Oatly Group AB

Oatly Group AB is a Swedish plant-based food company that manufactures, distributes, and sells oat-based products globally. The company operates through three reportable segments: Europe & International, North America, and Greater China. Oatmilk is the company's dominant product, accounting for approximately 91% of revenue. Oatly serves customers through retail, foodservice, and e-commerce channels, with retail representing over 71% of revenue and growing. The company's products are sold in major markets including the United States, Germany, the United Kingdom, China, and Sweden. Oatly pursues a blended production model combining in-house manufacturing facilities in Sweden (Landskrona), the United States, the Netherlands, and China with co-manufacturing partnerships. The company's American Depositary Shares trade on Nasdaq, with each ADS representing 20 ordinary shares. Oatly is currently conducting a strategic review of its Greater China business, considering options including a potential carve-out. The company carries significant debt obligations including SEK-denominated Nordic Bonds (STIBOR + 7.00%), 9.25% Convertible Senior PIK Notes due 2028 with conversion prices substantially above current ADS trading levels, and a super senior revolving credit facility. The company has a history of losses with an accumulated deficit of approximately $1.46 billion and negative total equity. Updated Oct 28, 2026