Loss per share

6 Months Ended

Jun. 30, 2025

Note 24. Loss per share

The Company calculates loss per share by dividing loss for the period attributable to the shareholders of the parent by the weighted average number of ordinary shares outstanding during the period (net of treasury shares).


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Loss for the year, attributable to the shareholders of the parent		(55,911	)		(30,384	)		(68,341	)		(76,183	)
Weighted average number of ordinary shares		601,195,247			596,242,505			599,884,824			595,654,647
Basic and diluted loss per share, U.S. $		(0.09	)		(0.05	)		(0.11	)		(0.13	)
Weighted average number of ADS (1 ADS representing 20 ordinary shares)(1)		30,059,762			29,812,125			29,994,241			29,782,732
Basic and diluted loss per ADS, U.S. $		(1.86	)		(1.02	)		(2.28	)		(2.56	)

(1) On February 18, 2025, the Company completed a ratio change whereby the ratio of its ADSs to ordinary shares was changed from one ADS representing one ordinary share to one ADS representing twenty ordinary shares. The weighted average number of ADSs has been calculated by dividing the weighted average number of shares by 20, even though the actual number of outstanding ADSs is lower since not all of the ordinary shares in the Company are represented by ADSs. For further details on the ADS Ratio Change, see Note 2 Summary of accounting policies.

Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Restricted stock units representing ordinary shares		34,611,500		17,680,096		34,611,500		17,680,096
Stock options representing ordinary shares		10,573,080		15,285,292		10,573,080		15,285,292
Convertible Notes(1)		400,616,344		400,616,344		400,616,344		400,616,344

(1) The number of potential dilutive shares from the Convertible Notes are calculated assuming the most advantageous conversion price from the standpoint of the holder and assuming all capitalized interest at maturity will be settled with shares or ADSs. For further details on the Convertible Notes and the conversion price reset mechanism, see Note 21 Convertible Notes.

Convertible Notes - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands					6 Months Ended
	Mar. 23, 2025	May 09, 2023	Apr. 18, 2023	Mar. 23, 2023	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Convertible Notes [Line items]
Aggregate purchase price paid				$ 291,000
Convertible notes					$ 328,981	$ 324,395	$ 323,528
HH Notes
Convertible Notes [Line items]
Conversion price in ordinary shares					$ 1.89
HH Notes \| American Depositary Shares
Convertible Notes [Line items]
Lowest potential reset price March 2025					28.2
Conversion price in ordinary shares due to ADS ratio change					37.8
Lowest potential reset price March 2025					28.2
U.S. Notes \| American Depositary Shares
Convertible Notes [Line items]
Lowest potential reset price March 2025					27.2
Conversion price in ordinary shares due to ADS ratio change					36.2
Lowest potential reset price March 2025					27.2
Hillhouse \| Swedish Notes
Convertible Notes [Line items]
Aggregate principal amount of convertible debt		$ 15,000
Hillhouse \| HH Notes
Convertible Notes [Line items]
Convertible debt original discount rate		3.00%
Convertible notes premium rate to the last reported sale price of company Ads		17.00%
Convertible notes		$ 35,000
Convertible notes in financing after reflecting original issue of discount		$ 34,000
Hillhouse \| HH Notes \| American Depositary Shares
Convertible Notes [Line items]
Lowest potential reset price March 2025		$ 2.52
Ordinary Shares \| HH Notes
Convertible Notes [Line items]
Lowest potential reset price March 2024 before customary anti dilution adjustments					1.89
9.25% Convertible Senior PIK Notes due 2028
Convertible Notes [Line items]
Aggregate principal amount of convertible debt			$ 300,000	$ 300,000
Convertible debt interest rate			9.25%	9.25%
Convertible debt original discount rate				3.00%
Convertible notes interest rate				9.25%
Convertible notes interest rate, payable description				payable semi-annually in arrears in cash or in payment-in-kind, at the Company’s option, on April 15 and October 15 of each year
Convertible notes interest rate, payable start date				Oct. 15, 2023
Convertible notes, maturity date				Sep. 14, 2028
Lowest potential reset price March 2025				$ 2.41
Lowest potential reset price March 2024					1.81
Conversion of the convertible notes if the last reported sale price of the company ADSE equals or exceeds 200%				200.00%
9.25% Convertible Senior PIK Notes due 2028 \| Swedish Notes
Convertible Notes [Line items]
Lowest potential reset price March 2025					1.36
9.25% Convertible Senior PIK Notes due 2028 \| U.S. Notes
Convertible Notes [Line items]
Conversion price, terms of description	The conversion price of the U.S. Notes was reset again on March 23, 2025, to $27.20.
9.25% Convertible Senior PIK Notes due 2028 \| Existing Shareholders, Nativus Company Limited, Verlinvest and Blackstone Funds
Convertible Notes [Line items]
Aggregate principal amount of convertible debt				$ 200,100
9.25% Convertible Senior PIK Notes due 2028 \| Institutional Investors
Convertible Notes [Line items]
Aggregate principal amount of convertible debt				$ 99,900
9.25% Convertible Senior PIK Notes due 2028 \| Ordinary Shares \| U.S. Notes
Convertible Notes [Line items]
Lowest potential reset price March 2024 ratio change from ordinary shares to ADS					$ 1.81

Intangible assets (Tables)

6 Months Ended

Jun. 30, 2025

Intangible assets and goodwill [abstract]

Summary of Intangible Assets

A summary of the intangible assets as at June 30, 2025 and December 31, 2024 is as follows:


	Goodwill		Capitalized software			Other intangible assets			Ongoing development costs			Total
Cost
At December 31, 2024		107,241		14,673			8,017			1,213			131,144
Additions		—		(24	)		493			419			888
Reclassification		—		—			112			(112	)		—
Exchange differences		17,343		2,369			1,178			194			21,084
At June 30, 2025		124,584		17,018			9,800			1,714			153,116
Accumulated amortization
At December 31, 2024		—		(10,083	)		(4,853	)		—			(14,936	)
Amortization charge		—		(1,188	)		(891	)		—			(2,079	)
Exchange differences		—		(1,718	)		(755	)		—			(2,473	)
At June 30, 2025		—		(12,989	)		(6,499	)		—			(19,488	)
Cost, net accumulated amortization
At December 31, 2024		107,241		4,590			3,164			1,213			116,208
At June 30, 2025		124,584		4,029			3,301			1,714			133,628

Liabilities to Credit Institutions

6 Months Ended

Jun. 30, 2025

Subclassifications of assets, liabilities and equities [abstract]

Liabilities to Credit Institutions

Note 19. Liabilities to credit institutions


	June 30, 2025		December 31, 2024
Non-current liabilities to credit institutions		115,746		116,216
Current liabilities to credit institutions		4,899		5,757
Total		120,645		121,973

As of June 30, 2025 and December 31, 2024, the Liabilities to credit institutions balance amounted to $120.6 million and $122.0 million, respectively, and was related to outstanding amounts under the TLB Credit Agreement (as defined below) and the EIF Facility (as defined below).

The European Investment Fund guaranteed three-year term loan facility with Svensk Exportkredit (the “EIF Facility”) was entered into in October 2019. In October 2022, the EIF Facility was amended to extend the term for another three years, with a maturity date in October 2025. The loan facility and interest margin remain unchanged. As of June 30, 2025 and December 31, 2024, the Group had €0.6 million (equivalent of $0.7 million) and €1.3 million (equivalent of $1.3 million), respectively, outstanding on the EIF Facility, including accrued interest.

In April 2023, the Company entered into a Term Loan B Credit Agreement (the “TLB Credit Agreement”) with, amongst others, Silver Point Finance LLC as Syndication Agent and Lead Lender, J.P. Morgan SE, as Administrative Agent and Wilmington Trust (London) Limited as Security Agent, including a term loan facility of $130 million borrowed by Oatly AB. The term of the TLB Credit Agreement is five years from the funding date of the term loan facility, and the term loan facility is subject to 1% amortization per annum paid in quarterly installments. Borrowings carry an interest rate of Term SOFR (with floor of 2.50%) plus 7.5% or Base Rate (with floor of 3.50%) plus 6.5%. The TLB Credit Agreement, contains ongoing covenants such as minimum EBITDA, total net leverage ratio and liquidity requirements. The TLB Credit Agreement also contains certain negative covenants, including but not limited to restrictions on indebtedness, limitations on liens, fundamental changes covenant, asset sales covenant, and restricted payments covenant. The debt under the TLB Credit Agreement ranks pari passu with, and shares in the same security and guarantees from the Group as the EIF Facility and the SRCF Agreement by way of the Intercreditor Agreement.

As of June 30, 2025 and December 31, 2024, the Group had $119.9 million and $120.7 million, respectively, outstanding on the TLB Credit Agreement, including accrued interest and net after original issue discount and transaction costs.

In April 2023, the SRCF Agreement was amended and restated whereby, among other things, (i) the term of the SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option, (ii) the lender group under the SRCF Agreement was reduced to JP Morgan SE, BNP Paribas SA, Bankfilial Sverige, Coöperatieve Rabobank U.A. and Nordea Bank Abp, filial i Sverige and the commitments under the SRCF Agreement were reduced to SEK 2,100 million (equivalent of $192.1 million), with an uncommitted incremental revolving facility option of up to SEK 500 million (equivalent of $45.7 million), (iii) the initial margin was reset at 4.00% p.a., (iv) the tangible solvency ratio, minimum EBITDA, minimum liquidity and total net leverage ratio financial covenants were reset, (v) the existing negative covenants were amended to further align with those included in the TLB Credit Agreement, including in relation to incurrence of indebtedness, and (vi) the debt under the SRCF Agreement ranks pari passu with, and shares in the same security and guarantees from the Group as, the EIF Facility and the TLB Credit Agreement by way of the Intercreditor Agreement. As of June 30, 2025 and December 31, 2024, the Group had no utilized loan amounts under the amended SRCF Agreement.

In May 2023, (i) the SRCF Agreement was amended pursuant to an amendment letter to, among other things, ensure that the Convertible Notes constitute “PIPE Financing” under and as defined in the SRCF Agreement and (ii) the TLB Credit Agreement was amended pursuant to an amendment agreement to, among other things, ensure that the Convertible Notes constitute “Convertible Bonds” under and as defined in the TLB Credit Agreement. See Note 21 Convertible Notes for more information on the Company’s Convertible Notes.

On February 14, 2024, the Sustainable Revolving Credit Facility Agreement and the Term Loan B Credit Agreement were amended and restated to, among other things, (i) reset the financial covenant levels applying to the minimum EBITDA (including separate testing of the Group’s Europe & International EBITDA, the definition of which has subsequently been corrected by way of subsequent amendment), minimum liquidity and total net leverage ratio financial covenants and, in relation to the Sustainable Revolving Credit Facility Agreement, the tangible solvency ratio financial covenant, (ii) revise certain financial definitions to permit additional adjustments for the purpose of the calculation of the financial covenants and (iii) provide certain flexibility for disposals of assets relating to the Group’s production facilities in Dallas Fort Worth, Texas, United States of America and Peterborough, United Kingdom. In addition, the existing draw-stop level for the Sustainable Revolving Credit Facility Agreement, which requires that a certain amount of such facility remains undrawn for as long as the last twelve months’ (“LTM”) consolidated EBITDA of the Group is negative, was increased from $50 million to $100 million, and the original 24 months’ non-call/make-whole period applying under the Term Loan B Credit Agreement was reset to apply for the 18 months following the amendment effective date (for the avoidance of doubt, the subsequent 12 months’ prepayment fee period still applies after the end of such 18-month period).

Under the amended Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement, the total net leverage ratio financial covenant, tested in respect of the LTM period ending on each quarter date, will start to apply in respect of the LTM period ending on 31 December 2026 and the applicable financial covenant level will be 4.50:1, stepping down to 3.50:1 for each LTM period ending in 2027 and to 3.00:1 for each LTM period in 2028. The reset quarterly tangible solvency ratio financial covenant level applying under the amended Sustainable Revolving Credit Facility Agreement is 30%.

On February 14, 2024, the EIF Facility was amended and restated to, where and to the extent applicable, implement equivalent amendments as those made to the Sustainable Revolving Credit Facility Agreement on February 14, 2024.

On February 11, 2025, the SRCF Agreement and TLB Credit Agreement were amended and restated to, among other things, (i) reset certain financial covenant levels applying to the minimum liquidity financial covenant, (ii) revise certain financial definitions to permit additional adjustments for the purpose of the calculation of certain financial covenants, including in relation to certain costs relating to the discontinuance of certain of the Group’s manufacturing facilities and (iii) provide certain flexibility for disposals of assets relating to the relevant manufacturing facilities.

The amended SRCF Agreement and TLB Credit Agreement impose limitations on drawdowns under the SRCF Agreement (other than under ancillary facilities, such as overdraft facilities and bank guarantees, which are exempted from these limitations) based on the last four quarters’ consolidated EBITDA of the Group, where, if last four quarters’ consolidated EBITDA of the Group is:

(i) less than $0, $0 may be drawn; and

(ii) equal to or greater than $75 million, the full amount of the existing facility may be drawn,

with interim steps in between, and increases requiring improved performance for two consecutive four quarter periods and reductions requiring decreased performance for one four quarter period.

On February 11, 2025, the EIF Facility was amended and restated to, where and to the extent applicable, implement
equivalent amendments as those made to the Sustainable Revolving Credit Facility Agreement on February 11, 2025.

On March 19, 2025, Oatly Shanghai Co., Ltd. entered into a new RMB 30 million (equivalent of $4.2 million) working capital credit facility with China Merchants Bank Co., Ltd. Shanghai Branch (the “CMB Credit Facility”). Individual utilizations under the CMB Credit Facility are subject to the lender’s approval. The CMB Credit Facility is available for one year, is unsecured, and includes creditor protection in the form of, among other things, representations, covenants (including negative pledge, restrictions on borrowings, investments and dispositions by Oatly Shanghai Co., Ltd., distributions by Oatly Shanghai Co., Ltd. and entry into transactions with its affiliates) and events of default. As of June 30, 2025, the Group had no utilized loan amounts under the amended CMB Credit Facility.

For more information on the Group’s credit facilities, see Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources”.

Currency risk (transaction risk)

The TLB Credit Agreement is denominated in USD and the borrower within the Group is Oatly AB with a functional currency of SEK. The Group is therefore exposed to currency risk SEK/USD and if the rate would increase/decrease by 10% the impact on loss before tax for the six months ended June 30, 2025, would be $11.7 million.

Interest rate risk

The Group is exposed to interest rate risk that arises from the term loan that carries an interest of Term SOFR with a floor of 2.5%. To manage the risk the Group has entered into interest rate caps for the full amount of the term loan of $130 million. The cap is 4.6% and has a maturity of 3 years (April 2026). The effect from increase in basis points is limited due to the cap that economically hedges the TLB Credit Agreement. If variable interest increased by 300 basis points the impact on loss before tax for the six months ended June 30, 2025, would be $0.2 million. If variable interest decreased by 300 basis points the impact on loss before tax for the six months ended June 30, 2025, would be $1.1 million, taking into account the floor of 2.5% in the term loan.

Provisions

6 Months Ended

Jun. 30, 2025

Provisions [abstract]

Provisions

Note 20. Provisions


	Restructuring
At December 31, 2024		33,061
Charged to the consolidated statement of operations:
- Additional provisions recognized		2,054
- Unwinding of discount effect		303
- Reversal of non-utilized amounts		(1,636	)
Amounts used during the year		(8,235	)
Charged to other comprehensive loss:
- Exchange differences		1,902
At June 30, 2025		27,449
Non-current		9,317
Current		18,132

Restructuring

The restructuring provisions recorded in 2024 was principally related to decommissioning and other exit costs for the closure of the production facility in Singapore. The costs relating to the closure of the facility are expected to be paid throughout the coming 2 years. The Group also recorded provisions related to organizational restructuring. The main part of the organizational restructuring plan was drawn up and announced to the employees during 2024, with some additional parts being announced and recorded as expense during 2025.

During the six months ended June 30, 2025, the Group had $5.1 million in cash outflows relating to organizational restructuring and $3.1 million in cash outflows relating to the closure of the production facility in Singapore.

