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 May 2023 Commission File Number: 001-40401 Oatly Group AB (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 ...

Oatly Group AB (NASDAQ:OTLY) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET Company Participants Toni Petersson - Chief Executive Officer Christian Hanke - Chief Financial Officer Daniel Ordonez - Chief Operating Officer Jean-Christophe Flatin - Global President Brian Kearney - Investor Relations Conference Call Participants Michael Lavery - Piper Sandler Rob Dickerson - Jefferies Peter Galbo - Bank of America John Baumgartner - Mizuho Operator Good morning and welcome to Oatly 2023 First Quarter ...

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Annual Report The Board of Directors and Chief Executive Officer ("CEO") of Oatly Group AB (publ) (the "Parent Company" or the "Company") hereby present the annual report and consolidated financial statements for the 2022 financial year (the "Annual Report"). The consolidated financial statements have been prepared in U.S. dollars ("USD" or "$"), and all amounts are in thousands of U.S. dollars (TUSD) unless otherwise specified. The Annual Report for the Parent Company has been prepared in Swedish kronor (" ...

PART I This section encompasses key company information, operational and financial performance, and governance details [Item 3. Key Information](index=10&type=section&id=Item%203.%20Key%20Information) This section details significant risks and uncertainties, covering financial performance, macroeconomic impacts, supply chain dependencies, and operational challenges [Risk Factors](index=10&type=section&id=D.%20Risk%20Factors) This subsection outlines various risks, including financial losses, macroeconomic effects, supply chain vulnerabilities, and internal control weaknesses - The company has a history of net losses, with a net loss of **$392.6 million** in 2022, an increase from **$212.4 million** in 2021 Operating expenses and capital expenditures are expected to increase, driven by investments to meet demand and expansion efforts[43](index=43&type=chunk) - Macroeconomic factors, including the COVID-19 pandemic (especially in China) and the Russian invasion of Ukraine, have led to elevated inflation, increased costs for transportation, energy, and materials, and disruptions to the supply chain and capacity expansion projects[43](index=43&type=chunk)[45](index=45&type=chunk) - The company relies on a limited number of suppliers for high-quality oats and a single supplier for a key enzyme used in its Barista Edition oatmilk, creating a risk of supply disruption[54](index=54&type=chunk)[57](index=57&type=chunk) - A strategic partnership with Ya YA Foods (YYF) for manufacturing facilities in Utah and Texas is integral to the company's shift to a hybrid production network Failure of this partnership could harm operations and manufacturing strategy[65](index=65&type=chunk) - Oatmilk sales constitute a significant portion of revenue, accounting for approximately **89%** in 2022 A reduction in sales of oatmilk varieties would adversely affect the company's financial condition[92](index=92&type=chunk) - Material weaknesses in internal control over financial reporting were identified, relating to technology access, lack of documented policies and procedures, and inadequate segregation of duties These weaknesses could affect the accuracy and timeliness of financial reporting[204](index=204&type=chunk)[206](index=206&type=chunk) - The company's largest shareholder, Nativus Company Limited (affiliated with CRVV), holds approximately **45.9%** of the voting power, giving it significant influence over corporate matters[212](index=212&type=chunk) [Item 4. Information on the Company](index=52&type=section&id=Item%204.%20Information%20on%20the%20Company) This section provides a comprehensive overview of Oatly's business, including its history, global operations, product portfolio, and market strategy [History and Development of the Company](index=52&type=section&id=A.%20History%20and%20Development%20of%20the%20Company) This subsection traces Oatly's origins, its proprietary oatmilk process, and significant production capacity expansions - Oatly was founded based on research from Lund University in the early 1990s, leading to the launch of the world's first oatmilk in 1995 using a proprietary, patented enzyme-based process[268](index=268&type=chunk) - The company has expanded its production capacity significantly, opening facilities in the U.S. and the Netherlands in 2019, and in Utah, Singapore, and China in 2021 A strategic partnership with Ya YA Foods (YYF) was established for its Utah and Texas facilities to shift towards a more asset-light, hybrid manufacturing model[270](index=270&type=chunk) [Business Overview](index=53&type=section&id=B.