Swedish oat drink firm Oatly announced that it is progressing towards its first full year of profitable growth in 2025, after reporting significant progress in its transformation strategy, marked by stronger margins and reduced losses in its most recent results.
The company expects constant-currency revenue growth of 2% to 4%, adjusted EBITDA between $5 million (€4.79 million) and $15 million (€14.38 million), and capital expenditures of $30 million (€28.77 million) to $35 million (€33.56 million) in 2025.
Fourth-Quarter Financial Highlights
Oatly reported revenue growth of 5%, year on year, in the fourth quarter, to $214.3 million, driven by robust volume growth across all regions.
Gross margin for the period improved by 540 basis points, to 28.8%, while the net loss amounted to $91.2 million, compared to €87.4 million a year ago.
The company’s adjusted EBITDA loss reduced to $6.1 million (€5.85 million) in the fourth quarter, from $13.1 million (€12.56 million) last year.
Jean-Christophe Flatin, Oatly’s CEO, stated, “Over the past two years, we have executed a significant transformation of our company. We have overhauled our supply chain, our overhead structure, and our mindset. We now have a much healthier business with clear strategies, clear accountability, stronger margins, and significantly improved profitability.
“All this hard work has enabled us to now expect 2025 to be our first full year of profitable growth as a public company.”
Regional Performance
Revenue in Oatly’s Europe and International division grew by 2.7%, to $108.5 million (€104 million), in the fourth quarter of 2024, from $105.6 (€101.2 million) in the same period of the previous year.
This growth was largely fuelled by a 4.1% increase in sales volume, particularly in barista and ambient oat milk products across established markets, alongside further expansion into new European and international territories.
However, a 2.0% decline in price/mix partially offset these gains, the company noted. The retail segment accounted for approximately 81% of total revenue in the quarter ؘ– slightly up from 80% a year earlier.
The total volume of finished goods sold reached 78.3 million litres, compared to 75.2 million litres in the previous year.
Adjusted EBITDA in the division increased by $5.2 million (€4.9 million) to $16.6 million (€15.9 million) in the fourth quarter of 2024, from $11.4 million (€10.9 million) in the previous year.
This improvement was mainly driven by increased gross profit and tighter cost management, leading to reduced selling and administrative expenses.
North America And Greater China
Revenue in North America grew by $4.7 million (€4.5 million), or 7.1%, reaching $70.6 million (€67.7 million) in the quarter.
The finished-goods volume increased by 5.1%, to 41.1 million litres, driven by expanded distribution and new-product launches across the retail and foodservice channels.
The retail segment contributed 48% of total revenue, consistent with the previous year.
Adjusted EBITDA improved by $3.9 million (€3.7 million), reaching $1.2 million (€1.15 million), compared to a $2.7 million (€2.5 million) loss in the previous year.
This growth was primarily due to higher gross profit from improved supply chain efficiency, partially offset by increased branding investments.
Greater China’s revenue grew by $2.7 million (€2.5 million), or 8.2%, reaching $35.3 million (€33.8 million) from $32.6 million (€31.2 million) in the comparable quarter of the previous year.
