UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2026

Commission File Number: 001-40401

Oatly Group AB (publ)

(Translation of registrant’s name into English)

Ångfärjekajen 8

211 19 Malmö

Sweden

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Oatly Group AB (publ)

Interim condensed consolidated financial statements

For the three months ended March 31, 2026

Table of Contents


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
Interim Condensed Consolidated Statement of Operations	1
Interim Condensed Consolidated Statement of Comprehensive (Loss)/Income	2
Interim Condensed Consolidated Statement of Financial Position	3
Interim Condensed Consolidated Statement of Changes in Equity	4
Interim Condensed Consolidated Statement of Cash Flows	5
Notes to the Interim Condensed Consolidated Financial Statements	6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3. Quantitative and Qualitative Disclosures About Market Risk	36
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	36
Item 1A. Risk Factors	36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3. Defaults Upon Senior Securities	36
Signatures	37

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

Interim Condensed Consolidated Statement of Operations


(Unaudited)		Three months ended March 31,
(in thousands of U.S. dollars, except share and per share and ADS data)	Note	2026			2025
Revenue	5		228,325			197,530
Cost of goods sold			(151,985	)		(135,200	)
Gross profit			76,340			62,330
Research and development expenses			(4,876	)		(4,391	)
Selling, general and administrative expenses			(83,470	)		(77,498	)
Other operating income and (expenses), net			657			968
Operating loss			(11,349	)		(18,591	)
Finance income and (expenses), net	7		(904	)		9,411
Loss before tax			(12,253	)		(9,180	)
Income tax benefit/(expense)	8		124			(3,351	)
Loss for the period			(12,129	)		(12,531	)
Attributable to:
Shareholders of the parent			(12,006	)		(12,430	)
Non-controlling interests			(123	)		(101	)
Loss per share, attributable to shareholders of the parent:
Basic	23		(0.02	)		(0.02	)
Diluted	23		(0.02	)		(0.03	)
Loss per ADS, attributable to shareholder of the parent (1 ADS representing 20 ordinary shares):
Basic	23		(0.38	)		(0.42	)
Diluted	23		(0.38	)		(0.51	)
Weighted average common shares outstanding:
Basic	23		624,500,001			598,559,840
Diluted	23		624,500,001			999,176,184

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Interim Condensed Consolidated Statement of Comprehensive (Loss)/Income


(Unaudited)	Note	Three months ended March 31,
(in thousands of U.S. dollars)		2026			2025
Loss for the period			(12,129	)		(12,531	)
Other comprehensive (loss)/income:
Items that may be subsequently reclassified to the consolidated statement of operations (net of tax):
Exchange differences from translation of foreign operations			(5,866	)		24,697
Total other comprehensive (loss)/income for the period			(5,866	)		24,697
Total comprehensive (loss)/income for the period			(17,995	)		12,166
Attributable to:
Shareholders of the parent			(17,891	)		12,265
Non-controlling interests			(104	)		(99	)

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Interim Condensed Consolidated Statement of Financial Position


(Unaudited)	Note	March 31, 2026			December 31, 2025
(in thousands of U.S. dollars)
ASSETS
Non-current assets
Intangible assets	9		132,023			137,747
Property, plant and equipment	10		284,148			294,688
Right-of-use assets	11		35,156			37,907
Other non-current receivables	12,13		48,720			46,992
Deferred tax assets	8		4,595			4,676
Total non-current assets			504,642			522,010
Current assets
Inventories	14		76,760			68,537
Trade receivables	15		96,196			103,522
Current tax assets			2,383			2,737
Other current receivables	16		16,806			17,438
Prepaid expenses			11,015			8,608
Cash and cash equivalents	17		49,414			64,345
Total current assets			252,574			265,187
TOTAL ASSETS			757,216			787,197
EQUITY AND LIABILITIES
Equity	18
Share capital			110			110
Treasury shares			(0	)		(0	)
Other contributed capital			1,641,601			1,641,601
Other reserves			(231,236	)		(225,351	)
Accumulated deficit			(1,406,942	)		(1,397,805	)
Equity attributable to shareholders of the parent			3,533			18,555
Non-controlling interests			1,012			1,116
Total equity			4,545			19,671
Liabilities
Non-current liabilities
Lease liabilities	11		21,710			24,729
Interest-bearing loans and borrowings	19		175,682			182,783
Provisions	20		—			2,697
Total non-current liabilities			197,392			210,209
Current liabilities
Lease liabilities	11		12,209			12,457
Interest-bearing loans and borrowings	13,19		337,428			340,266
Trade payables			68,493			66,481
Current tax liabilities			770			1,642
Other current liabilities			10,567			11,176
Accrued expenses	21		109,923			107,932
Provisions	20		15,889			17,363
Total current liabilities			555,279			557,317
Total liabilities			752,671			767,526
TOTAL EQUITY AND LIABILITIES			757,216			787,197

