Oatly : OTLY 1Q26 Earnings Presentation FINAL

Published: 2026-04-29 08:10:43 ET OTLY

Published on 04/29/2026 at 08:10 am EDT

Q1 2026 EARNINGS PRESENTATION

APRIL 2026

TODAY'S SPEAKERS

------------------

JEAN-CHRISTOPHE FLATIN, CEO DANIEL ORDOíEZ, GLOBAL PRESIDENT & COO

MARIE-JOSÉ DAVID, CFO

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 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: we have a history of losses, and we may be unable to achieve or sustain profitability, including due to elevated inflation and increased costs for transportation, energy, and materials; 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 to us; 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; the primary components of all our products are manufactured in our production facilities, and damage or disruption at these facilities has in the past harmed, and may in the future harm, our business; our brand or reputation may be harmed 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 have led to product recalls, and may materially adversely affect our business, financial condition and results of operations by exposing us to lawsuits or regulatory enforcement actions in the future, increasing our operating costs and reducing demand for our product offerings; 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; consolidation of customers, the loss of a significant customer or the decrease of sales from a significant customer, could negatively impact our sales and profitability; sales of our oatmilk varieties contribute a significant portion of our revenue and a reduction in such sales would have an adverse effect on our business, financial condition and results of operations; we continue to pursue largely an asset-light business model blending a heavy reliance on our co-manufacturing partners in addition to in-house capacity expansions where appropriate; our strategic partnerships with our 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; we may not successfully ramp up operations at any of our or our co-manufacturing partners' facilities, or these facilities may not operate in accordance with our expectations; if we fail to effectively expand our processing, manufacturing and production capacity through existing facilities or acceptable co-manufacturing partners as we continue to grow and scale our business to a steady operating level, our business, financial condition, results of operations and our brand reputation could be harmed; if we fail to develop and maintain our brand, our business could suffer; failure to develop or introduce new products or successfully improve existing products may adversely affect our ability to continue to grow; if we fail to cost-effectively acquire new customers and consumers or retain our existing customers and consumers, or if we fail to derive revenue from our existing customers consistent with our historical performance, our business could be materially adversely affected; 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; if we fail to manage our future growth effectively, including maintenance of our workforce, our business, financial condition and results of operations could be materially adversely affected; we have recognized impairment charges for long-lived assets and other exit costs in connection with our production facilities, and we may need to recognize further costs in the future, which could adversely impact our business, financial condition and results of operations; we are subject to risks related to sustainability (including environmental, climate change 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; we rely on information technology systems and any inadequacy, failure or interruption of, or cybersecurity incidents affecting, those systems may harm our reputation and ability to effectively operate our business; a cybersecurity incident or other technology disruptions could negatively impact our business and our relationships with customers; to remain competitive, we believe we will need to adopt artificial intelligence and other machine learning technologies; our customer agreements do not contain long-term commitments and do not require our customers to continue purchasing products from us and this may negatively impact our business or financial condition; we may face difficulties as we expand our operations into countries in which we have no prior operating experience; the strategic review of the Company's Greater China operations may not be successful; our operations in China could expose us to substantial business, regulatory, political, financial and economic risks; the international nature of our business subjects us to additional global economic and geopolitical risks; if we fail to comply with trade compliance and economic sanctions laws and regulations of the United States (the "U.S."), the EU and other applicable international jurisdictions, it could materially adversely affect our reputation and results of operations; some of our debt agreements contain a floating interest rate component and as a result, an increase in market interest rates will increase our future interest payments under such agreements; our international operations expose us to the risk of fluctuations in currency exchange rates; we maintain cash and cash equivalents at financial institutions, often in amounts exceeding insured limits, and the failure of one or more of these institutions could result in a loss of deposits and adversely affect our liquidity or ability to raise capital; packaging costs are volatile and may rise significantly, which may negatively impact the profitability of our business; fluctuations in our results of operations may impact, and may have a disproportionate effect on, our overall financial condition and results of operations; 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 may adversely affect our operations or our ability to grow successfully; 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 may adversely affect our business, financial condition and results of operations; our business is affected by macroeconomic conditions, including rising inflation, interest rates and supply chain constraints; we are subject to risks inherent to organizations with international operations, which could harm our business and global conflicts, including the ongoing conflict in Iran; legal claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties; 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 applicable laws and 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; we are subject to stringent environmental regulation and potentially subject to environmental litigation, proceedings and investigations; we may not be able to protect, enforce or defend our intellectual property and other proprietary rights adequately, which may impact our commercial success; we have incurred substantial indebtedness that may decrease our business flexibility, access to capital, and/or increase our future borrowing costs; 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, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on March 13, 2026, and our other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this document 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 document, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Non-IFRS Financial Measures