%20Business%20Overview) This subsection provides an overview of Oatly's global operations, market disruption strategy, and key growth initiatives - Oatly is the world's original and largest oatmilk company, operating in over **20 countries** and disrupting a global dairy industry estimated at **$631 billion** in retail sales in 2022[275](index=275&type=chunk)[276](index=276&type=chunk)[285](index=285&type=chunk) - The company employs a foodservice-led expansion strategy, using channels like coffee shops to build brand awareness and drive sales in retail As of December 31, 2022, products were available in over **200,000 retail and foodservice locations** globally[280](index=280&type=chunk)[281](index=281&type=chunk) - Key growth strategies include expanding the consumer base, increasing presence across channels, innovating new products, entering new international markets, and driving an asset-light production capacity expansion[300](index=300&type=chunk) Revenue by Channel (FY 2022) | Channel | Revenue Percentage | | :--- | :--- | | Retail | 58.4% | | Foodservice | 36.0% | | E-commerce & Other | 5.6% | - The company utilizes three production models: co-packing, hybrid, and end-to-end self-manufacturing For the year ended December 31, 2022, approximately **27%** of products were co-packed, **43%** hybrid, and **30%** end-to-end The long-term strategy is to shift more towards hybrid and end-to-end models[337](index=337&type=chunk)[338](index=338&type=chunk) [Organizational Structure](index=69&type=section&id=C.%20Organizational%20Structure) This subsection describes Oatly Group AB's corporate structure, including its wholly-owned subsidiaries across key geographies - Oatly Group AB is a Swedish public limited company with 29 wholly-owned subsidiaries as of December 31, 2022 Key subsidiaries are located in Sweden, the UK, Germany, the Netherlands, the US, Singapore, and China[372](index=372&type=chunk) [Property, Plants and Equipment](index=69&type=section&id=D.%20Property,%20Plants%20and%20Equipment) This subsection details the company's production facilities, future capital expenditure plans, and targeted oat base capacity - As of December 2022, the company operated six production facilities across EMEA, the Americas, and Asia, with three additional facilities under construction or in planning stages[374](index=374&type=chunk) - The company estimates capital expenditures of approximately **$180-200 million** in 2023 for facilities under construction and maintenance of existing ones It aims to achieve an annualized run-rate output of approximately **900 million liters** of finished goods equivalent of oat base capacity by the end of 2023[376](index=376&type=chunk) [Operating and Financial Review and Prospects](index=70&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section details the company's financial performance, liquidity, and capital resources, covering revenue, profitability, and strategic financing [Operating Results](index=70&type=section&id=A.%20Operating%20Results) This subsection analyzes the company's financial performance, including revenue growth, gross margin decline, and expense trends Consolidated Statement of Operations Highlights (FY 2022 vs FY 2021) | Metric | 2022 (in thousands) | 2021 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $722,238 | $643,190 | 12.3% | | Gross Profit | $80,027 | $155,013 | -48.4% | | Gross Margin | 11.1% | 24.1% | -13.0 p.p. | | Operating Loss | ($395,985) | ($213,743) | 85.3% | | Loss for the year | ($392,567) | ($212,393) | 84.8% | - Revenue for FY2022 increased by **12.3%** to **$722.2 million**, driven by volume growth and price increases On a constant currency basis, revenue would have increased by **20.1%**[419](index=419&type=chunk) - Gross margin declined significantly from **24.1%** in 2021 to **11.1%** in 2022 The decline was attributed to higher inflation (**4.5 p.p.**), COVID-19 impacts in China (**4.5 p.p.**), production ramp-up challenges at the Ogden facility (**2.6 p.p.**), and higher inventory provisions in Europe (**2.3 p.p.**)[426](index=426&type=chunk)[427](index=427&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **16.6%** to **$412.8 million**, primarily due to higher employee-related expenses from increased headcount, share-based compensation, and severance charges[430](index=430&type=chunk) - An asset impairment charge of **$39.6 million** was recorded in Q4 2022 related to the strategic transaction with Ya YA Foods (YYF)[431](index=431&type=chunk) [Liquidity and Capital Resources](index=78&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) This subsection outlines the company's cash position, available facilities, and recent significant refinancing activities - As of December 31, 2022, the company had cash and cash equivalents of **$82.6 million** and access to **$315.6 million** in undrawn bank facilities[451](index=451&type=chunk)[452](index=452&type=chunk) - In March and April 2023, the company completed a significant refinancing, issuing **$300 million** in **9.25% Convertible Senior PIK Notes** due 2028 and securing a new **$130 million Term Loan B facility**[453](index=453&type=chunk)[455](index=455&type=chunk)[458](index=458&type=chunk) Consolidated Cash Flow Summary (FY 2022 vs FY 2021) | Cash Flow Activity | 2022 (in thousands) | 2021 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | ($268,946) | ($213,832) | | Net cash from/(used in) investing activities | $34,794 | ($544,328) | | Net cash from financing activities | $35,919 | $955,797 | - Net cash used in operating activities increased to **$268.9 million** in 2022 from **$213.8 million** in 2021, primarily driven by a larger loss from operations[465](index=465&type=chunk) [Item 6. Directors, Senior Management and Employees](index=85&type=section&id=Item%206.%20Directors,%20Senior%20Management%20and%20Employees) This section details the company's leadership, board structure, compensation practices, and employee base [Compensation](index=88&type=section&id=B.%20Compensation) This subsection details the compensation of the CEO and non-executive directors, including base salary and share-based awards CEO and Non-Executive Director Compensation (FY 2022) | Name | Position | Total Remuneration 2022 (USD) | | :--- | :--- | :--- | | Toni Petersson | CEO and Director | $6,858,356 | | Frances Rathke | Non-Executive Director | $159,514 | | Steven Chu | Non-Executive Director | $159,514 | | Hannah Jones | Non-Executive Director | $147,014 | | Bernard Hours | Non-Executive Director | $137,014 | - The total remuneration for the CEO, Toni Petersson, in 2022 was approximately **$6.86 million**, which includes a base salary of **$751,742** and share-based compensation expense of **$5,662,140**[494](index=494&type=chunk) - The company adopted the 2021 Incentive Award Plan in connection with its IPO, reserving **69,496,515 shares** for various share-based awards Significant grants of stock options and RSUs were made in May and November 2022[502](index=502&type=chunk)[503](index=503&type=chunk)[504](index=504&type=chunk) [Employees](index=96&type=section&id=D.%20Employees) This subsection provides an overview of the company's employee headcount, growth trends, and functional distribution Employee Headcount by Geography | Geography | As of Dec 31, 2022 | As of Dec 31, 2021 | | :--- | :--- | :--- | | EMEA | 929 | 826 | | United States | 439 | 379 | | Asia | 641 | 410 | | **Total** | **2,009** | **1,615** | - Total employee count increased from **1,615** at the end of 2021 to **2,009** at the end of 2022 The largest functional group is Production, supply chain and operations, with **900 employees**[536](index=536&type=chunk)[540](index=540&type=chunk) [Item 7. Major Shareholders and Related Party Transactions](index=97&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) This section details the company's ownership structure, identifying major shareholders and outlining related party transactions [Major Shareholders](index=97&type=section&id=A.%20Major%20Shareholders) This subsection identifies the company's major shareholders and their beneficial ownership percentages Beneficial Ownership of Major Shareholders (as of April 19, 2023) | Name of Beneficial Owner | Percentage Ownership | | :--- | :--- | | Nativus Company Limited | 46.9% | | Blackstone Funds | 8.1% | | Baillie Gifford | 6.2% | - Nativus Company Limited, a subsidiary of a joint venture between Verlinvest S.A. and an entity wholly owned by China Resources, is the largest shareholder with **46.9%** beneficial ownership[545](index=545&type=chunk) [Item 11. Quantitative and Qualitative Disclosures About Market Risk](index=110&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section outlines the company's exposure to market risks, including foreign exchange, interest rate, credit, and commodity price - The company is primarily exposed to foreign exchange risk from transactions in USD, GBP, EUR, and CNY against the SEK It uses derivatives to hedge between **0%** and **100%** of the net cash flow exposure for the following 18 months[615](index=615&type=chunk)[616](index=616&type=chunk) - Interest rate risk arises from long-term liabilities with variable rates As of December 31, 2022, the nominal amount of variable-rate debt was **$4.0 million**[617](index=617&type=chunk)[618](index=618&type=chunk) - The company faces commodity price risk for its main ingredient, oats A general **5%** increase in commodity costs in 2022 would have increased costs by **$11.2 million**[624](index=624&type=chunk)[842](index=842&type=chunk) - Regarding credit risk, one customer in the foodservice channel accounted for **14%** of total revenue for the year ended December 31, 2022[621](index=621&type=chunk) PART II This section details the company's internal controls and procedures, including identified weaknesses and remediation efforts [Controls and Procedures](index=115&type=section&id=Item%2015.