Tomra Systems ASA

Group revenue was EUR 405 million, up 25% year over year, with group gross margin at 41.3% versus 44.3% last year and group EBITDA at EUR 57 million, up 30%. Collection revenue was EUR 246 million, up 45%, with gross margin at 38.6% versus 41.8% last year and EBITDA of EUR 44 million versus EUR 27 million. Recycling revenue was EUR 51 million, down 11%, with gross margin at 48.9% versus 46.4% last year, EBITDA of EUR 5 million versus EUR 6 million, and order intake of EUR 58 million, up 40%. Food revenue was EUR 99 million, up 5%, with gross margin at 43.1% versus 46.4% last year, EBITDA of EUR 15 million versus EUR 17 million, and order intake of EUR 83 million, down 22%. TOMRA Horizon revenue was EUR 10 million, gross margin was 49.2%, and EBITDA was negative EUR 1 million. Cash flow from operations was EUR 38 million, investments were EUR 28 million, working capital was 19% of revenue, equity ratio was 34%, liquidity buffer was EUR 112 million in undrawn facilities, and gearing was 2.46x. Outlook: Collection H2 revenue expected at EUR 400 million-EUR 440 million, full-year gross margin around 40%, and quarterly OPEX around EUR 52 million in H2. Recycling full-year revenue is expected at EUR 200 million-EUR 215 million, with Q3 gross margin around 45%-50%. Food full-year revenue is expected at EUR 340 million-EUR 360 million, with Q3 gross margin around 43%-47%. Horizon full-year revenue is expected at EUR 45 million-EUR 50 million, full-year OPEX around EUR 30 million, and CapEx around EUR 10 million.

Tove Andersen framed the quarter as proof that TOMRA is gaining scale in new deposit markets, especially Poland, where she said the company had completed the first phase of installations and secured a strong starting position for future sales and service revenue. She emphasized that the U.K. is a major upcoming opportunity, with many tenders still ongoing and a 2027 peak installation year expected, while Spain, France, and Italy continue to move through early legislative and approval steps. Her tone was confident but measured, especially on Poland and Recycling, where she said market recovery is not yet broad-based but the company is seeing encouraging traction from innovation and better momentum in metals.

Eva Sagemo quantified the quarter and the updated outlook in detail, pointing to Collection revenue of EUR 246 million, gross margin of 38.6%, and EBITDA of EUR 44 million, with the margin hit mainly from mix and lower product margins in Poland. She said the Collection business should see H2 revenue of EUR 400 million-EUR 440 million, gross margin above 40% in H2 and around 40% for the full year, and quarterly OPEX around EUR 52 million. On the balance sheet, she cited cash flow from operations of EUR 38 million, working capital at 19% of revenue, a liquidity buffer of EUR 112 million, equity ratio of 34%, and gearing of 2.46x, adding that gearing should come down gradually as earnings and cash flow improve. She also said CapEx is tracking to approximately EUR 90 million-EUR 100 million for the year, with about EUR 10 million in Horizon, and reiterated that the EUR 16 million gross savings program is progressing as planned.

Analysts focused on whether Poland’s margin pressure will persist, how the U.K. mix may differ between standalone machines and backroom systems, and whether pricing pressure there is as intense as in Poland. Management said Poland’s peak deployment is behind them, so the same negative mix impact should not repeat at the same scale, and margins should improve over time as service and higher-volume systems become more important; in the U.K., they said retailers are still deciding on the infrastructure mix and it is too early to tell. Questions also probed Recycling order quality and the mining divestment; management said the current order recovery is led by metals and mining, with stable waste and plastics sentiment, lead times unchanged, and mining representing about 2% of total TOMRA and 10% of Recycling, with around EUR 30 million of revenue last year.