Oatly Group AB · NASDAQ:OTLY
Oatly Group AB — Q3 2026 Earnings Presentation
44 slides from Oatly Group AB's earnings presentation, Oct 28, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 EARNINGS PRESEN TATION OCTOBER 28, 2026 1
Slide 2: Today's Speakers
TOD AY’S SPEAKERS JEAN-CHRISTOPHE FLATIN, CEO DANIEL ORDOÑEZ, GLOBAL PRESIDENT & COO MARIE-JOSÉ DAVID, CFO 2
Slide 3: Legal Disclaimer
LEGAL DISCLAIMER Forward-Looking Statements This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this document that are not statements of historical fact may be deemed to be forwar
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Slide 5: Key Takeaways
KEYTAKE AWA YS • Resilient model delivers Q3 Adjusted EBITDA 1 upside vs. consensus despite ongoing cost inflation • Revenue strength remains volume -driven from on -trend innovation in Europe & Intl. and strong distribution growth in North America Retail • New Fiber innovation platform leverages ou
Slide 6: Solid Q3 Results Despite Accelerating Cost Pressure
SOLID Q3LTS RESU DESPITE ACCELERATING COST PRESSURE REVENUE GROSS PROFIT ADJ. EBITDA1 1 FREE CASH FLOW +9.1 % $83.0MM Y/Y REVENUE GROWTH AS REPORTED 34.1% $9.4 MM ($18.4 MM ) Y/Y CONST. CURR +8.9% 1 . REVENUE GROWTH OF SALES (+436 BPS YR/YR) Notes: USD in millions 1. Adjusted EBITDA, Constant Curren
Slide 7: Delivering on Our 2026 Focus
DELIVERING ON OUR 2026 FOCU ▪ Double down on growth playbook ▪ Mitigate cost headwinds to protect our margins and fuel our growth ▪ Complete strategic review of Greater China segment 7
Slide 8: Maintaining 2026 Constant FX Revenue Guidance, Reducing Adj. EBITDA
MAIN TAINING 2026 CONS TANT FX REVENUE GU REDUCING ADJ. EBITDA ON A ACCELER TING INFL ATION CONSTANT CURRENCY ADJUSTED 1 REVENUE GROWTH EBITDA1 Maintained $16MM to $20MM at vs prior +8%to +10% lower -end of $25MM to $35MM 1. Constant Currency Revenue and Adjusted EBITDA are non -IFRS measures. The C
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Slide 10: Playbook Is Driving Profitable Growth
PLAYBOOK IS DRIVING PROFI TABLE GROWTH TARGET: Younger generations PORTFOLIO: Beverages COMMS: Taste & Health MEDIA: Social and live culture -creating 10
Slide 11: Setting Beverage Culture Trends Globally
SETTING BEVERAGE LTURECU TRENDS LY GLOBA 11
Slide 12: Setting Beverage Culture Trends Globally
SETTING BEVERAGE LTURECU TRENDS LY GLOBA 12
Slide 13: Setting Beverage Culture Trends Globally
SETTING BEVERAGE LTURECU TRENDS LY GLOBA 13
Slide 14: Beverages Thought Leaders
BEVERAGES THOUGHT LEADERS 14
Slide 15: Look Book 4.0 Highlights
LOOK BOOK 4.0 HIGHLIGHTS: LEADING COCONUT PANDAN PANNOAT COTTA THAI GOJI MONT OLIVE CLOUD TEA BLANC SOUR 15
Slide 16: Fiber: New Platform Leverages Our Identity & Expertise
FIBER: NEW ATFORM PL LEVERAGES OU IDENTITY & EXPERTISE EUROPE & INTL. LAUNCH NORTH AMERICA LAUNCH Q3 2026 Q1 2027 16
Slide 17: Most People Don't Meet Fiber Recommendations
MOST PEOPLE DON’T MEET FIBER ATIONS REC EUROPE AVERAGE FIBER GAP: 10 GRAMS/DAY 30 20 Recommended Intake Average Intake DAILY FIBER CONSUMPTION (GRAMS) 17
Slide 18: New Cold Foam: Enhancing Our Out of Home Offering
NEW COLD FOAM: ENHANCING OUT O 18
Slide 19: E&I: Volume Sustains Revenue Momentum
