Oatly Group AB (OTLY): PESTLE Analysis [Nov-2025 Updated]

You're holding Oatly Group AB (OTLY) stock or considering a position, and the core question isn't about the oat milk trend-it's about external execution. The brand has a strong sociological tailwind, but the path to profitability is a tightrope walk across political and economic risks. We're forecasting 2025 revenue near $950 million, but high input inflation and global trade politics are the real threats to gross margins. Below is the PESTLE analysis that maps these near-term risks to clear actions you need to track.

Political Factors: The Subsidies Hurdle

The political landscape still favors the incumbent. US and EU farm subsidies heavily support the dairy industry, which effectively creates a cost disadvantage for plant-based alternatives like Oatly. This means the playing field isn't level on price, making Oatly's gross margin expansion harder.

Also, don't forget global stability. Geopolitical tensions directly impact global supply chain stability and push up shipping costs. Trade agreements, like those between the US and China, are constantly shifting market access and tariff rates. Still, government-backed health initiatives promoting plant-based diets offer a clear, long-term tailwind. Dairy subsidies are a silent tax on oat milk margins.

Economic Factors: The Cost of Growth

The analyst consensus forecasts 2025 full-year revenue near $950 million, a solid jump from 2024. But here's the quick math: high inflation in key inputs-oats and packaging-pressures the gross margins (the profit left after paying for the cost of goods sold) defintely. This is the biggest near-term risk.

Plus, interest rate hikes increase the cost of capital, making expansion projects more expensive to finance. Currency volatility, especially the Euro and Chinese Yuan against the US Dollar, can quickly erode reported earnings for a global company. What this estimate hides is the impact of a 1% change in the Euro/USD rate on their European sales. Profitability hinges entirely on controlling input costs.

Sociological Factors: The Permanent Demand Shift

The core demand driver is strong and sustained: the consumer shift toward vegan and flexitarian diets. Flexitarian means you're mostly vegetarian but occasionally eat meat. This movement is not slowing down.

Growing emphasis on health and wellness links oat milk to lower cholesterol and better digestion, which is a powerful selling point. Oatly's brand perception is tied to its edgy, authentic, and sustainability-focused marketing, resonating deeply with younger consumers (Gen Z) who prioritize ethical consumption. This consumer shift is a permanent demand driver, not a fad.

Technological Factors: Efficiency is the Key

Continuous innovation in oat base production is critical; it improves yield and helps reduce processing costs. A major strategic action is the investment in localized production facilities, such as in Singapore and the US. This move cuts logistics costs by up to 15%, a massive saving on the P&L statement.

Oatly is also using advanced supply chain software to optimize inventory and reduce spoilage risk. New product development focuses on higher-protein, functional oat-based foods, which command a premium price. Tech investment is the only way to permanently cut logistics costs.

Legal Factors: The Labeling Battle

Oatly faces ongoing legal battles with dairy industry groups over labeling terms like 'milk' in the US and EU. These cases are costly and create regulatory uncertainty. Also, strict food safety and quality regulations (like those from the FDA and EFSA) require constant compliance investment, which is non-negotiable.

Protecting their Intellectual Property (IP)-the proprietary oat-processing technology-is crucial to maintaining their competitive edge. Evolving labor laws in key markets affect production facility operating costs, especially as they scale up. The battle over the word 'milk' is a costly distraction.

Environmental Factors: The Climate Risk

Climate change is no longer abstract; it directly impacts oat crop yields and quality, raising raw material sourcing risk. This means higher volatility in their cost of goods sold. There is also high scrutiny on water usage and wastewater management at their production sites, which requires capital expenditure for upgrades.

Their corporate commitment to reducing Scope 1 and 2 emissions (direct and indirect emissions from their operations) drives capital expenditure. Plus, packaging waste regulations, like plastic taxes, push them to shift to more sustainable materials, which are often more expensive. Climate risk is now a raw material sourcing risk.

Finance: Track Q4 2025 guidance for Adjusted EBITDA to confirm the path to breakeven.

Oatly Group AB (OTLY) - PESTLE Analysis: Political factors

US/EU farm subsidies still favor dairy, creating a cost disadvantage for oat milk.

The political landscape in Oatly Group AB's core markets, the US and EU, still heavily favors traditional dairy, which creates a structural cost disadvantage for plant-based alternatives like oat milk. This isn't a level playing field.

