TOMRA Systems — Investor Presentation 2022

Jul 15, 2022

Click to enter name Place dd.mm.yy TOMRA Systems ASA 15 July 2022 © TOMRA

At TOMRA, our vision is to Lead the Resource Revolution

It is our belief that businesses have the power and responsibility to help manage our planet's precious resources—today and tomorrow.

Our transformation journey

Revenues

Creating value through three divisions

Divisions and segments

Employees Share of '21 sales 1,856 ~43% Customers Grocery retailers Food growers, packers and processors ~10% ~17% Grocery retailers and beverage manufacturers 580 826 Market share ~70% ~30% ~60% in USA (markets served) Employees Share of '21 sales Customers Market share REVERSE VENDING MATERIAL RECOVERY PROCESSED FOOD Material recovery plants, scrap dealers, metal shredder operators 575 ~15% ~55-60% RECYCLING 84 ~2% Mining companies ~40-50% MINING Food growers, packers and cooperatives ~13% 655 ~25% FRESH FOOD TOMRA COLLECTION TOMRA RECYCLING MINING TOMRA FOOD

Employees

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TOMRA GROUP FUNCTIONS

Installed base worldwide

Nordic	~16,200
Germany	~30,000
Other Europe	~15,100
North America	~13,700
Rest of the world	~6,000
TOTAL*)	~81,000

COLLECTION RECYCLING AND FOOD

REVERSE VENDING		RECYCLING	MINING	PROCESSED FOOD	FRESH FOOD
	~16,200	EMEA ~5,850	EMEA ~35	EMEA ~4,200	EMEA ~1,850
	~30,000	Americas ~1,250	Americas ~49	Americas ~3,250	Americas ~1,600
	~15,100	APAC ~1,100	South Africa ~52	APAC ~900	APAC ~1,150
	~13,700		APAC/Other ~54
	~6,000
TOTAL*)	~81,000	TOTAL ~8,200	TOTAL ~190	TOTAL ~8,350	TOTAL ~4,600

Number 1 in all markets globally

Climate change and resource scarcity

Demographic and social change

Technological breakthrough

Place dd.mm.yy

Click to enter name Rapid urbanization TOMRA is uniquely positioned along powerful global megatrends

TOMRA Collection

TOMRA The global leader in reverse vending

50 years of experience

81 000 machinesin operation

44 billion

containers a year

in operation

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Represented in more than

5.7bn NOK revenues 19% EBITA margin

An overview of current deposit markets

12 * In addition, some markets have refillable deposit systems such as: Austria, Belgium, Chile, Czech Republic, France, Hungary, Poland and South Korea

Upcoming deposit markets

Quebec: Deposit Return System to be modernized in 2023

Connecticut: Expansion of existing deposit system in 2023/2024

Scotland: Container deposit scheme planned to start August 2023

England: implemented in 2024. Deposit Return System to be implemented in

The Netherlands: Deposit Return System to be extended 2023

Ireland:

2023

Collection target for plastic bottles:

• 77% by 2025
• 90% by 2029

Recycled content in product design:

• 25% by 2025 in PET bottles
• 30% by 2030 in all plastic bottles

EU Single-Use Plastic Directive: Targets on recycled content and collection target for plastic bottles. Deposit scheme mentioned as a mean to reach

those targets.

Consultation ongoing for a deposit scheme anticipated to be

Romania: Deposit Return System to be implemented 2022/2023

Austria: Deposit Return System to be implemented 2025

Victoria and Tasmania: Deposit Return System to

be implemented in 2023

13 New Zealand Deposit Return System proposed for 2025

We are driving the market momentum through global advocacy work aiming to achieve best practice deposit systems and generate demand through innovations

Collection targets for plastic beverage bottles

77% 2025 90% 2029

Targets for recycled content in plastic beverage bottles

25% 2025 30% 2030

Continued work with governments to implement best practice deposit legislation

Innovate solutions that trigger modernizations and increased demand

High collection rates achieved in two years' time

The four principles of high-performing deposit return systems

A collection target for a broad scope of beverage packaging plus a meaningful deposit delivers strong results.

