Slides
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4th quarter 2025 results announcement TOMRA Systems ASA 13 February 2026 © TOMRA
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Quarterly highlights
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Food Strong quarter in a year with record strong EBITA and profitability Recycling Good quarter in a weak year with challenging markets Collection Record quarter with roll-out in Poland and Portugal starting Group highlights
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Collection Business update Singapore – 1 April 2026 Singapore will officially launch its upcoming deposit return system on 1 April 2026. (link). TOMRA has been appointed as one of three Return Point Network Operators. • Good sales in existing markets, particularly Continental Europe • Installations in Poland and Portugal slowly picking up • TOMRA has been appointed Return Point Network Operator in Singapore • Increasing UK commercial activity with ongoing RFPs Moldova – January 2027 The government of Moldova has adopted an implementation framework for a deposit return system covering plastic, metal, and glass beverage containers – both single-use and reusable (link). Record quarterly revenues Revenues EUR millions Portugal – 10 April 2026 Portugal will officially launch its upcoming deposit return system on 10 April 2026, (link). Spain – TBD In November 2024, Spain announced that it will introduce a deposit return system within 2 years in accordance with its waste management law 'LRSCEC’ (link). Further regulatory alignment with PPWR is being considered and would likely delay the system launch. The government is in process of assigning a system operator. United Kingdom – October 2027 In January 2025, the UK government passed a DRS law for England and Northern Ireland (link). Scotland has passed legislation to aligning it with UK. On 6 May 2025, UK DMO was announced as the system operator (link). TOMRA S2 installed in Poland Greece – 1 December 2025 – delayed In February 2025, secondary DRS legislation was signed into law by the Minister of Environment and the Minister of Economy (link). In October 2025, the system operator was assigned. System preparations are underway but the launch date is delayed.
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Lower order backlog due to low order intake in 2025 Order backlog EUR millions Price development (illustrative) of virgin PET and recycled PET (rPET) PET = virgin-derived polyethylene terephthalate rPET= recycled polyethylene terephthalate (comparable to virgin PET) Recycling Business update • Significant mid-to-long term potential unchanged • Weak market sentiment within plastics and waste continues in North America and Europe • Cost savings program initiated ✓ Target to restore profitability back to +20% EBITA margin ✓ 16 MEUR gross annual cost reduction target, fully effective from 2027, through ~175 FTE reductions and an optimized global footprint and supply chain • Improved order intake in the quarter with some larger projects signed in Northern Europe E E
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• Positive momentum in order intake continues, led by Potatoes and Citrus • Strong order backlog with large projects to be delivered in 2026 • Exceeding our profitability target of 10-11% EBITA in 2025 • The new TOMRA 5S Blueberry revealed at Fruit Logistica , powe ed with OMRA’s AI solution LUCAi Food Business update Order backlog Euro millions Record high order backlog The new TOMRA 5S Blueberry, Spectrim with LUCAi
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Horizon Business update • c-trace: Strong momentum with double digit growth and >20% EBITA margin • Reuse: Successful piloting of event solution at Fairground Festival in Hannover and Intility Arena in Oslo • Feedstock: Good start to Områ operations with positive EBITDA run rate; ramping up to two shifts. For the German plant, remaining investments of approximately 25 MEUR have been put on hold as we adapt to the current state of the recycling market. TOMRA Feedstock Norwegian plant Områ official opening TOMRA Reuse Piloting of TOMRA Reuse event solution at Fairground Festival, Hannover (DE) c-trace c-detect for contamination detection powered with Artificial Intelligence
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Financials and outlook
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Financial highlights Revenues • Total revenue 382 MEUR (398 MEUR in 4Q 2024). Compared to 4Q 2024 revenues were: Down 4% for TOMRA Group Up 2% in Collection Down 27% in Recycling Down 3% in Food Gross margin • Gross margin 46% (46% in 4Q 2024) Operating expenses • Operating expenses (adj.) 105 MEUR (103 MEUR in 4Q 2024) EBITA • EBITA (adj.) 71 MEUR (78 MEUR in 4Q 2024) Cash flow • Cash flow from operations 24 MEUR (83 MEUR in 4Q 2024) Order intake and backlog • Recycling order intake 61 MEUR (76 MEUR in 4Q 2024) and order backlog 94 MEUR (107 MEUR in 4Q 2024) • Food order intake 86 MEUR (85 MEUR in 4Q 2024) and order backlog 136 MEUR (108 MEUR in 4Q 2024) • Special items -1 MEUR (-3 MEUR in 4Q 2024)Special items
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Revenues [EUR millions] Group P&L Highlights Gross margin [% of Revenues] [EUR millions] EBITA (and EBITA adj.) * Restructuring one-off costs Colle on Re ling ood Ope a ng e penses Spe ial items
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Revenues [EUR millions] Gross margin [% of Revenues] EBITA [EUR millions] o the n Eu ope Eu ope (e o the n o th Ame i a Rest o the wo ld Ope a ng e penses Collection P&L Highlights
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Revenues [EUR millions] Gross margin [EUR millions] EBITA (and EBITA adj.) [EUR millions] Order intake [EUR millions] Order backlog [EUR millions] Recycling P&L Highlights Eu ope Ame i as Asia Rest o the wo ld Ope a ng e penses Spe ial items *Restructuring one-off costs
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*Restructuring one-off costs Eu ope Ame i as Asia Rest o the wo ld Ope a ng e penses Spe ial items Revenues [EUR millions] Gross margin [EUR millions] EBITA (and EBITA adj.) [EUR millions] Order intake [EUR millions] Order backlog [EUR millions] Food P&L Highlights
