{"id":811947,"date":"2025-02-12T07:06:35","date_gmt":"2025-02-12T12:06:35","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/oatly-reports-fourth-quarter-and-full-year-2024-financial-results\/"},"modified":"2025-02-12T07:06:35","modified_gmt":"2025-02-12T12:06:35","slug":"oatly-reports-fourth-quarter-and-full-year-2024-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/oatly-reports-fourth-quarter-and-full-year-2024-financial-results\/","title":{"rendered":"Oatly Reports Fourth Quarter and Full Year 2024 Financial Results"},"content":{"rendered":"
\n

MALM\u00d6, Sweden, Feb. 12, 2025 (GLOBE NEWSWIRE) — Oatly Group AB (Nasdaq: OTLY) (\u201cOatly\u201d or the \u201cCompany\u201d), the world\u2019s original and largest oat drink company, today announced financial results for the fourth quarter and twelve months ended December\u00a031, 2024.<\/p>\n

Jean-Christophe Flatin, Oatly\u2019s CEO, commented, \u201cOver the past two years, we have executed a significant transformation of our company.\u00a0We have overhauled our supply chain, our overhead structure, and our mindset. We now have a much healthier business with clear strategies, clear accountability, stronger margins, and significantly improved profitability.\u00a0I am proud of our team for embracing the challenge, making the necessary changes, and focusing on execution. All this hard work has enabled us to now expect 2025 to be our first full year of profitable growth as a public company.\u201d<\/p>\n

The tables below reconcile revenue as reported to revenue on a constant currency basis by segment for the three and twelve months\u00a0ended December\u00a031, 2024 and 2023.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three months ended
December\u00a031,<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $ Change<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n % Change<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n (Unaudited)
(in thousands of U.S. dollars)<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n 2024<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n As
reported<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Foreign
exchange
impact<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n In constant
currency<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n As
reported<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n In constant
currency<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n Volume<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Constant
currency
price\/mix<\/strong>\n <\/td>\n<\/tr>\n
Europe & International<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n108,462<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105,620<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n108,462<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n577<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n107,885<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2.7<\/td>\n%<\/td>\n\u00a0<\/td>\n2.1<\/td>\n%<\/td>\n\u00a0<\/td>\n4.1<\/td>\n%<\/td>\n\u00a0<\/td>\n-2.0<\/td>\n%<\/td>\n<\/tr>\n
North America<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70,596<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65,900<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70,596<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70,596<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7.1<\/td>\n%<\/td>\n\u00a0<\/td>\n7.1<\/td>\n%<\/td>\n\u00a0<\/td>\n5.1<\/td>\n%<\/td>\n\u00a0<\/td>\n2.0<\/td>\n%<\/td>\n<\/tr>\n
Greater China<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,258<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,601<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,258<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n118<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,140<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.2<\/td>\n%<\/td>\n\u00a0<\/td>\n7.8<\/td>\n%<\/td>\n\u00a0<\/td>\n34.7<\/td>\n%<\/td>\n\u00a0<\/td>\n-26.9<\/td>\n%<\/td>\n<\/tr>\n
\n Total revenue<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 214,316<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 204,121<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 214,316<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 695<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 213,621<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 5.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 4.7<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 9.9<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n -5.2<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Twelve months ended
December\u00a031,<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n $ Change<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n % Change<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
\n (Unaudited)
(in thousands of U.S. dollars)<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n 2024<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n As
reported<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Foreign
exchange
impact<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n In constant
currency<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n As
reported<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n In constant
currency<\/strong>\n <\/td>\n		\n \u00a0<\/strong>\n <\/td>\n\n Volume<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Constant
currency
price\/mix<\/strong>\n <\/td>\n<\/tr>\n
Europe & International<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n434,263<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n408,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n434,263<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,104<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n430,159<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6.3<\/td>\n%<\/td>\n\u00a0<\/td>\n5.3<\/td>\n%<\/td>\n\u00a0<\/td>\n4.8<\/td>\n%<\/td>\n\u00a0<\/td>\n0.5<\/td>\n%<\/td>\n<\/tr>\n
North America<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n274,455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n250,264<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n274,455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n274,455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9.7<\/td>\n%<\/td>\n\u00a0<\/td>\n9.7<\/td>\n%<\/td>\n\u00a0<\/td>\n10.0<\/td>\n%<\/td>\n\u00a0<\/td>\n-0.3<\/td>\n%<\/td>\n<\/tr>\n
Greater China<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n114,948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,674<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n114,948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,865<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n116,813<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n-7.8<\/td>\n%<\/td>\n\u00a0<\/td>\n-6.3<\/td>\n%<\/td>\n\u00a0<\/td>\n21.2<\/td>\n%<\/td>\n\u00a0<\/td>\n-27.5<\/td>\n%<\/td>\n<\/tr>\n
\n Total revenue<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 823,666<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 783,348<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 823,666<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2,239<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 821,427<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 5.1<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 4.8<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\u00a0<\/td>\n\n 8.8<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n -4.0<\/strong>\n <\/td>\n\n %<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n Highlights<\/strong>\n <\/p>\n

