TOMRA Systems — Investor Presentation 2024

Sep 5, 2024

TOMRA

Capital Markets Day 2024

5 September 2024 Alicante, Spain

Agenda

TOMRA Group Strategy – Tove Andersen

TOMRA Recycling – Volker Rehrmann

TOMRA Collection – Marius Fraurud

TOMRA Food – Harald Henriksen

Develop Adjacent Business – Lars Enge

TOMRA Financials – Eva Sagemo

TOMRA Strategy

Accelerate growth in core and develop adjacent opportunities while becoming a fully circular business and being safe, fair and inclusive

We have shaped circularity and resource optimization for over 50 years through innovation, entrepreneurship, and thought leadership

We have consistently delivered profitable growth while enabling significant emission avoidance through our products

* Estimated in TOMRA's annual reports. TOMRA will change calculation methodology to align with WBCSD and Net Zero Initiative's Guidance on Avoided Emissions. This is expected to affect nominal values, not the trend.

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We are an impact leader providing thought leadership and pushing the boundaries on technology and solutions …

… shaping existing markets and creating new ones.

We operate in markets where we take a leading global position and make a meaningful impact …

… optimizing how resources are obtained, used, and reused.

Innovation, passion, and responsibility are our core values …

… and we have an entrepreneurial culture where we empower for ownership.

We have a decentralized operating model characterized by autonomy and accountability

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The drivers for increased circularity and resource optimization have never been stronger than now

TOMRA Strategy

Accelerate growth in core			Develop adjacent business
Collection	Recycling	Food	Horizon	M&A
Invest in double digit growth	Invest in double digit growth	Improve profitability then grow	Long-term business building	Selected value adding verticals

Fully circular business and being safe, fair and inclusive

Climate impact

Sustainable product design

Employee value proposition

Our vision is to lead the resource revolution, to…

Reduce today's

of consumable food which is lost and wasted²

TOMRA Recycling

Giving every piece of material we sort and analyze – may it be waste, metal or ore – a value.

We support our recovery and recycling customers to enable circularity and decarbonization

TOMRA Recycling's value chain positioning

Industries	Waste streams	Material recovery	Recyclers
Packaging		Rigid Flexible Paper UBCs more plastics plastics
Automotive		New
Electrical & electronics		Metal Plastics
Furniture		New Wood	Finer sorting for upgrading material (pre	Recycling process
Textile		Cotton Poly-cotton Polyester more New	processing)
Mining		Diamond Industrial minerals Metals		18

Global leader in sensor-based technology Installed base worldwide enabling recycling and mining

* Excluding other non-sensor-based sorting equipment (magnets, ballistics, eddy currents) and other processing equipment

Decarbonization, legislation and modernization is driving optical sorting market to grow at 8-10% until 2030

• Improvement to recycling practices requires industrialscaled sorting

• Increase recycled content
• Demand for higher quality feedstock
• modernization
• Labor shortage demands high degree of automation

Emergence of Extended Producer Responsibility (EPR) beyond packaging increases adoption of automated sorting

Further EPR schemes under consideration

Macro drivers present abundant opportunities for the sensor-based sorting market, leading to sustained growth

More waste volume

Regulation and decarbonization encourage the amount of waste to be sorted in existing waste streams

New waste streams

Industries becoming more circular enable new waste streams, e.g. ELV, E-waste, wood and textiles

Higher quality materials

Purer feedstock for closed loop recycling is demanded through additional sorting

Modernized facilities

Automation and operational efficiency is needed to meet future market demand

TOMRA Recycling Strategy

We will strengthen our leading position in core markets, develop innovative solutions to enter new waste streams, and transform our service offerings.

We target double digit revenue growth, maintained profitability and reduced carbon footprint

intensity reduction

absolute reduction

We are the technology leader in an evolving recycling market

Technology leader Value drivers

Leading position while expanding to new segments

Commitment to innovation and cuttingedge research

Most extensive sensor portfolio for highperformance machines

New success with AI and LIBS technology

Advisory and close collaboration with our customers

We will transform our service offerings for superior client deliveries

Transform service offerings Value drivers

Demand for more and better feedstock

Technology and market leader

Double digit growth with strong profitability

Enable additional tons material for circularity

to give every piece of material a value by sorting and analyzing it and enabling its best use

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TOMRA Collection

Transforming society's habits to keep valuable resources in a continuous loop of use and reuse

Continued strong profitable growth

Unique position & market momentum

Maintain leadership in existing markets, capture new markets & prepare for beyond 2030

The global leader in reverse vending and collection solutions

We solve customers' DRS challenges through flexible value chain positioning depending on local needs

TOMRA Collections' value chain positioning

Legislation, automation and decarbonization drive the expansion of DRS systems worldwide

SUPD & PPWR drive implementation of DRS to achieve collection targets above 90%

& Automation

Labor cost and margin pressure lead to focus on efficiency and ease of use across the value chain