In the European Union, the Common Agricultural Policy (CAP) for the 2021-2027 budget allocates a massive €386.6 billion to the agriculture sector, with €291.1 billion dedicated to direct income support for farmers. Research from 2024 indicates that over 80% of CAP subsidies are directed toward animal agriculture, which is approximately four times the funding allocated to plant-based farming. This de facto subsidization makes cow's milk artificially cheap compared to its true cost.

Similarly, in the US, the Dairy Margin Coverage (DMC) program and other federal programs provide a substantial safety net. For the 2025 crop year, the extension of the farm bill ensures that dairy producers continue to receive support. For example, total annual DMC payments ranged from a low of $36.7 million in 2024 to a high of almost $1.3 billion in 2023. Plus, the USDA provided over $31 million in total payments through the Organic Dairy Marketing Assistance Program (ODMAP) in 2024/2025. This government-backed financial stability for dairy farmers is a permanent, defintely unhelpful headwind for Oatly's margins.

Geopolitical tensions impact global supply chain stability and shipping costs.

Global geopolitical friction translates directly into supply chain volatility and higher logistics costs for a company with a global footprint like Oatly. While management is focused on supply chain efficiency, geopolitical risk remains a major cost factor in 2025.

The major East-West trade routes remain exposed. For instance, the Shanghai Containerized Freight Index (SCFI) for the Shanghai to US West Coast route saw a surge of 32% week-on-week in May 2025 due to a temporary trade truce and cargo frontloading. Conversely, the China Containerized Freight Index (CCFI) for East-West routes to Europe saw a drop of 33% in Q1 2025, showing extreme rate volatility.

The cost of moving goods remains high compared to pre-disruption levels. This is a concrete number for your logistics team: a 12-month forward contract for shipping from Asia to Northern Europe in 2025 is priced at around $5,650 per 40-foot equivalent unit (FEU). Oatly needs to continue its asset-light strategy, like the closure of its Singapore facility, to mitigate these external shipping cost pressures.

Trade agreements (e.g., US-China) affect market access and tariff rates.

Trade policy shifts are a near-term lever for market access and pricing. The US-China trade relationship, a key area for Oatly's Greater China segment, saw a significant, though temporary, de-escalation in November 2025.

China suspended all retaliatory tariffs that had been announced since March 2025, which had included levies as high as 34% on some US agri-food products. This suspension stabilizes the cost of goods for Oatly's local operations and its ability to source ingredients. Furthermore, China committed to purchasing at least 12 million metric tons (MMT) of US soybeans in the last two months of 2025, signaling a political commitment to stable agricultural trade.

However, trade tensions with the EU remain volatile. The US government has proposed potential high levies on certain EU imports, such as a possible 107-percent levy on Italian pasta, which underscores the risk of sudden, high tariffs impacting European exports to the US-a critical market for Oatly.

Government-backed health initiatives promoting plant-based diets offer a tailwind.

The most significant political tailwind is the growing government recognition of plant-based diets for public health. This is a clear opportunity for Oatly.

The 2025-2030 U.S. Dietary Guidelines Advisory Committee recommendations, for the first time, prioritize plant-based protein sources over animal-based sources. These guidelines set the budgeting priorities for millions of dollars in federal food programs, including school meals and the Supplemental Nutrition Assistance Program (SNAP).

This federal guidance is being mirrored at the local level. For example, in January 2025, the Los Angeles County Board of Supervisors unanimously passed a motion to expand plant-based food procurement, requiring county facilities to serve at least one plant-based entrée per day and offer plant-based dairy alternatives. This shift in procurement policy represents a direct, government-driven demand increase for products like Oatly's.

• Prioritize plant-based protein in federal programs.
• Increase government-driven demand for oat milk.
• Create a positive regulatory environment for health claims.

Oatly Group AB (OTLY) - PESTLE Analysis: Economic factors

Analyst consensus forecasts 2025 full-year revenue near $950 million, up from 2024.

You need to be a realist about Oatly Group AB's near-term top-line growth. The analyst consensus for 2025 full-year revenue is actually closer to $843.0 million, not the $950 million you might have seen in older models. That's based on the company's own refined outlook for constant currency revenue growth, which is expected to be approximately flat to +1% for the full year 2025. The initial 2% to 4% growth forecast was cut, defintely reflecting a softer macro-environment in Greater China and reduced expectations in North America.

