Interim report
Page 1
3rd quarter 2026 TOMRA Systems ASA 23 October 2026 © TOMRA
Page 2
2 TABLE OF CONTENTS Highlights .......................................................................................................................................................................... 4 TOMRA Group consolidated financials ............................................................................................................................. 5 Division reporting .............................................................................................................................................................. 7 Outlook ........................................................................................................................................................................... 11 The TOMRA Share ........................................................................................................................................................... 12 Condensed Consolidated interim financial statements .................................................................................................. 13 Notes to the condensed consolidated interim financial statements .............................................................................. 15 The results announcement will be broadcasted 23 October 2026 08:00 CEST via live webcast. Link to webcast for this and previous releases are available at https://www.tomra.com/en/investor-relations. For further information please contact: Eva Sagemo CFO Tel: +47 934 39 911 Bing Zhao VP Head of Investor Relations (interim) Tel: +47 402 10 819
Page 3
3 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 t he 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. This report contains alternative performance measures defined in note 1 of the accounts. All tables and graphs are presented in Euro if not otherwise stated.
Page 4
4 HIGHLIGHTS Comparison figures are from the corresponding period last year 3rd quarter 2026 • Revenues were 366 MEUR, up from 306 MEUR. Revenues were: - Up 20% for TOMRA Group - Up 21% in Collection - Up 34% in Recycling - Up 13% in Food • Gross margin was 43.0%, down from 44.1%. • Operating expenses adj. for special items were 110 MEUR, up from 104 MEUR. • EBITA adj. for special items was 47 MEUR, up from 30 MEUR last year. The corresponding EBITA adj. margin was 12.9%, up from 10.0%. • There were no special items in the quarter nor in the corresponding quarter last year. • EPS adj. for special items amounted to 0.08 EUR, up from 0.05 EUR. • Cash flow from operations amounted to 112 MEUR, up from 64 MEUR. • Recycling order intake of 73 MEUR and backlog of 124 MEUR, up from 42 MEUR and 109 MEUR respectively. • Food order intake of 75 MEUR and backlog of 110 MEUR, down from 77 MEUR and 138 MEUR respectively.
Page 5
5 TOMRA GROUP CONSOLIDATED FINANCIALS Comparison figures are from the corresponding period last year 3rd quarter 2026 P&L from operations (MEUR) 3Q26 3Q25 YTD26 YTD25 Revenues 366 306 1,105 937 Gross contribution 157 135 459 409 in % 43.0 % 44.1 % 41.5 % 43.7 % Operating expenses 110 104 329 309 EBITA, adj. 47 30 130 100 in % 12.9 % 10.0 % 11.8 % 10.7 % Special items* -13 4 EBITA 47 30 117 104 in % 12.9 % 10.0 % 10.6 % 11.1 % * Restructuring one-off costs Revenues amounted to 366 MEUR , up 20% from 306 MEUR. Revenues were up 21% in Collection, up 34% in Recycling, and up 13% in Food. The g ross margin was 43.0%, down 1.1% percentage points from the same quarter last year due to continued business mix effects in Collection. Operating expenses increased to 110 MEUR from 104 MEUR, reflecting higher activity levels in Collection, FX and inflation. There were no special items in the quarter. EBITA, was 47 MEUR, up from 30 MEUR. The EBITA margin was 12.9% in the quarter compared to 10.0% last year. Revenues in Horizon decreased marginally to 10.4 MEUR from 10.5 MEUR with a gross margin of 44.8% in the quarter. Operating expenses decreased to 6.2 MEUR from 6.9 MEUR , mainly reflecting more stable Feedstock operations. EBITA was -1.5 MEUR, down from 0.3 MEUR last year , primarily due to higher disposal costs in Feedstock. Earnings per share (EPS) increased to 0.08 EUR from 0.05 EUR. Cash flow from operations was 112 MEUR compared to 64 MEUR last year. Revenues (MEUR) and gross margin (%) 20% 25% 30% 35% 40% 45% 50% 0 50 100 150 200 250 300 350 400 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 EBITA (MEUR) and EBITA margin (%) 0% 10% 20% 30% 0 10 20 30 40 50 60 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 EBITA, adj EBITA EBITA %, ad j EBITA % Accumulated cash flow from operations (MEUR) 0 50 100 150 200 250 1/1 1Q 2Q 3Q 4Q Range 2023-2025 2026
Page 6
6 Year-to-date 9 months 2026 Revenues for the first nine months in 2026 amounted to 1,105 MEUR compared to 937 MEUR last year, an increase of 18%. Revenues were up 26% in Collection, down 1% in Recycling and up 10% in Food. The gross margin was 41.5%, down from 43.7% last year, on business mix effects in Collection and Food, despite positive development in Recycling. Operating expenses, adjusted for special items, amounted to 329 MEUR , up from 309 MEUR . Special items amounted to -13.0 MEUR compared to 3.7 MEUR last year. Including special items , operating expenses were 342 MEUR compared to 305 MEUR. EBITA, adjusted for special items, increased 30% to 130 MEUR compared to 100 MEUR last year. The EBITA adjusted margin improved to 11.8% from 10.7%. Including special items, EBITA increased 13% to 117 MEUR from 104 MEUR. EPS, adjusted for special items, was 0.20 EUR, up 25.8% from 0.16 EUR. Including special items, EPS was 0.17 EUR compared to 0.17 EUR last year. Cash flow from operations was 210 MEUR compared to 147 MEUR last year. Liquidity was satisfactory as of 30 Se ptember 2026, with 135 MEUR in unused credit lines. Weighted average debt maturity was 3.8 years. Total assets equaled 1, 797 MEUR as of 30 September 2026, up from 1, 767 M E U R l a s t y e a r . T h e e q u i t y r a ti o increased to 36% from 33%. Net interest -bearing debt/EBITDA (rolling 12 months’ basis) decreased to 2.1x from 2.2x last year based on strong cash conversion and higher profitability.
