Financial Data and Key Metrics Changes - Oatly achieved its first full year of profitable growth, with revenue growth of 4.7% and positive Adjusted EBITDA of $6.8 million for the full year [24][25] - In Q4, revenue grew by 9.1%, with a constant currency growth of 4.3%, and gross margin improved to 34.5%, an increase of 580 basis points year-over-year [24][25] - Adjusted EBITDA for Q4 was positive $11 million, which is $17.1 million higher than the same quarter last year [24][25] 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 [26] - 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 [26] - Greater China saw a slight decline in constant currency revenue, but the food service channel grew by 5% [26] Market Data and Key Metrics Changes - In established markets, Europe and international segments grew by 7%, while expansion markets saw fantastic growth of 54% [17] - North America also achieved solid growth of 7% in both retail and food service when excluding the largest food service customer [17] - Household penetration is increasing, particularly among younger consumers, indicating a positive trend for the brand [19] Company Strategy and Development Direction - Oatly is focused on executing a refreshed growth playbook that emphasizes increased relevance, attacking barriers to conversion, and increasing availability to consumers [13][20] - The company plans to continue investing in new product innovations, including flavored Barista products and matcha offerings, to attract a broader consumer base [21][23] - A strategic review of the Greater China segment is planned for 2026, with options including a potential carve-out to maximize growth [12] 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 [12][28] - The company is committed to improving free cash flow, which is expected to be negative in 2026 but will show improvement from 2025 levels [27][28] - Management highlighted the importance of maintaining a culture of efficiency and continuous improvement to support growth [11] Other Important Information - Oatly has reduced its cost of goods sold per liter by 23% and total SG&A by nearly $100 million, reflecting significant restructuring efforts [9][10] - The company is focused on brand-building investments, particularly in the first half of 2026, to support its growth strategy [28] 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 of the large customer that has been a drag on performance [33][35] Question: Enhancing protein content in response to competitors - Management emphasized their focus on fiber rather than protein, aligning with consumer trends towards fiber-rich diets [40][41] Question: Drivers of oat milk category declines in U.S. retail - Management acknowledged category softness but highlighted their strong performance and penetration growth, indicating a positive outlook for the brand [46][49] Question: Free Cash Flow expectations and improvements - Management explained that Free Cash Flow has not improved sequentially due to various factors, but they expect significant improvements in 2026 driven by higher Adjusted EBITDA and better working capital management [67][70]

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, ...

Financial Data and Key Metrics Changes - The company achieved a revenue growth of 7.1% and 3.8% on a constant currency basis in Q3 2025, marking its best performance as a public company [25] - Adjusted EBITDA was positive at $3.1 million, an increase of $8.2 million compared to Q3 2024 [25][26] - Gross margin remained flat at 29.8% compared to the previous year, with improvements in absorption and supply chain efficiencies contributing to a 60 basis point increase [25][26] Business Line Data and Key Metrics Changes - The Europe and International segment saw a revenue growth of 12% driven by an 8% volume increase, with an EBITDA margin of 18%, up 700 basis points year-over-year [9][10] - North America experienced a revenue decline of 10.1%, primarily due to a change in sourcing strategy at a large customer, impacting adjusted EBITDA negatively by $4.5 million [27] - Greater China reported a constant currency revenue growth of 28.7%, exceeding expectations, with strong performance in both food service and retail channels [27][24] Market Data and Key Metrics Changes - The food service channel in Europe and International grew by 28% year-on-year, while retail growth accelerated from 4% to 11% in Q3 [11][12] - In Germany, food service growth exceeded 45% for five consecutive quarters, contributing to a 70 basis point increase in retail market share for plant-based milk [13][14] - The North American food service business, excluding the largest customer, grew by 11% in the quarter, indicating positive momentum [20] Company Strategy and Development Direction - The company is reaffirming its 2025 guidance, expecting constant currency revenue growth of approximately flat to 1% and adjusted EBITDA in the range of $5 million to $15 million [7][30] - A refreshed growth playbook is being executed, focusing on driving relevance, overcoming barriers to conversion, and increasing availability, particularly targeting Gen Z consumers [11][16] - The company is exploring strategic options for its Greater China segment, including a potential carve-out to accelerate growth [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing execution of the growth strategy, noting that profitability is a marker of progress rather than an endpoint [4][6] - The company anticipates continued challenges in North America but believes that the underlying consumer trends are similar to those in Europe, suggesting potential for future growth [57][60] - Management emphasized a commitment to continuous improvement in cost efficiency across supply chain and SG&A, aiming for sustainable profitability [61] Other Important Information - The company reported a free cash flow net cash outflow of $5 million, which is $22 million better than the previous year, driven by improvements in working capital [28] - Recent transactions aimed at improving capital structure included reducing the revolving credit facility and issuing Nordic bonds, expected to save approximately $5 million in annualized interest expense [29] Q&A Session Summary Question: Thoughts on 2026 sales growth considering current headwinds - Management indicated that while it is early to discuss 2026, they see solid continuity in Europe and expect gradual progress in North America as one-time headwinds are lapped [33][36] Question: Acceleration of oat milk category growth in Europe - Management attributed the acceleration to the experience and taste strategy, which is driving consumer relevance and category demand [39][40] Question: Effective ways to drive customer trial - Management highlighted the role of barista market developers in creating relevant experiences and driving trial through innovative product offerings [45][46] Question: Plans for household penetration in the U.S. - Management expressed confidence in driving strong growth in the U.S. by leveraging similar consumer trends observed in Europe, focusing on taste and flavor [56][58] Question: North America profitability and margin evolution - Management noted that while there have been challenges, they expect underlying growth to lead to improved margins as they continue to drive consumer demand [64][66] Question: Competitive environment in Europe regarding other plant-based varieties - Management emphasized that the oat milk category is still in its infancy with significant growth potential, and they are focused on creating new consumer demand rather than competing on price [68][70]