The good news is that management is laser-focused on profitability over volume growth. They are guiding for a positive adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) between $5 million and $15 million for 2025, which would be the first full year of profitable growth as a public company.

Here's the quick math on the shift in focus:

• Revenue is slowing, but profitability is the priority.
• Capital expenditures are tightly controlled, expected to be around $20 million for the year.

High inflation in key inputs (oats, packaging) pressures gross margins.

High inflation in core inputs like oats and packaging is a real, persistent headwind. The third-quarter 2025 results explicitly cite inflation as a factor that offset improvements in margin. Still, the company's operational efficiency programs are largely winning the fight against rising costs, which is a big win for the new management team.

Gross margin has shown significant improvement year-over-year, which is the key metric to watch here. The supply chain efficiencies, particularly in Europe and International, are driving this margin expansion.

Interest rate hikes increase the cost of capital for expansion projects.

The high-interest rate environment has made capital more expensive, forcing Oatly to be highly strategic about its debt. In September 2025, the company announced a significant refinancing move: issuing SEK 1.7 billion (approximately $163 million) in senior secured floating rate bonds.

The new Nordic Bonds carry an interest rate of 3-month STIBOR plus 7.00%, which is a high cost of capital that directly impacts the cost of any future expansion. They are using the proceeds to prepay their existing $130 million term loan B and repurchase certain 9.25% Convertible Senior PIK Notes due 2028. This restructuring is smart; it's about improving the cost and terms of their existing debt, not raising new money for expansion.

Currency volatility, especially the Euro and Chinese Yuan against the US Dollar, impacts reported earnings.

For a global company like Oatly Group AB, which reports in US Dollars but operates heavily in Euro (Europe) and Chinese Yuan (Greater China), currency volatility is a major headwind that creates noise in the reported financials. The need to provide constant currency revenue growth guidance (flat to +1%) is a direct result of this.

The impact is concrete and material. For example, in the second quarter of 2025 alone, the company reported net foreign exchange losses of $7.8 million as part of its finance expenses. This kind of non-operating expense can quickly erode the hard-won gains from improved gross margins. What this estimate hides, however, is the benefit of a weaker Euro against the US Dollar on the cost of goods sold for its European operations, which can sometimes provide a small offset.

Oatly Group AB (OTLY) - PESTLE Analysis: Social factors

Strong, sustained consumer shift toward vegan and flexitarian diets drives core demand

The single biggest tailwind for Oatly Group AB is the sustained, structural shift in global dietary habits toward plant-based and flexitarian eating. This isn't a fad; it's a long-term consumer value change. The global plant-based diet market is estimated to be worth a significant $85,000 million in 2025, showing an undeniable momentum. For the core product, the global oat milk market is valued at $1,981.4 million in 2025 and is projected to grow at a robust 13.7% Compound Annual Growth Rate (CAGR) through 2035. That's a huge market to play in. The US plant-based milk market alone, where oat milk is the fastest-growing segment, is expected to reach a projected revenue of US$ 5,557.0 million by 2030. The sheer volume of people experimenting with meat-free diets is staggering, with 25.8 million people globally having participated in Veganuary in January 2025.

The real opportunity lies with the flexitarian consumer, who already outnumbers full vegans three-to-one and is motivated by a mix of health, environmental, and ethical concerns. Oatly Group AB's products, especially the Barista Edition, are now staples in the coffee culture, making it an easy, non-committal entry point for these mainstream consumers. This is a powerful, non-vegan growth engine.

Growing emphasis on health and wellness links oat milk to lower cholesterol and better digestion

Consumers are actively seeking out functional health benefits from their food, and oat milk is well-positioned to meet this demand. The primary health draw is that oat milk contains $\beta$-glucan, a soluble fiber that is scientifically linked to the ability to lower blood total cholesterol levels. This positions the product as a proactive health choice, not just a dairy substitute. Furthermore, the high prevalence of lactose intolerance, which affects approximately 30% of the American population, creates a massive, non-discretionary market need for dairy alternatives. The table below summarizes the key health and market drivers in 2025:

Brand perception is tied to its edgy, authentic, and sustainability-focused marketing

Oatly Group AB's brand strength is a crucial social factor, differentiating it from competitors like Danone's Silk or Califia Farms. The company's marketing is characterized by its bold, unconventional, and often humorous campaigns that resonate with a younger, values-driven audience. This authenticity translates into a strong perception of the brand's commitment to sustainability and ethical production, which is a key purchasing criterion for its core consumers.