Page 7
7 DIVISION REPORTING Comparison figures are from the corresponding period last year Collection TOMRA Collection provides systems and reverse vending machines (RVMs) that ensure efficient collection of beverage containers for Clean Loop Recycling and reuse. With over 91,900 installations across more than 60 markets, TOMRA's RVMs capture over 53 billion used bottles and cans each year. P&L from operations (MEUR) 3Q26 3Q25 YTD26 YTD25 Revenues - Northern Europe 26 28 80 83 - Europe (ex Northern) 91 72 318 220 - North America 71 56 181 154 - Rest of World 29 24 92 77 Total revenues 217 179 671 534 Gross contribution 88 76 266 223 in % 40.8 % 42.3 % 39.6 % 41.7 % Operating expenses 52 47 154 136 EBITA 36 29 112 87 in % 16.6 % 16.3 % 16.7 % 16.3 % Revenues in Collection were 217 MEUR in the third quarter, up 21% from 179 MEUR last year. Revenues in existing markets grew 19% to 193 MEUR from 162 MEUR, including 8 MEUR contribution from Clynk. I n new markets, revenues were 24 MEUR compared to 17 MEUR last year on deliveries to the new deposit markets Poland, Singapore and Romania. Gross margin in the quarter decreased to 40.8% compared to 42.3% last year due to business mix and higher share of RVM sales in existing and new markets. Operating expenses in the quarter increased to 52 MEUR compared to 47 MEUR last year, due to ramp up of activity in new markets, FX, inflation and the addition of Clynk. EBITA increased to 36 MEUR compared to 29 MEUR , resulting in an EBITA margin of 16.6% compared to 16.3% last year. Revenues (MEUR) and gross margin (%) 20% 25% 30% 35% 40% 45% 50% 0 50 100 150 200 250 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 EBITA (MEUR) and EBITA margin (%) 0% 5% 10% 15% 20% 25% 0 5 10 15 20 25 30 35 40 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26
Page 8
8 Europe Poland launched its deposit return system on 1 October 2025 with a three-month transition period until 1 January 2026. The legislation mandates deposits on single -use plastic bottles of up to 3 liters, reusable glass bottles of up to 1.5 liters and metal cans of up to 1 liter. TOMRA is actively supporting the retail industry across the country with installations of reverse vending machines. Majority of t he first phase of installations of reverse vending machines at major retails chains took place in the first half of 2026. A second phase, stretched over multiple years, is expected to follow with sales to independent stores, and with expansions and upgrades followed by service revenues. In Greece, Hellenic Deposit Return System S.A. (DRS Hellas) was registered as the system operator in October 2025. Greece’s parliament had set 1 December 2025 as the launch date but given the late appointment of a system operator appointment, the launch is postponed. Portugal launched its deposit return system on 10 April 2026 with a transition period of 120 days. The first phase of installations of reverse vending machines at major retails chains took place in the first half of 2026. Spain introduced a packaging and packaging waste law in 2022, transposing the Single Use Plastic Directive (SUPD) into national law. A condition in the regulation states that if 70% of plastic bottles were not collected in the existing waste management sys tem in 2023, the country will introduce DRS. In November 2024 it was concluded that the collection rate achieved was 41%, triggering the required implementation of deposit return system within two years. The government is currently in the process of assigning a system operator. The government of Moldova has adopted an implementation framework for a deposit return system. The system is planned to launch within one year from the appointment of the DRS administrator and no later than January 2027. In the United Kingdom, parliament passed regulation in January 2025 for England and Northern Ireland’s upcoming deposit return system. 1 October 2027 is the planned commencement date. Scotland amended its DRS legislation in June 2025 to align it accordingly. In May 2025, UK Deposit Management Organisation (UK DMO) was confirmed as the system operator, representing the beverage and retail sector across all three nations. The scheme will include single-use plastic, steel and aluminum drink containers. Separat ely, in March 2026 Wales adopted regulations for a Deposit Return Scheme which is set to commence in October 2027. UK DMO was also appointed the system operator in Wales in August 2026 . The retail industry has initiated tenders for suppliers of reverse vending machines. Some early installations could take place in late 2026, with the first main phase of installations expected in 2027. North America The province of Quebec in Canada is modernizing and expanded its deposit return system by increasing deposit values and adding more