5.1 Revenue, Adjusted EBITDA and EBITDA


Revenue, Adjusted EBITDA and EBITDA
Three months ended June 30, 2025	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		118,193			63,185			26,976			—			—			208,354
Intersegment revenue		455			—			—			—			(455	)		—
Total segment revenue		118,648			63,185			26,976			—			(455	)		208,354
Adjusted EBITDA		24,261			(2,369	)		(636	)		(24,819	)		—			(3,563	)
Share-based compensation expense		(515	)		(328	)		(334	)		(2,276	)		—			(3,453	)
Restructuring costs(1)		(471	)		(585	)		(42	)		(295	)		—			(1,393	)
Strategic review of Greater China business(2)		—			—			(1,378	)		—			—			(1,378	)
Non-controlling interests		—			—			(35	)		—			—			(35	)
EBITDA		23,275			(3,282	)		(2,425	)		(27,390	)		—			(9,822	)
Finance income and (expenses), net		—			—			—			—			—			(31,916	)
Depreciation and amortization		—			—			—			—			—			(12,294	)
Loss before tax		—			—			—			—			—			(54,032	)

Three months ended June 30, 2024	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		105,541			67,819			28,835			—			—			202,195
Intersegment revenue		1,814			—			—			—			(1,814	)		—
Total segment revenue		107,355			67,819			28,835			—			(1,814	)		202,195
Adjusted EBITDA		12,638			1,166			(428	)		(24,373	)		—			(10,997	)
Share-based compensation expense		(501	)		(232	)		(479	)		(2,967	)		—			(4,179	)
Restructuring costs(1)		(855	)		(769	)		(1,470	)		(120	)		—			(3,214	)
Discontinued construction of production facilities(4)		(2,923	)		277			—			—			—			(2,646	)
New product launch issue(5)		—			(5,677	)		—			—			—			(5,677	)
Non-controlling interests		—			—			(58	)		—			—			(58	)
EBITDA		8,359			(5,235	)		(2,435	)		(27,460	)		—			(26,771	)
Finance income and (expenses), net		—			—			—			—			—			10,389
Depreciation and amortization		—			—			—			—			—			(12,308	)
Loss before tax		—			—			—			—			—			(28,690	)


Six months ended June 30, 2025	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		225,858			123,071			56,955			—			—			405,884
Intersegment revenue		1,144			—			—			—			(1,144	)		—
Total segment revenue		227,002			123,071			56,955			—			(1,144	)		405,884
Adjusted EBITDA		39,797			(1,240	)		982			(46,833	)		—			(7,294	)
Share-based compensation expense		(983	)		(686	)		(723	)		(4,653	)		—			(7,045	)
Restructuring costs(1)		(471	)		(1,253	)		(42	)		(459	)		—			(2,225	)
Strategic review of Greater China business(2)		—			—			(1,378	)		—			—			(1,378	)
Closure of production facility(3)		846			—			—			—			—			846
Non-controlling interests		—			—			(136	)		—			—			(136	)
EBITDA		39,189			(3,179	)		(1,297	)		(51,945	)		—			(17,232	)
Finance income and (expenses), net		—			—			—			—			—			(22,505	)
Depreciation and amortization		—			—			—			—			—			(23,475	)
Loss before tax		—			—			—			—			—			(63,212	)

Six months ended June 30, 2024	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		215,948			134,786			50,616			—			—			401,350
Intersegment revenue		3,778			—			—			—			(3,778	)		—
Total segment revenue		219,726			134,786			50,616			—			(3,778	)		401,350
Adjusted EBITDA		27,134			778			(3,856	)		(48,257	)		—			(24,201	)
Share-based compensation expense		(879	)		1,027			(1,179	)		(5,763	)		—			(6,794	)
Restructuring costs(1)		(855	)		(769	)		(1,940	)		(71	)		—			(3,635	)
Discontinued construction of production facilities(4)		(2,923	)		1,161			—			—			—			(1,762	)
New product launch issue(5)		—			(5,677	)		—			—			—			(5,677	)
Non-controlling interests		—			—			(102	)		—			—			(102	)
EBITDA		22,477			(3,480	)		(7,077	)		(54,091	)		—			(42,171	)
Finance income and (expenses), net		—			—			—			—			—			(6,988	)
Depreciation and amortization		—			—			—			—			—			(25,321	)
Loss before tax		—			—			—			—			—			(74,480	)