Regulation Modernization Decarbonization

Industry committing to SBTi targets pushing sustainability to be part of decision making

Our ambition is to continue our trend of profitable growth

intensity reduction

absolute reduction

Total potential to collect

(based on global sales of drink containers in 2023)

Total drink containers sold

Existing conventional DRS Total potential to collect

(based on global sales of drink containers in 2023)

Total drink containers sold Existing Conventional-DRS

We will drive significant growth in existing DRS markets by maintaining our industry leadership

Existing DRS markets EXISTING MARKETS Maintain industry leadership

expected 40-50% share installed base of growth by 2030

Solution- and business model innovation

Increased throughput & material recovery volumes

We will drive significant growth in coming DRS markets by leveraging our current strengths

Existing DRS markets COMING MARKETS New market capture

expected 40-50% share of growth by 2030

Publicly announced upcoming DRS launch

Greece	UK
Czech Rep.	Turkey

Belgium EU requirements by 2029 France

Italy

Bulgaria

Extensive portfolio & innovation capabilities

Proven roll-out & production abilities

New Zealand Strong local presence combined with 50 years of industry know- how

We will position for growth beyond 2030 in rest-of-the-world markets by exploring alternative collection solutions

REST OF THE WORLD Existing DRS markets REST OF THE WORLD

Long-term positioning and investment

expected 5-10% share of growth by 2030

Holistic solution provider of circular solutions

Solution- & business model innovation

First-hand experience from pilot concepts in Middle East and Asia

Our ambition is to steadily increase the EBITA margin towards 2030 while realizing significant growth

EBITA margin Increase to high 10's

Increase operational efficiency in existing DRS markets, both COGS and OPEX

Launch of new innovative products and volume growth in throughput markets

Ramp-up costs and initial warranty period reduces margin at the launch of new markets

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We aim to decouple our growth from our footprint

Decrease CO2 footprint aligned with SBTi targets

by reducing the emissions from our operations and increasing the circularity of our products

Our 2030 ambition:

on the way to Responsibly collecting 500bn drink containers for clean loop recycling and reuse

Key takeaways

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Continued strong profitable growth

Unique position & market momentum

Maintain leadership in existing markets, capture new markets & prepare for beyond 2030

TOMRA Food

Our sorting and grading solutions help to maximize food safety and minimize food loss by making sure Every Resource Counts.

Key messages

Global Leader

Restructuring

Profitable Growth

We are the global leader in food sorting and grading

Installed base worldwide

installation (vs. peripheral) and the regional location of the customer.

potatoe Our technology optimizes the value of food for producers and packers

TOMRA Food's value chain positioning

Focus segments

We are focused on high value market segments, where technology can differentiate

Global trends underpin market acceleration that fuel the rise of automated sorting technology

• Population growth driving increased demand for food
• Rising middle class change dietary habits

Demographics Modernization & Automation

• More detailed requirements
• Pressure on labour cost and availability
• Machine efficiency to increase yield
• High rate of technology change

First, we improve profitability then target growth

adjusted for special items

Decrease CO2 footprint aligned with SBTi targets

SBTi Scope 1-3 emission targets

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TOMRA Food Strategy

We will first complete the restructuring: delivering profitability by focusing on customer satisfaction, and then grow through technology and services innovation

Phase 1 is focused on profitability and customer satisfaction

1. Restructuring Value drivers

Focus & simplify our portfolio and operations to reduce complexity

Establish local partnerships to complement our solutions, streamlining delivery and installation

Improve service performance, increasing aftermarket share of wallet

Implement a platform approach to speed up time to market of new products

Phase 2 will be about profitable growth through technology leadership and service innovation

2. Profitable Growth Value drivers

Innovative service products that add value across the whole customer life cycle

Digital and data offerings that create new value streams for our customers

Expand sorting opportunities to increase share of wallet of our customers

Sensor technology development to open up new segments and opportunities

We start with our restructuring program but see further opportunities to improve our margin

Key takeaway

We are the global leader and we aim to strengthen this position by delivering leading customer satisfaction

We will complete the restructuring, delivering on profitability

We will then deliver profitable growth through technology leadership and service innovation

Our 2030 ambition:

Contribute to reduce the

of food loss and waste while enforcing food safety and maximizing the yield for our customers

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Food loss and waste source: Food and Agriculture Organization of the United Nations (FAO) 2023. Tracking progress on food and agriculture-related SDG indicators 2023.

Develop Adjacent Business

Develop adjacent Business

Exploring new adjacent business opportunities and alternative business models leveraging our technology and decades of know-how in order to facilitate and accelerate the transition to circular economies.