%20Controls%20and%20Procedures) This section details the ineffectiveness of disclosure controls and procedures due to material weaknesses in internal financial reporting controls - Management concluded that disclosure controls and procedures were not effective as of **December 31, 2022**, due to material weaknesses in internal control over financial reporting[648](index=648&type=chunk)[649](index=649&type=chunk) - The identified material weaknesses relate to: (i) technology access and change control processes, (ii) lack of documented policies, procedures, and evidence of performing controls, and (iii) inadequate segregation of duties[652](index=652&type=chunk) - The company has initiated a remediation plan, which includes implementing IT general controls, hiring additional resources, documenting business processes, and engaging external resources to improve the control environment[653](index=653&type=chunk) - The independent registered public accounting firm, Ernst & Young AB, issued an adverse report on the company's internal control over financial reporting as of **December 31, 2022**[655](index=655&type=chunk)[703](index=703&type=chunk) PART III This section presents the audited consolidated financial statements, including the independent auditor's report and detailed notes [Financial Statements](index=120&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements, including the independent auditor's report and detailed notes [Report of Independent Registered Public Accounting Firm](index=124&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) This subsection presents the independent auditor's opinion on financial statements and internal controls, noting critical audit matters - The independent auditor, Ernst & Young AB, issued an unqualified opinion, stating that the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of **December 31, 2022 and 2021**[693](index=693&type=chunk) - The auditor issued an adverse opinion on the Company's internal control over financial reporting as of **December 31, 2022**, due to material weaknesses related to IT access controls, lack of documented policies, and inadequate segregation of duties[694](index=694&type=chunk)[703](index=703&type=chunk)[704](index=704&type=chunk) - Critical Audit Matters identified were (1) Revenue recognition related to variable consideration, due to the subjective management assumptions involved, and (2) Impairment of non-financial assets, including goodwill, due to the significant estimation required in determining recoverable amounts[697](index=697&type=chunk)[698](index=698&type=chunk)[701](index=701&type=chunk) [Notes to the consolidated financial statements](index=133&type=section&id=Notes%20to%20the%20consolidated%20financial%20statements) This subsection provides detailed disclosures on accounting policies, segment performance, and significant post-year-end events Segment Revenue and Adjusted EBITDA (FY 2022) | Segment | Total Segment Revenue (in thousands) | Adjusted EBITDA (in thousands) | | :--- | :--- | :--- | | EMEA | $380,449 | ($10,298) | | Americas | $224,700 | ($62,837) | | Asia | $156,508 | ($75,183) | | Corporate | — | ($119,605) | | **Total** | **$722,238** | **($267,923)** | - The company recognized share-based payment expenses of **$35.5 million** for FY2022, up from **$23.6 million** in FY2021, primarily related to its 2021 Incentive Award Plan[910](index=910&type=chunk)[918](index=918&type=chunk) - As of December 31, 2022, the company had unrecognized deferred tax assets of **$115.0 million**, primarily related to tax loss carry-forwards of **$113.0 million**, mostly in Sweden[928](index=928&type=chunk) - On December 30, 2022, the company entered into an asset purchase agreement with Ya YA Foods (YYF) to sell its manufacturing facilities in Ogden, Utah, and Dallas-Fort Worth, Texas Assets and liabilities related to this transaction were classified as held for sale, resulting in an impairment charge of **$38.3 million**[1018](index=1018&type=chunk)[1019](index=1019&type=chunk) - Subsequent to year-end, in March/April 2023, the company completed significant financing activities, including the closing of the YYF transaction, issuing **$300 million** in convertible notes, entering a new **$130 million Term Loan B**, and amending its revolving credit facility[1023](index=1023&type=chunk)[1027](index=1027&type=chunk)[1030](index=1030&type=chunk)

Oatly Group AB (NASDAQ:OTLY) Q4 2022 Earnings Conference Call March 15, 2023 8:30 AM ET Company Participants Toni Petersson - Chief Executive Officer Christian Hanke - Chief Financial Officer Daniel Ordonez - Chief Operating Officer Jean-Christophe Flatin - Global President Brian Kearney - Vice President, Investor Relations Conference Call Participants Ken Goldman - JP Morgan John Baumgartner - Mizuho Rob Dickerson - Jefferies Kaumil Gajrawala - Credit Suisse Michael Lavery - Piper Sandler John Anderson - ...