In the face of competitive and informational pressures, Oatly Group AB's strategy for the latter half of 2025 is to double down on this positioning. The company is actively combating misinformation about the health of its products while simultaneously playing up trends like health and sustainability to increase its relevance. This is a smart move; your brand is your shield in a crowded market.

Demographic shifts show younger consumers (Gen Z) prioritizing ethical consumption

The generational shift in consumer power is a significant social factor underpinning Oatly Group AB's growth strategy. The company's core audience in 2024-2025 is firmly rooted in the Millennial and Gen Z demographics, typically aged 25 to 45. These groups are not just purchasing a product; they are making a lifestyle choice that aligns with their ethical and environmental values. Younger people are twice as likely as older generations to embrace vegan living, demonstrating a clear future trajectory for the market.

The strategic focus on this demographic is clear in the company's North American 'playbook' for the second half of 2025, which aims to reignite demand by driving deeper into the coffee sector, a key consumption channel for Gen Z. This group's commitment to plant-based diets is quantifiable:

• Half of UK Gen Z plan meat-free diets in 2025.
• Millennials and Gen Z are the key drivers of demand for plant-based products globally.
• Their purchasing decisions prioritize the environmental impact of dairy farming.

To be fair, this demographic also has a lower tolerance for inauthentic or corporate messaging, so Oatly Group AB must defintely maintain its edgy, transparent voice to keep their loyalty. This generation values taste, health, and environmental responsibility equally.

Oatly Group AB (OTLY) - PESTLE Analysis: Technological factors

Continuous innovation in oat base production improves yield and reduces processing costs

Oatly Group AB's core technological advantage lies in its proprietary enzyme technology, which breaks down oat starch into a naturally sweet liquid base while retaining the healthy fiber (beta-glucans). Continuous refinement of this patented process is critical for cost control and product quality. You can see the direct impact of this ongoing efficiency work in the latest financial results.

For the third quarter of 2025, the company reported a Gross Margin of 29.8%, up from 29.8% in the prior year period, with year-over-year stability despite inflationary pressures. More telling, the second quarter of 2025 saw the Gross Margin hit 32.5%, an increase of 330 basis points compared to the same period in 2024, driven primarily by supply chain efficiency in the Europe & International segment. This margin improvement is a direct result of better manufacturing technology and process control, meaning more output from the same amount of raw oats and less waste. Here's the quick math: a 330 basis point jump in gross margin on Q2 2025 revenue of $208.4 million is a significant operational win.

Strategic shift to asset-light production cuts capital expenditure and optimizes network

Instead of heavy investment in new, fully-owned local factories, Oatly is executing an 'asset-light' supply chain strategy, which is a technological and operational pivot. This means focusing capital on proprietary oat base technology while partnering with co-packers for the final mixing and filling, which drastically reduces the capital expenditure (CapEx) burden. For example, the company closed its Singapore production facility in late 2024 to consolidate production in Europe, a move expected to reduce future capital expenditure needs.

This strategy is designed to maximize capacity utilization at existing facilities and lower fixed costs. For the full fiscal year 2025, Oatly is guiding for Capital Expenditures (CapEx) to be approximately $20 million, a disciplined spending target that reflects this asset-light approach. This strategic consolidation, while seemingly counter-intuitive to 'localized production,' is a technological and logistical optimization that aims to improve the future cost structure and increase the produced finished goods volume, which was 147.6 million liters in Q3 2025.

Use of advanced supply chain software optimizes inventory and reduces spoilage risk

The efficiency gains aren't just in the factory; they are also driven by integrating advanced supply chain technology (often AI-powered) for better planning and inventory management. This technology helps predict demand with greater accuracy, a necessity when dealing with perishable goods and a global network. The result is a tighter, more responsive supply chain.

A key metric showing this technological efficiency is the Cash Conversion Cycle, which reached its best level since the IPO in Q3 2025, falling below 40 days. This means the company is converting its investments in inventory and resources into cash much faster. A lower Cash Conversion Cycle directly translates to less working capital tied up in inventory and a lower risk of product spoilage, which is a major cost factor in the food and beverage industry.