The redemption system is easy, accessible and fair for everyone.

PERFORMANCE CONVENIENCE PRODUCER RESPONSIBILITY SYSTEM INTEGRITY

Producers manage, finance and invest in the system with use of unredeemed deposits and commodity revenues.

Trust is built into the system's processes through transparent management, a data-driven clearinghouse, and reliable redemption technology.

Reinvestment of unredeemed deposits and material revenue within the system

In Norway over 80% of the system's costs are covered by unredeemed deposits and material revenue

Profit and loss overview of Norway's Central System Administrator (2019)

Legislative outlook supports new and expanded Deposit Return Scheme (DRS) markets towards 2030

* In addition, some markets have refillable deposit systems such as: Austria, Belgium, Chile, Czech Republic, France, Hungary, Poland and South Korea

Europe and the Single Use Plastic Directive (SUPD) will be the main driver of new deposit markets towards 2030

* In addition, some markets have refillable deposit systems such as: Austria, Belgium, Czech Republic, France, Hungary and Poland

Strong local presence in existing and upcoming European deposit markets

Establishing local TOMRA entities and building local presence and partnerships early is key in our go to market strategy

* In addition, some markets have refillable deposit systems such as: Austria, Belgium, Czech Republic, France, Hungary and Poland

Existing DRS markets* EU countries

Global market leader in reverse vending solutions

Source: TOMRA estimates and analysis

Customer centricity is at the core of our innovation strategy

Strategic aspiration: Innovate the most attractive solutions and the best customer experience

Business model expertise across deposit systems

Cash flow profiles of the two business models

Illustrative cash flow profiles per machine

Flexibility and scalability to enable new business models and new market entry

Redemption centers, small depots etc.

CONTAINER VOLUME 25

Advanced digital platform leveraged across stakeholder groups

Automated Depots Over the Counter Scheme App

RVM Kiosks Reverse Vending Centres Single RVMs

Current supply chain with country origin on purchased material

Global Supply Chain

Optimize global sourcing and production set-up

The goal

Support the market demands both on capacity and flexibility

Capable of annual delivery of up to 30.000 RVMs

Dual sourcing strategy in focus to reduce risk and exposure (increase European sourcing)

Our Big Hairy Audacious Goal

500 BILLION

empty beverage containers handled by TOMRA equipment and collected for clean loop recycling

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TOMRA Recycling

There is a legislative push and market pull towards a circular economy

Extended Producer Responsibility policy is a key element, complemented by quotas, taxes, bans, and mandatory recycled content targets.

https://www.rolandberger.com/en/Insights/Publications/Packaging-sustainability-2030.html

https://ellenmacarthurfoundation.org/global-commitment/overview

brands are still far away from reaching them.

EU member states need to meet PPWD¹ targets for plastic recycling

¹Packaging and Packaging Waste Directive

Source: Utkast til høringsnotat med konsekvensutredning, Miljødirektoratet, February 27th 2020

Example:

Norway

Strong commitment from the industry to use recycled polymers

Selected global commitments (non-exhaustive)

"Our ambition is to use 1 million tons of plastic waste a year in our global chemical plants by 2025"

"Produce and market 2 million tons of recycled and renewable based polymers annually by 2030"

"Produce 2 million tons of sustainable (includes recycled and biobased) polyolefins by 2030"

"By 2030, Dow will enable 1 million tons of plastic to be collected, reused or recycled through its direct actions and partnerships"

2

1

million tons

million tons

2

million tons

1

million tons

Sorting is essential for a circular economy

Waste sorting segment

Recover materials for recycling from both source separated and mixed household waste

Segment share of installed base

Recycling segment

Upgrade material to pure fractions for high quality recycling

Segment share of installed base

Mining segment

Recovery and ore sorting to reduce environmental impact

Segment share of installed base

How does sensor-based separation work?