Other Current Liabilities - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Other Current Liabilities [Abstract]
Total	$ 7,568	$ 7,998

Share-based compensation (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Summary of RSUs Outstanding and Related Information

Activity in the Group’s RSUs outstanding and related information is as follows:


	Number of RSUs			Weighted average grant date fair value ($)
As of December 31, 2024		820,170			26.00
Granted during the period		1,330,234			11.10
Forfeited during the period		(37,274	)		21.89
Vested during the period		(382,555	)		29.30
As of June 30, 2025		1,730,575			13.88

Summary of Number and Exercise Prices of Employee Stock Options

Activity in the Group’s stock options outstanding and related information is as follows:


	Number of stock options			Weighted average exercise price ($)
As of December 31, 2024		580,314			26.40
Forfeited during the period		(45,541	)		22.93
Expired during the period		(6,119	)		37.24
As of June 30, 2025		528,654			26.59
Vested and exercisable as of June 30, 2025		242,662			31.64

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Classes of current inventories [abstract]
Raw materials and consumables	$ 12,551	$ 12,565
Finished goods	53,300	53,037
Total	$ 65,851	$ 65,602

Interim condensed consolidated statement of cash flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities
Net loss	$ (68,477)	$ (76,285)
Adjustments to reconcile net loss to net cash flows
Depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets	23,475	25,321
Write-down of inventories	4,360	517
Impairment (gain)/loss on trade receivables	(16)	176
Share-based compensation	7,045	6,794
Movements in provisions	(7,670)	(35,507)
Finance (income) and expenses, net	22,505	6,988
Income tax expense	5,265	1,805
Impairment reversal related to discontinued construction of production facilities		1,747
Other	(86)	1,317
Interest received	1,035	5,897
Interest paid	(11,829)	(13,002)
Income tax paid	(1,674)	(3,767)
Changes in working capital:
Increase in inventories	(959)	(14,151)
Decrease in trade receivables, other current receivables, prepaid expenses	6,382	15,923
Increase/(Decrease) in trade payables, other current liabilities, accrued expenses	5,639	(9,786)
Net cash flows used in operating activities	(15,005)	(86,013)
Investing activities
Purchase of intangible assets	(921)	(773)
Purchase of property, plant and equipment	(9,778)	(19,647)
Proceeds from sales of property, plant and equipment	70	20,392
Other	409	886
Net cash flows (used in)/from investing activities	(10,220)	858
Financing activities
Repayment of liabilities to credit institutions	(1,320)	(1,360)
Payment of loan transaction costs	(1,020)	(4,965)
Repayment of lease liabilities	(5,811)	(13,888)
Cash flows used in financing activities	(8,151)	(20,213)
Net decrease in cash and cash equivalents	(33,376)	(105,368)
Cash and cash equivalents at the beginning of the period	98,923	249,299
Exchange rate differences in cash and cash equivalents	2,384	(1,203)
Cash and cash equivalents at the end of the period	$ 67,931	$ 142,728

Property, plant and equipment

6 Months Ended

Jun. 30, 2025

Disclosure of detailed information about property, plant and equipment [abstract]

Property, plant and equipment

Note 10. Property, Plant and Equipment

A summary of property, plant, and equipment as at June 30, 2025 and December 31, 2024 is as follows:


	Land and buildings			Plant and machinery			Construction in progress			Total
Cost
At December 31, 2024		104,811			286,153			54,315			445,279
Additions		120			2,291			4,116			6,527
Disposals(1)		(6,826	)		(25,581	)		(426	)		(32,833	)
Reclassifications		1,930			13,678			(15,608	)		—
Exchange differences		8,967			15,660			4,847			29,474
At June 30, 2025		109,002			292,201			47,244			448,447
Accumulated depreciation and impairment
At December 31, 2024		(23,376	)		(109,525	)		(18,179	)		(151,080	)
Depreciation charge		(3,152	)		(12,662	)		—			(15,814	)
Disposals(1)		6,826			25,005			426			32,257
Exchange differences		(2,270	)		(6,703	)		(272	)		(9,245	)
At June 30, 2025		(21,972	)		(103,885	)		(18,025	)		(143,882	)
Cost, net accumulated depreciation and impairment
At December 31, 2024		81,435			176,628			36,136			294,199
At June 30, 2025		87,030			188,316			29,219			304,565

(1) Relates primarily to disposed assets due to the closure of the Group’s production facility in Singapore.

Depreciation expense for the three months ended June 30, 2025 was $8.4 million (2024: $8.7 million). Depreciation expense for the six months ended June 30, 2025 was $15.8 million (2024: $17.3 million).

Intangible Assets - Summary of Intangible Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Disclosure Of Intangible Assets [Line Items]
Beginning balance	$ 116,208
Ending balance	133,628
Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	131,144
Additions	888
Exchange differences	21,084
Ending balance	153,116
Accumulated Depreciation and Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning balance	(14,936)
Amortization charge	(2,079)
Exchange differences	(2,473)
Ending balance	(19,488)
Goodwill
Disclosure Of Intangible Assets [Line Items]
Beginning balance	107,241
Ending balance	124,584
Goodwill \| Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	107,241
Exchange differences	17,343
Ending balance	124,584
Capitalized Software
Disclosure Of Intangible Assets [Line Items]
Beginning balance	4,590
Ending balance	4,029
Capitalized Software \| Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	14,673
Additions	(24)
Exchange differences	2,369
Ending balance	17,018
Capitalized Software \| Accumulated Depreciation and Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning balance	(10,083)
Amortization charge	(1,188)
Exchange differences	(1,718)
Ending balance	(12,989)
Other Intangible Assets
Disclosure Of Intangible Assets [Line Items]
Beginning balance	3,164
Ending balance	3,301
Other Intangible Assets \| Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	8,017
Additions	493
Reclassification	112
Exchange differences	1,178
Ending balance	9,800
Other Intangible Assets \| Accumulated Depreciation and Amortization
Disclosure Of Intangible Assets [Line Items]
Beginning balance	(4,853)
Amortization charge	(891)
Exchange differences	(755)
Ending balance	(6,499)
Ongoing Development Costs
Disclosure Of Intangible Assets [Line Items]
Beginning balance	1,213
Ending balance	1,714
Ongoing Development Costs \| Carrying Amount
Disclosure Of Intangible Assets [Line Items]
Beginning balance	1,213
Additions	419
Reclassification	(112)
Exchange differences	194
Ending balance	$ 1,714

Share-based compensation

6 Months Ended

Jun. 30, 2025

Disclosure of terms and conditions of share-based payment arrangement [abstract]

Share-based compensation

Note 6. Share-based compensation

During the year ended December 31, 2021, in connection with the initial public offering (“IPO”), the Company implemented a new incentive award program, the 2021 Incentive Award Plan (“2021 Plan”). The principal purpose of the 2021 Plan is to attract, retain and motivate selected employees, consultants and members of the Board of Directors through the granting of share-based compensation awards and cash-based performance bonus awards from 2021 and onwards. 69,496,515 ordinary shares have been reserved for grants pursuant to a variety of share-based compensation awards, including, but not limited to, stock options and RSUs. To secure the future delivery of ordinary shares and ADSs under the 2021 Plan, the Company’s shareholders resolved to issue 69,496,515 warrants. The right to subscribe for the warrants vests only in the Company. See Note 18 Equity.

During the six months ended June 30, 2025, the Company, under the 2021 Plan, granted 1,330,234 RSUs, of which 352,857 were granted to members of key management, including the Executive Officers, and the Board of Directors. 382,555 RSUs vested during the period, of which 154,341 were to key management. The RSUs are accounted for as equity-settled share-based compensation transactions. The RSUs are measured based on the fair market value of the underlying ADSs on the date of grant. The RSUs granted to employees under the 2021 Plan vest in equal installments on each of the first three anniversaries of the date of grant, subject to continued service. The RSUs granted to members of the Company’s Board of Directors vest on the date of the next Annual General Meeting of shareholders following the grant date, subject to continued service on the applicable vesting date.

Activity in the Group’s RSUs outstanding and related information is as follows:


	Number of RSUs			Weighted average grant date fair value ($)
As of December 31, 2024		820,170			26.00
Granted during the period		1,330,234			11.10
Forfeited during the period		(37,274	)		21.89
Vested during the period		(382,555	)		29.30
As of June 30, 2025		1,730,575			13.88

During the six months ended June 30, 2025, the Company, under the 2021 Plan, granted no new stock options. 196,628 stock options vested during the period, of which 100,326 were to key management. The stock options are accounted for as equity-settled share-based compensation transactions. For stock options granted under the 2021 Plan, the exercise price is equal to the fair value of the ADSs on the date of grant. The stock options granted to participants under the 2021 Plan vest in equal installments on each of the first three anniversaries of the date of grant, subject to continued service. The stock options expire, in relation to each installment under the vesting schedule, five years after vesting, corresponding to a total term of six, seven and eight years for the respective installment.

Activity in the Group’s stock options outstanding and related information is as follows:


	Number of stock options			Weighted average exercise price ($)
As of December 31, 2024		580,314			26.40
Forfeited during the period		(45,541	)		22.93
Expired during the period		(6,119	)		37.24
As of June 30, 2025		528,654			26.59
Vested and exercisable as of June 30, 2025		242,662			31.64

The fair value at grant date of the stock options granted during the financial year 2024 was $13.4 for the May 2024 grant date and $9.2 for the November 2024 grant date. The fair value at grant date of the stock options granted during the financial year 2023 was $19.6 for the May 2023 grant date, $21.8 for the July 2023 grant date and $8.6 for the November 2023 grant date. The fair value at grant date of the stock options granted during the financial year 2022 was $29.8 for the May 2022 grant date and $17.2 for the November 2022 grant date. The fair value at grant date of the stock options granted during the financial year 2021 was $124.8 for the May 2021 grant date and $73.4 for the November 2021 grant date. The fair value of the stock options at grant date has been determined using the Black-Scholes option-pricing model, which takes into account the exercise price, the expected term of the stock options, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the stock options and the correlations and volatilities of the peer group companies. The Company does not anticipate paying any cash dividends in the near future and therefore uses an expected dividend yield of zero in the option valuation model.

Each RSU or stock option entitles the holder to acquire, as determined by the Board of Directors, either twenty ordinary shares, twenty warrants or one ADS in the Company.

Share-based compensation expense was $3.5 million for the three months ended June 30, 2025 (2024: $4.2 million) and $7.0 million for the six months ended June 30, 2025 (2024: $6.8 million).

Income tax

6 Months Ended

Jun. 30, 2025

Major components of tax expense (income) [abstract]

Income tax

Note 8. Income tax

Total tax expense for the three and six months ended June 30, 2025 was $1.9 million and $5.3 million respectively. Total tax expense for each of the three and six months ended June 30, 2024 was $1.8 million. The effective tax rate for the three and six months ended June 30, 2025 was 3.5% and 8.3% respectively. The main drivers of the effective tax rate relate to non-recognition of deferred tax assets on tax losses and tax effect relating to foreign exchange effects recognized in other comprehensive income. The effective tax rate for three and six months ended June 30, 2024 was 6.1% and 2.4% respectively, with non-recognition of deferred tax assets on tax losses being the main driver of the effective tax rate. The Group operates in a global environment with significant operations in various jurisdictions outside Sweden. Accordingly, the consolidated income tax rate is a composite rate reflecting the Group’s earnings and the applicable tax rates in the various jurisdictions where the Group operates, and whether or not deferred tax assets are able to be recognized.

The Group is, as of January 1, 2025 in scope of the OECD Pillar Two Model Rules (“P2 Rules”). The legislation is effective for the Group’s financial year beginning January 1, 2025. The P2 Rules have been enacted (or substantively enacted) in most jurisdictions in which the Group operates, including Sweden. Although no material exposure arising from Pillar Two has been identified to date, material Pillar Two impacts to the Group’s tax expense remain possible.

In May 2023, the IASB amended IAS 12 Income Taxes to include a mandatory temporary exception from recognizing or disclosing deferred taxes relating to the P2 Rules. The Group has applied this mandatory exception which did not have a material impact to the consolidated financial statements.

Equity - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended					6 Months Ended	12 Months Ended
	Jul. 27, 2023	May 31, 2025 shares	May 31, 2024 shares	May 31, 2023 shares	May 31, 2022 shares	May 31, 2021 shares	Jun. 30, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Jun. 30, 2025 kr / shares	Jun. 30, 2025 USD ($) shares $ / shares
Disclosure Of Classes Of Share Capital [Line Items]
Other contributed capital \| $								$ 1,628,045		$ 1,628,045
Other reserves \| $								(274,160)		(222,137)
Accumulated deficit \| $								(1,249,303)		(1,310,599)
Percentage of share capital owned in subsidiary	100.00%
Share capital percentage	40.00%
Non-controlling interests \| $								$ 1,435		$ 1,303
Warrants
Disclosure Of Classes Of Share Capital [Line Items]
Warrants outstanding								62,297,096		53,844,736
Treasury Shares
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares outstanding								416,580		1,213,360
Number of shares sold							4,480
Other Reserves
Disclosure Of Classes Of Share Capital [Line Items]
Change in fair value recognized in consolidated statement of other comprehensive loss \| $							$ (72,700)	$ (72,700)
Foreign Currency Translation Reserve
Disclosure Of Classes Of Share Capital [Line Items]
Other reserves \| $								$ (201,500)		$ (149,400)
2021 Incentive Award Plan
Disclosure Of Classes Of Share Capital [Line Items]
Number of warrants, granted						69,496,515
Shares issued in exercise of warrants		8,452,360	3,667,255	2,882,164	650,000
Ordinary Shares
Disclosure Of Classes Of Share Capital [Line Items]
Ordinary shares outstanding								598,559,840		606,215,420
Par value \| (per share)									kr 0.0015	$ 0.00018
Ordinary Shares \| 2021 Incentive Award Plan
Disclosure Of Classes Of Share Capital [Line Items]
Number of ordinary shares allotted and issued		8,452,360
American Depositary Shares \| 2021 Incentive Award Plan
Disclosure Of Classes Of Share Capital [Line Items]
Number of ordinary shares converted		7,651,100

Related Party Disclosures - Additional Information (Details) - Nativus Company Limited and Verlinvest S.A - USD ($) $ in Millions	Jun. 30, 2025	Apr. 18, 2023
Disclosure Of Transactions Between Related Parties [Line Items]
Fair value of convertible notes	$ 161.3
Fair value of convertible notes at start		$ 174.0

Related party disclosures

6 Months Ended

Jun. 30, 2025

Related party disclosures

Note 23. Related party disclosures

Share-based compensation to related parties

Information about share-based compensation to related parties is found in Note 6 Share-based compensation.

Transactions with related parties

On April 18, 2023 the Company issued Convertible Notes to related parties, Nativus Company Limited and Verlinvest, with a fair value of $174.0 million. As of June 30, 2025, the fair value of the outstanding Convertible Notes to related parties amounted to $161.3 million. The Convertible Notes were issued with the terms and conditions described in Note 21 Convertible Notes.

Provisions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Noncurrent Provisions [Line Items]
Decommissioning and other exit costs	$ 1,393	$ 3,214	$ 2,225	$ 3,635
Cash outflows relating to organizational restructuring			5,100
Cash outflows relating to closure production facility Singapore			$ 3,100
Production Facility in Singapore
Disclosure Of Noncurrent Provisions [Line Items]
Costs relating to closure of facility expected payment period			throughout the coming 2 years

Seasonality - Additional Information (Details)	6 Months Ended
Seasonality - Additional Information (Details)	Jun. 30, 2025
Seasonality [Abstract]
Explanation of seasonality or cyclicality of interim operations	To date, we have not experienced pronounced seasonality, but such fluctuations may have been masked by our historical growth and macroeconomic trends, including higher inflation. As the Group continues to grow, including the relative size of our markets, we expect to see additional seasonality effects, especially within the food retail channel, with revenue contribution from this channel tending to be linked with holiday season periods. For example, the Lunar New Year one week celebration occurring in the first quarter of the calendar year has resulted in lower volumes sold in Greater China and the rest of the Asia business compared to the remaining quarterly periods of the year.

Financial Risk Management - Summary of Exposure to Foreign Currency Risk (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Disclosure Of Nature And Extent Of Risks Arising From Financial Instruments [Line Items]
Accounts receivables	$ 102,597	$ 103,366
Other receivables	17,968	15,738
S-T deposits		40,000
Trade payables	(64,688)	(60,152)
Lease liabilities	(42,981)
Other current liabilities	$ (7,568)	$ (7,998)

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments And Contingencies [Abstract]

Commitments and contingencies

Note 25. Commitments and Contingencies

Commitments

Minimum purchase commitments

The Group has several supplier contracts primarily for production and packaging services where minimum purchase commitments exist in the contract terms. The commitments are associated with contracts that are enforceable and legally binding and that specify significant terms, including fixed or minimum services to be purchased and fixed, minimum or variable price provisions. For the six months ended June 30, 2025, volume adjustments related to co-packer arrangements in Europe & International and North America resulted in volume shortfall expenses of $5.6 million. The shortfall expenses are presented in cost of goods sold in the consolidated statement of operations.

