Circular Foundations
Annual Report
2025
START
Content
Key figures 3
CEO Review 4
Business Overview 6
Timeline of events 2025 12
Executive Leadership Team 14
Board of Directors 16
Board Committees 18
Directors’ report 20
Sustainability Statement 39
General information 40
Environment 60
Social 86
Governance 103
Independent Sustainability Auditor’s Limited Assurance Report 110
Financial statements TOMRA Group 112
Notes TOMRA Group 118
Directors’ Responsibility Statement 144
Financial statements TOMRA Systems ASA 145
Notes TOMRA Systems ASA 149
Independent Auditor’s report 159
Alternative performance measures 161
The Board of Directors’ Report comprises the Directors’ Report and the Sustainability Statement,
prepared in accordance with the Norwegian Accounting Act, the Corporate Sustainability
Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).
Cover illustration: "Moeraki Boulders, New Zealand", Adobe Stock.
SEARCHBROWSESTARTPAGE 2
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
CONTENT
2025 adjusted* 2025 2024 adjusted* 2024 2023 adjusted* 2023 2022 2021
Operating revenues EUR million
1,318 1,318 1,348 1,348 1,288 1,288 1,205 1,074
Revenue growth %
-2.2 -2.2 4.6 4.6 6.9 6.9 12.1 15.9
EBITA EUR million
171 174 181 176 162 119 160 174
EBITA margin %
13.0 13.2 13.4 13.0 12.5 9.2 13.3 16.2
Operating profit (EBIT) EUR million
146 148 162 156 143 101 143 153
Profit before taxes EUR million
127 130 136 131 127 85 138 150
Net profit (profit for the period) EUR million
97 98 103 99 96 64 105 112
Total assets EUR million
1,778 1,778 1,661 1,661 1,469 1,469 1,325 1,160
Equity (majority) EUR million
584 584 603 603 591 591 607 600
Net cash flow from operating activities EUR million
171 171 235 235 137 137 114 175
Return on capital employed %
15.2 15.4 18.4 17.9 17.3 12.7 19.3 22.9
Return on equity %
15.4 15.7 16.4 15.7 15.3 9.9 16.8 19.3
Return on total assets before tax %
8.9 9.0 10.6 10.3 10.5 7.4 12.0 14.5
Earnings per share EUR
0.31 0.31 0.33 0.32 0.32 0.20 0.34 0.36
Dividend per share NOK
2.15 2.15 2.15 2.15 1.95 1.95 1.80 3.00
Payout ratio %
59.4 58.3 56.0 58.4 53.8 84.7 51.9 81.1
Number of employees as of 31 December
5,791 5,791 5,303 5,303 5,370 5,370 5,015 4,610
Female employees %
23 23 24 24 23 23 23 22
Female managers (of all managers) %
26 26 26 26 25 25 25 24
Lost Time Incident Frequency Rate (LTIFR)**
5.46 5.46 5.99 5.99
Scope 1 & 2 GHG Emissions*** Metric tons
30,152 30,152 31,476 31,476 27,751 27,751 25,820 24,020
Note: Figures for 2020-2023 have been restated from NOK to EUR
* Adjusted for one-off expenses from cyberattack and restructuring
** See previous annual reports for historic reporting on reportable injuries prior to CSRD
*** Location-based
Key figures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Circular
foundations
Businesses and governments around the world faced
a wave of new geopolitical risk and macroeconomic
uncertainty in 2025, but the long-term challenges posed by
resource scarcity and pollution for societies and the planet
have not changed. The ambition to increase circularity
remains firm. With over 50 years of industry experience,
we know that progress is not always linear and that change
takes time. In a dynamic market environment, we adapt
but remain focused. We develop technology and solutions
which will drive resource optimization for generations to
come.
REGULATORY FOUNDATIONS
Transitioning to circularity requires investments that depend
on regulatory stability and clarity. The European Union’s
SUPD (Single Use Plastic Directive) and PPWR (Packaging
and Packaging Waste Regulation) provide the necessary
regulatory foundation for implementing deposit return
systems (DRS). Today, one third of Europe’s population
1
get
an economic refund when they return a drink container back
into the circular loop, enabling collection rates of more than
90% in many countries. Markets covering an additional third
of Europe’s population have adopted national regulation
and are in the process of implementing DRS. Governments
representing the remaining third have until 2029 to meet the
requirements.
Beyond DRS, the regulatory environment for recycling also
strengthened in 2025. Europe has led the way on EPR
(Extended Producer Responsibility) for decades. When
producers pay for the environmental impact of their products
at their end-of-life, circular value chains are established.
EPR’s success as a policy instrument is spreading. In the
coming years, industries will need to adapt and invest into
design-for-recycling and recycled-content requirements
outlined in EU’s PPWR for all types of packaging.
1 EEA + UK population, Eurostat
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Globally, the number of markets working on implementing
EPR for packing is more than double those who have already
enforced it. Increasingly, this instrument is being applied to
additional materials such as waste electrical and electronic
equipment (WEEE), batteries, tires and textiles where
TOMRA’s technology and solutions can play an important
role
2
.
Economic resilience, alongside security and defense, has
gained importance on policy agendas in 2025. Keeping
resources in circulation for as long as possible is not only
about reducing negative environmental impact. Increasingly,
it is becoming a means to reduce reliance on virgin materials
and unstable global supply chains. With EU's Circular
Economy Act due for adoption in 2026, transitioning to
circularity will be in focus when building a more resilient and
competitive Europe.
ORGANIZATIONAL FOUNDATIONS FOR LONGTERM VALUE
CREATION
While regulation provides the direction and playbook for
our journey towards a circular future, it is technology and
solutions that carry us forward. They are the difference
between ambitions that inspire and results that endure.
TOMRA has enabled DRS through technology leadership and
solutions since its foundation. In 2025, TOMRA Collection
surpassed 90,000 installed reverse vending machines
and 50 billion containers collected annually. As our global
presence grows, so does our ability to serve the needs of
new customers. New innovations, such as the TOMRA S2
which we launched in Poland during the year, are testimony
to how we leverage existing technology and innovate for
new markets’ needs. We also strengthened our portfolio in
2025 with the addition of CLYNK and its complementary bag-
drop solutions in North America.
2 Roland Berger (2025). A global perspective on Extended Producer Responsibility.
3 Circle Economy Foundation (2025): The Circular Gap Report 2025, and United Nations Environment Programme (2024): Food Waste Index Report 2024.
Despite a year with challenging market conditions for
TOMRA Recycling, the mid-to-long term outlook remains
promising. The growth journey may have momentarily
paused, but a strong regulatory foundation for the industry
is rising, brick by brick. Our newly launched cost reduction
program will improve short-to-mid-term profitability, and the
organizational changes will make us better prepared for
dynamic market developments. When the market returns,
TOMRA Recycling is ready to support the industry.
In TOMRA Food we have seen the power of taking cohesive
action and making organizational improvements when
needed. Following its restructuring, the division delivered
record EBITA with double digit growth in orders in 2025.
In parallel with organizational changes, we have launched
cutting-edge innovations. The division’s progress provides
a foundation for further profitable growth which diversifies
and strengthens the TOMRA Group – propelled by
external drivers such as automation, increased food safety
requirements, and changing dietary habits as the global
middle class grows.
We have also made tangible progress on building a solid
foundation for our ventures under TOMRA Horizon. TOMRA
Reuse has launched successful pilots and is implementing
its first commercial city solution for reusable takeaway
packaging. TOMRA Feedstock successfully opened its first
plant Områ, proving the possibilities of advanced sorting of
mixed plastic waste for recycling. And c-trace, already with a
strong foundation of its own, has been a successful addition
of adjacent business to the Group. These ventures are
gradually opening pathways to new circular value chains and
long-term value creation.
ADVANCING CIRCULARITY
Just under 7% of the world’s resources remain circular, and
over 30% of consumable food is lost or wasted each year
3
.
Significant improvement is needed and the journey has
started. Together with customers and partners, TOMRA’s
technology and our employees will play an essential role
in turning waste into valuable resources. With regulatory
foundations in place, new deposit systems will be launched
and investments in circular infrastructure for recycling will
accelerate. Our precise grading and sorting capabilities,
driven by technological advancements in automation and
recognition, will elevate the quality of food and secondary
raw materials put to market. TOMRA’s own foundations have
proven solid in the past and we are growing them stronger
by the day, positioning us as an impact leader pushing the
boundaries on technology and solutions, optimizing how
resources are obtained, used and reused – for the benefit of
people, societies, and the planet.
Tove Andersen
President and CEO TOMRA Systems ASA
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Business Overview
TOMRA
Leading the Resource
Revolution by transforming
how we obtain, use, and
reuse our world’s resources
Publicly listed on Oslo Stock Exchange (OSE: TOM)
Installations
119,900
machines
Employees
5,800
globally
Revenue
2%
vs. last year
Revenue
1.32
billion EUR
EBITA
13%
margin
Serving customers in
100+ countries
worldwide
SEARCHBROWSESTARTPAGE 6
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Innovation
We, at TOMRA, encourage curiosity, learning and
sharing. We drive progress by embracing change,
pushing boundaries, and challenging the status
quo. We strive to make every day better than
yesterday.
Passion
We, at TOMRA, inspire one another through
collaboration and teamwork, leveraging our diverse
strengths and expertise. We care about each other
and foster an environment where individuals can be
themselves and reach their potential. We believe in
celebrating our successes and take fun seriously.
Responsibility
We, at TOMRA,prioritize health and wellbeing by
ensuring a safe environment for everyone.We
always fulfil our commitments in an ethical and
trustworthy way. Weintegrate sustainability in all
aspects of our operations.
Our values
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
2025 HIGHLIGHTS
• Strong growth in existing markets from innovations
and service revenues.
• Timing of new deposit return systems lead to phasing of
new market revenues into 2026.
• Launch of new technology including the TOMRA S2,
TOMRA B7 and the upgraded TOMRA R2.
• Acquisition of leading bag-drop solution provider CLYNK.
Revenue
741
million EUR
EBITA
17%
margin
Installations
91,900
machines
Revenue
4%
vs. last year
Collecting
53+
billion containers/
year
TOMRA Collection
Transforming society’s habits to keep valuable resources in a continuous loop of use and reuse.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
2025 HIGHLIGHTS
• Challenging market environment led to lower customer
investment sentiment in 2025 within plastics recycling and
waste sorting.
• Cost reduction program launched to improve profitability
by rightsizing the organization and optimizing its global
footprint.
• TOMRA’s AI-solution GAINnext named Recycling Machinery
Innovation of the Year at the 2025 Plastics Recycling Award.
Revenue
218
million EUR
EBITA
11%
adj. margin
Installations
11,900
machines
Revenue
18%
vs. last year
TOMRA Recycling
Giving every piece of material we sort and analyze – may it be waste, metal or ore – a value.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
2025 HIGHLIGHTS
• Market growth returned to normalized levels.
• Strong profitability improvement, ahead of the restructuring
target set in 2023.
• Continued success with TOMRA’s AI-powered LUCAi technology
and launch of TOMRA 4C for nuts and frozen vegetables.
Revenue
328
million EUR
EBITA
13%
adj. margin
Installations
16,100
machines
Revenue
5%
vs. last year
TOMRA Food
Maximize food safety and minimize food loss by making sure Every Resource Counts through our sorting and grading solutions.
SEARCHBROWSESTARTPAGE 10
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA
Feedstock
TOMRA
Reuse
c-trace
2025 HIGHLIGHTS
• TOMRA Feedstock: Norwegian plant Områ officially opened in November 2025.
• TOMRA Reuse: Commercial agreement for city solution in Lisbon and successful
piloting of event solution at festivals and sports events.
• C-trace: Strong business momentum with double-digit growth and
>20% EBITA margin.
TOMRA Horizon
Exploring new adjacent business opportunities and alternative business models, leveraging our technology and decades of know-how, to facilitate
and accelerate the transition to circular economies.
SEARCHBROWSESTARTPAGE 11
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Timeline of events 2025
Jan: DRS launch
in Austria
2026
Apr: TOMRA
Recycling’s
AI powered
GAINnext
solution is
crowned
Recycling
Machinery
Innovation of
the Year at
the Plastics
Recycling
Awards Europe
Feb: EU’s
Packaging and
Packaging
Waste
Regulation
(PPWR) enters
into force on 11
February 2025
Sep: TOMRA
Recycling
launches
FINDER COLOR
for metal
and e-scrap
recycling
May: TOMRA
Reuse unveils
Reuse
Collection Point
(RCP) capable
of handling food
packaging
June: TOMRA
Mining launches
CONTAIN, an
AI powered
technology
for subsurface
ore mineral
detection
Jan: UK
parliament
adopts DRS
regulation with
official launch
set for October
2027
Sep: TOMRA
Collection
acquires CLYNK,
a leading bag-
drop solution
provider
Oct: TOMRA
Collection
launches an
upgraded
TOMRA R2 – the
first multifeed
RVM to accept
glass bottles
Jan: TOMRA
Collection
launches TOMRA
B7, the fist Basic
Line RVM to
handle both PET,
cans, and glass
bottles
May: TOMRA
Collection
supports
CITEO’s large
scale reuse
project in
France with the
introduction of
TOMRA T70
Dual BottleGlide
for reusable
glass bottles
May: DRS
launch in
Tasmania,
completing
DRS on
the entire
Australian
continent
Sep: TOMRA
Food launches
TOMRA 4C,
an AI powered
sorter for nuts
and vegetables
Aug: TOMRA
Collection
reaches
milestone of
installing the
1000th multi-
feed machine
Feb: c-trace
signs milestone
contract with
OLO Bratislava,
digitalizing the
city’s waste
collection
July: TOMRA
Collection RVMs
power Spain’s
DRS trial project
in Sangüesa,
Navarra
Oct: DRS
launch in
Poland
Oct: TOMRA
Collection
reaches
milestone
of collecting
50+ billion
containers in the
past 12 months
Nov: TOMRA
joins global
leaders in
supporting
Ellen MacArthur
Foundation’s
2030 Plastics
Agenda to
accelerate
circular
transformation
Nov: TOMRA
Reuse launches
system for
reusable drink
cups in Lisbon
city center
and the event
solution at
Intility Arena in
Oslo following
multiple
successful
pilots
Nov: TOMRA
Feedstock’s
official opening
of Områ,
transforming
Norway’s
recycling
capability
Nov: TOMRA
Collection
launch of
TOMRA S2,
designed for
Poland
Nov: TOMRA
takes a leading
role in driving
global circularity
as a Business
Champion of the
newly launched
Global Circularity
Protocol for
Business (GCP)
2025
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Sustainable
development is at the
core of our business
model and strategy
SEARCHBROWSESTARTPAGE 13
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Executive Leadership Team
Tove Andersen (b. 1970) Eva Sagemo (b. 1975) Stefan Schrahe (b. 1974)
POSITION: President and Chief Executive
Officer of TOMRA Group.
EDUCATION: MBA from the BI Norwegian
Business School (1997); Master of Science
Degree (Sivilingeniør) in Physics and
Mathematics from the Norwegian University
of Science and Technology NTNU (1994).
Career history: 2021: joined TOMRA
as President and CEO; 1997-2021 Yara
International ASA (previously Hydro Agri);
Executive Vice President Europe (2020-
2021), EVP Production (2018-2020), EVP
Supply Chain (2016-2018), as well as diverse
management roles with responsibility for
marketing, business development and finance.
TOMRA SHARES: 57,898 shares and 20,000
share options.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
8,000.
OTHER BOARD MEMBERSHIPS: Publicly listed:
Borregaard ASA (member) Non-listed: The
Norwegian National Opera & Ballet (member).
POSITION: Chief Financial Officer of TOMRA
Group.
EDUCATION: Executive Master of
Management with specialization in tax
law, BI Norwegian Business School (2021)
and Bachelor’s degree in Audit, Oslo
Metropolitan University (2000).
CAREER HISTORY: 2022: appointed CFO of
TOMRA; 2012-2022 TOMRA Systems ASA;
Group Controller TOMRA Group (2018-2022),
Group Controller TOMRA Sorting (2012-
2018), as well as various financial roles in
BDO, Aibel, and Fugro.
TOMRA SHARES: 13,558 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS:
Publicly listed: Akastor ASA (member) and
Hexagon Composites ASA (member).
POSITION: Executive Vice President, People
& Organization.
EDUCATION: Degree in Business
Administration, majoring Human Resources
and Organizational Development from AKAD
University in Rendsburg (2001).
CAREER HISTORY: 2023: joined TOMRA
as EVP People & Organization; 2019-2023
Aptiv PLC; VP Human Resources EMEA
(2021-2023), HR Director EDS EMEA (2019-
2021); 2000-2019 GKN plc; SVP Human
Resources at GKN ePowertrain (2017-
2019), Divisional HR Director at GKN Land
Systems (2014-2016), as well as various
international management positions within
Human Resources across the automotive,
aerospace, agriculture and industrial
mechanical engineering industries.
TOMRA SHARES: 12,051 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
This information meets the disclosure requirements in ESRS 2 GOV-1 21 (c)
SEARCHBROWSESTARTPAGE 14
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Harald Henriksen (b. 1963) Marius Fraurud (b. 1971)
POSITION: Executive Vice President, Head of
TOMRA Food.
EDUCATION: BSc Electronics, University of
Salford, Manchester (1985).
CAREER HISTORY: 2023: appointed EVP
Head of TOMRA Food; 2016: appointed
EVP Head of TOMRA Collection; 2004-2016
TOMRA Systems ASA as CEO and President
TOMRA North America (2011-2016) and SVP
Technology TOMRA (2004-2011); 2000-2004:
VP Business Unit Tactical Radio at Kongsberg
Defense and Communications AS (2000-
2004), VP Product Management and VP
R&D at Kongsberg Ericsson Communications
ANS (1997-2000); Technical management
and project management NFT-Ericsson ANS
(1990-1997).
TOMRA SHARES: 108,139 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Non-listed:
Jets Vacuum AS (member).
POSITION: Executive Vice President, Head of
TOMRA Collection.
EDUCATION: MSc Electronics from the
Norwegian University of Science and
Technology NTNU (1999).
CAREER HISTORY: 2023: appointed EVP
Head of TOMRA Collection; 2016-2023
TOMRA Systems ASA as SVP Head of EMEA
(2023), SVP Head of The Solution Hub
(2020-2023), SVP Head of RVM Technology
(2019-2020), VP R&D (2016-2019); 2012-2016
Aker Solutions ASA as R&D Manager (2014-
2016) and Manager (2012-2014); 2005-2012
Ericsson as Chief Architect (2010-2012) and
System Manager (2005-2010); 2001-2005
AXXESSIT ASA as System Design Manager
(2004-2005) and FPGA designer.
TOMRA SHARES: 13,504 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
Lars Kversøy Enge (b. 1984)
POSITION: Executive Vice President, Head of
TOMRA Recycling.
EDUCATION: MSc in Industrial Economics
and Technology Management from the
Norwegian University of Science and
Technology NTNU (2009).
CAREER HISTORY: 2025: appointed EVP
Head of TOMRA Recycling; 2022: joined
TOMRA as EVP Group Strategy; 2014-2022
Yara International ASA; CFO Yara Europe
(2018-2022), VP Corporate Performance
and Risk (2018-2020), CFO Yara Industrial
(2016-2018), Project Leader and later Head
of Group M&A at Yara (2014-2016), as well
as experience from McKinsey & Company
(2009-2014).
TOMRA SHARES: 9,562 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Non-listed:
Kezzler AS (member).
SEARCHBROWSESTARTPAGE 15
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Board of Directors
Johan Hjertonsson (b. 1968) Bodil Sonesson (b. 1968) Pierre Couderc (b. 1959)
POSITION: Chair of the Board of TOMRA
Systems ASA since 2022. President and
CEO of Investment AB Latour.
EDUCATION: MSc in in Business and
Economics, University of Lund, 1993.
CAREER HISTORY: CEO of Fagerhult between
2009-2018, CEO of Lammhults Design
Group between 2007-2009 and various
management positions within The Electrolux
Group between 1990-2007.
TOMRA SHARES: 20,000 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
Investment AB Latour: 62,400,000.
OTHER BOARD MEMBERSHIPS: Publicly
listed: Alimak Group (chair), ASSA ABLOY AB
(chair), Sweco AB (member), Investment AB
Latour (member).
POSITION: Board member of TOMRA
Systems ASA since 2013. President & CEO of
Fagerhult Group AB.
EDUCATION: Master’s Degree in International
Finance, University of Lund and Konstanz
University.
CAREER HISTORY: VP Global Sales at Axis
Communications and employment with Lars
Weibull AB.
TOMRA SHARES: 5,502 (incl. shared held
through Sonesson Advisory AB).
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Non-listed:
The Swedish Chamber of Commerce in Paris
(member).
POSITION: Board member of TOMRA
Systems ASA since 2014. Managing Director
Trouw Nutrition Iberia.
EDUCATION: Engineering degree, Ecole
Nationale Supérieure des Mines de Paris,
1982.
CAREER HISTORY: CEO and Chair of
Executive Committee, Groupe Euralis
between 2009-2020 and several
management positions within the Danone
Group (1987-2008) including General
Manager Asia Pacific (2005-2008), General
Manager Danone Mexico (2004-2005), and
General Manager Danone Argentina (2002-
2004). Executive General Manager at Jose
Cuervo (2008-2009).
TOMRA SHARES: 6,688 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
Hege Skryseth (b. 1967)
POSITION: Board member of TOMRA
Systems ASA since 2019. Executive Vice
President of Technology, Digitization and
Innovation at Equinor.
EDUCATION: eMBA from NHH Norwegian
School of Economics, Bachelor from BI and
College graduate NITH.
CAREER HISTORY: Executive Vice President
of Kongsberg and President of Kongsberg
Digital and various management positions
from tech companies such as Kongsberg,
Microsoft Norway and Geodata (ESRI).
TOMRA SHARES: 5,753 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
SEARCHBROWSESTARTPAGE 16
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Pauline Bergan (b. 1986) Kjell Korneliussen (b. 1967) Edward Palm (b. 1988)
POSITION: Employee elected board member
of TOMRA Systems ASA since 2023. VP
Head of Business Development Europe,
TOMRA Collection.
EDUCATION: Master’s degree in
management from ESCP Europe in Paris.
CAREER HISTORY: VP Strategy & Business
Development and Senior Business
Development Manager for Future Circular
Solutions within TOMRA Collection. Prior
to joining TOMRA, Bergan has worked as a
management consultant at Capgemini Invent
and in software sales at Microsoft in France
and Norway.
TOMRA SHARES: 945 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
POSITION: Employee elected board member
of TOMRA Systems ASA since 2023.
Mechatronics Engineer, TOMRA Collection.
EDUCATION: Diploma in the field of
mechatronics at the Tinius Olsen Technical
School.
CAREER HISTORY: Joined TOMRA in 2001
as a production assembly line worker. Prior
to joining TOMRA he worked as a process
operator for Dyno Nobel ASA.
TOMRA SHARES: None.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
POSITION: Employee elected board member
of TOMRA Systems ASA since 2024. Senior
Production Support Engineer, TOMRA
Collection.
EDUCATION: BSc in product development
from the University of South-Eastern Norway.
CAREER HISTORY: Joined TOMRA in 2015
after two years working as a consultant for
the mechanical R&D department in TOMRA
Collection. Prior to joining TOMRA he
worked as a Mechanical Engineer Consultant
mainly within the subsea and energy sector.
TOMRA SHARES: 756 shares.
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: None.
Erik Osmundsen (b. 1968)
POSITION: Board member of TOMRA
Systems ASA since 2024. Partner at
Verdane.
EDUCATION: MBA from Harvard Business
School (1997), MSc (Siviløkonom) from the BI
Norwegian Business School (1992).
CAREER HISTORY: Group CEO of Norsk
Gjenvinning, Managing Partner at Creo
Advisors, Investment Director at Kistefos,
and Senior Engagement Manager at
McKinsey & Co.
TOMRA SHARES: 4,200 (incl. shared held
through Creo Foundation AS).
SHARES HELD BY CLOSELY ASSOCIATED
PARTIES:
None.
OTHER BOARD MEMBERSHIPS: Non-listed:
WWF Norway (chair), Scanbio Marine Group
(member), NORNORM (member), Re-Match
(member).
SEARCHBROWSESTARTPAGE 17
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Audit & Sustainability Committee
The Audit & Sustainability Committee supports the Board
of Directors in supervision of financial and sustainability
reporting, internal controls, compliance, risk, information
security, legal, and audit matters. The Audit & Sustainability
Committee also evaluates the performance of the internal
audit function, the compliance function and information
security risk.
Members:
• Pierre Couderc (chair)
• Bodil Sonesson
• Erik Osmundsen
• Pauline Bergan
Erik Osmundsen fulfills the formal requirements linked to
financial expertise in the committee and Bodil Sonesson
fulfills the formal requirements linked to sustainability
expertise in the committee. The composition of the
committee complies with the requirements in NUES for
independence and competence.
Meetings in 2025: 8
Participation rate: 97%
Compensation & Organizational Development Committee
The Compensation & Organizational Development
Committee supports the Board of Directors in reviewing the
performance and remuneration of the President and CEO,
CFO and the Executive Leadership Team. The committee
determines TOMRA’s compensation policy and any share
option programs, bonus programs and relevant pension
programs for the senior leadership team. The committee
evaluates the remuneration and other incentive plans for
the Executive Leadership Team and monitor leadership,
development, and succession planning.
Members:
• Johan Hjertonsson (chair)
• Hege Skryseth
• Kjell Korneliussen
The composition of the committee complies with
NUES and all members are independent of the Executive
Leadership Team.
Meetings in 2025: 3
Participation rate: 100%
Board Committees
Horizon Committee
The Horizon Committee supports the Board of Directors in
reviewing the strategy, portfolio and ongoing activities of
adjacent business building. The committee monitors the
strategic, financial and operational risks and periodically
review the operating model for the adjacent business
activities.
Members:
• Johan Hjertonsson (chair)
• Erik Osmundsen
• Edward Palm
Meetings in 2025: 2
Participation rate: 100%
SEARCHBROWSESTARTPAGE 18
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA Strategy
Accelerate growth
in core and develop
adjacent opportunities
while becoming a fully
circular business and
being safe, fair and
inclusive
SEARCHBROWSESTARTPAGE 19
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Directors’ report
TOMRA GROUP
TOMRA 2030 Strategy
There is vast potential for increased resource productivity.
Only 7% of the world’s resources are circular and more than
30% of all consumable food is lost or wasted each year
1
.
TOMRA optimizes how resources are obtained, used, and
reused through sensor-based solutions for automated
collection, identification, grading and sorting of resources.
We are an impact leader providing thought leadership and
pushing the boundaries on technology and solutions. We
operate in markets where we take a leading global position
and make a meaningful impact – shaping existing markets
and creating new ones. Our vision is to lead the resource
revolution – turning waste into valuable resources.
Since 1972, TOMRA has pioneered technology-driven
solutions for increased circularity and optimal resource
productivity – starting with the invention of the first reverse
vending machine (RVM) to automate the collection of
reusable bottles in Norway. TOMRA has since grown into
a company with EUR 1.3 billion in revenues and customers
in over 100 countries across the globe. Our solutions serve
retailers, waste managers, recyclers and governments to
enable recycling of a wide range of materials, and they serve
farmers, packhouses and food processors to optimize the
food production value chain.
Encouragingly, the drivers for increased circularity
and resource optimization have never been stronger:
Decarbonization of industries is happening which will
require increased use of recycled resources. Legislation
is progressing. A notable example is EU’s newly adopted
Packaging and Packaging Waste Regulation (PPWR).
Resources scarcity also means that increased circularity of
available resources is necessary. The need is reinforced
by a geopolitical climate where countries reduce their
dependency on trade.
1 Circle Economy Foundation (2025): The Circular Gap Report 2025, and United Nations Environment Programme (2024): Food Waste Index Report 2024.
When coupling these drivers with increasing volumes of
resource consumption and waste generation, due to a
growing population, urbanization, and a rising middle class,
we see clear opportunities for TOMRA’s technology to
help solve the resource challenges the world is faced with.
Simultaneously, our technology helps the industries we serve
to automate and improve efficiency.
Our strategy is to accelerate growth in our core divisions
– Collection, Recycling, Food – and develop profitable
adjacent business opportunities while becoming fully circular
and being safe, fair and inclusive. We have set ambitious
targets for the coming years to create value for customers,
shareholders, and society for generations to come.
We have an ambition to grow TOMRA 15% annually on
average until 2030. We target an EBITA margin of 18% in
2030 and to generate a Return on Capital Employed of
more than 18% by 2030. TOMRA is committed to a dividend
policy of returning 40-60% of Earnings Per Share (EPS) in
dividends to shareholders while maintaining a strong balance
sheet with an investment grade credit rating. In addition to
our financial ambitions, we have set science-based targets
to become a net-zero emitter by 2050, with intermediate
targets of reducing scope 1 and 2 emissions by 55% and
scope 3 intensity by 62% in 2033.
Strategic highlights 2025
2025 marked a year with many important milestones
achieved on our journey towards a more circular future.
It was also a year characterized by market uncertainties
created by heightened geopolitical tensions including
tariff announcements. Organizational agility has been
key to mitigating some of the impact, such as adjusting
our production setup for greater flexibility. In the end,
growth modestly paused in 2025 for the first time since
Covid-19 upended markets in 2020. Overall profitability was
maintained, but with mixed performance in the divisions.
Revenues grew steadily in markets with existing deposit
return systems (DRS) for TOMRA Collection, accounting
for 87% of the division’s revenues and 49% of the Group’s
revenues. The phasing of new deposit markets may have
shifted some sales from 2025 into 2026. Still, in 2025, we
celebrated Austria’s deposit return system launch, Australia
becoming the first continent completely covered by DRS with
Tasmania’s launch, and Poland’s system launch in the final
quarter of the year. Portugal and Singapore will be next, set
to launch in April 2026. DRS regulation was also adopted
15%
>18%
18%
4060%
CAGR over the cycle
by 2030
by 2030
by 2050
of EPS
Revenue Growth
Capital structure
INVESTMENT
GRADE
NET ZERO
Return on Capital
Employed
EBITA margin at
C0
2
e
Dividend payout
TOMRA Strategic Ambition
SEARCHBROWSESTARTPAGE 20
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
in markets with significant potential such as the United
Kingdom, paving the way for new growth opportunities in the
years to come.
Supportive regulation is a strong driving force for mid- to
long-term growth in TOMRA Recycling but was not enough
to offset setbacks in the recycling market in 2025. Lower
customer investment sentiment in parts of TOMRA Recycling,
due to a prolonged period with depressed plastic prices and
high energy costs coupled with tariff uncertainties, was the
main challenge we faced. We are therefore taking measures
to improve profitability back to previous levels and optimize
the organization for current and future market dynamics.
TOMRA Food highlights the value of a diversified business
in TOMRA Group. In contrast to the recycling market, we
have seen the food market return to normal growth levels
after years with challenging harvests and unfavorable
macroeconomic conditions for customers. Following our
restructuring program of TOMRA Food, the target was to
bring profitability back to 10-11% EBITA margin for the division
in 2025. We delivered above the target and are ahead on
the improvement plan towards 2030 with division delivering
a record high EBITA with a record high margin in 2025. With
a stronger organizational setup, we are ready to serve a
growing food market.
Our ventures under TOMRA Horizon made promising
progress in 2025. TOMRA Feedstock officially opened its
first plant Områ. Designed to sort all plastic packaging waste
in Norway, it has successfully started to produce high quality
feedstock for recyclers. TOMRA Reuse received its first
commercial contract for its city solution in Lisbon and piloted
its event solution at multiple festivals and sports events.
C-trace, which was acquired in 2024, saw good momentum
in digital waste management throughout the year. Part of
their plan is to expand internationally, and in 2025 c-trace
won its biggest contract to date in Bratislava.
Financial Performance
Financial performance figures in this chapter follow TOMRA's
Alternative Performance Measures, listed on page 161.
Group revenues amounted to EUR 1,318 million in 2025, a
decrease of 2% from EUR 1,348 in 2024. Revenues were
down in both TOMRA Collection and TOMRA Recycling but
increased in TOMRA Food and TOMRA Horizon. Adjusted for
currency effects, revenues were in line with 2024.
Gross margin in TOMRA Group improved to 44.4% in 2025
from 43.3% in 2024. The most significant improvement was
in TOMRA Food, followed by TOMRA Collection. TOMRA
Recycling’s gross margin fell due to a combination of product
mix effects and lower revenues.
EBITA was marginally down by 1% to EUR 174 million in
2025 from EUR 176 million in 2024. Adjusted for special
items, which included one-off effects related to restructuring
programs in TOMRA Recycling and TOMRA Food, EBITA
decreased 5% to EUR 171 MEUR from EUR 181 million. The
EBITA margin ended at 13.2%, marginally up from 13.0% in 2024.
Adjusted for special items, it decreased to 13.0% from 13.4%.
Net financial items, including profit from associates, were
EUR -18 million in 2025, compared to EUR -25 million in
2024. Interest expenses increased to EUR 21 million in 2025
from EUR 16 million in 2024.
Taxes were EUR 32 million in 2025, representing a tax rate of
24.2%, in line with last year.
Earnings per share (EPS) amounted to EUR 0.31 in 2025
TOMRA GROUP FINANCIAL FIGURES
Revenue
MEUR
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
300
600
900
1200
1500
Dividend
NOK
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
EBITA and margin*
MEUR
0%
5%
10%
15%
20%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
50
100
150
200
Gross contribution and margin
MEUR
0%
20%
40%
60%
2015
2016
2017
2018
2019
2020
20201
2022
2023
2024
2025
0
200
400
600
* EBITA and margin is adjusted for one-off costs related to the
cyberattack in 2023 and restructuring.
SEARCHBROWSESTARTPAGE 21
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
compared to EUR 0.32 in 2024, which is a decrease of 1%.
Adjusted for special items, EPS decreased 7% to EUR 0.31
from EUR 0.33 last year.
Cash flow from operations was EUR 171 million in 2025
compared to EUR 235 million in 2024. The lower cash flow is
due to temporary inventory build-up in preparation for a high
pace of installations in new deposit markets. Cash flow from
investing activities was EUR -173 million compared to EUR
-172 million the year before. Investments of significance in
2025 include TOMRA Feedstock facilities and the acquisition
of C&C Consolidated Holdings LLC’s (CLYNK) assets. Cash
flow from financing was EUR -22 million compared to
EUR -48 million in 2024 and include the acquisition of the
remaining minority shares in Tomra Collection Australia Pty
Ltd.
Total assets at the end of 2025 amounted to EUR 1,778
million compared to EUR 1,661 million at the end of 2024.
Group equity totaled EUR 620 million, down EUR 17 million
from last year. The equity ratio decreased to 35% in 2025
from 38% in 2024.
Net Interest-Bearing Debt / EBITDA (rolling 12 months’ basis)
was 2.3x at the end of 2025 compared to 1.6x at the end
of 2024. The increase is driven by debt financing of the
investments in C&C Consolidated Holdings LLC and Tomra
Collection Australia Pty Ltd.
TOMRA’s return on capital employed (ROCE), ended the year
at 15.4% compared to 17.9% at the end of 2024.
Dividend
TOMRA’s dividend policy is to distribute between 40-
60% of the Group’s earnings per share (EPS) as dividend
while maintaining an investment grade credit rating. When
proposing the annual dividend level, the Board of Directors
has taken into consideration expected cash flow, investment
plans, financing requirements and the need for appropriate
financial flexibility.
The Board of Directors proposes an ordinary dividend of
NOK 2.15 per share for 2025, corresponding to a payout ratio
of 58% of EPS, which is the same as the dividend for 2024.
Financing
TOMRA’s debt financing consists of a mix of bonds, bank
loans and credit facilities.