We use EBITDA, Adjusted EBITDA, Constant Currency Revenue as non-IFRS financial measures in assessing our operating performance and Free Cash Flow as a non-IFRS liquidity measure, and each in our financial communications. "EBITDA" is defined as profit/(loss) for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income and depreciation and amortization expense.

"Adjusted EBITDA" is defined as profit/(loss) for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, costs related to the strategic review of the Greater China business, impacts related to the closure of production facility, impacts related to discontinued construction of production facilities, expenses related to a new product launch issue and non-controlling interests.

Adjusted EBITDA should not be considered as an alternative to loss for the period or any other measure of financial performance calculated and presented in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBITDA rather than loss for the period, which is the most directly comparable IFRS measure. Some of these limitations are:

Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements;

Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us;

Adjusted EBITDA does not reflect income tax payments that reduce cash available to us;

Adjusted EBITDA does not reflect recurring share-based compensation expense and, therefore, does not include all of our compensation costs;

Adjusted EBITDA does not reflect restructuring costs that reduce cash available to us in future periods;

Adjusted EBITDA does not reflect costs related to the strategic review of the Greater China business that reduce cash available to us;

Adjusted EBITDA excludes impacts related to the closure of production facility, although some of these may reduce cash available to us in future periods;

Adjusted EBITDA excludes impacts related to discontinued construction of production facilities, although some of these may reduce cash available to us in future periods;

Adjusted EBITDA does not reflect expenses related to a new product launch issue that reduced cash available to us; and

Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Adjusted EBITDA should not be considered in isolation or as a substitute for financial information provided in accordance with IFRS. Below we have provided a reconciliation of EBITDA and Adjusted EBITDA to loss for the period, the most directly comparable financial measure calculated and presented in accordance with IFRS, for the periods presented.

"Constant Currency Revenue" is calculated by translating the current year reported revenue amounts into comparable amounts using the prior year reporting period's average foreign exchange rates which have been provided by a third party. Constant Currency Revenue is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial performance.

Constant currency revenue is used to provide a framework in assessing how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations and we believe this information is useful to investors to facilitate comparisons and better identify trends in our business. Above we have provided a reconciliation of revenue as reported to revenue on a constant currency basis for the periods presented. "Free Cash Flow" is defined as net cash flows used in operating activities less capital expenditures. We believe Free Cash Flow is a useful supplemental financial measure for us and investors in assessing our ability to pursue business opportunities and investments. Free Cash Flow is not a measure of our liquidity under IFRS and should not be considered as an alternative to net cash flows used in operating activities.

Free Cash Flow is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial liquidity. Because Free Cash Flow is not a measurement determined in accordance with IFRS, and is susceptible to varying calculations, it may not be comparable to other similarly titled measures presented by other companies. Free Cash Flow should not be considered in isolation, or as a substitute for an analysis of our results as reported on our condensed consolidated financial statements appearing elsewhere in this document. Below we have provided a reconciliation of Free Cash Flow to net cash flows used in operating activities for the periods presented.

KEY TAKEAWAYS

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Solid Q1 results, making consistent progress in line with profitable growth obsession.

Growth playbook continues to drive results in E&I and increasingly so in North America.

Reaffirming guidance whilst navigating the visible impact from the conflict in the Middle East

SOLID Q1 RESULTS EVIDENCE FOCUS ON PROFITABLE GROWTH

REVENUE GROSS PROFIT ADJ. EBITDA FREE CASH FLOW

+15.6%

Y/Y REVENUE GROWTH AS REPORTED

+8.1%

Y/Y CONST. CURR. REVENUE GROWTH1

$76.3MM

33.4%

OF SALES

$5.0MM

($11.7MM )

Notes: USD in millions

1. Adjusted EBITDA, constant currency revenue growth, and free cash flow are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measures 6

OUR 2026 FOCUS AREAS

---------------------------------

Double down on growth playbook.

