TOMRA Systems — Earnings Release 2023

Jul 14, 2023

Second Quarter 2023 Results Announcement All-time high revenues in all divisions

TOMRA, the global technology leader in sensor based solutions for optimal resource productivity, announces its financial results for the second quarter of 2023. All business divisions – Collection, Recycling, and Food – deliver all-time high revenues totaling 3,879 MNOK in the quarter. This corresponds to 27% growth from the same period last year and 14% when adjusting for currency effects.

Highlights 2Q 2023

(all growth figures are from the second quarter last year and adjusted for currency)

• Revenues amounted to 3,879 MNOK, up 14%
• Revenue growth of 15% in Collection, 26% in Recycling, and 4% in Food
• Gross margin improved to 42.5%, corresponding to an increase of 0.6 percentage points
• Operating expenses amounted to 1,112 MNOK, in line with the previous nine month's level when adjusted for currency and general inflation
• EBITA was 536 MNOK, up 3%
• Cash flow from operations of 41 MNOK, increase in receivables of 605 MNOK
• Recycling order backlog growth of 28%

Tove Andersen, President and CEO of TOMRA Systems ASA comments:

"I am very pleased that we continue to deliver on our strategic growth ambitions, delivering all-time high revenues in all three divisions – Collection, Recycling and Food. At the same time, we have lifted gross margins in both Collection and Recycling while scaling up the organization for further growth and continuing to innovate. We are also taking further actions to improve performance in our Food division where we have been seeing weaker market sentiment in the current macroeconomic environment."

"TOMRA is well positioned to develop adjacent opportunities to our core business, and I am very excited about the progress we are making in these new ventures. There is a legislative push to advance the circularity of plastic packaging through recycled content targets and reusable takeaway packaging. In TOMRA, we innovate new circular business models based on our technology. This quarter, we announced together with Plastretur that we will create Norway's first dedicated sorting plant to enable circular plastic packaging. We also entered into collaboration with Aarhus Municipality in Denmark to create the country's first deposit system for takeaway packaging. All these ventures have the potential to become additional profitable business divisions in TOMRA."

"Looking ahead, we are optimistic about the long-term demand for better resource productivity, which is driven by megatrends such as population increase, a growing middle-class consumer base, greater urbanization, and hence the need for increased focus on sustainability and climate change. With the technology we provide, TOMRA is well-positioned to enable society meet the challenges that follow by transforming how we obtain, use and reuse our world's resources."

Webcast:

President & CEO Tove Andersen and CFO Eva Sagemo will present the results today at 08:00 CEST. The presentation will be sent via live webcast. Questions to the speakers can be directed using the Q&A-tool embedded in the webcast and will be addressed towards the end of the presentation. A recorded version of the webcast will be available shortly after the webcast has concluded. Link to the webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20230714\_1/

Asker, 14 July 2023

TOMRA Systems ASA

For questions, please contact: Eva Sagemo, CFO: +47 93 43 99 11 Daniel Sundahl, VP Head of IR: +47 913 61 899