At year-end TOMRA had a liquidity buffer consisting of
undrawn Eksfin financing, a cash-pool overdraft facility, and a
revolving credit facility totaling EUR 209 million, of which EUR
54 million was undrawn. The sustainability linked revolving
credit facility of EUR 150 million matures in December 2028
with extension option for one more year. TOMRA has had an
agreement with Export Finance Norway (Eksfin) for increased
financial flexibility, providing access to EUR 40 million in
credit facilities over a two-year period, with downpayments
of up to six years. The agreement expired in the final quarter
of 2025, and a new one was entered into at the start of
2026. Eksfin is a governmental body supporting Norwegian
exporters to succeed abroad by ensuring they are financially
competitive.
TOMRA has issued a total of NOK 4.25 billion (approx. EUR
359 million) in senior unsecured green bonds, of which
NOK 1.75 billion were issued or refinanced in 2025. We
have allocated 87% of the proceeds to Green Projects in
accordance with our Green Financing Framework so far.
In 2025, TOMRA updated its Green Financing Framework,
which received a Dark Green second-party opinion from S&P
Global Ratings, the highest possible shading.
Scope Ratings affirmed its A-/Stable issuer rating of TOMRA
Systems ASA in 2025. Scope has assigned A- to senior
unsecured debt issued by TOMRA Systems ASA and S-1 to
short-term debt. The rating reflects TOMRA’s strong market
position with global reach and technological knowhow, the
company’s high and relatively stable margins in Collection
and Recycling, supportive industry dynamics such as
the legislative push towards increased circularity and
sustainability, and a strong financial risk profile with financial
flexibility.
Taking the company’s financial position into consideration, it
is the Board of Directors’ opinion that the company has the
necessary financial flexibility to take advantage of possible
growth opportunities.
SEARCHBROWSESTARTPAGE 22
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
DIVISIONAL PERFORMANCE
TOMRA Collection
TOMRA Collection develops reverse vending solutions
that automate the collection of beverage containers for
governments and the retail and beverage industry. Collected
containers can then be reused or recycled back into new
ones in a continuous loop. We operate in markets with
deposit return systems (DRS), safeguarding the integrity of
the systems through our technology.
In efficient deposit return systems, over 90% of beverage
containers put to market are collected for recycling making
it an ideal solution for increased circularity. With over 91,900
installations across more than 60 markets, TOMRA Collection
is the leading provider of reverse vending machines,
collecting over 53 billion used beverage containers each
year. However, this represents less than 3% of recyclable
beverage containers in the world today and significant
untapped potential for more DRS markets.
Our main activities include the development, production,
and sale or lease of reverse vending machines, as well
as servicing these. In some markets, TOMRA processes
the material after its collection, and provides data and
clearinghouse solutions for the DRS. In 2025, 39% of
revenues stemmed from equipment sales while 61%
stemmed from the different services offered. The main
business models are sales, service, material recovery, and
throughput where TOMRA maintains ownership of the
machine in return for a handling fee for the collected volume.
In 2025, TOMRA Collection acquired both the remaining
minority shares in TOMRA Collection Australia Pty Ltd, and all
of C&C Consolidated Holdings LLC’s assets which is known
as CLYNK. This is a leading provider of bag drop solutions
for collection and processing of beverage containers in
the United States. Bag drop is a convenient collection
method whereby consumers can drop off entire bags of
empty beverage containers at collection points and have
their deposit refunded. It is a well-established and popular
complement to reverse vending machines and redemption
centers in North America with strong potential for both
growth and operational synergies with TOMRA Collection.
TOMRA COLLECTION FINANCIAL FIGURES
Revenue
MEUR
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
200
400
600
800
EBITA and margin
MEUR
30%
20%
10%
0%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
50
100
150
Gross contribution and margin
MEUR
40%
50%
30%
20%
10%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
100
200
300
400
Financial performance
Revenues in 2025 amounted to EUR 741 million, down 4%
from EUR 773 million in 2024 due to the phasing of new
DRS markets. Adjusted for currency, revenues were down
2%. 87% of revenues in TOMRA Collection were generated
in established markets and 13% in new markets that have
recently introduced or will soon be introducing DRS, as
opposed to 80% and 20% respectively in 2024. Revenues
in 2024 included significant equipment sales to new DRS
markets in Europe including Austria, Romania, Hungary, and
Ireland, while new RVMs are yet to be installed in the most
recent markets to launch DRS including Poland and Portugal.
Revenues grew in all geographic regions apart from Europe
(excluding Northern) and Asia during the year, and service
revenues grew 11% in line with a growing installed base.
The gross margin increased 1.1 percentage point to 41.7%
from 40.6% in 2024 due to improvement initiatives and a
higher share of service and throughput revenues. Lower
revenues led to lower EBITA in 2025 of EUR 126 million
compared to EUR 130 million in 2024 while the EBITA margin
increased marginally to 17.0% from 16.9%.
Technology and R&D
Reverse vending machines automate the take-back process
of beverage containers and provide regulatory compliance
for retailers. They also drive consumer footfall to the stores
where most collection points are found and where the
refunded deposit will typically be spent. Providing reliable
and efficient reverse vending machines that contribute to
a positive user experience is crucial for long-term success
of the deposit system as it increases the collection rate of
containers.
TOMRA’s ambition is to be the leading technology provider.
We therefore place great emphasis on developing new and
attractive solutions for both retailers and for consumers
that are tailored to local market needs. TOMRA’s solutions
are divided into six product lines – Basic, Mini, Standalone,
Flexible, Revolution and Expert – which can be tailored to
local market needs. These cater for all store sizes – from
small kiosks to large hypermarkets and professional counting
and redemption centers.
SEARCHBROWSESTARTPAGE 23
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
During the year, TOMRA launched new models within many
of the product lines. Examples include a new Basic line
model TOMRA B7. It is designed to offer a compact and cost-
effective solution for small businesses, particularly in new
DRS markets such as Poland, where it can process plastic
bottles, metal cans, and refillable glass bottles. Another
machine launched in Poland during the year was the TOMRA
S2 – a robust and durable standalone machine developed
for customers who prefer outdoor solutions in places where
they may experience tough and varied weather conditions.
Within the Revolution line which are multi-feed solutions,
an upgraded version of the TOMRA R2 was launched with
the capability of handling glass bottles safely and efficiently
alongside cans and plastic bottles. A milestone was reached
during the year when we surpassed 1,000 installations of
multi-feed reverse vending machines (TOMRA R1 and R2).
TOMRA has developed technology used to power pilot
programs in future potential DRS markets. One example is
found in France where TOMRA’s machines are being used in
a large-scale pilot covering 16 million residents in the regions
Collections business models
22%
17%
39%
22%
share of revenue
share of revenue
share of revenue
share of revenue
Service
Material recovery
Sales
Lease &
throughput
of Pays-de-la-Loire, Brittany, Normandy, and Hauts-de-France
regions. In Sangüesa in Spain, TOMRA’s reverse vending
machines supported a small-scale government trial for a
deposit return system where the learnings from the pilot will
be used when building an efficient national system.
TOMRA Recycling
TOMRA Recycling develops advanced sensor-based sorting
technologies for the global recycling, waste management,
and mining industry to enable recovery and recycling of
valuable materials from waste streams. Common materials
recovered and sorted with our technology are plastics
and non-ferrous metals, but the technology is also applied
to paper, organics, e-waste, wood, textiles, and other
recyclables. Further down the value chain, more granular
sorting of the materials into homogenous high-quality
fractions is done in preparation for their recycling process.
Ideally, recycling is done in a continuous loop back into its
original application. To increase the efficiency and lifetime
of mines, our sensor-based technology is employed in the
sorting of ores from waste rock as well. TOMRA Recycling
holds a leading market position globally, serving customers in
over 100 countries with an installed base of 11,900 machines.
Demand for recycling is partly driven by efforts to reduce
waste pollution and decarbonize industries. For some
materials it may be commercially driven when the production
of secondary raw materials is competitive with the production
of virgin materials, such as for non-ferrous metals and some
of the PET-recycling. Stricter regulation is gradually being
implemented to support the transition globally, both in
the upstream and downstream phases of the value chain.
Examples include the introduction and expansion of Extended
Producer Responsibility (EPR) schemes for various types of
materials and applications, whereby producers are made
physically or financially responsible for the entire lifecycle
of their products – including waste handling at products’
end-of-life. This secures a steady supply of waste material for
recycling, leading to higher recycling rates. EU’s Packaging
and Packaging Waste Regulation (PPWR) goes even further by
adding recycled content requirements to all new packaging in
2030 – creating demand and driving innovation for recycling
systems which are currently subscale compared to virgin
material production. Today, around 10% recycled content is
SEARCHBROWSESTARTPAGE 24
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
used on average in plastic packaging within the EU, while the
regulatory minimum requirement will be up to 35% in 2030.
Despite strong long-term drivers, 2025 was a challenging
year for TOMRA Recycling. Activity fell in 2025 after three
strong years in 2020-2023 with 19% average annual
revenue growth, and a relatively stable year in 2024. Most
of the year’s setbacks have been within plastics and waste
sorting, while the metals recycling segment has been
relatively stable. In Europe, over two years with depressed
virgin plastic prices have created a challenging market
environment for recyclers. In North America, trade tensions,
tariffs, and policy uncertainty have negatively impacted the
customer sentiment. Customers’ investment projects have
been postponed leading to lower revenues and orders for
TOMRA Recycling in 2025.
To adjust to this market environment, and to be ready
for future growth when the market recovers, the division
launched a cost reduction program at the start of 2026
which focuses on increasing profitability by rightsizing the
organization and optimizing its global footprint.
Financial performance
Revenues in TOMRA Recycling fell 18% to EUR 218 million in
2025 from EUR 266 million in 2024. The largest decline was
seen in North America where revenues fell 59%, followed by
Europe where revenues were down 13%. South America and
Asia saw modest growth.
The gross margin decreased to 48% from 53% due to a
combination of lower sales volumes and a shift in the product
mix towards a higher share of sorters for metals recycling,
which have lower product margins. EBITA, adjusted for
special items, was EUR 23 million in 2025 compared to EUR
60 million in 2024 and the EBITA adj. margin decreased to
11% from 23%. Special items amounted to EUR 1.3 million in
restructuring costs.
The order intake in 2025 was EUR 205 million, down 25%
from EUR 274 million in 2024. The end of year order backlog
amounted to EUR 94 million, down 12% from EUR 107 at the
end of 2024.
TOMRA RECYCLING FINANCIAL FIGURES
Revenue
MEUR
2019
2020
2021
2022
2023
2024
2025
0
100
200
300
Order intake
MEUR
2019
2020
2021
2022
2023
2024
2025
0
40
80
120
EBITA and margin
MEUR
30%
40%
20%
10%
0%
2019
2020
2021
2022
2023
2024
2025
0
20
40
60
80
Gross contribution and margin
MEUR
60%
50%
30%
40%
20%
2019
2020
2021
2022
2023
2024
2025
0
40
80
120
160
Order backlog
MEUR
0
100
200
300
400
2019
2020
2021
2022
2023
2024
2025
* EBITA and margin is adjusted for
one-off costs related to restructuring.
SEARCHBROWSESTARTPAGE 25
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Technology and R&D
TOMRA Recycling is a pioneer and technology leader within
the industry for advanced sensor-based sorting technology
for different materials. Since TOMRA’s entry into the market in
2004, we have continuously pushed the boundaries on what
types of waste that can be recovered and sorted for recycling.
In 2025, two new sorters were launched. The FINDER
COLOR enables recovery of more value with less effort for
customers in metal and e-scrap recycling by utilizing artificial
intelligence, ultra-accurate camera technology, and a flexible
design. The new generation X-TRACT for waste wood sorting
achieves higher sorting accuracy with reduced downtime
and maintenance needs. It also reduces compressed
air consumption by up to 25%, which ultimately reduces
customers’ energy costs and emissions from operations.
The recently launched AUTOSORT PULSE, which sorts
aluminum scrap into its different alloys at industrial sale,
has since its recent launch reached over 20 installations
globally, producing high purity sorting with great results. This
enables direct remelting without downgrading the material
or needing to add virgin metals into the recycling process.
Recycling aluminum can be as much as 95% less energy-
intensive compared to virgin aluminum production, making it
a highly attractive material to recycle.
Emerging AI technologies are enabling new sorting
capabilities, especially when paired with traditional optical
sorters. This is an important part of TOMRA’s R&D. In 2024
we launched GAINnext, which is based on deep learning
technology, for separation of food-grade PET, PP and HDPE,
and aluminum beverage cans from non-food-grade plastics
and aluminum applications. GAINnext won the 2025 Plastics
Recycling Award as the Recycling Machinery Innovation of
the Year.
TOMRA Food
TOMRA Food develops advanced sensor-based sorting
and grading technologies for harvesters, packers and food
processors. We help our customers automate the sorting
and grading process – to reduce dependency on scarce
and costly labor, to increase food safety and remove foreign
materials, and to utilize the full produce by sorting it based
on quality. Ultimately, this increases the yield and reduces
food loss in production.
Our leading position is built on one of the market’s broadest
and deepest technology base. We serve customers around
the globe, focusing on nine categories of food where we
see high value-add of our technology: potatoes, nuts,
blueberries, kiwifruit, citrus, cherries, apples, processed fruit,
and processed vegetables.
Following a few challenging years with low customer
investment sentiment due to poor harvests and unfavorable
macroeconomics, the external environment saw
improvements during 2025 with a market that returned
to normal growth. Within TOMRA Food, we successfully
completed the cost savings program at the start of the
year, enabling us to increase profitability and strengthen
the organizational setup for future growth and increased
customer satisfaction.
Financial performance
Revenues in 2025 amounted to EUR 328 million, up 5%
from EUR 311 million in 2024. The growth picture was mixed
in Americas, with South America experiencing the most
significant growth of all regions, while revenues in North
America fell 7%. Revenues also grew in Europe, Middle East
and Africa (EMEA) and in Asia Pacific compared to last year.
The gross margin improved to 47% from 43%, due to a
combination of cost savings, higher volumes, and a favorable
product mix. EBITA, adjusted for special items, reached a
record high level of EUR 44 million, compared to EUR 21
million in 2024. Special items related to the restructuring
program contributed with a net positive effect of EUR 3.7
million compared to negative contribution of EUR 5.3 million
in 2024. The corresponding EBITA adj. margin was 13%
compared to 7% in 2024.
EU minimum recycled content requirements for plastic packaging
Single use plastic beverage bottles
2030
2040
30%
65%
Recycled material Virgin plastic
Other types of packaging
2030
2040
35%
65%
Recycled material Virgin plastic
Contact-sensitive packaging
PET as major component
2030
2040
Recycled material Virgin plastic
30%
50%
SEARCHBROWSESTARTPAGE 26
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
The order intake was EUR 356 million, up 12% from EUR
317 million in 2024. The order backlog at the end of 2025
was EUR 136 million, up 26% from EUR 108 million at the
end of 2024. The positive development in orders stretched
across all three regions: Asia Pacific, Americas, and EMEA.
Citrus accounted for the largest increase in orders, while
the positive momentum continued in potatoes – the largest
category served. A strong order intake was also seen in non-
core categories such as avocados.
Technology and R&D
Food grading and sorting utilizes several advanced
technologies to detect both visual and invisible qualities.
These include x-ray, laser, camera, spectroscopy, and
recognition technologies based on artificial intelligence.
This enables the removal of foreign objects and food that
is rotten, contain toxins or have other defects. It enables
sorting of food based on the chemical composition such as
sugar content and other characteristics such as shape, size,
color etc. The more accurately food is sorted, the better the
different qualities can be utilized for different applications.
To deliver leading technology and accuracy, it is essential to
invest in R&D in TOMRA Food. Since its launch in 2018, we
have further developed and commercialized our AI-powered
TOMRA LUCAi deep learning technology for enhanced
sorting and grading precision. It is now offered with TOMRA’s
Spectrim, KAT0260, and InVision2 optical grading systems
and can be applied to apples, blueberries, cherries, citrus,
stonefruit and kiwifruit. More than 3,500 LUCAi lanes have
been sold globally as of 2025.
Building on our capabilities within artificial intelligence,
the TOMRA 4C with LUCAi is the latest new machine to be
launched. It is optimized to increase detection of foreign
materials, grading accuracy, performance, efficiency and
flexibility for the frozen vegetables (IQF) and nut industries.
Special emphasis has also been placed on designing it for
easy use for operators to keep sorting lines running at top
speed and maximizing throughput. With the ability to achieve
a lower than 1% false reject rate, it has potential to set a new
benchmark for sorting accuracy in the industry.
TOMRA FOOD FINANCIAL FIGURES
0
100
200
300
400
2019
2020
2021
2022
2023
2024
2025
0
100
200
300
400
2019
2020
2021
2022
2023
2024
2025
2019
2020
2021
2022
2023
2024
2025
0
10
20
30
40
50
0%
3%
6%
9%
12%
15%
50%
40%
30%
20%
10%
2019
2020
2021
2022
2023
2024
2025
0
50
100
150
200
0
40
80
120
160
2019
2020
2021
2022
2023
2024
2025
Revenue
MEUR
Order intake
MEUR
EBITA and margin*
MEUR
Gross contribution and margin
MEUR
Order backlog
MEUR
* EBITA and margin is adjusted for
one-off costs related to restructuring.
SEARCHBROWSESTARTPAGE 27
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA Horizon
In addition to accelerating growth and improving profitability
in our core divisions, we explore new adjacent business
opportunities and alternative business models within
resource optimization that leverage our technology and
decades of know-how. This includes both long-term organic
business building and adjacent M&A opportunities. Current
initiatives include TOMRA Feedstock, TOMRA Reuse, and
c-trace which was acquired in 2024.
Despite all efforts to increase recycling, more than 70% of
plastics are landfilled or incinerated in Europe today. TOMRA
Feedstock’s goal is to recover and sort residual plastics that
are incinerated today, using TOMRA Recycling technology,
turning it into valuable feedstock for recyclers. In November
2025, we officially opened Områ – ours and Norway’s first
national sorting plant for plastic waste.
Takeaway packaging generates up to 50% of the waste
in city’s public bins. TOMRA Reuse leverages our reverse
vending technology by creating a holistic system for reusable
takeaway packaging. Our ongoing pilot in Aarhus (Denmark)
for hot and cold drink containers has now added our first
machine for takeaway food packaging as well. In Lisbon,
we are rolling out our first commercial solution for reusable
cups in parts of the city center where single-use cups have
been banned. TOMRA’s event solution for reusable cups
system, which offers an even more convenient “Throw’n’Go”
setup for returning cups and refunding the deposit, has also
been gaining traction during the year where it has been
used at the Øya festival and Intility Arena in Oslo, and at the
Fairground festival in Hannover.
C-trace, which is a German leader in digital waste
management solutions, provides data-driven digitalized
solutions that combine software with vehicle sensor
equipment, RFID technology, and artificial intelligence for the
waste management sector. This enables smarter and more
efficient waste collection and helps to ensure compliance
with stricter environmental regulations. The company
has experienced positive momentum which continued in
2025. Successful progress was made on their international
expansion by winning their biggest contract to date in
Bratislava, Slovakia.
Financial performance
Revenues in TOMRA Horizon amounted to EUR 32 million
in 2025, up from EUR 7 million in 2024. The increase stems
from the startup of operations in TOMRA Feedstock, and
from c-trace where revenues were booked for the full year in
2025 compared to two months in 2024.
TOMRA Horizon’s results in previous years have mainly been
operating expenses related to business development in the
different ventures. In 2025, these also include operating
expenses in c-trace and TOMRA Feedstock’s operations.
Operating expenses in 2025 amounted to EUR 24 million
compared to EUR 11 million in 2024. Approximately EUR 9
million was related to business development activities. EBITA
in 2025 ended at EUR -5 million compared to EUR -7 million
in 2024.
We assess the business case for each of the ventures and
their projects on an ongoing basis. These need to satisfy
strict thresholds for profitability and capital returns to be
allocated capital. Total capital expenditure in TOMRA Horizon
amounted to EUR 25 million in 2025, compared to EUR
92 million in 2024 which included the c-trace acquisition.
The majority of the investments in 2025 relate to TOMRA
Feedstock.
SEARCHBROWSESTARTPAGE 28
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PROSPECTS FOR THE FUTURE
Growth may have slowed in 2025, if only temporarily. The
underlying fundamentals of TOMRA’s business are robust
and we continue to build a strong foundation for sustainable
and profitable growth as we lead the way towards a more
circular future.
TOMRA is uniquely positioned to deliver solutions and
capitalize on global efforts to increase circularity and
resource optimization. A significant number of companies
have signed up for science-based emission reduction
targets, the EU has adopted its strictest regulation on waste
yet, companies are seeking to automate more processes
to increase quality and save costs, urbanization and a
rising middle class is changing dietary requirements, and
geopolitical tensions is pushing economies to become more
independent and preserve domestic resources at their end-
of-life through more re-use and recycling.
TOMRA Collection
A public-driven push to reduce plastic pollution, supported
by global commitments to reduce greenhouse gas emissions
through increased use of recycled content of beverage
containers, is driving the implementation of new deposit
return systems. Notably, EU’s Single Use Plastic Directive and
Packaging and Packaging Waste Regulation require member
states to collect 90% of plastic bottles and metal cans and
use 30% recycled content in new bottles, by 2029 through
the implementation of deposit return systems.
Out of 2 trillion drink containers sold globally every year
2
,
11% of these are sold in markets with DRS. Another 11% is
sold in upcoming DRS markets (based on existing legislative
requirements or ongoing legislative processes) – primarily in
Europe. TOMRA is pursuing the commercial opportunities in
these markets along with the development of the regulatory
frameworks. In addition, TOMRA is exploring alternative
collection solutions in other markets across the world.
In established DRS markets, most supermarkets and
collection points have automated their collection of bottles
and cans with RVMs. Replacements and services provide a
2 Source: GlobalData
steady income stream. In addition, innovation and expansion
drives additional growth opportunities.
The ambition is to grow TOMRA Collection double digit in the
period to 2030 while delivering an EBITA margin above 18%.
Short and mid-term performance will depend upon the timing
of new markets and variations in product and business mix.
Upcoming deposit markets
The province of Quebec in Canada is modernizing and
expanding its deposit return system by increasing deposit
values and adding more beverage and container types into
the system in three phases until 2027. TOMRA is supplying
Quebec Beverage Container Recycling Association’s
(QBCRA) recycling depots with approximately 1,350
machines in this expansion period. Smaller, urban depots will
be equipped on a sales and service basis, and larger depots
will operate on a throughput revenue model.
In Greece, Hellenic Deposit Return System S.A. (DRS Hellas)
was registered as the system operator in October 2025.
Greece’s parliament had set 1 December 2025 as the launch
date but given the late appointment of a system operator
appointment, the launch is postponed.
Singapore will become the first regulated deposit market in
Asia. Singapore’s parliament passed legislation to introduce
DRS in March 2023 with the launch date set for 1 April 2026.
TOMRA has been assigned as one of three Return Point
Network Operators with a minimum installation of 350 RVMs
on a lease basis.
Portugal is preparing for its upcoming deposit return system,
planned to launch on 10 April 2026 with a transition period
of 120 days. Most installations of reverse vending machines
are expected to take place in the first half of 2026. TOMRA
has received orders from multiple leading retail chains in the
country.
Spain introduced a packaging and packaging waste law in
2022, transposing the Single Use Plastic Directive (SUPD)
into national law. The regulation states that if 70% of plastic
bottles were not collected in the existing waste management
system in 2023, the country will introduce DRS. In November
2024 it was concluded that the collection rate achieved was
41%, triggering the required implementation of deposit return
system within two years. However, a launch date has not yet
been set, and the government is currently in the process of
assigning a system operator.
The government of Moldova has adopted an implementation
framework for a deposit return system. The system is
planned to launch within one year from the appointment of
the DRS administrator and no later than January 2027.
In the United Kingdom, parliament passed regulation in
January 2025 for England and Northern Ireland’s upcoming
deposit return system. 1 October 2027 is the planned
commencement date. Scotland amended its DRS legislation
in June 2025 to align it accordingly. Wales laid regulation
to parliament in Februrary 2026, which if adopted will allow
for its inclusion into a nation-wide system. In May 2025, UK
Deposit Management Organisation (UK DMO) was confirmed
as the system operator, representing the beverage and retail
sector across all three nations. The scheme will include
single-use plastic, steel and aluminum drink containers. The
retail industry has initiated tenders for suppliers of reverse
vending machines.
In Uruguay, a deposit return system for beverage containers
was integrated in the Waste Management Law in September
2019. The implementation was originally planned for
December 2024 but has been delayed. Uruguay will be the
first country in South America to implement mandatory DRS.
TOMRA Recycling
Increased focus on circular economics such as the reduction
of plastic pollution and lower dependency on virgin materials,
as well as better waste handling and carbon emission
reductions drive long-term investments into the recycling
industry. To enable recycling of materials which typically
come in mixed waste streams, TOMRA’s sorting equipment is
essential to recover and separate materials into high quality
homogenous fractions. Towards 2030, TOMRA Recycling’s
ambition is to grow double digit while maintaining an EBITA
margin in the low-to-mid 20’s (percent).
SEARCHBROWSESTARTPAGE 29
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Industry commitments and regulation are key drivers
for growth. The introduction and expansion of Extended
Producer Responsibility (EPR) schemes drive growth in the
waste management and recovery segments, and an increase
in the use of recycled content in new products drives growth
in the recycling segment. The EU’s recently adopted PPWR
offers strong growth opportunities towards 2030 within
plastics and other packaging as it entails ambitious legal
recycling and recycled content targets.
Growth is also driven by additional industries seeking to
become more circular, meaning there is a need to recycle
more types of materials, such as wood and textiles. To make
materials circular and avoid downcycling of them, more
granular sorting is being pursued, driving additional sorting
needs. This is enabled by new technology provided by
TOMRA, such as recent product launches for alloy sorting of
aluminum with LIBS technology, and food grade sorting of
plastics with AI technology.
The momentum in some of the segments will tend to move
with commodity prices and the level of economic activity
as customers depend on the demand for secondary raw
materials when taking investment decisions. In the past
couple of years, the market sentiment within European
plastics recycling has been particularly weak and the timing
of a recovery is uncertain. Segments such as ore-sorting
tends to depend more on single orders. Cyclicality is partly
mitigated by having a customer base that is well diversified
geographically and by materials sorted.
TOMRA Food
With a growing population and rising middle class, food
demand increases and dietary habits change. When food
harvesters and producers respond to changes in both
consumer demand and the arability of land, a need for capital
investments into grading and sorting equipment typically
follows. The need for automated sorting solutions is further
reinforced when food producers plan to export their produce
and food safety and quality requirements increase, or where
labor shortage is driving higher costs of manual sorting.
Based on the categories of food TOMRA operates within,
the ambition is to grow mid-to-high single digit annually over
3 Plastics Europe (2024): The Circular Economy for Plastics - A European Analysis
the cycle towards 2030 while improving the EBITA margin
towards mid-teens.
The overall demand for food and related quality and safety
requirements is relatively stable through economic cycles,
but macroeconomic conditions and the productivity of
harvests may impact customers’ investment sentiment. In
2025, the market has returned to normal growth after a few
years of low customer investment sentiment.
Investments into equipment typically come in cycles for
a specific food category. To mitigate cyclicality, TOMRA
Food operates a diversified portfolio of food categories.
The prioritized core categories are ones where sorting and
grading equipment generate the highest value-add and
opportunities for value-based pricing, in line with our focus
on increasing profitability. This will continue to be in focus,
even as the division invests more in growth in a stronger
market environment.
TOMRA Horizon
By leveraging our technology and decades of know-how,
TOMRA Horizon builds new businesses which facilitate
and accelerate the transition to circular economies. When
deploying capital to TOMRA Horizon, we apply a strict
framework ensuring that we optimize our portfolio, the
capital returns, and our risks.
TOMRA Feedstock
With increased requirements for recycled content in new
products and packaging, but with limited feedstock available
for recycling to meet this demand, feedstock presents an
attractive growth opportunity. Approximately 20 million
metric tons of plastic packaging is put to market annually
in Europe, of which only 2 million, or approximately 10%,
is made from recycled plastics
3
. To meet EU’s regulatory
requirement of approximately 30% recycled content in 2020,
two to three times more feedstock from post-consumer
plastic waste needs to enter the recycling loop.
TOMRA is currently ramping up its first plant located in
Norway. Investments have also been made into a planned
brownfield plant in Germany. However, plans for the German
operations were modified at the end of 2025 to adapt to the
weak plastics market, but still deliver on long-term off-take
agreements. The plants take post-consumer plastic that
SEARCHBROWSESTARTPAGE 30
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
is typically incinerated today and sort it into more than 10
different high quality polymer fractions which will be used as
feedstock for mechanical and chemical recycling.
TOMRA Reuse
TOMRA Reuse leverages our reverse vending technology
to create an open managed systems and complete
infrastructure for reusable takeaway packaging – reducing
littering and greenhouse gas emissions. In Europe alone, it
is consumed up to 25 billion takeaway containers each year
which ends up as waste after briefly having been used.
The goal is to offer an attractive solution for single-use
takeaway packing where this may become subject to
regulation such as taxes, quotas or bans. Based on our first
pilot with Aarhus municipality in Denmark, and subsequent
pilots at sports events and festivals, we continue to develop
the solution to become sufficiently convenient for both
consumers and for the cafés and restaurants serving
takeaway food and drinks.
c-trace
Within waste management lies a vast potential for improving
efficiency related to collection services. Municipal waste
collection is a capital-intensive, labor-constrained, and
publicly visible service still largely managed with traditional
processes. Digitizing operations enables dynamic route
optimization and automated billing services that ultimately
reduce costs. It generates auditable data on service quality,
emissions, and performance. By combining real-time data
from containers and fleets with dynamic optimization
software, municipalities can collect waste more efficiently
using existing assets.
In October 2024 TOMRA acquired c-trace – a leading
provider of digitized solutions for waste collection in
Germany. The company operates in a high growth market
within resource optimization, sharing our common goal of
increasing collection and recycling rates. Through TOMRA’s
customer base and global footprint, our ambition is to
support c-trace on its growth journey in its core business,
both domestically and by expanding internationally.
SUSTAINABILITY
Anchored in TOMRA’s vision of “Leading the Resource
Revolution”, sustainability lies at the core of our business
model and strategy. Sustainability in TOMRA involves two
critical aspects: maximizing the positive impact of our
products and solutions on the environment and society - our
handprint - and minimizing negative impacts from our own
operations and value chain - our footprint. An explicit part
of our strategy is to become a fully circular business while
being a safe, fair and inclusive workplace.
In 2025, we continued to advance TOMRA’s sustainability
agenda, moving from strategy development to more
systematic implementation across the organization. We
published our first audited, CSRD compliant Sustainability
Statement for the 2024 financial year and strengthened
the underlying reporting processes for data management,
stakeholder engagement, risk assessment, and internal
controls. This includes the development of a Group wide
internal controls framework for sustainability reporting (ICSR)
that will be formally launched in 2026. Through the Audit
& Sustainability Committee (ASC) the Board has actively
overseen company efforts in both sustainability reporting and
strategy implementation, with three dedicated sustainability
deep dive sessions held in addition to regular ASC meetings,
where sustainability is a recurring agenda item, including
updates and discussions around key performance indicators,
policy framework, and reporting.
Environment
In 2025, we began to see tangible effects from implemented
decarbonization initiatives, particularly across scope 1
and 2 emissions. Our trajectory remains aligned with our
science based targets, and operational initiatives deliver
both emissions reductions and efficiency gains. Internal
engagement and ownership continue to strengthen, driven by
the Planet KPIs embedded in divisional business planning and
bonus structures, and anchored in our science-based targets.
While some increase in absolute emissions is expected in
the short term, reflecting the ramp-up of new business areas
such as TOMRA Feedstock, the overall trend is positive.
Scope 3 emission intensity has decreased, supported
by an expanding portfolio of decarbonization initiatives.
However, total scope 3 emissions are closely linked to sales
volumes, as the use-phase of sold products remains our
dominant emission source. Lower product sales in TOMRA
Recycling and of certain product categories in TOMRA Food
contributed to a reduction in reported scope 3 emissions in
2025 compared to 2024.
During 2025, TOMRA strengthened the foundation for
future decarbonization through enhanced greenhouse
gas (GHG) data quality and governance. A GHG data
governance framework was established, quarterly scope 1
and 2 emissions reporting introduced, and an internal GHG
dashboard and modelling tool were launched to enhance
analysis and scenario forecasting for emissions. Beyond
climate, we also continued initiatives that support circular
material flows, including refurbishment efforts, increased
use of recycled materials through the Retility program in
TOMRA Collection, and contributions to the development of
the Global Circularity Protocol (GCP), launched at COP30. As
members of the GCP frontrunner Coalition, we will continue
engaging with and piloting implementation of this framework
in 2026.
For more information about environmental topics in TOMRA,
please refer to the Environment chapter of our Sustainability
Statement.
Organization, health, and safety
Being a safe, fair and inclusive workplace is a core
component of TOMRA’s strategy statement. TOMRA
facilitates equal opportunity for professional and personal
development for all employees and does not discriminate
on the basis of age, gender identity or expression, color,
religion, political affiliation, ancestry, disability, medical
condition, sexual orientation, or any other characteristic
protected by applicable laws. TOMRA seeks to prevent all
forms of harassment and gender-based violence. We adhere
to these principles in all aspects of employment, including
recruitment, training, compensation, promotion, benefits
and working conditions, and the opportunity to combine
work with family life. These important principles are firmly
anchored in the company’s Code of Conduct. A statement
outlining the work we do and the status of gender equality
in TOMRA Systems ASA (ARP - Arbeidsgivers aktivitet og
SEARCHBROWSESTARTPAGE 31
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
redegjørelsesplikt) can be found under the Compliance
section on our website.
Key health and safety indicators have shown improvements
in 2025, and we are making progress on the development
of our global safety management system. We invest
in people development through initiatives such as the
INCLUDE program and a new global supplementary
parental leave policy. Employee engagement, as measured
in the Gallup survey, increased in 2025. We continued to
apply sustainability related expectations in our supplier
engagement processes, with supplier self assessments and
audits forming part of our due diligence work.
The number of employees in TOMRA Group was 5,791 at the
end of 2025, up from 5,303 at the end of 2024. The largest
increase was in Collection, mainly due to the acquisition of
CLYNK and to serve new deposit markets that are being
implemented. The inclusion of c-trace and ramp-up of TOMRA
Feedstock operations increased the number of employees in
Horizon. In Norway, the number of employees increased to
569 at the end of 2025, from 528 at the end of 2024.
Number of employees 2025 2024
Collection
3,204 2,933
Recycling
953 948
Food
1,284 1,219
Group and Horizon
350 203
Total
5,791 5,303
Female employees made up 23% of TOMRA’s workforce, which
is marginally lower than 24% in 2024, and 26% of management
positions were held by females at the end of 2025 which is
in line with last year. The share of female employees in the
Executive Leadership Team was 33% at the end of 2025. Three
out of TOMRA’s eight board members are women.
We strive for zero work-related injuries and illness through
our TOMRA Safe program. The Lost Time Incident Frequency
Rate (LTIFR) was 5.46, down from 5.99 in 2024. There were
no fatalities due to work-related injuries. The absence rate
due to illness in TOMRA Systems ASA was 2.4% in 2025
compared to 2.8% in 2024.
Further details about working conditions as well as equality
and inclusion in TOMRA can be found in the section S1 Own
workforce of the Sustainability Statement.
CORPORATE GOVERNANCE
Corporate governance is important for setting high standards
of performance and ethical behavior – aligning the interests
of different stakeholder groups including shareholders,
management, employees, customers, and suppliers. It forms
the basis for a healthy corporate culture at TOMRA.
TOMRA is subject to the requirements of §3-3b of the
Norwegian Accounting Act, the Norwegian Code of Practice
for Corporate Governance (NUES) and the Continuing
Obligations of Stock Exchange Listed Companies, which
are available at lovdata.no, nues.no and Euronext.com,
respectively. The Articles of Association governing TOMRA
are published on our website. TOMRA also complies with
the Norwegian Transparency Act that came into effect July 1,
2022. The Human and Labor Rights Due Diligence report is
available on our website.