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Interim Condensed Consolidated Statement of Changes in Equity


(Unaudited) (in thousands of U.S. dollars)	Note	Share capital	Treasury shares	Other contributed capital	Other reserves	Accumulated deficit	Equity attributable to shareholders of the parent	Non-controlling interests	Total equity
Balance at December 31, 2025	18	110	(0)	1,641,601	(225,351)	(1,397,805)	18,555	1,116	19,671
Loss for the period		—	—	—	—	(12,006)	(12,006)	(123)	(12,129)
Other comprehensive (loss)/income		—	—	—	(5,885)	—	(5,885)	19	(5,866)
Total comprehensive loss for the period		—	—	—	(5,885)	(12,006)	(17,891)	(104)	(17,995)
Share-based compensation	6	—	—	—	—	2,869	2,869	—	2,869
Balance at March 31, 2026		110	(0)	1,641,601	(231,236)	(1,406,942)	3,533	1,012	4,545


(Unaudited) (in thousands of U.S. dollars)	Note	Share capital	Treasury shares	Other contributed capital	Other reserves	Accumulated deficit	Equity attributable to shareholders of the parent	Non-controlling interests	Total equity
Balance at December 31, 2024	18	106	(0)	1,628,045	(274,160)	(1,249,303)	104,688	1,435	106,123
Loss for the period		—	—	—	—	(12,430)	(12,430)	(101)	(12,531)
Other comprehensive income		—	—	—	24,695	—	24,695	2	24,697
Total comprehensive income for the period		—	—	—	24,695	(12,430)	12,265	(99)	12,166
Share-based compensation	6	—	—	—	—	3,592	3,592	—	3,592
Balance at March 31, 2025		106	(0)	1,628,045	(249,465)	(1,258,141)	120,545	1,336	121,881

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Interim Condensed Consolidated Statement of Cash Flows


(Unaudited)		Three months ended March 31,
(in thousands of U.S. dollars)	Note	2026			2025
Operating activities
Net loss			(12,129	)		(12,531	)
Adjustments to reconcile net loss to net cash flows
—Depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets	9,10,11		12,854			11,181
—Write-downs of inventories	14		667			3,611
—Impairment loss on trade receivables	15		42			242
—Share-based compensation	6		2,869			3,592
—Movements in provisions	20		(4,147	)		(6,241	)
—Finance (income) and expenses, net	7		904			(9,411	)
—Income tax (benefit)/expense	8		(124	)		3,351
—Loss on disposal of property, plant and equipment and intangible assets			(275	)		—
—Other			(1,176	)		(1	)
Interest received			70			745
Interest paid			(6,239	)		(5,944	)
Income tax paid			(1,240	)		(806	)
Changes in working capital:
—Increase in inventories	14		(10,012	)		(689	)
—Decrease in trade receivables, other current receivables, prepaid expenses	15,16		3,465			7,214
—Increase/(decrease) in trade payables, other current liabilities, accrued expenses	21		9,270			(7,871	)
Net cash flows used in operating activities			(5,201	)		(13,558	)
Investing activities
Purchase of intangible assets	9		(846	)		(291	)
Purchase of property, plant and equipment	10		(5,646	)		(6,660	)
Proceeds from sale of property, plant and equipment			268			—
Other			(41	)		302
Net cash flows used in investing activities			(6,265	)		(6,649	)
Financing activities
Repayment of liabilities to credit institutions	19		—			(647	)
Proceeds from liabilities to credit institutions	19		1,448			—
Payment of loan transaction costs	7,19		(1,153	)		(1,020	)
Repayment of lease liabilities	11		(3,118	)		(3,397	)
Cash flows used in financing activities			(2,823	)		(5,064	)
Net decrease in cash and cash equivalents			(14,289	)		(25,271	)
Cash and cash equivalents at the beginning of the period			64,345			98,923
Exchange rate differences in cash and cash equivalents			(642	)		776
Cash and cash equivalents at the end of the period	17		49,414			74,428