    \n
  • Fourth quarter revenue of $214.3 million, a 5.0% increase compared to the prior year period, with a constant currency revenue increase of 4.7% compared to the prior year period, with a solid volume growth in each operating segment.<\/li>\n
  • Gross margin in the fourth quarter was 28.8%, which is a 5.4 percentage points increase compared to the prior year period.<\/li>\n
  • Fourth quarter net loss attributable to shareholders of the parent was $91.2 million compared to net loss attributable to shareholders of the parent of $298.7 million in the prior year period.<\/li>\n
  • Fourth quarter Adjusted EBITDA loss was $6.1 million, which is an improvement of $13.1 million compared to the prior year period.<\/li>\n
  • As part of the Company\u2019s previously-discussed evaluation of its Asian supply chain, the Company announced the closure of its Singapore manufacturing facility in December and is today announcing the discontinuation of construction of its second manufacturing facility in China (Asia III).<\/li>\n
  • The Company expects to achieve its first full year of profitable growth in 2025.\u00a0Specifically, in 2025 the Company expects:\n
      \n
    • Constant currency revenue growth in the range of 2% to 4%, which is negatively impacted by approximately 300 basis points from a change in sourcing decision at a large North American customer,<\/li>\n
    • Positive adjusted EBITDA in the range of $5 million to $15 million, and<\/li>\n
    • Capital expenditures in the range of $30 million to $35 million.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

      \n Fourth Quarter 2024 Results<\/strong>\n <\/p>\n

      Revenue increased $10.2 million, or 5.0% to $214.3 million for the fourth quarter ended December\u00a031, 2024, compared to $204.1 million for the prior year period. Excluding a foreign currency exchange tailwind of $0.7 million, revenue for the fourth quarter was $213.6 million, or an increase of 4.7% compared to the prior year period. The growth in constant currency revenue was primarily driven by solid volume growth in each operating segment, partially offset by negative price\/mix effect, particularly in Greater China. Sold volume for the fourth quarter of 2024 increased 9.9% to 153.2 million liters compared to 139.4 million liters in the fourth quarter of 2023. Produced finished goods volume for the fourth quarter of 2024 was 145.3 million liters compared to 135.8 million liters for the fourth quarter of 2023.<\/p>\n

      The Company continued to drive revenue growth in both the retail channel and foodservice channel in the fourth quarter of 2024 compared to the fourth quarter of 2023.<\/p>\n

      Gross profit was $61.6 million for the fourth quarter of 2024 compared to $47.8 million for the fourth quarter of 2023. Gross profit margin was 28.8% in the fourth quarter of 2024, an increase of 540 basis points compared to the prior year period. The margin improvement compared to the fourth quarter of 2023 was primarily driven by improvements in supply chain efficiency across all segments, most notably in the North America segment.<\/p>\n

      Research and development expenses in the fourth quarter of 2024 decreased $1.6 million to $3.7 million compared to $5.3 million in the prior year period. The decrease was primarily related to lower employee expenses and a reduction in external consultants, contractors and other professional fees.<\/p>\n

      Selling, general and administrative expenses in the fourth quarter of 2024 increased $1.3 million to $82.0 million compared to $80.7 million in the prior year period. The increase was primarily related to higher employee expenses due to restructuring activities in the fourth quarter of 2024.<\/p>\n