The Board of Directors is responsible for corporate
governance and reviews and approves TOMRA’s Corporate
Governance Framework (available on our website).
TOMRA’s approach to business conduct for employees
and business partners is set out in the TOMRA Code of
Conduct, encompassing all material policies for compliance
and risk management purposes. Additional detailed policies
and guidelines supporting the Code of Conduct are also
established. All internal policies and procedures are made
available to employees on the internal TOMRA SharePoint
site. The policies are regularly updated and communicated.
Read more about TOMRA’s work with corporate governance
in the Sustainability Statement under ESRS G1-1 Business
conduct policies and corporate culture.
Details related to working conditions, equality and inclusion
can be found in the section S1 Own workforce of the
Sustainability Statement. The following table summarizes
how TOMRA adheres to Norwegian Code of Practice for
Corporate Governance (NUES) dated 28 August 2025 and
where the different topics are discussed:
Table 2
The Norwegian Code of Practice for Corporate Governance (NUES)
recommendations Discussed in chapter/section
Page
reference
2. Business TOMRA 2030 Strategy
20
3. Equity and dividends Dividend
22
4. Equal treatment of shareholders Shareholder relations
37
5. Shares and negotiability The TOMRA share
37
6. General meetings General meetings
33
7. Nomination committee Nomination committee
33
8. Board of directors: composition and independence Board of Directors
33
9. The work of the board of directors Board of Directors
33
10. Risk management and internal control Risk Management,
Internal Control Environment 35
11. Remuneration of the board of directors Remuneration report
and note 4 in Annual accounts 124
12. Salary and other remuneration for executive personnel Remuneration report
and note 4 in Annual accounts 124
13. Information and communications Information and communications
37
14. Take-overs Takeovers
38
15. Auditor Auditor
36
SEARCHBROWSESTARTPAGE 32
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
General Meeting
In accordance with TOMRA’s Articles of Association, the
Annual General Meeting shall be held no later than the end
of June each year, with at least 21 days written notice given
to each shareholder. The 2025 General Meeting was held on
the 6th of May as a digital meeting. The notice is distributed
in accordance with Norwegian law and is available on
TOMRA’s website. It includes documents regarding matters
to be considered, information regarding shareholders’ rights
and guidelines for meeting registration and voting.
Shareholders have the right to have matters dealt with by
the General Meeting. The matters have to be reported in
writing to the Board of Directors at the latest 28 days before
the General Meeting. Shareholders unable to attend the
General Meeting may either appoint a proxy or submit a vote
in advance. The deadline for registration of advance votes,
proxies and instructions is 2 working days prior to the Annual
General Meeting. Digital attendance does not require up-
front registration.
The Chair of the Board, the President and CEO, the external
auditor and the Chair of the Nomination Committee will be
present at the General Meeting to the extent the agenda
items make such attendance relevant. In line with NUES, the
General Meeting elects an independent person to chair the
meeting.
Nomination Committee
The Nomination Committee proposes candidates for
shareholder-elected Board members and its Chair,
candidates for members of the Nomination Committee and
its Chair, and remuneration for the Board of Directors, the
Nomination Committee, and the Board Committees.
According to the Articles of Association, TOMRA shall have
a Nomination Committee consisting of two to four members
elected for one year at a time by the General Meeting. The
charter for the Nomination Committee is approved by the
General Meeting and can be found on tomra.com.
The Nomination Committee consists of four members. The
composition meets NUES’s requirements for independence
of the majority of the members. None of the members of
the Nomination Committee are members of the Board of
Directors, nor does the Nomination Committee include
the company’s President and CEO or any other executive
personnel.
The Nomination Committee meets with the Chair of the Board,
Board members and the President and CEO and CFO to
evaluate the work and composition of the Board of Directors.
The Nomination Committee welcomes proposals for new
candidates to the Board of Directors and the Nomination
Committee. It actively reaches out directly to the largest
shareholders requesting their proposals. The membership
of the committee and details of how to submit proposals for
new board members are available on our website.
Board of Directors
The Board of Directors defines clear objectives, strategies,
and risk profiles for the company’s business activities.
The company’s compliance and adjustments of these, are
monitored by the Board of Directors throughout the year. The
Board of Directors has prepared instructions which define
the responsibilities and obligations of the Board of Directors
and that comply with the duties stated in the Public Limited
Liability Companies Act.
The Board of Directors consists of five shareholder-elected
members, and three members elected among and by
the employees in Norway. The composition of the Board
of Directors meets statutory and NUES requirements.
The majority of the shareholder-elected members are
independent of the company’s management, main
shareholders and important business associates. The
exception is Johan Hjertonsson who is President and CEO
of Investment AB Latour, TOMRA’s largest shareholder, and
Bodil Sonesson who is President and CEO of Fagerhult
Group AB, where Investment AB Latour is the largest
shareholder. The presentation of the Board of Directors
provides information about Board members’ qualifications,
background, share ownership, independence, other board
memberships, and how long they have been members of
the Board of TOMRA. There were no changes in the board
composition at the Annual General Meeting on 6 May 2025.
The shareholder-elected Board members are proposed by the
Nomination Committee based on a number of criteria with the
aim of safeguarding the interests of the shareholders and the
company’s need for competence, capacity and diversity. The
Nomination Committee considers the Board’s composition in
relation to TOMRA’s business and strategy, and competence
areas including international operations, relevant industries
and value chains, sustainability, finance and capital markets, as
well as having experience as a senior executive.
The shareholder-elected Board members and the Chair of
the Board are ultimately selected by the shareholders at the
Annual General Meeting. The NUES recommendation is for
the General Meeting to vote separately on each candidate
nominated for election to the Board of Directors. To secure
a good Board composition, the Nomination Committee has
decided that the Annual General Meeting shall instead vote
for the Board as a collegium.
The Board of Directors and the Chair are all elected for one
year at a time and employee-elected members for two years
at a time. According to Norwegian law, the Board of Directors
must comprise at least 40% of each gender, which TOMRA is
compliant with.
Board members and the President and CEO cannot
participate in considerations or decisions of matters of such
specific importance to them personally or to their close
associates, where they are considered to have a direct or
indirect personal or financial interest in the matter. In case of
a conflict of interest, the Board member needs to notify the
Chair of the Board and not take part in addressing that issue.
Related party transactions are covered by TOMRA’s Code
of Conduct, which also applies to Board members. Any
member of the Board of Directors or Executive Leadership
Team should immediately notify Group Compliance if a
potential conflict of interest occurs. There were no material
transactions between the company and related parties that
required a third-party evaluation during 2025.
TOMRA Systems ASA and its subsidiaries have insurance
that covers directors and officers. The insurance covers
direct financial loss suffered by the insured resulting from
SEARCHBROWSESTARTPAGE 33
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
dishonest acts by permanent or temporary employees of the
insured, or by an external third party.
The Board of Directors has established an annual cycle
which includes all planned meetings and a regular agenda.
The annual cycle covers strategic work, commercial issues
and governance. The Board of Directors meets at least six
times a year. In 2025, seven board meetings were held, and
the attendance at the meetings was 95%.
The Board of Directors and each of its committees conduct
an annual self-performance evaluation to determine
whether the Board of Directors and each of its committees
are functioning effectively. The review is discussed with
the full Board of Directors once a year and provided to the
Nomination Committee.
The Board of Directors has established three subcommittees
presented in the Board Committees section. Charters for
each of the Board committees have been prepared and
duly approved by the committee and ultimately the Board
of Directors. These can be found under the Corporate
Governance section on our website.
RISK
The Board of Directors is committed to ensuring a systematic
and deliberate approach to risk management across all
segments of the Group. This is considered a prerequisite for
long-term value creation for the company’s shareholders,
employees, and other stakeholders. Opportunities for growth
shall always be assessed against the associated risks which
could ultimately, impact the Gorup’s financial position.
TOMRA is exposed to regulatory and political risk. Business
activities are to a significant degree governed by legislation
related to the handling of waste and recycling of materials.
Changes in legislation or voluntary recycling ambitions
could have a significant impact on TOMRA. The introduction
and expansion of regulations, such as EU’s Packaging and
Packaging Waste Regulation (PPWR), create new growth
opportunities.
The macroeconomic environment, interest rates, commodity
prices, food harvesting conditions, or disruption to global
supply chains and international trade could impact
TOMRA’s customers’ investments sentiment into machinery
and solutions developed by TOMRA, and to some extent
TOMRA’s own operations. While TOMRA has a diversified
customer base in over 100 countries, much of the business
is concentrated within the EU/EEA, followed by the Americas
and particularly the United States. TOMRA’s products
are primarily manufactured in the EU, with additional
manufacturing capabilities in China, and depend on a global
supply chain of raw materials and components. Some of
TOMRA’s customers may be exposed to fluctuations in
raw material prices, influencing their demand for TOMRA’s
equipment. TOMRA itself, however, only has limited revenue
exposure to commodities.
TOMRA relies on efficient and uninterrupted information
technology systems and networks in our operations and
customer deliveries. Disruptions to TOMRA’s systems or
networks, such as security breaches and cyberattacks,
intentional and unintentional acts, natural disasters, war,
telecommunication failures, or energy blackouts could
adversely impact the Group. TOMRA has in recent years
significantly upgraded the infrastructure to strengthen
resilience.
TOMRA Group operates globally and is exposed to financial
risks such as foreign currency risk, interest rate risk, credit
risk, and liquidity risk. Responsibility for financing, cash
management and financial risk management is handled by
Group Finance.
TOMRA’s main currency exposure is towards EUR,
accounting for close to half of revenues, expenses, assets,
and liabilities in the Group, and therefore uses EUR as
presentation currency. Currency gains and losses in the
financial statements are mostly exposed to changes in the
EUR/USD exchange rate. A strengthening of EUR will lead
to reduced earnings for the Group. To mitigate some of
the currency risk, we may hedge balance sheet items and
expected future net cash flow up to 12 months, primarily
using forward contracts and swap agreements.
Interest-bearing debt is mainly denominated in NOK, but
swapped to EUR, with a balanced interest rate strategy
SEARCHBROWSESTARTPAGE 34
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
for long-term borrowings. To stabilize interest cash flows,
TOMRA may use swap agreements to hedge cash flow and
fair value interest rate risk.
TOMRA seeks to maintain a strong liquidity position. Surplus
cash is primarily placed in bank deposits. The Group
has a liquidity reserve consisting of different sources of
unused credit lines. Cash flow from operations is managed
operationally at TOMRA Group level. Companies within
TOMRA Group participate in an international cash-pool into
which funds are deposited and withdrawn.
Historically, TOMRA has seldom experienced losses on
accounts receivable, and the company has routines in place
for credit approval. However, TOMRA Group’s customers
include some of the largest retail chains in the world,
large scrap material processors, and large food producers
where outstanding receivables globally can be significant.
Counterparty credit risk for derivative financial instruments
and deposits is limited to financial institutions with high
creditworthiness.
More information about financial risks in TOMRA Group can
be found in note 16 and 18 of the financial accounts.
Risk management
The Board of Directors oversees the company’s internal
control and overall risk management and assurance, and
through the Audit & Sustainability Committee it reviews and
monitors the effectiveness of the company’s policies and
practices. Responsibility for individual areas of control has
been delegated through the CEO down to the respective
members of the Executive Leadership Team.
The Board of Directors is responsible for approving the
Group’s strategy, its principal markets, and the level of
acceptable risk. Risk management shall ensure that risks
relevant to TOMRA’s objectives are identified, analyzed,
and managed. A sound risk culture is a prerequisite for
a successful risk management process. The Board of
Directors and its committees monitor and assess risks
including environmental, social, strategic, financial, legal and
operational risks and the associated control measures put in
place to manage them.
The Board of Directors conducts a review of the Group’s
most important risk exposures and internal control systems
at least annually. The risk assessment is consolidated and
reviewed by the Executive Leadership Team before being
submitted to the Board of Directors.
Internal control environment
TOMRA risk management system is designed to ensure that
business activities are conducted in compliance with external
and internal standards and requirements, and in a safe and
secure manner. The aim is to avoid unwanted incidents while
creating value.
Internal control and systems for risk management have
been designed in relation to the extent and nature and
requirements of individual business activities. Controls for
areas possessing particularly high inherent risk include clear
guidelines for delegation of authority, segregation of duties,
and requirements for regular reporting and reviews.
TOMRA’s legal entities submit monthly reports that
are reviewed by management and form the basis for
management’s monthly and quarterly reports to the Board of
Directors. The Board follows up on any actions to be taken to
address identified weaknesses.
The Board of Directors and the Executive Leadership Team
recognize that any controls and procedures, no matter how
well designed and operated, can only provide reasonable
assurance that the desired control objectives will be
achieved, and that it cannot provide absolute assurance that
no control issues will remain undetected. More about internal
control systems and procedures is described in TOMRA’s
Sustainability Statement.
TOMRA’s Code of Conduct is an important part of the internal
control systems. The Code of Conduct and other internal
policies are made available for all TOMRA employees.
TOMRA also runs mandatory global employee training
programs. Country Risk Assessment and Integrity Due
Diligence process, which covers both existing and new
business partners and activities, are integrated as part of our
internal control procedures.
A Chart of Authority describes each level of authority
throughout the organization. TOMRA has a dual control
principle for approvals, and our support systems enforce
this principle. The Chart of Authority clearly describes which
matters must be dealt with by the Board of Directors, with
appropriate authorization limits.
TOMRA has established whistleblowing channels where any
unethical behavior or other breach of the Code of Conduct
can be reported. Concerns can be reported through an
online portal, e-mail and phone. Whistleblowers have full
confidentiality, are protected against retaliation, and may
request anonymity. Such requests will always be respected.
Monitoring systems
Line management is responsible for monitoring the internal
control routines and for assessing the need for corrective
actions within their responsibility.
The internal audit team performs independent audits of
subsidiaries as well as reviews of specific themes including
assessments of risk and the adequacy of internal controls. It
reports functionally to the Audit & Sustainability Committee
and administratively to the CFO. The internal audit team has
no direct operational responsibility or authority over any of
the activities it reviews. While performing internal audits the
team has unrestricted access to all records, personnel, and
property of the company to collect such information as is
necessary for the performance of its tasks.
The external auditor presents the main elements in the audit
and observations on TOMRA’s internal controls related to the
financial and sustainability reporting process to the Audit &
Sustainability Committee.
The Audit & Sustainability Committee, on behalf of the Board
of Directors, has reviewed the effectiveness of the TOMRA’s
systems of internal control for 2025 and the period leading
up to the presentation of the 2025 financial statements and
sustainability statement.
SEARCHBROWSESTARTPAGE 35
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Auditor
The independent auditor is elected by the General Meeting
and is responsible for auditing the Group financial accounts
and Group Sustainability Statement.
The Board of Directors has delegated to the Audit &
Sustainability Committee to monitor the external auditor,
and the Audit & Sustainability Committee reports the
outcome of this work to the Board of Directors. The external
auditor meets with the Board of Directors annually to
present the assessment of risk, internal control, and the
quality of financial and sustainability reporting. This also
includes a session without the presence of TOMRA senior
management.
The external auditor participates in all Audit & Sustainability
Committee meetings, and presents the audit plan, status and
result of the audit process for the year, a review of TOMRA’s
internal control procedures, any potential weaknesses
identified and proposed improvements. The external auditor
also confirms its independence annually.
TOMRA has guidelines for company’s use of the external
auditor for advisory services, tax services, and other services
outside the ordinary audit scope. The Audit & Sustainability
Committee has delegated a pre-approval right of NOK 3.0
million to the Group CFO for non-audit services on a yearly
basis. The external auditor regularly reports such services to
the Audit & Sustainability Committee.
SEARCHBROWSESTARTPAGE 36
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SHAREHOLDER RELATIONS
TOMRA Systems ASA’s share is listed and freely traded on
Euronext Oslo Børs where the company was the 20th largest
company at the end of 2025 as measured by its market
capitalization.
Information and communications
TOMRA recognizes the value of an open and continuous
dialogue with financial market participants to ensure that the
public has a solid basis for assessing TOMRA’s underlying
values and prospects when making trading decisions in
TOMRA’s share. TOMRA strives to provide all stakeholders
with accurate, timely and relevant information, and that such
information is made available to the market on the basis of
equal treatment and transparency principles. The Investor
Relations policy describes the guidelines for communication
with the financial market and TOMRA complies with Euronext
Oslo Børs’ Code of Practice for Investor Relations and
applicable rules and regulations for listed companies.
Financial publications, including press releases,
presentations and annual and quarterly reports, are available
in the Investor Relations section of the TOMRA website along
with the financial calendar. The President and CEO, the CFO
and Group’s Investor Relations maintain regular contact
with shareholders, potential investors, analysts, and other
financial market stakeholders.
The TOMRA share
There is only one class of shares and each share entitles the
holder to one vote. There are no provisions in the Articles of
Association restricting the free negotiability of shares as long
as the insider regulations are adhered to.
The number of shares issued is 296,040,156, each with a
nominal value of NOK 0.50 per share. TOMRA held 644,318
treasury shares at the end of 2025. Transactions in treasury
shares are only conducted to facility the share purchase
program for employees. These take place on the stock
exchange at market prices in accordance with the EU Market
Abuse Regulation and Safe Harbor Regulation.
Authorization has been granted by the general meeting
for the Board of Directors to increase the share capital and
to buy back shares limited to specific purposes and for a
period no longer than until the next general meeting. At the
2025 Annual General Meeting, the Board of Directors was
granted the right to acquire and dispose of up to 1 million
treasury shares, for the purpose of fulfilling the employee
share purchase program. In addition, the Board of Directors
was granted the right to issue up to 29.6 million shares,
equivalent to 10% of the share capital, in connection with any
mergers and acquisitions. These authorizations are valid until
the Annual General Meeting in 2026.
Share performance and trading
TOMRA’s share price decreased to NOK 136.00 at the end
of 2025 from NOK 146.60 at the end of 2024. Adjusting for
the dividend of NOK 2.15 per share paid out in May 2025, the
total return of the TOMRA share was -6% in 2025, following
an increase of 20% in 2024. In comparison, the return on the
Oslo Stock Exchange (OSEBX) in 2025 was 18%.
A total of 92 million TOMRA shares were traded on the
Oslo Stock Exchange in 2025, down from 107 million the
year before. TOMRA’s largest shareholder Investment AB
Latour’s ownership was unchanged in 2025 at 21.1% of the
outstanding shares.
Dividends
TOMRA’s objective is to create long-term sustainable value for
its shareholders, through competitive return in form of dividends
and share price development over time. The ambition is to
distribute external dividends of 40-60% of annual earnings per
share (EPS) and to increase the nominal dividend amount year
over year, always considering capital requirements for future
growth, loan obligations and maintaining an investment grade
rating. More information about the dividend for 2025 can be in
the dividend section of this report.
Share purchase program and insider transactions
The Board of Directors encourages TOMRA employees to
invest in the company’s shares.
THE TOMRA SHARE
Share price NOK
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2026
2025
0
50
100
150
200
250
300
350
Shareholders by country
8%
19%
10%
6%
5%
5%
5%
5%
4%
31%
Sweden (30%)
Norway (15%)
Netherlands (10%)
United States (8%)
Luxembourg (6%)
Finland (5%)
United Kingdom (5%)
Denmark (5%)
Germany (4%)
Switzerland (2%)
Other (5%)
SEARCHBROWSESTARTPAGE 37
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
The Articles of Association do not require members of the
Board of Directors to own shares in the company, but in
accordance with the General Meeting resolution, external
board members are required to invest an amount in TOMRA
shares equal to 20% of their annual gross board fee until the
value of their shareholding equals two years of the gross
board fee.
Employees have the opportunity to buy shares through a
share purchase program once a year. Acquisitions of shares
through the program are done at current market rates, and
for every five shares held for at least one year, one share
is awarded free of charge. 215,038 shares were purchased
through the program in 2025. For employees who participate
in TOMRA’s Long Term Incentive Plan (LTIP), participants are
required to purchase TOMRA shares equal to 25 percent of
the gross bonus amount with a lockup period of three years
following the purchase.
The company has published guidelines for insider trading
based on relevant laws and regulations. Mandatory
notifications of trade in the TOMRA share are disclosed in
press releases on Euronext Oslo Børs.
Takeovers
The Board of Directors will not seek to hinder or obstruct
any takeover bids. In the event of such bids, the Board
of Directors will comply with relevant legislation and
regulations. The Board of Directors will seek to comply
with recommendations in the Norwegian Code of Practice,
including obtaining a valuation from an independent expert
and making a recommendation to TOMRA’s shareholders
regarding acceptance of the bid.
TOMRA SYSTEMS ASA
Legal entity results 2025
TOMRA Systems ASA is the ultimate parent company of
TOMRA Group. Operating activities in the parent company
reflect the level of sales of Reverse Vending Machines
(RVMs) and parts to end-customers within the Collection
segment. RVMs are developed in Norway and mainly
produced by third parties in Poland and at the wholly owned
subsidiary Tomra Production AS in Norway. The machines are
sold via the parent company to subsidiaries and distributors,
primarily in Europe, North America, and Australia.
TOMRA Systems ASA reported revenues of NOK 3,546
million in 2025 compared to NOK 3,110 million in 2024.
Operating profit in TOMRA Systems ASA was NOK 455
million in 2025, an increase from NOK 139 million 2024.
Net financial items were NOK 148 million in 2025 compared
to NOK 870 million in 2024. The lower result is primarily due
to lower dividends from subsidiaries.
Profit after taxes was NOK 510 million in 2025 compared to
NOK 963 million in 2024.
The 2025 net profit shall be allocated as follows:
(MNOK) 2025 2024
Dividend
635
636
Other equity
-125
327
Total allocated
510 963
The Board of Directors confirms that the accounts have been
prepared on a going concern basis and in accordance with
International Financial Reporting Standards (IFRS) as adopted
by the EU for TOMRA Group and Norwegian accounting
principles (NGAAP) for Tomra Systems ASA, and that the
Group, after the dividend payment, has sufficient equity and
liquidity to fulfill both its short term and long term obligations.
SEARCHBROWSESTARTPAGE 38
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Sustainability statement
General information 40
Environment 60
Social 86
Governance 103
SEARCHBROWSESTARTPAGE 39
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
General information
BASIS FOR PREPARATION
ESRS 2 BP-1 General basis for preparation of the
sustainability statement
Information in the sustainability statement includes TOMRA
Group and all its subsidiaries, including upstream and
downstream value chains, and has been prepared on the
same consolidated basis as TOMRA Group’s 2025 financial
statements. No information corresponding to intellectual
property, know-how or the results of innovation referred
to in point ESRS 2 BP-1 5(d) has been omitted from the
sustainability statement.
We exercise the right, as per the ESRS Phase-in options, tobegin
reporting on the following disclosure requirements in 2027:
• SBM-3 48(e) The anticipated financial effects of the
undertaking’s material risks and opportunities on its
financial position, financial performance and cash flows
over the short-, medium- and long-term, including the
reasonably expected time horizons for those effects.
• E1-9 Anticipated financial effects from material physical and
transition risks and potential climate-related opportunities.
• E2-6 Anticipated financial effects from material pollution-
related risks and opportunities.
• E5-6 Anticipated financial effects from resource use and
circular economy-related risks and opportunities.
• S1-7 Characteristics of non-employee workers in the
undertaking’s own workforce.
• S1-13 83(a) “employees that participated in regular
performance and career development reviews
• S1-14 Health and safety metrics:
• Cases of work-related ill health and number of days lost
to injuries, accidents, fatalities and work-related ill health.
• Reporting on non-employees.
ESRS 2 BP-2 Disclosures in relation to specific circumstances
Some metrics are subject to a high level of measurement
uncertainty and/or use indirect sources, such as sector
average data. Where relevant, sources of estimations and
outcome uncertainty are reported alongside the metric
disclosures.
E1-6: The estimation of our gross Scope 1, 2, and 3 GHG
emissions involves significant measurement uncertainty,
particularly Scope 3 due to the inherent complexity of
calculating these emissions. Our Scope 1 and 2 uncertainty
stems mainly from potential manual data entry mistakes;
however, the uncertainty and impact of this is low relative
to Scope 3 Category 11, which includes emissions from the
electricity used by our machines - the main driver of our
total GHG footprint. We lack direct measurements of the
type and amount of electricity consumed by our machines;
therefore, these emissions are estimated based on various
assumptions and extrapolations, including average usage
patterns and standardized emission factors. This reliance
on approximations introduces considerable uncertainty,
especially given the variability in amount and type of energy
used by our customers.
Air and steam consumption accounts for the vast majority
of our machines’ total electricity usage. However, only
gross estimates on this consumption can be made since air
compressors are separate units outside of TOMRA’s control.
Determining accurate air volume is challenging without
knowing the exact operating conditions of each machine
(temperature and pressure), as exemplified by the ideal
gas law. Due to uncertainty regarding whether reported
air consumption is at atmospheric pressure or operating
pressure (~6 bar), we assume the worst-case scenario
for calculations, acknowledging that further investigation
is needed to refine these estimates and their impact on
electricity consumption.
E2-3: The 2024 metric for TOMRA Recycling’s target on
increasing plastic packaging collected for recycling has
been restated from 9.5 to 10.5 million tonnes. The previously
reported figure followed the Ellen MacArthur Foundation’s
retrospective reporting approach and reflected 2023
performance; the restated figure reflects actual 2024
volumes.
SEARCHBROWSESTARTPAGE 40
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
E5-4 31a, 31b: The calculation involves multiplying
the number of products sold by the average material
composition and gross estimations of weight and packaging
material. Measurement uncertainties stem from primary data
sources such as WEEE datasheets, bills of materials (BoMs),
and life cycle assessment (LCA) reports.
E5-4 31c, 36c: Recycling rates and recycled content are
derived by applying industry averages to the primary data
obtained in section 31a. Consequently, two sources of
measurement uncertainty exist: the primary data described
in section 31a and the inherent uncertainties associated with
industry averages.
E5-4 36a: The expected durability of products placed on the
market is estimated based on broad assumptions derived
from LCAs. This estimate does not accurately reflect actual
lifespans of our products, contributing to measurement
uncertainty.
In 2024, TOMRA did not report on E1-5 (38)—which requires
disaggregating energy consumption from fossil fuel
sources—due to an incorrect assumption that the company
does not operate in a high climate-impact sector. Since
TOMRA does fall under this category, the requirement has
now been addressed. Reporting for both the 2024 and 2025
reporting years is presented under E1-5.
Following a review of E2 Pollution IROs, TOMRA concluded
to remove 3 IROs:
• Pollution of air from transportation
• Microplastics generated in own operations
• Microplastics generated in value chain
Read more about the review in IRO-1. A consequence of
removing 3 IROs is that some of the 27 remaining IROs are
renumbered, compared to the previous report. The updated
result is presented in SBM-3.
Disclosure requirements that have been incorporated by
reference:
• ESRS GOV-1 21 (c) presented on page 14.
• ESRS GOV-3 29 (d) presented on page 5 in the
Remuneration Report.
GOVERNANCE
Sustainability Governance
ESRS 2 GOV-1 The role of the administrative, management
and supervisory bodies
ESRS 2 GOV-2 Information provided to, and sustainability
matters addressed by the business’s administrative,
management and supervisory bodies
Sustainability management at TOMRA is integrated across
various governance bodies, each with different roles
and responsibilities related to strategy development and
execution, working in collaboration to address material ESG
impacts, risks, and opportunities. The overall organization
and governance structure for sustainability at TOMRA is
illustrated in figure 1, and described below. As per ESRS 2
disclosure requirements GOV-1 and GOV-2, the Board of
Directors (board) is considered TOMRA’s supervisory body,
and the Executive Leadership Team (ELT) is considered as
both management and administrative body. On ESG matters,
the board is supported in its supervisory role by the Audit &
Sustainability Committee (ASC), whereas ELT is supported in
its management and administrative roles by the Sustainability
Council (SC).
BOARD OF DIRECTORS BOARD
Our Board of Directors comprises eight non-executive
members, consisting of five shareholder-elected and three
employee-elected directors. Three directors are female
(37.5%) and five are male (62.5%), i.e. a female-to-male
ratio of 0.6. The majority (60%) of the shareholder-elected
members are independent of the company’s management,
main shareholders and important business associates.
Board of
Directors
Audit &
Sustainability
Committee
Executive
Leadership
Team
Sustainability
Council
Divisional
Sustainability
Teams
Implementing bodies
Supervisory body
Management and administrative body
Supports ELT in management
and administrative role
Supports Board in
supervisory role
Group
Sustainability
Team
Figure 1: Sustainability governance at TOMRA
SEARCHBROWSESTARTPAGE 41
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Exceptions are Johan Hjertonsson who is President and
CEO of AB Latour, TOMRA’s largest shareholder, and Bodil
Sonesson who is President and CEO of Fagerhult Group AB,
where AB Latour is the largest shareholder.
Board members possess diverse expertise relevant to our
sectors, products, and geographic locations. This includes
individuals with extensive experience in technology,
sustainability, finance, and global market dynamics, ensuring
well-rounded insights into TOMRA’s business and operations.
The board regularly evaluates whether appropriate skills and
expertise in relation to sustainability matters are available to
the board or need to be developed. This is also assessed
by the Nomination Committee when proposing candidates
for new shareholder-elected board members. Among the
board’s relevant sustainability credentials is the completion
of a sustainability training course for corporate executives at
Stockholm Resilience Center by two of our board members.
In relation to sustainability impacts, risks, and opportunities,
the board’s role is to guide and approve corporate strategy
and implementation plans, including sustainability KPIs,
targets and budget. In the reporting year, the board was
informed of updates made to TOMRA’s sustainability
reporting process, including double materiality assessment
results and how we respond to and prepare for changing
requirements under the CSRD regulation. Further
responsibility for overseeing sustainability management
and performance has been delegated to the Audit &
Sustainability Committee.
AUDIT & SUSTAINABILITY COMMITTEE ASC
The ASC works to address several strategic objectives,
including integrated risk management (financial, operational,
sustainability, compliance); enhanced reporting and
transparency (streamlining financial and sustainability reporting);
and strategic alignment of sustainability, business, and financial
priorities. As per the ASC Charter, the committee shall assist
the board in fulfilling its responsibilities to: i) review the Group’s
corporate sustainability practices; ii)oversee the progress
of key sustainability activities, including climate action and
decarbonization strategy; iii)assess sustainability related
risks, opportunities and trade-offs where relevant; and iv)
review and recommend for board approval the company’s
sustainability reporting.
Since its establishment in 2024 (when the previously existing
Audit Committee and Corporate Sustainability Committee
were merged), the ASC has been kept informed about the
double materiality assessment process, results, and updates,
including all material impacts, risks, and opportunities (see
ESRS 2 SBM-3, page 58), and it has actively overseen –
providing feedback and strategic guidance on – the work
to prepare the Sustainability Statement 2025 and further
implementation of the CSRD. As part of its role in overseeing
CSRD implementation, the ASC is informed about the
implementation of due diligence in relation to material
impacts, risks, and opportunities, as well as the results
and effectiveness of policies, actions, metrics, and targets
adopted to address them.
The committee shall consist of at least two members of
the board, each of whom are independent of management
and the company, in addition to one or more employee-
elected board members, nominated for a period of one
year. Furthermore, the board shall ensure that the nominees
have sufficient competence in environmental, social
and governance matters to address TOMRA’s material
sustainability-related impacts, risks and opportunities,
as identified in the double materiality assessment. ASC
nominees must also have sufficient knowledge about
financial and accounting operations, internal controls, and
accounting principles.
Furthermore, the ASC is responsible for overseeing
compliance, evaluating the adequacy and effectiveness of
our compliance program, key performance indicators, and
annual plan including any necessary mitigation. The ASC also
monitors adherence with the Code of Conduct, described
in G1-1, page 106, and compliance program through the
reporting of key performance indicators (KPIs), high-risk
concerns raised through the whistleblowing system, as well
as internal high-risk reviews.
The committee meets at least four times a year, or as often
as the ASC finds necessary. An update on sustainability
topics is a fixed agenda item for each meeting, including
pre-read material on the topics presented. In 2025 the ASC
met for three “sustainability deep dive” sessions in addition
to its regular meetings. The purpose was to ensure sufficient
time for onboarding, reflection, and discussion on key
sustainability topics - given the newness of the committee
and evolving regulatory landscape. The Chair of the ASC
shall always give an update from the last committee meeting
to the rest of the board in the next upcoming board meeting
and make sure board minutes are available for all members.
Regularly discussed sustainability topics in ASC and board
meetings include progress on sustainability targets and
efforts to ensure compliance with evolving corporate
sustainability regulation and reporting standards.
EXECUTIVE LEADERSHIP TEAM ELT
It is ultimately the CEO and the Executive Leadership
Team that are accountable for sustainability management
and performance at TOMRA. Through the annual strategy
and business planning processes, the ELT agrees on
sustainability KPIs, targets, and budget, at both Group and
divisional levels, and recommends these for board approval.
Regular monitoring and follow-up take place in quarterly
business review meetings where the heads of each division,
among other topics, report on sustainability KPI status to the
CEO and CFO. Two ELT members are female (33.3%) and
four are male (66.7%), i.e. a female-to-male ratio of 0.5. More
information about the ELT’s composition and experience is
presented on page 14.
The ELT has delegated further responsibility in relation
to sustainability management and administration to the
Sustainability Council (SC) and is kept informed about
ongoing sustainability projects through brief reports at ELT
meetings from the SC chair or consulted in topical workshops
as required. The ELT is actively involved in the double
materiality assessment process, including validation and final
approval of the results; review of all material impacts, risks,
and opportunities (see ESRS 2 SBM-3, page 58); current
management practices in relation to material topics, including
implementation of due diligence and the effectiveness of
policies, actions, metrics, and targets adopted to address
them; and discussions on how they relate to TOMRA’s
SEARCHBROWSESTARTPAGE 42
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
strategy and risk management processes. Formal processes
are not yet established to ensure that material impacts,
risks, and opportunities are actively considered as part of
ELT and board decisions on major transactions, including a
structured evaluation of tradeoffs. This will be addressed in
our continuing work to further implement CSRD in 2026 and
onwards.
The ELT ensures, both through the SC and dedicated
sustainability teams at Group and divisional levels, that it can
leverage sustainability expertise and relevant skills, including
knowledge and understanding of TOMRA’s material impacts,
risks, and opportunities. Across TOMRA there were in 2025
eleven full-time equivalents (FTEs) working in dedicated
sustainability roles, several of whom hold academic degrees
in relevant fields like environmental engineering, sustainable
business, and climate management, and have years of
experience within sustainability management. Furthermore,
TOMRA has in 2025 engaged with various sustainability
and ESG specialist consultancies to support and advise on
specific projects and leveraged peer-to-peer knowledge
exchange on sustainability topics with other companies, both
through bilateral engagements and participation in different
business networks.
SUSTAINABILITY COUNCIL SC
The Sustainability Council was established in 2022 as a
steering group for larger sustainability projects and initiatives
across TOMRA Group, with a mandate from ELT to make
administrative decisions on their behalf and to review and
prepare sustainability policies and other guiding documents
as required for ELT approval. The SC facilitates effective
coordination and collaboration between teams and works to
ensure both alignment and best practice sharing between
TOMRA divisions in relation to sustainability strategy,
implementation, and reporting. Members of the SC include
the Head of Group Sustainability (Chair), Group CFO, Head
of Group Strategy, the Heads of Strategy from each division,
and the Heads of Sustainability from each division.
As such, the SC includes functional leaders with key
responsibilities to ensure robust sustainability management
and reporting. All members have experience and expertise
relevant to corporate sustainability management, acquired
both internally, managing TOMRA’s sustainability efforts in
recent years, and/or from previous work experience and
training. Key projects in 2025 that were overseen and guided
by the Sustainability Council include: double materiality
assessment update and IRO review, decarbonization
management, ESRS reporting and audit. The SC meets twice
per quarter, roughly every six weeks.
