4 th quarter 2021 results announcement

TOMRA Systems ASA 23 February 2022 © TOMRA

HIGHLIGHTS FROM THE QUARTER

Financial highlights

Revenues	• Revenues of 3,050 MNOK (2,742 MNOK in fourth quarter 2020) Adjusted for currency, revenues were: - Up 16% for TOMRA Group - Up 9% in TOMRA Collection - Up 51% in TOMRA Recycling Mining - Up 11% in TOMRA Food
Gross margin	• Gross margin 44% (down from 45% in fourth quarter 2020) - Slightly down in TOMRA Collection and TOMRA Food (compared to a strong fourth quarter 2020)
Operating expenses	• Operating expenses of 794 MNOK (716 MNOK in fourth quarter 2020) - Increased activity level and investments in future-oriented activities
EBITA	• All time high EBITA of 535 MNOK – up from 502 MNOK in fourth quarter 2020
Cash flow	• Cash flow from operations of 658 MNOK – compared to 890 MNOK in fourth quarter 2020
Order intake	• Order intake 1,298 MNOK in TOMRA Recycling Mining and TOMRA Food - Up 6% compared to fourth quarter 2020 adjusted for currencies - Positive momentum in most segments - Order backlog of 1,747 MNOK, up 25% currency adjusted compared to end of fourth quarter 2020
Other	• Supply chain shortages are overall under control, but represent a risk (some cost in the quarter) • The Board proposed an ordinary dividend of NOK 3.30 per share and an extraordinary dividend of NOK 2.70 per share • The Board proposed that the AGM should resolve a share split 1:2, effective from 27 May 2022

Business update for TOMRA Collection

Successful roll-out of the deposit system in Slovakia

Slovakia DRS live on Jan 1st, 2022

In September 2020, Slovakia announced the implementation of a deposit system on beverage packaging. Within 16 months, the system went live.

TOMRA Collection quarterly update

‒ Robust competitive position achieved in Slovakia after the DRS roll-out
‒ Northern Europe and Germany at similar activity levels as last year
‒ Stable volume in North America and Australia
‒ Equipment installations and build-up of the organization in Latvia are well on track
‒ Continued ramp-up investments for establishing in new markets

Update on new deposit markets

The Netherlands – December 2022 (expansion) In February 2021, the decision of deposit introduction was announced1) and expansion to Alu cans set for December 31st, 2022.

Romania – 2022/2023

Quebec – 2022/2023 (date to be set after with final regulations) On January 26th, 2022, the state of Quebec published3) draft regulations for the expansion and modernization of the current DRS.

Ireland – 2022/2023

Scotland – August 2023

In May 2020, Scotland approved deposit regulations and in Dec 20215), the implementation date was set to August 16th, 2023.

Victoria and Tasmania – 2023

In April 20216) , the Victoria announced DRS introduction and in Oct 20217) , the Tasmanian bottle bill was submitted to the Parliament.

Connecticut – 2023 and 2024 (expansion)

In Jun 20218) , Connecticut expands DRS to most carbonated beverages (2023) and raises the deposit value to 10¢ (2024).

Austria – January 2025

In November 2021, Austria introduced9) deposit on single-use beverage containers, with start date planned for January 1st, 2025.

1) https://nos.nl/artikel/2367153-kogel-door-de-kerk-per-31-december-2022-statiegeld-op-blikjes.html 2) https://legeaz.net/monitorul-oficial-955-2021/hg-1074-2021-sistem-garantie-returnare-ambalaje-nereutilizabile 3) http://www2.publicationsduquebec.gouv.qc.ca/dynamicSearch/telecharge.php?type=1&file=76313.pdf

4) https://www.gov.ie/en/press-release/b7f94-regulations-signed-for-a-deposit-return-scheme-for-plastic-bottles-and-aluminium-cans/ 5) https://www.gov.scot/news/scotlands-deposit-return-scheme/ 6) https://www.premier.vic.gov.au/victoria-set-deliver-cash-cans

7) https://www.parliament.tas.gov.au/Bills/current/54_of_2021.html 8) https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01037&which_year=2021 9) https://www.parlament.gv.at/PAKT/VHG/XXVII/I/I_01104/index.shtml#tab-Uebersicht

