美国

证券交易委员会

华盛顿特区 20549

6-K 表格

外国私人发行人报告
根据《证券交易法》第 13a-16 或 15d-16 条
（1934 年）

2026 年 10 月

委员会档案编号：001-40401

Oatly Group AB (publ)

（注册人名称的英文译名）

Ångfärjekajen 8

211 19 Malmö

瑞典

（主要行政办公室地址）

请勾选注册人是否以 20-F 表格或 40-F 表格提交或将提交年度报告。

20-F 表格 ☒ 40-F 表格 ☐

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Oatly Group AB (publ)

中期简明合并财务报表

截至 2026 年 9 月 30 日止三个月和九个月

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第一部分 – 财务信息
第 1 项财务报表
中期简明合并经营报表	1
中期简明合并综合亏损表	2
中期简明合并财务状况表	3
中期简明合并权益变动表	4
中期简明合并现金流量表	6
中期简明合并财务报表附注	7
第 2 项管理层对财务状况和经营业绩的讨论与分析	25
第 3 项关于市场风险的定量和定性披露	41
第二部分 – 其他信息
第 1 项法律诉讼	41
第 1A 项风险因素	41
第 2 项未注册的股权证券销售及所得款项用途	41
第 3 项优先证券违约	41
签名	42

第一部分 – 财务信息

第 1 项财务报表

中期简明合并经营报表


（未经审计）		截至 9 月 30 日止三个月，			截至 9 月 30 日止九个月，
（单位：千美元，股份、每股及 ADS 数据除外）	附注	2026			2025		2026	2025
收入	5		243,054			222,796		711,474		628,680
销售成本			(160,072	)		(156,449	)	(470,788	)	(432,378	)
毛利			82,982			66,347		240,686		196,302
研发费用			(4,561	)		(4,524	)	(14,071	)	(13,520	)
销售、一般及行政费用			(85,320	)		(75,146	)	(263,470	)	(236,755	)
其他经营收入及（费用），净额			(2,290	)		(3,601	)	(994	)	(3,658	)
经营亏损			(9,189	)		(16,924	)	(37,849	)	(57,631	)
财务收入及（费用），净额	7		(16,066	)		(47,557	)	(30,364	)	(70,062	)
税前亏损			(25,255	)		(64,481	)	(68,213	)	(127,693	)
所得税费用	8		(2,198	)		(923	)	(2,705	)	(6,188	)
本期亏损			(27,453	)		(65,404	)	(70,918	)	(133,881	)
归属于：
母公司股东			(27,458	)		(65,287	)	(70,747	)	(133,628	)
非控股权益			5			(117	)	(171	)	(253	)
归属于母公司股东的每股亏损：
基本及稀释	24		(0.04	)		(0.11	)	(0.11	)	(0.22	)
归属于母公司股东的每 ADS 亏损（1 ADS 代表 20 股普通股）：
基本及稀释	24		(0.86	)		(2.15	)	(2.24	)	(4.44	)
加权平均已发行普通股数：
基本及稀释	24		638,254,231			606,332,281		630,675,537		602,057,593

随附附注是这些中期简明合并财务报表的组成部分。

中期简明合并综合亏损表


（未经审计）	截至 9 月 30 日止三个月，			截至 9 月 30 日止九个月，
（单位：千美元）	2026			2025		2026	2025
本期亏损		(27,453	)		(65,404	)	(70,918	)	(133,881	)
其他综合（亏损）/收益：
可能随后重新分类至合并经营报表的项目（扣除税项后）：
境外经营折算产生的汇兑差额		(2,198	)		1,733		(8,275	)	53,760
不会随后重新分类至合并经营报表的项目（扣除税项后）：
归因于信用风险变化的可转换票据公允价值变动		—			(16,355	)	—		(16,355	)
本期其他综合（亏损）/收益总额		(2,198	)		(14,622	)	(8,275	)	37,405
本期综合亏损总额		(29,651	)		(80,026	)	(79,193	)	(96,476	)
归属于：
母公司股东		(29,666	)		(79,918	)	(79,064	)	(96,236	)
非控股权益		15			(108	)	(129	)	(240	)

随附附注是这些中期简明合并财务报表的组成部分。

中期简明合并财务状况表

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（未经审计）	注	2026年9月30日			2025年12月31日
（单位：千美元）
资产
非流动资产
无形资产	9		126,610			137,747
不动产、厂房及设备	10		273,019			294,688
使用权资产	11		29,482			37,907
其他非流动应收款	12,13		48,872			46,992
递延所得税资产	8		3,565			4,676
非流动资产总额			481,548			522,010
流动资产
存货	14		80,701			68,537
贸易应收款	15		100,583			103,522
流动所得税资产			1,879			2,737
其他流动应收款	16		13,146			17,438
预付费用			11,526			8,608
现金及现金等价物	17		23,322			64,345
流动资产总额			231,157			265,187
资产总额			712,705			787,197
权益和负债
权益	18
股本			112			110
库存股			(0	)		(0	)
其他投入资本			1,641,601			1,641,601
其他储备			(233,668	)		(225,351	)
累计亏损			(1,458,865	)		(1,397,805	)
归属于母公司股东的权益			(50,820	)		18,555
非控股权益			987			1,116
权益总额			(49,833	)		19,671
负债
非流动负债
租赁负债	11		17,329			24,729
计息贷款及借款	19		168,830			182,783
准备金	20		—			2,697
非流动负债总额			186,159			210,209
流动负债
租赁负债	11		10,847			12,457
计息贷款及借款	13,19		354,346			340,266
贸易应付款	21		67,591			66,481
流动所得税负债			1,323			1,642
其他流动负债			8,617			11,176
应计费用	22		125,962			107,932
准备金	20		7,693			17,363
流动负债总额			576,379			557,317
负债总额			762,538			767,526
权益和负债总额			712,705			787,197

随附附注是本中期简明合并财务报表不可分割的一部分。

中期简明合并权益变动表


（未经审计）（单位：千美元）	注	股本	库存股	其他投入资本	其他储备	累计亏损	归属于母公司股东的权益	非控股权益	权益总额
2025年12月31日余额	18	110	(0)	1,641,601	(225,351)	(1,397,805)	18,555	1,116	19,671
本期亏损		—	—	—	—	(12,006)	(12,006)	(123)	(12,129)
其他综合亏损		—	—	—	(5,885)	—	(5,885)	19	(5,866)
本期综合亏损总额		—	—	—	(5,885)	(12,006)	(17,891)	(104)	(17,995)
股份支付	6	—	—	—	—	2,869	2,869	—	2,869
2026年3月31日余额		110	(0)	1,641,601	(231,236)	(1,406,942)	3,533	1,012	4,545
本期亏损		—	—	—	—	(31,283)	(31,283)	(53)	(31,336)
其他综合亏损		—	—	—	(224)	—	(224)	13	(211)
本期综合亏损总额		—	—	—	(224)	(31,283)	(31,507)	(40)	(31,547)
发行股份		2	0	—	—	—	2	—	2
股份支付	6	—	—	—	—	3,501	3,501	—	3,501
2026年6月30日余额		112	(0)	1,641,601	(231,460)	(1,434,724)	(24,471)	972	(23,499)
本期亏损		—	—	—	—	(27,458)	(27,458)	5	(27,453)
其他综合亏损		—	—	—	(2,208)	—	(2,208)	10	(2,198)
本期综合亏损总额		—	—	—	(2,208)	(27,458)	(29,666)	15	(29,651)
股份支付	6	—	—	—	—	3,317	3,317	—	3,317
2026年9月30日余额		112	(0)	1,641,601	(233,668)	(1,458,865)	(50,820)	987	(49,833)


（未经审计）（单位：千美元）	注	股本	库存股	其他投入资本	其他储备	累计亏损	归属于母公司股东的权益	非控股权益	权益总额
2024年12月31日余额	18	106	(0)	1,628,045	(274,160)	(1,249,303)	104,688	1,435	106,123
本期亏损		—	—	—	—	(12,430)	(12,430)	(101)	(12,531)
其他综合收益		—	—	—	24,695	—	24,695	2	24,697
本期综合收益总额		—	—	—	24,695	(12,430)	12,265	(99)	12,166
股份支付	6	—	—	—	—	3,592	3,592	—	3,592
2025年3月31日余额		106	(0)	1,628,045	(249,465)	(1,258,141)	120,545	1,336	121,881
本期亏损		—	—	—	—	(55,911)	(55,911)	(35)	(55,946)
其他综合收益		—	—	—	27,328	—	27,328	2	27,330
本期综合亏损总额		—	—	—	27,328	(55,911)	(28,583)	(33)	(28,616)
发行股份		1	(0)	—	—	—	1	—	1
股份支付	6	—	—	—	—	3,453	3,453	—	3,453
2025年6月30日余额		107	(0)	1,628,045	(222,137)	(1,310,599)	95,416	1,303	96,719
本期亏损		—	—	—	—	(65,287)	(65,287)	(117)	(65,404)
其他综合亏损		—	—	—	(14,631)	—	(14,631)	9	(14,622)
本期综合亏损总额		—	—	—	(14,631)	(65,287)	(79,918)	(108)	(80,026)
股份支付	6	—	—	—	—	3,080	3,080	—	3,080
行使股票期权	6	—	0	111	—	—	111	—	111
2025年9月30日余额		107	(0)	1,628,156	(236,768)	(1,372,806)	18,689	1,195	19,884

随附附注是本中期简明合并财务报表不可分割的一部分。

中期简明合并现金流量表


（未经审计）		截至9月30日止九个月
（单位：千美元）	注	2026			2025
经营活动
净亏损			(70,918	)		(133,881	)
将净亏损调节至经营活动现金流量净额的调整项目
—不动产、厂房及设备和使用权资产的折旧及无形资产摊销	9,10,11		37,851			35,735
—存货减记	14		4,796			5,705
—贸易应收款减值转回	15		(135	)		(21	)
—股份支付	6		9,687			10,125
—准备金变动	20		(12,548	)		(11,902	)
—财务收入及费用净额	7		30,364			70,062
—所得税费用	8		2,705			6,188
—处置不动产、厂房及设备和无形资产的收益			(474	)		—
—与大中华区业务战略审查相关的减值	10,11		1,638			—
—其他			(545	)		(187	)
已收利息			131			1,226
已付利息			(16,690	)		(17,807	)
已付所得税			(3,026	)		(2,348	)
营运资金变动：
—存货增加	14		(19,301	)		(1	)
—贸易应收款、其他流动应收款及预付费用减少	15,16		890			10,740
—贸易应付款、其他流动负债及应计费用增加	21,22		24,094			9,007
经营活动所用现金流量净额			(11,481	)		(17,359	)
投资活动
购买无形资产	9		(2,588	)		(1,707	)
购买不动产、厂房及设备	10		(16,649	)		(12,068	)
出售不动产、厂房及设备所得款项			562			374
其他			7			415
投资活动所用现金流量净额			(18,668	)		(12,986	)
融资活动
偿还对信贷机构的负债	19		—			(2,006	)
从信贷机构负债中取得的款项	19		1,448			—
支付贷款交易成本	7,19		(1,533	)		(1,020	)
偿还租赁负债	11		(9,100	)		(9,369	)
行使股票期权所得款项	6		—			111
融资活动所用现金流量			(9,185	)		(12,284	)
现金及现金等价物净减少额			(39,334	)		(42,629	)
期初现金及现金等价物			64,345			98,923
现金及现金等价物的汇率差异			(1,689	)		2,609
期末现金及现金等价物	17		23,322			58,903

随附附注是这些中期简明合并财务报表的组成部分。

中期简明合并财务报表附注

（未经审计）

（除非另有说明，金额单位为千美元）

附注1. 公司信息

Oatly Group AB (publ)（“公司”或“母公司”）是一家在瑞典注册成立并设有住所的公众有限公司。公司的注册办事处位于瑞典马尔默Ångfärjekajen 8。

Oatly Group AB (publ)及其子公司（统称“集团”）生产、分销和销售燕麦制品。

附注2. 会计政策概要

Oatly Group AB (publ)截至2026年和2025年9月30日止三个月及九个月的中期简明合并财务报表按照《国际会计准则第34号——中期财务报告》编制。集团编制财务报表时假设其将持续经营，并合理预期集团拥有充足资源，可在可预见的未来（且不少于报告期末起12个月）继续运营。在作出这一判断时，集团考虑了与其遵守财务契约及其他义务的能力有关的主要条件、事项和假设。所采用的会计政策与上一财年及相应中期报告期间的会计政策一致。

中期财务信息反映了管理层认为为公允列报本文所载信息所必需的所有正常经常性调整。中期简明合并财务报表应与集团截至2025年12月31日止年度的合并财务报表一并阅读，因为本报表未包含年度合并财务报表要求的所有信息和披露。中期业绩不一定能代表全年业绩。除非另有说明，中期简明合并财务报表以千美元列报。

已发布但尚未采用的新准则及经修订准则和解释

2026年2月，欧盟认可了《国际财务报告准则第18号——财务报表列报与披露》（“IFRS 18”），该准则适用于自2027年1月1日或之后开始的年度报告期间。本集团仍在实施IFRS 18。根据迄今进行的评估，预计该准则主要会通过将某些收入和费用重新归类至经营、投资和融资类别，以及引入新的规定小计，影响合并经营报表的列报。此外，对《国际会计准则第7号——现金流量表》（IAS 7）的相应修订将影响合并现金流量表的列报，包括间接法下确定经营活动现金流量的起点，以及利息现金流量的分类。预计应用IFRS 18不会影响本集团当期损益。此外，IFRS 18将新增有关管理层定义的业绩指标的披露要求。本集团将继续评估该准则对其列报和披露的全面影响。

除《2025年年度报告》中所列准则外，国际会计准则理事会发布的其他《国际财务报告准则会计准则》预计不会对本集团当前或未来报告期间或可预见的未来交易产生重大影响。

附注3. 重大会计判断、估计和评估

编制这些中期简明合并财务报表时，管理层在应用本集团会计政策时作出的重大判断，以及估计和不确定性的主要来源，与编制截至2025年12月31日止年度的合并财务报表时所采用的相同。

估计和判断持续接受评估，并基于历史经验及其他因素，包括对未来事件的预期。

附注4. 季节性

迄今为止，我们尚未经历明显的季节性波动，但此类波动可能被我们的历史增长和宏观经济趋势（包括较高的通胀）所掩盖。随着本集团持续增长（包括各市场相对规模的变化），我们预计季节性影响将进一步显现，尤其是在食品零售渠道，该渠道的收入贡献往往与

