Tomra Systems ASA (TMRAF) Q4 2025 Earnings Call Highlights: Navigating Challenges and Seizing …

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Fri, February 13, 2026 at 10:00 PM GMT+9 4 min read

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**Revenue:** EUR 382 million for Q4 2025, down 4% year-over-year.

**Collection Revenue:** EUR 207 million, up 2% from Q4 last year.

**Recycling Revenue:** EUR 75 million, down 27% from Q4 last year.

**Food Revenue:** EUR 88 million, down 3% from Q4 last year.

**Gross Margin:** 46% for the quarter, consistent with Q4 last year.

**EBITDA:** Adjusted EBITDA of EUR 71 million with a margin of 19%.

**Collection Gross Margin:** 42% for the quarter.

**Recycling Gross Margin:** 52% for the quarter.

**Food Gross Margin:** 52% for the quarter, highest historically for the segment.

**Order Intake - Recycling:** Down 20% compared to Q4 last year.

**Order Backlog - Food:** Up 26% compared to Q4 last year.

**Cash Flow:** EUR 24 million for the quarter.

**Equity Ratio:** 35% at the end of 2025.

**Return on Capital Employed (ROCE):** 15.2% at the end of 2025.

**Debt Maturity:** Average of 4.2 years.

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Release Date: February 13, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Tomra Systems ASA (TMRAF) reported a record quarter in its Collection segment, with significant revenue and EBITDA growth.

The company successfully increased installations of multi-feed machines by 50% in 2025, enhancing operational efficiency.

Tomra Systems ASA (TMRAF) has been appointed as a return point network operator in Singapore, marking its first deposit system in Asia.

The Food segment achieved record profitability in 2025, driven by improvement initiatives and a positive market sentiment.

The Horizon portfolio, including ventures like c-trace, showed strong performance with double-digit growth and EBITDA above 20%.

Negative Points

The Recycling segment faced a weak market sentiment, particularly in Europe and the Americas, leading to an 18% revenue decline in 2025.

Tomra Systems ASA (TMRAF) announced a cost reduction initiative in Recycling, including a reduction of 175 positions, to regain profitability.

The company is experiencing delays in the implementation of deposit schemes in countries like Greece and Spain, affecting potential growth.

Market uncertainty and geopolitical factors have impacted the waste recovery segment, particularly in the US.

The restructuring and cost reduction measures in Recycling may impact the company's innovation activities and product roadmaps.

Q & A Highlights

Q: Can you explain the time lag between receiving orders and delivering them, particularly in Poland? A: Eva Sagemo, CFO: In Poland, we have an installation plan of 100 machines per week. The current orders, including those from Poland, Portugal, and Singapore, are expected to contribute EUR100 million in revenues, with deliveries mainly in the first half of the year. Tove Andersen, CEO, added that frame agreements with smaller retailers allow for quick turnaround, enabling rapid delivery after orders are placed.

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Q: How do you plan to manage operational leverage and OpEx in new markets beyond 2026? A: Tove Andersen, CEO: We are structuring our operations in Europe to efficiently handle growth. While the backbone operations are set up for growth, each new market will require additional sales and service personnel, leading to some OpEx increases. However, we aim to maximize operating leverage.

Q: How will you achieve double-digit growth in the Collection segment given mid-single-digit growth in existing markets and the UK not going live until late 2027? A: Tove Andersen, CEO: The EUR100 million revenue from existing contracts in Poland, Portugal, and Singapore will be delivered mostly in the first half of the year. Additional sales in these and other markets like Romania and Austria will contribute to growth.

Q: Can you discuss the competitive landscape in recycling and how cost reductions might impact your product roadmap? A: Tove Andersen, CEO: The market downturn affects all competitors, leading to increased competition and margin pressure. We are rightsizing our organization, including reducing some innovation activities, but we are ensuring that we remain competitive when the market rebounds. We continue to invest in innovation, including AI.

Q: Is there any recovery in the waste segment of recycling, particularly in the US? A: Eva Sagemo, CFO: The Q4 results reflect the order backlog, which included more waste projects. However, we do not see a recovery in the waste segment yet, as the market sentiment remains challenging.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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