ESRS 2 GOV-3 Integration of sustainability-related
performance in incentive schemes
In 2023 we launched people and planet performance
indicators linked to incentive schemes in TOMRA. This
means that when we measure and follow up performance,
we not only review the financial targets (profit), but we also
focus on safety, diversity, engagement (people), and our own
greenhouse gas emissions (planet) targets as well. People
and planet reporting is part of quarterly business reviews for
each division. Beginning in 2024, people, planet and profit
targets have linked directly to variable compensation for the
EVP divisional heads (whom are part of the ELT) and their
divisional leadership teams, thus incentivizing conscious
action and commitment throughout the organization to
delivering on our sustainability strategy and targets.
As part of the 2025 business planning process, TOMRA’s
business divisions aligned on a common set of people,
planet, and profit KPIs and set targets to be approved by
ELT. KPIs included in the people dimension were a) female
leaders (%); b) employee engagement (Gallup score); and
c) safety (Lost Time Injury Frequency Rate). KPIs included
in the planet dimension were a) Scope 1 and 2 absolute
emissions; and b) Scope 3 emission intensity (tCO
2
e/value-
add). Further details regarding the structure and governance
of our incentive scheme, including weighting and target
achievement for sustainability-related KPIs, are available in
the 2025 Remuneration Report, page 5.
SUSTAINABILITY RISK MANAGEMENT
ESRS 2 GOV-5 Risk management and internal controls over
sustainability reporting (ICSR)
Risk assessment and internal control are a natural part
of TOMRA’s sustainability reporting. In 2025, we have
further formalized our approach by developing an internal
controls framework that will be implemented Group-wide
in 2026. We conduct regular risk assessments to identify
relevant processes and the related potential risks, which are
prioritized based on their likelihood and potential impact on
our sustainability reporting. Both the ELT, through SC, and
the board, through ASC, are regularly informed about the
progress of sustainability reporting, including potential risks
identified, proposed mitigating actions, and internal control
procedures.
Being a consolidated group with numerous entities, we are
particularly subject to risks related to the completeness and
consistency of our reporting on sustainability topics. Our
sustainability reporting is also subject to risks associated with
accuracy of our consolidated data, especially related to data
stemming from multiple systems and sources, as well as the
risk of errors in manual data input processes.
To mitigate the risks, we implement control measures
for quantitative and qualitative data. Internal controls are
conducted on multiple levels within the organization.
Quantitative data for Scope 1, 2 and some Scope 3
categories are collected through a Group-wide sustainability
reporting system to ensure standardized data collection
and clear data ownership. To ensure a common approach
and methodology, we align across entities and divisions
through shared templates and reporting manuals, as well as
emphasize knowledge sharing.
We integrate the findings of our risk assessments and
internal controls into relevant internal functions and
processes. This is also done by defining clear roles and
responsibilities. By integrating risk assessments and internal
controls into key functions, the goal is to effectively manage
sustainability risks and enhance our resilience.
Additionally, in Q4 2025, we started an internal audit
of Scope 1 data to review how mobile and stationary
combustion data are collected and reported. The internal
audit also evaluates control activities and overall readiness
for external assurance. The audit will conclude in Q1 2026.
SEARCHBROWSESTARTPAGE 43
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Statement on Due Diligence
Core elements of due
diligence
Paragraphs or pages in the
Sustainability Statement
Page Does the disclosure relate to
people and/or the environment?
a) Embedding due diligence
in governance, strategy and
business model
ESRS 2 GOV-2 41 People and environment
ESRS 2 GOV-3 43 People and environment
ESRS 2 SBM-3 58 People and environment
ESRS 2 SBM-3-E1
ESRS 2 SBM-3-E2
ESRS 2 SBM-3-E5
64
73
75
Environment
ESRS 2 SBM-3-S1
ESRS 2 SBM-3-S2
88
98
People
ESRS 2 SBM-3-G1 105 People and environment
b) Engaging with affected
stakeholders in all key steps
of the due diligence
ESRS 2 GOV-2
ESRS 2 SBM-2
ESRS 2 IRO-1
41
48
50
People and environment
ESRS 2 MDR-P:
E1-2
E2-1
E5-1
64
74
76
Environment
ESRS 2 MDR- P:
S1-1
S2-1
88
98
People
G1-1 106 People and environment
S1-2
S2-2
90
99
People
c) Identifying and assessing
adverse impacts
ESRS 2 IRO-1 50 People and environment
ESRS 2 SBM-3 58 People and environment
ESRS 2 SBM-3-E1
ESRS 2 SBM-3-E2
ESRS 2 SBM-3-E5
64
73
75
Environment
ESRS 2 SBM-3-S1
ESRS 2 SBM-3-S2
88
98
People
ESRS 2 SBM-3-G1 105 People and environment
Core elements of due
diligence
Paragraphs or pages in the
Sustainability Statement
Page Does the disclosure relate to
people and/or the environment?
d) Taking actions to address
those adverse impacts
E1-1 62 Environment
ESRS 2 MDR-A:
E1-3
E2-2
E5-2
65
74
76
Environment
ESRS 2 MDR-A:
S1-4
S2-4
90
101
People
G1-1
G1-2
G1-3
106
108
108
People and environment
e) Tracking effectiveness
of these efforts and
communicating
ESRS 2 MDR-M:
E1-5
E1-6
E5-4
E5-5
68
69
78
78
Environment
ESRS 2 MDR-M:
S1-9
S1-14
S1-16
96
96
97
People
ESRS 2 MDR-M:
G1-4
G1-5
108
108
People and environment
ESRS 2 MDR-T:
E1-4
E2-3
E5-3
67
74
77
Environment
ESRS 2 MDR-T:
S1-5
S2-5
92
102
People
ESRS 2 GOV-4 Statement on due diligence
The following table includes a mapping of the information provided in this Sustainability
Statement regarding TOMRA’s due diligence process:
SEARCHBROWSESTARTPAGE 44
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
ESRS 2 SBM-1 Strategy, business model and value chain
An integral part of the Group’s strategy is to become fully
circular and to be safe, fair and inclusive. In addition to our
science-based target to reach net-zero greenhouse gas
emissions, the Group has established specific targets linked
to sustainable product design, employee value proposition
and climate impact. These are cascaded down to each
business division.
As a technology and solutions provider helping to enable
resource optimization and the circular economy, TOMRA’s
business model is driving positive sustainability impact by
optimizing resource productivity, keeping waste materials
from ending up in nature, and enabling avoided greenhouse
gas emissions from the use of our products and solutions
(see business model and value chain - figure 2 page 46
and figure 3 page 47). We consider this our environmental
handprint. Our goal is to grow and maximize this handprint
while at the same time minimizing our environmental
footprint – across our entire value chain. At TOMRA, we are
convinced that this approach to sustainability will contribute
to maximizing long-term value creation across the three
dimensions of people, planet, and profit. Furthermore, it is
evident through dialogue with our investors that TOMRA’s
focus and efforts on sustainability are in alignment with
investor expectations and priorities.
Becoming more sustainable while growing rapidly can pose
a challenge for any company. We actively work to decouple
our financial growth from growth in emissions and any
other negative sustainability-related impacts. Our Net Zero
Program, implementing specific decarbonization initiatives,
and dedicating part of our research and development (R&D)
to making our own products more circular and energy
efficient, are important elements of how we are working
to achieve this. Furthermore, we work actively with our
employees to foster a safer workplace and ensure that
everyone feels that TOMRA is a fair and inclusive place
to work. All business divisions have people and planet
performance indicators that are regularly reviewed.
These are directly linked to the variable compensation of our
divisional leadership teams, promoting conscious action and
commitment throughout the organization.
TOMRA is a global company with market presence in more
than 100 countries (see employees per geographical area
in ESRS S1-6, page 94). Key sectors and customer groups
served vary by TOMRA division but include, for TOMRA
Recycling: waste management, mining, and recycling; for
TOMRA Collection: retailers and recycling associations;
and for TOMRA Food: food production, processing, and
packaging. TOMRA’s sustainability-related goals are not
differentiated to specifically address different customer
groups, product categories or geographical areas.
Regionally tailored and/or product-specific strategies are
however applied in our implementation plans to deliver
on various sustainability goals. This is described, where
relevant, as actions in relation to material impacts, risks, and
opportunities.
Our business model naturally looks a bit different across
divisions, but the common denominator for all TOMRA
products and services is that they can enable increased
resource productivity in the value chain which they
serve (see figure 3, page 47). The use of resources and
consumption patterns in modern human societies and
industry are largely non-sustainable and a cause of serious
environmental concern. Over-consumption leads to the
depletion of natural resources, degradation of ecosystems,
and increase of greenhouse gas emissions. Utilizing the
planet’s resources more productively is imperative to avoid
these adverse environmental impacts and can serve as a
means – across industries – to increase efficiency, reduce
waste, and promote more sustainable consumption.
For customers in the Collection segment, TOMRA’s value
proposition is that we can solve their deposit return
scheme challenges through flexible value chain positioning
depending on local needs. For TOMRA Food customers, we
can optimize the value of food through increased quality,
Strategy, business model and value chain
SEARCHBROWSESTARTPAGE 45
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA Food
Our sorting and grading
technologies for the
global food production
industry help maximize
food safety and minimize
food loss by making sure
every resource counts.
TOMRA Recycling
Our sorting technologies
for the global waste
management, recycling,
and mining industry
enable resource recovery
and create value from
waste – keeping materials
in a closed recycling loop.
TOMRA Horizon
Across the resource
value chain, we explore
new adjacent business
opportunities and alternative
business models, leveraging
our technology and decades
of know-how to facilitate and
accelerate the transition to
circular economies.
TOMRA Collection
Our reverse vending
solution for deposit return
systems transform society’s
habits and ensure efficient
collection of beverage
containers to keep valuable
resources in a continuous
loop of use and reuse.
Product
conversion
Food grading
and processing
Raw
materials
Packaging
WasteConsumption Landfill,
incineration, or
waste pollution
Figure 2: This illustration is a representation of “where we play” in the resource value chain, intended as a visual aid
to support understanding of our business and value creation model, including current and expected benefits for our
stakeholders.
safety, and reduced waste. In TOMRA Recycling, we support
our customers to enable circularity and decarbonization.
Finally, through TOMRA Horizon we aim to create long-term
value by broadening our portfolio, exploring new adjacent
business opportunities and alternative business models
that leverage TOMRA’s core technology and know-how.
For example, through TOMRA Feedstock, which utilizes
our waste sorting technology to create new value chains
that recover plastic waste which is typically incinerated or
landfilled today. Through advanced sorting plants, we turn
this material into high quality plastic feedstock for closed-
loop recycling.
With respect to the key inputs for our business model and
value chain, and how those are gathered, developed and
secured, TOMRA relies on: i) materials and components for
machine production, primarily including steel and plastic
parts, electronics, and sensor equipment – sourced from
a global supply chain (see ESRS S2, page 98 for more
information about supplier engagement processes); ii)
human capital – secured and developed through our
various People & Organization programs, including talent
acquisition (see ESRS S1, page 88 for more information); and
iii) financial capital – secured through, primarily, equity and
debt financing. Note that this is a non-exhaustive list, only
covering main input categories. Further information about
how physical inputs are turned into products is illustrated in
figure 3, page 47 – TOMRA’s value chain.
SEARCHBROWSESTARTPAGE 46
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Direct
Procurement
Indirect
Procurement
Production
Internal sales
and trade
Customers End-of-life
treatment
Component
Development
Upstream Own Operation Downstream
Optics
Polymerization
Raw materials
extractors +
distributors
Machines +
Mechanical
Parts
Ejection
Modules
Control
Cabinet
Electronics
producer
Metallurgy IT
Machine instal-
lation & production
services
Professional
services
Packaging
Customer
Project team
Sales Service
Mechanic
components
Electronic
components
Company
fleet
Fuel
consumption
Waste
generation
Goods
manufacturing
Facility
management
Warehouse
activities
Production Technical
Logistics
Quality Facility
suppliers
Regional suppliers
Global
suppliers
Energy
suppliers
Machine replacement /
displacement
Customers
Food
producers
Sorting
centers
Waste
management
companies
Grocery
retailers
Recycling Horizon
Food Collection
Figure 3: TOMRA’s own value chain and ESG impacts. This illustration is a representation of TOMRA’s end-to-end value chain, intended as a visual aid to support understanding
of high-level processes related to our business model, as well as where and how sustainability impacts, risks, and opportunities occur.
High-level examples of impacts, risks and opportunities
Direct Procurement Component Development Indirect Procurement Production Internal sales and trade Customers End-of-life treatment
• Energy consumption
• Adequate wages
• Labor relations
• Health and safety
• Violence and
harassment
• Resource inflows
• Waste
• Health and safety
• Adequate wages
• Labor relations
• Resource inflows
• Training and skills development
• Diversity, equity and inclusion
• Resource inflows and outflows
• Health and safety of employees
• GHG emissions • Resource optimization
• Enabling circular
economy
• Energy use and GHG
emissions
• Safety of customers
• Resource outflows
• Waste
SEARCHBROWSESTARTPAGE 47
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Stakeholders
ESRS 2 SBM-2 Interest and views of stakeholders
Dialogue and collaboration with our key stakeholder
groups is imperative to understanding and improving
TOMRA’s sustainability impact and is also an important
means of building trust. We are regularly in dialogue with
key stakeholders to discuss important topics that relate to
TOMRA’s business, understand what sustainability-related
concerns they have, and find solutions in partnership.
Through our materiality assessment, described in more
detail in ESRS 2 IRO-1, page 50, we engaged with our
stakeholders through interviews and workshops. Topics of
high importance are summarized in the stakeholder table.
Overall, climate change mitigation, responsible business
conduct, fair and safe working conditions throughout our
value chain, and sustainable product design were highlighted
as most material topics from our key stakeholders.
Employee engagement is important for us and informs our
strategy and business model. We connect with our workforce
through various channels, including intranet updates,
town halls, engagement surveys and employee resource
groups (ERGs). Respecting human rights is fundamental to
maintaining trust and building strong relationships with our
employees. Additionally, our independent whistleblowing
mechanism allows employees to raise any concerns
confidentially.
Based on industry reports, we know that there can be
potential negative impacts on value chain workers’ working
conditions, inclusivity, equality and other work-related
rights. Through our strategy and business model we aim to
mitigate potential negative impacts on value chain workers
by engaging with suppliers and customers and setting clear
expectations regarding labor and human rights.
We have not engaged directly with value chain workers.
However, we include suppliers as a critical stakeholder
group and have stakeholder engagement and dialogue with
strategic suppliers. Additionally, we have an onboarding
program for new suppliers, including an integrity due
diligence process, which includes assessments of value
chain workers’ rights. We also visit the factory floors of key
suppliers and perform walk-throughs to see the operational
workflow, cleanliness, and adherence to health and safety
requirements.
Found issues, hazards etc. are communicated in writing
and include expectations concerning improvements.
Typical observations include lack of safety equipment
and medical supplies, proper marking of safety lanes, and
clutter in the workplace. Shortcomings are documented and
shared in writing with the relevant suppliers, including any
recommendations and expectations to improve. In addition,
TOMRA reviews suppliers’ procedures to protect human
rights, such as discrimination, forced labor of undocumented
workers and community rights. TOMRA requests that such
procedures are implemented when needed, and results are
verified at the next checkpoint.
To further engage with workers in the value chain we are also
in dialogue with our customers specifically when it comes
to product safety. Our strategic focus on product safety
mitigates the potential negative impact on the health and
safety of workers in our downstream value chain.
Table 1, page 49 provides an overview of TOMRA's key
stakeholder groups, how our engagement with them is
organized, the purpose of this engagement, and examples of
the resulting outcomes.
As part of the double materiality assessment, the Executive
Leadership Team was actively involved, participating in
workshops to first validate and then finally approve the
results, including review of all material impacts, risks, and
opportunities, stakeholder views and interests with regard
our material ESG topics, and discussions on how these relate
to TOMRA’s strategy and risk management processes.
The Board was informed of the double materiality
assessment process and results, including stakeholder views
and interests, through reports from the Audit & Sustainability
Committee. Introduction of our decarbonization strategy in
2024 was, in part, directly linked to stakeholder expectations.
SEARCHBROWSESTARTPAGE 48
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Topics of high importance: Engagement is organized through: Purpose of engagement: Examples of outcomes from engagements:
Employees
• Diversity, equity and inclusion
• Training and skills development
• Health and safety
• Data privacy and protection
• Responsible business conduct
• Intranet news articles
• CEO and Executive Leadership Team communication
through townhalls and information campaigns
• Employee resource groups
• Gallup Employee engagement survey
• TOMRA Notification Portal: Speak Up
• Personal development dialogs
• Interviews in relation to our double materiality process
• TOMRA Safe platforms and safety survey
• Inform and get feedback on strategy, company performance
and ongoing initiatives
• Develop the TOMRA culture, ensuring a safe and inclusive
work environment
• Amplify the voices of underrepresented communities
• Improve employee satisfaction and performance
• Easy access to real-time health and safety information and
incident reporting
• Understand employee perceptions about health and safety
and assess current safety maturity
• Internal policy updates
• Improvement and action plans based on the employee
engagement- and safety survey
• Focus days like Code of Conduct and Global Ethic’s Day,
World Mental Health Day and World Safety Day
• Culture workshops and culture champions
• Improved health and safety performance
• Diversity campaign
• TOMRA Learn offering eLearning courses
• Include program for underrepresented employees
Suppliers and business partners
• Safety for employees
• Energy and renewable electricity
• Joint efforts to reduce negative
impacts
• Business conduct
• Managers oversee strategic suppliers to ensure
alignment with TOMRA’s requirements.
• Supplier dialogue through regular meetings and
quarterly business reviews.
• Factory visits
• Questionnaires
• Procurement teams' engagement in dialogue with
suppliers, promoting sustainable practices
• Ensure suppliers meet TOMRA’s quality, environmental,
compliance, cost, and flexibility standards
• Foster strong, strategic relationships with critical suppliers
• Align supplier practices with TOMRA’s sustainability goals
• Enhance transparency and accountability through regular
audits and compliance checks.
• Mitigate supply chain risks and promote innovation through
continuous improvement and collaboration.
• Engage on the decarbonization of the value chain
• Revised policies and procedures to highlight ESG topics
• Increase focus on following-up international regulations
• Focus on mapping supplier’s maturity about ESG
• Enhance the sustainability and compliance dialogue with
projects and R&D
• Assess potential risks linked to ESG topics during onboarding
and follow-up
• Include ESG topics as a standard discussion during business
reviews
• Increase focus on ESG reporting
Workers in the Value Chain
• Fair and safe working conditions and
use of products
• Diversity, equity and inclusion
• Procurement processes including supplier self-
assessment forms and site visits
• Quality processes including onsite audits
• Transparency Act related tools and information
including access to the TOMRA Notification Portal:
Speak Up for external parties
• User manuals with product safety information
• Market tests before industrialization of a product
• Communicate and understand suppliers’ environment and
level on topics of high importance
• Test and verify level of compliance at suppliers including
sub-supplier communication. Issue recommendations for
improvements and actions
• Inform workers in the value chain on the company’s position
in relation to the topics of high importance and possibility to
notify the company when deemed necessary
• Ensure correct and safe operations of our products
• Receive end-users feedback about our products
• Increased awareness at the company and at the suppliers
regarding risks related to workers in value chain
• Improved policies and procedures at key suppliers
• Improved information resulting from key suppliers’ focus and
documentation
• End-user’s feedback collected and translated into product
requirements during our product development process
Financial institutions (Investors and Banks)
• Financial performance
• Corporate strategy
• ESG targets and risk management
• Governance and transparency
• Annual and quarterly reports
• Results presentations
• Annual general meeting
• Site visits to TOMRA facilities
• One-on-one and group meetings, conferences and road
shows – both in-person and digitally
• E-mail conversations
• Provide transparency on financial and sustainability performance
• Educate and discuss strategic direction, decisions and
developments
• Discuss capital allocation and financial outlook
• Build and maintain investor relationships
• Engage investors and gather structured feedback to the
management and board
• Elaborated public disclosures on topic of high interest
• Educational sessions about TOMRA Horizon
• More strategic financial outlook communication
• Inclusion of people and planet KPIs in executives' short term
incentive plans
• Updated green financing framework
• Issuance of new green bonds
Public opinion and Governments
• Enabling circular economy
• Preventing pollution in nature
• Business conduct
• Reduction of GHG emissions
• Sustainability metrics
• Policy advocacy
• Providing input to consultations
• Attending and organizing meetings and events
• Joining industry associations and networks
• Resources on sustainable resource management
publicly available on TOMRA website
• Share TOMRA’s practical experience and expertise on waste
reduction, recycling, and circular practices
• Promote the adoption of ambitious provisions that foster
innovation, create jobs, and protect the environment by
promoting increased circularity
• Provided input that informed policy discussions, contributing
practical insights on circular economy solutions
• Shared TOMRA’s expertise during consultations and events,
supporting evidence-based decision-making
• Supported alignment between TOMRA’s priorities and
emerging regulatory trends, helping anticipate future
requirements
NGOs
• Climate change and science-based
targets
• Product circularity
• Product safety
• Supply chain transparency and
sustainability
• Consideration of the informal sector
• Collaborative projects
• Attending meetings and events
• Sharing of data and relevant information
• Collaborate on initiatives that promote waste reduction,
recycling, and circular economy practices.
• Partner to advance shared sustainability goals and ambitious
environmental legislation
• Joint campaigns and awareness initiatives, amplifying impact
on circular economy policies and practices.
• Established continuous dialogue on topics of common interest
Table 1: Stakeholder engagement
SEARCHBROWSESTARTPAGE 49
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Materiality assessment process
ESRS 2 IRO-1 Description of the processes to identify and
assess material impacts, risks and opportunities
From November 2023 to June 2024, TOMRA conducted a
materiality assessment based on the requirements of the
European Sustainability Reporting Standards (ESRS) and the
EU’s Corporate Sustainability Reporting Directive (CSRD).
The foundation of such an assessment involved identifying
and objectively assessing impacts, risks and opportunities.
This resulted in a completed double materiality assessment.
The results from the double materiality assessment (adjusted
for new 2025 assessments) are presented on page 58 and
disclosed in more detail alongside the topical standards.
IDENTIFYING SUSTAINABILITY MATTERS
Over 90 environmental, social and governance (ESG)
topics have been assessed using a double materiality lens.
Thebasis for TOMRA’s list of sustainability matters to assess
was the ESRS list of topics presented in ESRS 1. In the
initial process we also did a value chain mapping (results
presented in ESRS 2 SMB-1, page 45) and identified internal
and external stakeholders to provide sustainability matter
insights. The results from value chain mapping and the
stakeholder engagement added even more sustainability
matters to include in our assessment. All impacts were
mapped against resource dependencies (natural and
social resources). Then the financial risks and opportunities
were mapped in relation to the corresponding impact
and dependency. The impact and resource dependency
informed the rationale and scoring of the financial risks and
opportunities.
STAKEHOLDER ENGAGEMENT
Internal and external stakeholders were identified through
a workshop with representatives from Group Sustainability,
Group Finance, and the VP Investor Relations. After the initial
mapping, a short list of stakeholders was identified based
on existing relationships, their availability and openness to
engage in dialogue and how they were affected by TOMRA’s
activities. The mapping resulted in the following stakeholder
engagement:
• Internal stakeholder workshops: Two workshops
were conducted in February 2024 - one focusing on
environmental topics and another addressing social and
governance topics. Each of these sessions engaged
around 20 stakeholders from across TOMRA’s three
divisions. The workshops aimed to familiarize the broader
organization with ESRS and validate the preliminary results
of the materiality assessments.
• External interviews: Five external interviews and three
internal interviews for stakeholder insights were conducted
with a total of 10 respondents participating. The purpose
was to include perspectives from investors, NGOs, a
bank, customers, a supplier and our own employees.
Nordic Sustainability assisted TOMRA with conducting
the interviews as well as providing necessary materials,
including guides, questions, and documented recordings
for future reference.
MATERIALITY SCORING APPROACH
Scoring methodology
As a basis for assessing impacts, risk and opportunities in
our double materiality assessment (DMA), TOMRA used
several scoring keys. The scoring keys covered the 10 ESRS
topical environmental, social and governance standards and
were based on ESRS guidance. The scoring keys included
separate scoring keys for negative and positive impacts,
and financial scoring keys aligning with ESRS guidance.
Allscoring keys presented guidance for how to score an
impact, risk or opportunity.
All impacts were assessed based on severity and likelihood.
Severity was composed of scale, scope and irremediable
character, all weighed equally and given a score from 0-5.
Likelihood was also assessed on a scale from 0-5. For actual
impacts, likelihood was always given a score of 5, as they
are already occurring. The total score was a product of the
severity of the impact and the likelihood, adjusted to a scale
of 0-5. For human rights issues, the total score was adjusted
to reflect that severity takes precedence over likelihood.
Also, we performed in-depth qualitative assessments to
compare results to prior human rights due diligence analyses
performed by the Group Compliance department.
All financial risks and opportunities were also assessed
based on magnitude and likelihood. Magnitude was
composed of financial, reputational, operational and
compliance risk, all weighted equal and given a score from
0-5. Likelihood was also assessed on a scale from 0-5.
Thetotal score was a product of the magnitude of the impact
and the likelihood, adjusted to the scale of 0-5. The financial
risk methodology was aligned with TOMRA’s Enterprise
Risk Management (ERM) approach, as the scoring keys and
thresholds used in the DMA was a slightly adjusted version
of TOMRA’s financial risk matrix.
How the scoring was conducted
The double materiality assessment used an Excel scoring
tool which aligns with ESRS topical standards. TOMRA’s
own data, and data from industry sources and other
acknowledged science-based sources, were used as a
basis for scoring with documented rationales. External
stakeholder interviews added depth to the assessment and
over 40 TOMRA employees validated findings throughout
the project. The initial scoring of topics was conducted by
our consultants Nordic Sustainability and then reviewed
by representatives from Group Sustainability and Group
Finance. Divisional Sustainability Leads and Vice President,
Head of Governance, Risk, and Compliance were involved in
reviewing selected topics.
Materiality threshold
In Q2 2024 the Sustainability Council (SC) met to discuss
and align on a recommendation for the Executive Leadership
Team (ELT) regarding materiality threshold and landed on
a materiality threshold set at ≥2.5 for impacts, risks and
opportunities. As part of the process the SC assessed the
effects of different thresholds. The rationale for the selected
threshold was that the resulting material topics are consistent
with topics identified as important to track and manage over
time, disregarding today’s reporting maturity. ELT approved
SEARCHBROWSESTARTPAGE 50
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
the materiality threshold, thus all topics scored ≥2.5 are in
scope for the TOMRA Sustainability Statement. Topics that
were close to the materiality threshold received additional
discussion and careful consideration.
How lack of primary data was mitigated
To ensure an efficient approach to the double materiality
assessment, we utilized analytical boundaries if the quality
of TOMRA-specific data was low. In the absence of primary
data, reliance on credible secondary data sources, including
industry reports, scientific research, and benchmarks was
necessary for the scoring. Throughout the assessment, the
secondary data was evaluated to ensure that it was relevant,
recent, and specific to TOMRA’s operational context. In some
cases, described in our topic specific assessment approach,
we made assumptions where available data quality was low.
Topic-specific assessment approach
The assessments of all topics in all value chain stages
followed the double materiality assessment scoring
methodology described above. TOMRA did not conduct any
consultations with affected communities. We screened our
assets, site locations and business activities when assessing
materiality in our own operations and value chains.
Actual and potential climate change-related impacts, risks
and opportunities. On climate-related matters specifically
we added insights gathered from our science-based targets
project running in 1HY 2024. In this project we assessed
our Scope 1, 2 and 3 data closely to learn where our
biggest impacts occur, resulting in our Net Zero Program.
Knowledge gained from this project fed into the assessment
of climate-related impacts, risks and opportunities. The
screening process of activities and plans described above
has contributed to the considerations of potential future
GHG emissions sources that might arise in the future. Due to
scientific consensus on the scale, scope and irreversibility of
climate-change mitigation, it is deemed significant without a
more detailed analysis.
We have not yet conducted a structured climate-related
scenario analysis assessing the expected impacts for TOMRA
from different physical and transition climate risk scenarios.
However, we plan to incorporate a scenario analysis in future
climate risk assessments within the coming years. This will
be integrated into our annual enterprise risk management
processes to evaluate climate risk/impacts with the same
internal control procedures as other business risks/impacts.
Climate adaptation is not currently considered a material topic
for TOMRA. Our assessment indicates that given the nature
of our operational and logistical infrastructure and locations,
the potential impact from physical climate risks is relatively
low. However, TOMRA addresses climate adaptation in our
environmental policy by maintaining and updating climate risk
assessments, implementing actions to reduce vulnerability to
current and expected climate change impacts, and integrating
these strategies into our net zero transition plan.
While TOMRA does not consider climate adaptation as a
material topic, we recognize the importance of integrating
climate resilience into our operations. In the coming years,
we plan to conduct comprehensive physical climate risk
assessments to identify potential vulnerabilities and develop
appropriate risk management measures.
Actual and potential pollution-related impacts, risks and
opportunities. We investigated both our own company data
and publicly available data when assessing pollution of air,
water and soil. Pollution of soil was found non-material, with
a very low likelihood of occurring as a result of TOMRA’s
own operations. There was a non-material, but potential
negative impact on the environment because of potential
discharges into natural environments resulting from poorly
managed wastewater in manufacturing and production
sites. For substances of concern, we assessed specific sites
and products, and although a low quantity of hazardous
substances is present inside the final machines (e.g.
cooler), this was deemed non-material. Also, no significant
substances of concern were found in connection with
TOMRA’s offices or their warehouse activities. Some potential
impacts were found in our value chain, but these were
assessed as non-material.
Actual and potential water and marine resources-related
impacts, risks and opportunities. In own operations we
looked at water consumption/withdrawal and found publicly
available data showing that no sites are located in areas
with significant water stress. Based on assumptions from
general practices within the manufacturing industry, there is
a potential of polluted water leaking into natural ecosystems,
but this was not found material for TOMRA. Due to the nature
of TOMRA’s own operations, research suggests that there
is no reason to believe that TOMRA’s activities have any
significant negative/positive impacts on extraction and use
of marine resources. The likelihood of water discharges was
difficult to assess. We assumed a low to medium potential
for water discharge into water bodies and oceans happening
in TOMRA’s operations based on general data available for
the manufacturing industry. In the value chain we analyzed
an expected negative impact on the environment because
of significant water withdrawals during upstream processes.
In addition, we looked at the downstream value chain,
especially in the TOMRA Food division where TOMRA’s
machines require daily cleaning which in turn leads to
significant water consumption. We also assessed a potential
negative impact on the environment because of potential
discharges into natural environments resulting from poorly
managed wastewater, as well as negative effects from mining
discharges on water quality, however none of these topics
were considered material.
Actual and potential biodiversity and ecosystem-related
impacts, risks and opportunities. No sites were located near
biodiversity-sensitive areas, and it has not been concluded
that it is necessary to implement biodiversity mitigating
measures as described by ESRS2 IRO-1 19 (b). We considered
systemic risks through dependencies on ecosystem services
and looked specifically into TOMRA Feedstock which was in
the process of establishing a new plant, constructed on an
existing industrial site in Norway. This did not result in any new
material impacts, risks or opportunities. Although we did find
a negative impact on biodiversity in our value chain due to
land areas being converted into industrial grounds, offices and
roads requiring to some extent soil sealing, this impact was not
considered material. There is also a potential negative impact
on the environment and species population size due to value
chain activities linked to land-use change like mining and from
microplastics leaking into waterways from recycling stations,
however this impact is not considered material for TOMRA.
Impacts and dependencies on ecosystem services were
deemed out of scope for TOMRA, as it is assumed that due
SEARCHBROWSESTARTPAGE 51
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
to the nature of TOMRA’s own operations, there is zero to low
direct dependency on ecosystem services. However, it is hard
to neglect that some form of indirect dependencies relating
to the facilities and their amenities (e.g. fresh water, land area,
etc.) can be found. In addition, we recognize the effect on
biodiversity as the result of climate change, and that TOMRA
does contribute to climate change. However, biodiversity as a
separate topic was not found material for TOMRA.
Actual and potential resource use and circular economy-
related impacts, risks and opportunities. In own operations
we have looked specifically at the percentage of non-
renewable energy used and the number of recycled
resources used at TOMRA’s sites. TOMRA’s existing value
chain is highly dependent on virgin and natural resources.
Our internal value chain mapping led to assumptions about
the geographical locations of primary resources. Based on
industry assumptions, fossil-based/non-renewable resources
for energy generation are used heavily in the upstream
value chain. Based on data suggesting that the majority
of primary customers are located within Europe, it can be
assumed that the percentage of renewable energy in the
use-phase is around 20%. Also, the packaging TOMRA uses
when shipping goods is included in the assessment, as well
as product durability and repairability. Information and data
about expected product lifetime and take-back systems were
a part of the assessment as well.
Actual and potential own workforce-related impacts,
risks and opportunities. In own operations we investigated
company data and initiatives, and feedback from interviews
with internal stakeholders on the topics of working conditions,
inclusivity, equality and other work-related rights. Assumptions
were made regarding working time and potential overtime, as
these are not recorded centrally at the group level. TOMRA
provides additional remuneration to compensate for overtime
work and we found no reason to assume that TOMRA is not
paying employees adequate wages.
Actual and potential workers in the value-chain-related
impacts, risks and opportunities. Due to lack of transparency
in the extended value chain, such as lack of auditing systems
or human rights reports in TOMRA-specific value chains,
assumptions are made based on industry knowledge
regarding working conditions, inclusivity, equality and other
work-related rights.
Actual and potential affected communities-related impacts,
risks and opportunities. In our value chain we assessed
communities economic, social and cultural rights as well as
the rights of indigenous communities in relevant value chain
industries. As direct documentation in TOMRA’s value chain
is challenging, assumptions are made based on observations
in the value chains of comparable industries and businesses.
No impacts, risks or opportunities were found material.
Actual and potential consumer and end-users-related
impacts, risks and opportunities. We assessed potential
impacts related to consumers and end users where
applicable at TOMRA as the majority of the people handling
our products are not consumers or end users. We looked
specifically at historical data regarding injuries to our end
users, and company procedures for grievance mechanisms
for raising concerns. No impacts, risks or opportunities were
found material.
Actual and potential impacts, risks and opportunities in
relation to business conduct matters. For business conduct
matters we looked into location of our sites, the markets we
operate in, our specific business activities, industry standards
and business transactions. Potential human rights risks
relevant for our organization and our suppliers, mapped
through our human and labor rights due diligence process,
were included in the assessment.
TOMRA will monitor our potential and actual impacts on
people and environment on a running basis, in addition
to our risks and opportunities. When divesting from an
existing business or investing in a new business we will
assess whether this will require adding or removing material
impacts. No changes or modifications to the materiality
assessment have been made from the last reporting period.
2025 double materiality assessment review
In 2025, we conducted a review of our double materiality
assessment for the E2 Pollution topic. As part of this process,
we revisited the scoring of three IROs:
• Pollution of air from transportation in own operations
A thorough evaluation last year, in accordance with
Annex II of Regulation (EC) No 166/2006, confirmed
that emissions of pollutants such as SO₂ and NO
X
from
our fossil fuel-powered vehicle fleet remain below the
regulatory thresholds. This insight was reflected in the
2025 materiality scoring, resulting in a total score below
the materiality threshold.
• Microplastics in own operations
For microplastics generated from car tires, the scoring for
“scale” was revised from 3 to 2 after a peer comparison,
following our materiality scoring methodology. Additionally,
a new risk assessment from our Områ plant in Norway
was incorporated to evaluate potential risks from our own
plastic sorting operations. These assessments confirmed
a very low risk of microplastic pollution in our own
operations, leading to a revised total score below the set
materiality threshold.
• Microplastics in the value chain
The Sustainability Council discussed several aspects of
microplastics in the value chain, including actual impact,
the presence of mitigation options, TOMRA’s ability
to influence outcomes, relevance for the users of the
sustainability statement, and future priorities. Following
these discussions, consensus was reached that this IRO
should be considered non-material.
