TOMRA Systems

Investor Presentation • Jul 17, 2025

2 nd quarter 2025 results announcement

TOMRA Systems ASA 17 July 2025 © TOMRA

Quarterly highlights

Group highlights

Collection

High activity in preparation for new markets, but lower quarterly revenues.

Recycling

Continued uncertainty due to macroeconomics and tariffs, and soft plastics market.

Food

High activity with record quarterly EBITA and order intake.

Collection Business update

• Lower quarterly revenues reflecting phasing of new markets.
• Existing markets: Continued growth from expansions and new technology.
• New markets: High commercial activity in Poland and Portugal.

Preparations in Poland for upcoming DRS launch

Poland – 1 October 2025

Poland has officially set its commencement date for the deposit return system to 1 October 2025 (link).

Greece – 1 December 2025

In February 2025, secondary DRS legislation was signed into law by the Minister of Environment and the Minister of Economy (link). A system operator is yet to be announced.

Portugal – 1Q 2026

Portugal has licensed SDR as system operator of the upcoming deposit return system, with effect from 1 January 2026, (link). A formal commencement date has not been set.

Singapore – 1 April 2026

In March 2023, the parliament passed legislation for a deposit return system. The system operator has been licensed with launch date 1 April 2026. (link).

Spain – November 2026

In November 2024, Spain announced that it will introduce a deposit return system within 2 years in accordance with its waste management law 'LRSCEC' (link).

Moldova – January 2027

The government of Moldova has adopted an implementation framework for a deposit return system covering plastic, metal, and glass beverage containers – both single-use and reusable (link).

United Kingdom – October 2027

In January 2025, the UK government passed a DRS law for England and Northern Ireland (link). Scotland has passed legislation to aligning it with UK. On 6 May 2025, UK DMO was announced as the system operator (link).

Recycling Business update

• Revenues and order intake reflecting a challenging market environment with high macroeconomic and tariff uncertainty.
• Low activity in North America, especially within waste recovery.
• European plastics recycling market remains soft.
• Metals recycling segment remains relatively stable.

Lower order backlog on low quarterly order intake

Revenue development by segment (sale of sorters)

Price development (illustrative) of virgin PET and recycled PET (rPET)

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

Food Business update

• Record high quarterly EBITA, order intake and backlog.
• Improving market sentiment with strong order intake in all regions.
• Large orders received in several categories including Citrus, Avocados, and Potatoes.
• a e n mi and ta iff un e taint ma im a t ust me s' investment sentiment.

Record-high order intake

Horizon Business update

• TOMRA Feedstock: Commissioning phase yielding good throughput and high purities.
• TOMRA Reuse:
  • ✓ Preparations in Lisbon. 17 return points are planned across the downtown area by October.
  • ✓ Reuse Collection Point accepting reusable food packaging (boxes, bowls and cups) launched and ready for delivery in 2026. Live testing ongoing in Aarhus.

TOMRA Feedstock

Commissioning of Norwegian plant Områ

Reuse Collection Point (RCP)

Financials and outlook

Financial highlights

Revenues	• Total revenue of 325 MEUR (333 MEUR in 2Q 2024). Compared to 2Q 2024 revenues were: Down 2% for TOMRA Group Down 12% in Collection Down 1% in Recycling Up 15% in Food
Gross margin	• Gross margin at 44% (44% in 2Q 2024)
Operating expenses	• Operating expenses (adj.) of 100 MEUR (101 MEUR in 2Q 2024)
EBITA	• EBITA (adj.) of 44 MEUR (44 MEUR in 2Q 2024)
Special items	• 3.7 MEUR positive effect from Food cost savings program (-0.5 MEUR in 2Q 2024)
Cash flow	• Cash flow from operations of 17 MEUR (34 MEUR in 2Q 2024)
Order intake and backlog	• Recycling order intake of 41 MEUR (65 MEUR in 2Q 2024) and order backlog of 107 MEUR (133 MEUR in 2Q 2024)
	• Food order intake of 106 MEUR (83 MEUR in 2Q 2024) and order backlog of 137 MEUR (119 MEUR in 2Q 2024)

[EUR millions] Group P&L Highlights

C lle n
ling Re
d
e a ng e enses
S e ial items

Collection P&L Highlights

t e n Eu e
(e t e n Eu e
t me i a
f t e w ld Rest
e a ng e enses

Revenues [EUR millions] Gross margin [% of Revenues] EBITA [EUR millions]

Recycling P&L Highlights

Eu e
me i as
sia
f t e w ld Rest
e a ng e enses

Revenues [EUR millions] Gross margin [EUR millions] EBITA [EUR millions] Order intake [EUR millions] Order backlog [EUR millions]

Food P&L Highlights

Eu e
me i as
sia
f t e w ld Rest
e a ng e enses
S e ial items

Revenues [EUR millions] Gross margin [EUR millions] EBITA (and EBITA adj.) [EUR millions] Order intake [EUR millions] Order backlog [EUR millions]

*Food restructuring one-off costs

Balance sheet and cash flow

ntangi le n n u ent assets
angi le n n u ent assets
inan ial n n u ent assets
n ent
Re ei a les
Cas and as e ui alents
E uit
lia ili es Lease
lia ili es nte est ea ing
n inte est ea ing lia ili es

Cashflow from operations

• Cash flow from operations of 17 MEUR in 2Q 2025 (34 MEUR in 2Q 2024)

Solidity and gearing

• 35% equity ratio

• NIBD/EBITDA (rolling 12 months) of 1.8x

Financial position

Outlook

Collection	• High activity related to new markets and growth in existing markets. • Quarterly performance will be dependent upon timing of new initiatives. • Growth prospects in 2025 depend on Poland and Portugal.
Recycling	• Regulation and demand for recycled materials is expected to create growth opportunities. • Currently soft European plastics recycling market, trade tensions, and a high degree of macroeconomic uncertainty lead to increased uncertainty in the timing of orders. • Revenues in 2025 are dependent on market developments and how customers will react to these challenges. • Based on the order backlog at the end of the second quarter, a 40% conversion ratio is estimated to be recognized as revenues in the third quarter. However, given the market uncertainty, orders may be postponed over quarters. • There is currently a higher share of metals recycling in the backlog with lower gross margins than other segments.
Food	• Need for automation and increased quality and safety requirements create opportunities. • m ing ma et sentiment. we e , u ent ma e n mi un e taint ma im a t ust me s' in estment willingness. • Revenue growth in 2025 has potential to reach mid-single-digit levels. • ll wing last ea 's st edu ti n g am, t e ta get is t a ie e an EB ma gin f -11% in 2025. • Based on the order backlog at the end of the second quarter, a 55% conversion ratio is estimated to be recognized as revenues in the third quarter. However, given the market uncertainty, orders may be postponed over quarters.
Other	• Capital expenditures from Horizon activities of approx. 40 MEUR are expected in 2025, primarily related to TOMRA Feedstock.
Currency	• R 's gl al e ati ns e ses t e finan ial esults t u en flu tuati ns. R will gene all enefit f m a stronger USD due to the revenue exposure.

Official Opening of Områ – Norway's National Sorting Facility for Plastics

Please contact TOMRA Investor Relations if you would like to join*.

Date: 5 November 2025 from 10:00-14:00 (bus transfer organized from Oslo at 09:00)

Location: Holtskogen Næringspark, Indre Østfold

*Places are limited and subject to availability.

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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 "e e ts", " elie es", "ta gets", "estimates", "anti i ates", "intends", "g als", "st ateg " 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 " R ", " R S stems", "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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