中期简明合并财务报表附注

（除非另有说明，单位为千美元）

节假日季节相关。例如，农历新年为期一周的庆祝活动发生在日历年的第一季度，导致大中华区及亚洲其他地区的销量低于该年度其余季度。

附注5. 分部信息

5.1 收入、调整后EBITDA和EBITDA


收入、调整后EBITDA和EBITDA
截至2026年9月30日止三个月	欧洲及国际			北美		大中华区	公司*		抵销**			总计
收入
来自外部客户的收入		147,245			63,844		31,965			—			—		243,054
分部间收入		346			—		—			—			(346	)	—
分部总收入		147,591			63,844		31,965			—			(346	)	243,054
调整后EBITDA		31,514			331		(1,897	)		(20,519	)		—		9,429
股份支付费用		(627	)		(373	)	(157	)		(2,160	)		—		(3,317	)
重组成本(1)		(144	)		(195	)	—			(178	)		—		(517	)
大中华区业务战略审查(2)		—			—		(2,419	)		—			—		(2,419	)
非控股权益		—			—		5			—			—		5
EBITDA		30,743			(237	)	(4,468	)		(22,857	)		—		3,181
财务收入及（费用），净额		—			—		—			—			—		(16,066	)
折旧和摊销		—			—		—			—			—		(12,370	)
税前亏损		—			—		—			—			—		(25,255	)

截至2025年9月30日止三个月	欧洲及国际			北美		大中华区	公司*		抵销**			总计
收入
来自外部客户的收入		123,267			62,096		37,433			—			—		222,796
分部间收入		130			—		—			—			(130	)	—
分部收入总额		123,397			62,096		37,433			—			(130	)	222,796
调整后 EBITDA		21,876			(1,270	)	1,586			(19,076	)		—		3,116
股份支付费用		(504	)		(318	)	(494	)		(1,764	)		—		(3,080	)
重组成本(1)		(239	)		(298	)	—			(513	)		—		(1,050	)
大中华区业务战略审查(2)		—			—		(3,533	)		—			—		(3,533	)
非控股权益		—			—		(117	)		—			—		(117	)
EBITDA		21,133			(1,886	)	(2,558	)		(21,353	)		—		(4,664	)
财务收入和（费用），净额		—			—		—			—			—		(47,557	)
折旧和摊销		—			—		—			—			—		(12,260	)
税前亏损		—			—		—			—			—		(64,481	)

中期简明合并财务报表附注

（除非另有说明，单位为千美元）


截至2026年9月30日的九个月	欧洲及国际			北美		大中华区	公司总部*		抵销**			总计
收入
来自外部客户的收入		427,108			192,953		91,413			—			—		711,474
分部间收入		1,582			—		—			—			(1,582	)	—
分部收入总额		428,690			192,953		91,413			—			(1,582	)	711,474
调整后 EBITDA		88,076			1,725		(4,127	)		(70,860	)		—		14,814
股份支付费用		(1,776	)		(974	)	(800	)		(6,137	)		—		(9,687	)
重组成本(1)		(112	)		(301	)	—			(1,175	)		—		(1,588	)
大中华区业务战略审查(2)		—			—		(3,366	)		—			—		(3,366	)
非控股权益		—			—		(171	)		—			—		(171	)
EBITDA		86,188			450		(8,464	)		(78,172	)		—		2
财务收入和（费用），净额		—			—		—			—			—		(30,364	)
折旧和摊销		—			—		—			—			—		(37,851	)
税前亏损		—			—		—			—			—		(68,213	)

截至2025年9月30日的九个月	欧洲及国际			北美		大中华区	公司总部*		抵销**			总计
收入
来自外部客户的收入		349,125			185,167		94,388			—			—		628,680
分部间收入		1,274			—		—			—			(1,274	)	—
分部收入总额		350,399			185,167		94,388			—			(1,274	)	628,680
调整后 EBITDA		61,673			(2,510	)	2,568			(65,909	)		—		(4,178	)
股份支付费用		(1,487	)		(1,004	)	(1,217	)		(6,417	)		—		(10,125	)
重组成本(1)		(710	)		(1,551	)	(42	)		(972	)		—		(3,275	)
大中华区业务战略审查(2)		—			—		(4,911	)		—			—		(4,911	)
生产设施关闭(3)		846			—		—			—			—		846
非控股权益		—			—		(253	)		—			—		(253	)
EBITDA		60,322			(5,065	)	(3,855	)		(73,298	)		—		(21,896	)
财务收入和（费用），净额		—			—		—			—			—		(70,062	)
折旧和摊销		—			—		—			—			—		(35,735	)
税前亏损		—			—		—			—			—		(127,693	)

* 公司总部包括未分配至各分部的一般费用。

** 2026年的抵销指欧洲及国际向大中华区和北美销售产品所产生的分部间收入。2025年的抵销指欧洲及国际向大中华区销售产品所产生的分部间收入。

(1) 主要涉及集团调整组织架构所产生的遣散费用。

(2) 涉及大中华区分部战略审查的费用，主要包括2026年的非现金减值和外部顾问费用，以及2025年的外部顾问费用。

(3) 涉及转回此前确认的与关闭集团新加坡生产设施相关的退出成本。

5.2 按国家划分的非流动资产

此处的非流动资产包括不动产、厂房和设备以及使用权资产。


	2026年9月30日		2025年12月31日
瑞典		114,955		127,151
中国		85,296		92,694
美国		72,659		79,455
荷兰		28,328		32,002
其他		1,263		1,293
总计		302,501		332,595

中期简明合并财务报表附注

（除非另有说明，单位为千美元）

5.3 按客户所在地划分的外部客户收入

集团注册地位于瑞典。下表列示按客户所在地划分的外部客户收入金额。


	截至9月30日的三个月		截至9月30日的九个月
	2026		2025		2026	2025
美国		61,886		60,662		187,506	181,008
德国		41,214		35,325		117,590	95,128
英国		37,313		34,518		110,554	103,119
中国		31,665		37,133		90,757	93,367
瑞典		12,551		12,824		39,060	36,043
其他		58,425		42,334		166,007	120,015
总计		243,054		222,796		711,474	628,680

“其他”中不包含任何单个国家收入超过总收入10%的情况。

5.4 按渠道和分部划分的外部客户收入

下表列示按渠道和分部划分的外部客户收入。


截至2026年9月30日的三个月	欧洲及国际		北美		大中华区	总计
零售		114,906		43,140		15,095	173,141
餐饮服务		31,686		20,266		14,080	66,032
其他		653		438		2,790	3,881
总计		147,245		63,844		31,965	243,054

截至2025年9月30日的三个月	欧洲及国际		北美		大中华区	总计
零售		97,502		37,579		9,786	144,867
餐饮服务		25,143		24,209		24,743	74,095
其他		622		308		2,904	3,834
总计		123,267		62,096		37,433	222,796

截至2026年9月30日的九个月	欧洲及国际		北美		大中华区	总计
零售		334,142		125,430		33,406	492,978
餐饮服务		91,141		66,175		48,837	206,153
其他		1,825		1,348		9,170	12,343
总计		427,108		192,953		91,413	711,474

截至2025年9月30日的九个月	欧洲及国际		北美		大中华区	总计
零售		276,536		110,822		20,076	407,434
餐饮服务		70,228		73,322		64,368	207,918
其他		2,361		1,023		9,944	13,328
总计		349,125		185,167		94,388	628,680

其他主要与电子商务有关，包括直接面向消费者的业务以及通过第三方平台进行的业务。

在截至2026年和2025年9月30日的九个月内，燕麦奶分别占集团收入的91%和90%。

附注6. 股份薪酬

截至2021年12月31日止年度，公司在首次公开募股相关事宜中实施了一项激励奖励计划，即2021年激励奖励计划（“2021年计划”）。2021年计划的主要目的是通过授予股份薪酬奖励和现金绩效奖金奖励，吸引、留住并激励自2021年起选定的

中期简明合并财务报表附注

（除非另有说明，单位为千美元）

员工、顾问及公司董事会（“董事会”）成员。2026年5月20日，公司股东年度大会（“2026年股东周年大会”）决议将2021年计划项下预留授予的普通股总数增加至143,861,475股，可授予多种股份薪酬奖励，包括但不限于股票期权和限制性股票单位（“RSU”）。为确保根据2021年计划未来交付普通股和美国存托股（“ADS”），公司股东决议发行总计143,861,475份认股权证。参见附注18 股权。

在截至2026年9月30日的九个月内，公司根据2021年计划授予了1,409,218份RSU，其中350,453份授予了包括高管在内的关键管理人员及董事会成员。期内有687,883份RSU归属，其中236,075份授予关键管理人员。RSU作为以权益结算的股份薪酬交易进行会计处理。RSU根据授予日相关ADS的公允市场价值计量。根据2021年计划授予员工的RSU，在持续提供服务的前提下，于授予日后首三个周年日分三期等额归属。授予公司董事会成员的RSU，在持续任职的前提下，于授予日后举行的下一次股东年度大会之日归属。尽管有上述规定，且经2026年股东周年大会批准，公司在截至2026年9月30日的九个月内授予董事会成员的54,936份RSU于2026年5月31日归属。这些RSU是一次性额外配发，用于补偿部分董事会成员2025年基于权益的奖励不足。

集团未归属RSU的变动及相关信息如下：


	RSU数量			加权平均授予日公允价值（$）
截至2025年12月31日		1,621,503			13.51
期内授予		1,409,218			10.05
期内没收		(179,150	)		11.95
期内归属		(687,883	)		14.91
截至2026年9月30日		2,163,688			10.94

截至2026年9月30日止九个月内，公司根据2021年计划授予了316,598份新股票期权，全部授予关键管理人员。期内有144,236份股票期权归属，其中84,771份授予关键管理人员。股票期权作为以权益结算的股份支付交易进行会计处理。根据2021年计划授予的股票期权，其行权价等于授予日ADS的公允价值。根据2021年计划授予参与者的股票期权，在授予日后的前三个周年日分期等额归属，前提是持续提供服务。2026年前授予的股票期权将在各期归属后五年到期，因此各期对应的总期限分别为六年、七年和八年。2026年授予的股票期权将在授予日后七年到期。

集团未行使股票期权及相关信息的变动情况如下：


	股票期权数量			加权平均行权价（$）
截至2025年12月31日		464,838			26.81
期内授予		316,598			10.05
期内没收		(6,709	)		23.03
期内到期		(21,019	)		27.22
截至2026年9月30日		753,708			19.79
截至2026年9月30日已归属且可行权		321,646			29.03

2026财年授予的股票期权在授予日的公允价值为2026年5月授予日的$5.68。2024财年授予的股票期权在授予日的公允价值为2024年5月授予日的$13.4，以及2024年11月授予日的$9.2。2023财年授予的股票期权在授予日的公允价值为2023年5月授予日的$19.6、2023年7月授予日的$21.8，以及2023年11月授予日的$8.6。2022财年授予的股票期权在授予日的公允价值为2022年5月授予日的$29.8，以及2022年11月授予日的$17.2。2021财年授予的股票期权在授予日的公允价值为2021年5月授予日的$124.8，以及2021年11月授予日的$73.4。股票期权在授予日的公允价值采用Black-Scholes期权定价模型确定，该模型考虑了行权价、股票期权的预期期限、授予日ADS价格、相关ADS的预期价格波动率、预期股息收益率、股票期权期限内的无风险利率，以及同业公司的相关性和波动率。公司

中期简明合并财务报表附注

（除非另有说明，金额以千美元计）

预计近期不会支付任何现金股息，因此在期权估值模型中采用零预期股息收益率。

下表列示了截至2026年9月30日止九个月内授予的股票期权所用Black-Scholes期权定价模型的参数：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


预期期限（年）	7
授予日ADS加权平均价格	10.05
公司ADS预期价格波动率（%）	50.0	%
无风险利率（%）	4.27	%

根据董事会的决定，每份RSU或股票期权均赋予持有人取得公司二十股普通股、二十份认股权证或一份ADS的权利。

截至2026年9月30日止三个月的股份支付费用为$3.3 million（2025年：$3.1 million），截至2026年9月30日止九个月为$9.7 million（2025年：$10.1 million）。

附注7. 财务收入和费用


	截至9月30日的三个月			截至9月30日的九个月
	2026			2025		2026	2025
利息收入		915			987		2,750		3,366
其他财务收入		—			—		—		155
外汇净差额		(677	)		526		387		(5,039	)
租赁负债利息费用		(571	)		(725	)	(1,787	)	(2,219	)
贷款和借款利息费用		(14,102	)		(15,503	)	(42,087	)	(44,838	)
衍生工具公允价值变动		(486	)		114		(1,690	)	(85	)
可转换票据公允价值变动		(874	)		(32,161	)	13,684		(18,655	)
其他财务费用		(271	)		(795	)	(1,621	)	(2,747	)
财务收入和费用净额合计		(16,066	)		(47,557	)	(30,364	)	(70,062	)

可转换票据（定义见下文）的公允价值变动包括扣除票面利率和信用风险变动后的公允价值变动。可转换票据的票面利率为9.25%。截至2026年和2025年9月30日止三个月的贷款和借款利息费用分别包括可转换票据利息费用910万美元和930万美元。截至2026年和2025年9月30日止九个月的贷款和借款利息费用分别包括可转换票据利息费用2,690万美元和2,740万美元。参见附注13“金融工具公允价值”和附注19“计息贷款和借款”。

有关本集团信贷安排的更多详情，请参见附注19“计息贷款和借款”。

附注8. 所得税

截至2026年9月30日止三个月和九个月的税项费用总额分别为220万美元和270万美元。截至2025年9月30日止三个月和九个月的税项费用总额分别为90万美元和620万美元。截至2026年9月30日止三个月和九个月的有效税率分别为8.7%和4.0%。截至2025年9月30日止三个月和九个月的有效税率分别为1.4%和4.8%。有效税率的主要影响因素包括未确认税务亏损相关递延所得税资产，以及在其他综合收益中确认的外汇影响所产生的税务影响。本集团在全球范围内运营，在瑞典境外的多个司法管辖区拥有重大业务。因此，合并所得税率是一个综合税率，反映本集团的收益、其运营所在各司法管辖区适用的税率，以及递延所得税资产能否确认。

