Slides
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3rd quarter 2026 results announcement TOMRA Systems ASA 23 October 2026 © TOMRA
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Quarterly highlights
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Group highlights Revenues: 54 MEUR EBITA: 6 MEUR Order intake: 73 MEUR Revenues: 86 MEUR EBITA: 11 MEUR Order intake: 75 MEUR Revenues: 217 MEUR EBITA: 36 MEUR Food 13% revenue growth, stable quarterly gross margin and flat order intake Recycling Revenues up 34%, gross margin up on higher volume and COGS savings, higher order intake driven by Mining Collection 21% revenue growth driven by strong existing market performance and continued new market activity, lower gross margin reflecting business mix
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Strong quarterly revenues Revenues, MEUR 3Q25 4Q25 1Q26 2Q26 3Q26 179 207 208 246 217 +21% 162 17 172 35 159 49 177 69 193 24 Existing markets New markets New markets 2025: Austria, Poland, Portugal, Romania, Tasmania New markets 2026: Poland, Portugal, Romania, Singapore, Tasmania Collection Business update • Existing markets: • 19% growth driven by Germany, North America and Australia, including one-off kiosk sales conversion in Canada and the Clynk acquisition • New technology standards in the German deposit system support gradual upgrade and replacement opportunities towards May 2029 • Clynk performing well, synergies and profitability on track • New markets: • Poland: ~7 500 RVMs installed base end of Q3, first phase of market roll-out largely completed, entering the longer-tail phase • Singapore: ~500 RVMs installed base end of Q3, with a strong market position • UK: Active commercial dialogues and preparations, first installations started 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). Spain – date 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 ). The assignment of a system operator has entered the next approval stage at the federal level, following initial applications to the regional government of Madrid. 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 the UK. On 6 May 2025, UK DMO (Exchange for Change) was announced as the system operator (link ). In March 2026, Wales adopted regulations for a Deposit Return Scheme which is set to commence in October 2027 (link). On 20 August 2026, UK DMO was also announced as the system operator for Wales (link). 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. Upcoming deposit markets with regulated launch dates Uruguay Czechia Turkey BulgariaBelgium France Italy Kosovo Other markets with legislation or upcoming EU requirements Cyprus Luxembourg Slovenia First installations in UK
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5 UK DRS launch Indicative rollout timelineUK retail characteristics A large convenience channel supports broad automation, while larger stores require greater investment to handle higher volumes, creating attractive opportunities across store formats Source: Deposit Return Scheme for drink containers Regulations 2025, UK DMO Exchange for Change The UK combines broad retailer participation and diverse store formats, well matched by TOMRA’s leading position across the full range of solutions, supporting attractive value capture • The scheme is scheduled to launch in October 2027 with high industry commitment • The UK Deposit Management Organization (UK DMO) will be system operator for England, Scotland, Northern Ireland and Wales • The scheme will cover single-use PET plastic and aluminum drink containers (Glass only in Wales) from 150ml to 3L with £0.20 deposit • With 26 billion used beverage containers (UBCs) to collect, the UK represents the largest DRS market after Germany • Take back requirement for retailers with retail space larger than 100m² • Handling fees incentivize retailer participation, with £0.03 per container for manual returns and tiered fees of £0.05 / £0.013 per container for automated return points • Grants announced of £6 000 per site for up to 10 000 stores to support widespread adoption of RVM infrastructure Phase 1: significant pre-launch deployment ~ 25 000 RVMs across the market Mainly leading retail chains Phase 2: continued expansion ~ 5 000 – 10 000 RVMs across the market Broader RVM adoption and capacity expansion as collection volumes develop 2027 2028 20301 Oct Go-live Phase 3: recurring revenues Service, software Today 2029Source: Statista and TOMRA own estimates Convenience stores Supermarkets Hypermarkets ~80% of stores participating in the UK DRS ~15% of stores participating in the UK DRS ~5% of stores participating in the UK DRS
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Quarterly order intake boosted by large Mining projects*Price development (illustrative) of virgin PET packaging and recycled PET (rPET clear) As of 30 September 2026 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 rPET clear PET 3Q25 4Q25 1Q26 2Q26 3Q26 40 75 37 51 54 +34% Revenue improved from a weak comparison quarter 3Q25 4Q25 1Q26 2Q26 3Q26 42 61 41 58 73 +73% Revenues, MEUR Order intake, MEUR • Revenue grew 34% across all segments except plastics recycling • Order intake includes 26 MEUR exceptionally large Mining orders, stable sequential LTM development excluding Mining • Overall market sentiment broadly unchanged; Metals recycling continues to show good momentum, while waste recovery and plastics recycling remain soft but stable. High costs of financing and uncertainty on price sustainability weigh on investment sentiment • Packaging and Packaging Waste Regulation (PPWR) now applicable, supporting higher investment levels medium term • Cost reduction program running according to plan • Exploration of the option to divest Mining is progressing Recycling Business update *3Q26 order intake includes 26 MEUR of exceptionally large Mining orders
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3Q25 4Q25 1Q26 2Q26 3Q26 76 88 79 99 86 +13% 3Q25 4Q25 1Q26 2Q26 3Q26 77 86 80 83 75 -2% Order intake broadly stable year on year Revenue growth across several categories Revenues, MEUR Order intake, MEUR • Revenue growth across several categories, with strong deliveries in citrus, blueberries and vegetables offsetting the anticipated downcycle in potatoes • Order intake broadly stable year on year • EMEA continues to perform well, while Americas customers remain more cautious on capital commitments • Customer activity and pipeline remain healthy, but conversion of larger projects continues to be affected by investment timing • Broad exposure across regions and categories provides resilience and supports improving order intake and backlog Food Business update Bulk pre-sorting of Citrus
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3Q25 4Q25 1Q26 2Q26 3Q26 11 12 10 10 10 -1% Stable revenue development Revenues, MEUR 2022 2023 2024 2025 2026 0 19 37 24 4 Capex invested into organic business building Capex, MEUR. Includes Capex from minorities. Horizon Business update • Focus on scaling and realizing value out of current portfolio • c-trace: Revenues down compared to the same quarter last year due to phasing, while profitability remained strong with an EBITA margin above 20% • Feedstock: Revenue growth supported by good output volumes and continued positive EBITA contribution from Områ, despite higher incineration costs for residual fractions • Reuse: Building on good progress at Intility Arena, expanding deployment across events and pilots secured with two major amusement parks <10 c-trace: c-ware Air dashboard
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Financials and outlook