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

** Eliminations in 2025 and 2024 refer 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.

(2) Relates to costs for the strategic review of the Greater China segment.

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

(4) Relates primarily to non-cash impairments related to discontinued construction of the Group’s production facility in Peterborough, UK, and reversal of previously recognized non-cash impairments related to discontinued construction of the Group’s production facility in Dallas-Fort Worth, Texas.

(5) Expenses related to a new product launch issue.

Summary of Non-current Assets by Country

Non-current assets for this purpose consist of property, plant and equipment and right-of-use assets.


	June 30, 2025		December 31, 2024
Sweden		130,226		114,764
China		97,836		103,791
US		84,795		88,983
The Netherlands		33,294		29,349
Other		1,955		2,867
Total		348,106		339,754

Summary of Revenue from external customers

5.3 Revenue from external customers, broken down by location of the customers

The Group is domiciled in Sweden. The amount of its revenue from external customers, broken down by location of the customers, is shown in the table below.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
US		61,552		66,845		120,346		132,482
UK		36,788		34,568		68,601		68,594
Germany		30,910		28,692		59,803		59,139
China		26,595		28,527		56,234		50,053
Sweden		11,909		11,079		23,219		23,307
The Netherlands		6,943		6,125		13,909		13,523
Finland		4,638		4,799		9,135		10,406
Other		29,019		21,560		54,637		43,846
Total		208,354		202,195		405,884		401,350

There are no countries that individually make up greater than 10% of total revenue included in “Other”.

5.4 Revenue from external customers, broken down by channel and segment

Revenue from external customers, broken down by channel and segment, is shown in the table below.


Three months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		93,594		37,219		6,357		137,170
Foodservice		23,783		25,602		16,821		66,206
Other		816		364		3,798		4,978
Total		118,193		63,185		26,976		208,354

Three months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		84,669		35,002		2,631		122,302
Foodservice		20,500		31,173		20,244		71,917
Other		372		1,644		5,960		7,976
Total		105,541		67,819		28,835		202,195

Six months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		179,034		73,243		10,290		262,567
Foodservice		45,085		49,113		39,625		133,823
Other		1,739		715		7,040		9,494
Total		225,858		123,071		56,955		405,884

Six months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		174,876		71,065		5,430		251,371
Foodservice		40,020		60,286		35,523		135,829
Other		1,052		3,435		9,663		14,150
Total		215,948		134,786		50,616		401,350

Summary of Revenue from external customers, broken down by channel and segment

5.4 Revenue from external customers, broken down by channel and segment

Revenue from external customers, broken down by channel and segment, is shown in the table below.


Three months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		93,594		37,219		6,357		137,170
Foodservice		23,783		25,602		16,821		66,206
Other		816		364		3,798		4,978
Total		118,193		63,185		26,976		208,354

Three months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		84,669		35,002		2,631		122,302
Foodservice		20,500		31,173		20,244		71,917
Other		372		1,644		5,960		7,976
Total		105,541		67,819		28,835		202,195

Six months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		179,034		73,243		10,290		262,567
Foodservice		45,085		49,113		39,625		133,823
Other		1,739		715		7,040		9,494
Total		225,858		123,071		56,955		405,884

Six months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		174,876		71,065		5,430		251,371
Foodservice		40,020		60,286		35,523		135,829
Other		1,052		3,435		9,663		14,150
Total		215,948		134,786		50,616		401,350

Oatly Group AB 6-K/A