Oatly Group AB (NASDAQ:OTLY) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET

Company Participants

Brian Kearney - Investor Relations

Jean-Christophe Flatin - Chief Executive Officer

Daniel Ordonez - Chief Operating Officer

Marie-Jose David - Chief Financial Officer

Conference Call Participants

Ken Goldman - J.P. Morgan

Max Gumport - BNP Paribas Exane

John Baumgartner - Mizuho Securities

Operator

Good day and welcome to Oatly Third Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Brian Kearney, Vice President of Investor Relations. Please go ahead.

Brian Kearney

Good morning and thanks for joining us today on Oatly's third quarter 2023 earnings conference call. On today's call are our Chief Executive Officer, Jean-Christophe Flatin; our Chief Operating Officer, Daniel Ordonez; and our new Chief Financial Officer, Marie-Jose David.

Before we begin, please review the disclaimer on slide three. During this call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our future results of operations and financial position, industry and business trends, business strategy, market growth, and anticipated cost savings. These statements are based on management's current expectations and beliefs and involve risks and uncertainties that could differ materially from actual events or those described in these forward-looking statements. Please refer to the documents we have filed with the SEC for a detailed discussion of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

Also please note on today's call, management will refer to certain non-IFRS financial measures, including EBITDA, adjusted EBITDA, constant currency revenue, and free cash flow. While the company believes these non-IFRS financial measures will provide useful information, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with IFRS. Please refer to today's release for a reconciliation of non-IFRS financial measures to the most comparable measures prepared in accordance with IFRS. In addition, Oatly has posted a supplemental presentation on its Web site for reference.

I'd now like to turn the call over to Jean-Christophe.

Jean-Christophe Flatin

Thank you, Brian, and good morning everyone. Page five has the key messages I want you to take away from today's presentation. First, we had solid third quarter results, where adjusted EBITDA exceeded our expectations, and we made solid progress. The results from bold strategic actions are clearly starting to materialize. Our EMEA segment continued to show its strength and durability. Our Americas segment gained good momentum in its retail business, and the foodservice business helped improve the bottom line by sacrificing some supply. And the Asia segment is executing its reset plan, which is on track and delivering good results.