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Collection P&L EUR million Revenues Northern Europe Europe (ex Northern) North America Rest of the world Gross contribution in % Operating expenses EBITA in % Quarter 3Q26 217 26 91 71 29 88 40.8% 52 36 16.6% 2Q26 246 28 123 61 33 95 38.6% 51 44 17.7% 1Q26 208 26 105 49 29 82 39.5% 50 33 15.6% 4Q25 207 25 101 54 28 86 41.5% 47 39 19.0% 3Q25 179 28 72 56 24 76 42.3% 47 29 16.3% Year-to-Date 9 Months 2026 671 80 318 181 92 266 39.6% 154 112 16.7% 2025 534 83 220 154 77 223 41.7% 136 87 16.3% Comments • Revenues up 21% (18% CC) o 19% growth in existing markets from Germany, Canada, US incl. Clynk (8 MEUR) and Australia o 24 MEUR revenues in new markets, driven by Poland, Singapore and Romania • Lower quarterly gross margin due to o Business mix and higher share of RVM sales in existing and new markets o Underlying margins were sequentially stable • Operating expenses up vs. 3Q25 on ramp-up in Poland and UK (2.5 MEUR), FX and inflation (2 MEUR), and the addition of Clynk (1.5 MEUR) Short term outlook • Revenues in 2H26 expected at ~410-430 MEUR • For the next quarter: o Growth in existing markets to normalize o Deliveries to the UK are expected to take place in 2027, but with early installations in late 2026 • Gross margin expected to be >40% in 2H26, and ~40% for the full year • Quarterly operating expenses expected stable at ~52 MEUR, with an additional ~1-2 MEUR negative FX impact; ramp-up operating expenses account for ~20 MEUR annually
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Recycling P&L EUR million Revenues Europe Americas Asia Rest of the world Gross contribution in % Operating expenses EBITA, adj. in % Special items* EBITA in % Order intake Order backlog Quarter 3Q26 54 29 10 9 5 26 47.7% 20 6 10.9% 0 6 10.9% 73 124 2Q26 51 35 6 6 3 25 48.9% 20 5 9.5% 0 5 9.5% 58 105 1Q26 37 25 2 6 4 15 40.5% 20 -5 -14.3% -13 -18 -49.5% 41 98 4Q25 75 48 10 15 3 40 52.5% 19 21 27.2% -1 19 25.5% 61 94 3Q25 40 27 4 7 2 18 43.9% 21 -3 -7.6% 0 -3 -7.6% 42 109 Year-to-Date 9 Months 2026 141 89 19 21 12 65 46.2% 60 5 3.8% -13 -8 -5.4% 171 124 2025 143 88 19 26 10 64 45.2% 61 3 2.1% 0 3 2.1% 144 109 *Restructuring one-off items Comments • Revenues up 34% compared to a weak quarter last year • Quarterly gross margin up on volume effect and COGS savings • Operating expenses marginally down from last quarter in line with the cost reduction program • Order intake 73 MEUR, whereof 26 MEUR exceptionally large orders from Mining¹ Short term outlook • Revenues of ~205-215 MEUR expected for FY26 • 55% conversion of backlog estimated in Q4 • Quarterly gross margin of ~50-54% expected in Q4 • Operating expenses expected to come down to ~19 MEUR in Q4 • Ongoing cost reduction measures of ~16 MEUR gross are being implemented, with full effect from 2027 ¹Mining projects typically have 9-12 months lead time to revenue recognition
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Food P&L EUR million Revenues Europe Americas Asia Rest of the world Gross contribution in % Operating expenses EBITA, adj. in % Special items* EBITA in % Order intake Order backlog Quarter 3Q26 86 30 37 5 13 39 45.0% 28 11 13.0% 0 11 13.0% 75 110 2Q26 99 43 35 9 12 43 43.1% 28 15 14.9% 0 15 14.9% 83 121 1Q26 79 23 36 7 13 32 40.8% 28 4 5.5% 0 4 5.5% 80 137 4Q25 88 19 36 10 23 45 51.7% 29 16 18.2% 0 16 18.2% 86 136 3Q25 76 28 31 11 6 34 45.1% 26 8 10.2% 0 8 10.2% 77 138 Year-to-Date 9 Months 2026 264 96 108 21 39 113 43.0% 83 30 11.5% 0 30 11.5% 238 110 2025 240 80 113 31 16 108 45.2% 81 28 11.5% 4 31 13.0% 269 138 *Restructuring one-off items Comments • Revenues up 13% driven by broad-based category growth despite the downcycle in potatoes • Stable gross margin, positive volume effect offset by product mix • Operating expenses in line with last quarter • Order intake of 75 MEUR, flat versus Q3 2025 Short term outlook • Revenues of ~347-357 MEUR expected for FY26 • 80% conversion of backlog estimated in Q4 • Gross margin expected at ~43-47% in Q4 • Quarterly operating expenses expected to remain at current level next quarter