E&I: VOLUME TAINS SUSREVENUE MOMEN EUROPE & INTERNATIONAL SEGMENT EUROPEAN RETAIL TAKEAWAY 1 CONSTANT CURRENCY REVENUE GROWTH Y/Y SALES GROWTH2 17% 17% +20% +18% 12% 11% +14% +15% 10% 9% 8% 6% 8% +6% +6% 4% 4% 8% 5% 6% +0% 2% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Pl
Slide 20: Our Household Penetration Is Increasing
OUR PENETR ATION IS INCREASING INCLUDIN GERMANY UK SWEDEN NETHERLANDS 9.1% 8.9% HOUSEHOLDS 13.5% 19.4% 7.0% 5.7% ALL 13.2% 18.7% AUG'25 AUG'26 JUL'25 JUL'26 JUL'25 JUL'26 JUL'25 JUL'26 HOUSEHOILDS 12.2% 23.5% 9.0% 20.5% YOUNGER 9.0% 17.9% 6.2% 18.9% AUG'25 AUG'26 JUL'25 JUL'26 JUL'25 JUL'26 JUL'25 J
Slide 21: Europe & Intl: Out of Home Growing
EUROPE & INTL: OUT OF HOME GROW ATING CAGR: +22% 20.3 20.2 17.3 17.5 Million Litres 16.2 15.5 14.7 14.4 13.9 13.7 13.3 13.0 11.1 Q3 '23 Q4 '23 Q1 '24 Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 21
Slide 22: Market Expansion Gaining Critical Mass
MARKETPANSION EX GAINING CRITICAL S B P E A L R G I I S U M M E U X A I E C O O A T - W E E K S 22
Slide 23: North America: Accelerating Growth & Closing Share Gap
NO RTH AMERICA: ACCELER ATING GROWTHCLOSING & AT SHARE O GAP U.S. RETAIL TAKEAWAY OATLY STEADILY NARROWING OAT SHARE GAP SALES GROWTH VS. LEADING COMPETITOR 10% 7.7% 40% Sept. 2026: 2ppt. gap 5% 4.0% 35% 0% 30% Sept . 2025: (-4.5%) 7ppt. gap (5%) 25% (10%) (-12.2%) 20% 11/01/25 11/04/23 11/30/24 12/
Slide 24: U.S. Retail Distribution Growth Surpasses Leading Retailers
U.S. TAIL RE DISTRIBUTION GROWTH SU BY MULTIPLE LEADING TAILERS RE U.S. RETAIL TOTAL DISTRIBUTION POINTS: 4-WK YR/YR 30% 25% 20% 15% 10% 5% 0% (5%) (10%) 11/01/25 07/11/26 11/29/25 12/27/25 06/13/26 03/21/26 05/17/25 07/12/25 10/03/26 02/21/26 04/18/26 05/16/26 01/25/25 06/14/25 01/24/26 04/19/25 10
Slide 25: Barista Growth Benefits from Package Size & Channel Expansion
BARIS TA GROWTH BENEFITS FROMPACKAGE SIZE & CHANNEL PANSION EX 25
Slide 26: U.S. Retail Measured Channels Market Share Steadily Increasing
U.S. TAIL RE MEASURED CHANNELS MARKET SHARELYSTEADI INCREASING OATLY VALUE SHARE OF PLANT BEVERAGES OATLY VALUE SHARE OF OAT 6.5% 31.7% 33.1% 29.9% 6.3% 26.1% 26.6% 6.2% 5.8% 5.8% YE '24 YE '25 L52wk L24wk L12wk YE '24 YE '25 L52wk L24wk L12wk Source: NielsenIQ Total xAOCending 10/03/26 Source: Niel
Slide 27: North America Portfolio Acceleration with Flavors and Fiber
NORTH AMERICA PORTFOLIO BU ACCELER ATES WITHAVORS FL AND FIBER 27
Slide 28: Greater China Update
GRE ATER CHINAATE UPD • FOODSERVICE REMAINS PRESSURED BY MACRO HEADWINDS • SUSTAINED RETAIL GROWTH IS A POSITIVE OFFSET • STRATEGIC REVIEW ON TRACK FOR CONCLUSION IN 2026 28
Slide 29: Global Business Fundamentals Maintain Improvement
1 GLOBAL BUSINESS FUNDAMEN TALS MAIN TAIN IMPROVEMENT VOLUME SOLD GROSS MARGIN 2 SG&A + R&D (in million Liters) (as a % of Net Sales) 70.0% 60.0% 50.0% 40.0% 34.1% 29.8% 29.8% 156.9 30.0% 59.6% 150.6 48.9% 141.3 43.6% 17.4% 37.0% 20.0% 35.8% 126.3 125.0 10.0% 2.7% 0.0% Q3 22 Q3 23 Q3 24 Q3 25 Q3 26
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Slide 31: Financial Performance Overview
FINANCIAL PERFORMANCE OVER Q3 2026 Revenue Y/Y Change +9.1% Constant Currency Revenue Y/Y Growth 1 +8.9% Gross Margin 34.1% change vs prior year +436 bps Adj. EBITDA1 $9.4M change vs prior year +$6.3M % of total revenue 3.9% Notes: USD in millions 1. Adjusted EBITDA and Constant Currency Revenue are
Slide 32: Year-over-Year Revenue Bridge