beverage and container types i n t o t h e s y s t e m i n t h r e e p h a s e s u n ti l 2 0 2 7 . T O M R A i s supplying Quebec Beverage Container Recycl ing Association’s (QBCRA) recycling depots with approximately 1,350 machines in this expansion period. Smaller, urban depots will be equipped on a sales and service basis, and larger depots will operate on a throughput revenue model. Rest of the world Singapore became the first regulated deposit market in Asia on 1 April 2026. TOMRA is one of three Return Point Network Operators , with the planned RVM network growing from an initial minimum commitment of 350 RVM installations on a lease basis. In Uruguay, a deposit return system for beverage containers was integrated in the Waste Management Law in September 2019. The implementation was originally planned for December 2024 but has been delayed. U r u g u a y w i l l b e t h e fi r s t c o u n t r y i n S o u t h A m e r i c a to implement mandatory DRS.
Page 9
9 Recycling TOMRA Recycling provides advanced sensor-based sorting technologies for the global recycling and waste management industry to transform resource recovery and create value from waste and keep materials in a closed loop recycling. More than 11,900 systems have been installed in 100 countries worldwide. P&L from operations (MEUR) 3Q26 3Q25 YTD26 YTD25 Revenues - Europe 29 27 89 88 - North America 9 2 17 14 - South America 2 2 3 5 - Asia 9 7 21 26 - Oceania 2 5 4 - Africa 3 1 7 6 Total revenues 54 40 141 143 Gross contribution 26 18 65 64 in % 47.7 % 43.9 % 46.2 % 45.2 % Operating expenses 20 21 60 61 EBITA, adj. 6 -3 5 3 in % 10.9 % -7.6 % 3.8 % 2.1 % Special items* -13 EBITA 6 -3 -8 3 in % 10.9 % -7.6 % -5.4 % 2.1 % * Restructuring one-off items Revenues in Recycling were 54 MEUR, an increase from 40 MEUR. Sales were up in almost all regions, including Europe, North America, Asia, Oceania and Africa. Gross margin was 47.7% in the quarter, up from 43.9% last year. The higher margin is due to higher volume and COGS savings. Operating expenses amounted to 20 MEUR, slightly down from last year. The cost reduction program is on track. EBITA, adjusted for special items, was 6 MEUR, up from - 3 MEUR last year. Order intake in the quarter was 73 MEUR, up 73% from the same quarter last year , including 26 MEUR exceptionally large orders in Mining . The overall market continues to be soft within waste recovery and plastics recycling. Metal recycling shows a good momentum. The order backlog increased 14% to 124 MEUR at the end of the third quarter compared to 109 MEUR at the same time last year. Revenues (MEUR) and gross margin (%) 20% 25% 30% 35% 40% 45% 50% 55% 60% 0 10 20 30 40 50 60 70 80 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 EBITA (MEUR) and EBITA margin (%) -20% -10% 0% 10% 20% 30% 40% 50% -5 0 5 10 15 20 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 EBITA, adj EBITA EBITA %, adj EBITA % Order intake (MEUR) 61 76 61 41 42 61 41 58 73 0 100 200 300 0 50 100 150 3Q24 3Q25 3Q26 Quarterly (LHS) 12m rolling (RHS)
Page 10
10 Food TOMRA Food provides advanced sensor -based sorting and grading machines enabling global food production to maximize food safety and minimize food loss, by making sure Every Resource Counts™. The company has approximately 16,100 units installed at food growers, packers and processors around the world. P&L from operations (MEUR) 3Q26 3Q25 YTD26 YTD25 Revenues - Europe 30 28 96 80 - North America 27 25 79 84 - South America 10 7 30 28 - Asia 5 11 21 31 - Oceania 10 2 31 11 - Africa 3 3 8 6 Total revenues 86 76 264 240 Gross contribution 39 34 113 108 in % 45.0 % 45.1 % 43.0 % 45.2 % Operating expenses 28 26 83 81 EBITA, adj. 11 8 30 28 in % 13.0 % 10.2 % 11.5 % 11.5 % Special items* 4 EBITA 11 8 30 31 in % 13.0 % 10.2 % 11.5 % 13.0 % * Restructuring one-off items Revenues in Food amounted to 86 MEUR, up 13% from 76 MEUR last year. Revenues were up in particular in Oceania and South America. Gross margin was 45.0%, broadly in line with 45.1% last year. Operating expenses increased 4% to 28 MEUR but remained stable compared to the last quarter. EBITA increased to 11 MEUR in the quarter from 8 MEUR last year. The EBITA margin was 13.0% compared to 10.2% last year. Order intake was 75 MEUR, marginally down 2% from the third quarter last year . Regional and category mix remained broadly stable year-over-year. The order backlog decreased 20% to 110 MEUR at the end of the third quarter from 138 MEUR last year. Revenues (MEUR) and gross margin (%) 20% 25% 30% 35% 40% 45% 50% 0 10 20 30 40 50 60 70 80 90 100 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 EBITA (MEUR) and EBITA margin (%) -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% -4 -2 0 2 4 6 8 10 12 3Q21 3Q22 3Q23 3Q24 3Q25 3Q26 EBITA, adj EBITA EBITA %, adj EBITA % Order intake (MEUR) 73 85 87 106 77 86 80 83 75 0 90 180 270 360 0 50 100 150 3Q24 3Q25 3Q26 Quarterly (LHS) 12m rolling (RHS)