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Horizon & Group Functions EUR million Revenues Gross contribution in % Operating expenses EBITA in % Quarter 3Q26 10 5 44.8% 6 -2 -14.5% 2Q26 10 5 49.2% 6 -1 -12.6% 1Q26 10 5 48.4% 6 -2 -16.0% 4Q25 12 6 47.0% 6 -1 -4.3% 3Q25 11 7 68.6% 7 0 3.1% Year-to-Date 9 Months 2026 31 15 47.5% 19 -4 -14.4% 2025 20 14 66.6% 18 -4 -20.6% EUR million Intercompany elimnations gross contribution Operating expenses EBITA Quarter 3Q26 -0 4 -4 2Q26 -0 4 -4 1Q26 -0 4 -4 4Q25 0 4 -4 3Q25 0 4 -4 Year-to-Date 9 Months 2026 -0 13 -13 2025 -0 13 -13 Horizon Group functions and intercompany eliminations Comments (Horizon) • Revenues reflecting ramp-up of Områ, c-trace down 13% compared to same quarter last year due to phasing • Gross margin includes depreciation at Områ and was also lower due to higher incineration costs of residual fractions at the plant • Operating expenses in line with previous quarters Short term outlook (Horizon) • Revenues of ~45-50 MEUR expected for FY26 • Operating expenses of ~27 MEUR expected for FY26 due to operational growth in c-trace and Feedstock, and scaling of Reuse • Capex of <10 MEUR expected for FY26
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Group P&L EUR million Revenues Collection Recycling Food Gross contribution in % Operating expenses EBITA, adj. in % Special items* EBITA in % Quarter 3Q26 366 217 54 86 157 43.0% 110 47 12.9% 0 47 13% 2Q26 405 246 51 99 167 41.3% 110 57 14.1% 0 57 14% 1Q26 334 208 37 79 134 40.2% 108 26 7.7% -13 13 4% 4Q25 382 207 75 88 176 46.2% 105 71 18.6% -1 70 18% 3Q25 306 179 40 76 135 44.1% 104 30 10.0% 0 30 10% Year-to-Date 9 Months 2026 1,105 671 141 264 459 41.5% 329 130 11.8% -13 117 11% 2025 937 534 143 240 409 43.7% 309 100 10.7% 4 104 11% *Restructuring one-off items Comments • Revenues in TOMRA Group up 20%, driven by growth across all three divisions • Gross margin decline year-over-year driven by business mix effects in Collection • Operating expenses up on Collection ramp-up in UK and Poland, the addition of Clynk, FX, and inflation • EBITA adj. up 55%, reflecting strong operating leverage from higher revenues despite business mix and ramp-up cost in new markets
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FX P&L bridge Comments • Modest FX impact compared to the same quarter last year, mainly in Collection • FX provided a tailwind to Collection revenue, while the stronger NOK had a negative impact on operating expenses • Major currency exposures are USD, AUD, NZD and NOK Sensitivity • A strengthening/weakening of EUR toward other currencies of 10% would normally decrease/increase EBITA by ~5% Group Revenues Operating expenses EBITA adj. Collection Revenues Operating expenses EBITA adj. Recycling Revenues Operating expenses EBITA adj. Food Revenues Operating expenses EBITA adj. Horizon Revenues Operating expenses EBITA adj. Group Functions Operating expenses EBITA adj. 3Q25 306 104 30 179 47 29 40 21 -3 76 26 8 11 7 0 4 -4 Growth in LC 53 2 16 33 4 6 13 -1 9 9 1 3 -0 -1 -2 0 -0 FX 7 3 1 5 2 1 1 0 0 1 0 0 0 0 -0 0 -0 3Q26 366 110 47 217 52 36 54 20 6 86 28 11 10 6 -2 4 -4 Growth % CC 17% 2% 53% 18% 8% 21% 32% -6% -289% 11% 2% 38% -3% -13% -552% 4% 5% Reported 20% 5% 55% 21% 13% 23% 34% -4% -291% 13% 4% 43% -1% -11% -568% 10% 11%