Leases

The future cash outflows relating to leases that have not yet commenced are disclosed in Note 11 Leases.

Commitments and Contingencies - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($)
Commitments And Contingencies [Line Items]
Total shortfall expenses	$ 5.6

Interim condensed consolidated statement of financial position - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Non-current assets
Intangible assets	$ 133,628	$ 116,208
Property, plant and equipment	304,565	294,199
Right-of-use assets	43,541	45,555
Other non-current receivables	45,140	44,331
Deferred tax assets	4,698	4,561
Total non-current assets	531,572	504,854
Current assets
Inventories	65,851	65,602
Trade receivables	102,597	103,366
Current tax assets	5,933	6,095
Other current receivables	17,968	15,738
Prepaid expenses	11,203	9,402
Cash and cash equivalents	67,931	98,923
Total current assets	271,483	299,126
TOTAL ASSETS	803,055	803,980
Equity
Share capital	107	106
Treasury shares	0	0
Other contributed capital	1,628,045	1,628,045
Other reserves	(222,137)	(274,160)
Accumulated deficit	(1,310,599)	(1,249,303)
Equity attributable to shareholders of the parent	95,416	104,688
Non-controlling interests	1,303	1,435
Total equity	96,719	106,123
Non-current liabilities
Lease liabilities	29,508	31,724
Liabilities to credit institutions	115,746	116,216
Provisions	9,317	14,857
Total non-current liabilities	154,571	162,797
Current liabilities
Lease liabilities	13,473	13,359
Convertible Notes	328,981	324,395
Liabilities to credit institutions	4,899	5,757
Trade payables	64,688	60,152
Current tax liabilities	1,349	1,476
Other current liabilities	7,568	7,998
Accrued expenses	112,675	103,719
Provisions	18,132	18,204
Total current liabilities	551,765	535,060
Total liabilities	706,336	697,857
TOTAL EQUITY AND LIABILITIES	$ 803,055	$ 803,980

Summary of Accounting Policies - Additional Information (Details)		6 Months Ended
	Feb. 18, 2025	Jun. 30, 2025
Significant Accounting Policies [Line Items]
ADS to ordinary share ratio	0.05
Same accounting policies and methods of computation followed in interim financial statements		true
Compliance with IFRSs if applied for interim financial report		true

Loss per Share - Summary of Potential Dilutive Securities Not Included in Diluted Loss per Share Calculations (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Restricted Stock Units
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share	34,611,500	17,680,096	34,611,500	17,680,096
Stock Options
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share	10,573,080	15,285,292	10,573,080	15,285,292
Convertible Notes
Earnings Per Share [Line Items]
Potentially dilutive securities not included in computation of diluted loss per share	400,616,344	400,616,344	400,616,344	400,616,344

Finance Income and Expenses

6 Months Ended

Jun. 30, 2025

Disclosure Of Detailed Information About Finance Income And Expense [Abstract]

Finance income and expenses

Note 7. Finance income and expenses


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Interest income		1,085			2,892			2,379			6,375
Other financial income		155			102			155			204
Net foreign exchange difference		(7,763	)		(185	)		(5,565	)		1,584
Interest expenses on lease liabilities		(749	)		(1,487	)		(1,494	)		(3,009	)
Interest expenses on Convertible Notes		(9,217	)		(8,421	)		(18,092	)		(16,529	)
Interest expenses on liabilities to credit institutions		(5,978	)		(5,966	)		(11,243	)		(12,155	)
Fair value changes on derivatives		(504	)		183			(199	)		(745	)
Fair value changes on Convertible Notes		(8,592	)		23,894			13,506			23,010
Other financial expenses		(353	)		(623	)		(1,952	)		(5,723	)
Total finance income and expenses, net		(31,916	)		10,389			(22,505	)		(6,988	)

Interest expense on the Convertible Notes is the nominal coupon rate of 9.25%. Fair value changes on Convertible Notes contains the fair value changes less the coupon rate and changes in credit risk. See Note 13 Fair value of financial instruments and Note 21 Convertible Notes.

Other financial expenses for the six months ended June 30, 2025 and six months ended June 30, 2024 mainly consists of $1.0 million and $5.0 million, respectively, in transaction costs relating to amendments in the Group’s financing arrangements.

See Note 19 Liabilities to credit institutions for further details on the Group’s credit facilities.

Provisions - Summary of Changes in Provisions (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Disclosure Of Noncurrent Provisions [Line Items]
At December 31, 2024	$ 18,204
At January 1, 2024	14,857
At June 30, 2025	18,132
At December 31, 2023	9,317
Restructuring
Disclosure Of Noncurrent Provisions [Line Items]
At December 31, 2024	33,061
Additional provisions recognized	2,054
Unwinding of discount effect	303
Reversal of non-utilized amounts	(1,636)
Amounts used during the year	(8,235)
Exchange differences	1,902
At June 30, 2025	27,449
Non-current, Restructuring	9,317
Current, Restructuring	$ 18,132

Fair value of financial instruments - Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2025
Disclosure of detailed information about financial instruments [line items]
Percentage of impact of decreasing volatility on convertible notes	10.00%
Percentage points of impact of increasing volatility on convertible notes	10.00%
Percentage point of impact of decreasing Risk-free interest rate on convertible notes	1.00%
Percentage point of impact of increasing Risk-free interest rate on convertible notes	1.00%
Percentage point of impact of decreasing market interest rate on convertible notes	1.00%
Percentage point of impact of increasing market interest rate on convertible notes	1.00%
American Depositary Shares
Disclosure of detailed information about financial instruments [line items]
Percentage of impact of decreasing share price on convertible notes	30.00%
Percentage of impact of increasing share price on convertible notes	30.00%

Inventories

6 Months Ended

Jun. 30, 2025

Classes of current inventories [abstract]

Inventories

Note 14. Inventories


	June 30, 2025		December 31, 2024
Raw materials and consumables		12,551		12,565
Finished goods		53,300		53,037
Total		65,851		65,602

Inventories recognized as an expense for the three months ended June 30, 2025 amounted to $133.2 million (2024: $135.2 million). Inventories recognized as an expense for the six months ended June 30, 2025 amounted to $260.8 million (2024: $273.0 million). The expenses were included in cost of goods sold.

Write-downs of inventories to net realizable value for the three months ended June 30, 2025 amounted to $0.8 million (2024: $0.2 million). Write-downs of inventories to net realizable value for the six months ended June 30, 2025 amounted to $4.4 million (2024: $0.5 million). The write-downs were recognized as an expense for each period and included in cost of goods sold.

Fair value of financial instruments

6 Months Ended

Jun. 30, 2025

Disclosure of detailed information about financial instruments [abstract]

Fair value of financial instruments

Note 13. Fair value of financial instruments

This note explains the judgments and estimates made in determining the fair values of the financial instruments that are recognized and measured at fair value in the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards.

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques, which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Specific valuation techniques used in Level 2 to value financial instruments include:

•

for foreign currency forwards, the present value of future cash flows based on the forward exchange rates at the balance sheet date

•

for interest rate caps – option pricing models (e.g. Black-Scholes model)

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This is the case for unlisted equity securities.


Recurring fair value measurements at June 30, 2025	Level 1		Level 2		Level 3
Financial assets
Derivatives (part of Other current receivables)		—		4		—
Total financial assets		—		4		—
Financial liabilities
Convertible Notes		—		—		328,981
Derivatives (part of Other current liabilities)		—		58		—
Total financial liabilities		—		58		328,981

Recurring fair value measurements at December 31, 2024	Level 1		Level 2		Level 3
Financial assets
Derivatives (part of Other non-current receivables)		—		125		—
Total financial assets		—		125		—
Financial liabilities
Convertible Notes		—		—		324,395
Derivatives (part of Other current liabilities)		—		2		—
Total financial liabilities		—		2		324,395

There were no transfers between the levels during the six months ended June 30, 2025 and the year ended December 31, 2024.

The carrying amount of the promissory note, is a reasonable approximation of fair value since the transaction was closed on March 1, 2023, and there have been no significant changes to credit risk or market rates during the period March 1, 2023 until June 30, 2025. See Note 12 Other non-current receivables.

The carrying amount of non-current liabilities to credit institutions in the Group is a reasonable approximation of fair value since the interest rate is variable and there have been no significant changes to credit risk since issued on April 18, 2023. See Note 19 Liabilities to credit institutions.

The carrying amount of current liabilities to credit institutions and other financial instruments in the Group is a reasonable approximation of fair value since they are short-term, and the discount effect is not significant.

Convertible Notes


	Convertible Notes
At January 1, 2024		323,528
Fair value changes (including interest expenses) recognized in the consolidated statement of operations		867
At December 31, 2024		324,395
Fair value changes (including interest expenses) recognized in the consolidated statement of operations		4,586
At June 30, 2025		328,981


	June 30, 2025			December 31, 2024
Carrying amount		328,981			324,395
Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity		546,842			546,842
Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity		(217,861	)		(222,447	)

The Group determines the amount of fair value changes which are attributable to credit risk by first determining the changes due to market conditions which give rise to market risk, and then deducting those changes from the total change in fair value of the Convertible Notes. Market conditions which give rise to market risk include changes in the benchmark interest rate. Fair value movements on the conversion option embedded derivative are included in the assessment of market risk fair value changes.

The fair value of the instrument in its entirety has been determined by using a combination of a Monte Carlo simulation and a discounted cash flow analysis.

The following table lists the key inputs and assumptions used in the valuation model as of June 30, 2025:


	June 30, 2025		December 31, 2024
Conversion price per ADS ($)(1)	27.2-28.2		27.2-37.8
ADS price at valuation date ($)		11.87		13.26
Expected price volatility of the Company ADS (%)		70.00		70.00
Risk-free interest rate (%)		3.70		4.30
Market interest rate (%)		21.20		20.00

(1) The U.S. Notes (as defined below) are convertible at the option of each holder at a conversion price of $27.20 per ADS, subject to customary anti-dilution adjustments. The HH Notes (as defined below) are convertible at the option of each holder at a conversion price of $28.20 per ADS, subject to customary anti-dilution adjustments. The Swedish Notes (as defined below) are convertible at the option of each holder at a conversion price of $1.36 per ordinary share, subject to customary anti-dilution adjustments. For further details on the Convertible Notes , see Note 21 Convertible Notes.

The market interest rate has been assessed based on the observed range of yields on corporate bonds with comparable terms and comparable credit ratings to that of the Group.

The following table shows the impact of the key inputs and assumptions on the fair value of the Convertible Notes:


	June 30, 2025		December 31, 2024
ADS price decrease 30%		313,605		303,849
ADS price increase 30%		347,245		346,372
Volatility decrease 10 percentage points		325,102		319,311
Volatility increase 10 percentage points		331,801		329,108
Risk-free interest rate decrease 1 percentage point		328,413		323,810
Risk-free interest rate increase 1 percentage point		329,552		324,954
Market interest rate decrease 1 percentage point		336,928		333,154
Market interest rate increase 1 percentage point		321,306		315,973

For further information on the Convertible Notes, see Note 21 Convertible Notes.

Loss per share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings per share [abstract]

Summary of Loss per Share


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Loss for the year, attributable to the shareholders of the parent		(55,911	)		(30,384	)		(68,341	)		(76,183	)
Weighted average number of ordinary shares		601,195,247			596,242,505			599,884,824			595,654,647
Basic and diluted loss per share, U.S. $		(0.09	)		(0.05	)		(0.11	)		(0.13	)
Weighted average number of ADS (1 ADS representing 20 ordinary shares)(1)		30,059,762			29,812,125			29,994,241			29,782,732
Basic and diluted loss per ADS, U.S. $		(1.86	)		(1.02	)		(2.28	)		(2.56	)

Summary of Potential Dilutive Securities that were not Included in Diluted Loss per Share Calculations

Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Restricted stock units representing ordinary shares		34,611,500		17,680,096		34,611,500		17,680,096
Stock options representing ordinary shares		10,573,080		15,285,292		10,573,080		15,285,292
Convertible Notes(1)		400,616,344		400,616,344		400,616,344		400,616,344

Events After the End of the Reporting Period - Additional Information (Details) ¥ in Millions	Jun. 30, 2025 USD ($)	Mar. 19, 2025 CNY (¥)	Mar. 19, 2025 USD ($)	Feb. 11, 2025 USD ($)	Dec. 31, 2024 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Liabilities to credit institutions balance	$ 120,645,000				$ 121,973,000
Working Capital Credit Facility \| CMB Credit Facility
Disclosure of non-adjusting events after reporting period [line items]
Liabilities to credit institutions balance		¥ 30	$ 4,200,000
Amendments to Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement
Disclosure of non-adjusting events after reporting period [line items]
Limitations on draw down facilities relating with covenants				$ 0
Amendments to Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement \| Top of Range
Disclosure of non-adjusting events after reporting period [line items]
Last four quarters consolidated group EBITDA				0
Amendments to Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement \| Existing Facility \| Bottom of Range
Disclosure of non-adjusting events after reporting period [line items]
Last four quarters consolidated group EBITDA				$ 75,000,000

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure of detailed information about intangible assets [line items]
Amortization expense	$ 1.1	$ 1.1	$ 2.1	$ 2.1

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Accrued Expenses [Line Items]
Accrued expenses	$ 112,675	$ 103,719
Accrued Variable Consideration
Accrued Expenses [Line Items]
Accrued expenses	31,849	24,549
Accrued Personnel Expenses
Accrued Expenses [Line Items]
Accrued expenses	25,320	24,284
Accrued Production Expenses
Accrued Expenses [Line Items]
Accrued expenses	11,617	12,701
Accrued Logistic Expenses
Accrued Expenses [Line Items]
Accrued expenses	10,734	10,762
Accrued Marketing and Sales Expenses
Accrued Expenses [Line Items]
Accrued expenses	9,620	9,218
Other Accrued Expenses
Accrued Expenses [Line Items]
Accrued expenses	$ 23,535	$ 22,205

Corporate information

6 Months Ended

Jun. 30, 2025

Text Block1 [Abstract]

Corporate information

Note 1. Corporate information

Oatly Group AB (the “Company” or the “parent”) is a public limited company incorporated and domiciled in Sweden. The Company’s registered office is located at Ångfärjekajen 8, Malmö, Sweden.

Oatly Group AB and its subsidiaries (together, the “Group”) manufacture, distribute and sell oat-based products.