Page 11
11 OUTLOOK The long- term demand for circular solutions and better resource productivity is a result of megatrends such as climate change and decarbonization efforts, population increase, a growing middle -class consumer base and greater urbanization. Technology is a k ey enabler in meeting this challenge, and TOMRA is favorably positioned towards these trends. Collection There is high activity related to deposit return systems in new markets and growth in existing markets. Regulation, such as EU’s single -use plastic directive (SUPD) and packaging- and packaging waste regulation (PPWR), is driving new deposit markets. Moder nization and expansion drive growth of existing markets while innovation will drive additional growth in existing markets. Collection has an ambition of double -digit annual growth over the cycle towards 2030, with a gross margin above 40% and an EBITA margin in the high teens. Short and mid -term performance will depend upon the timing of new markets, and variations in product and business mix. Existing markets are expected to grow mid- single digit annually on average. Total revenues of 410- 430 MEUR are expected in the second half of 2026 . Following a strong Q3, growth in existing markets is expected to normalize in Q4. Deliveries to the UK are expected to start in 2027 , but with potential for some early deployments in late 2026. A gross margin of around 40% is expected for the full year 2026. The current annual run-rate of ramp-up costs, i.e. investment in the form of operating expenses in new markets, is approximately 20 MEUR. Recycling Increased demand for recycled materials driven by regulatory tailwinds (such as EU PPWR), consumer expectations, and sustainability commitments from the industry create growth opportunities. Automation and modernization also drive customer investments, and resource security is driving regional circular value chains. Recycling has an ambition of double -digit annual growth over the cycle towards 2030, with a gr oss margin in the low-to-mid fifties and an EBITA margin in the low -to-mid twenties. Short and mid -term performance will largely depend upon installation volumes, and variations in product and business mix. The market sentiment is currently affected by a soft European plastics recycling market, trade tensions, and a high degree of macroeconomic uncertainty. Revenues of 205-215 MEUR are expected for the full year 2026. Based on the order backlog at the end of the third quarter, a 55% conversion ratio is estimated to be recognized as revenues in the next quarter, with a gross margin between 50-54%. Quarterly o perating expenses are expected to gradually come down, ending at 19 MEUR in Q4, until c ost reduction measures of approximately 16 MEUR (gross) have full effect from 2027. Food Labor shortages and higher costs drive the need for automation in the food packaging and processing industry, coupled with increased food quality and safety requirements which are increasing the demand for accurate sorting and grading. Population growth an d a rising middle class are also driving increased demand for fruit and vegetables. Food has an ambition of mid-to-high single digit annual growth over the cycle towards 2030, with a gross margin in the mid -forties, while improving the EBITA margin towards mid-teens. Short and mid -term performance will largely depend upon installation volumes, and variations in product and business mix. Revenues of 347 -357 MEUR are expected for the full year 2026. Based on the order backlog at the end of the third quarter, an 80 % c o n v e r s i o n r a ti o i s estimated to be recognized as revenues in the next quarter with a gross margin between 4 3-47%. Quarterly operating expenses are expected to remain at around 28 MEUR next quarter. Other Total capital expenditures of approximately 90-100 MEUR are planned in 2026, primarily directed towards projects in TOMRA’s core divisions Collection, Recycling, and Food. Horizon consists of three main assets: TOMRA Feedstock, TOMRA Reuse and c-trace. For FY26, Horizon is expected to generate revenues of approximately EUR 45 –50 million, with operating expenses of around EUR 27 million, reflecting operational growth in c -trace and Feedstock and the continued scaling of Reuse. Capex is expected to be less than EUR 10 million. Current market uncertainty, trade tensions, and tariffs could negatively impact customers’ investment sentiment and postpone orders over quarters. Approximately 15% of TOMRA Group’s revenues are generated from sales in the United States which may be subjec t to tariffs. Of these, more than 90% is imported from the EU and less than 10% from China.