附注9. 无形资产

截至2026年9月30日和2025年12月31日的无形资产概要如下：

中期简明合并财务报表附注

（除非另有说明，单位为千美元）


	商誉			资本化软件		其他无形资产	在建开发成本		合计
成本
截至2025年12月31日		128,489			18,656		10,830			1,906		159,881
新增		—			115		807			1,758		2,680
处置		—			—		(83	)		—		(83	)
重新分类		—			242		—			(242	)	—
汇兑差额		(10,441	)		(1,547	)	(791	)		(229	)	(13,008	)
截至2026年9月30日		118,048			17,466		10,763			3,193		149,470
累计摊销
截至2025年12月31日		—			(14,752	)	(7,107	)		(275	)	(22,134	)
摊销费用		—			(1,488	)	(1,185	)		—		(2,673	)
处置		—			—		57			—		57
汇兑差额		—			1,302		565			23		1,890
截至2026年9月30日		—			(14,938	)	(7,670	)		(252	)	(22,860	)
成本减累计摊销净额
截至2025年12月31日		128,489			3,904		3,723			1,631		137,747
截至2026年9月30日		118,048			2,528		3,093			2,941		126,610

截至2026年9月30日止三个月的摊销费用为60万美元（2025年：60万美元）。截至2026年9月30日止九个月的摊销费用为270万美元（2025年：270万美元）。

附注10. 不动产、厂房及设备

截至2026年9月30日和2025年12月31日的不动产、厂房及设备概要如下：


	土地及建筑物			厂房及机器		在建工程	合计
成本
截至2025年12月31日		113,151			313,567		32,415		459,133
新增		282			8,888		5,175		14,345
处置		(30	)		(1,374	)	(676	)	(2,080	)
重新分类		1,267			2,867		(4,134	)	—
汇兑差额		(4,221	)		(6,508	)	(151	)	(10,880	)
截至2026年9月30日		110,449			317,440		32,629		460,518
累计折旧及减值
截至2025年12月31日		(26,039	)		(120,016	)	(18,390	)	(164,445	)
折旧费用		(5,406	)		(21,436	)	—		(26,842	)
处置		28			1,076		—		1,104
减值(1)		(932	)		(85	)	—		(1,017	)
汇兑差额		1,101			3,218		(618	)	3,701
截至2026年9月30日		(31,248	)		(137,243	)	(19,008	)	(187,499	)
成本、累计折旧净额及减值
截至2025年12月31日		87,112			193,551		14,025		294,688
截至2026年9月30日		79,201			180,197		13,621		273,019

(1) 与大中华区业务的战略审查有关。

截至2026年9月30日止三个月的折旧费用为890万美元（2025年：870万美元）。截至2026年9月30日止九个月的折旧费用为2,680万美元（2025年：2,450万美元）。

截至2026年9月30日止九个月的新增项目主要与对瑞典兰斯克鲁纳生产设施的投资有关。

中期简明合并财务报表附注

（除非另有说明，金额均以千美元计）

附注11. 租赁

生产设施的租赁期限通常为10至20年，其他物业（即办公室）的租赁期限通常为1至15年。生产设备的租赁期限通常为1至5年。本集团还签有租赁期限少于12个月的租赁，以及涉及低价值资产（如办公设备）的租赁。对于这些租赁，本集团选择适用《国际财务报告准则第16号——租赁》中的豁免规定，因此这些合同的价值不计入使用权资产或租赁负债。

以下为租赁使用权资产的变动情况：


	土地及建筑物			厂房及机器设备		合计
成本
截至2025年12月31日		54,852			27,054		81,906
增加		1,197			731		1,928
减少		(4,091	)		(3,356	)	(7,447	)
汇兑差额		(645	)		(330	)	(975	)
截至2026年9月30日		51,313			24,099		75,412
累计折旧
截至2025年12月31日		(28,260	)		(15,739	)	(43,999	)
折旧		(5,539	)		(2,797	)	(8,336	)
减少		3,422			2,935		6,357
减值(1)		(621	)		—		(621	)
汇兑差额		260			409		669
截至2026年9月30日		(30,738	)		(15,192	)	(45,930	)
成本扣除累计折旧后的净额
截至2025年12月31日		26,592			11,315		37,907
截至2026年9月30日		20,575			8,907		29,482

(1) 与大中华区业务的战略审查有关。

截至2026年9月30日止三个月的折旧费用为280万美元（2025年：290万美元）。截至2026年9月30日止九个月的折旧费用为830万美元（2025年：850万美元）。

以下为租赁负债到期情况分析：


租赁负债	2026年9月30日
到期情况分析
少于3个月		2,799
3个月至1年		8,397
1年至2年		5,675
2年至5年		10,471
5年后		9,100
租赁承诺总额		36,442
剩余租赁付款折现的影响		(8,266	)
截至2026年9月30日的租赁负债总额		28,176
截至2026年9月30日简明合并财务状况表中列示的租赁负债
非流动		17,329
流动		10,847
合计		28,176

本集团有以下租赁协议，截至2026年9月30日尚未开始履行，但本集团已承诺履行：

中期简明合并财务报表附注

（除非另有说明，金额均以千美元计）

•

一份关于英国伦敦办公室的租赁协议，本集团在该协议项下的义务总额为490万美元，租期五年。

附注12. 其他非流动应收款


	2026年9月30日		2025年12月31日
本票		30,609		27,990
长期预付费用		13,893		13,485
衍生工具		3,293		4,375
押金		773		1,007
其他应收款		304		135
合计		48,872		46,992

本票是本集团于2023年出售犹他州奥格登和得克萨斯州达拉斯-沃思堡制造设施所得售价的一部分。该票据到期日为2028年5月31日。第一年的名义利率为8%，此后每年递增200个基点。利息每半年资本化一次，有效利率为12.56%。

长期预付费用主要包括奥格登制造设施共享资产未来使用权的抵用额。

衍生工具包括利率上限合约以及与本公司北欧债券（定义见下文）相关的嵌入式衍生工具。有关北欧债券的更多详情，请参阅附注19「计息贷款和借款」。

附注13. 金融工具的公允价值

本附注说明了在确定财务报表中按公允价值确认和计量的金融工具公允价值时所作的判断和估计。为说明用于确定公允价值的输入值的可靠性，集团按照会计准则规定将其金融工具划分为三个层级。

第1层级：在活跃市场交易的金融工具（例如公开交易的衍生工具和权益证券）的公允价值，依据报告期末的报价确定。集团持有的金融资产所采用的报价为当前买入价。此类工具归入第1层级。

第2层级：未在活跃市场交易的金融工具（例如场外衍生工具）的公允价值采用估值技术确定；这些技术最大限度地使用可观察市场数据，并尽可能少地依赖主体特定估计。如果对工具进行公允价值计量所需的所有重大输入值均可观察，则该工具归入第2层级。

第2层级金融工具估值所采用的具体估值技术包括：

•

对于外币远期合约，根据资产负债表日的远期汇率计算未来现金流量的现值；以及

•

对于利率上限合约——期权定价模型（例如 Black-Scholes 模型）。

第3层级：如果一个或多个重大输入值并非基于可观察市场数据，则该工具归入第3层级。可转换票据（定义见下文）即属此类。

中期简明合并财务报表附注

（除非另有说明，金额均以千美元计）


截至2026年9月30日的经常性公允价值计量	第1层级		第2层级		第3层级
金融资产
衍生工具（其他非流动应收款的一部分）		—		3,293		—
金融资产总额		—		3,293		—
金融负债
可转换票据（流动计息贷款和借款的一部分）		—		—		346,363
衍生工具（其他流动负债的一部分）		—		456		—
金融负债总额		—		456		346,363

截至2025年12月31日的经常性公允价值计量	第1层级		第2层级		第3层级
金融资产
衍生工具（其他非流动应收款的一部分）		—		4,375		—
衍生工具（其他流动应收款的一部分）		—		129		—
金融资产总额		—		4,504		—
金融负债
可转换票据（流动计息贷款和借款的一部分）		—		—		333,145
金融负债总额		—		—		333,145

截至2026年9月30日止九个月及截至2025年12月31日止年度，各层级之间均无转移。

本票的账面金额可合理近似其公允价值。请参阅附注12「其他非流动应收款」。

集团所持北欧债券（定义见下文）的账面金额可合理近似其公允价值。请参阅附注19「计息贷款和借款」。

集团对信贷机构的流动负债及其他金融工具的账面金额可合理近似其公允价值，因为这些项目期限较短，折现影响并不重大。

可转换票据

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	可转换票据
截至2025年1月1日		324,395
在合并经营报表中确认的公允价值变动（包括利息费用）		30,739
在综合亏损合并报表中确认的公允价值变动		16,355
回购美国票据		(38,344	)
截至2025年12月31日		333,145
在合并经营报表中确认的公允价值变动（包括利息费用）		13,218
截至2026年9月30日		346,363

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	2026年9月30日			2025年12月31日
账面金额		346,363			333,145
公司根据合同有义务在可转换票据到期时向持有人支付的金额		490,873			490,873
账面金额与公司根据合同有义务在可转换票据到期时向持有人支付的金额之间的差额		(144,510	)		(157,728	)

本集团首先确定由引发市场风险的市场状况导致的变动，然后从可转换票据（定义见下文）公允价值的总变动中扣除这些变动，以确定归因于信用风险的公允价值变动金额。引发市场风险的市场状况包括基准利率变动。嵌入式转换期权衍生工具的公允价值变动计入市场风险公允价值变动的评估。

中期简明合并财务报表附注

（除非另有说明，单位为千美元）

该工具整体的公允价值采用蒙特卡洛模拟与折现现金流分析相结合的方法确定。

下表列出了截至2026年9月30日估值模型中使用的关键输入值和假设：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	2026年9月30日		2025年12月31日
每份ADS的转换价格（美元）(1)	27.2-28.2		27.2-28.2
估值日ADS价格（美元）		10.92		10.69
公司ADS的预期价格波动率（%）		65.00		60.00
无风险利率（%）		4.87		3.53
市场利率（%）		22.90		18.00

(1) 美国票据（定义见下文）可由各持有人选择按每份ADS 27.20美元的转换价格转换，但须作惯常的反稀释调整。HH票据（定义见下文）可由各持有人选择按每份ADS 28.20美元的转换价格转换，但须作惯常的反稀释调整。瑞典票据（定义见下文）可由各持有人选择按每股普通股1.36美元的转换价格转换，但须作惯常的反稀释调整。有关可转换票据的更多详情，请参见附注19“计息贷款和借款”。

市场利率根据观察到的、条款和信用评级与本集团相近的公司债券收益率范围进行评估。

下表显示了关键输入值和假设对可转换票据公允价值的影响：


	2026年9月30日		2025年12月31日
ADS价格下降30%		335,763		322,377
ADS价格上升30%		360,230		346,524
波动率下降10个百分点		341,261		327,779
波动率上升10个百分点		350,359		336,942
无风险利率下降1个百分点		345,923		332,581
无风险利率上升1个百分点		346,803		333,707
市场利率下降1个百分点		351,660		340,451
市场利率上升1个百分点		341,192		326,065

有关可转换票据的更多信息，请参见附注19“计息贷款和借款”。

附注14. 存货

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	2026年9月30日		2025年12月31日
原材料及消耗品		16,638		12,326
产成品		64,063		56,211
合计		80,701		68,537

截至2026年9月30日止三个月确认为费用的存货金额为1.507亿美元（2025年：1.479亿美元）。截至2026年9月30日止九个月确认为费用的存货金额为4.416亿美元（2025年：4.087亿美元）。这些费用计入销售成本。

截至2026年9月30日止三个月，存货减记至可变现净值的金额为250万美元（2025年：130万美元）。截至2026年9月30日止九个月，存货减记至可变现净值的金额为480万美元（2025年：570万美元）。各期间的减记均确认为费用，并计入销售成本。

附注15. 应收账款

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	2026年9月30日			2025年12月31日
应收账款		101,382			104,817
减：预期信用损失准备		(799	)		(1,295	)
应收账款净额		100,583			103,522

中期简明合并财务报表附注

（除非另有说明，金额单位为千美元）

本集团应收账款按币种列示的账面金额如下：


	2026年9月30日		2025年12月31日
欧元		33,833		30,788
英镑		18,908		21,155
美元		17,669		20,116
人民币		15,369		17,956
瑞典克朗		3,438		4,430
其他		11,366		9,077
合计		100,583		103,522

财务状况表日的最大信用风险敞口为上述账面金额。

附注16. 其他流动应收款


	2026年9月30日		2025年12月31日
增值税		5,219		7,604
向供应商预付款		5,169		2,201
衍生工具		—		129
其他		2,758		7,504
合计		13,146		17,438

附注17. 现金及现金等价物

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	2026年9月30日		2025年12月31日
银行存款及库存现金		23,322		64,345
合计		23,322		64,345

附注18. 权益

股本及库存股

2021年5月和2026年5月，股东分别决议发行69,496,515份和74,364,960份认股权证，以确保根据2021年计划未来交付普通股。2026年5月和6月，公司行使了13,757,320份认股权证（2025年5月：8,452,360份；2024年5月：3,667,255份；2023年5月：2,882,164份；2022年5月：650,000份）。截至2026年9月30日和2025年12月31日，未行使认股权证分别为114,452,376份和53,844,736份。

2026年5月和6月行使认股权证后，已配发并发行13,757,320股普通股。截至2026年9月30日止九个月内，相当于13,751,520股普通股的股份已通过ADS形式交付给2021年计划参与者。剩余部分作为库存股持有，以便公司在行使未偿付股票期权时及时交付普通股，并满足未来RSU的归属。

截至2026年9月30日和2025年12月31日，已发行普通股分别为638,251,521股和624,500,001股，每股面值为$0.00018（SEK 0.0015）。截至2026年9月30日和2025年12月31日，公司分别持有897,259股和891,459股库存股。

其他投入资本

中期简明合并财务报表附注

（除非另有说明，金额单位为千美元）

截至2026年9月30日和2025年12月31日，其他投入资本在各相应日期均为16.416亿美元，由股本溢价、股东出资以及认股权证发行和行使股票期权所得款项构成。

其他储备

截至2026年9月30日，其他储备为$(233.7)百万，其中包括$(80.0)百万的公允价值储备，与可转换票据（定义见下文）因本集团信用风险变化而产生的公允价值收益和损失有关；以及$(153.7)百万的外币折算储备，主要与将本集团以不同于报告货币（USD）的其他货币开展经营业务折算产生的汇兑差额有关。

