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Investor Presentation TOMRA Systems ASA 13 February 2026 © TOMRA
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2 TOMRA Group3 TOMRA Group 3 TOMRA Collection18 TOMRA Collection 18 TOMRA Recycling41 TOMRA Recycling 41 TOMRA Food64 TOMRA Food 64 TOMRA Horizon80 TOMRA Horizon 80 TOMRA Financials94 TOMRA Financials 94
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3 Publicly listed on Oslo Stock Exchange (OSE: TOM) ~5,800 employees globally 1,318 million EUR revenues in 2025 Collection Recycling Food Horizon Transforming society’s habits to keep valuable resources in a continuous loop of use and reuse. Giving every piece of material we sort and analyze – may it be waste, metal or ore – a value. Our sorting, processing and packing solutions help to maximize food safety and minimize food loss. Exploring new, adjacent and alternative opportunities for our technology and solutions to leading the resource revolution.
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4 At TOMRA, our vision is to lead the resource revolution It is our belief that businesses have the power and responsibility to help manage our planet’s precious resources – today and tomorrow.
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… optimizing how resources are obtained, used, and reused – through sensor-based solutions for automated identification, grading and sorting of resources. TOMRA is an impact leader providing thought leadership and pushing the boundaries on technology and solutions …
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… shaping existing markets and creating new ones. We operate in markets where we take a leading global position and make a meaningful impact …
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Innovation, passion, and responsibility are our core values … … and we have an entrepreneurial culture where we empower for ownership. 7
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A challenge to solve 8 TOMRA founders Tore and Petter Planke Petter and Tore Planke developed the world’s first automated reverse vending machine for collecting used bottles in 1972. Aage Fremstad, the grocer who first asked Petter Planke if he could provide an automated return solution for empty bottles, showcases the first TOMRA prototype installed at his store. 1972
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9 1972 2004 2011 Today TOMRA Collection Started with the invention of the world’s first RVM in 1972 TOMRA Recycling Acquired in 2004, organically developed since TOMRA Food Acquired 2011-2018 TOMRA Horizon Adjacent business building leveraging our technology and expertise We have shaped circularity and resource optimization for over 50 years through innovation, entrepreneurship, and thought leadership 9
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TOMRA’s transformation journey Key developments and acquisitions TOMRA acquires Commodas - a leading supplier within the field of sensor-based products for mining and metal recycling. TOMRA acquires Ultrasort - specialists in sensor-based mining technology. TOMRA acquires TITECH, the world's leading provider of optical recognition and sorting technology for the waste industries, starting TOMRA’s transformation journey and laying the foundation for what later becomes TOMRA Recycling. TOMRA acquires Odenberg, the inventor of the original steam peeler and pioneer in peeling, sorting freezing, and chilling for potatoes and vegetables. TOMRA acquires BEST, a leading food sorting machine producer focused on potato products, adding to TOMRA's portfolio of food sorting solutions. TOMRA adds lane sorting technology to the portfolio through the acquisition of Compac and becomes the first player to sort fresh and processed foods with both lane and bulk sorters. TOMRA expands its food sorting portfolio with the acquisition of BBC Technologies, a leading provider of precision turnkey solutions for blueberries and other small fruits. 2004 TITECH 2005 Commodas 2008 Ultrasort 2011 Odenberg 2012 BEST 2016 Compac 2018 BBC Technologies TOMRA Collection TOMRA Recycling TOMRA Food TOMRA Horizon 1970s Organic growth 1990s US acquisitions TOMRA is founded in Norway in 1972. The following year the company began setting up subsidiaries in Sweden, Finland, Denmark, Netherlands and Germany. During the 1980s TOMRA set up distributor agreements in a number of European countries and states in the US. TOMRA acquires Neroc in 1992, forming the basis of TOMRA Collection's Material Recovery business in the US. Further acquisitions of processing facilities in Northeastern states would follow. 2024 c-trace TOMRA acquires 80% of c-trace, a leader in digital waste management solutions. 1980s Network expansion 2025 Clynk TOMRA acquires Clynk, a leading provider of "bag drop" solutions for collection and processing of beverage containers in the United States.