High-speed processing of information (material, shape, size, color, defect, damage and location of objects)

A broad sensor-based technology portfolio

RECYCLING FOOD X X X X X X X X X X X X X X X X X X ELECTROMAGNETIC SENSOR (EM) Electro-magnetic properties like conductivity and permeability LED SPECTOMETRY (LED) Color and spectral properties based on multiple LED light sources in very high optical resolution NEAR-INFRARED SPECTROSCOPY (NIR) Specific and unique spectral properties of reflected light in the near-infrared spectrum X-RAY TRANSMISSION (XRT) Atomic density irrespective of surface properties and thickness LASER INDUCED BREAKDOWN SPECTROSCOPY (LIBS) Elemental composition X-RAY FLUORESCENCE (XRF) Elemental composition INFRARED TRANSMISSION (IRT) Density and shape properties by light absorption IR CAMERA (IR) Heat conductivity and heat dissipation COLOR CAMERA (COLOR) Color properties measured in very high optical resolution LASER REFLECTION/FLUORESCENCE (LASER) Structural, elemental and biological properties by reflection, VISIBLE LIGHT SPECTROMETRY (VIS) Specific and unique spectral properties of reflected light in the visible spectrum

absorption and fluorescence of laser light

Automation with TOMRA units

The concept of sensor-based sorting in mining

Mining process: Industrial minerals

• 15% to 50% of the ROM can be rejected in an early stage of the process (application dependent)
• These low grade waste rocks don't need to be transported, crushed, grinded or further treated

Mining process: Metal mining

The essential nature of mining means that the industry needs to make a leap towards a more sustainable future

Our ore sorting solutions enable the mining industry to reduce their footprint

Ore sorting is used to:

• Reduce operational impact and footprint by splitting the "good" and the "bad" materials early in the process
• Extend the lifetime of a mine
• Reclaim valuables for stock piles

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Our solutions enable recovery of recyclables from different waste streams

A modern packaging sorting plant can contain up to 60 NIR sorters Our solutions can also recover valuables from residual waste streams

Our technology and innovations continue to push the boundaries of the recycling sorting market

processing equipment

Our solutions close the loop by enabling high quality recycling

We are actively pushing the boundaries of plastics recycling by:

• Demonstrating advanced mechanical recycling
• Supporting chemical recyclers

Alloy sorting Textile sorting Plastics Wood sorting

We are investing into the development of solutions for new segments

We have two strategic priority areas

Provide leading solutions and innovations

Utilize cutting edge sensor technology

Exploit the power of deep learning

Deep market expertise and partnership

45 Develop digital solutions & services

We are here to enable closed loop recycling solutions material stream by material stream

Our commitment towards plastic packaging by 2030

of post-consumer plastic packaging is recycled in a closed-loop

TOMRA Food

Population growth and rise of the middle class

Shift to automation and digital tools

Cyclical investments in different categories, regions and seasons

TOMRA Food with a strong value proposition

Food Categories

Three ways of sorting within the Food segment

Free fall (Channel / Chute)
Application	Seeds, rice, grains
Sensor tech.	Camera (simple)

Belt
Application	Prepared /preserved veg. and fruit
Sensor tech.	Several (complex)

On belt inspection

Lane grading

TOMRA has established the broadest footprint within food sorting

Leading market position

Leading technology position

Our food sorting customers

PROCESSED FOOD INDUSTRY FRESH PRODUCE INDUSTRY

Clear strategic direction and priorities

Maximize Growth

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Operational Excellence

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Maximize growth

Estimated market share

Core

Anchor North America Accelerate Europe

Expansion Grow market share

Services and digital Increase recurring revenues Deliver advanced digital solutions

Operational excellence

Productivity

Continuous improvement Scale and synergies

Technology management

Technology leadership Modularization

Best-in-class solutions Digital

Supply chain optimization

Go-to-market

Global sourcing and resilience

Customer focus Customer engagement Value proposition

Every Resource Counts

Post-harvest food loss reduction by 2030

Group financials development – solid track record

EBITA and margin

Gross contribution and margin

Earnings per share

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Accelerating growth in our core business

Our strategy is built on organic growth with the main engine being the core business

We have a solid market and capital position, and we will utilize this platform to develop adjacent business

➢ Accelerate growth in core ➢ Develop adjacent business

Ideally positioned to develop adjacent opportunities

TOMRA's competitive edge, market position and technology can be applied in areas beyond our current operations