截至2025年12月31日，其他储备为$(225.4) million，其中包括$(80.0) million的公允价值储备，该储备与可转换票据因本集团信用风险变化而产生的公允价值收益和损失有关；以及$(145.4) million的外币折算储备，该储备主要与将本集团以不同于报告货币（USD）的其他货币开展经营的境外业务折算所产生的汇兑差额有关。

累计亏损

截至2026年9月30日和2025年12月31日，累计亏损分别为$(1,458.9) million和$(1,397.8) million，包括累计亏损和股份支付。

非控股权益

2023年7月27日，本集团一家中国子公司进行了增发股份。在增发前，本集团持有该子公司100 percent的股本。香飘飘食品股份有限公司认购了部分新发行股份，交易完成后持有40 percent的股本，因此本集团确认了非控股权益。截至2026年9月30日和2025年12月31日，非控股权益分别为$1.0 million和$1.1 million。

附注19. 计息贷款和借款


	2026年9月30日		2025年12月31日
非流动计息贷款和借款
北欧债券		168,830		182,783
非流动计息贷款和借款总额		168,830		182,783

流动计息贷款和借款
可转换票据		346,363		333,145
北欧债券		3,533		4,276
对信贷机构的负债		4,450		2,845
流动计息贷款和借款总额		354,346		340,266
总计		523,176		523,049

截至2026年9月30日，计息贷款和借款为$523.2 million，与北欧债券、可转换票据以及CMB信贷额度（各自定义见下文）的已动用金额有关。截至2025年12月31日，计息贷款和借款为$523.0 million，与北欧债券、可转换票据以及CMB信贷额度（各自定义见下文）的已动用金额有关。

北欧债券

2025年9月30日，公司根据其于2025年9月29日与Nordic Trustee & Agency AB (publ)签订的条款和条件，发行了以SEK计价的优先有担保浮动利率债券（“北欧债券”）。北欧债券的初始发行金额为SEK 1,700 million（相当于$180.9 million），期限为四年，并设有若干提前赎回条款。在满足若干条件后，北欧债券的募集资金于2025年10月3日从托管账户划拨给公司，且

中期简明合并财务报表附注

（除非另有说明，金额以千美元计）

用于全额提前偿还《B类定期贷款信贷协议》项下贷款、回购并注销部分美国票据（定义见下文），以及支付相关交易成本。Nordic Bonds按其名义金额计息，年利率为3个月STIBOR加7.00%。Nordic Bonds的重要条款包括但不限于：(i) 除非在2028年3月14日前达到与回购可转换票据相关的特定门槛，否则须于2028年6月14日或之前全部赎回Nordic Bonds；(ii) 现金及现金等价投资须维持在相当于Nordic Bonds未来三个计息期应付利息的金额；(iii) 债务新增测试，适用于根据Nordic Bonds条款进行的任何后续增发，或任何与Nordic Bonds同顺位或次于Nordic Bonds的其他债务；(iv) 分配新增测试（按备考口径计算，集团总净杠杆率须等于或低于2.75:1），适用于公司向股东进行的某些分配，包括股息；以及(v) 其他限制性契约，例如对债务、留置权及资产处置的限制。截至2026年9月30日，集团Nordic Bonds项下未偿金额为SEK 1,723 million（相当于$172.4 million），包括应计利息。截至2025年12月31日，集团Nordic Bonds项下未偿金额为SEK 1,716 million（相当于$187.1 million），包括应计利息。

货币风险（交易风险）

Nordic Bonds以SEK计价，集团内发行人为Oatly Group AB (publ)，其功能货币为USD。因此，集团面临USD/SEK汇率风险。若汇率上升10%，截至2026年9月30日止九个月的税前亏损将受到$15.4 million的影响。若汇率下降10%，截至2026年9月30日止九个月的税前亏损将受到$18.8 million的影响。

利率风险

集团面临Nordic Bonds产生的利率风险，该债券的利率为STIBOR 3M。为管理该风险，集团已就Nordic Bonds中的SEK 850 million部分金额签订利率上限合约。该上限为1.95%，期限为3年（至2028年9月到期）。由于该上限在经济上对冲了Nordic Bonds，基点上升的影响有限。若浮动利率上升100个基点，截至2026年9月30日止九个月的税前亏损将受到$0.6 million的影响。若浮动利率下降100个基点，截至2026年9月30日止九个月的税前亏损将受到$1.2 million的影响。

对信贷机构的负债

2025年3月19日，集团的间接子公司 Oatly Shanghai Co., Ltd. 与 China Merchants Bank Co., Ltd. Shanghai Branch 签订了一项新的人民币 30.0 百万元（相当于 420 万美元）营运资金信贷额度（“CMB 信贷额度”）。CMB 信贷额度下的每笔提款均须经贷款人批准，有效期为一年，无抵押，并包含债权人保护条款，包括陈述、承诺（包括负面质押、对 Oatly Shanghai Co., Ltd. 借款、投资和处置的限制、对其分配的限制以及与关联方进行交易的限制）和违约事件。截至2026年9月30日，集团已使用 CMB 信贷额度下的贷款金额人民币 30.0 百万元（相当于 440 万美元）。截至2025年12月31日，集团已使用 CMB 信贷额度下的贷款金额人民币 20.0 百万元（相当于 280 万美元）。

2025年9月30日，公司与 JP Morgan、Nordea 和 Rabobank 签订了一项金额为 7.5 亿瑞典克朗（相当于 7,980 万美元）的超优先级循环信贷额度协议（“SSRCF”），该协议于2025年10月3日生效。原有的可持续循环信贷额度协议已取消、终止并由 SSRCF 取代。SSRCF 的承诺期限为两年六个月，并附有一项非承诺的额外延长期权，可延长15个月；初始利差为年利率4.00%（可根据杠杆水平调整）。此外，协议还包含以下财务契约：(i) 有形偿付能力比率；(ii) 最低 EBITDA（自2027年第三季度后不再适用）；(iii) 最低流动性（自2027年第三季度后不再适用）；以及 (iv) 净总杠杆率（自截至2027年9月30日的过去12个月期间起适用）。此外，SSRCF 的条款和条件包含若干负面契约，例如对股息、债务、留置权、投资、收购和资产处置的限制。除某些例外情况外，公司支付股息通常须满足集团净总杠杆率等于或低于3.50:1（按支付股息后的备考口径计算）。SSRCF 与可持续发展挂钩，其利差可根据以下三项关键绩效指标的表现进行调整：(i) 减少生产中的温室气体排放；(ii) 减少生产中的取水量；以及 (iii) 提高团队经理职位中女性的比例。截至2026年9月30日，集团可动用的 SSRCF 未提取承诺额度为 7,210 万美元。

可转换票据

2023年3月23日和2023年4月18日，公司发行了本金总额为3亿美元、利率为9.25%、于2028年到期的可转换高级 PIK 票据（2023年3月23日发行的票据称为“美国票据”，2023年4月18日发行的票据称为“瑞典票据”，并与

中期简明合并财务报表附注

（除非另有说明，金额均以千美元计）

美国票据合称“原始可转换票据”；原始可转换票据与下文定义的 HH 票据合称“可转换票据”）。美国票据和瑞典票据的经济条款基本相同。

本公司的部分现有股东 Nativus Company Limited、Verlinvest S.A.（“Verlinvest”）和 Blackstone Funds 购买了本金总额为 200.1 million 美元的瑞典票据，其他机构投资者购买了本金总额为 99.9 million 美元的美国票据。投资者支付的总购买价为 291 million 美元，反映了 3% 的原始发行折价。

可转换票据年利率为 9.25%，由公司选择以现金或实物付息方式，每年 4 月 15 日和 10 月 15 日半年度后付息一次，首次付息日为 2023 年 10 月 15 日。可转换票据将于 2028 年 9 月 14 日到期，除非持有人提前转换，或公司被要求转换、回购或赎回。原始可转换票据可由各持有人选择按每股普通股或每份 ADS 2.41 美元的初始转换价转换，但须遵守惯常的反稀释调整和转换率重置条款。2024 年 3 月 23 日，根据原始可转换票据条款，其转换价重置为 1.81 美元。

2025 年 2 月 18 日，公司完成比例变更，将公司 ADS 与普通股的比例从一份 ADS 代表一股普通股改为一份 ADS 代表二十股普通股（“ADS 比例变更”）。因此，美国票据的转换价按比例从 1.81 美元调整为 36.20 美元。2025 年 3 月 23 日，美国票据的转换价再次重置为 27.20 美元。

由于瑞典票据可转换为普通股而非 ADS，ADS 比例变更未影响瑞典票据的转换价和转换率。为确保瑞典票据持有人维持 ADS 比例变更前的相同经济地位，并保留瑞典票据与美国票据及 HH 票据的经济等价性，公司将根据瑞典票据的条款和条件，对其中“每日 VWAP”的定义作出解释，假定交易价格为 1/20 份 ADS。2025 年 3 月 23 日，瑞典票据的转换价再次重置为 1.36 美元。

如果公司 ADS 的最后报告售价在美国票据（就美国票据和 HH 票据而言）及瑞典票据（就瑞典票据而言）发行三周年当日或之后开始的任何连续 90 个交易日内，有 45 个交易日等于或超过适用转换价的 200%，公司可要求转换可转换票据（就瑞典票据而言，“最后报告售价”的定义解释为等于 1/20 份 ADS）。

2023年4月18日，公司、Oatly AB、Oatly Inc.及其他各方签订了债权人间协议（“原债权人间协议”），其中包含惯常的债权顺位、执行和款项转付条款，旨在规范各债权人群体之间的关系，并对可转换票据产生影响。2025年9月30日，原债权人间协议的各方签订了一份新的债权人间协议（“新债权人间协议”），取代原债权人间协议。就可转换票据而言，新债权人间协议包含的债权顺位、执行和款项转付条款与原债权人间协议基本相同。

2023年5月9日，公司与Hillhouse Investment Management Ltd.（“Hillhouse”）的一家关联方签订协议，出售额外的3,500万美元2028年到期可转换优先PIK票据（“HH票据”）；扣除3%的原始发行折价后，融资金额约为3,400万美元。除以下两点外，HH票据的经济条款与美国票据的经济条款基本相同：(i) HH票据可由Hillhouse选择转换，初始转换价格为每份ADS 2.52美元，较公司ADS于2023年5月8日在纳斯达克全球市场的最后报告售价溢价约17%；(ii) HH票据转换率重置所涉及的指定价格不同。根据HH票据条款，2024年3月23日，其转换价格重置为1.89美元。由于ADS比例变更，转换价格按比例从1.89美元调整至37.80美元。2025年3月23日，HH票据的转换价格再次重置为28.20美元。

此外，2023年5月9日，一名瑞典票据现有持有人兼公司股东之一Verlinvest的关联方同意出售、Hillhouse同意向Verlinvest购买本金总额为1,500万美元的瑞典票据（“转售票据”）。HH票据和转售票据的买卖于2023年5月31日完成。HH票据也受新债权人间协议约束。

可转换票据的条款包含契约，限制公司在未经可转换票据多数持有人（按适用可转换票据条款确定）同意的情况下，发行优先股、发生可转换债务或次级债务，以及发生原版《北欧债券条款与条件》允许的特定债务以外的额外债务。

中期简明合并财务报表附注

（除非另有说明，金额均以千美元计）

2025年10月3日，公司完成了一系列经私下协商的回购和注销交易，以2,460万美元现金和898,134份ADS换取并注销本金总额为4,290万美元的美国票据。

有关可转换票据公允价值的详情，请参见附注13“金融工具公允价值”。

附注20. 预计负债


	重组
截至2025年12月31日		20,060
计入合并损益表：
- 确认的额外预计负债		2,194
- 折现摊销影响		239
- 未使用金额的转回		(35	)
本期使用金额		(14,958	)
计入其他综合亏损：
- 汇兑差额		193
截至2026年9月30日		7,693
非流动		—
流动		7,693

重组

重组拨备主要与 2024 年关闭新加坡生产设施的退出成本有关。与关闭该设施相关的剩余款项预计将在 2026 年全年及 2027 年第一季度支付。

本集团还记录了与组织重组相关的拨备。

截至 2026 年 9 月 30 日止九个月，本集团因关闭新加坡生产设施产生了 1,150 万美元现金流出，因组织重组产生了 260 万美元现金流出，因大中华区业务战略审查产生了 80 万美元现金流出。

附注 21. 应付贸易款项

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	2026 年 9 月 30 日		2025 年 12 月 31 日
应付贸易款项		67,591		66,481
不受供应商融资安排约束		62,947		66,481
受供应商融资安排约束(1)		4,644		—
合计		67,591		66,481

(1) 应付贸易款项中有 360 万美元（2025 年：0 美元）由供应商选择提前融资。

附注 22. 应计费用


	2026 年 9 月 30 日		2025 年 12 月 31 日
应计可变对价		36,376		32,322
应计人员费用		28,222		28,709
应计物流费用		17,558		10,940
应计生产费用		9,700		7,797
应计营销和销售费用		7,920		6,739
其他应计费用		26,186		21,425
合计		125,962		107,932

中期简明合并财务报表附注

（除非另有说明，单位为千美元）

附注 23. 关联方披露

向关联方支付的股份薪酬

有关向关联方支付股份薪酬的信息见附注 6“股份薪酬”。

与关联方的交易

2023 年 4 月 18 日，公司向关联方 Nativus Company Limited 和 Verlinvest 发行了公允价值为 1.740 亿美元的可转换票据。截至 2026 年 9 月 30 日，应付关联方未偿可转换票据的公允价值为 1.893 亿美元。可转换票据的发行条款和条件详见附注 19“计息贷款和借款”。

附注 24. 每股亏损

公司以本期间归属于母公司股东的亏损除以本期间发行在外普通股的加权平均数（扣除库存股）计算每股亏损。


	截至 9 月 30 日止三个月			截至 9 月 30 日止九个月
	2026			2025		2026	2025
本期间归属于母公司股东的亏损		(27,458	)		(65,287	)	(70,747	)	(133,628	)
普通股加权平均数		638,254,231			606,332,281		630,675,537		602,057,593
基本及摊薄每股亏损，美元		(0.04	)		(0.11	)	(0.11	)	(0.22	)
ADS 加权平均数（1 份 ADS 代表 20 股普通股）		31,912,712			30,316,614		31,533,777		30,102,880
基本及摊薄每份 ADS 亏损，美元		(0.86	)		(2.15	)	(2.24	)	(4.44	)

因具有反摊薄作用而未计入摊薄每股亏损计算的潜在摊薄证券如下：


	截至 9 月 30 日止三个月		截至 9 月 30 日止九个月
	2026		2025		2026	2025
Restricted stock units representing ordinary shares		43,273,760		33,696,800		43,273,760	33,696,800
Stock options representing ordinary shares		15,074,160		9,576,620		15,074,160	9,576,620
Convertible Notes(1)		359,462,635		359,462,635		359,462,635	359,462,635

(1) The number of potential dilutive shares from the Convertible Notes are calculated assuming the most advantageous conversion price from the standpoint of the holder and assuming all capitalized interest at maturity will be settled with shares or ADSs, and after considering the repurchases and cancellations of an aggregate amount of $42.9 million Convertible Notes that occurred on October 3, 2025. For further details on the Convertible Notes, the conversion price reset mechanism and the repurchases and cancellations, see Note 19 Interest-bearing Loans and Borrowings.