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

Notes to the Interim Condensed Consolidated Financial Statements

(unaudited)

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

Note 1. Corporate Information

Oatly Group AB (publ) (the “Company” or the “parent”) is a public limited company incorporated and domiciled in Sweden. The Company’s registered office is located at Ångfärjekajen 8, Malmö, Sweden.

Oatly Group AB (publ) and its subsidiaries (together, the “Group”) manufacture, distribute and sell oat-based products.

Note 2. Summary of Accounting Policies

The interim condensed consolidated financial statements of Oatly Group AB (publ) for the three months ended March 31, 2026 and 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern, and there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period. In forming this judgment the Group has taken into consideration principal conditions, events and assumptions in relation to the Group’s ability to meet its financial covenants and other obligations. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

The interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the Group’s consolidated financial statements for the year ended December 31, 2025, as they do not include all the information and disclosures required in the annual consolidated financial statements. Interim results are not necessarily indicative of the results for a full year. The interim condensed consolidated financial statements are presented in thousands of U.S. dollars, unless otherwise stated.

New and Amended Standards and Interpretations Issued but not yet Adopted

There are no IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting standards”) that are expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions, other than those included in the 2025 Annual Report.

Note 3. Significant Accounting Judgments, Estimates and Assessments

In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation and uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2025.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectation of future events.

Note 4. Seasonality

To date, we have not experienced pronounced seasonality, but such fluctuations may have been masked by our historical growth and macroeconomic trends, including higher inflation. As the Group continues to grow, including the relative size of our markets, we expect to see additional seasonality effects, especially within the food retail channel, with revenue contribution from this channel tending to be linked with holiday season periods. For example, the Lunar New Year one week celebration occurring in the first quarter of the calendar year has resulted in lower volumes sold in Greater China and the rest of the Asia business compared to the remaining quarterly periods of the year.

Notes to the interim condensed consolidated financial statements

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

Note 5. Segment Information

5.1 Revenue, Adjusted EBITDA and EBITDA


Revenue, Adjusted EBITDA and EBITDA
Three months ended March 31, 2026	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		136,796			62,190			29,339			—			—			228,325
Intersegment revenue		696			—			—			—			(696	)		—
Total segment revenue		137,492			62,190			29,339			—			(696	)		228,325
Adjusted EBITDA		31,568			659			(767	)		(26,497	)		—			4,963
Share-based compensation expense		(538	)		(265	)		(454	)		(1,612	)		—			(2,869	)
Restructuring costs(1)		38			(106	)		—			(268	)		—			(336	)
Strategic review of Greater China business(2)		—			—			(130	)		—			—			(130	)
Non-controlling interests		—			—			(123	)		—			—			(123	)
EBITDA		31,068			288			(1,474	)		(28,377	)		—			1,505
Finance income and (expenses), net		—			—			—			—			—			(904	)
Depreciation and amortization		—			—			—			—			—			(12,854	)
Loss before tax		—			—			—			—			—			(12,253	)

