TOMRA, the global technology leader in sensor-based solutions for optimal
resource productivity, announces its financial results for the third quarter
2024.

Revenues for the Group amounted to 326 MEUR in the quarter, an increase of 6%
from the third quarter last year. Collection revenues grew 14% to 189 MEUR
compared to the third quarter 2023. In Recycling, revenues were down 18% to 59
MEUR compared to the third quarter 2023, in line with the estimated backlog
conversion ratio for the quarter. In Food, revenues grew 12% to 78 MEUR compared
to the third quarter 2023.

The order backlog in Recycling amounted to record high 134 MEUR, with a
significant amount planned for delivery in the fourth quarter. The order intake
in Recycling grew 4% to 61 MEUR compared to the same quarter last year. In Food,
the order intake grew 20% to 73 MEUR and the order backlog 30% to 114 MEUR
compared to the third quarter last year, as the division is recovering from a
soft market and is making progress on its improvement program.

Gross margins for TOMRA Group were stable at 43% in the third quarter compared
to the same period last year. While gross margin improvements have been made in
both Collection (from 40% to 41%) and in Food (from 40% to 43%) compared to the
third quarter last year, lower volumes in Recycling translated into a lower
gross margin of 51% compared to 54% in the third quarter last year.

Operating expenses in the quarter were 97 MEUR, which is lower than in the
previous three quarters but an increase of 1% from 96 MEUR in the third quarter
last year. An additional 0.5 MEUR in one-off costs was booked in the third
quarter this year compared to 11 MEUR in the corresponding quarter last year.

EBITA, adjusted for one-off costs, was 44 MEUR in the quarter compared to 38
MEUR in the third quarter last year, an increase of 15%.

Earnings per share excluding one-off costs amounted to 0.07 EUR in the third
quarter compared to 0.08 EUR in the same quarter last year.

Highlights 3rd quarter 2024
(all comparison figures are from the third quarter last year)

  · Revenues amounted to 326 MEUR in TOMRA Group, up 6%
  · Revenue growth of 14% in Collection and 12% in Food, and down 18% in
Recycling
  · Gross margin of 43%, in line with last year
  · Operating expenses up 1% to 97 MEUR (ex. one-off costs), but lower than the
previous three quarters
  · EBITA adj. was 44 MEUR, up 15%
  · Cash flow from operations was 99 MEUR, up from -25 MEUR
  · Recycling order intake up 4% to 61 MEUR and order backlog growth of 25% to
record high 134 MEUR
  · Food order intake up 20% to 73 MEUR and order backlog growth of 30% to 114
MEUR

Tove Andersen, President and CEO of TOMRA Systems ASA comments:

"The third quarter was another good quarter for TOMRA Collection, with strong
sales, EBITA, and high activity. We have just launched our new multi-feed
reverse vending machine in September - the TOMRA R2 - which will transform how
we return beverage containers. Sales in new markets continue in Austria and
Romania, and we look forward to building Tasmania's collection infrastructure.
In Recycling, revenues were down as expected, but we anticipate these to rebound
in the fourth quarter when a large part of our order backlog is planned to be
delivered. It is also pleasing to see improvements in our Food division, where
the organization has been working hard over the last year to shape a more
focused and customer centric division."

Webcast

President & CEO Tove Andersen and CFO Eva Sagemo will present the results today
at 08:00 CEST. The presentation and Q&A session will be sent via live webcast
and will be available on demand shortly after the presentation:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241022_1

Analysts and investors who would like to actively participate in the live Q&A
session must register separately for the TEAMS webinar:
https://events.teams.microsoft.com/event/e28d4d6c-8e69-4388-9c9b
-2fd4473a8125@4308d118-edd1-4300-8a37-cfeba8ad5898

Asker, 22 October 2024

TOMRA Systems ASA

For questions, please contact:

Eva Sagemo, CFO: +47 934 39 911
Daniel Sundahl, VP Head of IR: +47 913 61 899

For media inquiries, please contact:

Mathilde Hellenes, VP Public Relations: +47 456 78 255

TOMRA develops solutions that enable circular economies and optimal resource
productivity through automated identification, collection, grading, and sorting
of resources. We optimize how resources are obtained, used, and reused - turning
waste into valuable resources. Our vision is to lead the resource revolution and
enable a world without waste.

TOMRA has more than 110,000 installations in over 100 markets worldwide and had
total revenues of EUR 1,288 million in 2023. The Group employs 5,400 people
globally and is publicly listed on the Oslo Stock Exchange. (OSE: TOM). For
further information about TOMRA, please visit www.TOMRA.com

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.