| Segment Information |
Note 5. Segment Information5.1 Revenue, Adjusted EBITDA and EBITDA
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, Adjusted EBITDA and EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2026 |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
|
143,067 |
|
|
|
66,919 |
|
|
|
30,109 |
|
|
|
— |
|
|
|
— |
|
|
|
240,095 |
|
Intersegment revenue |
|
|
540 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(540 |
) |
|
|
— |
|
Total segment revenue |
|
|
143,607 |
|
|
|
66,919 |
|
|
|
30,109 |
|
|
|
— |
|
|
|
(540 |
) |
|
|
240,095 |
|
Adjusted EBITDA |
|
|
24,994 |
|
|
|
735 |
|
|
|
(1,463 |
) |
|
|
(23,844 |
) |
|
|
— |
|
|
|
422 |
|
Share-based compensation expense |
|
|
(611 |
) |
|
|
(336 |
) |
|
|
(189 |
) |
|
|
(2,365 |
) |
|
|
— |
|
|
|
(3,501 |
) |
Restructuring costs(1) |
|
|
(6 |
) |
|
|
— |
|
|
|
— |
|
|
|
(729 |
) |
|
|
— |
|
|
|
(735 |
) |
Strategic review of Greater China business(2) |
|
|
— |
|
|
|
— |
|
|
|
(817 |
) |
|
|
— |
|
|
|
— |
|
|
|
(817 |
) |
Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(53 |
) |
|
|
— |
|
|
|
— |
|
|
|
(53 |
) |
EBITDA |
|
|
24,377 |
|
|
|
399 |
|
|
|
(2,522 |
) |
|
|
(26,938 |
) |
|
|
— |
|
|
|
(4,684 |
) |
Finance income and (expenses), net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,394 |
) |
Depreciation and amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(12,627 |
) |
Loss before tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(30,705 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2026 |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Corporate* |
|
|
Eliminations** |
|
|
Total |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue from external customers |
|
|
279,863 |
|
|
|
129,109 |
|
|
|
59,448 |
|
|
|
— |
|
|
|
— |
|
|
|
468,420 |
|
Intersegment revenue |
|
|
1,236 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,236 |
) |
|
|
— |
|
Total segment revenue |
|
|
281,099 |
|
|
|
129,109 |
|
|
|
59,448 |
|
|
|
— |
|
|
|
(1,236 |
) |
|
|
468,420 |
|
Adjusted EBITDA |
|
|
56,562 |
|
|
|
1,394 |
|
|
|
(2,230 |
) |
|
|
(50,341 |
) |
|
|
— |
|
|
|
5,385 |
|
Share-based compensation expense |
|
|
(1,149 |
) |
|
|
(601 |
) |
|
|
(643 |
) |
|
|
(3,977 |
) |
|
|
— |
|
|
|
(6,370 |
) |
Restructuring costs(1) |
|
|
32 |
|
|
|
(106 |
) |
|
|
— |
|
|
|
(997 |
) |
|
|
— |
|
|
|
(1,071 |
) |
Strategic review of Greater China business(2) |
|
|
— |
|
|
|
— |
|
|
|
(947 |
) |
|
|
— |
|
|
|
— |
|
|
|
(947 |
) |
Non-controlling interests |
|
|
— |
|
|
|
— |
|
|
|
(176 |
) |
|
|
— |
|
|
|
— |
|
|
|
(176 |
) |
EBITDA |
|
|
55,445 |
|
|
|
687 |
|
|
|
(3,996 |
) |
|
|
(55,315 |
) |
|
|
— |
|
|
|
(3,179 |
) |
Finance income and (expenses), net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,298 |
) |
Depreciation and amortization |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,481 |
) |
Loss before tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,958 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
* Corporate consists of general costs not allocated to the segments. ** Eliminations in 2026 refers to intersegment revenue for sales of products from Europe & International to Greater China and North America. Eliminations in 2025 refers 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. 5.2 Non-current Assets by Country Non-current assets for this purpose consist of property, plant and equipment and right-of-use assets.
|
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|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
Sweden |
|
|
120,850 |
|
|
|
127,151 |
|
China |
|
|
88,374 |
|
|
|
92,694 |
|
US |
|
|
74,846 |
|
|
|
79,455 |
|
The Netherlands |
|
|
29,512 |
|
|
|
32,002 |
|
Other |
|
|
1,496 |
|
|
|
1,293 |
|
Total |
|
|
315,078 |
|
|
|
332,595 |
|
5.3 Revenue From External Customers, Broken Down by Location of the CustomersThe 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, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
US |
|
|
65,077 |
|
|
|
61,552 |
|
|
|
125,620 |
|
|
|
120,346 |
|
Germany |
|
|
39,061 |
|
|
|
30,910 |
|
|
|
76,376 |
|
|
|
59,803 |
|
UK |
|
|
36,889 |
|
|
|
36,788 |
|
|
|
73,241 |
|
|
|
68,601 |
|
China |
|
|
29,869 |
|
|
|
26,595 |
|
|
|
59,092 |
|
|
|
56,234 |
|
Sweden |
|
|
13,050 |
|
|
|
11,909 |
|
|
|
26,509 |
|
|
|
23,219 |
|
The Netherlands |
|
|
7,773 |
|
|
|
6,943 |
|
|
|
15,963 |
|
|
|
13,909 |
|
Switzerland |
|
|
5,258 |
|
|
|
3,803 |
|
|
|
10,787 |
|
|
|
7,593 |
|
Finland |
|
|
4,240 |
|
|
|
4,638 |
|
|
|
8,876 |
|
|
|
9,135 |
|
Other |
|
|
38,878 |
|
|
|
25,216 |
|
|
|
71,956 |
|
|
|
47,044 |
|
Total |
|
|
240,095 |
|
|
|
208,354 |
|
|
|
468,420 |
|
|
|
405,884 |
|
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, 2026 |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Total |
|
Retail |
|
|
110,449 |
|
|
|
42,096 |
|
|
|
10,278 |
|
|
|
162,823 |
|
Foodservice |
|
|
31,840 |
|
|
|
24,491 |
|
|
|
16,188 |
|
|
|
72,519 |
|
Other |
|
|
778 |
|
|
|
332 |
|
|
|
3,643 |
|
|
|
4,753 |
|
Total |
|
|
143,067 |
|
|
|
66,919 |
|
|
|
30,109 |
|
|
|
240,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2026 |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Total |
|
Retail |
|
|
219,236 |
|
|
|
82,290 |
|
|
|
18,311 |
|
|
|
319,837 |
|
Foodservice |
|
|
59,455 |
|
|
|
45,909 |
|
|
|
34,757 |
|
|
|
140,121 |
|
Other |
|
|
1,172 |
|
|
|
910 |
|
|
|
6,380 |
|
|
|
8,462 |
|
Total |
|
|
279,863 |
|
|
|
129,109 |
|
|
|
59,448 |
|
|
|
468,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Other is primarily related to e-commerce, both direct-to-consumer and through third-party platforms. Oatmilk accounted for 92% and 91% of the Group’s revenue in the six months ended June 30, 2026 and 2025, respectively.
|