During the year, newly acquired companies were assessed,
and no changes to the list of IROs were deemed necessary,
as these entities operate within similar industries and
geographies as our existing business. No other developments
in 2025 warranted a review. The next comprehensive double
materiality assessment is scheduled for 2027.
ESRS 2 IRO-2 Disclosure requirements in ESRS covered by
the business’s sustainability statement
ESRS 2 IRO-1, page 50 describes how TOMRA has
determined the thresholds and the material information to
be disclosed in relation to impacts, risks and opportunities,
according to the criteria in ESRS 1 section 3.2. See next page
for the list of material disclosure requirements.
SEARCHBROWSESTARTPAGE 52
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
List of material disclosure requirements
Disclosure requirements
Page
ESRS 2 - General disclosures
40
BP-1 General basis for preparation of the sustainability statement
40
BP-2 Disclosures in relation to specific circumstances
40
GOV-1 The role of the administrative, management and supervisory bodies
41
GOV-2 Information provided to and sustainability matters addressed by the undertaking’s
administrative, management and supervisory bodies
41
GOV-3 Integration of sustainability-related performance in incentive schemes
43
GOV-4 Statement on due diligence
44
GOV-5 Risk management and internal controls over sustainability reporting
43
SBM-1 Strategy, business model and value chain
45
SBM-2 Interests and views of stakeholders
48
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and business model
58
IRO-1 Description of the processes to identify and assess material impacts, risks and opportunities
50
IRO-2 Disclosure requirements in ESRS covered by the undertaking’s sustainability statement
52
E1 - Climate change
62
ESRS 2 GOV-3-E1 Integration of sustainability-related performance in incentive schemes
43
E1-1 Transition plan for climate change mitigation
62
ESRS 2 SBM-3-E1 Material impacts, risks and opportunities and their interaction with strategy and
business model
64
ESRS 2 IRO-1-E1 Description of the processes to identify and assess material climate-related
impacts, risks and opportunities
51
E1-2 Policies related to climate change mitigation and adaptation
64
E1-3 Actions and resources in relation to climate change policies
65
E1-4 Targets related to climate change mitigation and adaptation
67
E1-5 Energy consumption and mix
68
E1-6 Gross Scopes 1, 2, 3 and total GHG emissions
69
E2 - Pollution
73
ESRS 2 SBM-3-E2 Material impacts, risks and opportunities and their interaction with strategy and
business model
73
ESRS 2 IRO-1-E2 Description of the processes to identify and assess material pollution-related
impacts, risks and opportunities
51
E2-1 Policies related to pollution
74
E2-2 Actions and resources related to pollution
74
E2-3 Targets related to pollution
74
E5- Resource use and circular economy
75
ESRS 2 SBM-3-E5 Material impacts, risks and opportunities and their interaction with strategy and
business model
75
ESRS 2 IRO-1-E5 Description of the processes to identify and assess material resource use and
circular economy-related impacts, risks and opportunities
52
E5-1 Policies related to resource use and circular economy
76
E5-2 Actions and resources related to resource use and circular economy
76
E5-3 Targets related to resource use and circular economy
77
Disclosure requirements
Page
E5-4 Resource inflows
78
E5-5 Resource outflows
78
S1- Own workforce
88
ESRS 2 SBM-2-S1 – Interests and views of stakeholders
48
ESRS 2 SBM-3-S1 - Material impacts, risks and opportunities and their interaction with strategy and
business model
88
S1-1 Policies related to own workforce
88
S1-2 Processes for engaging with own workforce and workers' representatives about impacts
90
S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns
90
S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks
and pursuing material opportunities related to own workforce, and effectiveness of those actions
90
S1-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
92
S1-6 Characteristics of the undertaking’s employees
94
S1-7 Characteristics of non-employees in the undertaking’s own workforce
96
S1-9 Diversity metrics
96
S1-13 Training and skill development
96
S1-14 Health and safety metrics
96
S1-16 Remuneration metrics (pay gap and total remuneration)
97
S2- Workers in the value chain
98
ESRS 2 SBM-2-S2 Interests and views of stakeholders
48
ESRS 2 SBM-3-S2 Material impacts, risks and opportunities and their interaction with strategy and
business model
98
S2-1 Policies related to value chain workers
98
S2-2 Processes for engaging with value chain workers about impacts
99
S2-3 Processes to remediate negative impacts and channels for value chain workers to raise concerns
100
S2-4 Taking action on material impacts on value chain workers, and approaches to managing
material risks and pursuing material opportunities related to value chain workers, and effectiveness
of those actions
101
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and
managing material risks and opportunities
102
G1 - Business conduct
105
ESRS 2 SBM-3-G1 Material impacts, risks and opportunities and their interaction with strategy and
business model
105
ESRS 2 GOV-1-G1 The role of the administrative, management and supervisory bodies
41
ESRS 2 IRO-1-G1 Description of the processes to identify and assess material impacts, risks and
opportunities
52
G1-1 Business conduct policies and corporate culture
106
G1-2 Management of relationships with suppliers
108
G1-3 Prevention and detection of corruption and bribery
108
G1-4 Incidents of corruption or bribery
108
G1-5 Political Influence and advocacy efforts
108
SEARCHBROWSESTARTPAGE 53
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU
Climate
Law
reference
Material /
Not material Page
ESRS 2 GOV-1 Board’s gender diversity paragraph 21 (d) Indicator number 13 of Table #1
of Annex 1
Commission Delegated Regulation (EU)
2020/1816, Annex II
Material
41
ESRS 2 GOV-1 Percentage of board members who are
independent paragraph 21 (e)
Delegated Regulation (EU) 2020/1816,
Annex II
Material
41
ESRS 2 GOV-4 Statement on due diligence paragraph 30 Indicator number 10 Table #3
of Annex 1
Material
44
ESRS 2 SBM-1 Involvement in activities related to fossil
fuel activities paragraph 40 (d) i
Indicators number 4 Table #1
of Annex 1
Article 449a Regulation (EU) No 575/2013:
Commission Implementing Regulation (EU)
2022/2453 Table 1: Qualitative information on
Environmental risk and Table 2: Qualitative
information on Social risk
Delegated Regulation (EU) 2020/1816,
Annex II
Not material
ESRS 2 SBM-1 Involvement in activities related to chemical
production paragraph 40 (d) ii
Indicator number 9 Table #2
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
Not material
ESRS 2 SBM-1 Involvement in activities related to
controversial weapons paragraph 40 (d) iii
Indicator number 14 Table #1
of Annex 1
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation (EU)
2020/1816, Annex II
Not material
ESRS 2 SBM-1 Involvement in activities related to
cultivation and production of tobacco paragraph 40 (d) iv
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation (EU)
2020/1816, Annex II
Not material
ESRS E1-1 Transition plan to reach climate neutrality by
2050 paragraph 14
Regulation
(EU)
2021/1119,
Article 2(1)
Material
62
ESRS E1-1 Undertakings excluded from Paris-aligned
Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 1: Banking book Climate
Change transition risk: Credit quality of
exposures by sector, emissions and residual
maturity
Delegated Regulation (EU) 2020/1818,
Article 12.1 (d) to (g), and Article 12.2
Not material
ESRS E1-4 GHG emission reduction targets paragraph 34 Indicator number 4 Table #2
of Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 3: Banking book – Climate
change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 6
Material
67
ESRS E1-5 Energy consumption from fossil sources
disaggregated by sources (only high climate impact
sectors) paragraph 38
Indicator number 5 Table #1
and Indicator n. 5 Table #2 of
Annex 1
Material
68
ESRS E1-5 Energy consumption and mix paragraph 37 Indicator number 5 Table #1 of
Annex 1
Material
68
ESRS E1-5 Energy intensity associated with activities in
high climate impact sectors paragraphs 40 to 43
Indicator number 6 Table #1 of
Annex 1
Material
68
ESRS E1-6 Gross Scope 1, 2, 3 and total GHG emissions
paragraph 44
Indicators number 1 and 2
Table #1 of Annex 1
Article 449a; Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 1: Banking book –
Climate change transition risk: Credit quality
of exposures by sector, emissions and residual
maturity
Delegated Regulation (EU) 2020/1818,
Article 5(1), 6 and 8(1)
Material
69
ESRS E1-6 Gross GHG emissions intensity paragraphs
53 to 55
Indicators number 3 Table #1
of Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 3: Banking book – Climate
change transition risk: alignment metrics
Delegated Regulation (EU) 2020/1818,
Article 8(1)
Material
69
List of datapoints that derive from other EU legislation as listed in ESRS 2, Appendix B
SEARCHBROWSESTARTPAGE 54
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU
Climate
Law
reference
Material /
Not material Page
ESRS E1-7 GHG removals and carbon credits paragraph
56
Regulation
(EU)
2021/1119,
Article 2(1)
Not material
ESRS E1-9 Exposure of the benchmark portfolio to
climate-related physical risks paragraph 66
Delegated Regulation (EU) 2020/1818,
Annex II Delegated Regulation (EU)
2020/1816, Annex II
Not material
ESRS E1-9 Disaggregation of monetary amounts by
acute and chronic physical risk paragraph 66 (a) ESRS
E1-9 Location of significant assets at material physical
risk paragraph 66 (c).
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 paragraphs 46 and 47; Template 5:
Banking book - Climate change physical risk:
Exposures subject to physical risk.
Not material
ESRS E1-9 Breakdown of the carrying value of its real
estate assets by energy-efficiency classes paragraph
67 (c).
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 paragraph 34; Template 2: Banking
book -Climate change transition risk: Loans
collateralised by immovable property - Energy
efficiency of the collateral
Not material
ESRS E1-9 Degree of exposure of the portfolio to
climate-related opportunities paragraph 69
Delegated Regulation (EU) 2020/1818,
Annex II
Not material
ESRS E2-4 Amount of each pollutant listed in Annex II
of the E-PRTR Regulation (European Pollutant Release
and Transfer Register) emitted to air, water and soil,
paragraph 28
Indicator number 8 Table #1
of Annex 1 Indicator number 2
Table #2 of Annex 1 Indicator
number 1 Table #2 of Annex 1
Indicator number 3 Table #2
of Annex 1
Not material
ESRS E3-1 Water and marine resources paragraph 9 Indicator number 7 Table #2
of Annex 1
Not material
ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of
Annex 1
Not material
ESRS E3-1 Sustainable oceans and seas paragraph 14 Indicator number 12 Table #2
of Annex 1
Not material
ESRS E3-4 Total water recycled and reused paragraph
28 (c)
Indicator number 6.2 Table #2
of Annex 1
Not material
ESRS E3-4 Total water consumption in m
3
per net
revenue on own operations paragraph 29
Indicator number 6.1 Table #2
of Annex 1
Not material
ESRS 2- SBM-3 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of
Annex 1
Not material
ESRS 2- SBM-3 - E4 paragraph 16 (b) Indicator number 10 Table #2
of Annex 1
Not material
ESRS 2- SBM-3 - E4 paragraph 16 (c) Indicator number 14 Table #2
of Annex 1
Not material
ESRS E4-2 Sustainable land / agriculture practices or
policies paragraph 24 (b)
Indicator number 11 Table #2
of Annex 1
Not material
ESRS E4-2 Sustainable oceans / seas practices or
policies paragraph 24 (c)
Indicator number 12 Table #2
of Annex 1
Not material
ESRS E4-2 Policies to address deforestation paragraph
24 (d)
Indicator number 15 Table #2
of Annex 1
Not material
ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2
of Annex 1
Not material
ESRS E5-5 Hazardous waste and radioactive waste
paragraph 39
Indicator number 9 Table #1 of
Annex 1
Not material
SEARCHBROWSESTARTPAGE 55
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU
Climate
Law
reference
Material /
Not material Page
ESRS 2- SBM3 - S1 Risk of incidents of forced labor
paragraph 14 (f)
Indicator number 13 Table #3
of Annex I
Material
88
ESRS 2- SBM3 - S1 Risk of incidents of child labor
paragraph 14 (g)
Indicator number 12 Table #3
of Annex I
Material
88
ESRS S1-1 Human rights policy commitments paragraph
20
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex I
Material
88
ESRS S1-1 Due diligence policies on issues addressed
by the fundamental International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation (EU) 2020/1816,
Annex II
Material
88
ESRS S1-1 processes and measures for preventing
trafficking in human beings paragraph 22
Indicator number 11 Table #3
of Annex I
Not material
88
ESRS S1-1 workplace accident prevention policy or
management system paragraph 23
Indicator number 1 Table #3 of
Annex I
Material
89
ESRS S1-3 grievance/complaints handling mechanisms
paragraph 32 (c)
Indicator number 5 Table #3
of Annex I
Material
90
ESRS S1-14 Number of fatalities and number and rate of
work-related accidents paragraph 88 (b) and (c)
Indicator number 2 Table #3
of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
Material
96
ESRS S1-14 Number of days lost to injuries, accidents,
fatalities or illness paragraph 88 (e)
Indicator number 3 Table #3
of Annex I
Material
96
ESRS S1-16 Unadjusted gender pay gap paragraph 97 (a) Indicator number 12 Table #1
of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
Material
97
ESRS S1-16 Excessive CEO pay ratio paragraph 97 (b) Indicator number 8 Table #3
of Annex I
Material
97
ESRS S1-17 Incidents of discrimination paragraph 103 (a) Indicator number 7 Table #3
of Annex I
Not material
ESRS S1-17 Non-respect of UNGPs on Business and
Human Rights and OECD Guidelines paragraph 104 (a)
Indicator number 10 Table #1
and Indicator n. 14 Table #3 of
Annex I
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818 Art 12 (1)
Not material
ESRS 2- SBM-3 – S2 Significant risk of child labor or
forced labor in the value chain paragraph 11 (b)
Indicators number 12 and n. 13
Table #3 of Annex I
Material
98
ESRS S2-1 Human rights policy commitments paragraph
17
Indicator number 9 Table #3
and Indicator n. 11 Table #1 of
Annex 1
Material
98
ESRS S2-1 Policies related to value chain workers
paragraph 18
Indicator number 11 and n. 4
Table #3 of Annex 1
Material
98
ESRS S2-1 Non-respect of UNGPs on Business and
Human Rights principles and OECD guidelines
paragraph 19
Indicator number 10 Table #1
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Material
98
ESRS S2-1 Due diligence policies on issues addressed
by the fundamental International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU) 2020/1816,
Annex II
Material
98
ESRS S2-4 Human rights issues and incidents connected
to its upstream and downstream value chain paragraph
36
Indicator number 14 Table #3
of Annex 1
Material
101
ESRS S3-1 Human rights policy commitments paragraph
16
Indicator number 9 Table #3 of
Annex 1 and Indicator number
11 Table #1 of Annex 1
Not material
ESRS S3-1 non-respect of UNGPs on Business and
Human Rights, ILO principles or and OECD guidelines
paragraph 17
Indicator number 10 Table #1
Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Not material
SEARCHBROWSESTARTPAGE 56
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Disclosure requirement and related datapoint SFDR reference Pillar 3 reference Benchmark Regulation reference
EU
Climate
Law
reference
Material /
Not material Page
ESRS S3-4 Human rights issues and incidents paragraph
36
Indicator number 14 Table #3
of Annex 1
Not material
ESRS S4-1 Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex 1
Not material
ESRS S4-1 Non-respect of UNGPs on Business and
Human Rights and OECD guidelines paragraph 17
Indicator number 10 Table #1
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818, Art 12 (1)
Not material
ESRS S4-4 Human rights issues and incidents paragraph
35
Indicator number 14 Table #3
of Annex 1
Not material
ESRS G1-1 United Nations Convention against Corruption
paragraph 10 (b)
Indicator number 15 Table #3
of Annex 1
Material
106
ESRS G1-1 Protection of whistle-blowers paragraph 10 (d) Indicator number 6 Table #3
of Annex 1
Material
106
ESRS G1-4 Fines for violation of anti-corruption and anti-
bribery laws paragraph 24 (a)
Indicator number 17 Table #3
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II)
Not material
ESRS G1-4 Standards of anti-corruption and anti- bribery
paragraph 24 (b)
Indicator number 16 Table #3
of Annex 1
Material
108
SEARCHBROWSESTARTPAGE 57
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
CLIMATE CHANGE
POLLUTION
Topic Sub-topic IRO description
Climate change
Climate change mitigation IRO 1: Climate change mitigation own operation - related
to scope 1 and 2
IRO 2: Climate change mitigation value chain - related
to scope 3
Energy IRO 3: Energy in own operation - related to energy
consumption and % of renewable energy
IRO 4: Energy in value chain - related to energy
consumption in mining and refining (copper, steel,
aluminum), use phase, end-of life treatment and
transportation to customers
Read more on page 62
Topic Sub-topic IRO description
Pollution Preventing pollution from
nature (entity specific IRO)
IRO 5: Preventing pollution from nature - related to
preventing beverage containers and valuable materials
from becoming waste in nature
Read more on page 73
E1
E2
ESRS 2 SBM-3 Impacts, risks and opportunities and their interaction with strategy and
business model.
The material impacts, risks and opportunities (IROs) identified during the materiality
assessment are presented below and also discussed in more detail alongside the topical
standards. IROs numbered 5-7 in the 2024 Sustainability Statement are immaterial for
this year’s reporting, see materiality assessment description in ESRS 2 IRO-1, page 50.
Asaconsequence, some of the remaining IROs are renumbered. The resilience of our
strategy and business model regarding our capacity to address and take advantage of our
material IROs were part of the analysis work done in our double materiality assessment,
described in IRO-1, applying time horizons as defined in ESRS: 1) reporting period (short-
term) 2) medium-term (<five years), and 3) long-term (> five years). We do not anticipate any
significant changes in our current business model or strategy to address material impacts or
risks, or to pursue material opportunities.
Financial Materiality (Outside-in)
Impact Materiality (Inside-out)
Score:
Score:
0 2,5 3 4 5
5
4,5
4
3,5
3
2,5
3,5 4,5
GovernanceSocialEnvironment
E1
S1
S4
*
G1
S3
*
S2
E2
E4
*
E3
*
E5
Non-material topics
*E3, E4, S3 and S4 was assessed to be non-material.
SEARCHBROWSESTARTPAGE 58
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
WORKERS IN THE VALUE CHAIN
Topic Sub-topic IRO description
Working conditions
Adequate wages IRO 17: Adequate wages in value chain - related to
industry challenges with long working hours and low
wages
Labor relations IRO 18: Labor relations in value chain - related to
industry challenges regarding social dialogue, the right
to collective bargaining, and formation of trade unions
Health and safety IRO 19: Health and safety in value chain - related to
industry challenges with health and safety risks such as
occupational hazards, exposure to dust or chemicals
and accidents. Also related to the safety of customers
operating TOMRA machines
Equality and inclusion
Diversity, equity and
inclusion
IRO 20: Diversity, equity and Inclusion in value chain -
related to industry challenges with DEI
Violence and harassment IRO 21: Violence and harassment in value chain - related
to industry challenges with an unsafe environment work
environment for female employees
Other work related
rights
Child labor / forced labor IRO 22: Child / forced labor in value chain - related to
industry risk of child/ forced labor in the extraction of raw
material in regions with weak regulatory oversight
Read more on page 98
S2
OWN WORKFORCE
S1
Topic Sub-topic IRO description
Working conditions
Health and safety IRO 12: Health and safety in own operations - related to
accidents, fatalities, identifies and reported hazards and
incidents
Equality and inclusion
Gender equality and equal
pay for work of equal value
IRO 13: Gender equality and equal pay for equal value in
own operations - related to representation of woman in
leadership positions and gender wage gap
Training and skills
development
IRO 14: Training and skill development in own operations
- related to training options, development and career
management
Diversity, equity and
inclusion Initiatives
IRO 15: Diversity, equity and inclusion Initiatives in
own operations - relates to inclusive employment and
workplace
Privacy Privacy
IRO 16: Data privacy and protection in own operations
- relates to measures to protect personal identification
documents
Read more on page 88
GOVERNANCE
G1
Topic Sub-topic IRO description
Corporate culture and
transparency
Corporate culture and
transparency
IRO 23: Corporate culture and transparency in own
operations - related to an ethical corporate culture, and
compliance with external and internal standards
Political engagement Political influence and
lobbying activities
IRO 24: Political Influence and lobbying activities in
own operations - related to political engagement and
advocacy within the public sphere
Supplier relations Supplier relationship
management
IRO 25: Supplier relationship management in own
operations - related to communication with and
screening of supplier as well as managing expectations
related to environment, social and governance issues
Corruption and
bribery
Corruption and bribery
prevention training
IRO 26: Corruption and bribery prevention training in
own operations - related to training of employees to
prevent corruption and bribery
Whistleblowers Whistleblowers IRO 27: Whistleblowers in own operations - related
to communication channels for and protection of
whistleblowers, and proper incident management
Read more on page 103
RESOURCE USE AND CIRCULAR ECONOMY
Topic Sub-topic IRO description
Resource use &
circular economy
Resource inflows/use IRO 6: Resource inflow/use in own operations - related
to percentage of biological and recycled material
IRO 7: Resource inflow/use in value chain - related to
percentage of biological and recycled material
Resource outflows IRO 8: Resource outflows in own operations - refers to
packaging, reparability and durability of products
IRO 9: Resource outflows in value chain - refers to
packaging, reparability and durability of products
Sustainable product
design (entity specific IRO)
IRO 10: Sustainable product design - related to
designing our products in a sustainable manner
Waste IRO 11: Waste in value chain - related to multiple waste
streams in TOMRA's value chain such as slag, red mud,
packaging and machines end of life ending up as waste
Read more on page 75
E5
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CONTENT
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CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial Materiality (Outside-in)
Impact Materiality (Inside-out)
Score:
Score:
0 2,5 3 4 5
5
4,5
4
3,5
3
2,5
3,5 4,5
Environmental IROs
1
2
4
35
6
7
9
10
11
8
Non-material topics
Environment
Impacts, risks and opportunities (IROs)
The materiality assessment outlined in ESRS 2 IRO-1, page 50 identified the following material
environmental-related impacts, risks and opportunities.
The IROs are explained in more detail in connection with the disclosures.
E3
*
*E3 and E4 was assessed to be non-material.
E4
*
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
E5  RESOURCE USE & CIRCULAR ECONOMY
Sub-topic IRO description IROs and Time
horizon
Resource inflows/use
IRO 6: Resource inflow/use in own operations - related to
percentage of biological and recycled material.
AI
RP
IRO 7: Resource inflow/use in value chain - related to percentage
of biological and recycled material.
AI
FR
RP
Resource outflows
IRO 8: Resource outflows in own operations - refers to packaging,
reparability and durability of products.
AI
RP
IRO 9: Resource outflows in value chain - refers to packaging,
reparability and durability of products.
AI
FR
RP
Sustainable product
design
IRO 10: Sustainable product design - related to designing our
products in a sustainable manner.
FO
ES
MT
Waste IRO 11: Waste in value chain - related to multiple waste streams
in TOMRA's value chain such as slag, red mud, packaging and
machines end of life ending up as waste.
AI
RP
Read more on page 75
6 1087 119
E1  CLIMATE CHANGE
E2  POLLUTION
Sub-topic IRO description IROs and Time
horizon
Climate change
mitigation
IRO 1: Climate change mitigation own operation - related to scope
1 and 2.
AI
FR
RP
IRO 2: Climate change mitigation value chain - related to scope 3.
AI
FR
RP
Energy
IRO 3: Energy in own operation - related to energy consumption
and percentage of renewable energy.
AI
FR
RP
IRO 4: Energy in value chain - related to energy consumption in
mining and refining (copper, steel, aluminum), use phase, end-of
life treatment and transportation to customers.
AI
RP
Read more on page 62
Sub-topic IRO description IROs and Time
horizon
Preventing pollution
from nature
IRO 5: Preventing pollution from nature (entity specific IRO) -
related to preventing beverage containers and valuable materials
from becoming waste in nature.
AI
FO
ES
RP
Read more on page 73
1 32 4
5
IROs / Time horizon:
AI
Actual Negative Impact
PI
Potential Negative Impact
FR
Financial Risk
AI
Actual Positive Impact
PI
Potential Positive Impact
FO
Financial Opportunity
ES
Entity Specific /
RP
Reporting Period
MT
Medium-Term <5y
LT
Long-Term >5y
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CONTENT
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CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
E1
Climate Change
STRATEGY
ESRS E1-1 Transition plan for climate change mitigation
(NetZero Program)
TOMRA’s Net Zero Program serves as our climate transition
plan, defining our pathway to reduce GHG emissions in line
with the 1.5°C ambition of the Paris Agreement and the EU’s
climate goals. The plan outlines concrete emission reduction
actions across our value chain and provides the framework for
how TOMRA integrates climate considerations into business
planning and decision-making.
The required investments and funding for implementing the
climate transition plan are embedded in TOMRA’s operating
and capital budgeting.
As a technology and solutions provider for the circular
economy and resource productivity, TOMRA’s business
model enables the avoidance of GHG emissions through the
collection and recovery of materials for recycling. We consider
this our environmental handprint. Our transition plan focuses
on expanding this handprint while reducing our operational
and value chain footprint, with the goal of achieving net-zero
GHG emissions by 2050 at the latest.
TOMRA has set targets covering its Scope 1, 2, and 3
GHG emissions that have been validated by the Science
Based Targets initiative (SBTi), in line with a 1.5°C pathway.
Theemissions reduction targets below are further explained
in E1-4, page 67:
We aim to reduce absolute Scope 1 and 2 GHG emissions by
55% by 2033 and 90% by 2050, from a 2022 base year. For
Scope 3 emissions, the target is a 62% reduction per million
EUR value added by 2033 and a 97% reduction by 2050.
TOMRA’s Net Zero Program
SCIENCEBASED TARGETS
Reduce absolute Scope 1 and 2 emissions by 55% by 2033 and 90% by 2050
Reduce Scope 3 emission intensity by 62% by 2033 and 97% by 2050
81.6%
Use of sold products
Sustainable product design
Sustainable product design
Business model innovation
Corporate enablers
GHG data management
Customer collaboration
Energy efficiency
Renewable energy
Supplier engagement Route & load optimization
10.4%
Purchased goods
& services
Electrification
Energy efficiency
Renewable energy
Route & load optimization
1.9%
Scope 1 and 2
Business model innovation
0.5%
Business travel
2.8%
Logistics
DECARBONIZATION LEVERS MAIN EMISSION SOURCES
Figure 4: TOMRA’s Net Zero program with 2025 main emission sources.
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Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
To meet our climate targets, TOMRA has developed a
roadmap that includes the following decarbonization levers
and corporate enablers (outlined in more detail under
ESRS E1-3, page 65):
• Decarbonization levers: sustainable product design,
energy efficiency, supplier engagement, customer
collaboration, business model innovation, electrification,
use of renewable energy, and route and load optimization.
• Corporate enablers: carbon-linked remuneration,
climate-related policies and incentives.
• GHG data management: continuous improvements,
data-driven decision-making, and scenario modelling.
TOMRA’s climate targets are integral to our growth and
investment plans. Therefore, the Net Zero Program is
embedded in TOMRA’s overall business strategy and
aligned with annual business and financial planning.
Details on how the climate transition plan is embedded in
our business strategy can be seen in E1-2, page 64, E1-3,
page 65 and E1-4, page 67. The plan is a key component
of TOMRA’s Sustainability Statement, which has been
approved by the Executive Leadership Team and the Board
of Directors. The Climate & Decarbonization Lead within the
Group Sustainability function will consistently monitor the
implementation of the Net Zero Program, providing updates
in our annual reporting. This includes tracking emissions
reductions and the effectiveness of our mitigation strategies.
TOMRA has anchored key decarbonization levers and
identified over 30 initiatives across the company through
a comprehensive decarbonization roadmap development
process. The decarbonization levers are further explained
in E1-3, page 65. With 98% of our own emissions arising
from Scope 3 (indirect) emissions, our primary emissions
reductions will come from the use of sold products. From
our 2022 baseline,we face an emission gap of 30% to
achieve our 2033 targets and 19% to meet our 2050 targets.
Efforts are now focused on prioritizing the most material
decarbonization initiatives across TOMRA’s divisions,
considering factors such as emissions reduction potential,
feasibility, and alignment withour business objectives.
In assessing TOMRA’s cumulative locked-in GHG emissions,
we have identified several key areas contributing to these
emissions:
• Our machines have long lifecycles and are currently not
designed to achieve their potential maximum energy
efficiency.
• Current manufacturing facilities and buildings are not
optimized for low-carbon operations.
• Value chain dependencies with missing net-zero
alternatives both upstream and downstream. This is
primarily driven by the high reliance on coal, oil and natural
gas in our suppliers’ and customers’ energy grids.
These factors represent significant locked-in GHG emissions
that could impede TOMRA’s ability to meet its climate
targets and drive transition risk. If these emissions remain
unaddressed, they may lead to increased regulatory
pressure, reputational risks, and potential financial impacts as
stakeholders demand more sustainable business practices.
TOMRA’s Path to Net Zero
~1%~1% ~1% ~1% ~30%
Clear plans to reduce direct emissions while still
allowing us to grow ~15% annually
Target
Scope 1 and 2
1)
Scope 3
2)
Emission gap
~30%
Baseline
2022
Scope
1 and 2
Collection
Recycling
Food
Purchased
goods &
services
Logistics Business
Travel
Use of Sold
Products
Emission
Gap
Emission
Gap
Target
2050
Scope 1-3
initiatives
Target
2033
~38% ~-16%
~-19%
~-3%
Our SBT targets equals a reduction
of ~62% in 2033 and ~97% in
2050 compared to baseline
3)
Figure 5 TOMRA's Path to Net Zero
1 Absolute reduction of GHG emission.
2 GHG intensity reduction per EURm value added.
3 Target reduction percentages when holding baseline level constant to illustrate GHG intensity reduction for Scope 3 at current baseline level – For instance Scope 3 emissions
could be unchanged in 2050, but the GHG per EURm value added will be reduced by 62% in 2033 and 97% in 2050 for Scope 3 following an increase in value added.
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CONTENT
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CEO Review
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Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Our mitigation efforts focus on leveraging decarbonization
levers such as sustainable product design, supplier
engagement, and customer collaboration. By actively
addressing these locked-in emissions through targeted
initiatives, we aim to reduce transition risk. TOMRA is not
excluded from the EU Paris-aligned Benchmarks. For details
on TOMRA’s taxonomy-aligned economic activities, please
refer to our EU Taxonomy Disclosure, page 79.
In the reporting year TOMRA did not have a separate budget
established for actions related to climate change mitigation.
Divisions and business units were encouraged to plan for
and incorporate decarbonization initiatives in their regular
business planning and budget processes, applying a cost
neutrality principle. This means that any cost associated
with climate change mitigation efforts is counterbalanced by
savings elsewhere and/or the net benefit of climate initiatives.
We will strive to follow this principle also in further financing
of TOMRA’s Net Zero Program. In 2025, approx. EUR 2.3
million (2024: EUR 1 million) was invested in decarbonization
initiatives for Scope 1 and 2 reductions.
ESRS 2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
As a global company, TOMRA is exposed to some level
of physical climate risk, including for example extreme
weather events that could damage our facilities, disrupt
supply chains, and/ or negatively impact TOMRA’s customer
base. In general, we assess TOMRA’s strategy and business
model to be quite resilient in relation to climate-related
risks. This is, however, a high-level analysis based on our
double materiality assessment results, work done in 2024
to develop our Net Zero Program, and TOMRA’s 2030
strategy. It does not include assumptions about how the
transition to a lower-carbon and resilient economy will affect
its surrounding macroeconomic trends, energy consumption
and mix, and technology deployment, nor does it include the
use of climate scenarios modelling. A more thorough climate
risk and resilience analysis was planned for 2025, but has
been postponed given uncertainties during the year with the
Omnibus package and phase-in requirements. The analysis
will be carried out in 2026.
The materiality assessment outlined in ESRS 2 IRO-1, page
50. identified the following material climate change-related
impacts, risks and opportunities:
IRO 1: Climate change mitigation in own operations
AI
Actual negative impact: TOMRA’s Scope 1 and 2
emissions represent a material negative impact associated
with our operational footprint. Reducing our emissions to
net zero emissions by 2050 is a considerable challenge,
especially as we anticipate substantial growth over the
coming years, which could exacerbate emissions unless
timely and effective measures are implemented. To address
this issue, we have set climate targets validated by SBTi
for near-term and long-term emissions reductions and
developed a comprehensive Net Zero Program.
FR
Financial risk: Operational greenhouse gas emissions pose
both financial, reputational and operational risks, linked to e.g.
climate-related supply chain disruptions, lowered stakeholder
trust and attractiveness. Additionally, evolving carbon pricing
mechanisms and increasingly stringent public policies could
introduce substantial compliance risks in the coming years.
IRO 2: Climate change mitigation in value chain
AI
Actual negative impact: Scope 3 emissions across
TOMRA’s value chain constitute a material negative impact,
spanning both upstream and downstream activities.
Upstream impacts are primarily associated with our
purchased goods and services. Downstream impacts are
primarily associated with energy consumption during the use
phase of our products. To mitigate the emissions across our
entire value chain, we have set climate targets validated by
SBTi for near-term and long-term emissions reductions and
developed a comprehensive Net Zero Program.
FR
Financial risk: Greenhouse gas emissions across
TOMRA’s value chain pose financial, reputational and
operational risks, linked to e.g. climate-related supply chain
disruptions, lowered stakeholder trust and attractiveness.
Additionally, evolving carbon pricing mechanisms and
increasingly stringent public policies could introduce
substantial compliance risks in the coming years. Stakeholder
activism, divestment campaigns, and social media backlash
could also adversely affect TOMRA’s financial standing.
IRO 3: Energy in own operations
AI
Actual negative impact: TOMRA’s energy use in its
own operations remains a material negative impact, with
a continued reliance on non-renewable energy sources.
Currently, 14.5% (2024: 9.4%) of TOMRA’s total energy
consumption stems from renewable sources, and 19% (2024:
22%) of our internal vehicle fleet comprises EVs.
FR
Financial risk: The implications of high energy
consumption present various business risks, including financial,
reputational, and operational risks. Rising energy costs may
drive customers toward alternatives or competitors that are
less energy-intensive, and potential new carbon pricing
schemes covering TOMRA could increase operational costs.
Energy use is also increasingly being regulated in the EU, as
part of its strategy to achieve net zero emissions by 2050.
IRO 4: Energy in value chain
AI
Actual negative impact: Our indirect energy consumption
across the value chain constitutes a material negative impact,
primarily driven by the energy used to operate our machines
at customer sites. This includes both direct electricity use
and indirect energy needs linked to steam generation and
compressed air. While not quantified, additional upstream and
downstream impacts stem from mining and refining activities
(copper, steel, aluminum), business travel, manufacturing
of electronics and electrical components, and end-of-life
treatment of our products.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS E1-2 Policies related to climate change mitigation and
adaptation
The TOMRA Environmental Policy presents all TOMRA Group
companies with guiding principles and commitments to
preserve and protect the environment. The key content and
objectives of the policy are:
• Commitment to environmental risk-based due diligence.
• Maintaining relevant contingency plans.
• Promoting awareness and training of employees.
• Contributing to environmentally responsible public policy.
• Climate change mitigation and adaptation.
• Reducing our GHG emissions and energy usage.
• Minimizing pollution and waste from own operations.
• Becoming a fully circular business.
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Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
• Protection of biodiversity, nature and water resources.
• Optimizing resource use.
• Transparent reporting to relevant stakeholders.
This policy covers all TOMRA controlled companies.