Fair value of financial instruments - Summary of Convertible Notes (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]
Convertible notes, Beginning Balance	$ 324,395	$ 323,528
Fair value changes (including interest expenses) recognized in the consolidated statement of operations	4,586	867
Convertible notes, Ending Balance	$ 328,981	$ 324,395

Segment Information - Summary of Revenue Adjusted EBITDA and EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Operating Segments [Line Items]
Revenue	$ 208,354	$ 202,195	$ 405,884	$ 401,350
Adjusted EBITDA	(3,563)	(10,997)	(7,294)	(24,201)
Share-based compensation expense	(3,453)	(4,179)	(7,045)	(6,794)
Restructuring costs	(1,393)	(3,214)	(2,225)	(3,635)
Strategic review of Greater China business	(1,378)		(1,378)
Discontinued construction of production facilities		(2,646)		(1,762)
New product launch issue		(5,677)		(5,677)
Closure of production facility			846
Non-controlling interests	(35)	(58)	(136)	(102)
EBITDA	(9,822)	(26,771)	(17,232)	(42,171)
Finance income and (expenses), net	(31,916)	10,389	(22,505)	(6,988)
Depreciation and amortization	(12,294)	(12,308)	(23,475)	(25,321)
Loss before tax	(54,032)	(28,690)	(63,212)	(74,480)
Europe & International
Disclosure Of Operating Segments [Line Items]
Revenue	118,193	105,541	225,858	215,948
North America
Disclosure Of Operating Segments [Line Items]
Revenue	63,185	67,819	123,071	134,786
Greater China
Disclosure Of Operating Segments [Line Items]
Revenue	26,976	28,835	56,955	50,616
Operating Segments \| Europe & International
Disclosure Of Operating Segments [Line Items]
Revenue	118,648	107,355	227,002	219,726
Adjusted EBITDA	24,261	12,638	39,797	27,134
Share-based compensation expense	(515)	(501)	(983)	(879)
Restructuring costs	(471)	(855)	(471)	(855)
Discontinued construction of production facilities		(2,923)		(2,923)
Closure of production facility			846
EBITDA	23,275	8,359	39,189	22,477
Operating Segments \| North America
Disclosure Of Operating Segments [Line Items]
Revenue	63,185	67,819	123,071	134,786
Adjusted EBITDA	(2,369)	1,166	(1,240)	778
Share-based compensation expense	(328)	(232)	(686)	1,027
Restructuring costs	(585)	(769)	(1,253)	(769)
Discontinued construction of production facilities		277		1,161
New product launch issue		(5,677)		(5,677)
EBITDA	(3,282)	(5,235)	(3,179)	(3,480)
Operating Segments \| Greater China
Disclosure Of Operating Segments [Line Items]
Revenue	26,976	28,835	56,955	50,616
Adjusted EBITDA	(636)	(428)	982	(3,856)
Share-based compensation expense	(334)	(479)	(723)	(1,179)
Restructuring costs	(42)	(1,470)	(42)	(1,940)
Strategic review of Greater China business	(1,378)		(1,378)
Non-controlling interests	(35)	(58)	(136)	(102)
EBITDA	(2,425)	(2,435)	(1,297)	(7,077)
Unallocated Amounts \| Corporate
Disclosure Of Operating Segments [Line Items]
Adjusted EBITDA	(24,819)	(24,373)	(46,833)	(48,257)
Share-based compensation expense	(2,276)	(2,967)	(4,653)	(5,763)
Restructuring costs	(295)	(120)	(459)	(71)
EBITDA	(27,390)	(27,460)	(51,945)	(54,091)
Eliminations
Disclosure Of Operating Segments [Line Items]
Revenue	(455)	(1,814)	(1,144)	(3,778)
Revenue from External Customers
Disclosure Of Operating Segments [Line Items]
Revenue	208,354	202,195	405,884	401,350
Revenue from External Customers \| Operating Segments \| Europe & International
Disclosure Of Operating Segments [Line Items]
Revenue	118,193	105,541	225,858	215,948
Revenue from External Customers \| Operating Segments \| North America
Disclosure Of Operating Segments [Line Items]
Revenue	63,185	67,819	123,071	134,786
Revenue from External Customers \| Operating Segments \| Greater China
Disclosure Of Operating Segments [Line Items]
Revenue	26,976	28,835	56,955	50,616
Intersegment Revenue \| Operating Segments \| Europe & International
Disclosure Of Operating Segments [Line Items]
Revenue	455	1,814	1,144	3,778
Intersegment Revenue \| Eliminations
Disclosure Of Operating Segments [Line Items]
Revenue	$ (455)	$ (1,814)	$ (1,144)	$ (3,778)

Segment Information - Summary of Revenue Adjusted EBITDA and EBITDA (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure of operating segments [line items]
Restructuring costs	$ (1,393)	$ (3,214)	$ (2,225)	$ (3,635)

Cash and cash equivalents

6 Months Ended

Jun. 30, 2025

Cash and cash equivalents [abstract]

Cash and cash equivalents

Note 17. Cash and cash equivalents


	June 30, 2025		December 31, 2024
Short-term deposits		—		40,000
Cash at bank and on hand		67,931		58,923
Total		67,931		98,923

In 2024, short-term deposits were time deposits and structured deposits, with maturities of one to three months.

Inventories (Tables)

6 Months Ended

Jun. 30, 2025

Classes of current inventories [abstract]

Summary of Inventories


	June 30, 2025		December 31, 2024
Raw materials and consumables		12,551		12,565
Finished goods		53,300		53,037
Total		65,851		65,602

Property, plant and equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense	$ 8.4	$ 8.7	$ 15.8	$ 17.3

Other Current Receivables - Summary of Other Current Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Other Current Receivables [Abstract]
Value added tax	$ 7,961	$ 6,169
Advance payments to vendors	1,673	1,158
Short-term derivatives	4
Other	8,330	8,411
Total	$ 17,968	$ 15,738

Interim condensed consolidated statement of operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Profit or loss [abstract]
Revenue	$ 208,354	$ 202,195	$ 405,884	$ 401,350
Cost of goods sold	(140,729)	(143,239)	(275,929)	(288,496)
Gross profit	67,625	58,956	129,955	112,854
Research and development expenses	(4,605)	(10,898)	(8,996)	(15,540)
Selling, general and administrative expenses	(84,111)	(84,261)	(161,609)	(163,003)
Other operating income and (expenses), net	(1,025)	(2,876)	(57)	(1,803)
Operating loss	(22,116)	(39,079)	(40,707)	(67,492)
Finance income and (expenses), net	(31,916)	10,389	(22,505)	(6,988)
Loss before tax	(54,032)	(28,690)	(63,212)	(74,480)
Income tax expense	(1,914)	(1,751)	(5,265)	(1,805)
Loss for the period	(55,946)	(30,441)	(68,477)	(76,285)
Attributable to: Shareholders of the parent	(55,911)	(30,384)	(68,341)	(76,183)
Non-controlling interests	$ (35)	$ (57)	$ (136)	$ (102)
Loss per share, attributable to shareholders of the parent:
Basic earnings (loss) per share	$ (0.09)	$ (0.05)	$ (0.11)	$ (0.13)
Diluted earnings (loss) per share	(0.09)	(0.05)	(0.11)	(0.13)
Basic, Loss per ADS, attributable to shareholder of the parent (1 ADS representing 20 ordinary shares):	(1.86)	(1.02)	(2.28)	(2.56)
Diluted, Loss per ADS, attributable to shareholder of the parent (1 ADS representing 20 ordinary shares):	$ (1.86)	$ (1.02)	$ (2.28)	$ (2.56)
Weighted average comon shares outstanding:
Basic	601,195,247	596,242,505	599,884,824	595,654,647
Diluted	601,195,247	596,242,505	599,884,824	595,654,647

Fair value of financial instruments - Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Disclosure of detailed information about financial instruments [line items]
Volatility decrease 10 percentage points	$ 325,102	$ 319,311
Volatility increase 10 percentage points	331,801	329,108
Risk-free interest rate decrease 1 percentage point	328,413	323,810
Risk-free interest rate increase 1 percentage point	329,552	324,954
Market interest rate decrease 1 percentage point	336,928	333,154
Market interest rate increase 1 percentage point	321,306	315,973
American Depositary Shares
Disclosure of detailed information about financial instruments [line items]
Share price decrease 30%	313,605	303,849
Share price increase 30%	$ 347,245	$ 346,372

Segment Information - Summary of Non-current Assets by Country (Details) - Property Plant And Equipment And Right Of Use Assets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 348,106	$ 339,754
Sweden
Disclosure Of Operating Segments [Line Items]
Non-current assets	130,226	114,764
China
Disclosure Of Operating Segments [Line Items]
Non-current assets	97,836	103,791
US
Disclosure Of Operating Segments [Line Items]
Non-current assets	84,795	88,983
The Netherlands
Disclosure Of Operating Segments [Line Items]
Non-current assets	33,294	29,349
Other
Disclosure Of Operating Segments [Line Items]
Non-current assets	$ 1,955	$ 2,867

Segment Information - Summary of Revenue from External Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Operating Segments [Line Items]
Revenues	$ 208,354	$ 202,195	$ 405,884	$ 401,350
Retail
Disclosure Of Operating Segments [Line Items]
Revenues	137,170	122,302	262,567	251,371
Foodservice
Disclosure Of Operating Segments [Line Items]
Revenues	66,206	71,917	133,823	135,829
Other
Disclosure Of Operating Segments [Line Items]
Revenues	4,978	7,976	9,494	14,150
Europe & International
Disclosure Of Operating Segments [Line Items]
Revenues	118,193	105,541	225,858	215,948
Europe & International \| Retail
Disclosure Of Operating Segments [Line Items]
Revenues	93,594	84,669	179,034	174,876
Europe & International \| Foodservice
Disclosure Of Operating Segments [Line Items]
Revenues	23,783	20,500	45,085	40,020
Europe & International \| Other
Disclosure Of Operating Segments [Line Items]
Revenues	816	372	1,739	1,052
North America
Disclosure Of Operating Segments [Line Items]
Revenues	63,185	67,819	123,071	134,786
North America \| Retail
Disclosure Of Operating Segments [Line Items]
Revenues	37,219	35,002	73,243	71,065
North America \| Foodservice
Disclosure Of Operating Segments [Line Items]
Revenues	25,602	31,173	49,113	60,286
North America \| Other
Disclosure Of Operating Segments [Line Items]
Revenues	364	1,644	715	3,435
Greater China
Disclosure Of Operating Segments [Line Items]
Revenues	26,976	28,835	56,955	50,616
Greater China \| Retail
Disclosure Of Operating Segments [Line Items]
Revenues	6,357	2,631	10,290	5,430
Greater China \| Foodservice
Disclosure Of Operating Segments [Line Items]
Revenues	16,821	20,244	39,625	35,523
Greater China \| Other
Disclosure Of Operating Segments [Line Items]
Revenues	3,798	5,960	7,040	9,663
US
Disclosure Of Operating Segments [Line Items]
Revenues	61,552	66,845	120,346	132,482
UK
Disclosure Of Operating Segments [Line Items]
Revenues	36,788	34,568	68,601	68,594
Germany
Disclosure Of Operating Segments [Line Items]
Revenues	30,910	28,692	59,803	59,139
China
Disclosure Of Operating Segments [Line Items]
Revenues	26,595	28,527	56,234	50,053
Sweden
Disclosure Of Operating Segments [Line Items]
Revenues	11,909	11,079	23,219	23,307
The Netherlands
Disclosure Of Operating Segments [Line Items]
Revenues	6,943	6,125	13,909	13,523
Finland
Disclosure Of Operating Segments [Line Items]
Revenues	4,638	4,799	9,135	10,406
Other
Disclosure Of Operating Segments [Line Items]
Revenues	$ 29,019	$ 21,560	$ 54,637	$ 43,846

Fair value of financial instruments - Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note (Details) - $ / shares

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Disclosure of detailed information about financial instruments [line items]

Risk-free interest rate

3.7

4.3

Market interest rate

21.2

American Depositary Shares

Disclosure of detailed information about financial instruments [line items]

Share price at valuation date

$ 11.87

$ 13.26

Expected price volatility of the Company share

70.00%

Bottom of range [member] | American Depositary Shares

Disclosure of detailed information about financial instruments [line items]

Conversion price

^[1]

$ 27.2

Top of range [member] | American Depositary Shares

Disclosure of detailed information about financial instruments [line items]

Conversion price

^[1]

$ 28.2

$ 37.8

[1]

The U.S. Notes (as defined below) are convertible at the option of each holder at a conversion price of $27.20 per ADS, subject to customary anti-dilution adjustments. The HH Notes (as defined below) are convertible at the option of each holder at a conversion price of $28.20 per ADS, subject to customary anti-dilution adjustments. The Swedish Notes (as defined below) are convertible at the option of each holder at a conversion price of $1.36 per ordinary share, subject to customary anti-dilution adjustments. For further details on the Convertible Notes , see Note 21 Convertible Notes.

Depreciation Amortization and Impairment by Per Function - Summary of Depreciation and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Depreciation Amortization And Impairment [Line Items]
Total depreciation/amortization	$ (12,294)	$ (12,308)	$ (23,475)	$ (25,321)

- Definition

The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.

+ References + Details

Accrued expenses

6 Months Ended

Jun. 30, 2025

Accrued Expenses [Abstract]

Accrued expenses

Note 22. Accrued expenses


	June 30, 2025		December 31, 2024
Accrued variable consideration		31,849		24,549
Accrued personnel expenses		25,320		24,284
Accrued production expenses		11,617		12,701
Accrued logistic expenses		10,734		10,762
Accrued marketing and sales expenses		9,620		9,218
Other accrued expenses		23,535		22,205
Total		112,675		103,719

Trade receivables - Summary of Trade Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Trade Receivables [Abstract]
Trade receivables	$ 102,955	$ 104,144
Less: allowance for expected credit losses	(358)	(778)
Trade receivables—net	$ 102,597	$ 103,366

Other Operating Income and (Expenses), Net - Summary of Other Operating Income and (Expenses), Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure of Other Operating Income and Expenses Net [Line Items]
Other operating income and (expenses), net	$ (1,025)	$ (2,876)	$ (57)	$ (1,803)

Income tax - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items]
Total tax expense	$ 1,914	$ 1,751	$ 5,265	$ 1,805
Effective tax rate	3.50%	6.10%	8.30%	2.40%

- References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2025-01-01
-Paragraph 23
-Subparagraph h
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2025-en-r&anchor=para_23_h&doctype=Standard
-URIDate 2025-03-27

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 26
-IssueDate 2025-01-01
-Paragraph 35
-Subparagraph b
-Clause viii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=26&code=ifrs-tx-2025-en-r&anchor=para_35_b_viii&doctype=Standard
-URIDate 2025-03-27

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 79
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_79&doctype=Standard
-URIDate 2025-03-27

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 81
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_81_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 12
-IssueDate 2025-01-01
-Paragraph 81
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2025-en-r&anchor=para_81_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2025-01-01
-Paragraph B13
-Subparagraph g
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2025-en-r&anchor=para_B13_g&doctype=Appendix&subtype=B
-URIDate 2025-03-27

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 192
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_192&doctype=Standard
-URIDate 2025-03-27

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 192
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_192&doctype=Standard
-URIDate 2025-03-27

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_i&doctype=Standard
-URIDate 2025-03-27

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 194
-Subparagraph c
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_194_c_ii&doctype=Standard
-URIDate 2025-03-27

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 82
-Subparagraph d
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_82_d&doctype=Standard
-URIDate 2025-03-27

+ Details

Significant accounting judgments, estimates and assessments

6 Months Ended

Jun. 30, 2025

Significant Accounting Judgments Estimates And Assessments [Abstract]

Significant accounting judgments, estimates and assessments

Note 3. Significant accounting judgments, estimates and assessments

In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation and uncertainty were the same as those applied to the consolidated financial statements for the year ended December 31, 2024.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectation of future events.

Trade receivables (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of financial assets [line items]

Summary of Trade Receivables


	June 30, 2025			December 31, 2024
Trade receivables		102,955			104,144
Less: allowance for expected credit losses		(358	)		(778	)
Trade receivables—net		102,597			103,366

Summary of Carrying Amounts By Currency

Carrying amounts, by currency, for the Group’s trade receivables are as follows:


	June 30, 2025		December 31, 2024
EUR		32,129		31,660
GBP		24,654		19,670
USD		23,590		29,931
CNY		11,737		13,616
SEK		2,876		2,701
Other		7,611		5,788
Total		102,597		103,366

Leases (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure Of Leases [Line Items]

Summary of Consolidated Statement of Financial Position Amounts Relating to Leases

Below is the roll-forward of lease right-of-use assets:


	Land and buildings			Plant and machinery			Total
Cost
At December 31, 2024		56,089			28,178			84,267
Increases		1,051			173			1,224
Decreases		(1,362	)		(1,467	)		(2,829	)
Exchange differences		2,974			1,980			4,954
At June 30, 2025		58,752			28,864			87,616
Accumulated depreciation
At December 31, 2024		(24,917	)		(13,795	)		(38,712	)
Depreciation		(3,582	)		(2,000	)		(5,582	)
Decreases		1,262			1,479			2,741
Exchange differences		(1,263	)		(1,259	)		(2,522	)
At June 30, 2025		(28,500	)		(15,575	)		(44,075	)
Cost, net accumulated depreciation
At December 31, 2024		31,172			14,383			45,555
At June 30, 2025		30,252			13,289			43,541

Summary of Maturity Analysis of Lease Liabilities

Below is the maturity analysis of lease liabilities:


Lease liabilities	June 30, 2025
Maturity Analysis
Less than 3 months		3,466
Between 3 months and 1 year		10,398
Between 1 and 2 years		11,619
Between 2 and 5 years		15,286
After 5 years		13,799
Total lease commitments		54,568
Impact of discounting remaining lease payments		(11,587	)
Total lease liabilities at June 30, 2025		42,981
Lease liabilities included in the condensed consolidated statement of financial position at June 30, 2025
Non-current		29,508
Current		13,473
Total		42,981

Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Cash and cash equivalents [abstract]
Short-term deposits		$ 40,000
Cash at bank and on hand	$ 67,931	58,923
Total	$ 67,931	$ 98,923	$ 142,728	$ 249,299

Other Current Receivables (Tables)

6 Months Ended

Jun. 30, 2025

Other Current Receivables [Abstract]

Summary Of Other Current Receivables


	June 30, 2025		December 31, 2024
Value added tax		7,961		6,169
Advance payments to vendors		1,673		1,158
Short-term derivatives		4		—
Other		8,330		8,411
Total		17,968		15,738

Finance income and expenses - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure of detailed information about borrowings [line items]
Transaction costs	$ 1.0	$ 5.0
Convertible Notes
Disclosure of detailed information about borrowings [line items]
Nominal coupon rate	9.25%

Liabilities to Credit Institutions - Summary of Liabilities to Credit Institutions (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract]
Non-current liabilities to credit institutions	$ 115,746	$ 116,216
Current liabilities to credit institutions	4,899	5,757
Total	$ 120,645	$ 121,973

Equity

6 Months Ended

Jun. 30, 2025

Disclosure of classes of share capital [abstract]

Equity

Note 18. Equity

Share capital and Treasury shares

In May 2021, the shareholders resolved to issue 69,496,515 warrants to secure the future delivery of ordinary shares under the 2021 Plan. During May 2025, the Company exercised 8,452,360 warrants (May 2024: 3,667,255 warrants, May 2023: 2,882,164 warrants, May 2022: 650,000 warrants). As of June 30, 2025 and December 31, 2024, there were 53,844,736 and 62,297,096 warrants outstanding, respectively.

