	19	106	(0)	1,628,045	(274,160)	(1,249,303)	104,688	1,435	106,123
Loss for the period		—	—	—	—	(12,430)	(12,430)	(101)	(12,531)
Other comprehensive income		—	—	—	24,695	—	24,695	2	24,697
Total comprehensive income for the period		—	—	—	24,695	(12,430)	12,265	(99)	12,166
Share-based compensation	6	—	—	—	—	3,592	3,592	—	3,592
Balance at March 31, 2025		106	(0)	1,628,045	(249,465)	(1,258,141)	120,545	1,336	121,881
Loss for the period		—	—	—	—	(55,911)	(55,911)	(35)	(55,946)
Other comprehensive income		—	—	—	27,328	—	27,328	2	27,330
Total comprehensive loss for the period		—	—	—	27,328	(55,911)	(28,583)	(33)	(28,616)
Issue of shares		1	(0)	—	—	—	1	—	1
Share-based compensation	6	—	—	—	—	3,453	3,453	—	3,453
Balance at June 30, 2025		107	(0)	1,628,045	(222,137)	(1,310,599)	95,416	1,303	96,719
Loss for the period		—	—	—	—	(65,287)	(65,287)	(117)	(65,404)
Other comprehensive loss		—	—	—	(14,631)	—	(14,631)	9	(14,622)
Total comprehensive loss for the period		—	—	—	(14,631)	(65,287)	(79,918)	(108)	(80,026)
Share-based compensation	6	—	—	—	—	3,080	3,080	—	3,080
Exercise of stock options	6	—	0	111	—	—	111	—	111
Balance at September 30, 2025		107	(0)	1,628,156	(236,768)	(1,372,806)	18,689	1,195	19,884
Loss for the period		—	—	—	—	(19,143)	(19,143)	(91)	(19,234)
Other comprehensive income		—	—	—	2,425	—	2,425	12	2,437
Total comprehensive loss for the period		—	—	—	2,425	(19,143)	(16,718)	(79)	(16,797)
Share-based compensation	6	—	—	—	—	3,136	3,136	—	3,136
Redemption of shares	6	—	(0)	(267)	—	—	(267)	—	(267)
Repurchase of U.S. Notes	20	3	—	13,712	8,992	(8,992)	13,715	—	13,715
Balance at December 31, 2025		110	(0)	1,641,601	(225,351)	(1,397,805)	18,555	1,116	19,671


(Unaudited) (in thousands of U.S. dollars)	Note	Share capital	Treasury shares	Other contributed capital	Other reserves	Accumulated deficit	Equity attributable to shareholders of the parent	Non-controlling interests	Total equity
Balance at December 31, 2023	19	105	(0)	1,628,045	(233,204)	(1,060,952)	333,994	1,787	335,781
Loss for the period		—	—	—	—	(45,799)	(45,799)	(45)	(45,844)
Other comprehensive loss		—	—	—	(19,223)	—	(19,223)	(9)	(19,232)
Total comprehensive loss for the period		—	—	—	(19,223)	(45,799)	(65,022)	(54)	(65,076)
Share-based compensation	6	—	—	—	—	2,615	2,615	—	2,615
Balance at March 31, 2024		105	(0)	1,628,045	(252,427)	(1,104,136)	271,587	1,733	273,320
Loss for the period		—	—	—	—	(30,384)	(30,384)	(57)	(30,441)
Other comprehensive loss		—	—	—	(1,221)	—	(1,221)	(7)	(1,228)
Total comprehensive loss for the period		—	—	—	(1,221)	(30,384)	(31,605)	(64)	(31,669)
Issue of shares		1	(0)	—	—	—	0	—	0
Share-based compensation	6	—	—	—	—	4,179	4,179	—	4,179
Balance at June 30, 2024		106	(0)	1,628,045	(253,648)	(1,130,341)	244,162	1,669	245,831
Loss for the period		—	—	—	—	(34,560)	(34,560)	(70)	(34,630)
Other comprehensive income		—	—	—	16,676	—	16,676	30	16,706
Total comprehensive loss for the period		—	—	—	16,676	(34,560)	(17,884)	(40)	(17,924)
Share-based compensation	6	—	—	—	—	3,301	3,301	—	3,301
Balance at September 30, 2024		106	(0)	1,628,045	(236,972)	(1,161,600)	229,579	1,629	231,208
Loss for the period		—	—	—	—	(91,206)	(91,206)	(151)	(91,357)
Other comprehensive income		—	—	—	(37,188)	—	(37,188)	(43)	(37,231)
Total comprehensive loss for the period		—	—	—	(37,188)	(91,206)	(128,394)	(194)	(128,588)
Share-based compensation	6	—	—	—	—	3,503	3,503	—	3,503
Balance at December 31, 2024		106	(0)	1,628,045	(274,160)	(1,249,303)	104,688	1,435	106,123

The accompanying notes are an integral part of these condensed consolidated financial statements.

Condensed consolidated statement of cash flows


(Unaudited)		For the year ended December 31,
(in thousands of U.S. dollars)	Note	2025			2024
Operating activities
Net loss			(153,115	)		(202,272	)
Adjustments to reconcile net loss to net cash flows
—Depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets	10,11,12		48,570			49,966
—Impairment of property, plant and equipment and right-of-use assets and intangible assets	10,11		740			—
—Write-downs of inventories	15		8,024			3,095
—Impairment loss/(gain) on trade receivables	16		913			(234	)
—Share-based compensation	6		13,261			13,598
—Movements in provisions	21		(14,896	)		(14,414	)
—Finance (income) and expenses, net	8		77,188			12,421
—Income tax expense	9		8,197			3,699
—Loss on disposal of property, plant and equipment and intangible assets			—			(307	)
—Impairment related to discontinued construction of production facilities			—			24,117
—Impairment related to closure of production facility			—			19,113
—Other			—			1,441
Interest received			1,558			8,285
Interest paid			(23,984	)		(24,518	)
Income tax paid			(318	)		(3,386	)
Changes in working capital:
—Increase in inventories	15		(6,176	)		(3,456	)
—Decrease in trade receivables, other current receivables, prepaid expenses	16,17		14,400			14,786
—Increase/(decrease) in trade payables, other current liabilities, accrued expenses	22		1,915			(16,362	)

Oatly Group AB 6-K