1
TOMRA also encourages suppliers and business partners
to follow similar principles in their own operations. The
policy relates to all our material environmental IROs. The
policy will be monitored regularly by the Sustainability
Council and be subject to annual reviews by the Executive
Leadership Team, who is also accountable for the policy
Responsibility for its implementation sits with the Head of
Group Sustainability and divisional sustainability teams
The policy is made available for stakeholders through
our internal policy library and on TOMRA.com. Through
this policy, TOMRA commits to respecting the OECD
Guidelines for Multinational Enterprises on Responsible
Business Conduct, and following the Greenhouse Gas
Protocol, SBTi’s Corporate Net-Zero Standard, and the Do
No Significant Harm criteria. Insights from stakeholder
interviews conducted when performing our double
materiality analysis described in ESRS 2 IRO-1, page 50
havealso guided the development of this policy.
1 TOMRA Systems ASA and companies in which the parent company has control and are included in TOMRA Group’s consolidated financial accounting and employees.
2 Greenhouse Gas Initiative.
3 Science Based Targets Initiative.
In the environmental policy we commit to climate change
mitigation through reducing our GHG emissions and ensuring
our corporate efforts are in line with what is needed to limit
global warming to 1.5°C. We will achieve this by:
• Reporting on GHG emissions across scopes 1, 2, and 3 in
accordance with the Greenhouse Gas Protocol and ESRS.
2
• Decarbonizing our value chain in line with TOMRA’s
science-based climate targets, validated by the Science
Based Target initiative.
3
• Develop and regularly review a climate change mitigation
roadmap and Net Zero Program that is embedded in and
aligned with our overall business strategy and planning.
Energy efficiency and renewable energy deployment
are addressed in our environmental policy through our
commitment to reduction of energy consumption in both
our manufacturing and office facilities, and to source more
electricity from renewable sources. We will achieve this by:
• Upgrading equipment.
• Optimizing processes.
• Implementing energy management systems.
• Working towards our goal of sourcing 100% electricity from
renewable sources.
• Transitioning our company car fleet to electric vehicles.
ESRS E1-3 Actions and resources in relation to climate
change policies
TOMRA’s Climate Net Zero Program, see E1-1, page 62,
includes a comprehensive decarbonization roadmap outlining
different emission reduction pathways, milestones, and
decarbonization levers. While we do not yet have all the
answers for how we will meet our targets, we have defined
three pillars to guide our work moving forward. The actions
outlined below are integral to addressing all our environmental
IROs, particularly climate change mitigation and energy in our
own operations and value chains.
Understanding our emissions
Effective GHG data management is essential for tracking
progress and guiding emission reduction across our value
chains and different regions. TOMRA is dedicated to
enhancing our GHG data collection and reporting processes
to ensure accuracy and reliability, recognizing that quality
data will remain a challenge for years to come. We aim to
improve the completeness and representativeness of our
emissions data, which is vital for our initiatives’ success.
To advance our data-driven decision-making capabilities,
we will leverage data analytics and tools to deepen our
understanding of emissions trends and reduction potential.
Understanding our emissions
Quality GHG data and tooling provide
fundamental building blocks that allow
us to focus on the areas where we have
the most impact and assess the effectiveness of our
emission reduction initiatives. We aim to develop
data-driven decision-making capabilities on our GHG
data, leveraging advanced analytics and tools to
further enhance our understanding of our emissions,
reduction potential, and trends.
Incentivizing net-zero
ambition
Even the best initiatives will fail if the
organization is not properly incentivized
to implement them. To ensure progress toward our
targets it is important to incentivize and foster change
at all levels of the organization. Examples include
KPIs, policy, internal carbon pricing, and integration of
sustainability metrics into performance evaluations and
reward systems.
Reducing our emissions
Reducing our emissions is our top priority
as we work towards our science-based
targets and achieving net-zero emissions
by 2050. We will continuously identify and implement
emission reduction initiatives across our entire value
chain. This includes prioritizing R&D and investing in
low-emission technologies, promoting climate action in
all collaborations across our value chain, and decoupling
financial growth from emissions growth.
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CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
By continuously working to improve data quality, we aspire
to shift from reactive insights to proactive strategies using
predictive analytics, scenario modeling, and “what-if” analyses.
To achieve these objectives, TOMRA carried out a
comprehensive scope 3 data improvement project during
2024-2025. The project has enabled us to improve data
quality, refine data collection methods and tools, and
establish more robust governance structures for GHG
accounting and decarbonization management. Moving
forward, we will focus on the following key outcomes:
• Data quality improvement roadmap: We will finalize
and implement a roadmap outlining specific actions
and timelines for our GHG data quality improvements.
Thisroadmap will serve as a strategic guide for TOMRA’s
future GHG management efforts, ensuring that we remain
aligned with best practices and regulatory requirements.
• Continuous improvement of GHG data management
capabilities: We aim to strengthen processes and systems
across GHG data management. This includes improving
efficiency and accuracy in data handling, integration of
data sources and validation and control mechanisms to
ensure reliable and accurate GHG data.
• Development of a decarbonization management
framework: We will establish a framework to strengthen
governance and enable effective implementation of our
decarbonization roadmap. This includes better group-level
tracking of initiatives, providing clear guidelines for assessing
effectiveness, and equipping divisional sustainability teams
with the necessary tools to drive progress.
• Enhancing our emissions forecasting capabilities: Wewill
build stronger capabilities to forecast emissions and model
the financial implications of our climate transition plan,
supporting decarbonization decision-making and long-
term planning.
Reducing our emissions
To effectively tackle climate change mitigation and meet our
targets, we have developed a comprehensive decarbonization
roadmap. This roadmap enables TOMRA to estimate emission
reduction pathways for various growth scenarios and to
establish clear milestones for the further actions required to
achieve our targets. The roadmap includes a diverse array of
strategies, termed decarbonization levers, targeting our main
emission sources. These levers refer to a category of actions
available to us for reducing emissions. For each lever, we
have identified key projects—referred to as decarbonization
initiatives—and analyzed their potential for emission reduction,
operational feasibility, and financial implications. TOMRA’s
Net Zero Program covers 12 distinct decarbonization levers,
totaling over 30 decarbonization initiatives, targeting multiple
emissions sources. While the plan was developed in 2024
and the directly linked GHG emission reductions have not yet
been registered, we anticipate reductions as we implement
these initiatives in the coming years. Currently, there are no
dedicated time horizons for completing each key action;
however, we aim to achieve measurable outcomes within the
next reporting cycles.
The following sections detail how we plan to apply these
levers to our primary emission hot spots: use of sold products,
purchased goods and services, scope 1 and 2 emissions,
business travel, and logistics. Together, these five emission
sources account for ~97% of our 2025 GHG emissions. Our
initiatives will be applied, as relevant, across all geographies
where TOMRA operates to ensure comprehensive coverage
in our decarbonization efforts. For actual emission reductions
achieved in 2025, see E1-6, page 69.
Use of sold products
The use of sold products is by far the largest emission
source for TOMRA, accounting for 81.6% of our 2025
GHG emissions. These emissions stem from the energy
consumption of our advanced sensor-based sorting
equipment for food, recycling, and mining applications.
Two of the most important levers to address these emissions,
where we also have the highest agency, are sustainable
product design and energy efficiency. We aim to develop
innovative, energy-efficient products that minimize use-
phase energy consumption. By embedding sustainability in
the product design and development process, we strive to
reduce the overall energy demand from our solutions.
To fully decarbonize our products’ use-phase emissions, we
must also focus on interventions during the actual use phase.
This involves active customer collaboration to promote
renewable energy and energy-efficient practices in their
operations. We offer expert guidance on optimizing our
sorting technologies to maximize environmental benefits.
Additionally, we aim to support customers in transitioning to
cleaner energy alternatives, reducing their carbon footprints
and increasing renewable energy adoption.
We are also leveraging innovative business models to
incentivize emission reductions. One example is the
throughput model, where TOMRA retains ownership and
operational control of the machines. Moving forward, we will
also explore partnerships with renewable energy providers
to support customers transitioning to renewable energy
sources.
Purchased goods and services
Purchased goods and services represent the second largest
source of emissions for TOMRA, contributing 10.4% of our
2025 GHG emissions. To address these emissions and
advance our goal of becoming a fully circular company, we
are embedding sustainability into our product design and
development processes. By focusing on sustainable product
design, we aim to enhance the circularity of our machines
and minimize their environmental impact throughout their life
cycle. In 2022, we made the commitment to using at least
90% sustainable materials in new products and ensuring that
at least 50% of new products are circular at end of life by 2030.
Achieving these ambitious goals requires effective
management of impacts across the entire product value chain
and life cycle. Building on insights from life cycle assessments
conducted in 2022 for core products across TOMRA’s main
divisions, we have launched several initiatives in the past
three years and plan to pilot new solutions to deepen our
understanding of product circularity and sustainability.
Additionally, diligent supplier engagement is fundamental
to reducing emissions associated with the goods and
services we procure. We actively engage with our suppliers
to encourage the adoption of sustainable low-carbon
practices and will gradually introduce more stringent
sustainability criteria for supplier selection while providing
guidance to support their transition. We are also leveraging
new innovative business models that incentivize material
SEARCHBROWSESTARTPAGE 66
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
sustainability and circularity, such as the throughput model,
modular design, and refurbishment initiatives.
Scope 1 and 2
The direct emissions in Scope 1 and 2 constitute 1.9% of
TOMRA’s 2025 GHG emissions. This category represents
the area where we have the greatest ability to implement
effective reduction initiatives. Key strategies for reducing
these emissions include electrification, enhancing energy
efficiency, optimizing transport routes and loading, and
transitioning to renewable energy sources.
In pursuit of energy efficiency, we have launched programs
across our operations aimed at reducing energy consumption in
both manufacturing and office facilities. These initiatives involve
upgrading equipment, optimizing processes, and implementing
energy management systems. In 2022, we also set targets to
source 100% of our electricity from renewable sources by 2030
and to reduce our operational transport emissions by 80%.
In Scope 1, electrification initiatives—such as transitioning our
company car fleet to electric vehicles—present substantial
opportunities for emission reductions. Implementing load and
route optimization for our vehicles also further enhances our
ability to lower emissions by considering factors such as fuel
type, driving patterns, and vehicle age.
Business travel and logistics
Business travel accounts for 0.5% of TOMRA’s 2025 GHG
emissions. Emission reductions in this category are primarily
driven by business model adaptation. For instance, by
reviewing and optimizing our operating model and promoting
remote work, virtual meetings, and efficient travel practices.
Additionally, the implementation of remote servicing
technologies reduces the need for service technicians to
travel for repairs, further minimizing emissions.
Secondly, rethinking how we conduct business allows us
to minimize the necessity for travel, thereby lowering our
carbon footprint. Furthermore, we have strong agency over
this emission category through our corporate enablers
and policies. Effective measures to consider include
implementing internal carbon pricing and related corporate
strategies that foster sustainable travel behaviors.
Logistics constitutes 2.8% of our 2025 GHG emissions,
encompassing all third-party transportation and distribution
services purchased by TOMRA, both upstream and
downstream. This category benefits from many of the same
decarbonization initiatives as in scope 1. For example, load
and route optimization can be implemented without altering
the existing fleet, enhancing efficiency while reducing
emissions. Additionally, we are investigating factors such
as electric vehicle transition, fuel types, driving patterns,
and vehicle age to further decrease our logistics-related
emissions. Sustainable product design can positively impact
emissions from logistics services. For instance, adopting
modular designs and improving product longevity can
reduce the need for frequent transportation of goods.
Incentivizing net-zero ambition
TOMRA recognizes the critical importance of aligning
employee incentives with our climate goals. As detailed
in ESRS 2 GOV-3, page 43, we have introduced people
and planet performance indicators as part of our quarterly
business reviews across all TOMRA divisions. These indicators
are directly linked to the variable compensation of our
divisional leadership teams, promoting conscious action
and commitment to implementing our Net Zero Program
throughout the organization. Further developing these KPIs
and our carbon-linked remuneration scheme will be important
to drive the necessary action and foster climate awareness
throughout the organization. In addition, we are investigating
the viability of introducing internal carbon pricing as a
mechanism to further incentivize decarbonization.
We will continue to work on refining and expanding
theseincentives until we have reached net-zero by 2050.
Byincentivizing the organization through these measures,
we expect to see a gradually sharper reduction in emissions
over time. This will be driven by a more empowered and
climate-conscious workforce, leading to increased innovation
and efficiency in our decarbonization efforts.
METRICS AND TARGETS
ESRS E1-4 Targets related to climate change mitigation
Science-Based Targets
TOMRA is dedicated to managing our environmental impact
responsibly and decoupling our business growth from our
emissions. This commitment is supported by our Science-
Based Targets (SBT) validated by the Science Based Target
initiative (SBTi), Environmental Policy and Net Zero Program.
Apart from SBTi, only internal stakeholders have been
involved in the target setting. The targets are anchored in
our Environmental Policy and relate to the policy objective of
climate change mitigation and adaptation. They are integral
to addressing all our environmental IROs, particularly climate
change mitigation and energy in our own operation and
value chain.
As part of our Net Zero Program, TOMRA pledges to reduce
GHG emissions across Scopes 1, 2, and 3 in line with what is
needed to limit global warming to 1.5°C by 2050. Specifically,
we have set the following SBTs with 2022 as the baseline year:
Near-term targets (2033):
• Scope 1 and 2: Reduce absolute Scope 1 and 2 emissions
by 55% within 2033.
• Scope 3: Reduce Scope 3 emissions intensity per million
EUR value added by 62% within 2033.
Net-zero targets (2050):
• Scope 1 and 2: Reduce absolute Scope 1 and 2 emissions
by 90% within 2050.
• Scope 3: Reduce Scope 3 emissions intensity per million
EUR value added by 97% within 2050.
The absolute targets for Scope 1 and 2 (market-based)
emissions aim for a reduction of 55% by 2033 and 90% by
2050. By focusing on absolute reductions, we will reduce
annual absolute emissions by an amount consistent with
a 1.5°C pathway (also known as absolute contraction).
This approach emphasizes lowering direct emissions from
our operations, which allows for clear accountability and
measurable impact. This approach also fosters operational
efficiency, encouraging the implementation of energy
efficiency measures, electrification and transition to
renewable energy.
TOMRA is planning on increasing revenues by accelerating
growth in our core business and developing new adjacent
opportunities. To support this growth, we have set intensity
targets for our Scope 3 emissions, aiming to reduce GHG
SEARCHBROWSESTARTPAGE 67
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
emissions per million EUR value added by 62% within
2033 and by 97% within 2050. This approach aligns with
the concept of reducing “GHG emissions per unit of value
added” (GEVA) at the corporate level. GEVA tells how much
economic value the corporation creates for every ton of
GHG emitted. Thus, GEVA is a useful indicator in a carbon-
constrained world, where it will be important to create
as much value as possible for each ton of GHG emitted
(Randers J., 2012). By measuring emissions relative to
economic output, we can maintain a clear understanding of
our emissions efficiency as we expand operations.
These targets are derived using a cross-sector
decarbonization pathway that is compatible with the
ParisAgreement’s goal of limiting global warming to 1.5°C.
TheSBTi validation confirms that our targets are in line with
what the latest climate science deems necessary to reach
net-zero by 2050 at the latest. Progress is monitored through
Scope 1, 2 and 3 Planet KPIs (see ESRS 2 GOV-3, page 43)
and managed through TOMRA’s Net Zero Program through
the associated decarboni zation levers. See figure 4, page
62 and figure 5, page 63 for further details and their overall
quantitative contributions to these targets.
ESRS-aligned climate targets
As part of developing our Sustainability Statement 2025,
we have also set specific emission reduction targets for
2030 and 2050, in alignment with ESRS E1-4 disclosure
requirements. The target values for Scope 3 intensity and
absolute tCO
2
e have been estimated based on the above
SBTs, a linear emission reduction pathway and our ambition
to grow TOMRA 15% annually on average until 2030.
As seen in the graphs on the right, our short-term GHG
emissions are expected to rise due to anticipated business
growth and the inherent time lag in realizing the full impact
of our climate actions and decarbonization initiatives. For
a detailed explanation of this increase, see E1-6, page 69.
Despite the projected rise in emissions until 2030, we expect
to see our Scope 3 emission intensity reduce significantly
over the same period, in line with our near-term SBT. Further,
to ensure we remain on track to meet our long-term net-zero
goal, we will prioritize early emission reductions to minimize
cumulative emissions over time.
Scope 1-2 (market-based)
0
10,000
20,000
30,000
40,000
2022
2024 2025
2030
2033
2050
(Baseline)
29,346
34,946
20,259
13,206
2,935
32,014
Scope 3
0
2,500
2,000
1,500
1,000
3,000
3,500
2022
2024 2025
2030
2033 2050
0,0
0,5
1,0
1,5
2,0
2,5
500
4,000
(Baseline)
2,003
2,343,374
60
1,226,755
1,620,507
1,739,808
1,226,755
557,236
3,369
2,244
1,197
570
tCO
2
etCO
2
e
tCO
2
e per
EURm
Absolute contraction Absolute values Economic intensity (GEVA)
ESRS E1-5 Energy consumption and mix
Table 2
Energy consumption and mix Unit 2025 2024
Fuel consumption from coal and coal products
MWh
Fuel consumption from crude oil and petroleum products
MWh
80,681 85,903
Fuel consumption from natural gas
MWh
12,142 9,846
Fuel consumption from other fossil sources
MWh
Consumption of purchased or acquired electricity, heat, steam and cooling from fossil sources MWh 8,388 10,854
Total fossil energy consumption
MWh
101,211 106,603
Share of fossil sources in total energy consumption
%
84% 88%
Consumption from nuclear sources
MWh
2,125 2,846
Share of consumption from nuclear sources in total energy consumption
MWh
2% 2%
Fuel consumption from renewable sources, including biomass
MWh
410 434
Consumption of purchased or acquired electricity, heat, steam and cooling
from renewable sources
MWh 15,844 10,627
The consumption of self-generated non-fuel renewable energy
MWh
1,265 232
Total renewable energy consumption
MWh
17,519 11,294
Share of renewable sources in total energy consumption
%
14% 9%
Total energy consumption
MWh
120,854 120,743
Energy intensity ratio
MWh/
MEUR 91.69 89.57
SEARCHBROWSESTARTPAGE 68
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA’s consolidated energy consumption and mix are
presented on the previous page. The basis, methodologies,
and assumptions for calculating energy consumption
are directly linked to our Scope 1 and 2 activity data and
converted to energy consumption in MWh using appropriate
conversion factors.
4
4 Electricity mix factors sources include AIB and IEA.
Purchased grid electricity is allocated to either fossil, nuclear
or renewable sources based on total residual mix per country.
The total energy consumption was 120,854 MWh in 2025
(2024: 120,743 MWh), whereas the share of renewable energy
consumption amounted to 14% (2024: 9%). The numbers have
not been validated by an external body.
In 2024, TOMRA did not report on E1-5 (38)—which requires
disaggregating energy consumption from fossil fuel sources—
due to an incorrect assumption that the company does not
operate in a high climate-impact sector. Since TOMRA does
fall under this category, the requirement has now been
addressed.
ESRS E1-6 Gross scope 1, 2, 3 and total GHG emissions
Table 3
GHG Emissions
5
Retrospective Milestones and target years
Base year
2022 2024 2025 % N / N-1 2026 2030 2050
Annual % target /
Base year
Scope 1 GHG emissions
tCO
2
eq tCO
2
eq tCO
2
eq % tCO
2
eq tCO
2
eq tCO
2
eq %
Gross Scope 1 GHG emissions
20,135 24,806 24,045 -3.1% 22,279 15,216 2,204 3.2%
% of Scope 1 GHG emissions from regulated emissions trading schemes
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions
5,663 6,670 6,107 -8.4%
Gross market-based Scope 2 GHG emissions
9,212 10,140 7,970 -21.4% 7,384 5,043 731 3.3%
Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions
1,226,755 2,343,374 1,620,507 -30.8% 1,689,815 1,739,808 557,236 1.9%
1. Purchased goods and services
105,018 154,351 172,205 11.6% 179,570 184,882 59,215 1.6%
2. Capital goods
6,853 7,146 7,358 2,356
3. Fuel and energy-related activities (not included in Scope 1 or 2)
6,414 6,618 6,681 0.9% 6,966 7,173 2,297 2.3%
4. Upstream transportation and distribution
15,315 6,801 26,786 293.9% 27,932 28,758 9,211 1.4%
5. Waste generated in operations
3,760 5,297 5,997 13.2% 6,253 6,438 2,062 1.6%
6. Business travel
19,098 15,816 8,715 -44.9% 9,088 9,357 2,997 3.0%
7. Employee commuting
5,171 3,576 5,009 40.1% 5,223 5,378 1,722 2.4%
9. Downstream transportation
20,077 20,936 21,555 6,904
10. Processing of sold products
10,767 11,227 11,559 3,702
11. Use of sold products
1,071,814 2,149,647 1,348,340 -37.3% 1,406,007 1,447,604 463,637 2.0%
12. End-of-life treatment of sold products
166 1,267 9,078 616.4% 9,466 9,746 3,133 -63.9%
13. Downstream leased assets
14. Franchises
15. Investments
Total GHG emissions
Total GHG emissions (location-based)
1,252,553 2,374,850 1,650,658 -30.5%
Total GHG emissions (market-based)
1,256,102 2,378,320 1,652,521 -30.5% 1,719,477 1,760,066 560,171 2.0%
5 Biogenic emissions were 107 tCO₂e. These represent the direct CO₂ released from the combustion of biofuels. Because the carbon emitted originates from biogenic sources and is reabsorbed over the natural lifecycle of the biomass, these emissions are reported separately and outside
of our GHG inventory.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Total value chain emissions in our 2025 inventory:
1,652.5 kt COe
SCOPE 3 SUPPLY CHAIN
Upstream emissions
232.2 kt
172.2 kt
26.8 kt
8.7 kt
6.9 kt
6.7 kt
6.0 kt
5.0 kt
Purchased goods and services
Upstream transportation
Business travel
Capital goods
Fuel- and energy-related activities
Waste generated in operations
Employee commuting
84.0%0.5% 1.5%14.1%
SCOPE 2 OPERATIONAL
Indirect emissions
8.0 kt
8.0 kt Energy
SCOPE 1 OPERATIONAL
Direct emissions
24.0 kt
21.4 kt
2.6 kt
Fleet
Operation
SCOPE 3 PRODUCT PORTFOLIO
Downstream emissions
1,388.3 kt
1,348.3 kt
20.1 kt
10.8 kt
9.1 kt
Use of sold products
Downstream transportation
Processing of sold products
End of life treatment
Figure 6 Total value chain emissions in our 2025 inventory
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA’s consolidated GHG inventory provides an overview
of greenhouse gas emissions in tCO
2
equivalents (tCO
2
e),
calculated using relevant emission factors.
6
For Scope 1
and 2, the inventory comprises 100% primary activity data
(e.g. liters of fuel consumption and kWh of electricity used).
For Scope 3, it comprises 5% primary activity data and 95%
secondary spend-based/average-based data. Scope 1 and
2 activity data (location- and market-based) and Scope 3
Categories 3, 5 and 6 were collected internally from all
Group entities in scope through CEMAsys.
7
The remaining
Scope 3 categories were collected by each TOMRA
divisional sustainability team using Excel. Data collection and
calculation were done in accordance with the GHG Protocol,
SBTi and ESRS using a combination of CEMAsys and Excel
for calculations.
Emissions from all Group entities were allocated using
operational control as the consolidation approach, consistent
with TOMRA’s financial consolidation approach. Activity
data was collected through the final quarter of 2025; hence,
some Q4 data (e.g., in Scope 3) is based on estimates where
actual activity data was not available at the time of collection.
These estimates are based on data from corresponding
periods, adjusted for any known changes that might impact
the data. Both target and base year data are market-based
and have been validated by SBTi, as described in E1-1,
page 62. For certain locations, TOMRA utilizes renewable
energy purchased directly from utilities via bundled energy
certificates; these certificates form the basis for offsetting the
relevant portion of our market-based Scope 2 emissions, in
accordance with the GHG Protocol and ESRS.
We employed various methodologies to calculate our Scope
3 emissions. For Category 1 (Purchased goods and services),
we primarily used the spend-based method, with only a small
portion of data supplemented by activity-based calculations.
Category 2 (Capital goods) was calculated using the spend-
based method. Category 3 (Fuel- and energy-related
activities) was calculated on a well-to-tank (WTT) basis using
the average-based method based on Scope 1 and 2 activity
data. Category 4 (Upstream transportation and distribution)
was calculated on a well-to-wheel (WTW) basis utilizing both
6 Emission factor sources include IEA, AIB, DEFRA, Energinet, DCCCEEW, EXIOBASE, Ecoinvent, US EPA, Green-e and IRENA.
7 CEMAsys is a sustainability management platform used for calculating and reporting greenhouse gas emissions in accordance with recognized standards such as the GHG Protocol.
spend-based and distance-based methodologies. Category
5 (Waste generated in operations) and Category 12 (End-of-
life treatment of sold products) were calculated using the
waste-type-specific method. Category 6 (Business travel) was
calculated on a WTW basis and involved a mix of fuel-based,
distance-based, and spend-based methodologies. Category
7 (Employee commuting) and Category 9 (Downstream
transportation and distribution) were also calculated on a
WTW basis using the distance-based method. Category
10 (Processing of sold products) utilized the average-data
method. Lastly, Category 11 (Use of sold products) employed
the method for calculating emissions from direct use-phase
electricity consumption. Categories 9 and 10 were included
for the first time in the 2025 GHG inventory, reflecting the
ramp-up of TOMRA Feedstock and the commencement of
operations at the Områ plant in Q4 2025. For details on
measurement uncertainty and assumptions made for Scope
1, 2 and 3, see ESRS 2 BP-2, page 40.
The methodologies and emission factors applied were
chosen for their accuracy and relevance to our GHG
emissions, ensuring compliance with the GHG protocol and
ESRS and alignment with SBTi. These approaches enable
effective monitoring and targeted reduction of emissions
across all significant sources. Certain emission categories
were assessed as not relevant to TOMRA’s business model
and operational boundaries and have therefore been
excluded from this GHG inventory. These include Category
8 (Upstream leased assets), Category 13 (Downstream
leased assets), Category 14 (Franchises), and Category 15
(Investments). The exclusions reflect the absence of relevant
activities. In addition, total quantified exclusions amount to
3.3% for Scope 1 and 2 and 1.6% for Scope 3 in our 2022
baseline year. These represent emission sources considered
immaterial relative to TOMRA's overall inventory (well below
SBTi's 5% threshold per target) but are monitored for future
inclusion should their materiality change. Examples include
refrigerant leakages for Scope 1 and warehousing and
storage emissions for Category 4.
In 2025, we observed a total year-over-year reduction of 31% in
absolute Scope 1, 2, and 3 emissions compared to 2024, both
on a market-based and location-based basis. Scope 3 emissions
accounted for 98.1% (2024: 98.5%) of our total market-based
emissions, while Scope 1 and 2 emissions together represented
the remaining 1.9% (2024: 1.5%). Category 11 (Use of sold
products) remained the dominant emission source, representing
81.6% (2024: 90.4%) of total emissions. Category 1 (Purchased
goods and services) was the second largest emission source,
contributing 10.4% (2024: 6.5%) of total emissions.
For Scope 1 and 2, energy consumption remained stable
compared to 2024, while total emissions decreased by 9%
year-over-year. The overall emissions reduction in 2025
was mainly driven by lower mobile combustion in Scope
1, reflecting reduced fuel consumption. Emissions were
further reduced through a fourfold increase in electricity
covered by Renewable Energy Certificates (RECs), together
with a fivefold increase in on-site solar production. Most of
TOMRA’s Scope 1 and 2 emissions continue to originate from
TOMRA Collection operations. Across the business units,
TOMRA Recycling remained stable year-over-year, while
TOMRA Food achieved a considerable reduction in Scope 2
emissions.
For Scope 3, we experienced a significant year-over-year
reduction of 31% in absolute emissions and 33% in emissions
intensity, indicating a further decoupling of emissions from
growth. However, as 83% of Scope 3 emissions stem from
Category 11 (Use of sold products), Scope 3 emissions remain
inherently volatile due to the strong correlation with sales
volumes. This is driven not only by the number of machines
sold, but also by the type of machines (portfolio composition)
sold and the geographic distribution of sales. Across the
business units, TOMRA Collection experienced a slight
increase in total Scope 3 emissions, while TOMRA Food and
TOMRA Recycling both achieved considerable reductions.
These reductions were mainly driven by decreased product
sales for TOMRA Recycling and the composition of machines
sold for TOMRA Food.
In 2025, we also see the impact of TOMRA Feedstock. In
particular, the start up of operations at the Områ plant in
Q4 2025 resulted in increased electricity consumption and
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
associated Scope 2 emissions, as well as higher Scope 3
emissions related to the processing and transport of plastic
feedstock.
We anticipate an increase in absolute emissions in the
short term due to our ambitious growth targets, including
the ramp-up of TOMRA Feedstock operations, and the time
lag between implementing climate actions and realizing
emission reductions. This lag is particularly evident in Scope
3 emissions from the use of sold products, where sustainable
product design takes time, from development to market
penetration, to deliver reductions. While absolute emissions
may rise initially, we anticipate emission intensity to decrease
first, followed by sharper absolute reductions leading up to
our near-term 2033 target.
While our emissions have increased compared to the 2022
baseline, our climate actions and resources have shown
apositive impact. However, due to the complexity of our GHG
data, we have not yet been able to attribute this impact to
specific decarbonization levers or initiatives. We are actively
working to enhance our GHG data quality, a core component
of our Net Zero Program (see E1-3, page 65), to improve this
in the future.
Table 4
GHG Intensity 2024 2025 % N / N-1
Total GHG emissions (location-based) per net revenue (tCO
2
eq/EUR)
0.00176 0.00125 -29.0%
Total GHG emissions (market-based) per net revenue (tCO
2
eq/EUR)
0.00176 0.00125 -29.0%
TOMRA’s GHG intensity is calculated in accordance with
ESRS E1-6 AR 53; by dividing our total GHG emissions in
tCO
2
e (location-based and market-based separately) as
presented in table 4, divided by our total net operating
revenue in reporting currency (EUR) as presented in our
financial consolidated note 2 “Revenues.”
ESRS E1-9 Anticipated financial effects from material
physical and transition risks and potential climate-related
opportunities
We exercise the right, as per the ESRS phase-in option, to
begin reporting on this disclosure in the subsequent year.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
E2
Pollution
ESRS 2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
Reducing negative environmental impacts, including pollution,
through TOMRA products and solutions is at the core of
our strategy and business model. Both our Recycling and
Collection solutions play important roles in keeping waste out
of nature and giving valuable waste materials newlife.
The materiality assessment outlined in ESRS 2 IRO-1,
page50 identified the following material pollution-related
impact/opportunity:
IRO 5: Preventing pollution in nature from value chain
activities - Entity Specific IRO
AI
ES
Actual positive impact: Our products play a crucial
role in preventing disposable beverage containers and
valuable materials from becoming waste and litter in nature,
instead promoting their use in a circular economy through
a closed-loop system. Although TOMRA machines have
a positive impact on the prevention of pollution in nature,
it is hard to accurately quantify and isolate this impact to
us alone. However, both TOMRA Collection and TOMRA
Recycling are global market leaders, indicating that we have
a tangible positive impact on the avoidance of beverage
containers, plastics and packaging waste from ending up as
waste in nature.
FO
Financial opportunity: Reducing waste in nature is a
material business opportunity for TOMRA. New EU legislation
requires each member state to utilize deposit return
schemes for ensuring that at least 90% of single-use plastic
bottles sold annually are returned in a closed-loop system.
Increasing demand for recycling solutions and circular
systems are major business drivers for TOMRA, and our
ability to retain our leading position in these areas represents
considerable brand value for the company.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS E2-1 Policies related to pollution
TOMRA’s commitments to preventing and limiting pollution
are anchored in our Environmental Policy described in E1-
2, page 64. The policy states that TOMRA is on a mission
to transform how we all obtain, use and reuse the planet’s
resources to enable a world without waste, and that we are
deeply committed to contributing to responsible resource use
and a circular economy. It also states that we are committed
to performing regular risk-based due diligence to prevent,
mitigate and remediate adverse environmental impacts.
ESRS E2-2 Actions and resources related to pollution
Overall, ongoing efforts to increase the positive impact of
preventing pollution in nature within TOMRA Collection
encompass actions that enable and encourage end-
consumers to deposit used drink containers in return
systems provided by TOMRA. These actions include:
• Designing user-friendly and effective solutions that
encourage redemption of used containers.
• Working with new and existing stakeholders to enter new
markets.
• Optimizing the operational uptime of existing solutions.
• Providing high-quality information to encourage the
collection of used containers.
Key ongoing actions connected to preventing pollution in
nature through our TOMRA Recycling division include:
• Market expansion and stakeholder engagement: As a
leader in automated sorting systems, TOMRA commits to
ensuring optimal performance and adaptability to future
legislative demands. Our global presence supports the
maximization of operational potential at recycling sites
worldwide, impacting our value chains positively.
• Optimization of existing solutions in own operations:
TOMRA designs, develops, and customizes sensor-based
sorting solutions to recover valuable materials from waste
streams, including plastics, non-ferrous metals, paper,
organics, e-waste, wood, textiles, and other recyclables.
8 Beverage containers recycled through RVMs are collected and sorted without contamination from other types of waste. This ensures that they can be recycled into new bottles and cans again and again. This is a process we call Clean Loop Recycling, where the beverage containers are
continually recycled back into new containers – and reused, often as part of deposit return systems. Clean Loop Recycling helps reduce the potential for packaging waste to end up in our streets, oceans and landfills.
Further down the value chain, our sorting activities serve to
upgrade recovered materials to homogenous and high-quality
fractions for recycling. Sensor-based technology is also used
in sorting ores from waste rock, increasing the efficiency and
lifetime of mines. Our latest advancements incorporate AI to
enhance our efforts in pollution reduction. By leveraging AI-
driven technologies, we can optimize resource allocation and
improve the efficiency of our recycling processes. Products
such as the GAINnext™ and the AUTOSORT™ PULSE, with its AI
capabilities, ensures precise sorting, reducing contamination
and waste. This not only enhances the quality of recycled
materials but also minimizes the environmental impact of our
operations. AI helps us achieve higher purity levels in recycled
plastics and aluminum, supporting the circular economy and
contributing to significant energy savings and reduced carbon
emissions.
METRICS AND TARGETS
ESRS E2-3 Targets related to pollution
These targets are voluntary and support TOMRA’s broader
commitment to preventing pollution in nature. Our progress on
preventing pollution in nature is measured in two different ways,
as detailed below for TOMRA Collection and TOMRA Recycling.
TOMRA Collection:
• Objective: By 2030, responsibly collect 130 billion drink
containers for clean loop recycling and reuse.
8
• Scope and period: This is an absolute target
encompassing all beverage containers collected by
TOMRA Collection with reverse vending machines (RVMs)
globally. The target is measured annually from the baseline
year 2024 until 2030.
• Methodology: Progress is tracked by monitoring the
number of unique drink containers collected through
TOMRA Collection technology and systems, recorded on
a digital platform. This number, also referred to as TOMRA
Collection’s handprint, is part of TOMRA Collection’s
strategic planning and annual performance management
processes.
• Performance: In 2025, TOMRA Collection collected over
53 billion containers (2024: 48 billion containers) through
reverse vending system installations.
TOMRA Recycling:
• Objective: By 2030, enable the global rate of plastic
packaging collected for recycling to reach 40%.
• Scope and period: This is a relative target, measured as
a percentage of the global plastic packaging collected for
recycling (by weight). The scope covers TOMRA Recycling
sorting installations. The target applies from the baseline
year 2024 until 2030, with annual monitoring. TOMRA will
not reach this target on our own, it will require partnerships
and collaboration across the recycling value chain.
• Methodology: Progress is assessed based on the amount
of plastic captured in metric tons p.a. either from source-
separated collection or from mixed waste sorting. Progress
is estimated based on the number of installed machines
(updated each year based on sales numbers and projects
signed) and estimations of the volume of waste sorted per
machine.
• Performance: In 2025, TOMRA Recycling collected 11.3
million tons of plastic (2024: 10.5 million tons of plastic).