Three months ended March 31, 2025	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		107,665			59,886			29,979			—			—			197,530
Intersegment revenue		689			—			—			—			(689	)		—
Total segment revenue		108,354			59,886			29,979			—			(689	)		197,530
Adjusted EBITDA		15,536			1,129			1,618			(22,014	)		—			(3,731	)
Share-based compensation expense		(468	)		(358	)		(389	)		(2,377	)		—			(3,592	)
Restructuring costs(1)		—			(668	)		—			(164	)		—			(832	)
Closure of production facility(3)		846			—			—			—			—			846
Non-controlling interests		—			—			(101	)		—			—			(101	)
EBITDA		15,914			103			1,128			(24,555	)		—			(7,410	)
Finance income and (expenses), net		—			—			—			—			—			9,411
Depreciation and amortization		—			—			—			—			—			(11,181	)
Loss before tax		—			—			—			—			—			(9,180	)

* 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.

(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.

5.2 Non-current Assets by Country

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


	March 31, 2026		December 31, 2025
Sweden		119,689		127,151
China		90,509		92,694
US		77,005		79,455
The Netherlands		30,610		32,002
Other		1,491		1,293
Total		319,304		332,595

Notes to the interim condensed consolidated financial statements

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

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 March 31,
	2026		2025
US		60,543		58,794
Germany		37,315		28,893
UK		36,352		31,813
China		29,223		29,639
Sweden		13,459		11,310
The Netherlands		8,190		6,966
Switzerland		5,529		3,790
Finland		4,636		4,497
Other		33,078		21,828
Total		228,325		197,530

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 March 31, 2026	Europe & International		North America		Greater China		Total
Retail		108,787		40,194		8,033		157,014
Foodservice		27,615		21,418		18,569		67,602
Other		394		578		2,737		3,709
Total		136,796		62,190		29,339		228,325

Three months ended March 31, 2025	Europe & International		North America		Greater China		Total
Retail		85,440		36,024		3,933		125,397
Foodservice		21,302		23,511		22,804		67,617
Other		923		351		3,242		4,516
Total		107,665		59,886		29,979		197,530

Other is primarily related to e-commerce, both direct-to-consumer and through third-party platforms.

Oatmilk accounted for 93% and 92% of the Group’s revenue in the three months ended March 31, 2026 and 2025, respectively.

During the year ended December 31, 2021, in connection with the initial public offering, the Company implemented a new incentive award program, the 2021 Incentive Award Plan (“2021 Plan”). The principal purpose of the 2021 Plan is to attract, retain and motivate selected employees, consultants and members of the Board of Directors through the granting of share-based compensation awards and cash-based performance bonus awards from 2021 and onwards. 69,496,515 ordinary shares have been reserved for grants pursuant to a variety of share-based compensation awards, including, but not limited to, stock options and RSUs. To secure the future delivery of ordinary shares and ADSs under the 2021 Plan, the Company’s shareholders resolved to issue 69,496,515 warrants. The right to subscribe for the warrants vests only in the Company. See Note 18 Equity.

During the three months ended March 31, 2026, the Company, under the 2021 Plan, granted no new RSUs. The RSUs are accounted for as equity-settled share-based compensation transactions. The RSUs are measured based on the fair market value of the underlying ADSs on the date of grant. The RSUs granted to employees under the 2021 Plan vest in equal installments on each of the first three anniversaries of the date of grant, subject to continued service. The RSUs granted to members of the Company’s Board of Directors vest on the date of the next Annual

Notes to the interim condensed consolidated financial statements

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

General Meeting of shareholders following the grant date, subject to continued service on the applicable vesting date. No RSUs vested during the three months ended March 31, 2026.

Activity in the Group’s RSUs outstanding and related information is as follows:


	Number of RSUs			Weighted average grant date fair value ($)
As of December 31, 2025		1,621,503			13.51
Forfeited during the period		(48,320	)		14.66
As of March 31, 2026		1,573,183			13.48

During the three months ended March 31, 2026, the Company, under the 2021 Plan, granted no new stock options. The stock options are accounted for as equity-settled share-based compensation transactions. For stock options granted under the 2021 Plan, the exercise price is equal to the fair value of the ADSs on the date of grant. The stock options granted to participants under the 2021 Plan vest in equal installments on each of the first three anniversaries of the date of grant, subject to continued service. The stock options expire, in relation to each installment under the vesting schedule, five years after vesting, corresponding to a total term of six, seven and eight years for the respective installment. No new stock options vested during the three months ended March 31, 2026.