Strong macro trends and emerging business models within circular economy and resource efficiency

What are we looking for

Business models with the potential to become a sizeable business, ripe for scaling over the next few years

Opportunities where TOMRA has a competitive advantage to succeed

Potential for strong capital returns and steady-state profitability in line with TOMRA's targets

Enabling automation in textiles recycling

Digital business models

Collection systems for

reusable packaging

Examples of what we are exploring

Closing the gap in plastic recycling

The gap in plastics recycling

Majority of plastics are lost today Demand for recycled plastics

• In Europe alone, 24 million tons of plastics are lost to incineration and 14 million tons to landfill
• The volume of each waste plant and incinerator is too low for sophisticated sorting to ensure the quality and fractions required for recycling

GAP

• Already a strong demand for recycled plastics will increase significantly in the next few years (more than 10 million tons from major plastic producers)
• Mechanical and chemical recyclers need an individual polymer fraction at sizeable volumes to justify investments

Closing the circularity gap

Mixed plastics fraction needs to be made available by incinerators, landfills, and other sources

Connecting the value chain

Suppliers Customers

Sorted polymer fractions (e.g., HDPE, PS, PP, etc.) to be supplied to recyclers with the right quality

Our strategy is to accelerate growth in core business and develop adjacent opportunities

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Accelerate growth in core

Develop adjacent business

Our ambitions going forward

…in a world that needs change how fast can we at TOMRA go and what would it take?

We aim to accelerate growth to 15% and reach 18% EBITA margin by 2027

Our dividend policy

Operating cash flow growth of 15% CAGR

Cash Flow from Operations Capex Divestures / Acquisitions

Dividend payout 40 – 60% of EPS Solid operating cash flow Moderated capital needs in core

Our ambition is to keep an investment grade status

LEAD THE RESOURCE REVOLUTION

While

BECOME A FULLY CIRCULAR BUSINESS

And being

BE SAFE, FAIR, AND INCLUSIVE

Double the avoided emissions enabled by TOMRA products in use

Commitment to net zero emissions and setting science-based targets (to be externally verified by 2024)

90% sustainable materials and components in all new products >50% of our products are circular at the end of their life 100% renewable electricity >80% reduction in operational transport emissions

Strive for zero work-related injuries and illness by providing a safe place for people and the environment

Attract diverse talents from all the colorful facets of humanity, with a goal of 50% women and men joining annually

Grow female representation in senior management to >30%

Improve employee satisfaction and engagement with top quartile NPS Score

EU Taxonomy – preliminary1) assessment

1) The assessment of Taxonomy-aligned activities is a preliminary indication, and it might change

2) Based on the draft criteria presented for public consultation by the Platform on sustainable finance (https://ec.europa.eu/info/publications/210803-sustainable-finance-platform-technical-screening-criteria-taxonomy-report_en), which is not an official Commission document

(a) climate change mitigation

Our ambitions 2022 – 2027

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Shareholder structure

10 shareholders as of 30 June 2022*) Top
1	Investment AB Latour	62 400 000	21,1 %
2	Folketrygdfondet	23 399 710	7,9 %
3	APG Asset Management	14 189 128	4,8 %
4	BlackRock	11 556 173	3,9 %
5	Candriam	7 573 768	2,6 %
6	Handelsbanken	7 357 944	2,5 %
7	Vanguard	6 742 161	2,3 %
8	AllianceBernstein	5 280 594	1,8 %
9	Impax Asset Management	5 207 880	1,8 %
10	Alfred Berg Kapitalforvaltning	3 872 010	1,3 %
	Sum Top 10	147 579 368	49.9%
	Other shareholders	148 460 788	50.1%
	TOTAL (11.916 shareholders)	296 040 156	100.0%

*) ultimate ownership accounts based on available information

TOMRA is uniquely positioned along global megatrends

We have set bold ambitions to double our business in the next five years

➢ Accelerate growth in core ➢ Develop adjacent business

For a sustainable planet for generations to come

we have an obligation to grow

Copyright

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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.

www.tomra.com