YEAR -OVER -YEAR REVENUE BRIDGE (USD IN MILLIONS) +8.9% Constant Currency Revenue Growth 1 +4.7% +0.2% +4.2% Notes: May not add due to rounding 1. Constant Currency Revenue growth is a non -IFRS measure. Please see Appendix for reconciliations to loss for the period, reported revenue, and net cash f
Slide 33: Year-over-Year Gross Margin Bridge
YEAR -OVER -YEAR GROSS MARGIN BRI 4.5% 1.2% 34.1% (1.1%) (0.2%) 29.8% c. -90bps explained by impact of the conflict in the Middle East and freight constraints in the US Q3'25 Absorption & Net Pricing & Inflation Foreign Exchange Q3 '26 Supply Chain Product Mix & Others Improvements * 33 Note: (*) In
Slide 34: Year-over-Year Adj. EBITDA Bridge
YEAR -OVER 1 -YEAR ADJ. EBITDA BRIDGE: $16.6 $9.4 ($10.3) $3.1 1 Q3' 25 Adj. EBITDA1 Gross Profit SG&A and Other Q3' 26 Adj. EBITDA Note: USD in millions; May not add due to rounding 1. Adjusted EBITDA is a non -IFRS measure. Please see Appendix for reconciliations to loss for the period, reported r
Slide 35: Segment-Level Detail
SEGMENT -LEVELTAIL DE TOTAL EUROPE & NORTH GREATER OATLY INTERNATIONAL AMERICA CHINA CORPORATE Volume Growth 4.2% 17.6% 0.4% (26.2%) CC Rev. Growth 1 8.9% 20.4% 2.9% (19.3%) Q3 ‘26 Adj. EBITDA ($ M)1 $9.4 $31.5 $0.3 ($1.9) ($20.5) Fav / ( Unfav ) vs. PY $6.3 $9.6 $1.6 ($3.5) ($1.4) 1. Constant Curre
Slide 36: Cash Flow Impacted by Multiple Temporary Factors
CASH FLOW 1 IMPACTED BY FREE CASH FLOW MULTIPLE TEMPORARY FACTORS Q3 ’26 CASH FLOW CONSIDERATIONS $(5) $(18) ▪ Unfavorable capex timing $(27) $(49) ▪ Inventory build to support innovation & distribution ▪ Reversal of calendar impact that drove $(148) favorability in Q2 Net Working Capital ▪ Structur
Slide 37: 2026 Outlook
(1)(2) 2026 OUTLOOK GUIDANCE CONSIDERATIONS CONSTANT CURRENCY ▪ Maintaining our prior outlook 2 REVENUE GROWTH 8% TO 10% ▪ FX tailwind remains ~200bps -250bps ▪ Reduced from the prior “lower -end” of $25 -$35MM ADJ. EBITDA2 $16- $20MILLION ▪ Y/Y improvement driven by increase in gross profit behind
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Slide 39: Revenue Summary
REVENUE SUMMA RY REVENUE SPLIT BY CHANNEL– Q3 2026 REVENUE SPLIT BY REGION(3) – Q3 2026 2% 13% 27% 26% 61% 71% Food retail Europe & International Foodservice (1) North America Other (2) Greater China Notes: 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e -Commerce. 3. Excludes inter
Slide 40: Revenue Summary
REVENUE SUMMA RY REVENUE SPLIT BY CHANNEL– Q3 2026 EUROPE & INTERNATIONAL NORTH AMERICA GREATER CHINA 0% 1% 9% 22% 32% 47% 44% 67% 78% Food retail Foodservice (1) Other (2) Notes: Excludes intersegment revenue. 1. Foodservice includes Coffee & Tea shops. 2. Other is mainly e -Commerce. 40
Slide 41: Reconciliation of Non-IFRS Financial Measures
RECONCILI ATION OF-IFRS NONFINANCIAL MEA 41
Slide 42: Reconciliation of Non-IFRS Financial Measures
RECONCILI ATION OF-IFRS NONFINANCIAL MEA Revenue, Adjusted EBITDA and EBITDA Three months ended September 30, 2026 Europe & International North America Greater China Corporate* Eliminations** Total Revenue Revenue from external customers 147,245 63,844 31,965 — — 243,054 Intersegment revenue 346 — —
Slide 43: Reconciliation of Non-IFRS Financial Measures
RECONCILI ATION OF-IFRS NONFINANCIAL MEA 43
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