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11 Growing sustainably & profitably 2025 EUR 1,318 million Revenues EUR 332 million Collection Recycling Food Horizon 2005
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We have consistently delivered profitable growth while enabling significant emission avoidance through our products 2015 2017 2019 2021 2023 2025 1,348 +7% CAGR Revenue growth, EUR million 2013 2015 2017 2019 2021 2023 +6% CAGR Avoided emissions from TOMRA product use*, million tons CO2 0.88 2.15 +9% CAGR Annual dividends (DPS), NOK * Estimated in TOMRA’s annual reports. TOMRA will change calculation methodology to align with WBCSD and Net Zero Initiative’s Guidance on Avoided Emissions. This is expected to affect nominal values, not the trend. 684 2015 2017 2019 2021 2023 2025
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13 TOMRA’s global presence Food ~16,100 Recycling ~11,900 Collection ~91,900 Total ~119,900 Installed base worldwide *All figures are from 2025
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14 The drivers for increased circularity and resource optimization have never been stronger than now Regulation Modernization & Automation Decarbonization Demographics Resource scarcity 14
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Collection Recycling Food Horizon M&A Invest in double digit growth Invest in double digit growth Improve profitability then grow Long-term business building Selected value- adding verticals TOMRA 2030 Strategy Accelerate growth in core Develop adjacent business Fully circular business and being safe, fair and inclusive Climate impact Sustainable product design Employee value proposition 15
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16 Strategic ambition 16 Revenue growth 15% CAGR EBITA margin at 18% Return on Capital Employed >18% CO2e Net Zero Capital structure Investment grade over the cycle by 2030 by 2030 by 2050 Dividend payout 40-60% of EPS
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Our vision is to lead the resource revolution, to… Increase today’s of consumable food which is lost and wasted2 2) ) Emissions Gap Report 2023, UN Environment Programme. of resources which are consumed circularly1 7% Reduce today’s 30% 1) The Circular Gap Report 2024, Circle Economy Foundation. 17
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TOMRA Collection 18
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741 million EUR in revenue 91,900 machines in operation We are a technology leader globally 60 marketsin more than *All the figures are from 2025 Represented Collecting 53+ billion containers a year Source: TOMRA.com ~3.200 Employees Transforming society’s habits to keep valuable resources in a continuous loop of use and reuse.
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20 Over 53 billion drink containers collected in 2024 This represents less than 3% of all beverage containers in the world.
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Deposit return systems enable Clean Loop Recycling 1 Aluminum, Glass, Plastic.. “Beverage Market Data Analysis 2017,” Container Recycling Institute. 2020. 2 Michigan and Oregon. Bottlebill.org. 2021 Compiled from deposit System Operators and “PET Market in Europe: State of Play,” Eunomia. 2020. Data available upon request. 47% Containers without a deposit 94% Containers with a deposit 27% Containers without a deposit1 88% Containers in high- performing DRS2 72% Containers with a deposit1 Europe Average PET plastic beverage container return rates. USA Average beverage container return rates.
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Legislation, automation and decarbonization drive the expansion of DRS systems worldwide DecarbonizationRegulation Modernization & Automation EU’s Single Use Plastic Directive (SUPD) & Packaging and Packaging Waste Regulation (PPWR) drive implementation of DRS to achieve collection targets above 90% Industry committing to SBTi targets pushing sustainability to be part of decision making Labor cost and margin pressure lead to focus on efficiency and ease of use across the value chain 22
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Americas ~14 000 EMEA ~72 200 APAC ~5 700 Total ~91 900 23 TOMRA Collection, Installed base, worldwide Figures are from 2024
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Service network Innovation leader Trusted partner Solution Portfolio TOMRA is a leading provider in reverse vending solutions
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TOMRA offers a wide portfolio of RVMs, digital tools with APIs, and service - for different size operations Reverse vending machines (RVMs) tailored to a variation of needs Digital products and APIs for end users and operators Remote and local on-site service Unmanned RVM Kiosks Large scale equipment for redemption centers & depots
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Revolution Our solutions are divided into six product lines Flexible Mini BasicExpert Standalone
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Click here for more info CONTAINER VOLUME UP TO 50 M UBC/YEARUP TO 15 M UBC/YEARUP TO 1 M UBC/YEARUP TO 0.3 M UBC/YEAR UP TO 5 M UBC/YEARUP TO 3 M UBC/YEAR MEDIUM STORE LARGE STORESMALL STORE Our reverse vending portfolio REDEMPTION CENTER
