A good due diligence published in seeking alpha.

Two topics to add here : the material prices (especially oats) anchored to 5 year low since September , which is 20% less vs first half of the year and much lower vs PY. This will have significant margin impact on 2026 financials.

The company also announced the best quarter since IPO in mid Q3, however also the new product launches (matcha, barista popcorn, barista caramel) which have very positive attraction in EU is not yet observed in a full Q. Since these have higher GM, the mix effect will be positive in Q4 and also growth will be including a full Q after launch. Based on company comments, especially matcha is selling better than expectations in all markets it is launched.

One last point, company is planning to carve out Chinese operations as mentioned in the article. However, in addition to cash to be received and avoided (capex in the China factory) , China business is margin dilutive. Getting it off the books will also increase the gross margin significantly.

So overall asset light and significantly higher gross margin business , which will be growing mid to high single digits will be re-rated soon in terms of shareprice. 

Oatly: The Comeback Nobody Is Pricing In (NASDAQ:OTLY)