This number is also reported, retrospectively, each year
to the Ellen MacArthur Foundation to contribute to better
data quality of plastic recovery by the recycling industry.
ESRS E2-6 Anticipated financial effects from pollution-
related impacts, risks and opportunities.
We exercise the right, as per the ESRS Phase-in option, to
begin reporting on this disclosure in the subsequent year.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
E5
Resource use and
circular economy
ESRS 2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
Embedded in our vision of leading the resource revolution is
a mission of transforming how we obtain, use and reuse the
planet’s resources and enable a world without waste. We create
lasting social and environmental value through our products
and services, driving increased resource productivity in all
sectors that we serve. We also focus on the circularity of our
own products through sustainable product design principles in
our product development processes and decision-making, which
include all materials and machine parts along their value chain.
The materiality assessment outlined in ESRS 2 IRO-1, page
50 identified the following material resource use and circular
economy related impacts, risks and opportunities (IROs):
IRO 6 and IRO 8: Resource inflow/use and outflows in own
operations
AI
Actual negative impact: The use of non-renewable
energy at our sites and virgin material in our products make
resource inflow/use an actual negative impact. Resource
outflows are also considered material considering a mix
of packaging, durability and repairability in relation to our
products.
IRO 7 and IRO 9: Resource inflow/use and outflows in value
chain
AI
Actual negative impact: Current company data suggests
an actual negative impact due to the high amount of virgin
materials in our upstream value chain. Also contributing
is the assumed relatively low share of renewable energy
in the use-phase of our products. In general, TOMRA
products are built with repair in mind, leading to a product
lifetime upwards of ~20 years (variations between product
categories). However, across TOMRA Group there are
only limited cases and systems for product take-back and
refurbishment once they are decommissioned by customers.
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Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
FR
Financial risk: Financial risks relate to material prices
impacting supplier prices and availability, and supply chain
delays impact on our production and ability to deliver
according to customer expectations. Also, there are
compliance risks associated with take-back schemes.
IRO 10: Sustainable product design in own operations - Entity
Specific IRO
FO
ES
Financial opportunity: Increasing sustainability in
product design and development is a key lever for achieving
our 2030 targets. Our approach includes developing more
modular designs and designing for repair and refurbishment
to enhance the longevity and reusability of our products.
The shift toward sustainable product design is driven by
increasing consumer demand for environmentally friendly
products, regulatory pressures for sustainability, and the
need to reduce our own emissions, resource consumption
and waste. As environmental policies become more
stringent globally, TOMRA is well-positioned to capitalize
on these trends. Regions like the EU are leading the way
with regulations promoting circularity, creating a favorable
environment for our initiatives.
IRO 11: Waste in value chain
AI
Actual negative impact: Based on industry data it is
reasonable to assume that there is an actual negative impact
on the environment because there are multiple waste streams
in TOMRA’s value chain, both upstream and downstream.
Upstream, steel and aluminum production generates various
kinds of environmentally harmful waste such as slag, dust/
powders, red mud and sludges. Downstream, it is assumed
that the majority of TOMRA products end up as waste (with
ahigh degree of scrap material recycling) at machines' end
oflife.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS E5-1 Policies related to resource use and circular
economy
TOMRA’s commitments to resource use and circular
economy are anchored in our Environmental Policy
described in E1-2, page 64. The policy includes:
9 Waste Framework Directive - European Commission.
10 Sustainable materials and components’ is defined as using recycled, certified fossil-free, and/or bio-based materials, and reused, refurbished, or remanufactured machine components.
• A commitment to contributing to responsible resource use
and a circular economy. This includes driving increased
resource productivity in all sectors that we serve; business
model innovation to increase and strengthen product
and material circularity across value chains in which we
operate; and actively working to improve the circularity of
own products through sustainable product design strategy
and targets.
• Applying sustainable product design principles:
• Design for Material Efficiency – using less materials or
resources to create a product or provide a service.
• Design for Energy Efficiency – consuming less energy
to accomplish the same task, which avoids energy waste.
• Design for Disassembly – provide rules that guide
designers in designing products that are easy to
disassemble.
• Design for Recycling – focuses on products
recyclability at end of life.
• A commitment to responsibly handling and reducing
waste across our business, including ensuring that waste
is either recycled or disposed of responsibly, following
local requirements and procedures and using approved,
registered waste contractors, and application of a waste
hierarchy in accordance with EU’s Waste Framework
Directive.
9
Although the policy focuses on sustainable product design
it does not explicitly address transitioning away from the
use of virgin resources, or a relative increase in the use of
secondary (recycled) resources or sustainable sourcing and
use of renewable resources.
ESRS E5-2 Actions related to resource use and circular
economy
To enable accountability and address key gaps in scaling
global circularity, TOMRA has taken on the role of business
champion for the Global Circularity Protocol for Business
(GCP), a landmark framework developed by the World
Business Council for Sustainable Development (WBCSD)
and the One Planet Network (OPN). As a business champion,
TOMRA has shared experience with business leaders on how
to address challenges of implementing circular systems and
provided input for the development of a robust and effective
framework. GCP will provide businesses with a framework for
setting goals, tracking performance, and publicly reporting
their circularity efforts, enabling accountability across
organizations and borders. The protocol also aims at driving
and guiding policy making to accelerate the shift toward
circular business models and a regenerative economy,
aligned with global sustainability goals. The first version of
GCP was launched at COP30 in November 2025.
To respond to our material resource use and circular
economy IROs, we have the following key actions in our
operations for 2025 (supporting our Environmental Policy
objectives of sustainable product design, responsible
handling and reducing waste across our business and
contributing to responsible resource use and a circular
economy):
• Product design: This action relates to our IRO sustainable
product design. TOMRA is committed to embedding
sustainability at the core of product design and
development. Across the Group, products are increasingly
designed with modular components, making them easier
to disassemble, repair, and recycle. This approach extends
product life and facilitates material recovery, supporting
our ambition for product circularity at end of life.
• In 2025, TOMRA has further strengthened the integration
of sustainability in product development by conducting
life cycle and impact assessments to identify key CO₂
hotspots and guide targeted improvements. New eco-
design principles are being developed and systematically
incorporated into design processes, ensuring that
sustainability considerations are embedded from the
earliest stages of product innovation.
• Sustainability deliverables and metrics are being
integrated at key project milestones, incentivizing and
measuring progress towards sustainable product design.
These efforts contribute directly to TOMRA’s target of
achieving 90% sustainable materials and components
10
in
all new products by 2030.
• Supplier engagement: We collaborate closely with our
suppliers to ensure they meet our sustainability standards
on an ongoing basis. This involves setting clear targets,
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CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
sharing data, and providing incentives for the use of
sustainable materials, which are related to the IROs inflow/
use and outflow in our value chain.
• Innovation and research: This relates to the IROs
focusing on resource use and sustainable product design.
Continuous research and development efforts are directed
towards finding new sustainable materials to contribute to
our sustainable material targets. This includes evaluating
the feasibility and cost-effectiveness of materials like
recycled steel and alternative polymers.
• Retility initiative: As part of our material circularity initiative
introduced in 2024, Retility, we established a collaborative
recycling ecosystem for injection-moulded black plastics.
This initiative ensures that injection-moulded black plastics
from retired TOMRA technology are recycled and reused,
providing access to quality recycled content for new
TOMRA products. The current scope of the program is end
of life machines from the Norwegian market and post-
industrial scrap from our own production facilities. This
material has been tested for industrial production in the
infeed module common to most TOMRA reverse vending
machines. We plan to scale this initiative to more modules
and parts, and more geographies. This action relates to
IRO waste in value chain.
• Refurbishment programs: We have initiated refurbishment
programs that extend the lifecycle of our products. This is
currently in place in several key markets and is planned
to be expanded in the years to come. In 2025, TOMRA
Collection cooperated with our compactor manufacturer to
officially launch a refurbishment program that will ensure
that the remaining part of our compactors can be part of a
refurbishment scheme. Furthermore, TOMRA Collection is
investigating how to scale the refurbishment of the main
power control box.
11
This action relates to the IRO waste in
value chain and sustainable product design.
• End-of-life strategy: We have developed comprehensive
end of life strategies that include easy disassembly and
recycling of products. This ensures that materials can
be efficiently recovered and reused. In most markets we
have agreements with service providers for machines that
reach their end of life, ensuring recycling and traceability
of materials in line with TOMRA’s commitments to a circular
11 A key electrical component used in TOMRA machines.
12 “Circular at end of life” is defined as products taken back for refurbishment, remanufacture, reuse or recycling, either directly by TOMRA or via third parties.
13 “Sustainable materials and components” is defined as using recycled, certified fossil-free, and/or bio-based materials, and reused, refurbished, or remanufactured machine components.
economy. TOMRA Recycling has also introduced a loyalty
program reaching out to customers with products that
are getting close to end of life. The goal is to ensure that
our products are responsibly handled at the end of their
life. This action relates to IROs waste in value chain and
sustainable product design.
Given our organization’s purpose and business, TOMRA
seeks to enable material circularity through the use of our
products, thus the actions stated above are funded through
the annual operating budget.
METRICS AND TARGETS
ESRS E5-3 Targets related to resource use and circular
economy
At TOMRA we are continuously working to manage our
material IROs related to resource use and the circular
economy. The targets presented are voluntary and not
required by legislation. Only internal stakeholders have
been involved in the target setting. The first version of our
resource use and circular economy targets was discussed
and agreed upon by the ELT in a series of sustainability
strategy workshops in spring 2021. A revised version of the
target framework, with an updated ambition level for the
targets was later presented to and approved by the Board
of Directors in February 2022. Finally, the targets were
communicated externally for the first time at the TOMRA
Capital Markets Day in June 2022. The sustainability target
framework was developed and proposed for ELT approval by
a cross-functional and cross-divisional sustainability task force,
including representatives from all three divisions and a variety
of business functions. Inputs on the targets were also sought
from the divisional leadership teams prior to the ELT decision.
The targets relate to the policy objectives of designing and
developing our products in a sustainable manner (sustainable
product design), and to transform how we obtain, use and
reuse the planet’s resources to enable a world without waste,
as well as contributing to responsible resource use and a
circular economy. The targets are aligned with the principles
of the circular economy, which are supported by extensive
research and scientific evidence. However, the effectiveness
of these targets depends on accurate data collection,
monitoring, and continuous improvement.
Product circularity at end of life
• Objective: By 2030, at least 50% of our products will be
circular at their end of life.
12
• Scope and period: This is a relative target, measured as
a percentage of products by weight. The scope covers all
TOMRA divisions and their products globally. The target
applies from the baseline year 2024 until 2030, with
annual monitoring.
• Methodology: The target is based on industry average
recycling rates of the main materials in our products. We
assume the end-of-life scenario of our products is identical
to these industry averages. Calculations are based on the
volume of products sold in the reporting year, following the
same accounting principles as the GHG protocol for Scope
3, Category 12.
• Performance: Estimated to 76% in 2025 (2024: 73%).
Current estimates exceed the target, but due to limited
available data this percentage only pertains to the
recycling of the products. In 2025, progress continued
through the Retility initiative, TOMRA Collection's
compactor refurbishment launch, power control box
refurbishment, and strengthened end-of-life service
agreements. We remain committed to enhancing circularity
measurement, including reuse and remanufacture.
This target primarily relates to the “Recycling” and “Preparing
for Reuse” layers of the waste hierarchy.
Sustainable materials
• Objective: By 2030, at least 90% of materials and
components in all new products are sustainable.
13
• Scope and period: This is a relative target, measured as a
percentage of sustainable materials and components used
in new products by weight. The scope covers all TOMRA
divisions and their products globally. The target applies
from the baseline year 2024 until 2030, with annual
monitoring.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
• Methodology: The target is based on industry average
recycled content (secondary reused or recycled material)
of the main materials in our products. We assume the
recycled content of our products is identical to these
industry averages. Calculations are based on the volume
of products sold in the reporting year, following the same
accounting principles as the GHG protocol for Scope 3,
Category 12.
• Performance: Estimated to 47% in 2025 (2024: 46%).
Throughout 2025, TOMRA advanced its sustainable
materials performance by strengthening sourcing
and procurement practices, enhancing data quality,
and expanding the use of recycled and refurbished
components. Building on the 2024 introduction of RollPac
and R2, which averaged 50% sustainable content, we
increased the recycled content in new plastic parts,
expanded the Retility initiative, and improved our life cycle
assessment capabilities.
This target is associated with the “Prevention” layer of the
waste hierarchy.
ESRS E5-4 Resource inflows
TOMRA’s resource inflows encompass a wide array of
products and materials essential for our operations. In
2025, the total weight of products, along with technical
and biological materials utilized, amounted to 10,484,188 kg
(2024: 8,743,842 kg). Among these, 3% or 288,384 kg (2024:
2% and 165,284 kg) was identified as biological materials.
We currently do not have specific information about the
sourcing, certification schemes and cascading principles of
these biological materials. Additionally, the weight of recycled
materials used to manufacture TOMRA’s machines (including
packaging) was 4,952,756 kg, representing 47% of the total
resource inflows (2024: 3,890,292 and 46%). To ensure
accurate reporting of resource inflows and material usage,
we employed a methodology that relies on gross estimations
derived from waste electrical and electronic equipment
(WEEE) datasheets, bills of materials (BoMs), and life cycle
assessments (LCAs). The overall weight was calculated by
multiplying machine weights and estimated waste from
packaging and production by the number of machines sold
across divisions.
This approach allowed us to derive a comprehensive
understanding of our material composition, which includes
categories such as steel, aluminum, electronics, cables, plastics,
rubber, glass, wood, paper and other metals (zinc, copper, brass,
magnets etc.) In estimating the recycled content of our resource
inflows, we utilized industry averages for recycled content
across these categories. Given that we do not possess detailed
LCAs with BoMs for all TOMRA products, we adopted reference
machines as proxies to approximate material composition for
those products where only weight estimates were available.
To prevent double counting in our reporting, we implemented
a clear calculation methodology grounded in bottom-up
calculations from divisional sales data. This process included
cross-checks to ensure accuracy and eliminate duplications.
The measurement of the metric is not validated by an
externalbody.
ESRS E5-5 Resource outflows
In terms of physical products, TOMRA manufactures reverse
vending machines and systems and sensor-based sorting
technologies for global recycling, waste management, mining
and post-harvest food solutions. The core functional parts
of these machines include advanced sorting technologies,
conveyor belts, transport elements, compactors for sorted
materials, tables and cabinets. By weight, the main materials
used across all TOMRA machines are steel (~78%), electronics
and cables (~11%), aluminum (~6%) and plastics (~3%) (2024:
steel (~71%), electronics and cables (~13%), aluminum (~8%)
and plastics (~3%)).
The expected durability of TOMRA’s machines varies by
category from around 10 to 20 years. These are estimates
used in product development and accounting practices.
In practice, our machines often exceed these lifetimes,
operating effectively for upwards of ~20 years due to their
robust design, high-quality materials and frequency of service.
This durability aligns with or surpasses industry averages.
Additionally, the gross recyclable content in our products is
estimated to 76% and 44% for their packaging (2024: 73% and
62% for packaging).
TOMRA’s machines are designed with durability in mind,
ensuring they meet or exceed industry standards. While
specific durability metrics may vary by product group, we
continuously strive to enhance the longevity and repairability
of our offerings. However, we do not currently have specific
details or ratings of the repairability of our products. While
TOMRA is committed to the principles of circularity and is
actively working to improve the reusability, repairability,
disassembly, remanufacturing, and refurbishment of our
machines, we do not currently have specific quantifiable data
available for these aspects of our products. However, for
more information on how we design our products in line with
circular economy principles, see IRO 10: Sustainable Product
Design, page 76.
We adhere to the European Community directive 2012/19/
EU on waste electrical and electronic equipment (WEEE),
which mandates responsible handling of electronic products
at their end of life. This directive applies to the machines
sold in TOMRA Collection. Each TOMRA Collection product
is marked with the WEEE symbol, indicating compliance with
these regulations. This not only reflects our commitment to
environmental responsibility but also serves as a guideline
for recyclers on how to properly disassemble and recycle
our products. For more information on the disassembly and
material composition of our products, please see our WEEE
page.
To ensure accurate reporting of resource outflows, we utilized
the same methodology and primary data as for resource
inflows. For estimating the recyclable content of our products
and packaging, we applied industry average end-of-life
recycling rates across each material category.
Measurement of the metric is not validated by an external
body.
ESRS E5-6 Anticipated financial effects from resource
use and circular economy -related impacts, risks and
opportunities
We exercise the right, as per the ESRS phase-in option, to
begin reporting on this disclosure in the subsequent year.
SEARCHBROWSESTARTPAGE 78
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
T
Taxonomy report
INTRODUCTION
As a non-financial publicly listed parent company, TOMRA
reports on Taxonomy-eligible and Taxonomy-aligned
turnover, Capex and Opex associated with its eligible
economic activities, in accordance with regulation EU
(2020/852) and supplementing delegated acts. Taxonomy
functions as a classification framework with pre-defined
business activities under six environmental objectives,
where the undertaking shall assess its business activities for
eligibility and alignment.
As an important part of the European Commission’s action
plan on Sustainable Finance, the EU Taxonomy aims
at reallocating capital flows towards activities that are
considered environmentally sustainable.
For the reporting year 2025, TOMRA has assessed the
amended EU Taxonomy disclosure requirements and
templates. As the amendments do not result in material
changes to our taxonomy eligibility or alignment figures, the
disclosure format applied is consistent with the prior year.
ELIGIBLE ACTIVITIES
Following a thorough assessment, TOMRA has identified the
following Taxonomy-eligible activities.
2.3 Collection and transport of non-hazardous and
hazardous waste (CE)
Within our Collection division, we perform development,
manufacturing, installation, service and maintenance, as well
as physical and digital upgrade of reverse vending machines
(RVMs) with advanced sensor technology. RVMs are used to
collect non-hazardous waste, specifically empty beverage
containers (plastic, glass and metal) in deposit markets.
This activity is a crucial component in an efficient deposit
return system (DRS). In some markets we also offer end-of-
life treatment for RVMs, in the form of a take-back program.
The manufacturing and installation of TOMRA RVM solutions
is deemed as an integral part of collecting and sorting
materials in the deposit return system, where we consider
the RVM solution to be a collection and sorting facility. The
facility for collecting empty beverage containers is designed
for TOMRA machines, and we install, set up, calibrate and
integrate the RVM solutions. TOMRA is also often engaged
in the initial architectural planning of larger installations/
facilities. In addition to manufacturing and installation,
TOMRA ensures continued operation with physical and
digital upgrade of the RVMs through our service offerings,
which is essential for ensuring not only the longevity, but also
a stable and efficient operation of the RVM solution.
Given the nature of the RVMs and their role in enabling
high-quality source separation at the point of return, TOMRA
considers this activity to comply with the technical screening
criteria under activity 2.3, as it inherently supports the
collection and sorting of non-hazardous waste for reuse and
recycling.
2.7 Sorting and material recovery of non-hazardous waste
(CE)
TOMRA provides advanced sensor-based sorting machinery
for waste, plastics and metal sorting. Waste sorting enables
material recovery from waste streams as well as sorting
of mixed waste in separate fractions. Our technology is
used to sort paper, metals, plastic, and wood into separate
fractions of high-quality secondary materials. For plastics
and metal sorting the target is to upgrade materials for
reuse. The sorting machines distinguish between different
types of plastic (e.g. PET, PE, PP, PS) and metals, including
alloys. Our technology is primarily employed in the sorting
of non-ferrous metals such as aluminum, copper, brass, and
stainless steel. High quality sorting is also able to sort flakes
which have a purity above 99% and can be further employed
in a compounding (melting) process in which recycled
granulates are produced for use in new products.
TOMRA Feedstock operates in the development of plants
for sorting of post-consumer plastic material, where they
will source pre-sorted mixed plastic material and through a
sorting process upgrade the material and sell it to recyclers.
The output material can be used by recyclers to produce
flakes and pellets for applications such as packaging
material. TOMRA Feedstock seeks to enable closing the
quantity and quality gaps in plastic recycling by producing
high quality plastic fractions out of plastic waste typically lost
to incineration or landfill. TOMRA has successfully opened
a plastic sorting plant in Norway in November 2025. A
second plant in Germany is planned, but investments have
been put on hold due to the current state of the recycling
market. TOMRA evaluates eligibility for activities related
to waste sorting, and plastics and metal sorting based on
our contribution to construction, operation, and upgrade
of facilities, as well as for activities performed by TOMRA
Feedstock.
5.5 Collection and transport of non-hazardous waste in
source segregated fractions (CCM)
TOMRA performs material recovery activities on the US
East Coast and in Canada. Material recovery comprises the
pick-up, transportation, and processing of empty beverage
containers on behalf of beverage producers/fillers. The
activity covers logistics from the retail collection points
and redemption centers to the processing facilities. The
material collected and processed for recycling consists of
glass, aluminum, plastic, and cardboard. Glass goes into a
beneficiating process in our own facilities, plastic is baled
and can be flaked, while aluminum is primarily baled. The
material is subsequently sold for recycling. TOMRA’s material
recovery activities as described above are considered
eligible as it collects and transports non-hazardous waste
in accordance with the activity description in the Taxonomy
regulation.
7.7 Acquisition and ownership of buildings (CCM)
TOMRA has operations in a number of geographical
locations around the world, and as TOMRA owns and/or
leases property to support these operations, we consider
it to fall under activity 7.7 - Acquisition and ownership
of buildings, based on our interpretation of the activity
description and supplementing FAQs. Buildings directly
related to any of the other eligible activities are included in
the capital expenditure KPI for that specific activity.
DETERMINING ALIGNMENT
Alignment is assessed based on our interpretation of the
substantial contribution and do no significant harm (DNSH)
criteria, as they are currently presented in the EU Taxonomy.
Climate risk is considered at a Group level by the Board of
Directors, as described in the consolidation and accounting
SEARCHBROWSESTARTPAGE 79
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
principles section of the annual report. Following our
assessment of eligible activities against the DNSH criteria, an
environmental impact assessment or screening has not been
determined relevant as eligible activities are situated on
existing sites already modified. Eligible activities do not make
use of any water; hence we conclude that our activity does
not hamper the achievement of good environmental status
of marine waters and does not deteriorate marine waters
that are already in good environmental status. TOMRA’s RVM
operations do not make use of waste collection vehicles,
and do not collect hazardous materials or electrical and
electronic equipment (EEE). Installation and operation of
TOMRA machinery is performed in accordance with clear
guidelines in order to mitigate environmental, health and
safety risks, and our machinery is designed to prevent the
risk of pollution in operations. Further, the material recovery
activity at TOMRA Feedstock does not utilize water during
any stage of the process, meaning that there is no pollution
from microplastics.
Our conclusion from the assessment against DNSH criteria
is that TOMRA’s activities do not significantly harm any of the
other environmental objectives.
2.3 Collection and transport of non-hazardous and
hazardous waste (CE)
TOMRA RVM solutions are designed to collect and sort used
beverage containers as defined by the local deposit return
system for the purpose of reuse or recycling of the material.
The RVM solutions sort and store the materials (plastic, glass
and metal) separately. Materials and fractions collected
by the RVMs are continuously monitored and regularly
reported to relevant stakeholders. TOMRA machines are
assessed on how well they are able to perform the intended
sorting. Health and safety are of the utmost importance to
TOMRA, not only for the safety of our own employees but
also for our customers and the end users of our products.
As such, information about the proper use of our products is
provided to relevant stakeholders. Environmental risks are
also considered in the proper use of machines, especially
through our maintenance and cleaning services. TOMRA’s
assessment is that all eligible activities under 2.3 Collection
and transport of non-hazardous and hazardous waste (CE)
are aligned with the criteria in the EU Taxonomy.
2.7 Sorting and material recovery of non-hazardous waste
(CE)
Plastic, metal and waste sorting enables material recovery
from waste streams and save materials that would otherwise
go to landfill or incineration. TOMRA’s sensor-based
technology is at the forefront of sorting accuracy, and our
sorters are able to produce a yield above what is required
across all material types we operate in. TOMRA sorters
provide state-of-the-art sorting technology covering a
number of advanced technologies, including but not limited
to near infrared (NIR), spectroscopy and X-ray, to achieve the
required quality standards. TOMRA’s sorting activities allow
the conversion of waste into secondary raw materials, which
are suitable for use as an alternative to primary raw materials.
All aspects of TOMRA’s contribution to both construction and
operation of facilities are considered aligned with the EU
Taxonomy criteria for substantial contribution and DNSH.
5.5 Collection and transport of non-hazardous waste in
source segregated fractions (CCM)
Materials collected and transported through material
recovery activities in the relevant markets are for the purpose
of reuse or recycling. Throughout the material recovery
processes, materials are kept separate and not mixed
with other materials with different properties. The activity
does not significantly harm any of the other environmental
objectives, hence the activity is deemed aligned with the EU
Taxonomy criteria for substantial contribution and DNSH.
7.7 Acquisition and ownership of buildings (CCM)
TOMRA has not been able to obtain the detailed information
required by the technical screening criteria for our properties
and has therefore concluded that the activities under activity
7.7, Acquisition and ownership of buildings (CCM), are not
taxonomy aligned.
MINIMUM SAFEGUARDS
Human rights
TOMRA employees are required to complete training on our
Code of Conduct through an introductory eLearning course.
TOMRA complies with the Norwegian Transparency Act that
came into effect in July 2022, which requires companies to
make sure human rights and decent working conditions are
respected in their operations and supply chains. TOMRA
works with suppliers and sub-suppliers with a risk-based
approach to address potential violations of human rights and
labor conditions.
Bribery and corruption
TOMRA provides introductory eLearning courses for
employees covering anti-bribery and corruption, competition
law and antitrust, confidential information and IP, and anti-
money laundering, as well as more advanced courses on
anti-bribery and competition law. TOMRA utilizes advanced
analysis tools to support and ensure integrity due diligence
procedures into our business processes for all new
customers, suppliers, and partners.
Taxation
TOMRA interacts with a wide variety of different taxation
structures globally. TOMRA considers its approach to taxation
to be responsible and takes a cautious approach where
the legislation offers choices or is open for interpretation.
TOMRA seeks to comply with relevant tax legislation where
we operate and cooperate with tax authorities.
Fair competition
TOMRA has an antitrust and competition law policy and
operates in compliance with applicable competition laws
and regulations where free enterprise and fair competition is
protected. As per our Code of Conduct, we expect TOMRA
employees to play their part in combating illegal practices
and ensuring fair competition.
Based on the above-mentioned due diligence measuresand
the absence of negative impacts or convictions, we consider
TOMRA to be compliant with the minimum safeguards as they
are currently defined in the EU Taxonomy.
SEARCHBROWSESTARTPAGE 80
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
NOTE ON EXPOSURE TO NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
Table 5
Nuclear energy related activities
1
The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear processes
with minimal waste from the fuel cycle.
No
2
The undertaking carries out, funds or has exposures to research, development, demonstration and
deployment of innovative electricity generation facilities that produce energy from nuclear processes
with minimal waste from the fuel cycle.
No
3
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
produce electricity or process heat, including for the purposes of district heating or industrial processes
such as hydrogen production from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4
The undertaking carries out, funds or has exposures to construction or operation of electricity generation
facilities that produce electricity using fossil gaseous fuels.
No
5
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
combined heat/cool and power generation facilities using fossil gaseous fuels.
No
6
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
generation facilities that produce heat/cool using fossil gaseous fuels.
No
PERFORMANCE AND KPIS
The disclosures on revenue, Opex and Capex for Taxonomy-
eligible activities are based on our interpretation of the
Disclosures Delegated Act annex I (Commission Delegated
Regulation (EU) 2021/4987) and additional guidance
documents from the European Commission.
TOMRA’s activities are related to the boundaries of the
reporting entity in accordance with IFRS and as described
in the Group financial statements. Information about our
consolidation principles can be found under the consolidation
and accounting principles section of the annual report.
In our disclosure of the numerator for revenue, Opex, and
Capex, we use an activity-based split to avoid double
counting of financial numbers.
Revenue
TOMRA’s revenue related to eligible activities includes the
following elements:
• Revenue from sale and lease of RVMs and sorters, as well
as associated services including service and maintenance,
spare parts, upgrades, and digital services.
• Revenue in the form of handling and processing fees, as
well as commodity sales.
TOMRA’s eligible revenue comes from sale of advanced
RVMs and sorters, which are sold or leased to customers
in different segments. Sale of equipment accounts for
44% in 2025 (2024: 51%), while leasing amounts to 9% in
2025 (2024: 8%) of our taxonomy aligned revenue. Service
is usually sold directly to customers through a service
agreement or performed as ad-hoc service upon request and
makes up 32% in 2025 (2024: 28%).
Revenue from material recovery is derived from handling
fees, material processing, and commodity sales that are
performed by TOMRA in the relevant markets. Material
recovery revenue is 15% in 2025 (2024: 13%) of the total
aligned revenue.
Taxonomy-aligned revenue is adjusted for green output
(i.e. revenue) associated with assets financed using funds
from green bonds. Green bond financing of our leasing
portfolio in Australia, Latvia, Estonia, Canada, and USA
means that related revenue is excluded in the adjusted
KPIs. TOMRA discloses both aligned and adjusted aligned
revenue, in accordance with our interpretation of the
Taxonomy regulation and supplementing FAQs. The revenue
denominator is derived from Financial Note 2 “Revenues.”
Opex
Opex according to the EU Taxonomy represents direct
non-capitalized costs related to research and development,
building renovation measures, short-term leases and
maintenance and repair, and any other direct expenditures
relating to the day-to-day servicing of assets of property,
plant and equipment that are necessary to ensure the
continued and effective operations of such assets.
In the context of TOMRA’s operations, we interpret this to be:
• Relevant research and development projects that do
not qualify for capitalization, which consist of employee
expenses, consumables, and other services relevant for
maintenance and repair.
• Building renovation measures related to production
facilities.
• Short-term leases related to assets or processes for
Taxonomy-eligible activities.
• Maintenance and repair Opex for assets or property, plant,
and equipment.
Opex denominator is derived from Financial Note 7
“Intangible assets.”
Capex
The capital expenditures (Capex) KPI entails additions to:
• Property, plant and equipment (PPE)
• Intangibles
• Capitalized leases (as required under IFRS).
In accordance with the Taxonomy regulation, goodwill is
excluded from this KPI. Our aligned Capex is related to
SEARCHBROWSESTARTPAGE 81
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
assets associated with taxonomy-aligned activities. TOMRA’s
Capex KPI as it is presented primarily includes investments
in our leasing portfolio in the Collection division, investments
in the Feedstock venture and research and development
projects in both Recycling and Collection. With regard
to Taxonomy-aligned Capex, 43% in 2025 (2024: 63%)
comes from additions to PPE, 42% in 2025 (2024: 25%)
from capitalized leases, and 14% in 2025 (2024: 12%) from
intangibles and capitalized R&D.
Taxonomy-aligned Capex is adjusted for funding through
green bonds, as such we disclose both aligned and adjusted
aligned Capex. The Capex denominator is derived from
Financial Notes 7 “Intangible assets,” 8 “Property, plant and
equipment” and 9 “Leasing.”
Performance
The percentage share of our taxonomy-aligned revenue was
70% in 2025 (2024: 73%).
Taxonomy-aligned Capex was 47% (2024; 50%), however
adjusted for funds from green bonds, the aligned Capex
was 15% (2024: 22%). The main initiatives financed through
green bonds were our leasing portfolio, the Feedstock venture,
and R&D projects. Capital expenditure related to activity 7.7 is
concluded not aligned as we lack the necessary data basis for
assessing against the technical screening criteria.
Aligned Opex – primarily consisting of non-capitalized R&D
projects within Recycling and Collection – was 79% in 2025,
up from 49% in 2024, driven by organizational changes and
cost reallocations within Collection.
Revenue
70%
30%
Eligible (70%)
Not eligible (30%)
Opex
Capex
79%
21%
51%
49%
Eligible (79%)
Not eligible (21%)
Eligible (51%)
Not eligible (49%)
PERFORMANCE AND KPIS FIGURES
Aligned (70%)
Aligned (79%)
Aligned (47%)
Table 6
2025 2024
Key performance indicators (MEUR) Revenue Opex Capex Revenue Opex Capex
Taxonomy-aligned
916 29 92 987 17 105
CE 2.3
585 18 30 633 7 28
CE 2.7
200 11 31 223 9 62
CCM 5.5
131 0 31 131 0 15
CCM 7.7
0 0 0 0 0 0
Taxonomy-aligned adjusted
760 0 30 843 0 46
Not Taxonomy-aligned
0 0 8 0 0 6
CE 2.3
0 0 0 0 0 0
CE 2.7
0 0 0 0 0 0
CCM 5.5
0 0 0 0 0 0
CCM 7.7
0 0 8 0 0 6
Taxonomy-eligible
916 29 100 987 17 111
Non-eligible
402 8 96 361 18 101
TOTAL
1 318 37 196 1 348 34 212
SEARCHBROWSESTARTPAGE 82
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
KPI – Revenue
Financial year N 2025 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
MEUR %
Y; N; N EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
b) (c)
Y; N; N/EL
(b) (c) Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
Collection and transport of non-hazardous and
hazardous waste CE 2.3 585 44% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 47%
Sorting and material recovery of non-hazardous
waste CE 2.7 200 15% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 17%
Collection and transport of non-hazardous
waste in source segregated fractions CCM 5.5 131 10% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 10%
Acquisition and ownership of buildings CCM 7.7 0 0% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0%
Turnover of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 916 70% 10% 0% 0% 0% 60% 0% 73%
Of which enabling 0% 0% 0% 0% 0% 0% 0% E
Of which transitional 0% 0% 0% 0% 0% 0% 0% T
EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f)
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned)
Collection and transport of non-hazardous and
hazardous waste CE 2.3 0 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Sorting and material recovery of non-hazardous
waste CE 2.7 0 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Collection and transport of non-hazardous
waste in source segregated fractions CCM 5.5 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Acquisition and ownership of buildings CCM 7.7 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Turnover of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
Total Turnover of Taxonomy eligible activities
(A.1+A.2) 916 70% 10% 0% 0% 0% 60% 0% 73%
B. TAXONOMYNONELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 402 30%
Total (A+B) 1,318 100%
Code(s) (2)
Climate Change
Mitigation (5)
Climate Change
Mitigation (11)
Pollution (8)
Pollution (14)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
turnover year N-1 (18)
Turnover (3)
Climate Change
Adaptation (6)
Climate Change
Adaptation (12)
Circular Economy (9)
Circular Economy (15)
Category enabling
activity (19)
Proportion of Turnover
Year N (4)
Water (7)
Water (13)
Minimum Safeguards (17)
Biodiversity (10)
Biodiversity (16)
Category (transitional
activity) (20)
SEARCHBROWSESTARTPAGE 83
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
KPI – Opex
Financial year N 2025 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
MEUR %
Y; N; N EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
b) (c)
Y; N; N/EL
(b) (c) Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
Collection and transport of non-hazardous and
hazardous waste CE 2.3 18 49% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 22%
Sorting and material recovery of non-hazardous
waste CE 2.7 11 30% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 27%
Collection and transport of non-hazardous
waste in source segregated fractions CCM 5.5 0 0% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0%
Acquisition and ownership of buildings CCM 7.7 0 0% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0%
Opex of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 29 79% 0% 0% 0% 0% 79% 0% 49%
Of which enabling 0% 0% 0% 0% 0% 0% 0% E
Of which transitional 0% 0% 0% 0% 0% 0% 0% - T
EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f)
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned)
Collection and transport of non-hazardous and
hazardous waste CE 2.3 0 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Sorting and material recovery of non-hazardous
waste CE 2.7 0 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Collection and transport of non-hazardous
waste in source segregated fractions CCM 5.5 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Acquisition and ownership of buildings CCM 7.7 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Opex of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) 0 0% 0% 0% 0% 0% 0% 0% 0%
Total Opex of Taxonomy eligible activities
(A.1+A.2) 29 79% 0% 0% 0% 0% 79% 0% 49%
B. TAXONOMYNONELIGIBLE ACTIVITIES
Opex of Taxonomy-non-eligible activities 8 21%
Total (A+B) 37 100%
Code(s) (2)
Climate Change
Mitigation (5)
Pollution (8)
Opex (3)
Climate Change
Adaptation (6)
Circular Economy (9)
Proportion of Opex
Year N (4)
Water (7)
Biodiversity (10)
Climate Change
Mitigation (11)
Pollution (14)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
Opex year N-1 (18)
Climate Change
Adaptation (12)
Circular Economy (15)
Category enabling
activity (19)
Water (13)
Minimum Safeguards (17)
Biodiversity (16)
Category (transitional
activity) (20)
SEARCHBROWSESTARTPAGE 84
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
CE Circular Economy
CMI Climate Change Mitigation
E Enabling activity
T Transitional activity
Y “Yes”, taxonomy-eligible and taxonomy-aligned activity
N “No”, taxonomy-eligible but not taxonomy-aligned activity
EL “Eligible”, taxonomy-eligible activity
N/EL ”Not eligible”, taxonomy-non-eligible activity
KPI – Capex
Financial year N 2025 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
MEUR %
Y; N; N EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
(b) (c)
Y; N; N/EL
b) (c)
Y; N; N/EL
(b) (c) Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMYELIGIBLE ACTIVITIES
A.1. Capex related to environmentally
sustainable activities (Taxonomy-aligned)
Collection and transport of non-hazardous and
hazardous waste CE 2.3 30 15% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 13%
Sorting and material recovery of non-hazardous
waste CE 2.7 31 16% N/EL N/EL N/EL N/EL Y N/EL Y Y Y Y Y Y Y 29%
Collection and transport of non-hazardous
waste in source segregated fractions CCM 5.5 31 16% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 7%
Acquisition and ownership of buildings CCM 7.7 0 0% N N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0 %
Capex of environmentally sustainable
activities (Taxonomy-aligned) (A.1) 92 47% 16% 0% 0% 0% 32% 0% 50%
Of which enabling 0% 0% 0% 0% 0% 0% 0% E
Of which transitional 0% 0% 0% 0% 0% 0% 0% - T
EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f) EL; N/EL (f)
A.2 Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned)
Collection and transport of non-hazardous and
hazardous waste CE 2.3 0 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Sorting and material recovery of non-hazardous
waste CE 2.7 0 0% N/EL N/EL N/EL N/EL EL N/EL 0%
Collection and transport of non-hazardous
waste in source segregated fractions CCM 5.5 0 0% EL N/EL N/EL N/EL N/EL N/EL 0%
Acquisition and ownership of buildings CCM 7.7 8 4% EL N/EL N/EL N/EL N/EL N/EL 3%
Capex of Taxonomy-eligible but not
environmentally sustainable activities
(not Taxonomy-aligned activities) (A.2) 8 4% 4% 0% 0% 0% 0% 0% 3%
Total Capex of Taxonomy eligible activities
(A.1+A.2) 100 51% 20% 0% 0% 0% 32% 0% 52%
B. TAXONOMYNONELIGIBLE ACTIVITIES
Capex of Taxonomy-non-eligible activities 96 49%
Total (A+B) 196 100%
Code(s) (2)
Climate Change
Mitigation (5)
Pollution (8)
Capex (3)
Climate Change
Adaptation (6)
Circular Economy (9)
Proportion of Capex
Year N (4)
Water (7)
Biodiversity (10)
Climate Change
Mitigation (11)
Pollution (14)
Proportion of Taxonomy
aligned (A.1.) or eligible (A.2.)
