Oatly lowered its annual profit forecast despite higher third-quarter sales, pointing to rising logistics costs in North America.
In its October 28 financial update, the company reduced expected 2026 adjusted EBITDA to $16–20 million from its previous $25–35 million range. Management attributed the change to fuel and freight inflation arriving faster than anticipated in North America, while measures intended to offset those costs take time to deliver.
Sales growth continues, but costs reshape the outlook
Revenue for the quarter ended September 30 rose 9.1% to $243.1 million. Oatly retained its full-year constant-currency revenue-growth outlook of 8–10%.
The contrast puts profitability at the center of the update. Sales growth and profit improvement are different tests: a business can generate more revenue while higher distribution costs reduce how much of that growth reaches earnings.
Adjusted EBITDA is a non-GAAP measure. The revised range describes management’s expectations for the full year, rather than profit already earned in the third quarter. The announcement does not change the distinction between reported revenue growth and the separate constant-currency measure used in Oatly’s annual sales outlook.