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28 Digital tools & APIs • Consumer Experience & Engagement products • Operational Insights & Reports • APIs and integration services
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Service & Support Online support Remote monitoringInstallation Field ServiceTrainingPreventive Maintenance
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30 Efficient operations for peace of mind A great user experience A smart investment for long-term benefits Strategic aspiration: Innovate the most attractive solutions and the best customer experience Customer centricity is at the core of our innovation strategy
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31 BUSINESS MODELS Sales Service Throughput Material Recovery ~ 40% share of revenue today ~ 20% share of revenue today ~ 20% share of revenue today ~ 20% share of revenue today We solve customers' DRS challenges through flexible value chain positioning depending on local needs TOMRA Collections' value chain positioning Consume Network Operator Produce/ Import Buy Consumer return Counting center Logistics & Processing Recycle VALUE CHAIN System Operator Financial clearing 31
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Cash flow profiles of the two main business models Illustrative cash flow profiles per machine Sales & Service Throughput Time Cash flow Upfront CAPEX Higher initial sales Higher recurring revenue Year 0
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33 Our ambition is to continue our trend of profitable growth in Collection Double Digit Revenue Growth Increase EBITA % to high 10’s ... 461 565 612 697 461 565 612 697 2020 2021 2022 2023 2030 +15% CAGR ... >10% CAGR EUR million EBITA % Decrease CO2 footprint aligned with SBTi targets Scope 1 & 2 absolute reduction Scope 3 intensity reduction SBTi Scope 1-3 emission targets Baseline 2033 55% reduction Baseline 2033 62% reduction18% 19% 15% 17% 2020 2021 2022 2023 2030 >18% 33
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Coming conventional DRS markets Collection: Total potential beverage containers to collect (based on global sales of drink containers in 2023) ~2 trillion 11% 11% 78% Uruguay Quebec Moldova Singapore Publicly announced upcoming DRS launch Greece Czech Rep. Portugal Spain Legislative considerations and planning Turkey UK Bulgaria Belgium EU requirements by 2029 France Italy New Zealand Existing conventional DRS Rest of the world Coming conventional DRS Total drink containers sold
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We will drive significant growth in existing DRS markets by maintaining our industry leadership Existing DRS markets Solution- and business model innovation Increased throughput & material recovery volumes EXISTING MARKETS Maintain industry leadership Technology leadership to trigger replacement of installed base expected 40-50% share of growth by 2030 35
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We will drive significant growth in coming DRS markets by leveraging our current strengths Existing DRS marketsCOMING MARKETS New market capture expected 40-50% share of growth by 2030 Proven roll-out & production abilities Strong local presence combined with 50 years of industry know- how Extensive portfolio & innovation capabilities 36 Uruguay Poland Quebec Tasmania Singapore Publicly announced upcoming DRS launch Greece Czech Rep. Portugal Spain Legislative considerations and planning Turkey UK Bulgaria Belgium EU requirements by 2029 France Italy New Zealand
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REST OF THE WORLD We will position for growth beyond 2030 in rest-of-the-world markets by exploring alternative collection solutions Existing DRS marketsREST OF THE WORLD Long-term positioning and investment expected 5-10% share of growth by 2030 37 Holistic solution provider of circular solutions Solution- & business model innovation First-hand experience from pilot concepts in Middle East and Asia
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38 Our ambition is to steadily increase the EBITA margin towards 2030 while realizing significant growth Ramp-up costs and initial warranty period reduces margin at the launch of new markets Launch of new innovative products and volume growth in throughput markets Increase operational efficiency in existing DRS markets, both COGS and OPEX EBITA margin Increase to high 10’s 38
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39 We aim to decouple our growth from our footprint by reducing the emissions from our operations and increasing the circularity of our products Decrease CO2 footprint aligned with SBTi targets 39
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40 40 Our 2030 ambition: on the way to Responsibly collecting 500bn drink containers for clean loop recycling and reuse 130 Key takeaways Continued strong profitable growth Unique position & market momentum Maintain leadership in existing markets, capture new markets & prepare for beyond 2030 40
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41 TOMRA Recycling 41
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218 million EUR in revenue 11,900 installed machines 100 countriesin more than We serve customers around the world with state-of-the-art sorting machines Represented *All the figures are from 2025 ~950 Employees Giving every piece of material we sort and analyze – may it be waste, metal or ore – a value.
