TOMRA Systems

Investor Presentation • Oct 17, 2025

Quarterly highlights

Collection

Phasing of new markets impact quarterly revenues

Recycling

Weak market sentiment continues

Food

Strong momentum in orders and improved profitability

Collection Business update

• Solid growth in existing markets
• Commercial activity in Poland and Portugal continues, installations set to gradually pick up in 4Q 2025 and continue in 2026
• Acquisition of CLYNK "bag drop" collection solution in the U.S.

Lower revenues in new markets

Poland – 1 October 2025

Poland launched its deposit return system on 1 October 2025 with a transition period until 1 January 2026.

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). In October 2025, the system operator was assigned. The launch date is likely to be delayed.

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). The government is working on assigning a system operator.

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

• Weak market sentiment continues in North America and Europe
• Challenging market environment for waste sorting and plastics recycling
• Measures to restore profitability have started
• Mid-to-long term potential unchanged

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 order backlog with large projects to be delivered in 2026
• Launch of TOMRA 4C with AI solution LUCAi, designed for enhanced sorting of nuts and frozen vegetables

Record high order backlog

Horizon Business update

• c-trace: Strong momentum
• Reuse: successful piloting of event solution, roll-out of city solution to commence in Lisbon
• Feedstock: Områ transitioning well into operations

• Inauguration of Områ to be held 5 November 2025
• Producing 10 high quality output fractions from mixed plastic waste
• Capacity utilization starting at 1/3 with a plan to increase it to 2/3 in 2026
• Positive EBITDA run rate, and neutral-to-positive EBITA contribution expected in 2026 given successful capacity ramp-up and current market prices
• Return targets confirmed

Financials and outlook

Financial highlights

Revenues	• Total revenue 306 MEUR (326 MEUR in 3Q 2024). Compared to 3Q 2024 revenues were: Down 6% for TOMRA Group Down 5% in Collection Down 32% in Recycling Down 2% in Food
Gross margin	• Gross margin 44% (43% in 3Q 2024)
Operating expenses	• Operating expenses (adj.) 104 MEUR (97 MEUR in 3Q 2024)
EBITA	• EBITA (adj.) 30 MEUR (44 MEUR in 3Q 2024)
Special items	• No special items (-0.5 MEUR in 3Q 2024)
Cash flow	• Cash flow from operations 64 MEUR (99 MEUR in 3Q 2024)
Order intake and backlog	• Recycling order intake 42 MEUR (61 MEUR in 3Q 2024) and order backlog 109 MEUR (134 MEUR in 3Q 2024) • Food order intake 77 MEUR (73 MEUR in 3Q 2024) and order backlog 138 MEUR (114 MEUR in 3Q 2024)

[EUR millions] Group P&L Highlights

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S e ial items

^[EUR millions] * Food restructuring one-off costs

Revenues

Gross margin [% of Revenues]

EBITA (and EBITA adj.)

Collection P&L Highlights

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Recycling P&L Highlights

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Food P&L Highlights

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Balance sheet and cash flow

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Cashflow from operations

• 64 MEUR in 3Q 2025 (99 MEUR in 3Q 2024)

Solidity and gearing

• 33% equity ratio
• NIBD/EBITDA (rolling 12 months) of 2.2x

Financial position

• High activity related to new markets and growth in existing markets.
• Collection . • 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.
• Based on the order backlog at the end of the quarter, a 70% conversion ratio is estimated to be recognized as revenues in the fourth 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.
• malizing ma ket sentiment. H we e , ent ma e n mi n e taint ma im a t st me s' in estment willingness.
• Based on the order backlog at the end of the quarter, a 60% conversion ratio is estimated to be recognized as revenues in the fourth quarter. However, given the market uncertainty, orders may be postponed over quarters.
• ll wing last ea 's st e ti n g am, t e ta get is t a ie e an E ma gin -11% in 2025.

Other

• Capital expenditures from Horizon activities of approx. 30 MEUR are expected in 2025, primarily related to TOMRA Feedstock.

Currency • MR 's gl al e ati ns e ses t e inan ial es lts t en l t ati ns. MR will gene all ene it m a stronger USD due to the revenue exposure.

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