TOMRA Systems — Earnings Release 2023

Apr 28, 2023

TOMRA: Strong growth across all divisions in the first quarter 2023

TOMRA: Strong growth across all divisions in the first quarter 2023

TOMRA, the global leader in resource productivity solutions, has announced its

financial results for the first quarter of 2023. The company continued to

deliver strong growth, with revenues of 3,239 MNOK, representing a 29% increase

from the same period last year. When adjusting for currency, revenues were up

17% for TOMRA Group, with strong growth across all divisions: Collection,

Recycling, and Food.

Highlights 1Q 2023:

(all growth figures are adjusted for currency)

· Revenues amounted to 3,239 MNOK, up 17% from the first quarter last year

· Revenue growth of 18% in Collection, 15% in Recycling, and 15% in Food

· Gross margin was 40%, in line with the margin in the first quarter 2022

· Operating expenses amounted to 1,027 MNOK, in line with the previous quarter

when adjusted for currency

· EBITA was 277 MNOK, down 8% compared to last year, mainly as a result of

business expansion

· Strong cash flow from operations of 509 MNOK, compared to 166 MNOK in the

first quarter 2022

· Significant increase in Recycling's order backlog of 30%

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

"I am very pleased with the progress we are making on our strategic ambitions in

TOMRA in the first quarter. We have a plan to accelerate growth and continue to

see strong revenue growth materializing across all our divisions: Collection,

Recycling, and Food. Our efforts to mitigate the effects of inflation and supply

chain disruptions in order to improve gross margins are paying off. We have

recuperated margins in Recycling and Food and see continued improvement in

Collection."

"We deliver an EBITA of 277 MNOK, up 17% from the first quarter 2022. However,

as we have been scaling up our business over the past year to capture growth

opportunities that lie ahead of us, EBITA has fallen 8% compared to the first

quarter 2022 when adjusting for currency movements. Profitability is a priority

for us, and we are confident that the organization we now have built will

deliver on our profitability target as the business continues to grow."

"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 help 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/20230428_9/

Asker, 28 April 2023

TOMRA Systems ASA

For further information, please contact:

Eva Sagemo, CFO

Tel: +47 934 39 911

Daniel Sundahl, Head of Investor Relations

Tel: +47 913 61 899

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 more than 100,000 installations in over 80 markets worldwide and had

total revenues of NOK 12.2 billion in 2022. The Group employs 5,000 people

globally and is publicly listed on the Oslo Stock Exchange. (OSE: TOM). For

further information about TOMRA, please visit www.TOMRA.com

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.