Core Insights - Oatly has successfully transitioned from being "structurally unprofitable with slowing growth" to "structurally profitable with accelerating growth," driven by efficiency efforts and a refreshed growth strategy [2] Financial Performance - Oatly reported its first full year of profitable growth with an adjusted EBITDA of $6.8 million and a fourth-quarter adjusted EBITDA of $11 million, supported by margin expansion and a 23% reduction in cost of goods sold per liter [5][12] - Revenue for the full year increased by 4.7% (2.2% on a constant-currency basis), while fourth-quarter revenue grew by 9.1% (4.3% constant currency) [13][12] - Gross margin improved to over 32%, reflecting a 2,100 basis points increase compared to 2022 [5][1] Strategic Initiatives - The company is focusing on a three-pillar strategy that targets younger consumers and narrows its product offerings to beverages, emphasizing taste as a primary driver of adoption [6][4] - Oatly plans to expand its product lineup with flavored Barista options, including caramel and vanilla, and introduce a Barista Cold Foam product [9][10] Market Position and Growth - Oatly has seen rising household penetration for the first time in years and expanded its retail share in Europe, becoming the number one plant-based drink brand in Germany [7] - The company anticipates constant-currency revenue growth of 3% to 5% for 2026, with adjusted EBITDA expected to reach $25 million to $35 million [16] Future Outlook - Oatly expects to improve free cash flow, although it will remain negative in 2026, driven by higher adjusted EBITDA and working capital improvements [19] - A strategic review of the Greater China segment is planned for 2026, which may include a potential carve-out to maximize business value [21]

As filed with the Securities and Exchange Commission on April 24, 2023. Registration No. 333-269115 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 4 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Kenvue Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 2844 88-1032011 (I.R.S. Employer Identification Number) 199 ...