Tomra Systems ASA

Group revenue was EUR 405 million, up 25% year over year. Group gross margin was 41.3%, down from 44.3%, and group EBITDA was EUR 57 million, up 30%. In Collection, revenue was EUR 246 million, up 45%, gross margin was 38.6%, down 3.2 percentage points, and EBITDA was EUR 44 million versus EUR 27 million a year ago. Recycling revenue was EUR 51 million, down 11%, gross margin was 48.9%, up 2.5 percentage points, and EBITDA was EUR 5 million versus EUR 6 million last year. Food revenue was EUR 99 million, up 5%, gross margin was 43.1%, down 3.3 percentage points, and EBITDA was EUR 15 million versus EUR 17 million last year. Horizon revenue was EUR 10 million, more than doubling year over year, with EBITDA at negative EUR 1 million. Cash flow from operations was EUR 38 million, working capital was 19% of revenue, cash flow from investments was EUR 28 million, ROCE was 15%, equity ratio was 34%, liquidity buffer was EUR 112 million, and gearing was 2.46x. For the outlook, Collection expects second-half revenue of EUR 400 million-EUR 440 million, full-year gross margin of around 40%, and quarterly OPEX of around EUR 52 million in H2. Recycling expects full-year revenue of EUR 200 million-EUR 215 million, with Q3 gross margin around 45%-50%. Food expects full-year revenue of EUR 340 million-EUR 360 million, with second-half gross margin of 43%-47%. Horizon expects full-year revenue of EUR 45 million-EUR 50 million, full-year OPEX of around EUR 30 million, and full-year CapEx of around EUR 10 million. Total full-year investment is expected at approximately EUR 90 million-EUR 100 million.

Tove Andersen’s message was that TOMRA is building leadership in new deposit markets, especially Poland and the U.K., while using innovation to create growth in recycling and food. She emphasized that Poland has completed its first installation phase, but that additional sales, service revenue, and larger systems can still expand the market over time. Her tone was confident and constructive, with repeated references to strong execution, market-leading positions, and long-term structural demand.

Eva Sagemo focused on the quarter’s mix-driven margin pressure, especially in Collection, where gross margin fell to 38.6% because of the high share of RVM equipment sales and stronger-than-expected Poland revenue. She detailed that OPEX in Collection was EUR 51 million, Group OPEX was EUR 110 million, and that the company is tracking a EUR 16 million gross savings restructuring program in Recycling, with the workforce reduction largely completed by month-end. On cash and capital, she cited EUR 38 million operating cash flow, EUR 28 million capex cash outflow, EUR 112 million of undrawn facilities, a 34% equity ratio, and said gearing at 2.46x should come down gradually as earnings and cash flow improve.

Analysts focused on whether Poland’s mix-related margin drag could persist and how the U.K. rollout may differ. Management said Poland’s peak deployment is behind them, so the same margin impact should not repeat at that scale, and service and higher-volume systems should lift margins over time; in the U.K., retailers are still evaluating a range of machine types, and TOMRA expects a significant share of medium standalone units but less than in Poland. Questions also covered Recycling order quality and lead times: management said the rebound is strongest in metals, especially aluminum with AUTOSORT PULSE, while waste and plastics remain stable but not yet recovered, and backlog lead times are unchanged at about five to six months for waste/plastics and longer for mining orders. There was also a question on a potential mining divestment, and management said proceeds would be viewed through the lens of capital allocation priorities, including core business investment and debt reduction.