Note 25. Commitments and Contingencies

Commitments

Minimum Purchase Commitments

The Group has several supplier contracts primarily for production and packaging services where minimum purchase commitments exist in the contract terms. The commitments are associated with contracts that are enforceable and legally binding and that specify significant terms, including fixed or minimum services to be purchased and fixed, minimum or variable price provisions. For the nine months ended September 30, 2026, volume adjustments related to co-packer arrangements in Europe & International and North America resulted in volume shortfall expenses of $7.1 million. The shortfall expenses are presented in cost of goods sold in the consolidated statement of operations.

Notes to the interim condensed consolidated financial statements

(in thousands of U.S. dollars unless otherwise stated)

Leases

The future cash outflows relating to leases that have not yet commenced are disclosed in Note 11 Leases.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This Report on Form 6-K (the “Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. These forward-looking statements are contained principally in this Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements relate to events that involve known and unknown risks, uncertainties and other factors, including those listed under Item 3.D. “Risk Factors” of our Annual Report on Form 20-F for the year ended December 31, 2025 (our “2025 Annual Report”), those listed under Part II, Item 1A of this Report and other filings with the SEC, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

All statements contained in this Report that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our future results of operations and financial position, industry and business trends, business strategy, market growth, and anticipated cost savings. In some cases, these forward-looking statements can be identified by words or phrases such as “forecast”, “project”, “should” “may”, “will”, “expect”, “anticipate”, “aim”, “estimate”, “intend”, “plan”, “believe”, “potential”, “continue”, “is/are likely to” or other similar expressions.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in our 2025 Annual Report, the risk factors set forth in this Report on Form 6-K and the following:

•

We have a history of losses, and we may be unable to achieve or sustain profitability, including due to elevated inflation and increased costs for transportation, energy, and materials;

•

Our future business, financial condition and results of operations may be adversely affected by reduced or limited availability of oats and other raw materials and ingredients, which meet our quality standards, that our limited number of suppliers are able to sell to us;

•

A failure to obtain necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our product manufacturing and development and other operations;

•

The primary components of all our products are manufactured in our production facilities, and damage or disruption at these facilities has in the past harmed, and may in the future harm, our business;

•

Our brand or reputation may be harmed due to real or perceived quality, food safety, nutrition or sustainability issues with our products, which could have an adverse effect on our business, reputation, financial condition and results of operations;

•

Food safety and food-borne illness incidents or other safety concerns have led to product recalls, and may materially adversely affect our business, financial condition and results of operations by exposing us to lawsuits or regulatory enforcement actions in the future, increasing our operating costs and reducing demand for our product offerings;

•

Failure by our suppliers of raw materials or co-manufacturers to comply with food safety, environmental or other laws and regulations, or with the specifications and requirements of our products, may disrupt our supply of products and adversely affect our business;

•

We may not be able to compete successfully in our highly competitive markets;

•

Consolidation of customers, the loss of a significant customer or the decrease of sales from a significant customer, could negatively impact our sales and profitability;

•

Sales of our oatmilk varieties contribute a significant portion of our revenue and a reduction in such sales would have an adverse effect on our business, financial condition and results of operations;

•

We continue to pursue largely an asset-light business model, blending a heavy reliance on our co-manufacturing partners in addition to in house capacity expansions where appropriate;

•

Our strategic partnerships with our co-manufacturers may not be successful, which could adversely affect our operations and manufacturing strategy;

•

Failure by our logistics providers to deliver our products on time, or at all, could result in lost sales;

•

We may not successfully ramp up operations at any of our or our co-manufacturing partners’ facilities, or these facilities may not operate in accordance with our expectations;

•

If we fail to effectively expand our processing, manufacturing and production capacity through existing facilities or acceptable co-manufacturing partners as we continue to grow and scale our business to a steady operating level, our business, financial condition, results of operations and our brand reputation could be harmed;

•

If we fail to develop and maintain our brand, our business could suffer;

•

Failure to develop or introduce new products or successfully improve existing products may adversely affect our ability to continue to grow;

•

If we fail to cost-effectively acquire new customers and consumers or retain our existing customers and consumers, or if we fail to derive revenue from our existing customers consistent with our historical performance, our business could be materially adversely affected;

•

Consumer preferences for our products are difficult to predict and may change, and, if we are unable to respond quickly to new trends, our business may be adversely affected;

•

If we fail to manage our future growth effectively, including maintenance of our workforce, our business, financial condition and results of operations could be materially adversely affected;

•

We have recognized impairment charges for long-lived assets and other exit costs in connection with our production facilities, and we may need to recognize further costs in the future, which could adversely impact our business, financial condition and results of operations;

•

We are subject to risks related to sustainability (including environmental, climate change and broader corporate social responsibility matters), which may materially adversely affect our business as a result of lawsuits, regulatory investigations and enforcement actions, complaints concerning our disclosures, impacts on our operations and supply chain (particularly in connection with the physical impacts of climate change), and impacts on our brand and reputation;

•

We rely on information technology systems and any inadequacy, failure or interruption of, or cybersecurity incidents affecting, those systems may harm our reputation and ability to effectively operate our business;

•

A cybersecurity incident or other technology disruptions could negatively impact our business and our relationships with customers;

•

To remain competitive, we believe we will need to adopt artificial intelligence and other machine learning technologies;

•

Our customer agreements do not contain long-term commitments and do not require our customers to continue purchasing products from us and this may negatively impact our business or financial condition;

•

We may face difficulties as we expand our operations into countries in which we have no prior operating experience;

•

The strategic review of our Greater China business may not be timely or successful;

•

Our operations in China could expose us to substantial business, regulatory, political, financial and economic risks;

•

The international nature of our business subjects us to additional global economic and geopolitical risks;

•

If we fail to comply with trade compliance and economic sanctions laws and regulations of the United States (the “U.S”), the EU and other applicable international jurisdictions, it could materially adversely affect our reputation and results of operations;

•

Some of our debt agreements contain a floating interest rate component and as a result, an increase in market interest rates will increase our future interest payments under such agreements;

•

Our international operations expose us to the risk of fluctuations in currency exchange rates;

•

We maintain cash and cash equivalents at financial institutions, often in amounts exceeding insured limits, and the failure of one or more of these institutions could result in a loss of deposits and adversely affect our liquidity or ability to raise capital;

•

Packaging costs are volatile and may rise significantly, which may negatively impact the profitability of our business;

•

Fluctuations in our results of operations may impact, and may have a disproportionate effect on, our overall financial condition and results of operations;

•

Litigation or legal proceedings, or the threat of litigation or legal proceedings, could expose us to significant liabilities or costs and have a negative impact on our reputation or business;

•

Our estimates of market opportunity and forecasts of market growth may prove to be inaccurate, and even if the market in which we compete achieves the forecasted growth, our business could fail to grow at similar rates, if at all;

•

Failure to retain our senior management or to attract, train and retain qualified employees may adversely affect our operations or our ability to grow successfully;

•

If we cannot maintain our company culture or focus on our mission as we grow, our success and our business and competitive position may be harmed;

•

Our insurance may not provide adequate levels of coverage against claims or we may be unable to find insurance with sufficient coverage at a reasonable cost;

•

Disruptions in the worldwide economy may adversely affect our business, financial condition and results of operations;

•

Our business is affected by macroeconomic conditions, including international tariffs and trade wars, rising inflation, interest rates and supply chain constraints;

•

We are subject to risks inherent to organizations with international operations, which could harm our business, and global conflicts, including the ongoing conflict in the Middle East;

•

Legal claims, government investigations or other regulatory enforcement actions could subject us to civil and criminal penalties;

•

Our operations are subject to U.S., EU, China and other laws and regulations, and there is no assurance that we will be in compliance with all applicable laws and regulations;

•

Changes in existing laws or regulations, or the adoption of new laws or regulations may increase our costs and otherwise adversely affect our business, financial condition and results of operations;

•

We are subject to stringent environmental regulation and potentially subject to environmental litigation, proceedings and investigations;

•

We may not be able to protect, enforce or defend our intellectual property and other proprietary rights adequately, which may impact our commercial success;

•

We have previously identified material weaknesses in our internal control environment. Although we have remediated these material weaknesses, if other material weaknesses in internal controls are identified, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a public company in a timely manner;

•

Our largest shareholder has significant influence over us, including significant influence over decisions that require the approval of shareholders;

•

Our results of operations and the market price of our ADSs have been, and may be, volatile, and you may lose all or part of your investment;

•

Although as a foreign private issuer we are exempt from certain corporate governance standards applicable to U.S. issuers, if we cannot satisfy, or continue to satisfy, the continued listing requirements of Nasdaq it could result in a delisting of our securities;

•

As a foreign private issuer, we are not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company, however the U.S. SEC is re-evaluating its disclosure rules for foreign private issuers;

•

We may lose our foreign private issuer status in the future, or future changes to the U.S. SEC’s rules and regulations may change the reporting requirements for foreign private issuers, which could result in significant additional costs and expenses;

•

As we are a “foreign private issuer” and follow certain home country corporate governance practices, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all Nasdaq corporate governance requirements;

•

You may not be able to exercise your right to vote the ordinary shares underlying your ADSs;

•

Purchasers of ADSs may be subject to limitations on transfer of their ADSs;

•

ADS holders may not be entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in any such action;

•

Holders of our ADSs or ordinary shares have limited choice of forum, which could limit your ability to obtain a favorable judicial forum for complaints against us, the depositary or our respective directors, officers or employees;

•

The Company may be subject to securities litigation, which is expensive and could divert management attention;

•

A significant portion of our total issued and outstanding ADSs are eligible to be sold into the market, which could cause the market price of our ADSs to drop significantly, even if our business is doing well;

•

We may not pay dividends on our ADSs in the future and, consequently, your ability to achieve a return on your investment will depend on the appreciation in the price of our ADSs;

•

Our shareholders may face difficulties in protecting their interests because we are a Swedish company;

•

There may be difficulties in enforcing foreign judgments against us, and our directors or our management;

•

Oatly Group AB (publ) is a holding company with no operations of its own and, as such, it depends on its subsidiaries for cash to fund its operations and expenses, including future dividend payments, if any;

•

If we are treated as a passive foreign investment company, U.S. holders of our ordinary shares or ADSs subject to U.S. federal income tax may suffer material adverse tax consequences;

•

If a U.S. person is treated as owning at least 10% of our shares, such holder may be subject to adverse U.S. federal income tax consequences;

•

Changes in our tax rates or exposure to additional tax liabilities or assessments could affect our profitability, and audits by tax authorities could result in additional tax payments;

•

We have incurred substantial indebtedness that may decrease our business flexibility, access to capital, and/or increase our future borrowing costs;

•

We may not be able to generate sufficient cash flows to service our outstanding debt and fund operations and may be forced to take other actions to satisfy our obligations under such debt;

•

Covenants in our debt agreements may restrict our operating activities and adversely affect our financial condition;

•

The fundamental change provisions of the Convertible Notes may delay or prevent an otherwise beneficial asset disposition or takeover attempt of us;

•

Transactions relating to the Convertible Notes may dilute the ownership interests of holders of our ADSs or ordinary shares and may adversely impact the value of such securities;

•

Potential arbitrage or hedging strategies by purchasers of the Convertible Notes may affect the value of our ordinary shares and the conversion price for the Convertible Notes may negatively impact the value of our ADSs;

•

We cannot assure you that an active or liquid market for our ADSs will be sustained, and volatility in the public trading markets could prevent investors from reselling their ADSs at or above the price they paid;

•

If securities or industry analysts cease publishing research or reports about us, our business or our market, or if they change their recommendations regarding our ADSs adversely, the price and trading volume of our ADSs could decline; and

•

We continue to incur increased costs as a result of operating as a public company, and our management is required to devote substantial time to new compliance initiatives and corporate governance practices.

The forward-looking statements made in this Report relate only to events or information as of the date on which the statements are made in this Report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this Report and the documents that we reference in this Report and have filed as exhibits to this Report completely and with the understanding that our actual future results or performance may be materially different from what we expect.

Overview

We are the world’s original and largest oat drink company. For over 30 years, we have exclusively focused on developing expertise around oats: a global power crop with inherent properties suited for sustainability and human health. Our commitment to oats has resulted in core technical advancements that enabled us to unlock the breadth of the dairy portfolio, including alternatives to milks, ice creams, yogurts, cooking creams, spreads and on-the-go drinks. Since our founding, we have had a bold vision for a food system that is better for people and the planet. We believe that transforming the food industry is necessary to face humanity’s greatest challenges across climate, environment, health and lifestyle and have not only positioned our brand to capitalize on the growing consumer interest in sustainable, plant- based foods and dairy alternatives, but we have become a driving force behind increased consumer awareness and transition from traditional dairy consumers to Oatly.

Recent Developments, Trends and Other Factors Affecting our Business

Strategic Actions on Organizational Structure

We continue to execute on our strategic priorities focused on achieving profitable growth. These actions are aimed at setting clear priorities for our teams, reducing complexity to increase organizational agility, and executing a more asset-light supply chain strategy.

In executing these actions, we simplified our organizational structure. We reviewed the organizational structure to adjust the fixed cost base globally, including employee-related costs, professional services, and other related costs.

Strategic Review of Greater China Business

During 2025, we initiated a strategic review of our Greater China business. The review is considering a range of options, including a potential carve-out of the Greater China segment, with the goal of accelerating growth and maximizing the value of the business. We continue to operate in the Greater China market, including operating our production facility, and we remain committed to our customers, consumers, and employees as we look to maximize the value of this part of the business. While there is no definitive timetable for completing the strategic review, we expect to complete the strategic review within 2026. We do not intend to provide further updates unless and until the Board of Directors approves a specific course of action or determines that additional disclosure is appropriate or required. We caution that there can be no assurances that the process will result in any transaction or strategic change.

