Tomra Systems A/s/a Stock Earnings Reports

TOMRA reported an all-time high quarterly revenue driven by record RVM installations in Poland and strong Collection division performance. Group revenue was EUR 405m (up 25% YoY) with EBITDA up 30% to EUR 57m. Collection revenues grew 45% to EUR 246m, led by Poland, Portugal, Singapore and Romania; higher RVM sales pulled down Collection gross margin to c.38.6% due to product mix, but Collection EBITDA increased 58%. Poland now has ~13,000 RVMs (7,000 TOMRA machines) and TOMRA expects the Polish market to grow further (potentially 15–17k RVMs near term and ~20k by 2030), with service revenues to follow in 1–2 years. U.K. is on track for an Oct 2027 go-live with initial phase ~25,000 RVMs; TOMRA has already signed c.3,900 machines so far. Recycling revenues declined 11% to EUR 51m but order intake grew 40%, driven by metals (notably AUTOSORT PULSE for aluminum); cost reduction program targeting EUR 16m gross savings is underway and mining subdivision is being explored for divestment. Food grew 5% to EUR 99m but margins were impacted by third‑party peripheral equipment and weaker conversion of large projects; order intake down 22% vs a strong prior quarter. TOMRA Horizon revenues are building (EUR 10m), with positive EBITDA contribution already from the Områ feedstock plant and c-trace growing. Management provided updated near-term divisional guidance ranges for H2/2026 and full-year 2026 ranges by division, highlighted solid cash flow improvement (operating cash flow EUR 38m), working capital elevated at 19% of revenues due to new market deployments, and reiterated long-term structural growth drivers (regulation, decarbonization, resource scarcity). Capital allocation priorities: dividends, reinvest in core (Collection), selective R&D and scaling Horizon ventures; short-term priority also to reduce debt.