Activity in the Group’s stock options outstanding and related information is as follows:


	Number of stock options			Weighted average exercise price ($)
As of December 31, 2025		464,838			26.81
Forfeited during the period		(2,917	)		21.20
Expired during the period		(16,353	)		27.44
As of March 31, 2026		445,568			26.83
Vested and exercisable as of March 31, 2026		182,076			33.22

The fair value at grant date of the stock options granted during the financial year 2024 was $13.4 for the May 2024 grant date and $9.2 for the November 2024 grant date. The fair value at grant date of the stock options granted during the financial year 2023 was $19.6 for the May 2023 grant date, $21.8 for the July 2023 grant date and $8.6 for the November 2023 grant date. The fair value at grant date of the stock options granted during the financial year 2022 was $29.8 for the May 2022 grant date and $17.2 for the November 2022 grant date. The fair value at grant date of the stock options granted during the financial year 2021 was $124.8 for the May 2021 grant date and $73.4 for the November 2021 grant date. The fair value of the stock options at grant date has been determined using the Black-Scholes option-pricing model, which takes into account the exercise price, the expected term of the stock options, the ADS price at grant date, expected price volatility of the underlying ADS, the expected dividend yield, the risk-free interest rate for the term of the stock options and the correlations and volatilities of the peer group companies. The Company does not anticipate paying any cash dividends in the near future and therefore uses an expected dividend yield of zero in the option valuation model.

Each RSU or stock option entitles the holder to acquire, as determined by the Board of Directors, either twenty ordinary shares, twenty warrants or one ADS in the Company.

Share-based compensation expense was $2.9 million for the three months ended March 31, 2026 (2025: $3.6 million).

Notes to the interim condensed consolidated financial statements

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

Note 7. Finance Income and Expenses


	Three months ended March 31,
	2026			2025
Interest income		899			1,294
Net foreign exchange difference		1,672			2,198
Interest expenses on lease liabilities		(624	)		(745	)
Interest expenses on loans and borrowings		(13,721	)		(14,140	)
Fair value changes on derivatives		(656	)		305
Fair value changes on Convertible Notes		12,271			22,098
Other financial expenses		(745	)		(1,599	)
Total finance income and expenses, net		(904	)		9,411

Fair value changes on Convertible Notes contain the fair value changes less the coupon rate and changes in credit risk. The coupon rate on the Convertible Notes is 9.25%. Interest expenses on loan and borrowings for the three months ended March 31, 2026 and March 31, 2025 contain interest expense on Convertible Notes of $8.7 million and $8.9 million, respectively. See Note 13 Fair value of financial instruments and Note 19 Interest-bearing loans and borrowings.

See Note 19 Interest-bearing loans and borrowings for further details on the Group’s credit facilities.

Note 8. Income Tax

Total tax benefit for the three months ended March 31, 2026 was $0.1 million. Total tax expense for the three months ended March 31, 2025 was $3.4 million. The effective tax rate for the three months ended March 31, 2026 was (1.0%). The effective tax rate for three months ended March 31, 2025 was 36.5%. 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 Group operates in a global environment with significant operations in various jurisdictions outside Sweden. Accordingly, the consolidated income tax rate is a composite rate reflecting the Group’s earnings and the applicable tax rates in the various jurisdictions where the Group operates, and whether or not deferred tax assets are able to be recognized.

