The earnings call reflects a company that is making significant strides in improving profitability and operational efficiency, with strong volume growth and gross margin expansion. However, challenges remain in terms of meeting revenue growth expectations and addressing category sluggishness, particularly in the U.S. and China.

Company Guidance

During Oatly's fourth-quarter 2024 earnings call, the company reported several key metrics and guidance for 2025. Despite achieving an 8.8% volume growth over 2023, Oatly's constant currency revenue growth was 4.8%, falling short of guidance. However, the company delivered adjusted EBITDA at the favorable end of its guidance range. For 2025, Oatly expects constant currency revenue growth between 2% to 4%, with a 300-basis-point impact from changes in sourcing decisions at its largest U.S. customer, potentially adjusting the guidance range to 5% to 7%. The company forecasts adjusted EBITDA of $5 million to $15 million and capital expenditures between $30 million to $35 million. Oatly aims to drive profitable growth by leveraging its brand, enhancing efficiencies, and maintaining a leaner overhead structure with approximately 1,500 employees. The company reported a 14% revenue increase versus 2022, with a gross margin expansion of 18 percentage points and an adjusted EBITDA improvement exceeding $230 million, indicating substantial progress over the past two years.

Volume Growth and Profitability

Oatly reported a robust volume growth of 8.8% in 2024 compared to 2023. Despite falling short of topline guidance, adjusted EBITDA was at the favorable end of the guidance range, highlighting improved profitability.

Gross Margin Expansion

Gross margin expanded by 18 percentage points compared to the previous year, driven by supply chain improvements and better cost management.

Expansion in Food Service

North America reported double-digit revenue growth in retail, and food service sales grew by 22% excluding the largest customer, indicating aggressive diversification.

Free Cash Flow Improvement

Oatly reported a significant improvement in free cash flow, with a $319 million improvement since 2022, marking the best performance since the IPO.

Efficiency and Cost Reduction

The company reduced its employee count by 500 over two years and achieved a 19% reduction in cost per liter, reflecting strong efficiency drives.

Oatly Group (DE:9ZX) Earnings, Revenues Date & History

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DE:9ZX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 30, 2025	2025 (Q1)	-0.05 / -	-0.076	―	―	―
Feb 12, 2025	2024 (Q4)	-0.07 / -0.14	-0.478	70.00% (+0.33)
Nov 07, 2024	2024 (Q3)	-0.06 / -0.06	-0.067	14.29% (<+0.01)
Jul 24, 2024	2024 (Q2)	-0.07 / -0.05	-0.143	66.67% (+0.10)
Apr 30, 2024	2024 (Q1)	-0.08 / -0.08	-0.124	38.46% (+0.05)
Feb 15, 2024	2023 (Q4)	-0.12 / -0.48	-0.201	-138.10% (-0.28)
Nov 09, 2023	2023 (Q3)	-0.12 / -0.07	-0.172	61.11% (+0.11)
Jul 27, 2023	2023 (Q2)	-0.12 / -0.14	-0.115	-25.00% (-0.03)
May 09, 2023	2023 (Q1)	-0.12 / -0.12	-0.143	13.33% (+0.02)
Mar 15, 2023	2022 (Q4)	-0.13 / -0.20	-0.124	-61.54% (-0.08)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:9ZX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 12, 2025	$10.56	$7.26	-31.24%
Nov 07, 2024	$14.80	$14.48	-2.16%
Jul 24, 2024	$18.60	$18.00	-3.23%
Apr 30, 2024	$18.88	$20.80	+10.17%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.