[Overview and Highlights](index=1&type=section&id=Overview%20and%20Highlights) [Fourth Quarter & Full Year 2022 Performance](index=1&type=section&id=Fourth%20Quarter%20%26%20Full%20Year%202022%20Performance) Oatly's Q4 revenue grew 4.9% to $195.1M (13.9% constant currency), full year up 12.3% to $722.2M (20.1% constant currency), with improved gross margin and adjusted EBITDA loss Q4 2022 Revenue by Segment (in thousands of U.S. dollars) | Region | 2022 | 2021 | % Change (Reported) | % Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | EMEA | $89,974 | $88,881 | 1.2% | 15.4% | | Americas | $64,386 | $55,487 | 16.0% | 16.0% | | Asia | $40,708 | $41,557 | -2.0% | 7.6% | | **Total** | **$195,068** | **$185,925** | **4.9%** | **13.9%** | Full Year 2022 Revenue by Segment (in thousands of U.S. dollars) | Region | 2022 | 2021 | % Change (Reported) | % Change (Constant Currency) | | :--- | :--- | :--- | :--- | :--- | | EMEA | $345,509 | $336,452 | 2.7% | 15.5% | | Americas | $223,880 | $179,830 | 24.5% | 24.5% | | Asia | $152,849 | $126,908 | 20.4% | 25.8% | | **Total** | **$722,238** | **$643,190** | **12.3%** | **20.1%** | Q4 2022 Key Financial Metrics | Metric | Q4 2022 | Q4 2021 | Change | | :--- | :--- | :--- | :--- | | Revenue | $195.1M | $185.9M | +4.9% | | Gross Margin | 15.9% | 15.9% | Flat YoY | | Net Loss | $125.2M | $79.8M | Increased Loss | | Adjusted EBITDA Loss | $60.5M | $65.6M | Improved by $5.1M | [Financing and Strategic Updates](index=1&type=section&id=Financing%20and%20Strategic%20Updates) Oatly secured $425 million in financing for growth and completed a strategic transaction with Ya YA Foods for an asset-light manufacturing model - Secured **$425 million** in financing commitments to fund growth investments and reach financial self-sufficiency[1](index=1&type=chunk)[3](index=3&type=chunk)[4](index=4&type=chunk) - Completed the Ya YA Foods (YYF) transaction to establish a strategic hybrid manufacturing alliance in North America, moving towards an asset-light model[3](index=3&type=chunk)[13](index=13&type=chunk) - Management stated that bold actions were taken in 2022 to strengthen the management team, transition the supply chain, and simplify the cost structure[3](index=3&type=chunk) [Financial Performance](index=3&type=section&id=Financial%20Performance) [Consolidated Financial Results (Q4 2022)](index=3&type=section&id=Consolidated%20Financial%20Results%20%28Q4%202022%29) Q4 2022 revenue grew 4.9% to $195.1M, with gross margin improving to 15.9% sequentially, but net loss widened to $125.2M due to asset impairment - Q4 revenue growth was primarily driven by price increases implemented in EMEA and the Americas, with sold volume increasing to **137 million liters** from 124 million in Q4 2021[8](index=8&type=chunk) - Gross margin improved sequentially by **1,320 basis points** from Q3 2022, driven by supply chain improvements (660 bps), easing COVID restrictions in Asia (430 bps), and pricing actions (140 bps)[10](index=10&type=chunk)[14](index=14&type=chunk) - Selling, general and administrative (SG&A) expenses decreased by **$11.0 million** to $107.9 million, mainly due to a **$9.3 million** reduction in branding and marketing expenses[11](index=11&type=chunk) - Other operating expenses were **$41.1 million**, compared to income of $2.3 million in the prior year, primarily due to an asset impairment charge related to the YYF transaction[12](index=12&type=chunk) [Segment Performance (Q4 