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Recycling aluminum saves up to 95% of the energy required to produce new aluminum tons of municipal solid waste annually. 2.3 billion The world generates up to of this waste is not managed in an environmentally safe manner 40%Almost Sources: UNHSP , International Aluminum
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TOMRA Recycling Waste recovery sorting of polymer fractions: PET, HDPE, LDPE, PP , PS, etc. Recycling pre-processing sorting of recovered material TOMRA Recycling value proposition: Giving every piece of material we sort and analyze – may it be waste, metal or ore – a value. Materials sorted WEEE Waste Electrical and Electronic Equipment Wood PlasticsOre Textiles Metals Recycling
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Americas ~2 000 EMEA ~8 100 APAC ~1 800 Total ~11 900 TOMRA Recycling Installed base worldwide TOMRA is a global leader in sensor-based technology enabling recycling and mining Global HQ Production Test center Charlotte, USA Koblenz& Hamburg Germany Parma, Italy Senec, Slovakia Istanbul, Turkey Seoul, Korea Kunshan, China Xiamen, China Sydney, Australia Johannesburg, South Africa 45
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Our installed base by segment Material recovery segment Recover materials for recycling from both source separated and mixed household waste Ore sorting segment Recovery and ore sorting to reduce environmental impact Recycling segment Upgrade material to pure fractions for high quality recycling Segment share of installed base Plastics Metal Other Plastic Metal Other Segment share of installed base Ore Segment share of installed base 65% 25% 10%
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Decarbonization, legislation and modernization is driving the recycling market Regulation Modernization & AutomationDecarbonization • Companies signing up to science-based targets to net zero • Increase recycled content • Demand for higher quality feedstock • EPR, PPWR, ELV Regulation encourage more waste streams to be sorted • Improvement to recycling practices requires industrial- scaled sorting • Increased competition and focus on operational efficiency drive infrastructure modernization • Labor shortage demands high degree of automation 47
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Material recovery from waste 2. More types of materials for recycling is requiring more material recovery sorting Recycling pre-processing sorting Aluminum · Copper · Brass · Stainless steel … Aluminum alloys ✓ 5xxx series ✓ 6xxx series ✓ … PET · HDPE · LDPE · PS · PP … ✓ Food grade × Non-food grade Waste Electrical and Electronic Equipment Wood Plastics 1. Legislation and demand for recycled material is increasing the volume of material that needs to be recovered and sorted from waste Metals Ore Textiles AI-powered GAINnext LIBS-powered AUTOSORT PULSE 3. New technology is enabling additional sorting capabilities for higher quality and closed loop recycling of materials Traditional sorting pre-processing More and better recycling of materials demands more and better sorting of waste streams
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Emergence of Extended Producer Responsibility (EPR) beyond packaging increases adoption of automated sorting EPR for packaging status Mandatory EPR for packaging EPR being developed for framework legislation only No EPR in force or development as of today Further EPR schemes under consideration ELV & WEEE Packaging Wood Textile South America Asia North America Oceania Europe Africa Existing In development 49
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High-tech sensors to identify objects on a transport system High speed processing of information (material, size, color, shape and position of objects) Precise sorting by air jets Product-specific equipment design often including multiple sensors and technologies The automated sorting process 1 2 3 5 Continuous monitoring and improvements using digital tools 4
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51 Our sensor-based sorting systems for waste
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52 Our sensor-based sorting systems for metal AUTOSORT PULSE The Dynamic LIBS solution for sorting aluminum scrap by alloy COMBISENSE Color sorting of mixed non-ferrous metals for maximum value X-TRACT for Metal Powerful precision x-ray sorting of aluminum from heavy metals FINDER Ultra-flexible, intelligent sorting of non-ferrous metals
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53 How does sensor-based separation work? High-tech sensors to identify objects Precise ejection by ultra fast air jets Feeding of unsorted material High-speed processing of information (material, shape, size, color, defect, damage and location of objects) Product specific equipment design often including multiple technologies to maximize sorting efficiency
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54 Example layout of an automated sorting plant
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Laser reflection/ fluorescence laser (LASER) Color camera (color) X-ray transmission (XRT) 3D Laser height LASER INDUCED BREAKDOWN SPECTROSCOPY (LIBS) MID INFRARED (MIR) Visible light spectrometry (VIS) Near-infrared spectrometry (NIR) Electromagnetic sensor (EM) Different sensors for a tailor-made solution
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Deep Learning Latest AI technology that solves challenges that cannot be solved with conventional sorting methods FLYING BEAM Groundbreaking illumination technology for stable material classification and up to 80% energy savings SHARP EYE Optical solution providing intelligent, automated image analysis and increases the sharpness of images And many more! TOMRA Technology In-house developed technology for the highest sorting performance
