Financial Data and Key Metrics Changes - The company achieved its first full year of profitable growth, with revenue growth of 4.7% and 2.2% on a constant currency basis for the full year [23] - Adjusted EBITDA was positive at $6.8 million for the full year, marking a significant improvement [23] - In Q4, revenue grew by 9.1% and 4.3% on a constant currency basis, with a gross margin of 34.5%, an increase of 580 basis points compared to last year's Q4 [23][24] Business Line Data and Key Metrics Changes - Volume growth in Europe and international segments was 13.9%, contributing to a $9.9 million increase in segment-adjusted EBITDA [25] - North America experienced an 8.8% revenue decline primarily due to a change in sourcing strategy at a large customer, but excluding this customer, the segment grew 10% in the quarter [25] - Greater China saw a slight decline in constant currency revenue, but the food service channel grew by 5% [25] Market Data and Key Metrics Changes - The Europe and international segment saw solid growth of 7% in established markets and 54% in expansion markets [16] - North America also achieved 7% growth in both retail and food service when excluding the largest food service customer [16] - Household penetration is increasing, particularly among younger consumers, indicating a positive trend for the brand [18] Company Strategy and Development Direction - The company is focused on executing a refreshed growth playbook that emphasizes increased relevance, attacking barriers to conversion, and increasing availability to consumers [12][19] - Plans for 2026 include completing a strategic review of the Greater China segment and potentially accelerating growth through various options [11] - The company aims to maintain a culture of efficiency while driving growth and impact in a disciplined manner [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving stronger profitable growth in 2026, expecting constant currency revenue growth of 3%-5% and adjusted EBITDA of $25 million-$35 million [11][27] - The management highlighted the importance of driving efficiencies and improving free cash flow, which is expected to improve from 2025 levels [26] - The company is optimistic about the potential for growth in the oat milk category, despite current market pressures [45] Other Important Information - The company has reduced its cost of goods sold per liter by 23% and total SG&A by nearly $100 million, reflecting significant restructuring efforts [8][9] - The company plans to increase CAPEX to support growth, particularly in the Europe and International segment [29] Q&A Session Summary Question: Expectations for North America food service in 2026 - Management noted that they have diversified their customer base and expect continued growth outside the large customer that has been a drag on performance [32][34] Question: Enhancing protein content in response to competitor products - Management emphasized their focus on fiber rather than protein, aligning with consumer trends towards fiber-rich diets [39][41] Question: Drivers of oat milk category declines in U.S. retail - Management acknowledged category softness but highlighted their outperformance and increasing household penetration as positive indicators [45][49] Question: Free Cash Flow expectations and improvements - Management explained that improvements in free cash flow are expected in 2026, driven by higher adjusted EBITDA and better working capital management [52][70] Question: Increasing household penetration and its drivers - Management attributed the increase in household penetration to the new growth playbook and a focus on making products relevant to younger consumers [58][60]

4Q 2025 EARNINGS PRESENTATION FEBRUARY 2026 1 TODAY'S SPEAKERS –––––––––––––––––– JEAN-CHRISTOPHE FLATIN, CEO DANIEL ORDOÑEZ, GLOBAL PRESIDENT & COO MARIE-JOSÉ DAVID, CFO 2 LEGAL DISCLAIMER Forward - Looking Statements This document contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. An y express or implied statements contained in this document that are not statements of historical fact may be deemed to be for ward- looking statements, including, ...

Core Insights - Oatly Group AB reported profitable growth in both the fourth quarter and the full year of 2025, marking a significant milestone in its business strategy [2] - The company aims to accelerate its growth strategy and improve profitability further, indicating confidence in its future potential [2] Financial Performance - Fourth quarter revenue reached $233.8 million, a 9.1% increase from the previous year, with a constant currency revenue increase of 4.3% [5][6] - Gross margin for the fourth quarter improved to 34.5%, up 5.8 percentage points compared to the prior year [5][7] - The net loss attributable to shareholders for the fourth quarter was $19.1 million, an improvement of $72.1 million from a loss of $91.2 million in the prior year [5][12] - Adjusted EBITDA for the fourth quarter was $11.0 million, compared to a loss of $6.1 million in the prior year [5][12] Segment Performance - Europe & International revenue increased by $25.3 million, or 23.3%, to $133.7 million in the fourth quarter, driven by volume growth [20][21] - North America revenue decreased by $6.2 million, or 8.8%, to $64.4 million, primarily due to reduced sales to a major foodservice customer [22][23] - Greater China revenue increased by $0.4 million, or 1.1%, to $35.7 million, with a slight decline in foodservice sales offset by retail growth [24][25] Cost Management - Research and development expenses rose to $5.1 million in the fourth quarter, attributed to new product launches and foreign currency exchange impacts [8] - Selling, general, and administrative expenses increased to $83.9 million, driven by foreign currency exchange headwinds and distribution costs [9] Cash Flow and Capital Expenditures - As of December 31, 2025, the company had cash and cash equivalents of $64.3 million and total outstanding debt of $523.0 million [27] - Capital expenditures for the year were $15.3 million, down from $41.2 million in the prior year, reflecting disciplined investment strategies [29] - Free cash flow was an outflow of $39.0 million for the year, an improvement from an outflow of $155.6 million in the previous year [30] Strategic Outlook - The company expects constant currency revenue growth of 3% to 5% for 2026, with Adjusted EBITDA projected between $25 million and $35 million [15][37] - A strategic review of the Greater China business is ongoing, with no definitive timetable for completion [31][32]