Page 12
12 TOMRA’s global operations expose the financial results to currency fluctuations. With EUR as presentation currency, TOMRA will generally benefit from a stronger USD due to the revenue exposure. THE TOMRA SHARE The total number of issued shares at the end of the third quarter 2026 was 296,040,156 shares, including 339,778 treasury shares. The total number of shareholders increased to 22,459 from 22,372 at the end of th e previous quarter. Share price development (NOK) 0 50 100 150 200 250 300 350 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TOMRA's share price decreased to 91.6 NOK from 95.1 NOK during the third quarter 2026 . The number of shares traded on the Oslo Stock Exchange in the period was 38 million compared to 23 million in the third quarter 2025. Average daily turnover increased to 59 MNOK in the third quarter 2026 from 52 MNOK in the third quarter 2025. Asker, 22 October 2026 The Board of Directors TOMRA SYSTEMS ASA Johan Hjertonsson Tove Andersen Chairman of the Board President & CEO
Page 13
13 CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS INCOME STATEMENT Full year (MEUR) 2026 2025 2026 2025 2025 Operating revenues (5) 366 306 1,105 937 1,318 Total operating expenses -327 -281 -1,012 -850 -1,170 Operating profit 39 25 94 87 148 Net financial items -5 -4 -22 -15 -19 Share of profit from associates 1 2 0 1 1 Profit before taxes 35 23 72 73 130 Taxes -9 -6 -18 -18 -32 Profit for the period 26 17 54 55 98 Non-Controlling interest -2 -3 -5 -5 -5 Profit after Tax for Majority 24 14 49 50 93 Earnings per share (EPS) 0.08 0.05 0.17 0.17 0.31 EBITDA 73 52 190 167 262 STATEMENT OF OTHER COMPREHENSIVE INCOME Full year (MEUR) 2026 2025 2026 2025 2025 Profit for the period 26 17 54 55 98 Foreign exchange translation differences -2 -5 6 -42 -40 Net gain/(loss) on hedge of a net investment 10 2 23 -1 -3 Net gain/(loss) on cash flow hedges 2 0 2 0 1 Net change in costs of hedging 0 0 0 -0 -1 Remeasurement gain/(loss) on defined benefit plans - - - - -0 Other comprehensive income for the period, net of tax 10 -2 32 -42 -44 Total comprehensive income for the period 36 15 85 12 55 Total comprehensive income attributable to: Owners of the parent 33 12 79 10 52 Minority interest 3 3 7 3 3 Total comprehensive income for the period 36 15 85 12 55 STATEMENTS OF FINANCIAL POSITION 31 Dec (MEUR) 2026 2025 2025 Deferred tax assets 43 41 62 Intangible non-current assets 501 483 491 Tangible non-current assets 398 390 392 Financial non-current assets 83 72 74 Total non-current assets 1,026 986 1,019 Inventory 244 258 255 Receivables 421 375 401 Contract assets 23 35 17 Derivatives 16 0 0 Cash and cash equivalents 67 112 87 Total current assets 772 781 759 TOTAL ASSETS 1,797 1,767 1,778 Majority equity 606 547 584 Non-controlling interest 40 36 36 Total equity 646 583 620 Deferred tax liabilities 10 12 11 Interest bearing liabilities 493 488 511 Lease liability 113 112 111 Other non-current liabilities 36 62 64 Total non-current liabilities 651 674 696 Contract liabilities 103 115 83 Interest bearing liabilities 7 27 7 Lease liability 43 42 45 Derivatives 5 20 22 Trade payables 80 77 75 Other current liabilities 261 228 231 Total current liabilities 500 510 462 TOTAL EQUITY AND LIABILITIES 1,797 1,767 1,778 Note 3rd Quarter YTD 3rd Quarter YTD 30 Sep