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High-precision sensors, data-driven software and powerful processing techniques are at our core The most sophisticated sorting systems based on traditional sensors and the latest AI technologies High-quality service with remote diagnostics and preventive maintenance Data-driven real-time optimization through cloud-based monitoring Material flow analysis along key points of the sorting lines
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58 TOMRA Insight Turnd sorters into a powerful & connected source of actionable information Reduce Downtime Reduce Operational Cost Sort to Target Quality Maximize Throughput
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59 Food vs. non food- grade plastic analysis Waste analysis by PolyPerception Gets the most out of a sorting plant with end-to-end object tracking and classification on any sorting line Integration with TOMRA machines AI waste analytics and compliance reporting Real-time images of material flows
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60 We target double digit revenue growth, maintained profitability and reduced carbon footprint in Recycling Double digit Revenue Growth Optimize EBITA % at low-to-mid 20’s 22% 22% 23% 23% 2020 2021 2022 2023 2030... 158 186 235 270 2020 2021 2022 2023 2030 +19% CAGR ... EUR million EBITA % Decrease CO2 footprint aligned with SBTi targets Scope 1 & 2 absolute reduction Scope 3 intensity reduction SBTi Scope 1-3 emission targets Baseline 2033 55% reduction Baseline 2033 62% reduction • Reduce consumption of compressed air • Reduce emissions through servicing • Produce higher quality solutions that use lower renewable energy >10% CAGR 60
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61 Most extensive sensor portfolio for high- performance machines Commitment to innovation and cutting- edge research New success with AI and LIBS technology Advisory and close collaboration with our customers We are the technology leader in an evolving recycling market Technology leader Value drivers Leading position while expanding to new segments 61
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62 We will transform our service offerings for superior client deliveries Servitization strategies and “as-a-service” productized offers Transform service offerings Value drivers Rise of remote field service Technology advancement & enablement New service business models to reduce and optimize footprint Increase recurring revenue share by strengthening and digitalizing service
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63 Demand for more and better feedstock drives sorting demand We are the technology and market leader We target double digit growth with strong profitability Key takeaways Our 2030 ambition: to give every piece of material a value by sorting and analyzing it and enabling its best use Enable additional tons material for circularity 180 M 63
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Our sorting and grading solutions help to maximize food safety and minimize food loss by making sure Every Resource Counts. TOMRA Food 64
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65 Americas ~6,500 EMEA ~6,600 APAC ~3,000 Total ~16,100 Installed base worldwide Regional HQ Production R&D hub The installed base has been restated to a stricter definition of what constitutes an installation (vs. peripheral) and the regional location of the customer. 65 We are the global leader in food sorting and grading
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We are focused on high value market segments, where technology makes a differentiate Focus segments CitrusCherries KiwifruitPotatoes Processed vegetables NutsProcessed fruit Blueberries Apples 66
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Where we operate Harvesting Quality grading Packaging CitrusCherries Kiwifruit Potatoes Processed vegetables Nuts Processed fruit Blueberries Apples Processing TOMRA Food value proposition: Optimizing yields, increasing food safety and reducing food loss and waste through increased automation of sorting in the food production value chain
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Leading technology Sorting & Grading Artificial Intelligence Data & Analytics Service & Support
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Our technology detects a wide range of parameters 69
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Benefits for our customers Intuitive interface enables operators to quickly master operation Time and skill level required to complete tasks is reduced Standard interface between TOMRA machines makes it easy for operators to rotate between machines Best in class technology to sort small and sticky objects Smart detection and analysis minimizes false ejections Quickly achieve the exact detection sensitivity and quality required 1. Increased foreign Material (FM) Detection 70 Increase food safety by eliminating FM that is loose, or on the surface of an object Avoid costly recalls or reputational issues 2. Sort processed food accurately and maximize yield 3. Simplify operator interactions
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Our platforms TOMRA A Product Line TOMRA B Product Line TOMRA C Product Line TOMRA 5A Series TOMRA 5A Series TOMRA 5B TOMRA 3A Series TOMRA 3A Series TOMRA 3C TOMRA 3C TOMRA 5C TOMRA 5C ULTRAVIEW ULTRAVIEW INSPECTRA2 INSPECTRA2 KATO260 with LUCAi KETE16 KETE16 Peeling Lines Peeling Peeling TOMRA X Product Line TOMRA 5X Integrated sorting solutions for Fresh Produce TOMRA S Product line Small Fruit Sorter Small Fruit Sorter Small Fruit Sorter and KATO260 Line TOMRA 5S Advanced Single/Dual lane sorter TOMRA NEON 3 TOMRA NEON 3 CURO16 CURO16 Solutions for Fresh and Processed produce SPECTRIM SPECTRIM