Impact of the Current Macroeconomic Environment on our Results

Our business continues to be exposed to the effects of the current global macroeconomic environment, including consumer spending, inflationary pressures, geopolitical tensions, tariffs and the current trade war, and foreign exchange impacts, as exemplified by the ongoing conflict in the Middle East. We continue to maintain a global focus on the controllable aspects of the business, and will continue to actively monitor and respond accordingly to the macroeconomic environment.

For further information refer to Part I, Item 3.D. “Risk Factors” of our 2025 Annual Report.

Revenue

We generate revenue primarily from sales of our oatmilk and other oat-based products across our three segments: Europe & International, North America and Greater China. Our customers include retailers, coffee shops, e-commerce channels, and other specialty providers within the foodservice industry.

Europe & International is our largest revenue-producing segment, followed by the North America and Greater China segments. Currently, our primary markets in Europe & International are Germany, the United Kingdom and Sweden. In North America, substantially all of our revenue to date can be attributed to the United States, and in Greater China, the majority of our revenue is generated in China. The channel and product mix vary by country, where our more mature markets, such as Sweden and Finland, have a broader product portfolio available to customers and consumers. For the nine months ended September 30, 2026, on a consolidated level, oatmilk accounted for 91% of our revenue as compared to 90% for the same period in 2025.

We routinely offer sales discounts and promotions through various programs to customers. These programs include rebates, temporary on-shelf price reductions, retail advertisements, product coupons and other trade activities. The expense associated with these discounts and promotions is estimated and recorded as a reduction in total gross revenue in order to arrive at reported revenue. These promotional activities impact our revenue and changes in such activities could impact period-over-period results.

The following factors and trends in our business have driven revenue growth over prior periods and are expected to be key drivers of our revenue growth going forward:

•

Continue to expand household reach to attract new consumers and increase the repeat purchase rates of existing consumers by continuing to invest in advertising and marketing to increase awareness of our brand and products.

•

Expand our presence across channels:

Grow within food retail channels by increasing our distribution points with existing and new customers, capturing greater shelf space and continuing to drive strong velocities.

Expand footprint across the foodservice channel, including independent coffee shops, branded foodservice restaurant chains, and other foodservice customers such as universities and offices.

•

Extend product offerings through new product development within existing categories to capture the market-specific consumer needs in each of the regions in which we operate.

•

Enter new international markets through our proven foodservice-led strategy.

Cost of Goods Sold

Cost of goods sold consists primarily of the cost of oats and other raw materials, product packaging, co-manufacturing fees, direct labor and associated overhead costs and property, plant and equipment depreciation. Our cost of goods sold also includes warehousing and transportation of inventory. We expect our cost of goods sold to increase in absolute dollars to support our growth. However, we expect that, over time, cost of goods sold will decrease as a percentage of revenue, as a result of the scaling of our business and optimizing our production footprint.

Gross Profit and Margin

Gross profit consists of our revenue less costs of goods sold. We have scaled our production capacity significantly over the past couple of years. Our gross profit margin has benefited from dilution of fixed costs, supply chain efficiencies and the localization of production capacity closer to our customers and consumers. Over time, we expect to further improve our manufacturing operational performance and leverage the cost of our fixed production and staff costs, including a higher focus on procurement efficiencies through scale of purchasing and diversification of suppliers.

Operating Expenses

Research and development expenses consist primarily of personnel-related expenses for our research and development staff, including salaries, benefits and bonuses, but also third-party consultancy fees and expenses incurred related to product trial runs. Our research and development efforts are focused on enhancements to our existing product formulations and production processes in addition to the development of new products.

Selling, general and administrative expenses include primarily personnel-related expenses for our sales, general and administrative staff, brand awareness and advertising costs, costs associated with consumer promotions, product samples and sales aids. These also include customer distribution costs, i.e., outbound shipping and handling costs for finished goods, and other functional related selling and marketing expenses, depreciation and amortization expense on non-manufacturing assets and other miscellaneous operating items. Selling, general and administrative expenses also include auditor fees and other third-party consultancy fees, expenses related to management, finance and accounting, information technology, human resources and other office functions.

Other operating income and (expenses), net, consists primarily of impacts related to the strategic review of the Greater China segment, closure of production facility and net foreign exchange gains (losses) on operating related activities.

Other

Finance income and (expenses), net, primarily consists of fair value changes on Convertible Notes, transaction costs relating to our financing arrangements, interest expenses related to interest-bearing loans and borrowings, interest expenses on lease liabilities, interest income and foreign exchange gains and losses attributable to our external and internal financing arrangements.

Income tax expense represents both current and deferred income tax expenses. Current tax expenses primarily represent income taxes based on income in multiple foreign jurisdictions.

Results of Operations

The following table sets forth the interim condensed consolidated statements of operations in U.S. dollars and as a percentage of revenue for the periods presented.


	Three months ended September 30,			Nine months ended September 30,
	2026			2025		2026	2025
	(in thousands)			% of revenue		(in thousands)	% of revenue		(in thousands)			% of revenue		(in thousands)	% of revenue
Revenue		243,054			100.0	%	222,796			100.0	%		711,474		100.0	%	628,680		100.0	%
Cost of goods sold		(160,072	)		(65.9	)%	(156,449	)		(70.2	)%		(470,788	)	(66.2	)%	(432,378	)	(68.8	)%
Gross profit		82,982			34.1	%	66,347			29.8	%		240,686		33.8	%	196,302		31.2	%
Research and development expenses		(4,561	)		(1.9	)%	(4,524	)		(2.0	)%		(14,071	)	(2.0	)%	(13,520	)	(2.2	)%
Selling, general and administrative expenses		(85,320	)		(35.1	)%	(75,146	)		(33.7	)%		(263,470	)	(37.0	)%	(236,755	)	(37.7	)%
Other operating income and (expenses), net		(2,290	)		(0.9	)%	(3,601	)		(1.6	)%		(994	)	(0.1	)%	(3,658	)	(0.6	)%
Operating loss		(9,189	)		(3.8	)%	(16,924	)		(7.6	)%		(37,849	)	(5.3	)%	(57,631	)	(9.2	)%
Finance income and (expenses), net		(16,066	)		(6.6	)%	(47,557	)		(21.3	)%		(30,364	)	(4.3	)%	(70,062	)	(11.1	)%
Loss before tax		(25,255	)		(10.4	)%	(64,481	)		(28.9	)%		(68,213	)	(9.6	)%	(127,693	)	(20.3	)%
Income tax expense		(2,198	)		(0.9	)%	(923	)		(0.4	)%		(2,705	)	(0.4	)%	(6,188	)	(1.0	)%
Loss for the period		(27,453	)		(11.3	)%	(65,404	)		(29.4	)%		(70,918	)	(10.0	)%	(133,881	)	(21.3	)%
Attributable to:
Shareholders of the parent		(27,458	)		(11.3	)%	(65,287	)		(29.3	)%		(70,747	)	(9.9	)%	(133,628	)	(21.3	)%
Non-controlling interests		5			0.0	%	(117	)		(0.1	)%		(171	)	(0.0	)%	(253	)	(0.0	)%

For the three and nine months ended September 30, 2026

Revenue

Revenue increased $20.3 million, or 9.1%, to $243.1 million for the three months ended September 30, 2026, net of sales discounts, rebates and trade promotions, compared to $222.8 million for the three months ended September 30, 2025. Excluding a foreign currency exchange tailwind of $0.5 million, revenue for the third quarter was $242.5 million, or an increase of 8.9% compared to the prior year period (refer to Non-IFRS Financial Measures section below for tables reconciling revenue as reported to revenue on a constant currency basis by segment). The growth in Constant Currency Revenue was driven by another quarter of accelerating growth in Europe & International, growth in North America driven mainly by the retail channel, partially offset by volume decline in Greater China driven by competition in the foodservice channel. Sold volume for the three months ended September 30, 2026, amounted to 156.9 million liters compared to 150.6 million liters for the three months ended September 30, 2025. Produced finished goods volume for the third quarter of 2026 amounted to 164.9 million liters compared to 147.6 million liters for the same period last year.

We continued to experience revenue growth in the retail channel of 19.5% for the three months ended September 30, 2026, compared to the prior year period. In the three months ended September 30, 2026 and 2025, the retail channel accounted for 71.2% and 65.0% of our revenue, respectively, the foodservice channel accounted for 27.2% and 33.3% of our revenue, respectively, and the other channel, comprised primarily of e-commerce sales, accounted for 1.6% and 1.7% of our revenue, respectively.

Europe & International, North America and Greater China accounted for 60.6%, 26.3% and 13.1% of our total revenue in the three months ended September 30, 2026, respectively, as compared to 55.3%, 27.9% and 16.8% of our total revenue in the three months ended September 30, 2025, respectively.

Revenue increased $82.8 million, or 13.2%, to $711.5 million for the nine months ended September 30, 2026, net of sales discounts, rebates and trade promotions, compared to $628.7 million for the nine months ended September 30, 2025. Excluding a foreign currency exchange tailwind of $20.8 million, revenue was $690.7 million, or an increase of 9.9% compared to the prior year period (refer to Non-IFRS Financial Measures section below for tables reconciling revenue as reported to revenue on a constant currency basis by segment). The revenue growth was primarily driven by volume growth across the Europe & International and North America segments, partially offset by volume decline in Greater China. Sold volume for the nine months ended September 30, 2026, amounted to 465.6 million liters compared to 435.5 million liters for the nine months

ended September 30, 2025. Produced finished goods volume for the nine months ended September 30, 2026, amounted to 475.9 million liters compared to 433.4 million liters for the same period last year.

We continued to experience revenue growth in the retail channel of 21.0% for the nine months ended September 30, 2026, compared to the prior year period. In the nine months ended September 30, 2026 and 2025, the retail channel accounted for 69.3% and 64.8% of our revenue, respectively, the foodservice channel accounted for 29.0% and 33.1% of our revenue, respectively, and the other channel, comprised primarily of e-commerce sales, accounted for 1.7% and 2.1% of our revenue, respectively.

Europe & International, North America and Greater China accounted for 60.0%, 27.1% and 12.9% of our total revenue in the nine months ended September 30, 2026, respectively, as compared to 55.5%, 29.5% and 15.0% of our total revenue in the nine months ended September 30, 2025, respectively.

The increase in sold volume growth in Europe & International was driven by continued expansion in core markets, as well as incremental contributions from new markets. The revenue growth was assisted by positive price/mix impact as well as foreign exchange tailwinds. In North America, our sold volume and revenue increased primarily due to growth in the retail channel. Finally, Greater China revenue decline was explained mainly by competition in the foodservice channel, partially offset by growth in the retail channel.

Our number of employees has increased by 6 employees, to 1,392 employees as of September 30, 2026, from 1,386 employees as of September 30, 2025. The average number of full-time consultants decreased by 6 consultants to 82 consultants for the nine months ended September 30, 2026, from 88 consultants for the nine months ended September 30, 2025.

Cost of Goods Sold

Cost of goods sold increased by $3.6 million, or 2.3%, to $160.1 million for the three months ended September 30, 2026, from $156.4 million for the three months ended September 30, 2025.

Cost of goods sold increased by $38.4 million, or 8.9%, to $470.8 million for the nine months ended September 30, 2026, from $432.4 million for the nine months ended September 30, 2025.

The increase for the three and nine months ended September 30, 2026, was primarily driven by a growth in volumes and by increases in logistics costs as a consequence of the conflict in the Middle East as well as of constraints in the freight market in the United States, partially offset by supply chain efficiencies.

Gross Profit and Margin

Gross profit increased by $16.6 million, or 25.1%, to $83.0 million for the three months ended September 30, 2026, from $66.3 million for the three months ended September 30, 2025. Gross profit margin increased by 4.4 percentage points, to 34.1% for the three months ended September 30, 2026, from 29.8% for the three months ended September 30, 2025.

Gross profit increased by $44.4 million, or 22.6%, to $240.7 million for the nine months ended September 30, 2026, from $196.3 million for the nine months ended September 30, 2025. Gross profit margin increased by 2.6 percentage points, to 33.8% for the nine months ended September 30, 2026, from 31.2% for the nine months ended September 30, 2025.

The increase for the three and nine months ended September 30, 2026, was due to improvements in supply chain efficiency and price/mix across all regions, partially offset by the impact of the conflict in the Middle East on energy and logistics costs as well as freight market constraints in the United States and the increased competition in the foodservice channel in Greater China.

Research and Development Expenses

Research and development expenses were $4.6 million for the three months ended September 30, 2026, compared to $4.5 million in the prior year period. Research and development expenses decreased as a share of revenues to 1.9% from 2.0%, respectively.

Research and development expenses increased by $0.6 million, or 4.1%, to $14.1 million for the nine months ended September 30, 2026, from $13.5 million for the nine months ended September 30, 2025, and decreased as a share of revenues to 2.0% from 2.2%, respectively.

Selling, General and Administrative Expenses

Selling, general and administrative expenses increased by $10.2 million, or 13.5%, to $85.3 million for the three months ended September 30, 2026, compared to $75.1 million for the three months ended September 30, 2025, and increased as a share of revenue to 35.1% from 33.7%, respectively. The increase was mainly driven by increased branding and advertising expenses, higher customer distribution costs due to increased sold volumes and increased inflation driven by the conflict in the Middle East, partially offset by continued actions to reduce general and administrative expenses. Customer distribution expense increased as a share of revenue to 7.7% from 6.4%.

Selling, general and administrative expenses increased by $26.7 million, or 11.3%, to $263.5 million for the nine months ended September 30, 2026, compared to $236.8 million for the nine months ended September 30, 2025, and decreased as a share of revenue to 37.0% from 37.7%, respectively. The increase was primarily driven by foreign exchange headwinds, higher customer distribution costs linked to increased volumes and increased inflation driven by the conflict in the Middle East, branding and advertising spend, partially offset by the continued cost savings initiatives. Customer distribution expense increased as a share of revenue to 7.5% from 6.5%.

Other Operating Income and (Expenses), net

Other operating income and (expenses), net for the three months ended September 30, 2026, was an expense of $2.3 million, comprised primarily of $2.4 million in costs and non-cash impairments related to the strategic review of the Greater China segment partially offset by net foreign exchange gains and grants. Other operating income and (expenses), net for the three months ended September 30, 2025, was an expense of $3.6 million comprised primarily of $3.5 million in costs for our strategic review of the Greater China segment.