Page 14
14 STATEMENT OF CASHFLOWS 3rd Quarter Full Year (MEUR) Note 2026 2025 2026 2025 2025 Profit before tax 35 23 72 73 130 Depreciations/amortizations 33 27 97 81 114 Taxes paid (9) (12) (29) (35) (49) Change inventory (7) (19) 14 (37) (34) Change receivables 34 5 (28) (11) (18) Change accounts payables (3) 10 3 18 16 Other operating changes 28 31 83 59 12 Total cash flow from operations 112 64 210 147 171 Cashflow from (purchase)/sales of subsidiaries and associates 0 (42) (4) (42) (44) Other cashflow from investments (12) (26) (61) (99) (129) Total cash flow from investments (12) (68) (65) (140) (173) Sales/repurchase of treasury shares ..(3) 0 0 3 (0) (4) Dividend paid out ..(2) (3) (4) (62) (58) (60) Other cashflow from financing (96) 3 (101) 55 43 Total cash flow from financing (99) (0) (160) (4) (22) Currency effect on Cash (2) (2) (5) (13) (12) Total cash flow for period (1) (6) (20) (11) (36) Opening cash balance 69 119 87 123 123 Closing cash balance 67 112 67 112 87 EQUITY (MEUR) Balance per 31 December 2025 200 (38) (4) 425 584 36 620 Profit for the period 49 49 5 54 Foreign exchange translation differences (17) 21 4 2 6 Net gain/(loss) on hedge of a net investment 23 23 23 Net gain/(loss) on cash flow hedges 2 2 2 Net change in costs of hedging 0 0 0 Remeasurement gain/(loss) on defined benefit plans 0 0 Dividend to shareholders (59) (59) (59) Dividend non-controlling interest (0) (0) (3) (3) Own shares sold to employees 0 3 3 3 Balance per 30 September 2026 200 (32) (1) 439 606 40 646 MAJORITY EQUITY 3rd Quarter Full Year (MEUR) 2026 2025 2026 2025 2025 Opening balance 573 546 584 603 603 Profit for the period 24 14 49 50 93 Foreign exchange translation differences (3) (5) 4 (40) (38) Net gain/(loss) on hedge of a net investment 10 2 23 (1) (3) Net gain/(loss) on cash flow hedges 2 0 2 0 1 Net change in costs of hedging 0 0 0 (0) (1) Remeasurement gain/(loss) on defined benefit plans 0 0 0 0 (0) Dividend to shareholders 0 0 (59) (55) (55) Dividend non-controlling interest 0 (0) (0) (1) (1) Own shares sold to employees 0 0 3 3 3 Purchase of own shares 0 0 0 (3) (8) Change in estimate of put/call option 0 (11) 0 (11) (11) Increase in non-controlling interest 0 0 0 0 0 Other changes in non-controlling interest 0 0 0 0 (1) Closing balance 606 547 606 547 584 YTD Total equity YTD Non- controlling interest Total majority equity Paid in capital Transl. reserve Hedge reserve Retained earnings 2025 figures include a reclassification from "Cashflow from (purchase)/sales of subsidiaries and associates" to "Other cashflow from financing" of 53 MEUR related to the acquisition of 20% share of TOMRA Collection Australia in the 3rd quarter 2025.
