Oatly Group AB: 2Q26 First Impressions

Research evidence excerpt

Oatly Group AB: 2Q26 First Impressions

Equity Research

U.S. Food

22 July 2026

Oatly Group AB

2Q26 First Impressions

This morning, OTLY reported 2Q26 results. See below for our

first impressions.

OTLY OVERWEIGHT

What To Do With The Stock U.S. Food NEUTRAL

Price Target USD 12.00

We'd expect to see some relief in shares at the open as OTLY delivered another quarter of better-

Price (21-Jul-26) USD 9.05

than-expected top-line results, with growth across all three segments exceeding our

Potential Upside/Downside +32.6%

expectations, and the company consequently raised its full-year constant currency guide, now Source: Bloomberg, Barclays Research

looking for growth in the range of +8-10% YOY versus +3-5% YOY previously and Consensus of

+4.6% YOY. Constant currency revenue growth of +12.7% YOY (vs Consensus up +3.8% YOY) was

driven by another quarter of accelerating growth in the key Europe and International segment, U.S. Food

Andrew Lazarwhere constant currency sales grew +18.0% YOY (vs Consensus of +6.2% YOY), predicated on

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+16.9% YOY volume growth and only a minimal benefit from pricing, while so too did North

andrew.lazar@barclays.com

America constant currency growth of +5.9% YOY exceed Consensus expectations of +1.7% YOY. BCI, US

Further down the P&L, gross margin of 33.9% was up some +140bps YOY (vs Consensus of

Joshua Bader, CPA, CFA~+5bps YOY) as improvements in supply chain efficiency, channel mix in North America, and

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market and product mix in Europe & International were only partially offset by the impact of the

joshua.bader@barclays.com

conflict in the Middle East on energy and logistics costs. In spite of the top-line and gross margin BCI, US

beat, 2Q26 EBITDA $0.4mm came in largely in line with Consensus of $0.3mm, as the company