Other operating income and (expenses), net for the nine months ended September 30, 2026, was an expense of $1.0 million, comprised primarily of $3.4 million in costs and non-cash impairments for our strategic review of the Greater China segment partially offset by net foreign exchange gains and grants. Other operating income and (expenses), net for the nine months ended September 30, 2025, was an expense of $3.7 million comprised primarily of $4.9 million in costs for our strategic review of our Greater China segment, offset by mainly $0.8 million in reversal of other exit costs related to the closure of the production facility in Singapore.

Finance Income and (Expenses), net

Finance income and (expenses), net for the three months ended September 30, 2026, was an expense of $16.1 million comprised primarily of net interest expenses of $13.8 million and fair value losses on Convertible Notes of $0.9 million. The finance income and (expenses), net for the three months ended September 30, 2025, was an expense of $47.6 million comprised primarily of fair value losses on Convertible Notes of $32.2 million and net interest expenses of $15.2 million.

Finance income and (expenses), net for the nine months ended September 30, 2026, was an expense of $30.4 million comprised primarily of net interest expenses of $41.1 million, offset by fair value gains on Convertible Notes of $13.7 million. The finance income and (expenses), net for the nine months ended September 30, 2025, was an expense of $70.1 million comprised primarily of net interest expenses of $43.7 million, fair value losses on Convertible Notes of $18.7 million, and net foreign exchange loss of $5.0 million.

Income Tax Benefit/(Expense)

Income tax expense increased to $2.2 million for the three months ended September 30, 2026, compared to $0.9 million for the three months ended September 30, 2025. The effective tax rate for the three months ended September 30, 2026, was 8.7%. The main drivers of the effective tax rate relate to non-recognition of deferred tax assets on tax losses and tax effect relating to foreign exchange effects recognized in other comprehensive income. The effective tax rate for the three months ended September 30, 2025, was 1.4%, with non-recognition of deferred tax assets on tax losses being the main driver of the effective tax rate.

Income tax expense decreased to $2.7 million for the nine months ended September 30, 2026, compared to $6.2 million for the nine months ended September 30, 2025. The effective tax rate for the nine months ended September 30, 2026, was 4.0%. The main drivers of the effective tax rate relate to non-recognition of deferred tax assets on tax losses and tax effect relating to foreign exchange effects recognized in other comprehensive income. The effective tax rate for the nine months ended September 30, 2025, was 4.8%, with non-recognition of deferred tax assets on tax losses being the main driver of the effective tax rate.

Liquidity and Capital Resources

Since our inception, we have financed our operations primarily through cash generated by the issuance of equity, Convertible Notes and Nordic Bonds, and from borrowings under our credit facilities. Our primary requirements for liquidity and capital are to finance working capital, make capital expenditures, invest in our organizational capabilities to support profitable growth and for general corporate purposes. We are using this combination of financing to fund our business. We expect our capital expenditures for 2026 to be in the range of $20 million to $30 million, related primarily to investments in our production facilities. The amount and allocation of our future capital expenditures depend on several

factors, and our strategic investment priorities may change. We believe that our sources of liquidity and capital will be sufficient to meet our existing business needs for at least the next 12 months. See the Risk Factor entitled “A failure to obtain necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our product manufacturing and development and other operations” under Part I, Item 3.D. “Risk Factors” of our 2025 Annual Report.

Our primary sources of liquidity are cash and cash equivalents on hand and availability under our credit facilities. As of September 30, 2026, we had cash and cash equivalents of $23.3 million, consisting of cash in bank accounts.

We had access to $72.1 million in undrawn SSRCF commitments as of September 30, 2026.

CMB Credit Facility and Super Senior Revolving Credit Facility Agreement (SSRCF)

On March 19, 2025, the Group’s indirect subsidiary, Oatly Shanghai Co., Ltd., entered into a new RMB 30.0 million (equivalent of $4.2 million) working capital credit facility with China Merchants Bank Co., Ltd. Shanghai Branch (the “CMB Credit Facility”). Individual utilizations under the CMB Credit Facility are subject to the lender’s approval and are available for one year, are unsecured, and include creditor protection in the form of, among other things, representations, covenants (including negative pledge, restrictions on borrowings, investments and dispositions by Oatly Shanghai Co., Ltd., distributions by Oatly Shanghai Co., Ltd. and entry into transactions with its affiliates) and events of default. As of September 30, 2026, we had utilized loan amounts of RMB 30.0 million (equivalent of $4.4 million) under the CMB Credit Facility.

On September 30, 2025, we entered into a SEK 750 million (equivalent to $79.8 million) super senior revolving credit facility agreement with JP Morgan, Nordea and Rabobank (the “SSRCF”), which came into effect on October 3, 2025. The existing Sustainable Revolving Credit Facility Agreement was cancelled, terminated and replaced by the SSRCF. The SSRCF has a committed tenor of two years and six months, with an uncommitted option to extend by an additional 15 months, and an initial margin of 4.00% p.a. (subject to leverage-based adjustments). Furthermore, it includes the following financial covenants: (i) tangible solvency ratio, (ii) minimum EBITDA (which ceases to apply following the third quarter of 2027), (iii) minimum liquidity (which ceases to apply following the third quarter of 2027), and (iv) total net leverage ratio (which commences to apply in respect of the LTM period ending on September 30, 2027). Moreover, the terms and conditions of the SSRCF contain certain negative covenants such as restrictions on dividends, indebtedness, liens, investments, acquisitions and asset disposals. Subject to certain exceptions, the payment of dividends by the Company generally requires that the total net leverage ratio of the Group is equal to or less than 3.50:1 (pro forma for the payment). The SSRCF is sustainability-linked and the margin is subject to certain adjustments based on performance against three key performance indicators: (i) reduction of greenhouse gas emissions in production, (ii) reduction of water withdrawal in production and (iii) increase of percentage of women in team manager positions. As of September 30, 2026, we had access to $72.1 million in undrawn SSRCF commitments.

Convertible Notes

On March 23, 2023, and April 18, 2023, we issued $300 million aggregate principal amount of 9.25% Convertible Senior PIK Notes due 2028 (the notes issued on March 23, 2023, the “U.S. Notes” and the notes issued on April 18, 2023, the “Swedish Notes” and, together with the U.S. Notes, the “Original Convertible Notes” and the Original Convertible Notes, together with the HH Notes (as defined below), the “Convertible Notes”). The U.S. Notes and the Swedish Notes have substantially identical economic terms.

Certain of our existing shareholders, Nativus Company Limited, Verlinvest S.A (“Verlinvest”) and Blackstone Funds, purchased $200.1 million aggregate principal amount of the Swedish Notes and other institutional investors purchased $99.9 million aggregate principal amount of the U.S. Notes. The investors paid an aggregate purchase price of $291 million, reflecting an original issue discount of 3%.

The Convertible Notes bear interest at a rate of 9.25% per annum, payable semi-annually in arrears in cash or in payment-in-kind, at our option, on April 15 and October 15 of each year, beginning on October 15, 2023. The Convertible Notes will mature on September 14, 2028, unless earlier converted by the holders or required to be converted, repurchased or redeemed by us. The Original Convertible Notes were convertible at the option of each holder at an initial conversion price of $2.41 per ordinary share or per ADS, subject to customary anti-dilution adjustments and conversion rate resets. On March 23, 2024, the conversion price of the Original Convertible Notes was reset to $1.81 in accordance with the terms thereof.

On February 18, 2025, we completed a ratio change whereby the ratio of our ADSs to ordinary shares was changed from one ADS representing one ordinary share to one ADS representing twenty ordinary shares (the “ADS Ratio Change”). As a result of the ADS Ratio Change, the conversion price of the U.S. Notes was proportionately adjusted from $1.81 to $36.20. The conversion price of the U.S. Notes was reset again on March 23, 2025, to $27.20.

Because the Swedish Notes are convertible into ordinary shares rather than ADSs, the ADS Ratio Change did not affect the conversion price and conversion rate of the Swedish Notes. In order to ensure that the holders of the Swedish Notes remain in the same economic position as

before the ADS Ratio Change and to preserve economic equivalency of the Swedish Notes with the U.S. Notes and the HH Notes, we, in accordance with the terms and conditions of the Swedish Notes, will interpret the definition of “Daily VWAP” therein to assume the trading price of 1/20 of an ADS. The conversion price of the Swedish Notes was reset again on March 23, 2025, to $1.36.

We may require conversion of the Convertible Notes if the last reported sale price of our ADSs equals or exceeds 200% of the applicable conversion price (in the case of the Swedish Notes, the definition of “Last Reported Sale Price” is interpreted to equal 1/20 of an ADS) on any 45 trading days during any 90 consecutive day period beginning on or after the third anniversary of the issuance of the U.S. Notes (with respect to the U.S. Notes and the HH Notes) and the Swedish Notes (with respect to the Swedish Notes).

On April 18, 2023, we, Oatly AB, Oatly Inc. and other parties entered into an intercreditor agreement (the “Prior Intercreditor Agreement”) which includes customary ranking, enforcement and turnover provisions intended to govern the relationship between the creditor groups and which affects the Convertible Notes. On September 30, 2025, the parties to the Prior Intercreditor Agreement entered into a new intercreditor agreement (the “New Intercreditor Agreement”) which replaced the Prior Intercreditor Agreement. The New Intercreditor Agreement contains substantially similar ranking, enforcement and turnover provisions as the Prior Intercreditor Agreement in relation to the Convertible Notes.

On May 9, 2023, we entered into an agreement with an affiliate of Hillhouse Investment Management Ltd. (“Hillhouse”) to sell an additional $35 million in Convertible Senior PIK Notes due 2028 (the “HH Notes”), resulting in approximately $34 million in financing after reflecting an original issue discount of 3%. The economic terms of the HH Notes are substantially identical to the economic terms of the U.S. Notes, except (i) that the HH Notes were convertible at Hillhouse’s option at an initial conversion price of $2.52 per ADS, representing an approximate 17% premium to the last reported sale price of our ADSs on the Nasdaq Global Market on May 8, 2023, and (ii) with respect to the specified prices in connection with the conversion rate resets of the HH Notes. On March 23, 2024, the conversion price of the HH Notes was reset to $1.89 in accordance with the terms thereof. As a result of the ADS Ratio Change, the conversion price of the HH Notes was proportionately adjusted from $1.89 to $37.80. The conversion price of the HH Notes was reset again on March 23, 2025, to $28.20.

In addition, on May 9, 2023, one of the existing holders of Swedish Notes and an affiliate of one of our shareholders, Verlinvest, agreed to sell and Hillhouse agreed to purchase from Verlinvest $15 million aggregate principal amount of Swedish Notes (the “Resale Notes”). The purchase and sale of the HH Notes and the Resale Notes closed on May 31, 2023. The HH Notes are also subject to the New Intercreditor Agreement.

The terms of the Convertible Notes contain covenants limiting our ability to incur additional debt other than certain debt permitted under the original form of the terms and conditions of the Nordic Bonds, issue preferred stock, and incur convertible debt or subordinated debt, in each case without the consent of the holders of a majority of the Convertible Notes (as determined pursuant to the terms of the applicable Convertible Notes).

On October 3, 2025, we completed a series of privately negotiated repurchases and cancellations of an aggregate amount of $42.9 million U.S. Notes in exchange for $24.6 million in cash and 898,134 ADSs.

Nordic Bonds

On September 30, 2025, we issued SEK denominated senior secured floating rate bonds (the “Nordic Bonds”) under the terms and conditions entered into by us with Nordic Trustee & Agency AB (publ) on September 29, 2025. The Nordic Bonds had an initial issue amount of SEK 1,700 million (equivalent of $180.9 million) and a tenor of four years, subject to certain early redemption features. Following the satisfaction of certain conditions, the proceeds from the Nordic Bonds were released to us from escrow on October 3, 2025, and used to prepay the Term Loan B Credit Agreement in full, repurchase and cancel certain of the U.S. Notes and pay related transaction costs. The Nordic Bonds accrue interest at an interest rate equal to 3-month STIBOR plus 7.00 per cent. per annum applied to the nominal amount of the Nordic Bonds. The material terms of the Nordic Bonds include, among other things, (i) a mandatory total redemption of the Nordic Bonds on or before June 14, 2028, unless certain thresholds in respect of repurchase of Convertible Notes have been met prior to March 14, 2028, (ii) a requirement to maintain cash and cash equivalent investments equal to the interest payable under the Nordic Bonds for the next three interest periods, (iii) a debt incurrence test which applies in respect of any subsequent tap issues under the terms of the Nordic Bonds or other indebtedness which ranks pari passu with the Nordic Bonds or is subordinated to the Nordic Bonds, (iv) a distribution incurrence test (total net leverage ratio of the Group shall be equal to or less than 2.75:1, proforma for the payment) which applies in respect of certain distributions by us to our shareholders, including dividends, and (v) other negative covenants such as restrictions on indebtedness, liens and asset disposals. As of September 30, 2026, we had SEK 1,723 million (equivalent of $172.4 million) outstanding under the Nordic Bonds, including accrued interest.

The debt under the Nordic Bonds and the SSRCF share in the same security and guarantees from material companies in the Group by way of the New Intercreditor Agreement, which replaced the Prior Intercreditor Agreement. The security provided for the SSRCF and the Nordic Bonds include share pledges, security over material intra-group loans, security over material bank accounts, security over material intellectual property, New York law all-asset security, English law debentures, Swedish business mortgages and Swedish real estate mortgage.

Cash Flows

The following table presents the summary consolidated cash flow information for the periods presented.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


(Unaudited)	Nine months ended September 30,
(in thousands of U.S. dollars)	2026			2025
Net cash flows used in operating activities		(11,481	)		(17,359	)
Net cash flows used in investing activities		(18,668	)		(12,986	)
Cash flows used in financing activities		(9,185	)		(12,284	)

Net Cash Used in Operating Activities

Net cash flows used in operating activities decreased by $5.9 million, to $11.5 million for the nine months ended September 30, 2026, from $17.4 million for the nine months ended September 30, 2025, which was primarily driven by improved operating results.

Net Cash Used in Investing Activities

Net cash flows used in investing activities increased by $5.7 million, to $18.7 million for the nine months ended September 30, 2026, from $13.0 million for the nine months ended September 30, 2025. During the nine months ended September 30, 2026, our investments in property, plant and equipment amounted to $16.6 million. For the nine months ended September 30, 2025, our investments in property plant and equipment amounted to $12.1 million.