Page 15
15 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS NOTE 1 Disclosure This interim report has been prepared in accordance with IAS34, and in accordance with the principles used in the annual accounts for 2025. No significant changes have been made to the accounting principles in 2026. The quarterly reports do not include all information required for a full annual financial statement of the Group and should be read in conjunction with the annual financial statements for 2025. The quarterly reports have not been audited. The quarterly reports require management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in prepari ng these condensed consolidated interim financial statements in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ending 31 December 2025. T O M R A d o e s n o t e x p e c t a n y m a t e r i a l e ff e c t s i n t h e fi n a n c i a l s t a t e m e n t s f r o m a n y I F R S A c c o u n ti n g S t a n d a r d s , amendments to IFRS Accounting Standards or IFRIC Interpretations issued but not yet effective. Revenue recognition: Revenues from sales and sales-type leases of the company’s products are generally recognized at the time of installation. Revenues from service contracts and operating leases of the company’s products are recognized over the duration of the related agreements. Other service revenues are recognized when services are provided. Seasonality: The Material Recovery operations, to some extent the US Reverse Vending operations as well as the Australian Collection operations are influenced by seasonality. The seasonality mirrors the beverage consumption pattern, which normally is higher during the summer than during the winter. In Food, the seasonality of harvests, particularly within fresh food categories, will to some extent influence customer activity throughout the year. Financial exposures: TOMRA is exposed to currency risk, as ~50% of its income is nominated in EUR while the rest is in foreign currencies. Other major currency exposures include USD, AUD, and NZD. A strengthening/ weakening of EUR toward other currencies of 10% would normally decrease/increase EBITA by ~5%. An increase in NIBOR and EURIBOR of 1 percentage point, would increase financial expenses by ~4 MEUR per year. Segment reporting: TOMRA is organized into three divisions; TOMRA Collection, TOMRA Recycling and TOMRA Food. In addition, new business activities included in TOMRA Horizon as well as the corporate overhead costs are reported in separate columns. The split is based upon the risk- and return profile of the Group’s different activities; also taking into consideration TOMRA’s internal reporting structure. • TOMRA Collection consists of the business streams Reverse Vending (development, production, sales and service and lease of Reverse Vending Machines and related data management systems) + Material Recovery (pick -up, transportation and processing of empty be verage containers on behalf of beverage producers/fillers on the US East Coast and in Canada). • TOMRA Recycling is a provider of advanced optical sorting systems for the Recycling and Mining industries. • TOMRA Food is a provider of advanced optical sorting systems to the Food industry. • TOMRA Horizon leverages our technology to develop new business opportunities and includes TOMRA Feedstock, TOMRA Reuse, and c-trace. • Group Functions consists of costs related to corporate functions at TOMRA. Assets and liabilities are distributed to the different reporting segments. Cash, tax positions, and interest-bearing debt (not including IFRS 16 lease liabilities) are allocated to Group Functions.
Page 16
16 Alternative performance measures Alternative performance measures used in this report are defined in the following way: • EBITDA is the calculated profit (loss) for the period before (i) income tax expenses, (ii) finance income and expenses, (iii) amortizations and (iv) depreciations. • EBITA is the calculated profit (loss) for the period before (i) income tax expenses, (ii) finance income and expenses and (iii) amortizations. • EBITA, adjusted is the calculated profit (loss) for the period before (i) income tax expenses, (ii) finance income and expenses and (iii) amortizations, and (iv) special items. • Special items are result elements that are considered to be of one- off nature which do not reflect the performance in the underlying business. • EBIT i s t h e c a l c u l a t e d p r o fi t ( l o s s ) f o r t h e p e r i o d b e f o r e ( i ) i n c o m e t a x e x p e n s e s a n d ( i i ) fi n a n c e i n c o m e a n d expenses. • Depreciations is the allocated cost of tangible assets over its useful life + write downs related to the same assets. • Amortizations is the allocated cost of intangible assets over its useful life + impairment losses related to the same assets. • Net interest-bearing debt is calculated as the difference between interest-bearing debt and cash. Interest-bearing debt includes loans from financial institutions (current and non -current loans) and lease liabilities (current and non-current). Cash includes cash equivalents as short-term deposits, cash funds and bank accounts. • Order backlog is defined as the value of firm orders received within TOMRA Recycling and TOMRA Food that has not yet been delivered (and consequently not yet taken to P/L). • Order intake is defined as Order backlog at the end of a period minus Order backlog at the beginning of a period plus revenues for the relevant period. • Cost of goods sold refers to the direct costs attributable to the production of the goods sold. • Gross contribution is defined as Revenues minus Cost of goods sold. • Gross margin is defined as Gross contribution divided by Revenues in percent. • Operating expenses are defined as Revenues minus Gross contribution minus EBITA. • EBITA margin is defined as EBITA divided by Revenues in percent. • Gearing ratio is Net interest-bearing debt / EBITDA. • Return on capital employed is EBITA divided by the average equity and long-term interest-bearing liabilities over a twelve-month period. • Return on equity is Profit for the period divided by the average of opening and closing balance majority equity. • Return on total assets before tax is Profit before tax and interest expenses divided by the average of opening and closing balance total assets. • EPS is net profit after minority interest divided by number of shares issued less treasury shares held. • EPS, adjusted is net profit after minority interest before special items after tax, divided by number of shares issued less treasury shares held. • Payout ratio is the declared dividend per share divided by EPS converted to NOK using the average exchange rate for the period. • Working capital is inventory, receivables and contract assets less contract liabilities, trade payables and other current liabilities.
