Oatly Group Q2 2026 Earnings: Revenue Outlook Raised, China Under Strategic Review
Oatly Group reported strong Q2 2026 results, with net revenue up 15.2% and gross margin rising to 33.9%. The company raised its full-year constant-currency revenue growth outlook from 3-5% to 8-10%, driven by product innovation, expanded distribution, and demand in Europe and International markets. North America posted its second consecutive quarter of positive volume growth. However, Oatly maintained its adjusted EBITDA forecast at the low end of $25-35 million due to cost pressures from the Middle East conflict and ongoing growth spending. The company also announced that its China operations remain under strategic review, with options including a potential carve-out to accelerate growth and maximize value. Free cash flow improved in the quarter, but full-year 2026 is not expected to be cash-flow positive.
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