      Other operating income and (expenses), net for the fourth quarter of 2024 was an expense of $65.6 million comprised primarily of non-cash impairment charges of $41.7 million related to the discontinued construction of the second production facility in China (Asia III) and the closure of the production facility in Singapore, and other exit costs of $23.0 million related to the closure of the production facility in Singapore. Other operating income and (expenses), net for the prior year period was an expense of $204.3 million primarily driven by non-cash impairment charges and other exit costs related to discontinued construction of the new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas.<\/p>\n

      Finance income and (expenses), net for the fourth quarter of 2024 was an expense of $1.1 million comprised primarily of net interest expenses of $13.6 million, offset by fair value gains on Convertible Notes of $4.6 million and net foreign exchange gains of $8.2 million. The finance income and (expenses), net for the prior year period was an expense of $50.5 million primarily driven by fair value losses on Convertible Notes.<\/p>\n

      Net loss attributable to shareholders of the parent was $91.2 million for the fourth quarter of 2024 compared to $298.7 million in the prior year period. The improvement was primarily a result of decreased other operating income and (expenses), net.<\/p>\n

      Adjusted EBITDA loss for the fourth quarter of 2024 was $6.1 million, compared to a loss of $19.2 million in the prior year period. The improvement in Adjusted EBITDA loss was primarily a result of higher gross profit.<\/p>\n

      \n EBITDA, Adjusted EBITDA loss, and Constant Currency Revenue are non-IFRS financial measures defined under \u201cNon-IFRS financial measures\u201d. Please see above revenue at constant currency table and \u201cReconciliation of IFRS to Non-IFRS Financial measures\u201d at the end of this press release.<\/em>\n <\/p>\n

      The following tables set forth revenue, Adjusted EBITDA, EBITDA and loss before tax for the Company\u2019s three reportable segments for the periods presented.<\/p>\n