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Working principles in Food sorting Xray sorter Belt inspection Singulated grading Air inspection Chute or Channel sorter Infeed (unsorted) X-ray source X-ray detector 1 Precise air guns Accept / reject2 3 4 5 1 2 3 4 5 1 2 3 4 5 Infeed (unsorted) BSI+ Laser Precise air guns Accept / reject 1 2 3 4 5 Infeed belt (unsorted) Full width NIR and Color Vision sensors 1 2 3 4 Intelligent finger ejectors Accept/reject 1 2 3 4 1 2 3 4 5 Infeed Belt (unsorted) Cameras Lasers 1 Precise air guns Accept / reject2 3 4 5 Accumulation conveyor Singulation conveyor Acceleration conveyor Roller rotation units 1 Cameras and NIR sensors Gentle tipping or air jets Specified grade 2 3 5 6 4 7 1 2 3 4 5 6 7
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Global trends underpin market acceleration that fuel the rise of automated sorting technology Demographics Modernization & Automation • Population growth driving increased demand for food • Rising middle class change dietary habits • More detailed requirements • Pressure on labour cost and availability • Machine efficiency to increase yield • High rate of technology change 73
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Our strategy: Restructured organization with two-phase strategy focusing on improving profitability before accelerating profitable growth Clear focus… …on the most attractive food categories CitrusCherries Kiwifruit Potatoes Processed vegetables Nuts Processed fruit Blueberries Apples …on our core sorting, grading and peeling technology Profitability Customer Satisfaction Technology leadership Empower Our People Strategic pillars Phase 1: Turnaround profitability (2024-26) Phase 2: Profitable growth (2026-2030) Two phase strategy
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75 First, we improve profitability then target growth Mid-to-high single digit revenue growth Improve EBITA % to mid 10’s 11% 11% 9% 2% 2020 2021 2022 2023 2030... 308 324 358 320308 324 358 320 2020 2021 2022 2023 2030 +1% CAGR ... 6-7% CAGR EUR million EBITA % Decrease CO2 footprint aligned with SBTi targets Scope 1 & 2 absolute reduction Scope 3 intensity reduction SBTi Scope 1-3 emission targets Baseline 2033 55% reduction Baseline 2033 62% reduction • Reduce consumption of compressed air • Reduce emissions through servicing • Produce higher quality solutions that use lower renewable energy adjusted for special items On track to deliver >10% run rate at end of 2024 75
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76 Phase 1 is focused on profitability and customer satisfaction 1. Restructuring Value drivers Focus & simplify our portfolio and operations to reduce complexity Improve service performance, increasing aftermarket share of wallet Establish local partnerships to complement our solutions, streamlining delivery and installation Implement a platform approach to speed up time to market of new products 76
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77 Phase 2 will be about profitable growth through technology leadership and service innovation 2. Profitable Growth Value drivers Innovative service products that add value across the whole customer life cycle Digital and data offerings that create new value streams for our customers Expand sorting opportunities to increase share of wallet of our customers Sensor technology development to open up new segments and opportunities 77
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78 We start with our restructuring program but see further opportunities to improve our margin Road to mid 10’s EBITA margin ambition EBITA margin, illustrative Target 10-11% EBITA through ongoing restructuring program Margin expansion from operational leverage as we grow Positive revenue mix from services and optimized portfolio 2023 Restructuring Operational leverage Revenue mix Gross margin improvement 2030 ambition 2%* Mid 10’s *Adjusted for special items Gross margin improvement through value-based pricing 78
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79 Our 2030 ambition: We are the global leader and we aim to strengthen this position by delivering leading customer satisfaction We will complete the restructuring, delivering on profitability We will then deliver profitable growth through technology leadership and service innovation of food loss and waste while enforcing food safety and maximizing the yield for our customers Contribute to reduce the 30% Key takeaway Food loss and waste source: Food and Agriculture Organization of the United Nations (FAO) 2023. Tracking progress on food and agriculture-related SDG indicators 2023. 79
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80 TOMRA Horizon 80
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81 Develop adjacent Business Exploring new adjacent business opportunities and alternative business models leveraging our technology and decades of know-how in order to facilitate and accelerate the transition to circular economies. Selected value-adding verticals TOMRA Horizon Adjacent M&A Long term business building 81
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Innovate and lead the resource revolution Broaden our portfolio Create additional profitable growth Horizon is a vehicle to broaden the TOMRA portfolio and create long term value 82
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83 Our ventures are past the business blueprint phase, ready to demonstrate and scale technology Start commercial scaling Start exploration Launch and start Proof-of-Concept Design business blueprint TOMRA Feedstock TOMRA Reuse 83
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84 What we are looking for We are looking for opportunities that have the right potential >15% IRR >15% ROCE >15% EBITA Capital allocation thresholds Business models solving global issues, with the potential to become a sizeable business 1 2 4 Within market and technology that is ripe for scaling over the next few years Potential for strong capital returns supporting TOMRA to deliver on our Group targets Opportunities where TOMRA has a competitive advantage to succeed 3 84