Business update for TOMRA Recycling Mining

Waste sorting and plastics recycling

Continued good momentum in the segment
Europe and North America account for the strongest growth

Metal recycling and mining

Sustained high commodity prices
Good momentum in metal recycling driven by prices and demand for recycled content

Positive order intake development and solid backlog High rPET and metal prices at the end of September

Illustration1) of price development of virgin PET and recycled PET (rPET)

PET = virgin-derived polyethylene terephthalate rPET= recycled polyethylene terephthalate (comparable to virgin PET)

Deep learning in wood sorting

TOMRA GAIN2) wood chip application uses deep learning to sort between different wood grades
Software engineers train the neural network with thousands of images
First of a kind offering in the industry

Business update for TOMRA Food

Good demand signals in both segments

Processed Food

Good demand signals
Supply chain disruptions continue to be a challenge

Fresh Food

Continued good momentum
Strong relative growth in kiwi, apples and cherry

TOMRA Food field research center in Hamilton

TOMRA invests in a new field research center in Hamilton, which includes production design, cool storage, full test simulations, engineering, fruit-science test labs and two hectares for test orchards.

The move further advances our category focus and customer centricity by bringing together all aspects of the development cycle.

FINANCIALS AND OUTLOOK

Currency risk and hedging policy

Revenues and expenses per currency:

	EUR¹	USD	NOK	OTHER²	TOTAL
Revenues	45 %	35 %	0 %	20 %	100 %
Expenses	40 %	25 %	5 %	30 %	100 %

Assets and liabilities per currency:

	EUR¹	USD	NOK	OTHER²	TOTAL
Assets	45 %	15 %	10 %	30 %	100 %
Liabilities	55 %	15 %	10 %	20 %	100 %
¹ EUR includes DKK		² Most important: AUD, NZD, RMB, CAD, SEK, GBP and JPY		NOTE: Estimated and rounded figures

¹ EUR includes DKK NOTE: Estimated and rounded figures

10% change in NOK towards other currencies will impact:

	Revenues Expenses		EBITA
EUR*	4.5%	4.0%	7.0%
USD	3.5%	2.5%	8.0%
OTHER2	2.0%	3.0%
ALL	10.0%	9.5%	11.0%

HEDGING POLICY

CASHFLOW AND P/L

• TOMRA can hedge up to one year of future predicted cash flows. Gains and losses on these hedges are recorded at the finance line, not influencing EBITA

B/S

• TOMRA only hedges B/S items where exchange rate fluctuations could have P/L impact. Gains and losses on B/S hedging are recorded in accordance with IAS 21 and will normally not have P/L impact

Financial highlights | P&L statement

	th 4 Quarter				Full Year
Amounts in NOK million	2021	2020	2020 Adj*	2021	2020	2020 Adj*
Revenues	3,050	2,742	2,619	10,909	9,941	9,449
Collection	1,481	1,426	1,357	5,738	4,936	4,698
Recycling Mining	631	438	418	1,881	1,694	1,630
Food	938	878	844	3,290	3,311	3,121
Gross contribution	1,329	1,221	1,168	4,789	4,367	4,138
in %	44%	45%	45%	44%	44%	44%
Operating expenses	794	716	695	3,020	2,845	2,764
EBITA	535	505	473	1,769	1,522	1,374
in %	18%	18%	18%	16%	15%	15%

TOMRA Collection financials

	th 4 Quarter				Full Year
Amounts in NOK million	2021	2020	2020 Adj*	2021	2020	2020 Adj*
Revenues	1,481	1,426	1,357	5,738	4,936	4,698
Northern Europe	187	223		801	778
Europe (ex Northern)	683	608		2,617	1,923
North America	413	407		1,672	1,590
Rest of the world	198	188		648	645
Gross contribution	592	598	564	2,412	2,042	1,940
in %	40%	42%	42%	42%	41%	41%
Operating expenses	346	302	295	1,295	1,161	1,133
EBITA	246	296	269	1,117	881	807
in %	17%	21%	20%	19%	18%	17%