      \n Revenue, Adjusted EBITDA and EBITDA<\/strong>\n <\/p>\n

      Segment information for the three and twelve months\u00a0ended December\u00a031, 2023 presented below has been updated to reflect previously disclosed changes to our operating segments, which were effective as of January 1, 2024. Please see our press release, dated April 17, 2024, furnished on Form 6-K with the SEC for further information regarding these changes.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Three months ended December\u00a031, 2024
      (Unaudited)
      (in thousands of U.S. dollars)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n\n Europe &
      International<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n North
      America<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Greater
      China<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Corporate*<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Eliminations**<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Total<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Revenue from external customers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n108,462<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70,596<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,258<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n214,316<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Intersegment revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,326<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,326<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total segment revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 109,788<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 70,596<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 35,258<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (1,326<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 214,316<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 16,580<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 1,249<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 589<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (24,497<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (6,079<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Share-based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(306<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(230<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(511<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,456<\/td>\n)<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,503<\/td>\n)<\/td>\n<\/tr>\n
      Restructuring costs(1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,520<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(356<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,721<\/td>\n)<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,597<\/td>\n)<\/td>\n<\/tr>\n
      New product launch issue(2)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n567<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n567<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Asset impairment charges and other costs related to discontinued construction of production facilities(3)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n48<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,122<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,068<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(22,898<\/td>\n)<\/td>\n<\/tr>\n
      Asset impairment charges and other costs related to closure of production facility(4)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42,110<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42,110<\/td>\n)<\/td>\n<\/tr>\n
      Non-controlling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(151<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(151<\/td>\n)<\/td>\n<\/tr>\n
      \n EBITDA<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (27,308<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 3,352<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (25,141<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (28,674<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (77,771<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Finance income and (expenses), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,149<\/td>\n)<\/td>\n<\/tr>\n
      Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,932<\/td>\n)<\/td>\n<\/tr>\n
      \n Loss before tax<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (90,852<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Three months ended December\u00a031, 2023
      (Unaudited)
      (in thousands of U.S. dollars)<\/strong>\n <\/td>\n      		\u00a0<\/td>\n\n Europe &
      International<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n North
      America<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Greater
      China<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Corporate*<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Eliminations**<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Total<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Revenue from external customers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n105,620<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65,900<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n32,601<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n204,121<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Intersegment revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,333<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,333<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total segment revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 107,953<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 65,900<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 32,601<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (2,333<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 204,121<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 11,410<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (2,689<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (5,156<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (22,787<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (19,222<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Share-based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(679<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(990<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(624<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,394<\/td>\n)<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,687<\/td>\n)<\/td>\n<\/tr>\n
      Restructuring costs(1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(319<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(580<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(273<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,244<\/td>\n)<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,416<\/td>\n)<\/td>\n<\/tr>\n
      Asset impairment charges and other costs related to discontinued construction of production facilities(5)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(158,551<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(43,009<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(201,560<\/td>\n)<\/td>\n<\/tr>\n
      Non-controlling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(112<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(112<\/td>\n)<\/td>\n<\/tr>\n
      \n EBITDA<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (148,139<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (47,268<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (6,165<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (26,425<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (227,997<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Finance income and (expenses), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(50,486<\/td>\n)<\/td>\n<\/tr>\n
      Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,618<\/td>\n)<\/td>\n<\/tr>\n
      \n Loss before tax<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (293,101<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      \n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Twelve months ended December\u00a031, 2024
      (Unaudited)
      (in thousands of U.S. dollars)<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n Europe &
      International<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n North
      America<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Greater
      China<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Corporate*<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Eliminations**<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Total<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Revenue from external customers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n434,263<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n274,455<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n114,948<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n823,666<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Intersegment revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,429<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(6,429<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total segment revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 440,692<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 274,455<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 114,948<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (6,429<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 823,666<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 56,128<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 5,298<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (1,645<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (95,106<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (35,325<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Share-based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,985<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n656<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,101<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,168<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(13,598<\/td>\n)<\/td>\n<\/tr>\n
      Restructuring costs(1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,410<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,222<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,940<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,600<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(8,172<\/td>\n)<\/td>\n<\/tr>\n
      New product launch issue(2)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,998<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(11,998<\/td>\n)<\/td>\n<\/tr>\n
      Asset impairment charges and other costs related to discontinued construction of production facilities(3)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,875<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,283<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,068<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(24,660<\/td>\n)<\/td>\n<\/tr>\n
      Asset impairment charges and other costs related to closure of production facility(4)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42,110<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42,110<\/td>\n)<\/td>\n<\/tr>\n
      Non-controlling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(323<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(323<\/td>\n)<\/td>\n<\/tr>\n
      \n EBITDA<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 6,748<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (3,983<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (31,077<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (107,874<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (136,186<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Finance income and (expenses), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(12,421<\/td>\n)<\/td>\n<\/tr>\n
      Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(49,966<\/td>\n)<\/td>\n<\/tr>\n
      \n Loss before tax<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (198,573<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Twelve months ended December\u00a031, 2023
      (Unaudited)
      (in thousands of U.S. dollars)<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n Europe &
      International<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n North
      America<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Greater
      China<\/strong>\n <\/td>\n      		\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Corporate*<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Eliminations**<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Total<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Revenue from external customers<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n408,410<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n250,264<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n124,674<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n783,348<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Intersegment revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,601<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n181<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,782<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
      \n Total segment revenue<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 434,011<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 250,264<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 124,855<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (25,782<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 783,348<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
      \n Adjusted EBITDA<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 28,377<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (31,910<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (57,543<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (96,485<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (157,561<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Share-based compensation expense<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,378<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,820<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,608<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(10,640<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(21,446<\/td>\n)<\/td>\n<\/tr>\n
      Restructuring costs(1)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,382<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(3,062<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(2,675<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(7,641<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(14,760<\/td>\n)<\/td>\n<\/tr>\n
      Asset impairment charges and other costs related to discontinued construction of production facilities(5)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(158,551<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(43,009<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(201,560<\/td>\n)<\/td>\n<\/tr>\n
      Costs related to the YYF Transaction(6)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(375<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(375<\/td>\n)<\/td>\n<\/tr>\n
      Legal settlement(7)<\/sup><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,250<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(9,250<\/td>\n)<\/td>\n<\/tr>\n
      Non-controlling interests<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(186<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(186<\/td>\n)<\/td>\n<\/tr>\n
      \n EBITDA<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (133,934<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (82,176<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (65,012<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (124,016<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (405,138<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      Finance income and (expenses), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n48,847<\/td>\n\u00a0<\/td>\n<\/tr>\n
      Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(51,874<\/td>\n)<\/td>\n<\/tr>\n
      \n \u00a0Loss before tax<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u2014<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (408,165<\/strong>\n <\/td>\n\n )<\/strong>\n <\/td>\n<\/tr>\n
      \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