Core Insights - SunOpta Inc. is recognized for its production of plant-based beverages, particularly soy and oat milk, although the dairy industry prefers not to label them as "milks" [1] Company Overview - SunOpta Inc. operates in the health-food sector, focusing on plant-based products [1] Market Position - The company is positioned within a growing market for plant-based alternatives, catering to increasing consumer demand for healthier beverage options [1]

Core Insights - SunOpta Inc. is recognized for its production of plant-based beverages, particularly soy and oat milk, although the dairy industry prefers not to label them as "milks" [1] Company Overview - SunOpta Inc. operates in the health-food sector, focusing on plant-based products [1] Market Position - The company is positioned within a growing market for plant-based alternatives, catering to increasing consumer demand for healthier beverage options [1]

Core Insights - Oatly Group's stock experienced a nearly 16% increase following a positive earnings report, driven by improved bottom-line performance despite a slight decline in revenue [1][2]. Financial Performance - In the first quarter, Oatly reported revenue of $197.5 million, a decrease from over $199 million in the same period of 2024 [2]. - The company significantly narrowed its net loss to $12.5 million, or $0.03 per share, compared to a nearly $46 million loss in the first quarter of 2024 [4]. - Analysts had expected higher revenue of $202.5 million but anticipated a larger net loss of $0.05 per share [4]. Strategic Outlook - Oatly attributed its improved bottom-line results to cost efficiency measures and aims for 2025 to be its first full year of profitable growth as a public company [5]. - The company maintained its guidance for the year, projecting constant-currency revenue growth of 2% to 4% over 2024, with non-GAAP adjusted EBITDA between $5 million and $15 million, and capital expenditures of $30 million to $35 million [5].

Financial Data and Key Metrics Changes - The company reported a 5.1% revenue growth for the full year, with constant currency revenue growth of 4.8%, slightly below guidance due to sluggish category growth [34] - Adjusted EBITDA for the fourth quarter was a loss of CHF 6.1 million, and for the full year, it was a loss of CHF 35.3 million, which was at the favorable end of the guidance range [34][35] - Gross margin expanded by 9.3 percentage points year-over-year, reaching 28.7% for the full year [34][70] Business Line Data and Key Metrics Changes - Each of the three operating segments reported profitable growth for the second consecutive quarter, with solid volume growth in both the fourth quarter and full year [37] - The Barista portfolio remains the largest business and growth driver, with North America reporting 10% growth and Europe and International reporting 13% growth in 2024 [15][18] Market Data and Key Metrics Changes - North America experienced double-digit revenue growth in retail and 8% growth in foodservice, with foodservice sales growing by 22% when excluding the largest customer [16][19] - Greater China posted strong double-digit growth in the second half of the year after a strategic reset, driven by an expanded presence in the foodservice channel [16][87] Company Strategy and Development Direction - The company aims to ignite category momentum by increasing relevance and attacking barriers to conversion from dairy, while also driving efficiencies [13][14] - A focus on supply chain simplification has been emphasized, with the closure of the Singapore facility and discontinuation of a second Chinese facility, maintaining five global manufacturing plants [9][30] Management's Comments on Operating Environment and Future Outlook - Management expects to enter a profitable growth era in 2025, with constant currency revenue growth projected between 2% to 4% [7][41] - The company anticipates a 300 basis point headwind to growth from sourcing changes at its largest U.S. customer, but underlying growth remains healthy [7][41] Other Important Information - The company achieved a 99% customer fill rate in 2024, indicating improved operational efficiency [9] - Free cash flow improved significantly, with a $156 million use of cash for the year, marking the best performance since the IPO [39] Q&A Session Summary Question: What are the drivers within gross margin improvement? - Management highlighted optimizing production footprint, maximizing global sourcing resources, and managing product mix as key drivers for gross margin improvement [50][51] Question: What is the outlook for promotional activity in the U.S.? - Management acknowledged recent volatility in promotional activity but emphasized solid consistent velocities in core portfolio products and expected steady growth trajectory [52][55] Question: What is the risk associated with the largest customer in the U.S.? - Management noted that the largest customer represents only 20% of U.S. sales and 7% of total company sales, indicating a reduced exposure and ongoing efforts to drive growth outside this customer [58][83] Question: How has the outlook for the Chinese market changed? - Management confirmed that the business in Greater China is showing positive trends, with profitable growth reported since Q3 2024, and plans to enter the club channel in 2025 [86][87] Question: How confident is the company in achieving the low end of EBITDA guidance for 2025? - Management expressed confidence in the plans being fully resourced and emphasized a disciplined approach to cost and capital allocation to achieve the guidance [92][96]