| Segment information |
5. Segment information5.1. Revenue Adjusted EBITDA and EBITDA Segment information for the years ended December 31, 2025, 2024 and 2023 presented below.
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For the year ended December 31, 2025
(in thousands of U.S. dollars) |
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Europe & International |
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North America |
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Greater China |
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Corporate* |
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Eliminations** |
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Total |
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Revenue |
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Revenue from external customers |
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482,861 |
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249,559 |
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130,039 |
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|
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— |
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— |
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862,459 |
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Intersegment revenue |
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1,622 |
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— |
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— |
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— |
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(1,622 |
) |
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— |
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Total segment revenue |
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484,483 |
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249,559 |
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130,039 |
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— |
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(1,622 |
) |
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862,459 |
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Adjusted EBITDA |
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88,169 |
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1,871 |
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3,641 |
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(86,860 |
) |
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— |
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6,821 |
|
Share-based compensation expense |
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(1,950 |
) |
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(1,333 |
) |
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(1,726 |
) |
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(8,252 |
) |
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— |
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(13,261 |
) |
Restructuring costs(1) |
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(954 |
) |
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(1,896 |
) |
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(42 |
) |
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(2,043 |
) |
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— |
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(4,935 |
) |
Strategic review of Greater China business(2) |
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— |
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— |
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(7,547 |
) |
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— |
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— |
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(7,547 |
) |
Closure of production facility(3) |
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846 |
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— |
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— |
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— |
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— |
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|
846 |
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Non-controlling interests |
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— |
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— |
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(344 |
) |
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— |
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— |
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(344 |
) |
EBITDA |
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86,111 |
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(1,358 |
) |
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(6,018 |
) |
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(97,155 |
) |
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— |
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(18,420 |
) |
Finance income |
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— |
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— |
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— |
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— |
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— |
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9,944 |
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Finance expenses |
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— |
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— |
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— |
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— |
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— |
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(87,132 |
) |
Depreciation and amortization |
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— |
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— |
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— |
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— |
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— |
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(49,310 |
) |
Loss before tax |
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— |
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— |
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— |
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— |
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— |
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(144,918 |
) |
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For the year ended December 31, 2024
(in thousands of U.S. dollars) |
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Europe & International |
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North America |
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Greater China |
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Corporate* |
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Eliminations** |
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Total |
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Revenue |
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Revenue from external customers |
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434,263 |
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274,455 |
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114,948 |
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— |
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— |
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823,666 |
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Intersegment revenue |
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6,429 |
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— |
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— |
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— |
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(6,429 |
) |
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— |
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Total segment revenue |
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440,692 |
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274,455 |
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114,948 |
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— |
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(6,429 |
) |
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823,666 |
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Adjusted EBITDA |
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56,128 |
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5,298 |
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(1,645 |
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(95,106 |
) |
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— |
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(35,325 |
) |
Share-based compensation expense |
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(1,985 |
) |
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656 |
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(2,101 |
) |
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(10,168 |
) |
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— |
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(13,598 |
) |
Restructuring costs(1) |
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(2,410 |
) |
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(1,222 |
) |
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(1,940 |
) |
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(2,600 |
) |
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— |
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(8,172 |
) |
Asset impairment charges and other costs related to closure of production facility(3) |
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(42,110 |
) |
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— |
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— |
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— |
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— |
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(42,110 |
) |
Asset impairment charges and other costs related to discontinued construction of production facilities(4) |
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(2,875 |
) |
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3,283 |
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(25,068 |
) |
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— |
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— |
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(24,660 |
) |
New product launch issue(5) |
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— |
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(11,998 |
) |
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— |
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— |
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— |
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(11,998 |
) |
Non-controlling interests |
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— |
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— |
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(323 |
) |
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— |
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— |
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(323 |
) |
EBITDA |
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6,748 |
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(3,983 |
) |
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(31,077 |
) |
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(107,874 |
) |
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— |
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(136,186 |
) |
Finance income |
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— |
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— |
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— |
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— |
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— |
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57,758 |
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Finance expenses |
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— |
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— |
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— |
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— |
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— |
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(70,179 |
) |
Depreciation and amortization |
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— |
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— |
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— |
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— |
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— |
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(49,966 |
) |
Loss before tax |
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— |
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— |
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— |
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— |
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— |