      * Corporate consists of general costs not allocated to the segments.
      ** Eliminations in 2024 and 2023 primarily refer to intersegment revenue for sales of products from Europe & International to Greater China.<\/p>\n

        \n
      1. Relates primarily to severance costs as the Group adjusts its organizational structure.<\/li>\n
      2. Expenses related to a new product launch issue.<\/li>\n
      3. In Europe & International the cost primarily relates to non-cash impairments related to discontinued construction of the Group\u2019s production facility in Peterborough, UK. In North America the amount primarily relates to reversal of previously recognized non-cash impairments and other exit costs related to discontinued construction of the Group\u2019s production facility in Dallas-Fort Worth, Texas. In Greater China the Company decided to discontinue the construction of the Group\u2019s second production facility in China (Asia III). Following this decision the Company, during the fourth quarter, recorded $25.1 million primarily relating to non-cash impairments.<\/li>\n
      4. Relates to non-cash impairments of $19.1 million and $23.0 million in restructuring and other exit costs related to the closure of the Group\u2019s production facility in Singapore.<\/li>\n
      5. Following certain events during the fourth quarter 2023, the Company decided to discontinue the construction of its new production facilities in Peterborough, UK and Dallas-Fort Worth, Texas. The Company recorded $172.6 million in non-cash impairments and $29.0 million in restructuring and other exit costs relating to these production facilities.<\/li>\n
      6. Relates to the Ya YA Foods USA LLC transaction (the \u201cYYF Transaction\u201d). See the Company\u2019s Form 6-K filed on January 3, 2023 and March 2, 2023 for further details.<\/li>\n
      7. Relates to US securities class action litigation settlement expenses.<\/li>\n<\/ol>\n

        \n Europe & International<\/strong>\n <\/p>\n

        Europe & International revenue increased $2.8 million, or 2.7%, to $108.5 million for the fourth quarter of 2024, compared to $105.6 million in the prior year period. Excluding a foreign currency exchange tailwind of $0.6 million, Europe & International revenue for the fourth quarter was $107.9 million, or an increase of 2.1%. The increase in revenue was driven by volume growth of 4.1% from primarily increased Barista and ambient oatmilk sales in established markets, as well as continued expansion in the new European and International markets. This was partially offset by a price\/mix decline of 2.0%. Approximately 81% of Europe & International revenue was from the retail channel for the fourth quarter of 2024 compared to 80% in the prior year period. The sold finished goods volume for the three months ended December\u00a031, 2024 and 2023 amounted to 78.3 million and 75.2 million liters, respectively.<\/p>\n

        Europe & International Adjusted EBITDA increased $5.2 million to $16.6 million for the fourth quarter of 2024 compared to $11.4 million in the prior year period. The improvement in Adjusted EBITDA was primarily driven by higher gross profit as well as lower selling, general and administrative expenses through stronger cost controls.<\/p>\n

        \n North America<\/strong>\n <\/p>\n

        North America revenue increased $4.7 million, or 7.1%, to $70.6 million for the fourth quarter of 2024, compared to $65.9 million in the prior year period. The sold finished goods volume for the fourth quarter 2024 was 41.1 million compared to 39.1 million liters in the prior year period. The 5.1% volume increase was due to higher volumes across the retail and foodservice channels as the Company continued to expand distribution and launch new products. Approximately 48% of North America revenue was from the retail channel in the fourth quarter of 2024 and 2023, respectively.<\/p>\n

        North America Adjusted EBITDA improved $3.9 million to $1.2 million compared to a loss of $2.7 million in the prior year period. The improvement in Adjusted EBITDA was primarily due to higher gross profit, largely driven by improved supply chain efficiency, partially offset by higher selling, general and administrative expenses as the Company invested in branding activities to continue driving growth.<\/p>\n

