TOMRA, the global technology leader in sensor-based solutions for optimal
resource productivity, announces its financial results for the fourth quarter of
2023.

Collection and Recycling delivered solid revenue growth of 26% and 18%
respectively (currency adjusted) while revenues in Food declined 20% compared to
the fourth quarter last year. For the full year, revenues have grown 18% in both
Collection and Recycling but declined 7% in Food. Overall growth in TOMRA Group
was 10% in the quarter and 11% for the full year, leading to all-time high
revenues of 4,123 MNOK in the fourth quarter and 14,756 in 2023.

Gross margins for TOMRA Group increased to 44% in the quarter compared to 42%
last year, driven by improvements in Collection and Recycling. In Food, the
gross margin declined to 42% from 45% due to lower volumes. For the full year,
TOMRA Group's gross margin improved to 43% from 41% last year.

Operating expenses in the quarter include 374 MNOK in one-off costs, of which 86
MNOK are related to the cyberattack and 288 MNOK to the cost reduction program
in Food. Adjusted for these, operating expenses were 1,179 MNOK which is an
increase of 13% compared to the same quarter last year (currency adjusted).

EBITA, adjusted for one-off costs, amounted to 626 MNOK in fourth quarter, which
is an increase of 12% from last year. For the full year, adjusted EBITA amounted
to 1,873 MNOK, which is a decrease of 1% from 2022.

Earnings per share in 2023 amounted to 3.63 NOK excluding one-off costs,
compared to 3.48 NOK in 2022. The Board of Directors proposes an ordinary
dividend of 1.95 NOK per share for 2023, corresponding to an increase of 8% from
last year and a payout ratio of 54% of adjusted EPS.

Highlights 4Q 2023

(all growth figures are from the fourth quarter last year and adjusted for
currency)

  · Revenues amounted to 4,123 MNOK in TOMRA Group, up 10%
  · Revenue growth of 26% in Collection and 18% in Recycling, but -20% in Food
  · Gross margin improved to 43.8%, corresponding to an increase of 1.4
percentage points
  · Operating expenses of 1,179 MNOK, adjusted for 374 MNOK in one-off costs
related to the Food restructuring program and the cyberattack
  · EBITA was 626 MNOK adjusted for food restructuring and cyberattack costs,
and 252 MNOK including
  · Cash flow from operations was 1,316 MNOK
  · Recycling order intake increased 11% and the backlog 5%
  · Food order intake increased 15% while the backlog decreased 3%
  · The Board of Directors proposes a dividend of NOK 1.95 per share

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

"Over the last months, activity in TOMRA has been high with four new markets -
Romania, the state of Victoria (AUS), Hungary, and Ireland - introducing a
deposit return scheme (DRS), leading to strong revenue growth in the quarter.
DRS is a proven system to boost recycling rates, and it is encouraging to see
that seven existing DRS systems around the world have been expanded and
modernized in the same period. Building on our reverse vending technology, we
are now also piloting the world's first open managed deposit system for reusable
takeaway packaging in Aarhus, Denmark. In Recycling, we continue to deliver on a
strong order backlog, recognizing all-time high revenues in the quarter and a
currency adjusted order intake growth of 11%. In Food, we are making firm
progress on our cost reduction program and are on track to deliver 10-11% EBITA
margin run-rate at the end of 2024."

"Overall, Collection and Recycling delivered growth and EBITA margin
improvements in 2023 well in line with our strategic ambitions of an average
annual growth rate of 15% and EBITA margin improvement to 18% by 2027. In Food,
we are taking firm actions to improve profitability and refocus the organization
to be ready when growth in the market returns. While it is a softer market
sentiment momentarily, looking ahead we are confident in the long-term demand
for increased circularity and better resource productivity. TOMRA is well
-positioned to enable a world without waste - transforming how we obtain, use
and reuse our world's resources."

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/20240215_6

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/fc63c672-02db-4362-b6c9
-b7a865cc1c9d@4308d118-edd1-4300-8a37-cfeba8ad5898

Asker, 15 February 2024

TOMRA Systems ASA

For questions, please contact:

Eva Sagemo, CFO: +47 93 43 99 11
Daniel Sundahl, VP Head of IR: +47 913 61 899

TOMRA was founded on an innovation in 1972 that began with the design,
manufacturing and sale of reverse vending machines for automated collection of
used beverage containers. Today TOMRA provides technology-led solutions that
optimize resource use and recovery in the food, recycling, and ore sorting
industries.

TOMRA has more than 105,000 installations in over 100 markets worldwide and had
total revenues of NOK 14.8 billion in 2023. The Group employs 5,000 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.