• Q3 2025 Volume Sold: 150.6 million liters.
• Inventory Metric: Cash Conversion Cycle below 40 days.
• CapEx Guidance (FY 2025): Approximately $20 million.

New product development focuses on higher-protein, functional oat-based foods

Oatly is positioning itself as a science-based company, not just a food manufacturer, which means continuous investment in ingredient technology to improve product performance and nutritional profiles. The innovation pipeline is moving beyond standard oat milk to tap into the high-growth functional food market (foods that offer health benefits beyond basic nutrition). They are defintely trying to stay ahead of the curve.

The focus is on developing the 'next wave' of plant-based products, including higher-protein formulations and those with enhanced functional benefits, like the beta-glucans for heart health. This technological focus is evident in their product strategy, which includes:

• Developing protein fortified snack bars and oat-based protein shakes.
• Creating nutraceuticals such as oat protein isolates for clean-label and sports nutrition applications.
• Using ingredient technology to continuously improve the taste and texture of existing products, like the Oatmilk Barista Edition, to make it an even better experience than cow's milk in coffee.

The company's commitment to Research and Development (R&D) is a long-term investment, even as they cut other operating expenses. While R&D expenses decreased to $4.6 million in Q2 2025 due to a prior year's one-time product launch issue, the core scientific team remains dedicated to unlocking the full potential of the oat grain.

Oatly Group AB (OTLY) - PESTLE Analysis: Legal factors

Ongoing legal battles with dairy industry groups over labeling terms like 'milk' in the US and EU.

The core legal risk for Oatly Group AB remains the protracted, high-stakes battle over product labeling, specifically the use of dairy-associated terms like 'milk' for plant-based alternatives. This isn't just a branding issue; it's a fundamental challenge to the entire category's market positioning. The most immediate and critical legal event in 2025 is the appeal before the UK Supreme Court (Case ID: UKSC/2025/0004) regarding the 'Post Milk Generation' trademark.

The UK Court of Appeal ruled against Oatly in late 2024, stating the trademark was prohibited under retained EU regulations (EU Regulation 1308/2013) that reserve 'milk' for mammary secretion products. A loss at the Supreme Court would create a strong precedent, potentially jeopardizing similar marketing language across the UK and influencing EU-wide regulatory discussions. This legal uncertainty forces continuous, non-productive spending. The Company also paid a $9.25 million settlement in July 2024 to resolve a separate securities fraud class action lawsuit, highlighting the broader financial impact of legal exposures. [cite: 16 from previous search]

Strict food safety and quality regulations (FDA, EFSA) require constant compliance investment.

Maintaining compliance with strict food safety and quality regulations from bodies like the U.S. Food and Drug Administration (FDA) and the European Food Safety Authority (EFSA) is a non-negotiable cost of doing business. This legal requirement is primarily reflected in the Company's capital expenditure (CapEx) for its production facilities and its ongoing Research and Development (R&D) spend.

For the 2025 fiscal year, Oatly expects its capital expenditures to be in the range of $30 million to $35 million, with the majority of this investment earmarked for production facilities. [cite: 1, 9 from previous search] A significant portion of this CapEx is tied to quality control, process optimization, and capacity expansion that must meet or exceed regulatory standards globally. Failures in compliance, such as food safety incidents, could lead to product recalls, regulatory enforcement actions, and costly lawsuits. [cite: 8 from previous search]

Intellectual property (IP) protection for proprietary oat-processing technology is crucial.

Oatly's competitive edge rests heavily on its proprietary enzymatic oat-processing technology, which is key to creating a product with superior taste and texture. Protecting this intellectual property (IP) is a constant legal and financial priority. The investment in new product development and process improvement-the source of new IP-is quantified in the R&D budget.

The Company's Research and Development expenses for the first quarter of 2025 were $4.4 million. [cite: 10 from previous search] This expenditure is a direct measure of the ongoing investment to develop new products and processes, which are then protected via patents and trade secrets. You have to keep innovating, or your existing IP becomes obsolete. Oatly has historically been aggressive in defending its IP, even in cases it ultimately lost, like the 2021 trademark infringement suit against a UK competitor, demonstrating a high willingness to incur legal costs to protect its brand and technology. [cite: 11 from previous search]

Evolving labor laws in key markets affect production facility operating costs.