Complete strategic review of Greater China segment.

Minimize the impact brought by conflict in the Middle East

REAFFIRMING 2026 GUIDANCE

CONST. CURR.

1 ADJ. EBITDA1

REVENUE GROWTH

--------------- ---------------

+3%

to +5% $25MM

to $35MM

BUSINESS UPDATE

DOUBLING DOWN ON A PROVEN GROWTH PLAYBOOK

---------------------------------

TARGET: Younger generations.

PORTFOLIO: Beverages.

COMMS: Taste & Health.

MEDIA: Social and live culture-creating.

DOUBLE DOWN: TASTE LEADERSHIP IN BEVERAGES

New additions in market from Q1 in E&I.

FRANCE

DOUBLE DOWN: OOH OMNIPRESENCE

NETHERLANDS

GERMANY

USA

SPAIN

DOUBLE DOWN: RELEVANT COMMS TO THE YOUNG

DOUBLE DOWN: LIVE CULTURE-CREATING EXPERIENCES

DOUBLE DOWN: MASSIVE SOCIAL MEDIA PRESENCE

DOUBLE DOWN: IN-STORE EXECUTION EXCELLENCE

Sweden

Netherlands

Canada

POSITIVE RESULTS ARE ACCELERATING

EUROPE & INTERNATIONAL SEGMENT CONSTANT CURRENCY REVENUE GROWTH1

- -------------------

+14% +15%

NORTH AMERICA SEGMENT REVENUE GROWTH (EXCL. LARGEST FOODSERVICE CUSTOMER)2

- -------------------

+6%

+0%

+10%

+3%

+12%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

(3)%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Constant currency revenue growth is a non-IFRS measure. See the appendix of this presentation for a reconciliation to the nearest IFRS measure.

Total segment growth was (10.6)%, (6.8)%, (10.1)%, (8.8)% and +3.8% in Q1 '25, Q2 '25, Q3 '25, Q4 '25 and Q1 '26, respectively

POSITIVE RESULTS ARE ACCELERATING

EUROPE & INTERNATIONAL SEGMENT CONSTANT CURRENCY REVENUE GROWTH1

- -------------------

+14% +15%

NORTH AMERICA SEGMENT REVENUE GROWTH 2

- -------------------

+6%

+0%

+4%

(7)%

(11)%

(10)%

(9)%

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Constant currency revenue growth is a non-IFRS measure. See the appendix of this presentation for a reconciliation to the nearest IFRS measure.

Segment growth excluding the largest foodservice cutomer was (3.4)%, +3.2%, +3.2%, +10.1% and +12.3% in Q1 '25, Q2 '25, Q3 '25, Q4 '25 and Q1 '26, respectively

CONSISTENTLY OUTPERFORMING OUR CATEGORIES

EUROPEAN RETAIL TAKEAWAY Y/Y SALES GROWTH1

- -------------

US RETAIL TAKEAWAY Y/Y SALES GROWTH2

- ------------

11%

12%

65%

34%

16%

OATLY

9% OAT MILK

6% PLANT-BASED MILK

10%

-1%

-5%

-6%

-3% -2% -3% -2%

-3%

-5% -6%

PLANT-BASED MILK OAT MILK

Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26

Source: Nielsen and Circana (for UK 1Q-3Q). Consolidated year-over year value growth for the 12-week periods ending closest to the fiscal quarter-end, depending on the country's data availability. Includes UK, Germany, Sweden, Netherlands, Austria, Switzerland, Norway, Denmark, Poland, Spain, France, Belgium. Germany, Austria, Switzerland, and Poland exclude hard discounters.