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Organic ventures Adjacent investments Exploration areas Horizon platform 2025: Organic ventures, adjacent investments and exploration areas Business units Governed by TOMRA Recycling Strategic investment 100%Ownership 100% 80% 32% 14% Business building within adjacent areas and alternative business models, leveraging our technology and decades of know-how Targeted investments to drive growth, broaden TOMRA’s portfolio & impact, accelerate innovation, and disrupt existing operating models Exploration projects of prioritized strategic areas to provide valuable insight and identify new adjacent opportunities Reuse Feedstock C-trace PolyPerception Kezzler Smart Waste Management Emerging markets
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86 TOMRA Feedstock utilizes our waste sorting technology to create new value chains that recover plastic waste which is typically incinerated or landfilled today. Through advanced sorting plants, we turn this material into high quality plastic feedstock for closed loop recycling. TOMRA Feedstock More than 70% of plastics is landfilled or incinerated in Europe 86
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Key needs to believe TOMRA Feedstock Regulatory push for more plastics recycling Industry committing to more recycled content in products Advancements in mechanical and chemical recycling technology and capacity 1 2 3 • Two plants on track for start- up during 2025/2026 • Offtake agreement signed for most challenging output fractions • Further investment cases in pipeline Post-consumer plastics waste value chain in Europe 87
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88 TOMRA Reuse leverages our reverse vending technology to create open managed systems and complete infrastructures for reusable takeaway packaging for cities and events around the world – reducing waste and optimizing resources in urban areas. TOMRA Reuse Takeaway packaging create up to 50% of the waste in city’s public bins 88
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89 TOMRA Reuse RETURN at automated collection points TRANSPORT from collection points to sanitation hub SANITIZE sort, quality check and ship back to restaurants/cafés BUY takeaway from restaurant/café CONSUME at home/in office/on the go Key needs to believe Regulations on city, country or European level Reuse solution is convenient for consumers, ensuring high adaption Reuse solution is convenient for businesses reducing the barriers to shift to Reuse 1 2 3 • Aarhus city pilot up and running • New collection point with food packaging under development • Dialogue with several cities • Event pilot under development 89
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90 c-trace c-trace is a German technology company specializing in digital waste management solutions, acquired 80% by TOMRA in 2024. The company delivers innovative software and hardware systems— including telematics, dynamic weighing and identification, RFID, and AI solutions—to optimize waste collection, recycling, and logistics operations for municipalities and commercial clients.
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91 In addition to business building through corporate ventures, TOMRA pursues a strategy of targeted adjacent investments to drive growth, accelerate innovation, disrupt existing operating models, and further strengthen digital capabilities both in our existing core divisions and in new areas. Adjacent investments
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92 Exploration areas In keeping with its entrepreneurial history and tradition, TOMRA continues to explore new areas to further its ambition to lead the resource revolution and realize a world without waste. At present, smart waste management and emerging markets are subject to focused exploration efforts.
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We will target selective adjacent M&A plays to diversify and strengthen TOMRA Purpose Capital allocation framework What we look for M&A to diversify and strengthen the TOMRA portfolio and create additional value Selective investments backed by strong business cases supporting TOMRA to deliver on our Group targets Purpose driven businesses well positioned in high- growth markets where technology is a key differentiator 93
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TOMRA Financials 94
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We are positioning our portfolio for profitable growth 95 Growth Profitability Longer term selective growth Invest in growth HarvestImprove >10% CAGR<10% CAGR <10% EBITA margin >10% EBITA margin Horizon Today -> 2027 Collectio Today ->2030 Recycling Food Today 2024-26 Collectio Today ->2030 Collection 2030 2030 TOMRA ambition TOMRA ambition
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0.3 0.2 0.5 2019 0.3 0.3 0.7 2023 ... 2030 Revenue ambition EUR billions, illustrative Food Collection Recycling 1.3 billion EUR 0.9 billion EUR Adjacent We remain committed to our ambition of 15% annual growth 96 Revenue growth 15% CAGR Revenue growth 15% CAGR over the cycle
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42% 58% 2023 2030 Revenue split, core divisions Percentage …and we have an ambition to increase the share of services ... Growing recurring service base Revenue, TOMRA Group EUR millions, illustrative We have a solid underlying business generating steadily growing revenues 2023 ~15%* ~85% 2030 1 287 Sale of RVMs & Sorters Service, Throughput & Material Recovery There is significant growth potential for TOMRA even before considering new deposit markets in Collection… ... New deposit markets in Collection TOMRA Group excluding future deposit markets 97*New DRS markets 2024-2030 is expected to make up around 15% in 2030 of Group revenues