2022)](index=4&type=section&id=Segment%20Performance%20%28Q4%202022%29) In Q4, EMEA revenue grew 15.4% in constant currency with Adjusted EBITDA turning positive at $1.7 million. Americas revenue grew 16.0% driven by pricing, with Adjusted EBITDA loss narrowing to $4.7 million despite significant one-time charges. Asia revenue grew 7.6% in constant currency despite COVID-19 headwinds, but its Adjusted EBITDA loss widened to $21.0 million due to investments in growth Q4 2022 Segment Adjusted EBITDA (in thousands of U.S. dollars) | Segment | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | EMEA | $1,735 | ($2,779) | | Americas | ($4,661) | ($8,708) | | Asia | ($21,004) | ($14,948) | | Corporate | ($36,534) | ($39,174) | | **Total** | **($60,464)** | **($65,609)** | [EMEA](index=5&type=section&id=EMEA) - Revenue increased **1.2%** as reported to **$90.0 million**, but grew **15.4%** on a constant currency basis, driven by growth across all markets and channels, particularly the Barista oat drink[23](index=23&type=chunk) - Adjusted EBITDA improved to a profit of **$1.7 million** from a loss of $2.8 million in the prior year, primarily due to lower operating expenses, including reduced branding and advertising spend[24](index=24&type=chunk) [Americas](index=5&type=section&id=Americas) - Revenue increased **16.0%** to **$64.4 million**, primarily due to price increases on oat drink products, while sold volume remained flat at **36 million liters**[26](index=26&type=chunk)[27](index=27&type=chunk) - EBITDA loss widened significantly to **$45.8 million** from $9.9 million, largely due to one-time impairment charges and costs related to the YYF transaction[28](index=28&type=chunk) - Adjusted EBITDA loss improved to **$4.7 million** from $8.7 million in the prior year period[28](index=28&type=chunk) [Asia](index=7&type=section&id=Asia) - Revenue decreased **2.0%** as reported to **$40.7 million** but increased **7.6%** on a constant currency basis, despite impacts from COVID-19 in China. Sold volume grew to **27 million liters** from 22 million in Q4 2021[29](index=29&type=chunk) - Adjusted EBITDA loss widened to **$21.0 million** from $14.9 million, driven by higher operating expenses to scale operations and lower gross profit margin from higher production costs[30](index=30&type=chunk) [Corporate Expense](index=7&type=section&id=Corporate%20Expense) - Corporate expense, consisting of unallocated general overhead costs, decreased by **$1.8 million** to **$42.5 million** in Q4 2022, primarily due to lower professional fees[31](index=31&type=chunk) [Financial Position and Cash Flow](index=7&type=section&id=Financial%20Position%20and%20Cash%20Flow) [Balance Sheet and Cash Flow Summary](index=7&type=section&id=Balance%20Sheet%20and%20Cash%20Flow%20Summary) As of Dec 31, 2022, Oatly held $82.6M cash and $52.6M debt; FY2022 net cash used in operations was $268.9M, with capex at $201.7M Key Balance Sheet and Cash Flow Data (as of Dec 31, 2022) | Metric | Amount (USD) | | :--- | :--- | | Cash and cash equivalents | $82.6 million | | Total outstanding debt | $52.6 million | | Net cash used in operating activities (FY 2022) | $268.9 million | | Capital expenditures (FY 2022) | $201.7 million | [Business Outlook](index=7&type=section&id=Business%20Outlook) [Fiscal Year 2023 Guidance](index=7&type=section&id=Fiscal%20Year%202023%20Guidance) FY2023 guidance projects 23-28% constant currency revenue growth, gross margin improving to high-20%s by