Source: Nielsen 19

40.0

35.0

30.0

25.0

$ MM

20.0

15.0

10.0

5.0

0.0

(5.0)

(10.0)

OAT IS CLEARLY GAINING MOMENTUM AND DRIVING PBM1 GROWTH ACROSS EUROPE

ROLLOUT OF THE GROWTH PLAYBOOK

Apr/24

May/24

Jun/24

Jul/24

Aug/24

Sep/24

Oct/24

Nov/24

Dec/24

Jan/25

Feb/25

Mar/25

Apr/25

May/25

Jun/25

Jul/25

Aug/25

Sep/25

Oct/25

Nov/25

Dec/25

Jan/26

Feb/26

Mar/26

12WK VALUE SALES GROWTH BY CROP

Plant-Based Milks

Source: Nielsen. Rolling 12-week window Consolidated Value Y/Y growth for the 12-week periods ending closest to the fiscal quarter-end, depending on the country's data availability. Includes UK, Germany, Sweden, Netherlands, Austria, Switzerland, Norway, Denmark, France. Germany, Austria and

Switzerland exclude hard discounters. 20

BRINGING NEW CONSUMERS INTO THE CATEGORY

INCREMENTALITY

YOUNGER TARGET

85%

15%

45%

19% 21%

81%

19%

PBMs Oatly Barista Oatly Matcha

Source:: Shopper Loyalty Card data, Switching analysis, Oatly Barista Caramel/Popcorn and Oatly Matcha, Wk36 2025 - Wk13 2026 vs. Prior Period

Source: Shopper Loyalty Card data, Switching analysis, Oatly Barista Caramel/Vanilla/Popcorn, Wk36 2025 - Wk13 2026 vs. Prior Period 21

Source: Shopper Loyalty Card data, Unit sales, 30 w/e 13/12/2025

US FUNDAMENTALS IN PLACE, STEPPING UP NOW

DRIVING THE BEVERAGE SPACE IN OOH

+12.4% Q1 GROWTH Y/Y

GAINING TRACTION IN RETAIL

+10.5% Q1 GROWTH Y/Y

30.3%

29.5%

28.2%

27.4%

26.5%

Oatly Value Share of Oat milks2

52wk '24

52wk '25

L52w L24W L12W

+150% Y/Y

CLUB NET SALES

Excluding the channel's largest customer in the North America segment

Source: Nielsen

LOOKING AHEAD

FIBERMAXXING US ROLLOUT

GREATER CHINA: CONTINUING TO EXECUTE WELL IN A CHALLENGING ENVIRONMENT

PRICE PRESSURE IN FOODSERVICE CONTINUES

VERY STRONG GROWTH IN RETAIL AND ACCELERATING

AIMING TO COMPLETE STRATEGIC REVIEW IN 2026

WITH BUSINESS FUNDAMENTALS AT A GLOBAL LEVEL THAT CONTINUE TO SOLIDIFY

1Q26

1Q25

1Q24

1Q23

1Q22

118

132

128

153

145

UOLUUc SOLD

(in million Liters)

1Q26

1Q25

1Q24

1Q23

10%

1Q22

17%

27%

33%

32%

SªOSS UAªSIU

1Q26

1Q25

1Q24

1Q23

1Q22

39%

41%

42%

53%

65%

S,SGA + ªGD

(as a % of Net Sales)

Note: S,G&A numbers shown include outbound customer distribution expenses, branding and advertising expenses, as well as certain expenses that are excluded from Adjusted EBITDA

FINANCIAL HIGHLIGHTS

FINANCIAL PERFORMANCE OVERVIEW

-----------------------------------

1Q 2026

Revenue Y/Y Change

+15.6%

Constant Currency Revenue Y/Y Growth1

+8.1%

Gross Margin

33.4%

change vs prior year

+188 bps

Adj. EBITDA1

$5.0

change vs prior year

+$8.7

% of total revenue

2.2%

Notes: USD in millions

1. Adjusted EBITDA and constant currency revenue are non-IFRS measures. See the Appendix to this presentation for a reconciliation to the nearest IFRS measures

YEAR-OVER-YEAR REVENUE BRIDGE

(USD IN MILLIONS)

+8.1% Constant Currency Revenue Growth1

+7.5% $228

+5.6%

+2.5%

$198

Q1 '25

Revenue

Volume Const. Currency Price/Mix

Foreign Exchange

Q1 '26

Revenue

Notes:

May not add due to rounding

1. Constant currency revenue growth is a non-IFRS measure. See the appendix of this presentation for a reconciliation to the nearest IFRS measure.

