Tomra Systems
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Tomra Systems (TOM) investor relations material

Tomra Systems Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • Q4 2025 delivered record revenues in Collection, strong profitability in Food, and a challenging market for Recycling, with group revenue at EUR 382 million, down 4% year-over-year.

  • Collection segment saw robust growth in Continental Europe, driven by innovation and expansion in Poland and Portugal.

  • Food segment achieved record profitability and margin improvement, supported by automation trends and new product launches.

  • Recycling faced a weak year due to challenging market sentiment, especially in plastics, with cost reduction initiatives underway.

  • Cash flow from operations declined to EUR 24 million in Q4, mainly due to working capital buildup.

Financial highlights

  • Q4 2025 group revenue was EUR 382 million, down 4% year-over-year; full-year revenue was EUR 1,318 million, down 2%.

  • Adjusted Q4 EBITDA/EBITA was EUR 71 million with a 19% margin; gross margin held at 46%.

  • Collection revenue grew 2% to EUR 207 million; Recycling declined 27% to EUR 75 million; Food down 3% to EUR 88 million.

  • Food segment achieved a record EBITDA/EBITA margin of 13–18% for the year, exceeding targets.

  • ROCE ended at 15.2% for 2025; equity ratio at 35%; gearing at 2.3.

Outlook and guidance

  • Collection expects mid-single digit annual growth in existing markets and EUR 100 million revenue from new markets in 2026.

  • Recycling market challenges to persist through 2026, with cost savings of EUR 16 million targeted for full effect in 2027.

  • Food revenue growth projected at mid- to high single digits for 2026, with gross margin expected in the mid-forties.

  • CapEx for 2026 estimated at EUR 100 million, focused on core divisions.

  • Horizon ventures to maintain OpEx in line with 2025, with Feedstock aiming for positive EBITDA in 2026.

Impact of lower margin metals recycling on EBITA?
Collection working capital impact from new markets?
Horizon Feedstock strategy given market state?
Recycling: How cost cuts impact innovation
Collection: What drives growth beyond current orders?
Food/Horizon: Future growth beyond core segments?
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Frequently asked questions

Tomra Systems ASA provides sensor-based solutions for optimal resource productivity worldwide. It operates through Tomra Collections Solutions and Tomra Sorting Solutions divisions. The company designs collection solutions for reverse vending systems; production module for beverage, food, and non-food cans; sorting solutions for the food, recycling, and mining markets; and recycling centers for beverage packages under the TOMRA brand name. It also offers sensors and software to detect contaminants in food products in the food industry. The company was founded in 1972 and is headquartered in Asker, Norway.

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