Q4, capex $180-200M, targeting positive adjusted EBITDA in FY2024 - Revenue growth is projected to be **23% to 28%** on a constant currency basis[34](index=34&type=chunk) - Gross margin is expected to improve sequentially each quarter, reaching the **high-20%s** in Q4 2023[34](index=34&type=chunk) - Capital expenditures are guided to be between **$180 million and $200 million**[34](index=34&type=chunk) - The company believes its 2023 progress will lead to a full year of positive adjusted EBITDA in fiscal 2024[13](index=13&type=chunk)[33](index=33&type=chunk) [Long-Term Targets](index=7&type=section&id=Long-Term%20Targets) Oatly's long-term targets include a gross profit margin of 35-40% and an adjusted EBITDA margin in the mid- to high-teens - Targeting a long-term gross profit margin of **35% to 40%**[34](index=34&type=chunk) - Aiming for a long-term adjusted EBITDA margin in the **mid- to high-teens**[34](index=34&type=chunk) [Appendix](index=10&type=section&id=Appendix) [Non-IFRS Financial Measures Reconciliation](index=10&type=section&id=Non-IFRS%20Financial%20Measures%20Reconciliation) This section reconciles IFRS to non-IFRS measures, showing Q4 2022 net loss of $125.2M adjusted to an Adjusted EBITDA loss of $60.5M Reconciliation of Net Loss to Adjusted EBITDA (Q4 2022, in thousands $) | Line Item | Q4 2022 | Q4 2021 | | :--- | :--- | :--- | | Loss for the period | (125,169) | (79,753) | | Income tax (benefit)/expense | 3,236 | (5,434) | | Finance (income) and expenses, net | (3,098) | (7,480) | | Depreciation and amortization | 13,835 | 10,836 | | **EBITDA** | **(111,196)** | **(81,831)** | | Share-based compensation | 7,741 | 9,598 | | Restructuring costs | 3,410 | — | | Product recall expenses | — | 1,654 | | Asset impairment & related costs | 39,581 | 4,970 | | **Adjusted EBITDA** | **(60,464)** | **(65,609)** | [Consolidated Financial Statements](index=11&type=section&id=Consolidated%20Financial%20Statements) This section presents unaudited consolidated statements of operations, financial position, and cash flows for Q4 and FY2022 - The Consolidated Statement of Operations details revenue, costs, and expenses, resulting in a net loss of **$125.2 million** for Q4 2022 and **$392.6 million** for the full year[46](index=46&type=chunk) - The Consolidated Statement of Financial Position shows total assets of **$1.23 billion** and total equity of **$791.1 million** as of December 31, 2022[48](index=48&type=chunk) - The Consolidated Statement of Cash Flows indicates a net cash usage of **$268.9 million** in operating activities and **$201.7 million** in capital expenditures for the full year 2022[49](index=49&type=chunk)

Oatly Group AB (NASDAQ:OTLY) Q3 2022 Earnings Conference Call November 14, 2022 8:30 AM ET Company Participants Rachel Ulsh - Investor Relations Toni Petersson - Chief Executive Officer and Board Member Christian Hanke - Chief Financial Officer Daniel Ordonez - Chief Operating Officer Jean Christophe - Global President Conference Call Participants Andrew Lazar - Barclays Ken Goldman - J.P. Morgan Erica Eiler - Oppenheimer and Company Brian Holland - Cowen & Company Rob Dickerson - Jefferies Bryan Spillane - ...

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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 August, 2022 Commission File Number: 001-40401 Oatly Group AB (Translation of registrant's name into English) Jagaregatan 4 211 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 ...