Note 9. Intangible Assets

A summary of the intangible assets as at March 31, 2026 and December 31, 2025 is as follows:


	Goodwill			Capitalized software			Other intangible assets			Ongoing development costs			Total
Cost
At December 31, 2025		128,489			18,656			10,830			1,906			159,881
Additions		—			—			329			459			788
Exchange differences		(5,132	)		(745	)		(383	)		(96	)		(6,356	)
At March 31, 2026		123,357			17,911			10,776			2,269			154,313
Accumulated amortization
At December 31, 2025		—			(14,752	)		(7,107	)		(275	)		(22,134	)
Amortization charge		—			(647	)		(416	)		—			(1,063	)
Exchange differences		—			619			278			10			907
At March 31, 2026		—			(14,780	)		(7,245	)		(265	)		(22,290	)
Cost, net accumulated amortization
At December 31, 2025		128,489			3,904			3,723			1,631			137,747
At March 31, 2026		123,357			3,131			3,531			2,004			132,023

Amortization expense for the three months ended March 31, 2026 was $1.1 million (2025: $1.0 million).

Notes to the interim condensed consolidated financial statements

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

Note 10. Property, Plant and Equipment

A summary of property, plant, and equipment as at March 31, 2026 and December 31, 2025 is as follows:


	Land and buildings			Plant and machinery			Construction in progress			Total
Cost
At December 31, 2025		113,151			313,567			32,415			459,133
Additions		186			315			2,426			2,927
Disposals		—			(216	)		(309	)		(525	)
Reclassifications		414			1,857			(2,271	)		—
Exchange differences		(2,176	)		(3,668	)		(130	)		(5,974	)
At March 31, 2026		111,575			311,855			32,131			455,561
Accumulated depreciation and impairment
At December 31, 2025		(26,039	)		(120,016	)		(18,390	)		(164,445	)
Depreciation charge		(1,811	)		(7,219	)		—			(9,030	)
Disposals		—			48			—			48
Exchange differences		554			1,709			(249	)		2,014
At March 31, 2026		(27,296	)		(125,478	)		(18,639	)		(171,413	)
Cost, net accumulated depreciation and impairment
At December 31, 2025		87,112			193,551			14,025			294,688
At March 31, 2026		84,279			186,377			13,492			284,148

Depreciation expense for the three months ended March 31, 2026 was $9.0 million (2025: $7.4 million).

Note 11. Leases

Lease terms for production facilities are generally between 10 and 20 years, and lease terms for other properties (i.e., offices) are generally between one and 15 years. Lease terms for production equipment are generally between one and five years. The Group also has leases with a shorter lease term than 12 months and leases pertaining to assets of low value, such as office equipment. For these, the Group has chosen to apply the exemption rules in IFRS 16 Leases, meaning the value of these contracts is not part of the right-of-use asset or lease liability.

Below is the roll-forward of lease right-of-use assets:


	Land and buildings			Plant and machinery			Total
Cost
At December 31, 2025		54,852			27,054			81,906
Increases		572			—			572
Decreases		(358	)		(501	)		(859	)
Exchange differences		(456	)		(259	)		(715	)
At March 31, 2026		54,610			26,294			80,904
Accumulated depreciation
At December 31, 2025		(28,260	)		(15,739	)		(43,999	)
Depreciation		(1,850	)		(911	)		(2,761	)
Decreases		40			501			541
Exchange differences		212			259			471
At March 31, 2026		(29,858	)		(15,890	)		(45,748	)
Cost, net accumulated depreciation
At December 31, 2025		26,592			11,315			37,907
At March 31, 2026		24,752			10,404			35,156

Notes to the interim condensed consolidated financial statements

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

Depreciation expense for the three months ended March 31, 2026 was $2.8 million (2025: $2.7 million).

Below is the maturity analysis of lease liabilities:


Lease liabilities	March 31, 2026
Maturity Analysis
Less than 3 months		3,147
Between 3 months and 1 year		9,440
Between 1 and 2 years		8,495
Between 2 and 5 years		11,540
After 5 years		10,510
Total lease commitments		43,132
Impact of discounting remaining lease payments		(9,213	)
Total lease liabilities at March 31, 2026		33,919
Lease liabilities included in the condensed consolidated statement of financial position at March 31, 2026
Non-current		21,710
Current		12,209
Total		33,919

The Group has the following lease agreements, which had not commenced as of March 31, 2026, but to which the Group is committed:

•

One lease agreement regarding production equipment in Ma’anshan, China, under which the Group’s obligations collectively amount to $3.7 million for a term of six years.

