Oatly lowered its full-year adjusted earnings outlook Oct. 28 despite reporting higher third-quarter revenue and a narrower loss, giving retailers and foodservice partners a mixed picture of the beverage company’s performance.
The company now expects 2026 adjusted earnings before interest, taxes, depreciation and amortization of $16 million to $20 million, down from $25 million to $35 million. It kept its constant-currency revenue growth outlook at 8% to 10%.
Sales and margins improve
Revenue for the quarter ended Sept. 30 rose 9.1% to $243.1 million. Constant-currency growth was 8.9%. Gross margin reached 34.1%, an improvement of 4.4 percentage points from a year earlier.
The net loss attributable to parent-company shareholders narrowed to $27.5 million from $65.3 million. Adjusted EBITDA increased to $9.4 million from $3.1 million. The positive adjusted measure does not mean Oatly reported a net profit.
Oatly said growth in Europe and International and North American retail was partly offset by lower Greater China volume amid foodservice competition.
A weaker outlook alongside quarterly progress
The report follows second-quarter revenue of $240.1 million, which Oatly reported in July, up 15.2% from a year earlier, or 12.7% in constant currency.
For commercial partners, the distinction is between improved reported quarterly performance and a reduced expectation for the full year. Neither should be read as a guarantee of future sales or profitability. Oatly’s unchanged revenue outlook and lower adjusted earnings range describe different parts of that operating picture.