Oatly has raised its full-year growth forecasts as it reported another quarter of profitable progress in an ongoing turnaround.
Revenues in the second quarter of 2026 increased 15% year on year to $240m (£179m) on the back of an 11% rise in volumes.
Underlying profits for the period totalled $400k (£299k), compared with a loss of $3.6m a year ago. Although the results kept Oatly on the path to profitable growth, adjusted EBITDA was down significantly on the $5m recorded in Q1.
Oatly upgraded annual forecasts following a “solid start” to the year, with revenues now expected to grow by 8%-10%, up from 3%-5% previously. Adjusted EBITDA is still expected to be in the range of $25m-$35m.
It’s a marked contrast to the numerous quarters of growth downgrades and mounting losses Oatly has faced since listing on New York’s Nasdaq in 2021.
A turnaround led by CEO Jean-Christophe Flatin since 2023 started to bear fruit towards the end of last year and the group achieved its first full year of underlying profitability in 2025.
“I am pleased to report another quarter of profitable growth marked by demand-led value creation,” Flatin said today. “Our second-quarter results reflect the disciplined execution of our strategy including improvements to the mix of channels, customers, and products.
“Our growth playbook is outperforming expectations in Europe and gaining traction in North America. These strong returns reinforce our commitment to reinvest in the business, and we are pleased to increase our outlook for revenue growth in 2026. We continue to make progress reducing our cost structure, and the cost pressures associated with the conflict in the Middle East are tracking according to our expectations.
“We remain focused on execution and are committed to building on this momentum to deliver consistent, sustainable, and profitable growth over time.”
However, Oatly recorded a net loss of $31m for the second quarter, down from a $56m deficit a year ago, mostly driven by foreign exchange headwinds, increased spending on branding and advertising, higher distribution costs and inflation caused by the war in Iran, as well as significant interest charges on borrowings.
Sales in Europe rose 21% to $143m in the quarter thanks to volume growth of 17%, mainly driven by demand for its Barista range. Revenues in North America also increased 6% to $67m on a 1.9% rise in volumes.
Oatly’s strategic review of its Chinese business continued, but there was no definitive timetable set out for completion. Sales in China rose 12% to $30m, with growth in the retail channel offsetting challenges in foodservice.
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