Note 12. Other Non-current Receivables


	March 31, 2026		December 31, 2025
Promissory note		28,818		27,990
Long-term prepaid expenses		14,651		13,485
Derivatives		4,130		4,375
Deposits		819		1,007
Other receivables		302		135
Total		48,720		46,992

The promissory note is part of the purchase price from selling the manufacturing facilities in Ogden, Utah and Dallas-Fort Worth, Texas during 2023. The note has a maturity date of May 31, 2028. The nominal interest rate is 8% for the first year and then increases by 200 basis points each year. The interest is capitalized semi-annually, and the effective interest rate is 12.56%.

Long-term prepaid expenses consist primarily of a credit toward future use of shared assets at the manufacturing facility in Ogden.

Derivatives consist of interest rate cap and embedded derivatives related to the Company’s Nordic Bonds. See Note 19 Interest-bearing
loans and borrowings for further details on the Nordic Bonds.

Note 13. Fair Value of Financial Instruments

This note explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards.

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.

Notes to the interim condensed consolidated financial statements

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

Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Specific valuation techniques used in Level 2 to value financial instruments include:

•

for foreign currency forwards, the present value of future cash flows based on the forward exchange rates at the balance sheet date

•

for interest rate caps – option pricing models (e.g. Black-Scholes model)

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities.


Recurring fair value measurements at March 31, 2026	Level 1		Level 2		Level 3
Financial assets
Derivatives (part of Other non-current receivables)		—		4,130		—
Total financial assets		—		4,130		—
Financial liabilities
Convertible Notes (part of Current interest-bearing loans and borrowings)		—		—		329,595
Derivatives (part of Other current liabilities)		—		398		—
Total financial liabilities		—		398		329,595

Recurring fair value measurements at December 31, 2025	Level 1		Level 2		Level 3
Financial assets
Derivatives (part of Other non-current receivables)		—		4,375		—
Derivatives (part of Other current receivables)		—		129		—
Total financial assets		—		4,504		—
Financial liabilities
Convertible Notes (part of Current interest-bearing loans and borrowings)		—		—		333,145
Total financial liabilities		—		—		333,145

There were no transfers between the levels during the three months ended March 31, 2026 and the year ended December 31, 2025.

The carrying amount of the promissory note is a reasonable approximation of fair value. See Note 12 Other non-current receivables.

The carrying amount of the Nordic Bonds in the Group is a reasonable approximation of fair value. See Note 19 Interest-bearing loans and borrowings.

The carrying amount of current liabilities to credit institutions and other financial instruments in the Group is a reasonable approximation of fair value since they are short-term, and the discount effect is not significant.

Convertible Notes


	Convertible Notes
At January 1, 2025		324,395
Fair value changes (including interest expenses) recognized in the consolidated statement of operations		30,739
Change in fair value recognized in consolidated statement of comprehensive (loss)/income		16,355
Repurchase of U.S. Notes		(38,344	)
At December 31, 2025		333,145
Fair value changes (including interest expenses) recognized in the consolidated statement of operations		(3,550	)
At March 31, 2026		329,595

Notes to the interim condensed consolidated financial statements

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


	March 31, 2026			December 31, 2025
Carrying amount		329,595			333,145
Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity		490,873			490,873
Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity		(161,278	)		(157,728	)

The Group determines the amount of fair value changes which are attributable to credit risk by first determining the changes due to market conditions which give rise to market risk, and then deducting those changes from the total change in fair value of the Convertible Notes. Market conditions which give rise to market risk include changes in the benchmark interest rate. Fair value movements on the conversion option embedded derivative are included in the assessment of market risk fair value changes.

The fair value of the instrument in its entirety has been determined by using a combination of a Monte Carlo simulation and a discounted cash flow analysis.