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2023 Improvement program Food Operations and revenue mix Business mix Adjacent 2030 ambition 13%* 18% EBITA Our profitability target stay firm, and we will increase EBITA to 18% by 2030 Road to 18% EBITA margin ambition EBITA margin, illustrative EBITA margin at 18% Contribution from investments into new business as they scale and mature Margin expansion from Food restructuring program Efficiency improvements to operations and positive contribution from revenue mix including growth in services Faster growth in higher margin divisions *Adjusted for special items by 2030 98 EBITA margin at 18% by 2030
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TOMRA has historically generated robust cash flows supporting our capital allocation Historical operating cash flow EUR millions 0 50 100 150 200 250 2020 2021 2022 2023 99 2024 2025
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We have a disciplined capital framework and allocation prioritization 100 Dividends Growth in core Adjacent investments Prioritization of capital allocation
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58% 44%* 2020 2021 2022 2024 Our dividend policy is a cornerstone of TOMRA and will be kept unchanged Dividend policy NOK per share Dividend payout % 60% 40% of EPS 101 *269% of EPS including extraordinary dividends 2023 58% 2025
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*E.g. R&D, ramp-up and other investments We invest in accelerated growth within our core divisions while supporting selected adjacent opportunities Accelerate growth in Core Adjacent Future oriented OPEX and CPAEX spend* ~6-8% of revenues Future oriented spend Project dependent Future oriented spending Maintenance Maintenance CAPEX spend ~4-5% of revenues Maintaining a stable maintenance capex driven by installed base and mainly allocated to Collection Capital light expansion in core business where we support technology leadership through R&D, tech innovation and ramp-up of new markets Investment principle based on a strict framework that is dependent on available free cash flow used to grow Horizon and for selective M&A 102
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We are focused on reaching a ROCE above 18% Return On Capital Employed Percentage *ROCE calculated as rolling 12M EBITA divided by rolling 12M Capital Employed, where Capital Employed equals total assets less cash less investments in associates less non- interest-bearing liabilities – includes Goodwill; 2023 adjusted for special items; Excluding transformative M&A 19% 23% 19% 17% 18% >18% 2020 2021 2022 2023 2030 15% ... ROCE incl. adjacent* 103 Return on Capital Employed more than 18% by 2030 Return on Capital Employed >18% by 2030 2024 2025
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Financial position 4Q 2025 Low gearing and financial risk Target green bonds for financing 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 360MEUR 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 % 202 202 202 202 20 0 20 1 20 2 20 20 20 0 0 0 100 120 1 0 1 0 1 0 200 220 Undrawn Bonds Drawn credit facili es Undrawn credit facili es
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We are committed to reach our sustainability targets across material topics by 2030 105 Climate impact Employee value proposition Sustainable product design Our sustainability targets towards 2030 >90% sustainable materials and components in all new products >50% of our products are circular at their end of live Grow female representation in senior management to >30% Improve employee satisfaction with top quartile NPS score Commitment to Net Zero emissions and setting SBTi targets 100% renewable electricity Attract diverse talents from all facets of humanity, with a goal of 50% women and men joining annually >80% reduction in operational transport emissions
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Baseline 20223 ~-1% Scope 1 & 2 ~-1% Purchased goods and services ~-1% Upstream transportation and distribution ~-30% Use of Sold Products ~-30% Gap to close Target 2033 ~-15% Scope 1-3 initatives ~-20% Gap to close Target 2050 ~38% ~3% We have developed our SBTi targets as part of our pathway to reach net zero Net Zero Decarbonization Plan Illustrative, figures are early estimates and pending SBTi verification , tCO2e per EURm Target Scope 1 & 21 Scope 32 Gap to close Food Collection Recycling 1) Absolute reduction of GHG emission, 2) GHG intensity reduction, illustrated in graph based on 2022 revenue multiplied with 2033 and 2050 target GHG intensity reduction per EURm, 3) Baseline estimated at ~1.5m tCO2e, 4) Target reduction percentages when holding 2022 revenue constant to illustrate GHG intensity reduction for Scope 3 at current baseline level – For instance Scope 3 emissions could be unchanged in 2050, but the GHG per EURm revenue will be reduced by 62% in 2033 and 97% in 2050 for Scope 3 following revenue increase Our SBTi targets equals a reduction of ~62% in 2033 and ~ 97% in 2050 compared to baseline4 ~-15% Initiatives to reduce net emissions are identified where we plan for implementation towards 2033 106 CO2e Net Zero by 2050 CO2e Net Zero by 2050
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Strategic ambition 107 Revenue growth 15% CAGR EBITA margin at 18% Return on Capital Employed >18% CO2e Net Zero Capital structure Investment grade over the cycle by 2030 by 2030 by 2050 Dividend payout 40-60% of EPS
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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 “expects”, “believes”, “estimates”, “anticipates”, “intends”, “goals”, “strategy” 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 “TOMRA”, “TOMRA Systems”, “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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