Upon exercise of the warrants in May 2025, 8,452,360 ordinary shares were allotted and issued, and 7,651,100 ordinary shares were converted to American Depositary Shares to be delivered to participants under the 2021 Incentive Award Plan related to the vesting of the May 2022, May 2023 and May 2024 grants. The remaining balance is held as treasury shares to enable the Company’s timely delivery of ordinary shares upon the exercise of outstanding stock options and to meet future vesting of the RSUs.

During the six months ended June 30, 2025, 4,480 treasury shares were sold to cover fees in connection with the ADS Ratio Change.

As of June 30, 2025 and December 31, 2024, 606,215,420 and 598,559,840 ordinary shares, respectively were outstanding, and the par value per share was $0.00018 (SEK 0.0015). The Company had 1,213,360 and 416,580 treasury shares as of June 30, 2025 and December 31, 2024, respectively.

Other contributed capital

As of June 30, 2025 and December 31, 2024 other contributed capital of $1,628.0 million consists of share premium, shareholders contribution and proceeds from warrant issues.

Other reserves

As of June 30, 2025 other reserves of $(222.1) million consists of fair value reserve of $(72.7) million related to fair value gains and losses on the Convertible Notes attributable to changes in the Group’s credit risk, and foreign currency translation reserve of $(149.4) million primarily related to the exchange differences occurring from the translation of foreign operations in another currency than the reporting currency of the Group (USD).

As of December 31, 2024 other reserves of $(274.2) million consists of fair value reserve of $(72.7) million related to fair value gains and losses on the Convertible Notes attributable to changes in the Group’s credit risk, and foreign currency translation reserve of $(201.5) million primarily related to the exchange differences occurring from the translation of foreign operations in another currency than the reporting currency of the Group (USD).

Accumulated deficit

As of June 30, 2025 and December 31, 2024, accumulated deficit of $(1,310.6) million and $(1,249.3) million, respectively, consists of accumulated losses and share-based compensation.

Non-controlling interest

On July 27, 2023, one of the Group’s subsidiaries in China carried out a share issue. Prior to the share issue the Group owned 100 percent of the share capital in the subsidiary. Xiangpiaopiao Food Co., Ltd. subscribed for a part of the new issued shares and owns 40 percent of the share capital after the transaction, whereas the Group recognized a non-controlling interest. As of June 30, 2025 and December 31, 2024, non-controlling interests amounted to $1.3 million and $1.4 million, respectively.

Leases - Summary of Changes in Right of Use Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	$ 45,555
Ending balance	43,541
Accumulated Depreciation
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(38,712)
Depreciation	(5,582)
Decreases	(2,741)
Exchange differences	(2,522)
Ending balance	(44,075)
Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	84,267
Increases	1,224
Decreases	(2,829)
Exchange differences	4,954
Ending balance	87,616
Land and Buildings
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	31,172
Ending balance	30,252
Land and Buildings \| Accumulated Depreciation
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(24,917)
Depreciation	(3,582)
Decreases	(1,262)
Exchange differences	(1,263)
Ending balance	(28,500)
Land and Buildings \| Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	56,089
Increases	1,051
Decreases	(1,362)
Exchange differences	2,974
Ending balance	58,752
Plant and Machinery
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	14,383
Ending balance	13,289
Plant and Machinery \| Accumulated Depreciation
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	(13,795)
Depreciation	(2,000)
Decreases	(1,479)
Exchange differences	(1,259)
Ending balance	(15,575)
Plant and Machinery \| Cost
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items]
Beginning balance	28,178
Increases	173
Decreases	(1,467)
Exchange differences	1,980
Ending balance	$ 28,864

Financial Risk Management - Summary of Financial Liabilities into Maturity Groupings based on Contractual Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Non-derivatives
Convertible Notes	$ 328,981	$ 324,395	$ 323,528
Trade payables	$ 64,688	$ 60,152

Share-based compensation - Summary of RSUs (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2025 USD ($) shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of instruments, Beginning balance	820,170
Number of warrants, granted	1,330,234
Number of instruments, Forfeited	(37,274)
Number of instruments, Vested	(382,555)
Number of instruments, Ending balance	1,730,575
Grant date fair value, Beginning balance	26
Grant date fair value, Granted \| $	$ 11,100
Grant date fair value, Forfeited \| $	$ 21,890
Grant date fair value , Vested \| $ / shares	$ 29.3
Grant date fair value, Ending balance	13.88

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2025
Cover [Abstract]
Document Type	6-K/A
Amendment Flag	true
Amendment Description	This Amendment to the Form 6-K of Oatly Group AB (“Oatly”), filed on July 23, 2025 (the “Original 6-K”), is being filed solely to provide Oatly’s Unaudited Condensed Consolidated Financial Statements for the three and six months ended June 30, 2025 (the “Financial Statements”) using interactive data files in inline eXtensible Business Reporting Language (iXBRL), as attached to this Form 6-K/A. The Financial Statements were previously provided without iXBRL to the Original 6-K. The information contained in this Form 6-K/A shall be deemed to be incorporated by reference into the registration statements on Form S-8, as amended (File Number 333-256316) and Form F-3, as amended (File Number 333-286101) of the Company (including any prospectuses forming a part of such registration statements), hereby amending them, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
Document Period End Date	Jun. 30, 2025
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001843586
Entity Registrant Name	Oatly Group AB
Entity File Number	001-40401
Entity Address, Address Line One	Ångfärjekajen 8
Entity Address, Postal Zip Code	211 19
Entity Address, City or Town	Malmö
Entity Address, Country	SE

Interim condensed consolidated statement of changes in equity - USD ($) $ in Thousands	Total	Share Capital	Treasury Shares	Other Contributed Capital	Other Reserves	Accumulated Deficit	Equity Attributable to Shareholders of the Parent	Non-controlling Interests
Beginning balance at Dec. 31, 2023	$ 335,781	$ 105	$ (0)	$ 1,628,045	$ (233,204)	$ (1,060,952)	$ 333,994	$ 1,787
Loss for the period	(45,844)					(45,799)	(45,799)	(45)
Other comprehensive income (loss)	(19,232)				(19,223)		(19,223)	(9)
Total comprehensive income (loss) for the period	(65,076)				(19,223)	(45,799)	(65,022)	(54)
Share-based compensation	2,615					2,615	2,615
Ending balance at Mar. 31, 2024	273,320	105	(0)	1,628,045	(252,427)	(1,104,136)	271,587	1,733
Beginning balance at Dec. 31, 2023	335,781	105	(0)	1,628,045	(233,204)	(1,060,952)	333,994	1,787
Loss for the period	(76,285)
Other comprehensive income (loss)	(20,460)
Total comprehensive income (loss) for the period	(96,745)
Share-based compensation	6,800
Ending balance at Jun. 30, 2024	245,831	106	(0)	1,628,045	(253,648)	(1,130,341)	244,162	1,669
Beginning balance at Mar. 31, 2024	273,320	105	(0)	1,628,045	(252,427)	(1,104,136)	271,587	1,733
Loss for the period	(30,441)					(30,384)	(30,384)	(57)
Other comprehensive income (loss)	(1,228)				(1,221)		(1,221)	(7)
Total comprehensive income (loss) for the period	(31,669)				(1,221)	(30,384)	(31,605)	(64)
Issue of shares	0	1	(0)				0
Share-based compensation	4,179					4,179	4,179
Ending balance at Jun. 30, 2024	245,831	106	(0)	1,628,045	(253,648)	(1,130,341)	244,162	1,669
Beginning balance at Dec. 31, 2024	106,123	106	(0)	1,628,045	(274,160)	(1,249,303)	104,688	1,435
Loss for the period	(12,531)					(12,430)	(12,430)	(101)
Other comprehensive income (loss)	24,697				24,695		24,695	2
Total comprehensive income (loss) for the period	12,166				24,695	(12,430)	12,265	(99)
Share-based compensation	3,592					3,592	3,592
Ending balance at Mar. 31, 2025	121,881	106	(0)	1,628,045	(249,465)	(1,258,141)	120,545	1,336
Beginning balance at Dec. 31, 2024	106,123	106	(0)	1,628,045	(274,160)	(1,249,303)	104,688	1,435
Loss for the period	(68,477)
Other comprehensive income (loss)	52,027
Total comprehensive income (loss) for the period	(16,450)
Share-based compensation	7,000
Ending balance at Jun. 30, 2025	96,719	107	(0)	1,628,045	(222,137)	(1,310,599)	95,416	1,303
Beginning balance at Mar. 31, 2025	121,881	106	(0)	1,628,045	(249,465)	(1,258,141)	120,545	1,336
Loss for the period	(55,946)					(55,911)	(55,911)	(35)
Other comprehensive income (loss)	27,330				27,328		27,328	2
Total comprehensive income (loss) for the period	(28,616)				27,328	(55,911)	(28,583)	(33)
Issue of shares	1	1	(0)				1
Share-based compensation	3,453					3,453	3,453
Ending balance at Jun. 30, 2025	$ 96,719	$ 107	$ (0)	$ 1,628,045	$ (222,137)	$ (1,310,599)	$ 95,416	$ 1,303

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References

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The amount of residual interest in the assets of the entity after deducting all its liabilities.

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2025-03-27

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2025-03-27

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Note Effective 2027-01-01
-Name IFRS
-Number 19
-IssueDate 2025-01-01
-Paragraph 28
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=19&code=ifrs-tx-2025-en-r&anchor=para_28_a_ii&doctype=Standard
-URIDate 2025-03-27

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_81A_a&doctype=Standard
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Note Expiry date 2027-01-01
-Name IAS
-Number 1
-IssueDate 2025-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2025-en-b&anchor=para_106_d_i&doctype=Standard
-URIDate 2025-03-27

+ Details

Financial Risk Management - Sensitivity Analysis of Interest Rate (Details) - 300 Basis Points $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Impact on loss before tax, increase	$ 0.2
Impact on loss before tax, decrease	$ 1.1

Summary of accounting policies

6 Months Ended

Jun. 30, 2025

Summary Of Significant Accounting Policies [Abstract]

Summary of accounting policies

Note 2. Summary of accounting policies

The interim condensed consolidated financial statements of Oatly Group AB for the three and six months ended June 30, 2025 and 2024 have been prepared in accordance with IAS 34 Interim Financial Reporting. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern, and there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the end of the reporting period. In forming this judgment the Group has taken into consideration principal conditions, events and assumptions in relation to the Group’s ability to meet its financial covenants and other obligations. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

The interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the Group’s consolidated financial statements for the year ended December 31, 2024, as they do not include all the information and disclosures required in the annual consolidated financial statements. Interim results are not necessarily indicative of the results for a full year. The interim condensed consolidated financial statements are presented in thousands of U.S. dollars, unless otherwise stated.

On February 18, 2025, the Company completed a ratio change whereby the ratio of the Company’s American Depositary Shares (“ADSs”) to ordinary shares was changed from one ADS representing one ordinary share to one ADS representing twenty ordinary shares (the “ADS Ratio Change”). All numbers in these interim condensed consolidated financial statements, including references to price per ADS and a specific number of ADSs, restricted stock units (“RSUs”) or stock options, reflect an ADS to ordinary share ratio of 1:20 (unless the context clearly indicates otherwise).

New and amended standards and interpretations issued but not yet adopted

There are no IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting standards”) that are expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions, other than those included in the 2024 Annual Report.

Interim condensed consolidated statement of operations (Parenthetical)	Feb. 18, 2025
Earnings per share [line items]
ADS to ordinary share ratio	0.05

Inventories - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Classes of current inventories [abstract]
Cost of inventories recognized as expense during period	$ 133.2	$ 135.2	$ 260.8	$ 273.0
Inventories, at net realizable value	$ 0.8	$ 0.2	$ 4.4	$ 0.5

Leases - Summary of Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Disclosure of maturity analysis of operating lease payments [line items]
Total lease commitments	$ 54,568
Impact of discounting remaining lease payments	(11,587)
Total lease liabilities	42,981
Non-current lease liabilities (Note 16)	29,508	$ 31,724
Current lease liabilities (Note 16)	13,473	$ 13,359
Less than 3 Months
Disclosure of maturity analysis of operating lease payments [line items]
Total lease commitments	3,466
Between 3 Months and 1 Year
Disclosure of maturity analysis of operating lease payments [line items]
Total lease commitments	10,398
Between 1 and 2 Years
Disclosure of maturity analysis of operating lease payments [line items]
Total lease commitments	11,619
Between 2 and 5 Years
Disclosure of maturity analysis of operating lease payments [line items]
Total lease commitments	15,286
After 5 Years
Disclosure of maturity analysis of operating lease payments [line items]
Total lease commitments	$ 13,799

Fair value of financial instruments - Summary of Financial Instruments Include Interest Rate Swaps, Present Value of Estimated Future Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Financial liabilities
Convertible Notes	$ 328,981	$ 324,395	$ 323,528
Level 2
Financial assets
Derivatives (part of Other non-current receivables')		125
Derivatives (part of other current receivables)	4
Total financial assets	4	125
Financial liabilities
Derivatives (part of other current liabilities)	58	2
Total financial liabilities	58	2
Level 3
Financial liabilities
Convertible Notes	328,981	324,395
Total financial liabilities	$ 328,981	$ 324,395

Other non-current receivables (Tables)

6 Months Ended

Jun. 30, 2025

Trade and other non-current receivables [abstract]

Summary of Other Non-Current Receivables


	June 30, 2025		December 31, 2024
Promissory note		26,399		24,867
Long-term prepaid expenses		14,059		14,634
Deposits		1,058		1,024
Derivatives		—		125
Other receivables		3,624		3,681
Total		45,140		44,331

Other current receivables

6 Months Ended

Jun. 30, 2025

Other Current Receivables [Abstract]

Other current receivables

Note 16. Other current receivables


	June 30, 2025		December 31, 2024
Value added tax		7,961		6,169
Advance payments to vendors		1,673		1,158
Short-term derivatives		4		—
Other		8,330		8,411
Total		17,968		15,738

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2025	Jun. 30, 2024
Oatmilk
Disclosure Of Operating Segments [Line Items]
Percentage of revenues derived from customer	91.00%	89.00%
Single External Customer \| North America and Greater China Segment
Disclosure Of Operating Segments [Line Items]
Percentage of revenues derived from customer	7.00%	10.00%

Finance income and expenses - Summary of Finance Income and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disclosure of finance income and expenses [line items]
Interest income	$ 1,085	$ 2,892	$ 2,379	$ 6,375
Other financial income	155	102	155	204
Net foreign exchange difference	(7,763)	(185)	(5,565)	1,584
Interest expenses on lease liabilities	(749)	(1,487)	(1,494)	(3,009)
Interest expenses on liabilities to credit institutions	(5,978)	(5,966)	(11,243)	(12,155)
Fair value changes on derivatives	(504)	183	(199)	(745)
Fair value changes on Convertible Notes	(8,592)	23,894	13,506	23,010
Other financial expenses	(353)	(623)	(1,952)	(5,723)
Total finance income and expenses, net	(31,916)	10,389	(22,505)	(6,988)
Convertible Notes
Disclosure of finance income and expenses [line items]
Interest expenses on Convertible Notes	$ (9,217)	$ (8,421)	$ (18,092)	$ (16,529)

Fair value of financial instruments - Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2025 $ / shares
American Depositary Shares \| U.S. Notes
Disclosure of detailed information about financial instruments [line items]
Convertible notes, Initial conversion price per ordinary share or ADS	$ 27.2
American Depositary Shares \| HH Notes
Disclosure of detailed information about financial instruments [line items]
Convertible notes, Initial conversion price per ordinary share or ADS	28.2
Ordinary share \| Swedish Notes
Disclosure of detailed information about financial instruments [line items]
Convertible notes, Initial conversion price per ordinary share or ADS	$ 1.36