TOMRA Recycling Mining financials

	th 4 Quarter				Full Year
Amounts in NOK million	2021	2020	2020 Adj*	2021	2020	2020 Adj*
Revenues	631	438	418	1,881	1,694	1,630
Europe	386	247		1,151	1,041
Americas	83	61		280	196
Asia	103	79		290	289
Rest of the world	59	51		160	168
Gross contribution	338	237	230	996	910	887
in %	54%	54%	55%	53%	54%	54%
Operating expenses	160	135	128	582	534	516
EBITA	178	102	102	414	376	371
in %	28%	23%	24%	22%	22%	23%

Based upon current production and delivery plans, the revenues in 1Q22 are estimated to be approximately 60% of order backlog at the end of 4Q21

TOMRA Food financials

	th 4 Quarter				Full Year
Amounts in NOK million	2021	2020	2020 Adj*	2021	2020	2020 Adj*
Revenues	938	878	844	3,290	3,311	3,121
Europe	174	194		911	875
Americas	338	405		1,369	1,521
Asia	161	62		352	291
Rest of the world	265	217		658	624
Gross contribution	399	386	375	1,381	1,414	1,312
in %	43%	44%	44%	42%	43%	42%
Operating expenses	254	254	247	1,021	1,050	1,016
EBITA	145	132	129	360	364	296
in %	15%	15%	15%	11%	11%	10%

Based upon current production and delivery plans, the revenues in 1Q22 are estimated to be approximately 65% of order backlog at the end of 4Q21

Financial highlights | Balance sheet and cash flow

	31 December
Amounts in NOK million	2021	2020
ASSETS	11,589	10,977
Intangible non-current assets	3,790	3,846
Tangible non-current assets	2,197	2,371
Financial non-current assets	347	353
Inventory	1,883	1,492
Receivables	2,740	2,383
Cash and cash equivalents	632	532
LIABILITIES AND EQUITY	11,589	10,977
Equity	6,164	5,591
Lease liabilities	1,015	1,104
Interest-bearing liabilities	1,004	1,414
Non-interest-bearing liabilities	3,406	2,868

Cashflow from operations

• Cash flow from operations of 658 MNOK in fourth quarter 2021 (890 MNOK in fourth quarter 2020)

Solidity and gearing

53% equity ratio
NIBD/EBITDA (rolling 12 months) of 0.6x including IFRS 16

Dividend

• The Board proposed an ordinary dividend of NOK 3.30 per share and an extraordinary dividend of NOK 2.70 per share

Other

• The Board proposed that the AGM should resolve a share split 1:2, effective from 27 May 2022

TOMRA has a solid financial position

Weighted average debt maturity of 2.0 years
All interest-bearing is swapped to EUR and is exposed to EUR/NOK exchange rate fluctuations.

Drawn Undrawn

Debt maturity profile Current funding sources

TOMRA has a satisfactory liquidity situation with available unused credit lines of approx. 1 525 MNOK
Senior unsecured bonds (no financial covenants) of 1 000 MNOK (swapped to EUR) are listed on Oslo Stock Exchange
The financial covenant related to the bank debt is minimum equity ratio of 30 %

Not including unused 300MNOK cash-pool overdraft facility*

Outlook

Collection	• High activity related to preparation for new markets • Quarterly performance will be dependent upon timing of new initiatives
Recycling Mining	• Positive momentum assumed to continue • High commodity prices and push for circularity are expected to drive growth
Food	• Good demand signals, still some short-term challenges from COVID-19 • Mid and long-term opportunities in both the fresh and processed food segments
Supply Chain	• Shortages in the supply chain, logistical challenges and inflation continue to be pressure points
Currency	• Reporting in NOK and with some NOK cost base, TOMRA will in general benefit from a weak NOK, particularly measured against EUR • With significant revenues in USD and costs in EUR, TOMRA Food is exposed to USD/EUR

TOMRA Capital Markets Day

23 June 2022

Germany

Koblenz

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Disclaimer

This Document (which may be a presentation, video, brochure or other material), hereafter called Document, may include and be based on, inter alia, forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. The content of this Document may be based on current 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" or similar expressions, if not part of what could be clearly characterized as a demonstration case. 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 assurance that those expectations will be achieved or that the actual results will be as set out in the Document. TOMRA Systems ASA does not guarantee the accuracy, reliability or completeness of the Document, and TOMRA Systems ASA (including its directors, officers and employees) accepts no liability whatsoever for any direct or consequential loss arising from 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 particular TOMRA Company