Core Insights - Cascade Copper Corp. has announced positive assay results from its Centrefire Copper and Gold Project, indicating strong mineralization of copper, gold, and silver across a significant strike length [1][4][10] - Ongoing magnetic inversion modeling is revealing excellent priority target areas for further exploration, including mapping, sampling, and potential drilling [1][17] Exploration Results - The second batch of samples confirmed mineralization along a 10-kilometer strike, with notable results including 1.80% Cu and 0.776 g/t Au from specific samples [4][9][10] - The mineralization is associated with Banded Iron Formation (BIF) and Volcanogenic Massive Sulphide (VMS) styles, suggesting a high potential for further discoveries [10][18] Magnetic Inversion Modeling - The modeling has identified disrupted magnetic trends at both near-surface and depth levels, indicating potential mineralized zones similar to the Main Gossan Zone [4][15] - The integration of historical and new magnetic data has outlined several large zones of interest, extending up to 10 kilometers along strike from the Main Gossan Zone [17][18] Next Steps - The company plans to delineate drill targets based on the recent results and has submitted a drill permit, with approval expected in Q1 2026 [18] - An extension of the VTEM survey is planned to enhance geological interpretation in areas with limited outcrop exposure [18]

Company Overview - Oatly has been recognized as a significant growth story in the market, having completed its IPO in 2021 with a valuation of $10 billion [1] - Since the IPO, Oatly's stock price has experienced a decline, indicating potential challenges in maintaining its market position [1] Investment Insights - The investment approach emphasizes looking for undervalued quality businesses with strong business models and sustainable growth, aligning with value investing principles [1] - The focus is on long-term investment strategies rather than short-term market fluctuations, which is a hallmark of successful investing [1]

Core Insights - The oat milk industry in China is facing a growth bottleneck starting from 2023, with a shift towards refined operations and expansion into new consumption scenarios such as tea drinks, retail, and functional products [1][2] Industry Overview - The sales revenue of oat milk in retail channels reached 206 million yuan in 2020, marking the beginning of rapid growth. In 2021, sales surged to 644 million yuan, a year-on-year increase of 211.9%. By 2022, sales reached 696 million yuan, with a growth rate slowing to 8.1% [1] - The period from 2018 to 2020 was identified as the market cultivation phase, while 2020 to 2022 was characterized as a high expansion phase. The period from 2022 to 2025 is expected to enter an adjustment and optimization phase [2] Market Performance - In 2023, the retail sales of oat milk declined by 12.0% to 612 million yuan, with a further projected decrease of 16.5% to 512 million yuan in 2024. This decline is attributed to rational consumer sentiment and overall economic weakness [2] - Consumers are increasingly focused on nutritional content, cost-effectiveness, and usage scenarios, which poses challenges for the relatively high-priced plant-based category [2] Competitive Landscape - OATLY, as the category creator, has shown a clear first-mover advantage from 2019 to 2024. The brand "Feino" has increased its market share to 7% through a low-price strategy and expansion into ready-to-drink tea channels [3] - The main consumption scenarios for oat milk have become clearer, primarily focusing on pairing with coffee and direct consumption. By 2024, 73% of oat milk products related to "coffee/latte" on Alibaba's platform were sold, significantly outpacing other non-coffee products [3] Consumer Preferences - High-end brands maintain a higher price range, appealing to middle-class consumers in first-tier cities, while local brands priced between 6-10 yuan per liter are emerging to attract price-sensitive consumers in lower-tier markets [4] - The distribution of oat milk consumption is diversifying, with dining channels (like cafes and tea shops) being the primary touchpoints for consumer awareness, while online platforms are preferred for bulk purchases and trying new products [4] Supply Chain Insights - The area of oat cultivation in China has remained stable, with Inner Mongolia being the largest production region. In 2021, the oat planting area was 525,000 hectares, increasing to 530,000 hectares in 2022 [4] - China's oat production has stabilized at around 600,000 tons, accounting for 2.28% of the world's oat production, ranking eighth globally [4]