The following table lists the key inputs and assumptions used in the valuation model as of March 31, 2026:


	March 31, 2026		December 31, 2025
Conversion price per ADS ($)(1)	27.2-28.2		27.2-28.2
ADS price at valuation date ($)		10.14		10.69
Expected price volatility of the Company ADS (%)		60.00		60.00
Risk-free interest rate (%)		3.80		3.53
Market interest rate (%)		20.00		18.00

(1) The U.S. Notes (as defined below) are convertible at the option of each holder at a conversion price of $27.20 per ADS, subject to customary anti-dilution adjustments. The HH Notes (as defined below) are convertible at the option of each holder at a conversion price of $28.20 per ADS, subject to customary anti-dilution adjustments. The Swedish Notes (as defined below) are convertible at the option of each holder at a conversion price of $1.36 per ordinary share, subject to customary anti-dilution adjustments. For further details on the Convertible Notes, see Note 19 Interest-bearing loans and borrowings.

The market interest rate has been assessed based on the observed range of yields on corporate bonds with comparable terms and comparable credit ratings to that of the Group.

The following table shows the impact of the key inputs and assumptions on the fair value of the Convertible Notes:


	March 31, 2026		December 31, 2025
ADS price decrease 30%		320,225		322,377
ADS price increase 30%		341,838		346,524
Volatility decrease 10 percentage points		327,642		327,779
Volatility increase 10 percentage points		333,639		336,942
Risk-free interest rate decrease 1 percentage point		329,107		332,581
Risk-free interest rate increase 1 percentage point		330,086		333,707
Market interest rate decrease 1 percentage point		336,112		340,451
Market interest rate increase 1 percentage point		323,263		326,065

For further information on the Convertible Notes, see Note 19 Interest-bearing loans and borrowings.

Note 14. Inventories


	March 31, 2026		December 31, 2025
Raw materials and consumables		15,242		12,326
Finished goods		61,518		56,211
Total		76,760		68,537

Notes to the interim condensed consolidated financial statements

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

Inventories recognized as an expense for the three months ended March 31, 2026 amounted to $141.8 million (2025: $127.6 million). The expenses were included in cost of goods sold.

Write-downs of inventories to net realizable value for the three months ended March 31, 2026 amounted to $0.7 million (2025: $3.6 million). The write-downs were recognized as an expense for each period and included in cost of goods sold.

Note 15. Trade Receivables


	March 31, 2026			December 31, 2025
Trade receivables		97,229			104,817
Less: allowance for expected credit losses		(1,033	)		(1,295	)
Trade receivables—net		96,196			103,522

Carrying amounts, by currency, for the Group’s trade receivables are as follows:


	March 31, 2026		December 31, 2025
EUR		30,124		30,788
GBP		22,159		21,155
USD		17,230		20,116
CNY		11,452		17,956
SEK		3,818		4,430
Other		11,413		9,077
Total		96,196		103,522

The maximum exposure to credit risk on the date of the statement of financial position is the carrying amounts according to the above.

Note 16. Other Current Receivables


	March 31, 2026		December 31, 2025
Value added tax		6,139		7,604
Advance payments to vendors

Note 1. Corporate Information

Note 2. Summary of Accounting Policies

Note 3. Significant Accounting Judgments, Estimates and Assessments

Note 4. Seasonality

Note 5. Segment Information

5.1 Revenue, Adjusted EBITDA and EBITDA

5.2 Non-current Assets by Country

5.3 Revenue From External Customers, Broken Down by Location of the Customers

5.4 Revenue From External Customers, Broken Down by Channel and Segment

Note 6. Share-based Compensation

Note 7. Finance Income and Expenses

Note 8. Income Tax

Note 9. Intangible Assets

Note 10. Property, Plant and Equipment

Note 11. Leases

Note 12. Other Non-current Receivables

Note 13. Fair Value of Financial Instruments

Note 14. Inventories

Note 15. Trade Receivables

Note 16. Other Current Receivables

Oatly Group AB 6-K