Trade receivables - Summary of Carrying Amounts By Currency (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current Trade Receivables [Line Items]
Carrying amounts, by currency	$ 102,597	$ 103,366
EUR
Current Trade Receivables [Line Items]
Carrying amounts, by currency	32,129	31,660
GBP
Current Trade Receivables [Line Items]
Carrying amounts, by currency	24,654	19,670
USD
Current Trade Receivables [Line Items]
Carrying amounts, by currency	23,590	29,931
CNY
Current Trade Receivables [Line Items]
Carrying amounts, by currency	11,737	13,616
SEK
Current Trade Receivables [Line Items]
Carrying amounts, by currency	2,876	2,701
Other
Current Trade Receivables [Line Items]
Carrying amounts, by currency	$ 7,611	$ 5,788

Liabilities to Credit Institutions - Additional Information (Details) € in Millions, ¥ in Millions, kr in Millions		1 Months Ended			6 Months Ended
	Feb. 14, 2024 USD ($)	Apr. 30, 2023 SEK (kr)	Apr. 30, 2023 USD ($)	Oct. 31, 2022	Jun. 30, 2025 USD ($)	Jun. 30, 2025 EUR (€)	Jun. 30, 2025 USD ($)	Mar. 19, 2025 CNY (¥)	Mar. 19, 2025 USD ($)	Feb. 11, 2025 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)	Feb. 14, 2023 USD ($)
Liabilities To Credit Institutions [Line Items]
Liabilities to credit institutions balance							$ 120,645,000					$ 121,973,000
Sustainable revolving credit facility agreement, increase in undrawn amount	$ 100,000,000												$ 50,000,000
Percentage of quarterly tangible solvency ratio financial covenant level	30.00%
Amendments to Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement
Liabilities To Credit Institutions [Line Items]
Limitations on draw down facilities relating with covenants										$ 0
Amendments to Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement \| Top of Range
Liabilities To Credit Institutions [Line Items]
Last four quarters consolidated group EBITDA										0
Last Four Quarters Consolidated Group EBITDA										0
300 Basis Points
Liabilities To Credit Institutions [Line Items]
Impact on loss before tax, increase					$ 200,000
Impact on loss before tax, decrease					$ 1,100,000
Currency Risk SEK/USD
Liabilities To Credit Institutions [Line Items]
Percentage of increase decrease in foreign exchange rate					10.00%
Impact on loss before tax					$ 11,700,000
Floating Interest Rate \| 300 Basis Points
Liabilities To Credit Institutions [Line Items]
Sensitivity analysis for interest rate risk reasonably possible decrease impact on loss before tax						3.00%	3.00%
Sensitivity analysis for interest rate risk reasonably possible increase impact on loss before tax						3.00%	3.00%
TLB Credit Agreement
Liabilities To Credit Institutions [Line Items]
Term loan facility, Amount			$ 130,000,000
Maturity					3
Term loan facility period		5 years	5 years
Liabilities to credit institutions balance, Net							$ 119,900,000					120,700,000
TLB Credit Agreement \| SOFR
Liabilities To Credit Institutions [Line Items]
Borrowings, amortization percentage		1.00%	1.00%
TLB Credit Agreement \| SOFR with Floor Rate
Liabilities To Credit Institutions [Line Items]
Borrowings, interest rate			2.50%			2.50%	2.50%
TLB Credit Agreement \| SOFR with Base Rate
Liabilities To Credit Institutions [Line Items]
Borrowings, interest rate			7.50%
TLB Credit Agreement \| Base Rate with Floor Rate
Liabilities To Credit Institutions [Line Items]
Borrowings, interest rate			3.50%
TLB Credit Agreement \| Base rate
Liabilities To Credit Institutions [Line Items]
Borrowings, interest rate			6.50%
SRCF Agreement
Liabilities To Credit Institutions [Line Items]
Agreement reset term		SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option	SRCF Agreement was reset to three years and six months, with a one year uncommitted extension option
Reduced commitments		kr 2,100	$ 192,100,000
Uncommitted incremental revolving facility option		kr 500	$ 45,700,000
Commitments initial margin percentage		4.00%	4.00%
Utilized loan amount							$ 0					0
EIF Facility
Liabilities To Credit Institutions [Line Items]
Borrowings extended term				3 years
Liabilities to credit institutions balance						€ 0.6	700,000				€ 1.3	1,300,000
EIF Facility \| Term Loan
Liabilities To Credit Institutions [Line Items]
Maturity					October 2025
Existing Facility \| Amendments to Sustainable Revolving Credit Facility Agreement and Term Loan B Credit Agreement \| Bottom of Range
Liabilities To Credit Institutions [Line Items]
Last four quarters consolidated group EBITDA										75,000,000
Last Four Quarters Consolidated Group EBITDA										$ 75,000,000
CMB Credit Facility
Liabilities To Credit Institutions [Line Items]
Utilized loan amount							0
CMB Credit Facility \| Working Capital Credit Facility
Liabilities To Credit Institutions [Line Items]
Liabilities to credit institutions balance								¥ 30	$ 4,200,000
TLB Credit Agreement and EIF Facility
Liabilities To Credit Institutions [Line Items]
Liabilities to credit institutions balance							$ 120,600,000					$ 122,000,000

Provisions (Tables)

6 Months Ended

Jun. 30, 2025

Provisions [abstract]

Schedule of Changes in Provisions


	Restructuring
At December 31, 2024		33,061
Charged to the consolidated statement of operations:
- Additional provisions recognized		2,054
- Unwinding of discount effect		303
- Reversal of non-utilized amounts		(1,636	)
Amounts used during the year		(8,235	)
Charged to other comprehensive loss:
- Exchange differences		1,902
At June 30, 2025		27,449
Non-current		9,317
Current		18,132

Segment information

6 Months Ended

Jun. 30, 2025

Disclosure of operating segments [abstract]

Segment information

Note 5. Segment information

5.1 Revenue, Adjusted EBITDA and EBITDA


Revenue, Adjusted EBITDA and EBITDA
Three months ended June 30, 2025	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		118,193			63,185			26,976			—			—			208,354
Intersegment revenue		455			—			—			—			(455	)		—
Total segment revenue		118,648			63,185			26,976			—			(455	)		208,354
Adjusted EBITDA		24,261			(2,369	)		(636	)		(24,819	)		—			(3,563	)
Share-based compensation expense		(515	)		(328	)		(334	)		(2,276	)		—			(3,453	)
Restructuring costs(1)		(471	)		(585	)		(42	)		(295	)		—			(1,393	)
Strategic review of Greater China business(2)		—			—			(1,378	)		—			—			(1,378	)
Non-controlling interests		—			—			(35	)		—			—			(35	)
EBITDA		23,275			(3,282	)		(2,425	)		(27,390	)		—			(9,822	)
Finance income and (expenses), net		—			—			—			—			—			(31,916	)
Depreciation and amortization		—			—			—			—			—			(12,294	)
Loss before tax		—			—			—			—			—			(54,032	)

Three months ended June 30, 2024	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		105,541			67,819			28,835			—			—			202,195
Intersegment revenue		1,814			—			—			—			(1,814	)		—
Total segment revenue		107,355			67,819			28,835			—			(1,814	)		202,195
Adjusted EBITDA		12,638			1,166			(428	)		(24,373	)		—			(10,997	)
Share-based compensation expense		(501	)		(232	)		(479	)		(2,967	)		—			(4,179	)
Restructuring costs(1)		(855	)		(769	)		(1,470	)		(120	)		—			(3,214	)
Discontinued construction of production facilities(4)		(2,923	)		277			—			—			—			(2,646	)
New product launch issue(5)		—			(5,677	)		—			—			—			(5,677	)
Non-controlling interests		—			—			(58	)		—			—			(58	)
EBITDA		8,359			(5,235	)		(2,435	)		(27,460	)		—			(26,771	)
Finance income and (expenses), net		—			—			—			—			—			10,389
Depreciation and amortization		—			—			—			—			—			(12,308	)
Loss before tax		—			—			—			—			—			(28,690	)


Six months ended June 30, 2025	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		225,858			123,071			56,955			—			—			405,884
Intersegment revenue		1,144			—			—			—			(1,144	)		—
Total segment revenue		227,002			123,071			56,955			—			(1,144	)		405,884
Adjusted EBITDA		39,797			(1,240	)		982			(46,833	)		—			(7,294	)
Share-based compensation expense		(983	)		(686	)		(723	)		(4,653	)		—			(7,045	)
Restructuring costs(1)		(471	)		(1,253	)		(42	)		(459	)		—			(2,225	)
Strategic review of Greater China business(2)		—			—			(1,378	)		—			—			(1,378	)
Closure of production facility(3)		846			—			—			—			—			846
Non-controlling interests		—			—			(136	)		—			—			(136	)
EBITDA		39,189			(3,179	)		(1,297	)		(51,945	)		—			(17,232	)
Finance income and (expenses), net		—			—			—			—			—			(22,505	)
Depreciation and amortization		—			—			—			—			—			(23,475	)
Loss before tax		—			—			—			—			—			(63,212	)

Six months ended June 30, 2024	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		215,948			134,786			50,616			—			—			401,350
Intersegment revenue		3,778			—			—			—			(3,778	)		—
Total segment revenue		219,726			134,786			50,616			—			(3,778	)		401,350
Adjusted EBITDA		27,134			778			(3,856	)		(48,257	)		—			(24,201	)
Share-based compensation expense		(879	)		1,027			(1,179	)		(5,763	)		—			(6,794	)
Restructuring costs(1)		(855	)		(769	)		(1,940	)		(71	)		—			(3,635	)
Discontinued construction of production facilities(4)		(2,923	)		1,161			—			—			—			(1,762	)
New product launch issue(5)		—			(5,677	)		—			—			—			(5,677	)
Non-controlling interests		—			—			(102	)		—			—			(102	)
EBITDA		22,477			(3,480	)		(7,077	)		(54,091	)		—			(42,171	)
Finance income and (expenses), net		—			—			—			—			—			(6,988	)
Depreciation and amortization		—			—			—			—			—			(25,321	)
Loss before tax		—			—			—			—			—			(74,480	)

* Corporate consists of general costs not allocated to the segments.

** Eliminations in 2025 and 2024 refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1) Relates primarily to severance costs as the Group adjusts its organizational structure.

(2) Relates to costs for the strategic review of the Greater China segment.

(3) Relates to reversal of previously recognized exit costs related to closure of the Group’s production facility in Singapore.

(4) Relates primarily to non-cash impairments related to discontinued construction of the Group’s production facility in Peterborough, UK, and reversal of previously recognized non-cash impairments related to discontinued construction of the Group’s production facility in Dallas-Fort Worth, Texas.

(5) Expenses related to a new product launch issue.

5.2 Non-current assets by country

Non-current assets for this purpose consist of property, plant and equipment and right-of-use assets.


	June 30, 2025		December 31, 2024
Sweden		130,226		114,764
China		97,836		103,791
US		84,795		88,983
The Netherlands		33,294		29,349
Other		1,955		2,867
Total		348,106		339,754

5.3 Revenue from external customers, broken down by location of the customers

The Group is domiciled in Sweden. The amount of its revenue from external customers, broken down by location of the customers, is shown in the table below.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
US		61,552		66,845		120,346		132,482
UK		36,788		34,568		68,601		68,594
Germany		30,910		28,692		59,803		59,139
China		26,595		28,527		56,234		50,053
Sweden		11,909		11,079		23,219		23,307
The Netherlands		6,943		6,125		13,909		13,523
Finland		4,638		4,799		9,135		10,406
Other		29,019		21,560		54,637		43,846
Total		208,354		202,195		405,884		401,350

There are no countries that individually make up greater than 10% of total revenue included in “Other”.

5.4 Revenue from external customers, broken down by channel and segment

Revenue from external customers, broken down by channel and segment, is shown in the table below.


Three months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		93,594		37,219		6,357		137,170
Foodservice		23,783		25,602		16,821		66,206
Other		816		364		3,798		4,978
Total		118,193		63,185		26,976		208,354

Three months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		84,669		35,002		2,631		122,302
Foodservice		20,500		31,173		20,244		71,917
Other		372		1,644		5,960		7,976
Total		105,541		67,819		28,835		202,195

Six months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		179,034		73,243		10,290		262,567
Foodservice		45,085		49,113		39,625		133,823
Other		1,739		715		7,040		9,494
Total		225,858		123,071		56,955		405,884

Six months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		174,876		71,065		5,430		251,371
Foodservice		40,020		60,286		35,523		135,829
Other		1,052		3,435		9,663		14,150
Total		215,948		134,786		50,616		401,350

Other is primarily related to e-commerce, both direct-to-consumer and through third-party platforms.

Revenues of approximately 7% and 10% in the six months ended June 30, 2025 and 2024, respectively, were derived from a single external customer in the foodservice channel. The revenues were attributed to the North America and Greater China segments.

Oatmilk accounted for 91% and 89% of the Group’s revenue in the six months ended June 30, 2025 and 2024, respectively.

Finance income and expenses (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure Of Detailed Information About Finance Income And Expense [Abstract]

Summary of Finance Income and Expenses


	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Interest income		1,085			2,892			2,379			6,375
Other financial income		155			102			155			204
Net foreign exchange difference		(7,763	)		(185	)		(5,565	)		1,584
Interest expenses on lease liabilities		(749	)		(1,487	)		(1,494	)		(3,009	)
Interest expenses on Convertible Notes		(9,217	)		(8,421	)		(18,092	)		(16,529	)
Interest expenses on liabilities to credit institutions		(5,978	)		(5,966	)		(11,243	)		(12,155	)
Fair value changes on derivatives		(504	)		183			(199	)		(745	)
Fair value changes on Convertible Notes		(8,592	)		23,894			13,506			23,010
Other financial expenses		(353	)		(623	)		(1,952	)		(5,723	)
Total finance income and expenses, net		(31,916	)		10,389			(22,505	)		(6,988	)

Financial Risk Management - Additional Information (Details) $ in Thousands, € in Millions, ¥ in Millions		1 Months Ended		6 Months Ended
	Mar. 23, 2023	Apr. 30, 2023 USD ($)	Oct. 31, 2022	Jun. 30, 2025 EUR (€)	Jun. 30, 2025 USD ($)	Mar. 19, 2025 CNY (¥)	Mar. 19, 2025 USD ($)	Dec. 31, 2024 EUR (€)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Disclosure Of Financial Risk Management [Line Items]
Convertible notes					$ 328,981				$ 324,395		$ 323,528
Cash and cash equivalents					67,931				98,923	$ 142,728	$ 249,299
Liabilities to credit institutions balance					120,645				121,973
Short-term credit facility					4,899				5,757
CMB Credit Facility
Disclosure Of Financial Risk Management [Line Items]
Utilized Loan Amount					0
EIF Facility
Disclosure Of Financial Risk Management [Line Items]
Liabilities to credit institutions balance				€ 0.6	$ 700			€ 1.3	$ 1,300
Borrowings extended term			3 years
Working Capital Credit Facility \| CMB Credit Facility
Disclosure Of Financial Risk Management [Line Items]
Liabilities to credit institutions balance						¥ 30	$ 4,200
Term Loan \| EIF Facility
Disclosure Of Financial Risk Management [Line Items]
Maturity				October 2025
TLB Credit Agreement
Disclosure Of Financial Risk Management [Line Items]
Term loan facility period		5 years
Long term financing		$ 130,000
Maturity				3
TLB Credit Agreement \| SOFR
Disclosure Of Financial Risk Management [Line Items]
Borrowings, amortization percentage		1.00%
TLB Credit Agreement \| CAP
Disclosure Of Financial Risk Management [Line Items]
Interest rate				4.60%	4.60%
TLB Credit Agreement \| SOFR with Floor Rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate		2.50%		2.50%	2.50%
TLB Credit Agreement \| SOFR with Base Rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate		7.50%
TLB Credit Agreement \| Base Rate with Floor Rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate		3.50%
TLB Credit Agreement \| Base rate
Disclosure Of Financial Risk Management [Line Items]
Interest rate		6.50%
9.25% Convertible Senior PIK Notes due 2028
Disclosure Of Financial Risk Management [Line Items]
Convertible notes, maturity date	Sep. 14, 2028

Segment information (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of operating segments [abstract]