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(198,573 |
) |
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For the year ended December 31, 2023
(in thousands of U.S. dollars) |
|
Europe & International |
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North America |
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Greater China |
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Corporate* |
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Eliminations** |
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Total |
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Revenue |
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Revenue from external customers |
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408,410 |
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250,264 |
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124,674 |
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— |
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— |
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783,348 |
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Intersegment revenue |
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25,601 |
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— |
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181 |
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— |
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(25,782 |
) |
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— |
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Total segment revenue |
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434,011 |
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250,264 |
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124,855 |
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— |
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(25,782 |
) |
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783,348 |
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Adjusted EBITDA |
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28,377 |
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(31,910 |
) |
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(57,543 |
) |
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(96,485 |
) |
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— |
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(157,561 |
) |
Share-based compensation expense |
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(2,378 |
) |
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(3,820 |
) |
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(4,608 |
) |
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(10,640 |
) |
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— |
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(21,446 |
) |
Restructuring costs(1) |
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(1,382 |
) |
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(3,062 |
) |
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(2,675 |
) |
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(7,641 |
) |
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— |
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(14,760 |
) |
Asset impairment charges and other costs related to discontinued construction of production facilities(4) |
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(158,551 |
) |
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(43,009 |
) |
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— |
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— |
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— |
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(201,560 |
) |
Costs related to the YYF Transaction(6) |
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— |
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(375 |
) |
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— |
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— |
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— |
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(375 |
) |
Legal settlement(7) |
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— |
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— |
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— |
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(9,250 |
) |
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— |
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(9,250 |
) |
Non-controlling interests |
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— |
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— |
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(186 |
) |
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— |
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— |
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(186 |
) |
EBITDA |
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(133,934 |
) |
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(82,176 |
) |
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(65,012 |
) |
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(124,016 |
) |
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— |
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(405,138 |
) |
Finance income |
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— |
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— |
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— |
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— |
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— |
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|
117,876 |
|
Finance expenses |
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— |
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— |
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— |
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— |
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— |
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(69,029 |
) |
Depreciation and amortization |
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— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
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|
(51,874 |
) |
Loss before tax |
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— |
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— |
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— |
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— |
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— |
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(408,165 |
) |
* Corporate consists of general costs not allocated to the segments. ** Eliminations in 2025, 2024 and 2023 primarily 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, mainly consisting of cost for external consultants. (3)Relates to costs for the 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, reversal of previously recognized non-cash impairments related to discontinued construction of the Group’s production facility in Dallas-Fort Worth, Texas, and non-cash impairments related to discontinued construction of the Group’s second production facility in China (Asia III). (5)Expenses related to a new product launch issue. (6)Relates to the Ya YA Foods USA LLC transaction (the “YYF Transaction”). (7)Relates to U.S. securities class action litigation settlement expenses. See Note 32 “Commitments and contingencies” for further details. 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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2025 |
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2024 |
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Sweden |
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127,151 |
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114,764 |
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China |
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92,694 |
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103,791 |
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US |
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79,455 |
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88,983 |
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The Netherlands |
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32,002 |
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29,349 |
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Other |
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1,293 |
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2,867 |
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Total |
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332,595 |
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339,754 |
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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.
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2025 |
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2024 |
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2023 |
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US |
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244,128 |
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269,541 |
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|
247,049 |
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UK |
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139,243 |
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|
135,550 |
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|
136,241 |
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Germany |
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134,596 |
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|
120,068 |
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|
104,854 |
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China |
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128,815 |
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|
113,789 |
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|
119,507 |
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Sweden |
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48,575 |
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|
45,812 |
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|
47,273 |
|
The Netherlands |
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28,625 |
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|
26,507 |
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|
26,921 |
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Finland |
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18,350 |
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|
20,589 |
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|
22,178 |
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Switzerland |
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17,077 |
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|
14,044 |
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|
7,933 |
|
Other |
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|
103,050 |
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|
77,766 |
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|
71,392 |
|
Total |
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862,459 |
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|
823,666 |
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|
783,348 |
|
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.
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Year Ended December 31, 2025 |
|
Europe & International |
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North America |
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|
Greater China |
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Total |
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Retail |
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|
382,505 |
|
|
|
150,213 |
|
|
|
28,791 |
|
|
|
561,509 |
|
Foodservice |
|
|
97,112 |
|
|
|
98,036 |
|
|
|
87,732 |
|
|
|
282,880 |
|
Other |
|
|
3,244 |
|
|
|
1,310 |
|
|
|
13,516 |
|
|
|
18,070 |
|
Total |
|
|
482,861 |
|
|
|
249,559 |
|
|
|
130,039 |
|
|
|
862,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2024 |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Total |
|
Retail |
|
|
351,818 |
|
|
|
140,842 |
|
|
|
11,499 |
|
|
|
504,159 |
|
Foodservice |
|
|
80,261 |
|
|
|
125,639 |
|
|
|
83,343 |
|
|
|
289,243 |
|
Other |
|
|
2,184 |
|
|
|
7,974 |
|
|
|
20,106 |
|
|
|
30,264 |
|
Total |
|
|
434,263 |
|
|
|
274,455 |
|
|
|
114,948 |
|
|
|
823,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2023 |
|
Europe & International |
|
|
North America |
|
|
Greater China |
|
|
Total |
|
Retail |
|
|
331,993 |
|
|
|
127,700 |
|
|
|
18,801 |
|
|
|
478,494 |
|
Foodservice |
|
|
72,908 |
|
|
|
116,832 |
|
|
|
81,049 |
|
|
|
270,789 |
|
Other |
|
|
3,509 |
|
|
|
5,732 |
|
|
|
24,824 |
|
|
|
34,065 |
|
Total |
|
|
408,410 |
|
|
|
250,264 |
|
|
|
124,674 |
|
|
|
783,348 |
|
Other is primarily related to e-commerce, both direct-to-consumer and through third-party platforms. Revenues of approximately 6% in 2025 (2024:10%; 2023: 12%) were derived from a single external customer in the foodservice channel. These revenues were attributed to the North America and Greater China segments. Oatmilk accounted for 90% of the Group’s revenue in the years ended December 31, 2025, 2024 and 2023, respectively.
|