TOMRA Horizon Adjacent M&A

Long term business building

Selected value-adding verticals

Horizon is a vehicle to broaden the TOMRA portfolio and create long term value

Innovate and lead the resource revolution

Broaden our portfolio

Create additional profitable growth

Capital allocation thresholds

>15%

IRR

>15%

EBITA

We are looking for opportunities

Opportunities where TOMRA has a competitive advantage to succeed

Potential for strong capital returns supporting TOMRA to deliver on our Group targets

>15% ROCE

Our three ventures are past the business blueprint phase, ready to demonstrate and scale technology

TOMRA Feedstock

TOMRA Feedstock utilizes our waste sorting technology to create new value chains that recover plastic waste which is typically incinerated or landfilled today.

Through advanced sorting plants, we turn this material into high quality plastic feedstock for closed loop recycling.

More than 70% of plastics is landfilled or incinerated in Europe

TOMRA Feedstock

Key needs to believe

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• Regulatory push for more plastics recycling 1
  • Industry committing to more recycled content in products
  • Advancements in mechanical and chemical recycling technology and capacity

Post-consumer plastics waste value chain in Europe

TOMRA Textiles

TOMRA Textiles is on a mission to close the gap between waste textiles and fiber-to-fiber recycling, using our unique sensor-based sorting technology to create solutions and develop value chains that enable textiles circularity at scale.

Less than 1% of textiles are kept in a closed loop today

TOMRA Textiles

Key needs to believe

Regulatory push towards a circular textiles value chain

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• Recycling technologies matured and scaled for main fiber fractions
• Brands committing significant off-take for recycled material

• Setting up dedicated Textiles Tech Centre
• Collaboration with innovative recyclers
• Feasibility studies with textile ecosystem

TOMRA Reuse

TOMRA Reuse leverages our reverse vending technology to create open managed systems and complete infrastructures for reusable takeaway packaging for cities and events around the world – reducing waste and optimizing resources in urban areas.

Takeaway packaging create up to 50% of the waste in city's public bins

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TOMRA Reuse

Key needs to believe

• Regulations on city, country or European level Reuse solution is convenient for consumers, ensuring high adaption 1 2
• Reuse solution is convenient for businesses reducing the barriers to shift to Reuse 3

2035 north star

TOMRA Feedstock TOMRA Textiles TOMRA Reuse

Recover 2 mton mixed plastics from incineration or landfill, making it available for closed loop recycling

Enable 1.5 mton fiber-to-fiber recycling by scaling automated sorting and shaping circular standards

Avoid 400 million single use takeaway packaging annually through our reuse systems

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We will target selective adjacent M&A plays to diversify and strengthen TOMRA

Key takeaway

We see strong potential for value creative growth through developing business adjacent to TOMRA

We apply strict capital return requirements to ensure we optimize our capital allocation across the portfolio

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TOMRA Financials

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We are positioning our portfolio for profitable growth

We remain committed to our ambition of 15% annual growth

We have a solid underlying business generating steadily growing revenues

There is significant growth potential for TOMRA even before considering new deposit markets in Collection…

Our profitability target stay firm, and we will increase EBITA to 18% by 2030

Road to 18% EBITA margin ambition

EBITA margin at 18% by 2030 77 EBITA margin at 18% by 2030

TOMRA has historically generated robust cash flows supporting our capital allocation

Historical operating cash flow

EUR millions

We have a disciplined capital framework and allocation prioritization

Our dividend policy is a cornerstone of TOMRA and will be kept unchanged

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We plan to invest in accelerated growth within our core divisions while supporting selected adjacent opportunities

We are focused on reaching a ROCE above 18%

*ROCE calculated as rolling 12M EBITA divided by rolling 12M Capital Employed, where Capital Employed equals total assets less cash less investments in associates less noninterest-bearing liabilities – includes Goodwill; 2023 adjusted for special items; Excluding transformative M&A

Maintaining investment-grade status is important for us and we expect our rating will remain stable

*Bonds and other loans includes Eksfin financing and senior unsecured bonds. Liquidity buffer includes RCF, undrawn Eksfin financing, and unused cash-pool overdraft facility 83

We are committed to reach our sustainability targets across material topics by 2030

Climate impact Employee value proposition Sustainable product design Our sustainability targets towards 2030 >90% sustainable materials and components in all new products >50% of our products are circular at their end of live Grow female representation in senior management to >30% Improve employee satisfaction with top quartile NPS score Commitment to Net Zero emissions and setting SBTi targets 100% renewable electricity Attract diverse talents from all facets of humanity, with a goal of 50% women and men joining annually >80% reduction in operational transport emissions

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We have developed our SBTi targets as part of our pathway to reach net zero

1) Absolute reduction of GHG emission, 2) GHG intensity reduction, illustrated in graph based on 2022 revenue multiplied with 2033 and 2050 target GHG intensity reduction per EURm, 3) Baseline estimated at ~1.5m tCO2e, 4) Target reduction percentages when holding 2022 revenue constant to illustrate GHG intensity reduction for Scope 3 at current baseline level – For instance Scope 3 emissions could be unchanged in 2050, but the GHG per EURm revenue will be reduced by 62% in 2033 and 97% in 2050 for Scope 3 following revenue increase

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Copyright

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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 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", "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.

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