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Cash flow from operations, YTD [EUR millions] Cashflow from operations • 24 MEUR in 4Q 2025 (83 MEUR in 4Q 2024) Solidity and gearing • 35% equity ratio • NIBD/EBITDA (rolling 12 months) of 2.3x Return on Capital Employed Balance sheet and cash flow Intangi le non u ent assets angi le non u ent assets inan ial non u ent assets In ento Re ei a les Cash and ash e ui alents E uit Lease lia ili es Inte est ea ing lia ili es on inte est ea ing lia ili es Range
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Financial position Capital structure Low gearing and financial risk Target green bonds for financing Business risk profile: BBB+ Financial risk profile: A Capital structure Investment grade Scope Ratings June 2025 A- Financing EUR millions Debt maturity profileLiquidity buffer • Weighted average debt maturity of 4.2 years • Maturity profile of bonds includes green bonds of 360 MEUR and Eksfin financing of 40 MEUR • Bonds issued in NOK are swapped to EUR • RCF of 150 MEUR running until December 2027 • EUR 54 million undrawn Liquidity buffer includes undrawn RCF, undrawn Eksfin financing, and unused cash-pool overdraft facility • The financial covenant related to bank debt is minimum equity ratio of 30 % Undrawn onds awn edit a ili es nd awn edit a ili es
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Outlook Collection . • High activity related to new markets and growth in existing markets. • Quarterly performance will be dependent upon timing of new initiatives. • Revenues in existing markets are generally expected to grow mid-single digit annually on average. There are additional growth opportunities in both new and recently launched deposit markets such as Poland, Portugal, Romania, and Austria. Current orders in Poland, Portugal, and Singapore are expected to contribute with approximately 100 MEUR in revenues in 2026. Recycling • Regulation and demand for recycled materials is expected to create growth opportunities. • Currently soft European plastics recycling market, trade tensions, and a high degree of macroeconomic uncertainty lead to increased uncertainty in the timing of orders and limited opportunity for growth in 2026. • Cost reduction measures of approximately 16 MEUR (gross) will gradually be implemented in 2026. These are estimated to incur restructuring costs of approximately 15 MEUR. • Based on the order backlog at the end of the quarter, a 40% conversion ratio is estimated to be recognized as revenues in the first quarter. • There is currently a higher share of metals recycling in the backlog with lower gross margins than other segments. Food • Need for automation and increased quality and safety requirements create opportunities. • Growth prospects for Food revenues in 2026 are estimated to be in the mid-to-high single digit range. • Based on the order backlog at the end of the quarter, a 55% conversion ratio is estimated to be recognized as revenues in the first quarter. Other • Capital e penditu es o app o imatel ME R a e e pe ted in , p ima il di e ted towa ds p oje ts in OMRA’s core divisions Collection, Recycling, and Food. Currency • OMRA’s glo al ope ations e poses the inan ial esults to u en lu tuations. OMRA will gene all ene it om a stronger USD due to the revenue exposure.
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Copyright The material in this Document (which may be a presentation, video, brochure or other material), hereafter called Document , including copy, photographs, drawings and other images, remains the property of TOMRA Systems ASA or third-party contributors where appropriate. No part of this Document may be reproduced or used in any form without express written prior permission from TOMRA Systems ASA and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction Disclaimer This Document (which may be a presentation, video, brochure or other material), includes and may be based on forward-looking information and statements that are subject to unknown risks and uncertainties that could cause actual results to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. The content of this Document is based on current management expectations, estimates and projections about global economic conditions, including the economic conditions of the regions and industries that are major markets for TOMRA Systems ASA and its subsidiaries and affiliates. These expectations, estimates and projections are generally identifiable by statements containing words such as “e pe ts”, “ elie es”, “ta gets”, “estimates”, “anti ipates”, “intends”, “goals”, “st ateg ” or similar expressions, if not part of what could be clearly characterized as a demonstration case, although not all forward-looking statements contain such terms. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause actual results to differ materially from those expectations include, among others, changes in economic and market conditions in the geographic areas and industries that are or will be major markets for TOMRA Systems ASA. Although TOMRA Systems ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no guarantee or assurance that those expectations will be achieved, or that future results or events will be consistent with any such opinions, forecasts, or estimates. TOMRA Systems ASA does not guarantee the accuracy, reliability, or completeness of the Document, neither expressed or implied, and no reliance should be placed on it. Except as required by applicable securities laws, we undertake no obligation to update or revise these statements based on new information, future developments or otherwise. TOMRA Systems ASA (including its directors, officers and employees) assumes no liability related to the use of this Document or its contents. TOMRA Systems ASA consists of many legally independent entities, constituting their own separate identities. TOMRA is used as the common brand or trademark for most of these entities. In this Document we may sometimes use “ OMRA”, “ OMRA S stems”, “we” or “us” when we refer to TOMRA Systems ASA companies in general or where no useful purpose is served by identifying any TOMRA Company.
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