        \n Greater China<\/strong>\n <\/p>\n

        Greater China revenue increased $2.7 million, or 8.2%, to $35.3 million for the fourth quarter of 2024, compared to $32.6 million in the prior year period. Excluding a foreign currency exchange tailwind of $0.1 million, Greater China revenue for the fourth quarter was $35.1 million, or an increase of 7.8%. The Greater China segment growth was primarily driven by sales to a new foodservice customer. Approximately 76% of Greater China revenue was from the foodservice channel for the fourth quarter of 2024 compared to 73% in the prior year period. The sold finished goods volume for the three months ended December\u00a031, 2024 and 2023 amounted to 33.8 million and 25.1 million liters, respectively.<\/p>\n

        Greater China Adjusted EBITDA improved $5.7 million to $0.6 million compared to a loss of $5.2 million in the prior year period. The improvement in Adjusted EBITDA was primarily due to higher gross profit and reduction in selling, general and administrative expenses, as the segment continued to right-size its expenses to improve profitability.<\/p>\n

        \n Corporate<\/strong>\n <\/p>\n

        Oatly\u2019s corporate expense, which consists of general costs not allocated to the segments, in the fourth quarter of 2024 was $28.7 million, an increase of $2.2 million compared to the prior year period. Adjusted EBITDA in the fourth quarter of 2024 was a loss of $24.5 million compared to a loss of $22.8 million in the prior year period.<\/p>\n

        \n Balance Sheet and Cash Flows<\/strong>\n <\/p>\n

        As of December\u00a031, 2024, the Company had cash and cash equivalents of $98.9 million and total outstanding debt of $446.4 million consisting of Convertible Notes and liabilities to credit institutions. Net cash used in operating activities was $114.4 million for the twelve months ended December\u00a031, 2024, compared to $165.6 million during the prior year period, which was primarily driven by improved operating result, partly offset by cash outflow of $29.7 million related to discontinued construction of the Group\u2019s production facilities in Peterborough, UK and Dallas-Fort Worth, Texas, and a cash outflow of $9.3 million related to the settlement of US securities class action litigation.<\/p>\n

        Capital expenditures were $41.2 million for the twelve months ended December 31, 2024, compared to $69.0 million in the prior year period as the Company prioritized investments in its existing production facilities. In addition, proceeds from the sale of property, plant and equipment was $31.2 million for the twelve months ended December 31, 2024.<\/p>\n

        Free cash flow was an outflow of $155.6 million for the twelve months ended December\u00a031, 2024 compared to an outflow of $234.7 million during the prior year period. The improvement in free cash flow was driven both by decreased net cash flows used in operating activities and lower capital expenditures.<\/p>\n

        \n Free Cash Flow is a non-IFRS liquidity measure defined under \u201cNon-IFRS financial measures.\u201d Please see \u201cReconciliation of IFRS to Non-IFRS Financial measures\u201d at the end of this press release.<\/em>\n <\/p>\n

        \n Update on Asian Supply Chain<\/strong>\n <\/p>\n

        As previously announced on December 18, 2024, the Company decided to close its manufacturing facility in Singapore.\u00a0As part of the closure, in the fourth quarter, the Company incurred a non-cash impairment of $19.1 million and other restructuring and exit costs of $23.0 million.<\/p>\n

        Separately, after a thorough evaluation of its supply chain, the Company is today announcing the decision to discontinue the construction of the second production facility in China, which the Company historically referred to as \u201cAsia III\u201d. The Company has determined that the production capabilities in the existing Ma\u2019anshan production site, including the possibility of future expansion at that site, will be sufficient to support current customers and business growth. As a result of this decision, the Company in the fourth quarter recorded $25.1 million primarily relating to non-cash impairment charges.<\/p>\n

        \n Outlook<\/strong>
        \n
        Based on the Company\u2019s assessment of the current operating environment and the actions it is taking, the Company expects to achieve its first full year of profitable growth in 2025.\u00a0Specifically, in 2025 the Company expects:<\/p>\n