YEAR-OVER-YEAR GROSS MARGIN BRIDGE

1.1%

0.4%

33.4%

31.6%

1.1%

(0.8)%

Q1 '25 Absorption &

Supply Chain Improvements*

Net Pricing and

Product Mix

Inflation Foreign

Exchange & Other

Q1 '26

Note: (*) Including volume linked commitments May not add due to rounding

YEAR-OVER-YEAR ADJ. EBITDA1 BRIDGE

$14.0

$5.0

($5.3)

($3.7)

Q1'25 Adj. EBITDA 1 Gross Profit SG&A and Other Q1'26 Adj. EBITDA1

Note: USD in millions; May not add due to rounding

1. Adjusted EBITDA is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure.

SEGMENT-LEVEL DETAIL

TOTAL OATLY

EUROPE & INTERNATIONAL

NORTH AMERICA

GREATER

CHINA CORPORATE

Q1 '26

Volume Growth 5.6% 12.6% 1.6% (8.8)%

CC Rev. Growth1

8.1%

14.5%

3.7%

(6.4)%

Adj. EBITDA1

$5.0

$31.6

$0.7

($0.8)

($26.5)

Fav / (Unfav) vs. PY

$8.7

$16.0

($0.5)

($2.4)

($4.5)

1. Constant currency revenue growth and adjusted EBITDA are non-IFRS measures. Please see appendix for a reconciliation to revenue, the nearest IFRS measures.

CASH FLOW

GOOD PROGRESS ON FREE CASH FLOW1 DRIVERS OF FREE CASH FLOW GOING FORWARD

- ------------------

- -----------------------

($12)

($21)

($45)

($99)

Continued progress on increasing Adj. EBITDA

Working capital improvements.

Will maintain discipline in how we invest capex.

($122)

Q1 '22 Q1 '23 Q1 '24 Q1 '25 Q1 '26

Free Cash Flow is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure.

Cash Conversion Cycle is a non-IFRS measure. See the Appendix to this presentation for a reconciliation to the nearest IFRS measure. 32

2026 OUTLOOK(1)(2)

CONSTANT CURRENCY REVENUE GROWTH2

GUIDANCE

- -----

3% TO 5%

CONSIDERATIONS

- --------

~100-200 bps tailwind from FX.

Y/Y improvement driven by increase in gross profit behind sales growth and productivity

ADJ. EBITDA2 $25 - $35 MILLION

CAPEX $20 - $30 MILLION

improvements.

Strong brand building investments in H1.

Navigating the visible impact of the conflict in the Middle East

Notes:

These are goals / targets and are forward-looking, subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management and are based upon assumptions with respect to future decisions,

which are subject to change. Actual results will vary, and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the Annual Report on Form 20-F filed with the Securities & Exchange Commission on March 22, 2024, and in our other filings with the SEC. Nothing in this presentation should be regarded as a representation by any persons that these goals / targets will be achieved, and the Company undertakes no duty to update its goals.

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

APPENDIX

REVENUE SUMMARY

REVENUE SPLIT BY CHANNEL - Q1 2026 REVENUE SPLIT BY REGION(3) - Q1 2026

- --------------------- ----------------------

2% 13%

30%

69%

27%

60%

Other(2)

Notes:

Foodservice includes Coffee & Tea shops.

Other is mainly e-Commerce.

Excludes intersegment revenue.

REVENUE SUMMARY

REVENUE SPLIT BY CHANNEL - Q1 2026

EUROPE & INTERNATIONAL

- --------------

NORTH AMERICA

- ---------

GREATER CHINA

- --------

27%

20%

34%

80%

65%

Notes: Excludes intersegment revenue.

Foodservice includes Coffee & Tea shops.

Other is mainly e-Commerce.

63%

RECONCILIATION OF NON-IFRS FINANCIAL MEASURES

Disclaimer

Oatly Group AB (publ) published this content on April 29, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 29, 2026 at 12:09 UTC.