Summary of Revenue Adjusted EBITDA and EBITDA

5.1 Revenue, Adjusted EBITDA and EBITDA


Revenue, Adjusted EBITDA and EBITDA
Three months ended June 30, 2025	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		118,193			63,185			26,976			—			—			208,354
Intersegment revenue		455			—			—			—			(455	)		—
Total segment revenue		118,648			63,185			26,976			—			(455	)		208,354
Adjusted EBITDA		24,261			(2,369	)		(636	)		(24,819	)		—			(3,563	)
Share-based compensation expense		(515	)		(328	)		(334	)		(2,276	)		—			(3,453	)
Restructuring costs(1)		(471	)		(585	)		(42	)		(295	)		—			(1,393	)
Strategic review of Greater China business(2)		—			—			(1,378	)		—			—			(1,378	)
Non-controlling interests		—			—			(35	)		—			—			(35	)
EBITDA		23,275			(3,282	)		(2,425	)		(27,390	)		—			(9,822	)
Finance income and (expenses), net		—			—			—			—			—			(31,916	)
Depreciation and amortization		—			—			—			—			—			(12,294	)
Loss before tax		—			—			—			—			—			(54,032	)

Three months ended June 30, 2024	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		105,541			67,819			28,835			—			—			202,195
Intersegment revenue		1,814			—			—			—			(1,814	)		—
Total segment revenue		107,355			67,819			28,835			—			(1,814	)		202,195
Adjusted EBITDA		12,638			1,166			(428	)		(24,373	)		—			(10,997	)
Share-based compensation expense		(501	)		(232	)		(479	)		(2,967	)		—			(4,179	)
Restructuring costs(1)		(855	)		(769	)		(1,470	)		(120	)		—			(3,214	)
Discontinued construction of production facilities(4)		(2,923	)		277			—			—			—			(2,646	)
New product launch issue(5)		—			(5,677	)		—			—			—			(5,677	)
Non-controlling interests		—			—			(58	)		—			—			(58	)
EBITDA		8,359			(5,235	)		(2,435	)		(27,460	)		—			(26,771	)
Finance income and (expenses), net		—			—			—			—			—			10,389
Depreciation and amortization		—			—			—			—			—			(12,308	)
Loss before tax		—			—			—			—			—			(28,690	)


Six months ended June 30, 2025	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		225,858			123,071			56,955			—			—			405,884
Intersegment revenue		1,144			—			—			—			(1,144	)		—
Total segment revenue		227,002			123,071			56,955			—			(1,144	)		405,884
Adjusted EBITDA		39,797			(1,240	)		982			(46,833	)		—			(7,294	)
Share-based compensation expense		(983	)		(686	)		(723	)		(4,653	)		—			(7,045	)
Restructuring costs(1)		(471	)		(1,253	)		(42	)		(459	)		—			(2,225	)
Strategic review of Greater China business(2)		—			—			(1,378	)		—			—			(1,378	)
Closure of production facility(3)		846			—			—			—			—			846
Non-controlling interests		—			—			(136	)		—			—			(136	)
EBITDA		39,189			(3,179	)		(1,297	)		(51,945	)		—			(17,232	)
Finance income and (expenses), net		—			—			—			—			—			(22,505	)
Depreciation and amortization		—			—			—			—			—			(23,475	)
Loss before tax		—			—			—			—			—			(63,212	)

Six months ended June 30, 2024	Europe & International			North America			Greater China			Corporate*			Eliminations**			Total
Revenue
Revenue from external customers		215,948			134,786			50,616			—			—			401,350
Intersegment revenue		3,778			—			—			—			(3,778	)		—
Total segment revenue		219,726			134,786			50,616			—			(3,778	)		401,350
Adjusted EBITDA		27,134			778			(3,856	)		(48,257	)		—			(24,201	)
Share-based compensation expense		(879	)		1,027			(1,179	)		(5,763	)		—			(6,794	)
Restructuring costs(1)		(855	)		(769	)		(1,940	)		(71	)		—			(3,635	)
Discontinued construction of production facilities(4)		(2,923	)		1,161			—			—			—			(1,762	)
New product launch issue(5)		—			(5,677	)		—			—			—			(5,677	)
Non-controlling interests		—			—			(102	)		—			—			(102	)
EBITDA		22,477			(3,480	)		(7,077	)		(54,091	)		—			(42,171	)
Finance income and (expenses), net		—			—			—			—			—			(6,988	)
Depreciation and amortization		—			—			—			—			—			(25,321	)
Loss before tax		—			—			—			—			—			(74,480	)

* Corporate consists of general costs not allocated to the segments.

** Eliminations in 2025 and 2024 refer to intersegment revenue for sales of products from Europe & International to Greater China.

(1) Relates primarily to severance costs as the Group adjusts its organizational structure.

(2) Relates to costs for the strategic review of the Greater China segment.

(3) Relates to reversal of previously recognized exit costs related to closure of the Group’s production facility in Singapore.

(5) Expenses related to a new product launch issue.

Summary of Non-current Assets by Country

Non-current assets for this purpose consist of property, plant and equipment and right-of-use assets.


	June 30, 2025		December 31, 2024
Sweden		130,226		114,764
China		97,836		103,791
US		84,795		88,983
The Netherlands		33,294		29,349
Other		1,955		2,867
Total		348,106		339,754

Summary of Revenue from external customers

5.3 Revenue from external customers, broken down by location of the customers

The Group is domiciled in Sweden. The amount of its revenue from external customers, broken down by location of the customers, is shown in the table below.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
US		61,552		66,845		120,346		132,482
UK		36,788		34,568		68,601		68,594
Germany		30,910		28,692		59,803		59,139
China		26,595		28,527		56,234		50,053
Sweden		11,909		11,079		23,219		23,307
The Netherlands		6,943		6,125		13,909		13,523
Finland		4,638		4,799		9,135		10,406
Other		29,019		21,560		54,637		43,846
Total		208,354		202,195		405,884		401,350

There are no countries that individually make up greater than 10% of total revenue included in “Other”.

5.4 Revenue from external customers, broken down by channel and segment

Revenue from external customers, broken down by channel and segment, is shown in the table below.


Three months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		93,594		37,219		6,357		137,170
Foodservice		23,783		25,602		16,821		66,206
Other		816		364		3,798		4,978
Total		118,193		63,185		26,976		208,354

Three months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		84,669		35,002		2,631		122,302
Foodservice		20,500		31,173		20,244		71,917
Other		372		1,644		5,960		7,976
Total		105,541		67,819		28,835		202,195

Six months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		179,034		73,243		10,290		262,567
Foodservice		45,085		49,113		39,625		133,823
Other		1,739		715		7,040		9,494
Total		225,858		123,071		56,955		405,884

Six months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		174,876		71,065		5,430		251,371
Foodservice		40,020		60,286		35,523		135,829
Other		1,052		3,435		9,663		14,150
Total		215,948		134,786		50,616		401,350

Summary of Revenue from external customers, broken down by channel and segment

5.4 Revenue from external customers, broken down by channel and segment

Revenue from external customers, broken down by channel and segment, is shown in the table below.


Three months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		93,594		37,219		6,357		137,170
Foodservice		23,783		25,602		16,821		66,206
Other		816		364		3,798		4,978
Total		118,193		63,185		26,976		208,354

Three months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		84,669		35,002		2,631		122,302
Foodservice		20,500		31,173		20,244		71,917
Other		372		1,644		5,960		7,976
Total		105,541		67,819		28,835		202,195

Six months ended June 30, 2025	Europe & International		North America		Greater China		Total
Retail		179,034		73,243		10,290		262,567
Foodservice		45,085		49,113		39,625		133,823
Other		1,739		715		7,040		9,494
Total		225,858		123,071		56,955		405,884

Six months ended June 30, 2024	Europe & International		North America		Greater China		Total
Retail		174,876		71,065		5,430		251,371
Foodservice		40,020		60,286		35,523		135,829
Other		1,052		3,435		9,663		14,150
Total		215,948		134,786		50,616		401,350

Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of detailed information about financial instruments [abstract]

Summary of Fair Value of Financial Instruments Include Interest Rate Swaps, Present Value of Estimated Future Cash Flows


Recurring fair value measurements at June 30, 2025	Level 1		Level 2		Level 3
Financial assets
Derivatives (part of Other current receivables)		—		4		—
Total financial assets		—		4		—
Financial liabilities
Convertible Notes		—		—		328,981
Derivatives (part of Other current liabilities)		—		58		—
Total financial liabilities		—		58		328,981

Recurring fair value measurements at December 31, 2024	Level 1		Level 2		Level 3
Financial assets
Derivatives (part of Other non-current receivables)		—		125		—
Total financial assets		—		125		—
Financial liabilities
Convertible Notes		—		—		324,395
Derivatives (part of Other current liabilities)		—		2		—
Total financial liabilities		—		2		324,395

Summary of Convertible Notes

Convertible Notes


	Convertible Notes
At January 1, 2024		323,528
Fair value changes (including interest expenses) recognized in the consolidated statement of operations		867
At December 31, 2024		324,395
Fair value changes (including interest expenses) recognized in the consolidated statement of operations		4,586
At June 30, 2025		328,981


	June 30, 2025			December 31, 2024
Carrying amount		328,981			324,395
Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity		546,842			546,842
Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity		(217,861	)		(222,447	)

Summary of Key Inputs and Assumptions Used in the Valuation Model for Fair Value of the Convertible Note

The following table lists the key inputs and assumptions used in the valuation model as of June 30, 2025:


	June 30, 2025		December 31, 2024
Conversion price per ADS ($)(1)	27.2-28.2		27.2-37.8
ADS price at valuation date ($)		11.87		13.26
Expected price volatility of the Company ADS (%)		70.00		70.00
Risk-free interest rate (%)		3.70		4.30
Market interest rate (%)		21.20		20.00

Summary of Impact of Key Inputs and Assumptions on the Fair Value of the Convertible Notes

The following table shows the impact of the key inputs and assumptions on the fair value of the Convertible Notes:


	June 30, 2025		December 31, 2024
ADS price decrease 30%		313,605		303,849
ADS price increase 30%		347,245		346,372
Volatility decrease 10 percentage points		325,102		319,311
Volatility increase 10 percentage points		331,801		329,108
Risk-free interest rate decrease 1 percentage point		328,413		323,810
Risk-free interest rate increase 1 percentage point		329,552		324,954
Market interest rate decrease 1 percentage point		336,928		333,154
Market interest rate increase 1 percentage point		321,306		315,973

Convertible Notes

6 Months Ended

Jun. 30, 2025

Convertible Notes [abstract]

Convertible Notes

Note 21. Convertible Notes

On March 23, 2023 and April 18, 2023, the Company issued $300 million aggregate principal amount of 9.25% Convertible Senior PIK Notes due 2028 (the notes issued on March 23, 2023, the “U.S. Notes” and the notes issued on April 18, 2023, the “Swedish Notes” and, together with the U.S. Notes, the “Original Convertible Notes” and the Original Convertible Notes, together with the HH Notes (as defined below), the “Convertible Notes”). The U.S. Notes and the Swedish Notes have substantially identical economic terms.

Certain of the Company’s existing shareholders, Nativus Company Limited, Verlinvest S.A. (“Verlinvest”) and Blackstone Funds, purchased $200.1 million aggregate principal amount of the Swedish Notes and other institutional investors purchased $99.9 million aggregate principal amount of the U.S. Notes. The investors paid an aggregate purchase price of $291 million, reflecting an original issue discount of 3%.

The Convertible Notes bear interest at a rate of 9.25% per annum, payable semi-annually in arrears in cash or in payment-in-kind, at the Company’s option, on April 15 and October 15 of each year, beginning on October 15, 2023. The Convertible Notes will mature on September 14, 2028, unless earlier converted by the holders or required to be converted, repurchased or redeemed by the Company. The Original Convertible Notes were convertible at the option of each holder at an initial conversion price of $2.41 per ordinary share or per ADS, subject to customary anti-dilution adjustments and conversion rate resets. On March 23, 2024, the conversion price of the Original Convertible Notes was reset to $1.81 in accordance with the terms thereof.

On February 18, 2025, the Company completed a ratio change whereby the ratio of the Company’s ADSs to ordinary shares was changed from one ADS representing one ordinary share to one ADS representing twenty ordinary shares (the “ADS Ratio Change”). As a result of the ADS Ratio Change, the conversion price of the U.S. Notes was proportionately adjusted from $1.81 to $36.20. The conversion price of the U.S. Notes was reset again on March 23, 2025, to $27.20.

Because the Swedish Notes are convertible into ordinary shares rather than ADSs, the ADS Ratio Change did not affect the conversion price and conversion rate of the Swedish Notes. In order to ensure that the holders of the Swedish Notes remain in the same economic position as before the ADS Ratio Change and to preserve economic equivalency of the Swedish Notes with the U.S. Notes and the HH Notes, the Company, in accordance with the terms and conditions of the Swedish Notes (the “Swedish Terms”), will interpret the definition of “Daily VWAP” therein to assume the trading price of 1/20 of an ADS. The conversion price of the Swedish Notes was reset again on March 23, 2025, to $1.36.

The Company may require conversion of the Convertible Notes if the last reported sale price of the Company’s ADSs equals or exceeds 200% of the applicable conversion price (in the case of the Swedish Notes, the definition of “Last Reported Sale Price” is interpreted to equal 1/20 of an ADS) on any 45 trading days during any 90 consecutive day period beginning on or after the third anniversary of the issuance of the U.S. Notes (with respect to the U.S. Notes and the HH Notes) and the Swedish Notes (with respect to the Swedish Notes).

On April 18, 2023, the Company, Oatly AB, Oatly Inc. and other parties entered into an intercreditor agreement (the “Intercreditor Agreement”) which includes customary ranking, enforcement and turnover provisions intended to govern the relationship between the creditor groups and which affects the Convertible Notes.

On May 9, 2023, the Company entered into an agreement with an affiliate of Hillhouse Investment Management Ltd. (“Hillhouse”) to sell an additional $35 million in Convertible Senior PIK Notes due 2028 (the “HH Notes”), resulting in approximately $34 million in financing after reflecting an original issue discount of 3%. The economic terms of the HH Notes are substantially identical to the economic terms of the U.S. Notes, except (i) that the HH Notes were convertible at Hillhouse’s option at an initial conversion price of $2.52 per ADS, representing an approximate 17% premium to the last reported sale price of the Company’s ADSs on the Nasdaq Global Market on May 8, 2023, and (ii) with respect to the specified prices in connection with the conversion rate resets of the HH Notes. On March 23, 2024, the conversion price of the HH Notes was reset to $1.89 in accordance with the terms thereof. As a result of the ADS Ratio Change, the conversion price of the HH Notes was proportionately adjusted from $1.89 to $37.80. The conversion price of the HH Notes was reset again on March 23, 2025, to $28.20.

In addition, on May 9, 2023, one of the existing holders of Swedish Notes and an affiliate of one of the Company’s shareholders, Verlinvest, agreed to sell and Hillhouse agreed to purchase from Verlinvest $15 million aggregate principal amount of Swedish Notes (the “Resale Notes”). The purchase and sale of the HH Notes and the Resale Notes closed on May 31, 2023. The HH Notes are also subject to the Intercreditor Agreement.

The terms of the Convertible Notes contain covenants limiting the Company’s ability to incur additional debt other than certain debt permitted under the TLB Credit Agreement, issue preferred stock, and incur convertible debt or subordinated debt, in each case without the consent of the holders of a majority of the Convertible Notes (as determined pursuant to the terms of the applicable Convertible Notes).

For details on the fair value on Convertible Notes, see Note 13 Fair value of financial instruments.

Intangible assets

6 Months Ended

Jun. 30, 2025

Intangible assets and goodwill [abstract]

Intangible assets

Note 9. Intangible assets

A summary of the intangible assets as at June 30, 2025 and December 31, 2024 is as follows:


	Goodwill		Capitalized software			Other intangible assets			Ongoing development costs			Total
Cost
At December 31, 2024		107,241		14,673			8,017			1,213			131,144
Additions		—		(24	)		493			419			888
Reclassification		—		—			112			(112	)		—
Exchange differences		17,343		2,369			1,178			194			21,084
At June 30, 2025		124,584		17,018			9,800			1,714			153,116
Accumulated amortization
At December 31, 2024		—		(10,083	)		(4,853	)		—			(14,936	)
Amortization charge		—		(1,188	)		(891	)		—			(2,079	)
Exchange differences		—		(1,718	)		(755	)		—			(2,473	)
At June 30, 2025		—		(12,989	)		(6,499	)		—			(19,488	)
Cost, net accumulated amortization
At December 31, 2024		107,241		4,590			3,164			1,213			116,208
At June 30, 2025		124,584		4,029			3,301			1,714			133,628

Amortization expense for the three months ended June 30, 2025 was $1.1 million (2024: $1.1 million). Amortization expense for the six months ended June 30, 2025 was $2.1 million (2024: $2.1 million).