Page 17
17 NOTE 2 Dividend paid Paid out in May 2024: (1.95 NOK) x 295.5 million shares = NOK 576.3 million Paid out in May 2025: (2,15 NOK) x 295.5 million shares = NOK 635,4 million Paid out in May 2026: (2,15 NOK) x 295.4 million shares = NOK 635,1 million Dividend paid out in May 2026 is equivalent to 59 MEUR. NOTE 3 Purchase of treasury shares Own shares sold to employees in 2026 are equivalent to 3 MEUR. NOTE 4 Interim results (MEUR) 3Q26 2Q26 1Q26 4Q25 3Q25 Operating revenues (MEUR) 366 405 334 382 306 EBITA (MEUR) 47 57 13 70 30 EBIT (MEUR) 39 49 5 61 25 Sales growth (year-on-year) (%) 20% 25% 9% -4% -6% Gross margin (%) 43% 41% 40% 46% 44% EBITA margin (%) 13% 14% 4% 18% 10% EPS (EUR) 0.08 0.10 -0.01 0.15 0.05 EPS (EUR) fully diluted 0.08 0.10 -0.01 0.15 0.05 NOTE 5 Operating segments SEGMENT (MEUR) 3Q26 3Q 25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 Revenues 217 179 54 40 86 76 10 11 -1 0 366 306 Gross contribution 88 76 26 18 39 34 5 7 -0 0 157 135 - in % 40.8% 42.3% 47.7% 43.9% 45.0% 45.1% 44.8% 68.6% 43.0% 44.1% Operating expenses 52 47 20 21 28 26 6 7 4 4 110 104 EBITA, adj. 36 29 6 -3 11 8 -2 0 -4 -4 47 30 - in % 16.6% 16.3% 10.9% -7.6% 13.0% 10.2% 12.9% 10.0% Special items - - - - - - EBITA 36 29 6 -3 11 8 -2 0 -4 -4 47 30 - in % 16.6% 16.3% 10.9% -7.6% 13.0% 10.2% 12.9% 10.0% Amortization 3 2 1 1 2 2 1 1 - - 8 6 EBIT 33 27 5 -4 9 6 -3 -1 -4 -4 39 25 - in % 15.1% 15.1% 8.7% -9.9% 10.3% 8.2% -25.6% -7.2% 10.7% 8.1% Assets 795 740 344 341 326 335 205 196 127 154 1,797 1,767 Liabilities 377 348 88 80 125 161 60 56 502 539 1,151 1,184 SEGMENT (MEUR) YTD26 YTD25 YTD26 YTD25 YTD26 YTD25 YTD26 YTD25 YTD26 YTD25 YTD26 YTD25 Revenues 671 534 141 143 264 240 31 20 -1 0 1,105 937 Gross contribution 266 223 65 64 113 108 15 14 -0 -0 459 409 - in % 39.6% 41.7% 46.2% 45.2% 43.0% 45.2% 47.5% 66.6% 41.5% 43.7% Operating expenses 154 136 60 61 83 81 19 18 13 13 329 309 EBITA, adj. 112 87 5 3 30 28 -4 -4 -13 -13 130 100 - in % 16.7% 16.3% 3.8% 2.1% 11.5% 11.5% 11.8% 10.7% Special items -13 - - 4 -13 4 EBITA 112 87 -8 3 30 31 -4 -4 -13 -13 117 104 - in % 16.7% 16.3% -5.4% 2.1% 11.5% 13.0% 10.6% 11.1% Amortization 10 7 4 3 7 5 3 3 24 17 EBIT 102 80 -11 0 23 27 -8 -7 -13 -13 94 87 - in % 15.2% 15.0% -8.0% 0.3% 8.9% 11.1% -25.6% -36.6% 8.5% 9.2% Collection Recycling Food Group Functions Group TotalHorizon Group TotalCollection Recycling Food Horizon Group Functions 2025 Buy back 250,000 147.73NOK 37 2025 Sol d to empl oyees 239,221 146.10NOK 35 2025 Buy back 400,000 129.05NOK 52 2025 Sol d to empl oyees 17,628 120.30NOK 2 2026 Sol d to empl oyees 304,540 99.20NOK 30 Net purchase of own shares # shares Average price Total (MNOK)
Page 18
About TOMRA TOMRA was founded on an innovation in 1972 that began with the design, manufacturing and sale of reverse vending machines for automated collection of used beverage containers. Today TOMRA provides technology-led solutions that optimize resource use and recovery in the food, recycling, and ore sorting industries. TOMRA has approximately 119,900 installations in over 100 markets worldwide and had total revenues of EUR 1,318 million in 2025. The Group employs 5,800 people globally and is publicly listed on the Oslo Stock Exchange. (OSE: TOM). For further information about TOMRA, please visit www.TOMRA.com