Oatly has raised its forecast for underlying sales after growth in North America and overseas, although the oat-drinks maker remains loss-making.

The Sweden-based group said yesterday (22 July) its second-quarter revenue rose 15.2% year-on-year to $240.1m. On a constant-currency basis, revenue was up 12.7%.

Oatly's Europe & International division was the standout unit in the quarter, with revenue rising 21% to $143.1m on a 16.9% jump in volumes.

The company now expects its constant-currency revenue to grow 8-10% in 2026, up from its previous guidance of 3-5%.

Its adjusted EBITDA outlook remains $25m-$35m and capital expenditure is still expected to be $20m-$30m.

CEO Jean-Christophe Flatin said: “Our second-quarter results reflect the disciplined execution of our strategy including improvements to the mix of channels, customers, and products. Our growth playbook is outperforming expectations in Europe and gaining traction in North America.”

In North America, Oatly's revenue increased 5.9% in the second quarter, with volumes up 1.9% at 36.2 million litres.

Group gross margin improved by 1.4 percentage points to 33.9%. Adjusted EBITDA turned positive at $0.4m, versus a loss of $3.6m in the prior-year period.

Oatly posted a net loss attributable to shareholders of the parent for the second quarter of $31.3m, down from $55.9m a year earlier.

In Greater China, Oatly said retail growth partly offset weaker foodservice sales amid higher competition.

Sales grew 11.6% to $30.1m, or by 5.6% in constant-currency terms, as volumes increased 5.5% to 25 million litres.

Adjusted EBITDA loss in the region widened to $1.5m from $0.6m.

Oatly said its “strategic review” of its business in Greater China is continuing and is expected to be completed this year. However, the company cautioned “there can be no assurances that the process will result in any transaction or strategic change”.

Shares in Oatly closed up more than 19% in New York.