Net Cash Used in Financing Activities

Net cash flows used in financing activities decreased by $3.1 million, to $9.2 million for the nine months ended September 30, 2026, from $12.3 million for the nine months ended September 30, 2025, which was primarily driven by proceeds from liabilities to credit institutions in 2026.

Contractual Obligations and Commitments

For information regarding our contractual commitments and contingencies, see Note 25 Commitments and Contingencies to our interim condensed consolidated financial statements, which are included elsewhere in this Report.

Non-IFRS Financial Measures

We use EBITDA, Adjusted EBITDA and Constant Currency Revenue as non-IFRS financial measures in assessing our operating performance and Free Cash Flow as a non-IFRS liquidity measure, and each in our financial communications.

“EBITDA” is defined as loss for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income and depreciation and amortization expense.

“Adjusted EBITDA” is defined as loss for the period adjusted to exclude, when applicable, income tax expense, finance expenses, finance income, depreciation and amortization expense, share-based compensation expense, restructuring costs, costs and non-cash impairments related to the strategic review of the Greater China business, impacts related to the closure of production facility and non-controlling interests.

Adjusted EBITDA should not be considered as an alternative to loss for the period or any other measure of financial performance calculated and presented in accordance with IFRS. There are a number of limitations related to the use of Adjusted EBITDA rather than loss for the period, which is the most directly comparable IFRS measure. Some of these limitations are:

•

Adjusted EBITDA excludes depreciation and amortization expense and, although these are non-cash expenses, the assets being depreciated may have to be replaced in the future increasing our cash requirements;

•

Adjusted EBITDA does not reflect interest expense, or the cash required to service our debt, which reduces cash available to us;

•

Adjusted EBITDA does not reflect income tax payments that reduce cash available to us;

•

Adjusted EBITDA does not reflect recurring share-based compensation expense and, therefore, does not include all of our compensation costs;

•

Adjusted EBITDA does not reflect restructuring costs that reduce cash available to us in future periods;

•

Adjusted EBITDA does not reflect costs and non-cash impairments related to the strategic review of the Greater China business that may reduce cash available to us;

•

Adjusted EBITDA excludes impacts related to the closure of production facility, although some of these may reduce cash available to us in future periods;

•

Other companies, including companies in our industry, may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Adjusted EBITDA should not be considered in isolation or as a substitute for financial information provided in accordance with IFRS. Below we have provided a reconciliation of EBITDA and Adjusted EBITDA to loss for the period, the most directly comparable financial measure calculated and presented in accordance with IFRS, for the periods presented.


(Unaudited)	Three months ended September 30,			Nine months ended September 30,
(in thousands of U.S. dollars)	2026			2025		2026	2025
Loss for the period		(27,453	)		(65,404	)	(70,918	)	(133,881	)
Income tax expense		2,198			923		2,705		6,188
Finance (income) and expenses, net		16,066			47,557		30,364		70,062
Depreciation and amortization expense		12,370			12,260		37,851		35,735
EBITDA		3,181			(4,664	)	2		(21,896	)
Share-based compensation expense		3,317			3,080		9,687		10,125
Restructuring costs(1)		517			1,050		1,588		3,275
Strategic review of Greater China business(2)		2,419			3,533		3,366		4,911
Closure of production facility(3)		—			—		—		(846	)
Non-controlling interests		(5	)		117		171		253
Adjusted EBITDA		9,429			3,116		14,814		(4,178	)

(1) Relates primarily to severance costs as the Group adjusts its organizational structure.

(2) Relates to costs for the strategic review of the Greater China segment, mainly consisting of non-cash impairments and cost for external consultants during 2026 and mainly cost for external consultants during 2025.

(3) Relates to reversal of previously recognized exit costs related to closure of the Group’s production facility in Singapore.

“Constant Currency Revenue” is calculated by translating the current year reported revenue amounts into comparable amounts using the prior year reporting period’s average foreign exchange rates which have been provided by a third party. Constant Currency Revenue is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial performance.

Constant Currency Revenue is used to provide a framework in assessing how our business and geographic segments performed excluding the effects of foreign currency exchange rate fluctuations and we believe this information is useful to investors to facilitate comparisons and better identify trends in our business.

The table below reconciles revenue as reported to revenue on a constant currency basis by segment for the three and nine months ended September 30, 2026 and 2025.


(Unaudited)	Three months ended September 30,		$ Change		% Change
(in thousands of U.S. dollars)	2026		2025		As reported	Foreign exchange impact	In constant currency			As reported		In constant currency	Volume		Constant currency price/mix
Europe & International		147,245		123,267		147,245		(1,226	)		148,471		19.5	%		20.4	%	17.6	%	2.8	%
North America		63,844		62,096		63,844		(33	)		63,877		2.8	%		2.9	%	0.4	%	2.5	%
Greater China		31,965		37,433		31,965		1,772			30,193		-14.6	%		-19.3	%	-26.2	%	6.9	%
Total revenue		243,054		222,796		243,054		513			242,541		9.1	%		8.9	%	4.2	%	4.7	%


(Unaudited)	Nine months ended September 30,		$ Change		% Change
(in thousands of U.S. dollars)	2026		2025		As reported	Foreign exchange impact	In constant currency			As reported		In constant currency	Volume		Constant currency price/mix
Europe & International		427,108		349,125		427,108		16,121			410,987		22.3	%		17.7	%	15.7	%	2.0	%
North America		192,953		185,167		192,953		30			192,923		4.2	%		4.2	%	1.3	%	2.9	%
Greater China		91,413		94,388		91,413		4,640			86,773		-3.2	%		-8.1	%	-11.5	%	3.4	%
Total revenue		711,474		628,680		711,474		20,791			690,683		13.2	%		9.9	%	6.9	%	3.0	%

“Free Cash Flow” is defined as net cash flows used in operating activities less capital expenditures. We believe Free Cash Flow is a useful supplemental financial measure for us and investors in assessing our ability to pursue business opportunities and investments. Free Cash Flow is not a measure of our liquidity under IFRS and should not be considered as an alternative to net cash flows used in operating activities.

Free Cash Flow is a non-IFRS measure and is not a substitute for IFRS measures in assessing our overall financial liquidity. Because Free Cash Flow is not a measurement determined in accordance with IFRS, and is susceptible to varying calculations, it may not be comparable to other similarly titled measures presented by other companies. Free Cash Flow should not be considered in isolation, or as a substitute for an analysis of our results as reported on our interim condensed consolidated financial statements appearing elsewhere in this document. Below we have provided a reconciliation of Free Cash Flow to net cash flows used in operating activities for the periods presented.


(Unaudited)	Three months ended September 30,			Nine months ended September 30,
(in thousands of U.S. dollars)	2026			2025		2026	2025
Net cash flows used in operating activities		(9,917	)		(2,354	)	(11,481	)	(17,359	)
Capital expenditures		(8,516	)		(3,076	)	(19,237	)	(13,775	)
Free Cash Flow		(18,433	)		(5,430	)	(30,718	)	(31,134	)

Free Cash Flow was an outflow of $30.7 million for the nine months ended September 30, 2026, compared to an outflow of $31.1 million during the prior year period. The improvement in Free Cash Flow was driven by decreased net cash flows used in operating activities, partly offset by higher capital expenditures.

Segment Information


Revenue, Adjusted EBITDA and EBITDA
Three months ended September 30, 2026 (Unaudited) (in thousands of U.S. dollars)	Europe & International			North America		Greater China	Corporate*		Eliminations**			Total
Revenue
Revenue from external customers		147,245			63,844		31,965			—			—		243,054
Intersegment revenue		346			—		—			—			(346	)	—
Total segment revenue		147,591			63,844		31,965			—			(346	)	243,054
Adjusted EBITDA		31,514			331		(1,897	)		(20,519	)		—		9,429
Share-based compensation expense		(627	)		(373	)	(157	)		(2,160	)		—		(3,317	)
Restructuring costs(1)		(144	)		(195	)	—			(178	)		—		(517	)
Strategic review of Greater China business(2)		—			—		(2,419	)		—			—		(2,419	)
Non-controlling interests		—			—		5			—			—		5
EBITDA		30,743			(237	)	(4,468	)		(22,857	)		—		3,181
Finance income and (expenses), net		—			—		—			—			—		(16,066	)
Depreciation and amortization		—			—		—			—			—		(12,370	)
Loss before tax		—			—		—			—			—		(25,255	)

Three months ended September 30, 2025 (Unaudited) (in thousands of U.S. dollars)	Europe & International			North America		Greater China	Corporate*		Eliminations**			Total
Revenue
Revenue from external customers		123,267			62,096		37,433			—			—		222,796
Intersegment revenue		130			—		—			—			(130	)	—
Total segment revenue		123,397			62,096		37,433			—			(130	)	222,796
Adjusted EBITDA		21,876			(1,270	)	1,586			(19,076	)		—		3,116
Share-based compensation expense		(504	)		(318	)	(494	)		(1,764	)		—		(3,080	)
Restructuring costs(1)		(239	)		(298	)	—			(513	)		—		(1,050	)
Strategic review of Greater China business(2)		—			—		(3,533	)		—			—		(3,533	)
Non-controlling interests		—			—		(117	)		—			—		(117	)
EBITDA		21,133			(1,886	)	(2,558	)		(21,353	)		—		(4,664	)
Finance income and (expenses), net		—			—		—			—			—		(47,557	)
Depreciation and amortization		—			—		—			—			—		(12,260	)
Loss before tax		—			—		—			—			—		(64,481	)


Nine months ended September 30, 2026 (Unaudited) (in thousands of U.S. dollars)	Europe & International			North America		Greater China	Corporate*		Eliminations**			Total
Revenue
Revenue from external customers		427,108			192,953		91,413			—			—		711,474
Intersegment revenue		1,582			—		—			—			(1,582	)	—
Total segment revenue		428,690			192,953		91,413			—			(1,582	)	711,474
Adjusted EBITDA		88,076			1,725		(4,127	)		(70,860	)		—		14,814
Share-based compensation expense		(1,776	)		(974	)	(800	)		(6,137	)		—		(9,687	)
Restructuring costs(1)		(112	)		(301	)	—			(1,175	)		—		(1,588	)
Strategic review of Greater China business(2)		—			—		(3,366	)		—			—		(3,366	)
Non-controlling interests		—			—		(171	)		—			—		(171	)
EBITDA		86,188			450		(8,464	)		(78,172	)		—		2
Finance income and (expenses), net		—			—		—			—			—		(30,364	)
Depreciation and amortization		—			—		—			—			—		(37,851	)
Loss before tax		—			—		—			—			—		(68,213	)

Nine months ended September 30, 2025 (Unaudited) (in thousands of U.S. dollars)	Europe & International			North America		Greater China	Corporate*		Eliminations**			Total
Revenue
Revenue from external customers		349,125			185,167		94,388			—			—		628,680
Intersegment revenue		1,274			—		—			—			(1,274	)	—
Total segment revenue		350,399			185,167		94,388			—			(1,274	)	628,680
Adjusted EBITDA		61,673			(2,510	)	2,568			(65,909	)		—		(4,178	)
Share-based compensation expense		(1,487	)		(1,004	)	(1,217	)		(6,417	)		—		(10,125	)
Restructuring costs(1)		(710	)		(1,551	)	(42	)		(972	)		—		(3,275	)
Strategic review of Greater China business(2)		—			—		(4,911	)		—			—		(4,911	)
Closure of production facility(3)		846			—		—			—			—		846
Non-controlling interests		—			—		(253	)		—			—		(253	)
EBITDA		60,322			(5,065	)	(3,855	)		(73,298	)		—		(21,896	)
Finance income and (expenses), net		—			—		—			—			—		(70,062	)
Depreciation and amortization		—			—		—			—			—		(35,735	)
Loss before tax		—			—		—			—			—		(127,693	)

* Corporate consists of general costs not allocated to the segments.

** Eliminations in 2026 refers to intersegment revenue for sales of products from Europe & International to Greater China and North America. Eliminations in 2025 refers to intersegment revenue for sales of products from Europe & International to Greater China.

(1) Relates primarily to severance costs as the Group adjusts its organizational structure.

(3) Relates to reversal of previously recognized exit costs related to closure of the Group’s production facility in Singapore.

Off-Balance Sheet Arrangements

We did not have during the period presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off‑balance sheet arrangements or other contractually narrow or limited purposes.

Critical Accounting Policies and Significant Judgments and Estimates

We prepare our interim condensed consolidated financial statements in accordance with IAS 34 Interim Financial Reporting. Preparing these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses, and related disclosures. We evaluate our estimates and assumptions on an ongoing basis. Our estimates are based on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Our actual results may differ from these estimates. Other companies in similar businesses may use different estimation policies and methodologies, which may impact the comparability of our financial condition, results of operations and cash flows to those of other companies.

Our critical accounting policies are described under the heading “Critical Accounting Estimates” in our 2025 Annual Report and the notes to the audited financial statements in our 2025 Annual Report. Our critical accounting policies and estimates are the same as those discussed in our 2025 Annual Report.

Recent Accounting Pronouncements

Refer to Note 2 Summary of Accounting Policies to our interim condensed consolidated financial statements appearing elsewhere in this Report.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We are exposed to certain market risks in the ordinary course of our business. These risks primarily consist of foreign exchange risk, interest rate risk, credit risk, liquidity risk and commodity price risk. For further discussion and sensitivity analysis of these risks, see Note 3 Financial Risk Management to our audited consolidated financial statements for the year ended December 31, 2025, included in our 2025 Annual Report.

Part II – OTHER INFORMATION

Item 1. Legal Proceedings

From time to time, we may be involved in various claims and legal proceedings related to claims arising out of our operations. We are not currently a party to any material legal proceedings, including any such proceedings that are pending or threatened, of which we are aware.

Item 1A. Risk Factors

There have been no material changes to our risk factors since those reported in Part I, Item 3.D. “Risk Factors” of our 2025 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Use of Proceeds

The information contained in Item 2 in Part II of the Company’s Report on Form 6-K filed on November 15, 2021, is incorporated by reference herein.

Item 3. Defaults Upon Senior Securities

None.

For further information:

Contact person

John Baumgartner, CFA, Vice President, Investor Relations

E-mail: investors@oatly.com, press@oatly.com

This information is information that Oatly Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 ET on October 28, 2026.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n


	Oatly Group AB (publ)


Date: October 28, 2026	By:	/s/ Marie-José David
	Name:	Marie-José David
	Title:	Chief Financial Officer

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6-K - Oatly Group AB (0001843586) (Filer)