Group 1: Company Overview - Alico (ALCO) is a member of the Consumer Staples group, which includes 180 companies and is currently ranked 15 in the Zacks Sector Rank [2] - Alico has a Zacks Rank of 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [3] Group 2: Performance Analysis - Over the past three months, the Zacks Consensus Estimate for Alico's full-year earnings has increased by 28.9%, reflecting improved analyst sentiment [4] - Alico has returned approximately 2.5% year-to-date, outperforming the average return of 0.7% for Consumer Staples companies [4] - In the Agriculture - Operations industry, Alico is slightly underperforming, as this group has gained an average of 6.3% year-to-date [6] Group 3: Comparison with Peers - Oatly Group AB Sponsored ADR (OTLY) is another Consumer Staples stock that has outperformed the sector, with a year-to-date increase of 5.3% [5] - The consensus estimate for Oatly's current year EPS has risen by 11% over the past three months, and it also holds a Zacks Rank of 2 (Buy) [5] - The Food - Dairy Products industry, to which Oatly belongs, is currently ranked 7 and has experienced a year-to-date decline of 12% [6]

Core Viewpoint - Oatly Group AB, the world's largest oat drink company, is set to report its fourth-quarter financial results for the period ending December 31, 2025, on February 11, 2026, before the U.S. market opens [1]. Company Overview - Oatly has been focused on oat-based products for over 30 years, developing expertise that has led to advancements in a variety of dairy alternatives, including milk, ice cream, yogurt, cooking creams, spreads, and on-the-go drinks [3]. - The company is headquartered in Malmö, Sweden, and its products are available in more than 50 countries worldwide [3].

Core Insights - The WISE 2025 conference in Beijing emphasizes an immersive experience showcasing trends in technology and business, focusing on the intersection of AI, globalization, and traditional industries [1] - OATLY, a foreign brand, has successfully navigated the Chinese market, achieving significant growth despite challenges faced by other foreign brands [3][4] Company Performance - OATLY reported a 28.8% year-on-year growth in Q3, with a notable 40% growth in August, indicating resilience and upward momentum in a challenging market [5][6] - The introduction of innovative products like "OATLY PLUS" and turmeric oat milk has resonated well with health-conscious consumers, contributing to strong sales [5][6] Market Strategy - OATLY's success is attributed to a combination of localized innovation and global brand principles, allowing it to meet local consumer demands effectively [6][7] - The company has shifted its focus from coffee shop sales to retail, capitalizing on its established brand recognition in the coffee sector to penetrate the retail market [9][10] Competitive Landscape - OATLY has established itself as a leader in the plant-based beverage market, with a strong association between the brand and oat milk in consumers' minds, benefiting from the overall growth of the category [13][14] - The company emphasizes quality and sustainability, which are key factors in maintaining consumer trust and loyalty amidst competition [12][14] Future Outlook - OATLY plans to continue expanding its retail presence, leveraging its established brand equity and consumer awareness to drive future growth [9][10] - The company aims to maintain its commitment to quality and innovation while adapting to local cultural preferences, ensuring its long-term viability in the market [16][17]

Core Viewpoint - Oatly Group AB is perceived as being in a vulnerable position, akin to "swimming naked," as it faces scrutiny regarding its valuation and financial health [1]. Valuation Methods - Various methods exist for sell-side analysts to determine a company's fair value, including DCF, multiples approach, and reverse valuation, each with its own strengths and weaknesses [1]. - The DCF method is complex and can introduce biases, while the multiples approach relies on the assumption that peer companies are fairly priced, which is often not the case [1]. - Reverse valuation starts from the market price and discount rate, revealing the free cash flow assumptions embedded in the price, providing a more straightforward assessment of market beliefs [1]. Free Cash Flow Analysis - A Free Cash Flow to Equity (FCFE) model is utilized to assess what belongs to shareholders, calculated as Earnings + Amortization – CAPEX – average acquisition cost = FCFE [1]. - The analysis disregards working capital and debt changes, focusing instead on three key figures: earnings, amortization, and investments [1]. Forecasting Approach - The H-model is applied for forecasts, featuring a 10-year two-stage growth fade, with terminal growth aligned to the risk-free rate, specifically the 10-year government bond yield [1]. - All cash flows are discounted using the cost of equity, calculated as RFR × beta + 5% ERP, resulting in a clear picture of the business's true worth [1].