Oatly has achieved its first full year of underlying profitability as the turnaround started under CEO Jean-Christophe Flatin in 2023 gained traction.
Adjusted EBITDA in 2025 landed at $6.8m, compared with an underlying loss of $35.3m in the prior year.
Flatin said hitting a profit for the year was a milestone but “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,” he added. “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.”
However, EBITDA still came in at a loss of $18.4m in 2025 as a result of restructuring costs, an ongoing strategic review of the Chinese business and share-based compensation expenses.
And pre-tax losses were $144.9m after finance costs and depreciation and amortisation.
It means combined pre-tax losses at Oatly in the past five years have totalled $1.4bn.
Revenues at the Swedish-headquartered and New York-listed group rose 9.1% to $233.8m in the fourth quarter and by 4.7% to $862.5m in the full year.
Oatly increased sales in Europe by 23.3% to $25.3m as volumes rose 13.9%, mainly thanks to growth of the barista products. Meanwhile, in North America, sales fell 8.8% to $64.4m and nudged up 1.1% to $35.7m in China.
For 2026, Oatly expected constant currency revenue growth of 3% to 5% and a rise in adjusted EBITDA to be in the range of $25m to $35m.
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“I am proud to report that we drove profitable growth in both the fourth quarter and the full year,” Flatin said. “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 cashflow across the business.”
Oatly has had a torrid time since a $10bn IPO on New York’s Nasdaq market in 2021. The stock crashed by 97% in the wake of disastrous trading updates, mounting losses, growth downgrades and supply chain challenges at the US factories. It hit a low of $1.36 in December 2022, ahead of Flatin taking over from Toni Petersson, and was down from highs of $29.
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