Tomra Systems ASA

Latest Results (28.10.2026):

TOMRA Systems ASA — Q1 2026: The company reported a strong operational quarter with record Collection revenues and group-wide revenue growth. Reported revenues for Q1 2026 were EUR 208 million and EBITA was EUR 33 million. Cash flow from operations was EUR 60 million, with investments of EUR -25 million year-to-date; working capital was elevated due to high activity in new deposit-return markets.

Key financials

Group revenues EUR 208 MEUR and EBITA EUR 33 MEUR in Q1 2026. Group revenues up ~9% (12% constant currency). Cash flow from operations EUR 60 MEUR; cash flow from investments -25 MEUR. Total capital expenditures for 2026 are expected at ~100 MEUR. Liquidity: committed RCF of EUR 150 MEUR (running to Dec 2028) and an undrawn liquidity buffer of ~EUR 103 MEUR. Scope rating A- / Stable.

Collection (record quarter)

Collection delivered record quarterly revenues (Q1 2026). Revenues up 12% (15% CC) with existing-market growth ~5% CC and ~3% negative FX impact. Notable roll-outs: Poland installed base >4,000 RVMs end Q1; Portugal launch on 10 April with >1,000 RVMs installed end Q1 (≈2/3 of first phase); Singapore launched 1 April. Product launch: TOMRA T100 introduced. Lower quarterly gross margin driven by a higher share of RVM product sales and product margin effects in Poland. Company reiterates a gross margin target >40% for FY26 and notes ramp-up operating expenses of ~EUR 20 MEUR annually related to roll‑outs.

Recycling

Recycling revenues EUR 37 MEUR; adjusted EBITA EUR -5 MEUR; order intake EUR 41 MEUR. Revenues down 19% (19% CC) following weaker order activity last year. Low volumes depressed margins (scale/fixed-cost impact). Q1 includes EUR 13 MEUR restructuring special items; a EUR 16 MEUR gross cost-reduction program is underway with full effect expected in 2027. Management expects ~50% conversion of backlog in Q2 and currently does not expect segment growth for 2026.

Food

Food revenues EUR 79 MEUR and EBITA EUR 4 MEUR; order intake EUR 80 MEUR. Revenues up 13% (17% CC) with growth across main markets (citrus and nuts strong; some decline in potatoes). Short-term margin pressure from an unusually large share of third‑party peripheral equipment sales in large packhouse projects. Management expects ~70% conversion of backlog in Q2 and mid‑to‑high single‑digit growth prospects for FY26.

Horizon & Group functions

Horizon businesses showing build-up: c-trace with continuing momentum (double-digit revenue growth target, EBITA margin >20%), Områ (Feedstock) scaled to two shifts with target ~2/3 utilization by year-end and positive EBITDA for Områ in the quarter. Horizon operating expenses are guided to ~30–35 MEUR and planned Horizon-related capex ~10 MEUR for 2026. Group adjusted operating expenses rose ~4% y/y (inflation and ramp-ups).

Outlook and near-term priorities

Near-term expectations: Collection mid-single-digit growth in existing markets and continued momentum in Poland; Portugal and Romania pace to slow after initial roll-outs; Recycling to see continued margin pressure in low‑volume environment but improved product mix planned for Q2; Food to return to more normal product mix in H2 with mid‑to‑high single-digit growth for FY26. Company emphasizes execution of cost reductions in Recycling, delivery ramp-ups in new DRS markets, and expected improvement in ROCE as recent investments mature.