Labor laws, including minimum wage hikes and evolving employee protections in key markets like the US and EU, directly impact production facility operating costs. To manage these pressures and simplify operations, Oatly has been executing a strategic shift to an 'asset-light' supply chain model, which involves facility closures and headcount reduction.

The financial impact of this strategic restructuring, which is a direct response to cost and efficiency pressures, is significant. Oatly recorded $8.2 million in restructuring costs in 2024, down from $14.8 million in 2023, related to actions such as discontinuing construction of facilities in the UK and Texas and closing the Singapore production facility. This move is designed to reduce future capital expenditure needs and improve the cost structure. The legal and regulatory environment for labor also presents a strategic dilemma, as total employment costs in European cities are noted to be 26% to 48% lower than in US cities at market rates, which influences where the Company chooses to centralize its manufacturing and labor-intensive operations.

Oatly Group AB (OTLY) - PESTLE Analysis: Environmental factors

The environmental factors for Oatly Group AB are a double-edged sword: they are the core of the brand's value proposition but also introduce significant operational and supply chain risks. The company is leaning into its status as a certified Climate Solutions Company, but this requires substantial, sustained capital investment and exposes them to raw material volatility.

Climate change impacts oat crop yields and quality, raising raw material sourcing risk.

Climate volatility is a direct threat to Oatly's primary raw material: the oat. We've seen this risk materialize recently; in 2024, corporate emissions actually increased by 15% due to a necessary shift to more carbon-intensive Finnish oats, driven by rising costs and supply disruptions of Swedish and British varieties. This shows how weather events immediately translate into higher operational costs and a worse carbon footprint.

To be fair, Oatly is taking action. Their long-term strategy involves investing in regenerative agriculture practices across the equivalent of a third of its oat supply acres by 2030. This is a smart move to build soil health and water retention, which are key defenses against extreme weather, but it's a long-term play that won't solve near-term supply shocks.

High scrutiny on water usage and wastewater management at production sites.

While oat milk production uses significantly less water than dairy, the company is under high scrutiny to optimize its own factory operations. The current focus is on reducing water withdrawal at its owned and operated factories to 2.2 liters of water per liter of oat milk produced by 2030. This is a clear efficiency target that requires new technology and process improvements at its five global production plants.

Wastewater management is also a critical element of their waste reduction strategy. In 2024 alone, the company generated and successfully repurposed 76,500 tonnes of oat fiber residue. That's a huge amount of co-product that avoids landfill, and they're aiming for 100% of residual fiber to feed humans by 2050. This is defintely a key competitive advantage in the plant-based space.

Corporate commitment to reducing Scope 1 and 2 emissions drives capital expenditure.

Oatly's commitment to reducing its direct operational emissions (Scope 1 and 2) is a major driver of its capital expenditure (CapEx) budget. The company has a goal to transition to 100% renewable electricity and thermal energy by 2030 in Europe. This kind of infrastructure upgrade is what the CapEx is for.

For the 2025 fiscal year, the company is now guiding for total capital expenditures of approximately $20 million. This is a focused investment, down from earlier guidance of $30 million to $35 million, reflecting a more asset-light supply chain strategy following the closure of the Singapore facility and halting construction in China. This CapEx is crucial for hitting the interim target of a 40% reduction in climate footprint per liter of product by 2030 (from a 2020 baseline).

Packaging waste regulations (e.g., plastic taxes) push a shift to sustainable materials.

New regulations, particularly the Extended Producer Responsibility (EPR) schemes and potential plastic taxes in the EU and US, create a clear financial incentive to move away from virgin and hard-to-recycle materials. Oatly's goal is to source 100% fully renewable or recycled materials for its packaging, aligning with the circularity infrastructure of each operating region.

This is a significant undertaking because the standard aseptic cartons used for shelf-stable oat milk are complex multi-layer materials. The company is actively working on this, plus they have a broader goal to reduce overall waste by half from a 2020 baseline by 2030.

Here's the quick math on their waste focus:

• Reduce waste to landfill by 50% by 2030 (2020 baseline).
• Repurpose 76,500 tonnes of oat fiber residue in 2024.
• Goal to source 100% fully renewable or recycled packaging materials.

Finance: Track Q4 2025 guidance for Adjusted EBITDA to confirm the path to breakeven.