Tomra Systems (TOM) Q2 2026 earnings summary

Executive summary

• Revenues for Q2 2026 reached EUR 405 million, up 25% year-over-year, driven by strong Collection growth in Poland and new deposit markets, moderate Food growth, and a decline in Recycling.

• Collection revenues surged 45% year-over-year, with Poland now the second-largest deposit market in Europe; EBITDA for Collection rose 58%.

• Recycling revenues declined 11% year-over-year, but order intake rebounded 40% this quarter, led by metals and mining.

• Food division revenues grew 5% year-over-year, though gross margin declined due to a high share of third-party equipment.

• Adjusted EBITA rose to EUR 57 million (14.1% margin), up 30% year-over-year, while gross margin declined to 41.3% due to product and business mix.

Financial highlights

• Group gross margin was 41.3%, down from 44.3% last year, mainly due to product and business mix in Collection and Food.

• Group EBITDA reached EUR 57 million, up 30% year-over-year; cash flow from operations improved to EUR 38 million.

• ROCE was 15%, down from 19% last year, reflecting investments and lower recycling profitability.

• Equity ratio at 34%, down from 35% last year; gearing increased to 2.5x due to acquisitions.

• CapEx front-loaded in H1; full-year investment expected at EUR 90–100 million.

Outlook and guidance

• Collection H2 2026 revenues expected at EUR 400–440 million, gross margin above 40%, and stable OPEX.

• Recycling full-year 2026 revenues guided at EUR 200–215 million, gross margin 45–50% in Q3, with cost reductions ongoing.

• Food full-year 2026 revenues expected at EUR 340–360 million, gross margin 43–47% in H2, and stable OPEX.

• Horizon full-year revenues guided at EUR 45–50 million, with OPEX at EUR 30 million and CapEx at EUR 10 million.

• Market uncertainty, regulatory changes, and trade tensions may impact order timing and growth.