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Cash flow and capital 1Q 2Q 3Q 4Q1/1 -0 -50 -100 -150 -200 -250 2026 Range 2023-2025 Cash flow from investments, YTD Working capital Return on capital employed 3Q263Q243Q23 3Q25 17%17% 16% 16% EUR millions Cash flow from operations, YTD EUR millions 1Q 2Q 3Q 4Q1/1 0 50 100 150 200 250 Range 2023-2025 % of revenues LTM Adjusted for special items 3Q263Q243Q23 3Q25 19% 29% 18% 16% Comments • Cash flow from operations 112 MEUR • Working capital decreased as receivables from new market activities in Collection were converted into cash • Cash flow from investments -12 MEUR • Return on capital employed improved sequentially, supported by higher earnings and lower working capital, but continues to reflect acquisitions, strategic business building and lower profitability in Recycling Short term outlook • Total capital expenditures of ~90-100 MEUR are expected in 2026, primarily directed towards projects in TOMRA’s core divisions Collection, Recycling, and Food • Cash conversion will reflect the timing of working capital related to new market activities in Collection • Continued focus on profitability, working capital and capital allocation supports improvement over time
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Financing Liquidity bufferDebt maturity profile 2026 2027 2028 2029 2030 2031 2032 2033 2034 1 52 43 77 93 24 35 - 92 390 MEUR Bonds and 28 MEUR Eksfin financing, EUR millions Equity ratio 3Q263Q243Q23 3Q25 33% 44% 40% 36% Gearing 3Q263Q243Q23 3Q25 2.18 1.72 1.90 2.08 Total equity as a share of total assets NIBD/EBITDA (LTM) 218 Drawn credit facilities83 135 Undrawn credit facilities EUR millions Comments • Weighted average debt maturity of 3.8 years • Liquidity buffer: o RCF of 150 MEUR running until December 2028 o EUR 135 million undrawn liquidity buffer includes undrawn RCF, undrawn Eksfin financing, and unused cash-pool overdraft facility • Equity ratio improved following higher cash conversion • The financial covenant related to bank debt remains comfortably met, with a minimum equity- ratio requirement of 30% • Gearing improved following strong cash conversion and higher EBITDA • Credit rating of BBB+ / Stable from Scope Ratings Short term outlook • Gearing expected to remain stable, maintaining a strong liquidity position in Q4
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Outlook Collection • Regulation is driving new deposit markets (EU SUPD, PPWR) • Mid-single-digit growth expected on average in existing markets driven by o Modernization and expansions of deposit systems o Innovation of new technology and solutions Recycling • Increased demand for recycled materials and regulatory tailwinds create growth opportunities • Automation and modernization driving customer investments • Resource security driving regional circular value chains Food • Labor shortage and higher costs driving need for automation • Increased food quality and safety requirements increase demand for accurate sorting and grading • Population growth and rising middle class driving increased demand for fruit and vegetables Long term driversShort term outlook • Revenues in 2H26 expected at ~410-430 MEUR, with some early installations in UK in late 2026 • Quarterly gross margin of >40% in 2H26, ~40% for FY26 • Quarterly operating expenses expected stable at ~52 MEUR, with an additional ~1-2 MEUR negative FX impact; ramp-up operating expenses account for ~20 MEUR annually • Revenues of ~205-215 MEUR expected for FY26 • 55% conversion of backlog estimated in Q4 • Quarterly gross margin of ~50-54% expected in Q4 • Operating expenses expected to come down to ~19 MEUR in Q4 • Ongoing cost reduction measures of ~16 MEUR gross are being implemented, with full effect from 2027 • Revenues of ~347-357 MEUR expected for FY26 • 80% conversion of backlog estimated in Q4 • Gross margin expected at ~43-47% in Q4 • Quarterly operating expenses expected to remain at current level next quarter
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Save the date: Capital Markets Update 24 November 2026 @ TOMRA HQ, Asker
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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”, “targets”, “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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