Oatly has announced its financial results for the second quarter ended 30 June 2026, reporting a 15.2% revenue increase compared to the prior year period.

The Swedish oat milk maker recorded revenues of $240.1 million in the second quarter, with a gross margin of 33.9% – a 1.4 percentage point increase compared to the previous year.

Oatly said its 12.7% growth in constant currency revenue was driven by growth in the company’s Europe & International markets, as well as North America, primarily in the retail channel. It also saw volume growth in Greater China, despite acknowledging increased competition in foodservice.

Europe & International revenue increased $24.9 million, or 21%, to $143.1 million for Q2 2026, compared to $118.2 million in Q2 2025. The increase in revenue was driven by volume growth of 16.9%, mainly led by growth in barista products.

Meanwhile, North America revenue increased $3.7 million, or 5.9%, to $66.9 million for the second quarter, compared to $63.2 million in the prior year period.

Greater China revenue increased $3.1 million, or 11.6%, to $30.1 million for Q2 2026. Oatly said it is continuing its strategic review of the Greater China business, expected to be complete within 2026 – though it stated that there is no definitive timetable for completion, and there can be ‘no assurances’ that the process will result in any transaction or strategic change.

The margin improvement compared to Q2 2025 was attributed to improvements in supply chain efficiency, channel mix in North America, and market and product mix in Europe & International, partially offset by the impact of the conflict in the Middle East on energy and logistics costs.

Net loss in the second quarter attributable to shareholders of the parent was $31.3 million, compared to $55.9 million in the prior year period.

Adjusted EBITDA for the quarter was $0.4 million, an improvement on the previous year period’s $3.6 million EBITDA loss.

R&D expenses in the second quarter of 2026 were $4.6 million, which was flat compared to the prior year period.

Based on the latest results, the company has raised its 2026 outlook, with constant currency revenue growth now expected to be in the range of +8-10% (from +3-5% previously).

Jean-Christophe Flatin, Oatly’s CEO, commented: “I am pleased to report another quarter of profitable growth marked by demand-led value creation. Our second quarter results reflect the disciplined execution of our strategy including improvements to the mix of channels, customers and products.”

He noted that the company’s “growth playbook” is outperforming expectations in Europe and gaining traction in North America, adding that the strong returns reinforce commitments to reinvesting in the business.

“We continue to make progress reducing our cost structure, and the cost pressures associated with the conflict in the Middle East are tracking according to our expectations. We remain focused on execution and are committed to building on this momentum to deliver consistent, sustainable and profitable growth over time.”