Other non-current receivables

6 Months Ended

Jun. 30, 2025

Trade and other non-current receivables [abstract]

Other non-current receivables

Note 12. Other non-current receivables


	June 30, 2025		December 31, 2024
Promissory note		26,399		24,867
Long-term prepaid expenses		14,059		14,634
Deposits		1,058		1,024
Derivatives		—		125
Other receivables		3,624		3,681
Total		45,140		44,331

The promissory note is part of the purchase price from selling the manufacturing facilities in Ogden, Utah and Dallas-Fort Worth, Texas during 2023. The note has a maturity date of May 31, 2028. The nominal interest rate is 8% for the first year and then increases by 200 basis points each year. The interest is capitalized semi-annually, and the effective interest rate is 12.56%.

Long-term prepaid expenses consist primarily of a credit toward future use of shared assets at the manufacturing facility in Ogden.

Fair value of financial instruments - Summary of Carrying Amount of Convertible Notes (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [abstract]
Carrying amount	$ 328,981	$ 324,395	$ 323,528
Amount the Company is contractually obligated to pay to holders of the Convertible Notes at maturity	546,842	546,842
Difference between carrying amount and the amount the Company is contractually obligated to pay to holders of Convertible Notes at maturity	$ (217,861)	$ (222,447)

- Definition

The amount by which the carrying amount of a financial liability is more (less) than the amount that the entity would be contractually required to pay at maturity to the holder of the obligation. [Refer: Carrying amount [member]]

+ References + Details

Seasonality

6 Months Ended

Jun. 30, 2025

Seasonality [Abstract]

Seasonality

Note 4. Seasonality

To date, we have not experienced pronounced seasonality, but such fluctuations may have been masked by our historical growth and macroeconomic trends, including higher inflation. As the Group continues to grow, including the relative size of our markets, we expect to see additional seasonality effects, especially within the food retail channel, with revenue contribution from this channel tending to be linked with holiday season periods. For example, the Lunar New Year one week celebration occurring in the first quarter of the calendar year has resulted in lower volumes sold in Greater China and the rest of the Asia business compared to the remaining quarterly periods of the year.

Trade receivables

6 Months Ended

Jun. 30, 2025

Disclosure Of Trade Receivables [Abstract]

Trade receivables

Note 15. Trade receivables


	June 30, 2025			December 31, 2024
Trade receivables		102,955			104,144
Less: allowance for expected credit losses		(358	)		(778	)
Trade receivables—net		102,597			103,366

Carrying amounts, by currency, for the Group’s trade receivables are as follows:


	June 30, 2025		December 31, 2024
EUR		32,129		31,660
GBP		24,654		19,670
USD		23,590		29,931
CNY		11,737		13,616
SEK		2,876		2,701
Other		7,611		5,788
Total		102,597		103,366

The maximum exposure to credit risk on the date of the statement of financial position is the carrying amounts according to the above.

Cash and cash equivalents (Tables)

6 Months Ended

Jun. 30, 2025

Cash and cash equivalents [abstract]

Summary of Cash and Cash Equivalents


	June 30, 2025		December 31, 2024
Short-term deposits		—		40,000
Cash at bank and on hand		67,931		58,923
Total		67,931		98,923

Financial Risk Management - Summary of Aging of Groups Trade Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Aging Of Current Trade Receivables [Line Items]
Trade receivables	$ 102,597	$ 103,366
Gross carrying amount	102,955	104,144
Less: allowance for expected credit losses	$ (358)	$ (778)

Accrued expenses (Tables)

6 Months Ended

Jun. 30, 2025

Accrued Expenses [Abstract]

Summary of Accrued Expenses


	June 30, 2025		December 31, 2024
Accrued variable consideration		31,849		24,549
Accrued personnel expenses		25,320		24,284
Accrued production expenses		11,617		12,701
Accrued logistic expenses		10,734		10,762
Accrued marketing and sales expenses		9,620		9,218
Other accrued expenses		23,535		22,205
Total		112,675		103,719

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Disclosure Of Leases [Line Items]
Right-of-use assets	$ 43,541		$ 43,541		$ 45,555
Lease obligations	42,981		42,981
Depreciation expense	8,400	$ 8,700	$ 15,800	$ 17,300
Properties \| Bottom of Range
Disclosure Of Leases [Line Items]
Lease term			1 year
Properties \| Top of Range
Disclosure Of Leases [Line Items]
Lease term			15 years
Production Equipment \| Ma’anshan
Disclosure Of Leases [Line Items]
Lease term			6 years
Lease obligations	3,500		$ 3,500
Production Equipment \| Bottom of Range
Disclosure Of Leases [Line Items]
Lease term			1 year
Production Equipment \| Top of Range
Disclosure Of Leases [Line Items]
Lease term			5 years
Production Facilities \| Bottom of Range
Disclosure Of Leases [Line Items]
Lease term			10 years
Production Facilities \| Top of Range
Disclosure Of Leases [Line Items]
Lease term			20 years
Office Equipment
Disclosure Of Leases [Line Items]
Shorter lease term period			12
Right-of-use assets
Disclosure Of Leases [Line Items]
Depreciation expense	$ 2,900	$ 2,600	$ 5,600	$ 5,900

Loss per Share - Summary of Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Earnings per share [line items]
Loss for the year, attributable to the shareholders of the parent	$ (55,911)	$ (30,384)	$ (68,341)	$ (76,183)
Weighted average number of ordinary shares	601,195,247	596,242,505	599,884,824	595,654,647
Weighted average number of ADS (1 ADS representing 20 ordinary shares)	30,059,762	29,812,125	29,994,241	29,782,732
Weighted average number of shares, Diluted (thousands)	601,195,247	596,242,505	599,884,824	595,654,647
Basic loss per share, U.S. $	$ (0.09)	$ (0.05)	$ (0.11)	$ (0.13)
Diluted loss per share, U.S. $	(0.09)	(0.05)	(0.11)	(0.13)
Basic loss per ADS, U.S. $	(1.86)	(1.02)	(2.28)	(2.56)
Diluted loss per ADS, U.S. $	$ (1.86)	$ (1.02)	$ (2.28)	$ (2.56)
Ordinary Shares
Earnings per share [line items]
Weighted average number of ordinary shares	601,195,247	596,242,505	599,884,824	595,654,647

Share-based compensation - Additional Information (Details)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Jun. 30, 2025 USD ($) shares	Jun. 30, 2024 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Share-based compensation expense \| $	$ 3,453,000	$ 3,592,000	$ 4,179,000	$ 2,615,000	$ 7,000,000	$ 6,800,000
Restricted Stock Units
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted \| shares					1,330,234
Number of warrants, granted \| shares					1,330,234
Number of share options vested \| shares					382,555
Grant date fair value, Granted \| $	$ 11,100				$ 11,100
Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of employees stock option ,Expired \| shares					(6,119)
Employee Stock Options \| May 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $							$ 124,800
Employee Stock Options \| May 2022
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $										$ 29,800
Employee Stock Options \| May 2023
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $									$ 19,600
Employee Stock Options \| May 2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $								$ 13,400
Employee Stock Options \| July 2023
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $									21,800
Employee Stock Options \| November 2023
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $									$ 8,600
Employee Stock Options \| November 2024
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $								$ 9,200
Employee Stock Options \| November 2022
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $										$ 17,200
Employee Stock Options \| November 2021
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Fair value \| $							$ 73,400
Employees \| Restricted Stock Units
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Exercise term					first three anniversaries
Board of Directors \| Restricted Stock Units
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted \| shares					352,857
Number of share options vested \| shares					154,341
2021 Plan
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted \| shares							69,496,515
Number of warrants, granted \| shares							69,496,515
2021 Plan \| Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options granted \| shares					0
Number of share options vested \| shares					196,628
2021 Plan \| Board of Directors \| Employee Stock Options
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of share options vested \| shares					100,326

Other Non-Current Receivables - Summary of Other Non-Current Receivables (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Noncurrent Receivables [line items]
Promissory note	$ 26,399	$ 24,867
Long-term prepaid expenses	14,059	14,634
Deposits	1,058	1,024
Derivatives		125
Other receivables	3,624	3,681
Total	$ 45,140	$ 44,331

Share-based compensation - Summary of Employee Stock Options Granted (Details) - Employee Stock Options	6 Months Ended
	Jun. 30, 2025 shares $ / shares
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items]
Number of employee stock options, Beginning balance \| shares	580,314
Number of employee stock options, Forfeited \| shares	(45,541)
Number of employees stock option ,Expired \| shares	(6,119)
Number of employee stock options, Ending balance \| shares	528,654
Vested and exercisable as of June 30, 2025 \| shares	242,662
Weighted average exercise price, Beginning balance \| $ / shares	$ 26.4
Weighted average exercise price, Forfeited \| $ / shares	22.93
Weighted average exercise price, Expired \| $ / shares	37.24
Weighted average exercise price, Ending balance \| $ / shares	26.59
Weighted average exercise price, Vested and exercisable \| $ / shares	$ 31.64

Leases

6 Months Ended

Jun. 30, 2025

Lease [Abstract]

Leases

Note 11. Leases

Lease terms for production facilities are generally between 10 and 20 years, and lease terms for other properties (i.e., offices) are generally between one and 15 years. Lease terms for production equipment are generally between one and five years. The Group also has leases with a shorter lease term than 12 months and leases pertaining to assets of low value, such as office equipment. For these, the Group has chosen to apply the exemption rules in IFRS 16 Leases, meaning the value of these contracts is not part of the right-of-use asset or lease liability.

Below is the roll-forward of lease right-of-use assets:


	Land and buildings			Plant and machinery			Total
Cost
At December 31, 2024		56,089			28,178			84,267
Increases		1,051			173			1,224
Decreases		(1,362	)		(1,467	)		(2,829	)
Exchange differences		2,974			1,980			4,954
At June 30, 2025		58,752			28,864			87,616
Accumulated depreciation
At December 31, 2024		(24,917	)		(13,795	)		(38,712	)
Depreciation		(3,582	)		(2,000	)		(5,582	)
Decreases		1,262			1,479			2,741
Exchange differences		(1,263	)		(1,259	)		(2,522	)
At June 30, 2025		(28,500	)		(15,575	)		(44,075	)
Cost, net accumulated depreciation
At December 31, 2024		31,172			14,383			45,555
At June 30, 2025		30,252			13,289			43,541

Depreciation expense for the three months ended June 30, 2025 was $2.9 million (2024: $2.6 million). Depreciation expense for the six months ended June 30, 2025 was $5.6 million (2024: $5.9 million)

Below is the maturity analysis of lease liabilities:


Lease liabilities	June 30, 2025
Maturity Analysis
Less than 3 months		3,466
Between 3 months and 1 year		10,398
Between 1 and 2 years		11,619
Between 2 and 5 years		15,286
After 5 years		13,799
Total lease commitments		54,568
Impact of discounting remaining lease payments		(11,587	)
Total lease liabilities at June 30, 2025		42,981
Lease liabilities included in the condensed consolidated statement of financial position at June 30, 2025
Non-current		29,508
Current		13,473
Total		42,981

The Group has the following lease agreements, which had not commenced as of June 30, 2025, but to which the Group is committed:

•

One lease agreement regarding production equipment in Ma’anshan, China, under which the Group’s obligations collectively amount to $3.5 million for a term of six years.

Fair value of financial instruments - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Disclosure of detailed information about financial instruments [abstract]
Transfers between levels	$ 0	$ 0

Property, plant and equipment (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of detailed information about property, plant and equipment [abstract]

Summary of Property, Plant and Equipment

A summary of property, plant, and equipment as at June 30, 2025 and December 31, 2024 is as follows:


	Land and buildings			Plant and machinery			Construction in progress			Total
Cost
At December 31, 2024		104,811			286,153			54,315			445,279
Additions		120			2,291			4,116			6,527
Disposals(1)		(6,826	)		(25,581	)		(426	)		(32,833	)
Reclassifications		1,930			13,678			(15,608	)		—
Exchange differences		8,967			15,660			4,847			29,474
At June 30, 2025		109,002			292,201			47,244			448,447
Accumulated depreciation and impairment
At December 31, 2024		(23,376	)		(109,525	)		(18,179	)		(151,080	)
Depreciation charge		(3,152	)		(12,662	)		—			(15,814	)
Disposals(1)		6,826			25,005			426			32,257
Exchange differences		(2,270	)		(6,703	)		(272	)		(9,245	)
At June 30, 2025		(21,972	)		(103,885	)		(18,025	)		(143,882	)
Cost, net accumulated depreciation and impairment
At December 31, 2024		81,435			176,628			36,136			294,199
At June 30, 2025		87,030			188,316			29,219			304,565

(1) Relates primarily to disposed assets due to the closure of the Group’s production facility in Singapore.

Liabilities to Credit Institutions (Tables)

6 Months Ended

Jun. 30, 2025

Subclassifications of assets, liabilities and equities [abstract]

Summary of Liabilities to Credit Institutions


	June 30, 2025		December 31, 2024
Non-current liabilities to credit institutions		115,746		116,216
Current liabilities to credit institutions		4,899		5,757
Total		120,645		121,973

Loss per Share - Summary of Loss per Share (Parenthetical) (Details)	Feb. 18, 2025
Earnings per share [line items]
ADS to ordinary share ratio	0.05

Financial Risk Management - Summary of Allowance for Expected Credit Losses of Trade Receivables (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Reconciliation of changes in allowance account for credit losses of financial assets [abstract]
As at January 1	$ (778)
As at December 31	$ (358)

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	$ 294,199
Ending balance	304,565
Carrying Amount
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	445,279
Additions	6,527
Disposals	(32,833)
Exchange differences	29,474
Ending balance	448,447
Accumulated Depreciation, Amortization and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(151,080)
Depreciation charge	(15,814)
Disposals	32,257
Exchange differences	(9,245)
Ending balance	(143,882)
Land and Buildings
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	81,435
Ending balance	87,030
Land and Buildings \| Carrying Amount
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	104,811
Additions	120
Disposals	(6,826)
Reclassifications	1,930
Exchange differences	8,967
Ending balance	109,002
Land and Buildings \| Accumulated Depreciation, Amortization and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(23,376)
Depreciation charge	(3,152)
Disposals	6,826
Exchange differences	(2,270)
Ending balance	(21,972)
Plant and Machinery
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	176,628
Ending balance	188,316
Plant and Machinery \| Carrying Amount
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	286,153
Additions	2,291
Disposals	(25,581)
Reclassifications	13,678
Exchange differences	15,660
Ending balance	292,201
Plant and Machinery \| Accumulated Depreciation, Amortization and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(109,525)
Depreciation charge	(12,662)
Disposals	25,005
Exchange differences	(6,703)
Ending balance	(103,885)
Construction in Progress
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	36,136
Ending balance	29,219
Construction in Progress \| Carrying Amount
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	54,315
Additions	4,116
Disposals	(426)
Reclassifications	(15,608)
Exchange differences	4,847
Ending balance	47,244
Construction in Progress \| Accumulated Depreciation, Amortization and Impairment
Disclosure Of Property Plant And Equipment [Line Items]
Beginning balance	(18,179)
Disposals	426
Exchange differences	(272)
Ending balance	$ (18,025)

Other Non-Current Receivables - Additional Information (Details) - Promissory Note	6 Months Ended
	Jun. 30, 2025
Noncurrent Receivables [line items]
Maturity	May 31, 2028
Interest rate description	The nominal interest rate is 8% for the first year and then increases by 200 basis points each year. The interest is capitalized semi-annually, and the effective interest rate is 12.56%.
Promissory Notes Receivable Nominal Interest Rate For First Year	8.00%
Basis points	200 basis points
Effective interest rate capitalized semi annually	12.56%

Interim condensed consolidated statement of comprehensive loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of comprehensive income [abstract]
Loss for the period	$ (55,946)	$ (30,441)	$ (68,477)	$ (76,285)
Items that may be subsequently reclassified to the consolidated statement of operations (net of tax):
Exchange differences from translation of foreign operations	27,330	(1,228)	52,027	(20,460)
Total other comprehensive income/(loss) for the period	27,330	(1,228)	52,027	(20,460)
Total comprehensive income (loss) for the period	(28,616)	(31,669)	(16,450)	(96,745)
Attributable to:
Shareholders of the parent	(28,583)	(31,605)	(16,318)	(96,627)
Non-controlling interests	$ (33)	$ (64)	$ (132)	$ (118)

- Definition

The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.

+ References

+ Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details