Capex year N-1 (18)
Climate Change
Adaptation (12)
Circular Economy (15)
Category enabling
activity (19)
Water (13)
Minimum Safeguards (17)
Biodiversity (16)
Category (transitional
activity) (20)
SEARCHBROWSESTARTPAGE 85
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial Materiality (Outside-in)
Impact Materiality (Inside-out)
Score:
Score:
0 2,5 3 4 5
5
4,5
4
3,5
3
2,5
3,5 4,5
Social IROs
1213
14
15
16
17
18
19
20
2122
S3
*
S4
*
Non-material topics
*S3 and S4 was assessed to be non-material
Social
Impacts, risks and opportunities (IROs)
The materiality assessment outlined in ESRS 2 IRO-1, page 50 identified the following material
social-related impacts, risks and opportunities.
The IROs are explained in more detail in connection with the disclosures.
SEARCHBROWSESTARTPAGE 86
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
S2  WORKERS IN THE VALUE CHAIN
Sub-topic IRO description IROs and Time
horizon
Adequate wages
IRO 17: Adequate wages in value chain - related to industry
challenges with long working hours and low wages.
PI
MT
Labor relations
IRO 18: Labor relations in value chain - related to industry
challenges regarding social dialogue, the right to collective
bargaining, and formation of trade unions.
PI
MT
Health and safety
IRO 19: Health and safety in value chain - related to industry
challenges with health and safety risks such as occupational
hazards, exposure to dust or chemicals and accidents. Also
related to the safety of customers operating TOMRA machines.
AI
MT
Diversity, equity and
inclusion
IRO 20: Diversity, equity and Inclusion in value chain - related to
industry challenges with DEI.
PI
MT
Violence and
harassment
IRO 21: Violence and harassment in value chain -related to
industry challenges with an unsafe environment work environment
for female employees.
PI
MT
Child labor / forced
labor
IRO 22: Child / forced labor in value chain - related to industry risk
of child/ forced labor in the extraction of raw material in regions
with weak regulatory oversight.
PI
MT
Read more on page 98
17 211918 2220
S1  OWN WORKFORCE
Sub-topic IRO description IROs and Time
horizon
Health and safety IRO 12: Health and safety in own operations - related to accidents,
fatalities, identified and reported hazards and incidents.
AI
FO
RP
Gender equality and
equal pay for work of
equal value
IRO 13: Gender equality and equal pay for equal value in own
operations - related to representation of woman in leadership
positions and gender wage gap.
PI
FO
RP
Training and skills
development
IRO 14: Training and skill development in own operations - related
to training options, development and career management.
PI
MT
Diversity, equity and
Inclusion Initiatives
IRO 15: Diversity, equity and inclusion Initiatives in own operations
- relates to inclusive employment and workplace.
FO
MT
Data privacy and
protection
IRO 16: Data privacy and protection in own operations - relates to
measures to protect personal identification documents.
PI
RP
Read more on page 88
12 161413 15
IROs / Time horizon:
AI
Actual Negative Impact
PI
Potential Negative Impact
FR
Financial Risk
AI
Actual Positive Impact
PI
Potential Positive Impact
FO
Financial Opportunity
ES
Entity Specific /
RP
Reporting Period
MT
Medium-Term <5y
LT
Long-Term >5y
SEARCHBROWSESTARTPAGE 87
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
S1
Own workforce
ESRS2 SMB-3 Impacts, risks and opportunities and their
interaction with strategy and business model
The material IROs disclosed in S1 are relevant for all TOMRA’s
workforce, and all TOMRA employees are included in
the scope of the disclosures. The materiality assessment
described in IRO-1, page 50 included all employees and non-
employees in our workforce. The workforce is predominantly
composed of permanent employees, and none of the IROs
are considered specifically relevant only for non-employees.
Thus, we consider all IROs relevant for both employees and
non-employees. We found no significant risk of incidents
of forced labor or child labor. However, we acknowledge
that certain groups within our workforce may face specific
vulnerabilities. For example, women may encounter barriers
to equity and inclusion (see IRO 16: Gender Equality and Equal
Pay), while individuals in roles in our operating environment
may be exposed to higher health and safety risks (see IRO
15: Health and Safety). These potential negative effects are
proactively addressed through our gender equality initiatives,
and health and safety measures. We consider all IROs to be
widespread, as all IROs are relevant for all employees. Our
financial opportunities are closely linked to the well-being and
satisfaction of our workforce.
We depend on our employees and consider them a crucial
group of stakeholders. While we rely on our core values
of innovation, passion and responsibility to transform how
we obtain, use and reuse the world’s resources, we also
use them to embrace a culture that puts every employee’s
well-being in focus. We are dedicated to fulfilling our role as
an employer by ensuring safe, fair and respectful working
conditions. We have a Group-wide health and safety
program, TOMRA Safe, working to keep our people safe
and healthy. Our commitment to health and safety is an
important component of our overall strategy to ensure that
TOMRA remains a great place to work. Also, at TOMRA, we
believe that diversity, equity, and inclusion (DEI) make us
stronger, affecting our strategy and decision making through
integration of DEI initiatives into our operational processes. In
addition, TOMRA is committed to ensuring compliance with
applicable data protection and privacy laws in all markets
where we operate. Ensuring data protection is imperative for
maintaining trust in business relationships and safeguarding
TOMRA’s reputation as an employer and business partner.
We are committed to maintaining high standards of data
privacy and protection across the organization.
The materiality assessment outlined in ESRS 2 IRO-1, page
50 identified the following material impacts, risks and
opportunities (IROs) related to own workforce:
IRO 15: Health and safety
AI
Actual negative impact: TOMRA experiences health
and safety risks that can lead to work-related incidents and
hazards requiring attention. While such events may result in
time away from work, severe accidents and fatalities are rare.
FO
Financial opportunity: A secure work environment
prevents disruptions, lowers turnover and costs, and
increases employee satisfaction and productivity. A strong
reputation for health and safety management is also
important to attract and retain talent.
IRO 16: Gender equality and equal pay for work of equal
value
PI
Potential negative impact: Gender-based pay
disparities can undermine performance incentives and
create a perceived disconnect between effort and reward.
Underrepresentation of women in leadership roles may
further impact equity and inclusion across the organization.
FO
Financial opportunity: Prioritizing gender equality
enhances corporate reputation, attracting and retaining
talent, customers, and ESG investors. Ensuring equal pay
and gender equality fosters a positive work environment,
boosting employee morale and productivity.
IRO 17: Training and skills development
PI
Potential positive impact: TOMRA Learn is our eLearning
platform hosting various courses designed to drive training
and skills development. Mandatory courses are delivered
on TOMRA’s culture, health and safety, compliance, equal
opportunity and inclusion, in addition to voluntary training
on a wide range of technical and professional development
topics. Furthermore, regional and local training initiatives
take place across the TOMRA Group, tailored to address
specific local or regional requirements. The potential
positive impact is substantial, with skill development creating
pathways for career advancement.
IRO 18: Diversity, equity and inclusion (DEI) initiatives
FO
Financial opportunity: Prioritizing DEI initiatives to ensure
a diverse and inclusive workplace enhances corporate
reputation, and helps to attract and retain talent, customers,
and ESG investors.
IRO 19: Privacy in own workforce
PI
Potential Negative Impact: While we have implemented
measures to protect and process personal data in a
compliant way, potential privacy risk may be involved
depending on the context of the data processing. Any risk
must be assessed on a case-by-case basis, and TOMRA will
implement appropriate measures depending on the risks.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS S1-1 Policies related to own workforce regarding
working conditions
At TOMRA, we recognize the importance of maintaining a fair
and safe work environment for our employees. Our Code of
Conduct, Human and Labor Rights Policy, and whistleblower
system described in G1-1, page 106 explains how TOMRA
commits to complying with human and labor rights, including
a commitment to providing remedy for human rights impacts.
No adverse human rights impacts have been reported
at TOMRA in 2025; thus, no measures have been taken.
Through our policies, TOMRA commits to respecting the
United Nations Universal Declaration of Human Rights
and the OECD Guidelines for Multinational Enterprises on
Responsible Business Conduct. Our Human and Labor Rights
Policy explicitly addresses forced labor, trafficking, child
labor, discrimination, and harassment.
A safe workplace is a fundamental human right for our
workforce. Ensuring the health and safety of our workers
is governed by our Health, Safety and Environmental
(HSE) Policy. The policy is made available for employees
through our internal policy library. The scope of the policy
is all TOMRA employees, and all individuals present at our
workplaces. TOMRA also commits to providing a safe place
SEARCHBROWSESTARTPAGE 88
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
for our customers and the environment in which we operate.
The policy states our TOMRA SAFE vision: “At TOMRA we
are passionate about leading the resource revolution, and
are committed to providing a safe place for our people, our
customers, and the environment in which we operate. We
strive to promote a working environment which embraces
cultural diversity, inclusiveness, and wellbeing through our
safe people. We shape an environment for our people to live
their best lives and get home safely every day,” and the main
objective of the policy is to fulfill this vision through our eight
HSE principles:
• Culture: “Our TOMRA Safe Culture is built into everything we
do, protecting our people, customers and our environment.”
• Sustainability: “We deliver products and solutions that
contribute to a safer and more sustainable future.”
• Compliance: “We will comply with legal and regulatory
requirements and regularly create awareness across our
organization.”
• Learning environment: “We create a learning culture
across the organization through reporting all safety events
and sharing best practice to ensure safety excellence.”
• Target Zero: “We strive for zero work-related injuries
and illness through a TOMRA Safe mindset built into our
values.”
• Contribution: “We make an impact through collaboration
with our people, being visible, approachable and
passionate about HSE, delivering HSE excellence.”
• Accountability: “We are all accountable to maintain the
same high Health, Safety and Environment standards.”
• Controlling and monitoring: “We regularly assess the
HSE risks arising from our work and regularly review our
systems and controls to ensure their effectiveness.”
TOMRA’s President and Chief Executive Officer (CEO) is
accountable for implementation of the policy, which is subject
to periodic internal audit review to ensure it remains effective.
To supplement our policy framework, we have health
and safety management systems, including accident
prevention, that cover all sites and employees. Additionally,
we operate an externally certified ISO 45001
14
health and
safety management system at our factories in Germany and
14 The International Organization for Standardization (ISO) 45001 is the standard for management systems of occupational health and safety.
Slovakia for TOMRA Recycling. This covers all workers on
site, both contractors and employees. Our health and safety
management system is funded through our annual operating
budget. Local leaders are responsible for health and safety
in their locations and regions and are supported by divisional
safety professionals and senior leadership teams, as well as
the TOMRA Executive Leadership Team. The development
of a safety culture is a continuous focus for all levels of the
organization. We do not have a separate accident prevention
policy, but as our HSE policy states: “We strive for zero work-
related injuries and illness through a TOMRA Safe mindset
built into our values.”
We ensure all employees are aware of our Health, Safety and
Environment Policy and management system through regular
training. Aggregated HSE performance data is reported to
ELT for oversight and awareness. The TOMRA Safe Roles
& Responsibilities procedure and corresponding eLearning
applies to all employees at all TOMRA legal entities. The
procedure provides clear definitions of the roles and
responsibilities relating to health, safety and environment
across TOMRA, clarifying and promoting the collaboration
between TOMRA Group, divisions, and local markets. This
document is binding for all TOMRA employees in all divisions
and locations. All managers must ensure the implementation
of this standard in their area of responsibility.
Our commitment to a diverse and inclusive work culture is
reflected in our Code of Conduct, explained in G1-1, page
106, which emphasizes the importance of recognizing and
respecting everyone’s unique abilities. It is specifically
stated in the policy that we do not tolerate any form of
discrimination based on ethnicity, color, religion, gender
(including pregnancy), sexual orientation, gender identity,
marital status, national origin, union membership, age, mental
or physical disability, amnesty, veteran status, or any other
characteristic. Related to gender equality and equal pay for
work of equal value, our code mandates that all employment-
related decisions, including recruitment, training,
compensation, and promotion, are based on business needs,
job requirements, and individual qualifications.
The People Policy at TOMRA aims to create a great place
to work by leveraging multiple factors to attract, motivate,
and retain talents, sustain a high level of employee
satisfaction and engagement, and drive exceptional business
performance and results.
The key content and objectives of the policy are to communicate:
• The commitment to promoting TOMRA’s values: Innovation,
Passion, and Responsibility.
• The responsibilities and expectations of affected parties.
• The commitment to respecting individuals, treating them
with dignity, and recognizing cultural diversity.
• The importance of health, safety, and the environment.
• The importance of managing third parties.
The policy specifically relates to training and skills
development through a commitment to encouraging
development and learning opportunities consistent with the
employee’s abilities, career and the needs of our business,
and to embrace new ideas and continuous learning. It is
also related to diversity, equality and inclusion through
the commitment of respecting individuals, treating them
with dignity, and recognizing cultural diversity. The policy
applies to all TOMRA Group companies and all employees,
as well as anyone acting on behalf of TOMRA, and ensures
compliance with local statutory laws and regulations. TOMRA
also encourages suppliers and business partners to follow
similar principles in their own operations. The most senior
level accountable for the implementation of the policy is
the Executive Vice President People & Organization (P&O),
with the policy being approved and monitored regularly by
the Executive Leadership Team. The policy considers the
interests of key stakeholders by ensuring equal rights for
all employees and providing support for their development
and learning opportunities. The policy is made available for
employees through our internal policy library.
In 2025, TOMRA introduced a Supplementary Parental
Leave Policy to further support employees in balancing their
personal and professional responsibilities. The policy applies
to all permanent employees globally and relates to the IROs
of gender equality and inclusion.
SEARCHBROWSESTARTPAGE 89
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
The key objective of the Supplementary Parental Leave
Policy is to ensure that all eligible employees who become
parents—through birth, adoption, surrogacy, or foster care—
are entitled to a minimum of 8 weeks of paid parental leave
at 100% of their regular gross pay. Where local legislation
already provides at least 8 weeks of paid parental leave, the
policy does not add additional benefits. If local law provides
less, TOMRA bridges the gap to guarantee the minimum
standard.
The policy is inclusive, applying regardless of gender or
family structure, and covers both full-time and part-time
employees who have completed at least 12 months of
continuous service. Employees may choose to take the
leave as a single eight-week block or, where operationally
feasible, select a flexible option that allows for a reduced
work schedule over a longer period, always at full pay. The
policy also ensures that employees on parental leave remain
eligible for annual merit increases. Requests for parental
leave follow established procedures, requiring advance
notice and supporting documentation.
The Supplementary Parental Leave Policy is aligned with
TOMRA’s values and broader people strategy, reinforcing
our commitment to creating a supportive, diverse, and
inclusive workplace. The policy is owned by the Executive
Vice President (EVP) People & Organization, approved by
the Executive Leadership Team (ELT) who is accountable
for the policy. It is made available to all employees through
our internal policy library. It is regularly reviewed to ensure
compliance with local laws and to reflect the evolving needs
of our workforce.
TOMRA recognizes the fundamental importance of privacy
for all individuals and strives to ensure that all interactions
with our company are handled in a way that meets applicable
legal requirements, such as requirements under the GDPR
and other applicable data protection laws. This is anchored
in our Code of Conduct, explained in G1-1, page 106.
TOMRA’s Data Protection and Privacy Policy (Privacy Policy)
governs how the TOMRA Group handles personal data
relating to individuals, such as personnel, customers and
business partners and relates to the IRO “Privacy in own
workforce.” The Privacy Policy applies to all TOMRA Group
companies and personnel. The key objective of the policy
is to ensure implementation of consistent and uniform
data protection and privacy principles across TOMRA. The
policy is accessible to stakeholders via our internal policy
library. TOMRA’s Executive Leadership Team is accountable
for overseeing overall privacy compliance and ensuring
implementation of the Privacy Policy.
We are also transparent about how and for what purposes
we process personal data about our employees in our
TOMRA Privacy Notice for Employees, accessible to
stakeholders via our internal policy library. The most senior
level accountable for the implementation of the policy is the
Executive Vice President (EVP), People & Organization.
ESRS S1-2 Processes for engaging with own workforce and
workers’ representatives about impacts
TOMRA actively seeks feedback from our employees
through the annual Employee Engagement Survey. In 2025,
with a response rate of 95% (2024: 91%) and an engagement
mean of 4.14 (2024: 4.01), we not only raised participation
by 4% but also made significant improvement in raising our
engagement mean by 0.13. Notably, our focus on a feedback-
driven culture and trained leaders that motivated their team
to participate, brought significant results.
The results of our engagement survey were presented to
the ELT to identify key areas for improvement and develop
actionable steps to address critical issues. Additionally,
all managers have undergone comprehensive training to
enable them to act effectively on their team-specific results.
In several business areas, participation targets for managers
provided additional motivation for a high participation rate.
At TOMRA, we want to encourage people to be their
authentic selves and support where we can. That’s why we
are proud to have three employee resource groups (ERGs),
Women, Roots, and Rainbow LGBTQ+ (previous LGBTQ+),
that are self-organized networks that meet regularly,
providing valuable platforms for members to connect and
exchange ideas. In 2025, the Rainbow LGBTQ+ ERG shot
an internal image film as part of their 2025 Pride events to
present who they are to lower entry barriers and engage
people to join. Each ERG is sponsored by a member of our
Executive Leadership Team. These ERGs not only provide
valuable platforms for members to connect and exchange
ideas but also serve as essential feedback partners for the
organization. These groups act as clear points of contact,
enabling management to better understand and incorporate
the needs of their members into decision-making processes.
ESRS S1-3 Processes to remediate negative impacts and
channels for own workforce to raise concerns
TOMRA is committed to addressing and remedying any
negative impacts on our workforce through transparent and
effective processes. Central to this is our TOMRA Notification
Portal: Speak Up, an independently reviewed online
communication channel managed by Group Compliance
and explained in more detail in G1-1, page 106. The portal
allows submissions in multiple languages, with the option to
remain anonymous. All communication through the portal is
encrypted to ensure confidentiality and security. To assess
the effectiveness of this mechanism, we monitor usage
data, track resolution times, and seek feedback from users
to identify areas for improvement. No adverse human rights
impacts have been reported at TOMRA in 2025, thus no
measures have been taken.
In addition to the Notification Portal, employees can raise
concerns directly with their managers or P&O representatives,
who are trained to promote an environment of trust and
openness. All managers and P&O departments are sensitized
to the importance of addressing complaints professionally and
confidentially, ensuring employees feel supported and heard.
We strictly enforce a non-retaliation policy to protect
employees who raise concerns. Employees who disclose their
identities when reporting a concern are guaranteed protection,
and no confidential information is shared with third parties
without their consent. We have not conducted any surveys to
measure employees’ awareness and trust in these structures.
ESRS S1-4 Taking action on material impacts
Health and safety
Pursuant to fulfilling our zero-harm ambition and commitment
to providing a safe place for our employees, our key health
and safety actions in 2025 were:
SEARCHBROWSESTARTPAGE 90
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
• TOMRA Safe Management System: As part of TOMRA’s
commitment to sustainability and continuous improvement
in health and safety performance, the TOMRA Safe
Management System has undergone a comprehensive
review and restructuring. This initiative has resulted in the
development of nine Group-wide standards that define
the minimum health and safety requirements applicable
across all TOMRA locations and divisions. These standards
are designed to ensure consistent and effective risk
management practices. This action was completed in
2025 and will be progressively rolled out throughout the
organization starting in 2026.
• TOMRA Safe e-system: TOMRA has selected a global
digital Health, Safety, and Environment (HSE) platform
to support the implementation of these standards. The
e-System is configured to automate and harmonize key HSE
processes, enabling improved data integrity, streamlined
reporting, and enhanced compliance across all business
units. A phased deployment of the system is scheduled to
commence in 2026, following successful configuration and
alignment with the newly established standards.
• Learning from incidents: We continuously report and
investigate all types of incidents - near misses, first aid
cases, and more serious work-related injuries or illnesses.
Near misses with the potential for serious harm are treated
with the same level of investigation as actual severe
injuries or fatalities. For lost time injuries, we identify root
causes and implement corrective actions. Lessons learned
are shared across the organization to help prevent similar
incidents in the future. This process is ongoing and part of
our commitment to continuous improvement.
• Health and safety day: In 2025, we recognized the ILO
World Health and Safety Day at work (April 28) with activities
and educational efforts for on-site and remote employees. A
panel session featuring our CEO and HSE leads focused on
the theme "Safety – A Shared Responsibility" by discussing
TOMRA’s safety values, introducing new safety tools, and
outlining our 2025 safety strategy and goals. Activities
included sharing resources, encouraging incident reporting,
promoting the Speak-Up Portal, and engaging everyone in
building a safer workplace together.
These actions are designed to help us reach our zero-harm
target, explained in S1-5, page 92.
Diversity, equality and inclusion
To contribute to our People Policy commitments of
respecting individuals, treating them with dignity, and
recognizing cultural diversity, we continued our culture
journey in 2025. After establishing a group of culture
champions in 2024, this group held several culture training
courses for new and existing managers. The workshop
participants brought together different divisions and
countries, showing that our culture journey is a Group-
wide initiative, where we share cross-divisional values and
behaviors. These are TOMRA's values and lived behaviors:
Innovation
Disrupt the ordinary. Embrace change.
Inspire our customers.
Passion
Care and respect. Have fun together.
Grow through feedback.
Responsibility
Own our impact. Lead by example.
Empower for ownership.
In 2025 we relaunched our Include (Inclusive Individual
Development) program with 52 participants from
underrepresented groups. This program offers employees
the opportunity to enhance their professional growth and
leadership potential. We believe this initiative plays a crucial
role in building a more inclusive and diverse talent pipeline,
contributing positively to gender equality and to our diversity
targets. Furthermore, we conducted various initiatives around
Mental Health Awareness and Pride Month, International
Women’s Day, and Diversity Month to promote an inclusive
culture and raise awareness about key issues affecting our
workforce.
By focusing on these DEI priorities, we aim not only to
address potential negative impacts but also to advance
positive outcomes that benefit both our organization and
the communities in which we operate. These efforts will be
continuously monitored, with progress transparently reported
to stakeholders, ensuring accountability and alignment with
our broader ESG commitments.
Gender equality and equal pay for work of equal value
Related to equal pay for work of equal value, we finalized
a new Job Architecture, Compensation, and Career
Framework. This initiative is designed to enhance role
clarity, support improved talent and career development,
and ensure fair compensation for all employees. Fair
compensation contributes to the achievement of our policy
commitments toward all employment-related decisions,
including recruitment, training, compensation, and promotion,
based on business needs, job requirements, and individual
qualifications.
Training and skills development
To fulfill our policy commitment to encourage development
and learning, we have an internal eLearning system, TOMRA
Learn.
This system features a comprehensive content library with
over 4,000 courses, many of which we have developed
ourselves. This approach ensures a wide variety of learning
topics for our employees, allowing them to choose courses
that interest them. Our mandatory courses are available
in at least nine different languages. New employees are
introduced to our learning platform during their onboarding.
Our eLearning system is continuously evaluated to ensure it
meets our evolving business needs. Through an extensive
internal audit and the involvement of an external auditor, we
concluded this year that our current system no longer fulfills
our requirements. To continue providing our employees
with consistent learning and development opportunities,
we therefore initiated the search for a new solution. This
process led to the selection of a new system by the end of
the year. Implementation will begin in 2026 and is essential
to support our policy commitment to fostering development
and continuous learning.
To fulfill our requirement to encourage development and
learning and to ensure that all employees remain compliant
SEARCHBROWSESTARTPAGE 91
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
with mandatory training requirements, TOMRA implemented
a dedicated dashboard that tracks the completion status of
all mandatory elearning courses across the organization.
This action directly supports our objectives under the
People Policy and our commitments to continuous learning,
compliance, and a safe and responsible work environment.
The dashboard was developed in response to a key
operational challenge: our current eLearning platform does
not provide a clear, consolidated, or user-friendly overview
of employees’ course completion status. In the past, this
created inefficiencies for People & Organization (P&O) teams,
who struggled to identify and follow up with employees
whose mandatory courses were overdue. As a result,
the ability to maintain high compliance rates and ensure
consistent learning standards across regions was limited.
To address this gap, the new dashboard aggregates training
data from all regions and presents weekly updated insights
on employee progress. It enables P&O staff to:
• Easily identify employees with overdue mandatory courses
• Follow up in a timely and efficient manner
• Support regional and divisional leaders in meeting
compliance expectations
• Strengthen adherence to TOMRA’s commitments to
continuous learning, safety, compliance, and employee
development
By improving transparency and enabling targeted
follow- up, this action enhances our internal monitoring
processes and ensures that mandatory training remains
accessible, trackable, and aligned with TOMRA’s broader
sustainability and people strategy.
Privacy
Raising awareness around privacy and data protection is
key to ensuring compliance and protecting our employees’
rights. This is an ongoing action, and we continuously
provide privacy training to our employees across the
organization and make available internal resources on
relevant privacy, data protection and information security
topics.
All employees are required to complete our mandatory
Data and Privacy Protection eLearning courses. To
enhance the safeguarding of employee data, we have
developed additional online training specifically for People
& Organization (P&O) staff, focusing on the responsible
handling of employee information.
METRICS AND TARGETS
ESRS S1-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing material
risks and opportunities
The first version of our health and safety, equality, and
inclusion targets were discussed and agreed upon by ELT in
a series of sustainability strategy workshops in spring 2021.
A revised version of the target framework, with updated
ambition level for the DEI targets, was later presented to
and approved by the Board of Directors in February 2022.
Finally, the targets were communicated externally for the first
time at the TOMRA Capital Markets Day in June 2022. The
sustainability target framework was developed and proposed
for ELT approval by a cross-functional and cross-divisional
sustainability task force, including representatives from all
three divisions and a variety of business functions. Inputs on
the targets were also sought from the divisional leadership
teams prior to the ELT decision.
Health and Safety
As part of our commitment to zero harm through TOMRA
Safe – Safe People, Safe Places, and Safe Processes, we
track our progress using leading and lagging indicators, with
2024 as our baseline year. Our primary aspirational goal is to
achieve zero work-related injuries and illnesses, ensuring a
safe environment for both people and the planet.
Our 2025 health and safety lagging indicators are:
• Lost Time Incident Frequency Rate (LTIFR): 5.5 or better
(2024 baseline year target: 4.64. 2024 baseline year
results: 5.99).
• Total Recordable Incident Frequency Rate (TRIFR): 10.18
or better. (2024 baseline year target: 7.61. 2024 baseline
year results: 9.66).
Our 2025 health and safety leading indicators:
• Hazard Reports: Target is that 50% of all employees report
one hazard each. Performance is tracked as the ratio of
number of hazard reports divided by number of employees
(2024 baseline year results: 0.66).
• Safety Interactions: Target is that 90% of all managers
complete one recorded interaction, per month.
Performance is tracked as the ratio of safety interaction
divided by number of people leaders (2024 baseline year
results: 0.65).
• TOMRA Safe eLearning for employees: Target is 90% or
better completion rate by all employees (2024 baseline
year results: 91%).
• TOMRA Safe Role & Responsibilities eLearning for
managers: Target is 90% or better completion rate by all
managers (2024 baseline year results: 81%).
The Lost Time Incident Frequency Rate (LTIFR) and Total
Recordable Incident Frequency Rate (TRIFR) are lagging
indicators that quantify the number of injuries classified as
lost-time injuries (injuries severe enough to require a single
day or more away from work) and recordable injuries (lost
time plus injuries requiring medical treatment, restricted
work, etc.), normalized per million hours worked.
The leading indicator for hazard reporting allows us to
document hazards and to mitigate them, as much as
reasonably practical. Identifying and mitigating hazards is key
to reducing the number and severity of work-related injuries.
The leading indicator of safety interactions enables leaders
to have effective conversations around health and safety,
helping to identify risks early, reinforce safe behaviors, and
build a proactive safety culture throughout the organization.
All new and current employees are assigned the TOMRA
Safe eLearning course, with a refresher required every
two years. This course introduces the key principles of
the TOMRA HSE Policy. New managers also complete the
TOMRA Safe Roles & Responsibilities course, which outlines
health and safety expectations for each role. A refresher is
also required every two years. Both courses play a vital role
in reinforcing our safety culture and ensuring consistent
communication across the organization.
Results presented in table 7, page 93:
SEARCHBROWSESTARTPAGE 92
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Diversity, Equality and Inclusion
As part of our commitment, we have set specific equality and
inclusion targets for 2030. These relate to gender equality
and equal pay for equal work, as well as diversity, equality
and inclusion initiatives. The targets are:
• Female senior managers:
15
Target: 30%, and we are
currently at 34% (2024 baseline year results: 28%).
• Female new hires: Target: 50%, and we are currently at
22% (2024 baseline year results: 25%).
We monitor these targets through key metrics, including
gender diversity in hiring and leadership representation.
The diversity metrics are available as live data for P&O
leadership and the ELT in relation to our targets. Those
metrics are used in internal town halls or divisional meetings
to inform the employees about the progress. The metrics
are also available for our Women Employee Resource Group
by demand. It is up to the P&O departments and the P&O
leadership team to identify lessons of improvements to reach
our diversity targets as part of their strategy building. These
targets align with our broader strategy to promote positive
impacts on our workforce while mitigating risks associated
with inequality and lack of representation.
Training and skills development
As part of our commitment to living our values, encouraging
development and learning, and ensuring a safe workplace, we
have introduced a target for training and skills development.
15 'Senior Management' is defined as the TOMRA Group Leadership Team (GLT), which includes all members of the Executive Leadership Team and core functional heads. As per December
2025, the GLT consists of 50 leaders in total.
The targets focus on compliance and health and safety:
• 100% of our permanent employees globally remain
compliant with mandatory compliance and health and
safety eLearning courses each year. Compliance means
that employees have no compliance or health and safety
courses marked as “overdue.”
Baseline year is 2025. This target supports our Code of
Conduct and People Policy and our ambition to provide
a safe and responsible work environment. It is absolute,
measured as the percentage of permanent employees with
zero overdue courses.
By the end of 2025, 93% of employees were compliant with
their compliance courses, and 92% with their health and
safety courses. Progress is tracked monthly through our
Learning Management System, and performance is reviewed
regularly to identify trends and corrective actions.
The target applies across all divisions and geographies.
It was developed in alignment with our sustainability
framework and discussed with relevant stakeholders to
ensure feasibility, but without involvement from employees.
The targets reflect our broader strategy to advance the
positive impact of training and skills development on our
workforce and mitigate risks related to health and safety.
Table 7
LTIFR TRIFR
Hazard
reporting
Safety
interactions
eLearning for
employees
eLearning for
managers
2025
5.46 6.65 1.17 0.46 91% 97%
2024
5.99 9.66 0.66 0.65 91% 81%
SEARCHBROWSESTARTPAGE 93
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Table 8Privacy
Working with privacy and implementing measures to comply
with applicable legislation and meet the evolving regulatory
landscape is a continuous task at TOMRA. Privacy awareness
is key. Our Privacy target is:
• 100% of P&O employees have completed the mandatory
privacy eLearning training “P&O - Data Protection and
Privacy in practice.”
The target was decided without involvement of employees,
following the goal of a 100% completion rate for all
mandatory courses. By end of 2025, 91% had completed
the course (2024 baseline year results: 87%). This target
will help us reach our policy objective that “TOMRA shall
handle personal data in a consistent and uniform manner” by
training P&O employees in our principles for how TOMRA as
an employer processes employee personal data. Baseline
year is 2024, and we anticipate that this will stand as an
ongoing target in the years to come.
ESRS S1-6 Characteristics of the undertaking’s employees
Our people data is stored in our Human Resources
Information System called TOMRA People. This system is
populated and updated by the P&O teams of each division.
The scope of our current employees includes active
employees and those who are currently on leave, while
employees who left, retired or never started their position
are excluded. TOMRA’s 5,791 (2024: 5,303) employees are
distributed in 46 (2024: 43) countries, with the headquarters
located in Asker. This workforce consists of 5,646 (2024:
5,157) permanent, 59 (2024: 66) temporary employees
and 86 (2024: 80) casual employees with non-guaranteed
hours, including seasonal workers and casual employees.
Employees that are currently on parental leave are also
included. In 2025, we had a total turnover of 17% (2024:
24%) with 953 employees (2024: 1,283) leaving during this
period. The voluntary turnover of 2025 was 10%, and 0.3%
left because of retirement. Dismissal was 5% (2024: 9%). One
(2024: 2%) percent left because of unknown reasons. We
do not track how many left due to death. The turnover was
calculated by dividing the number of leavers in 2025 by the
average headcount in 2025. The average headcount was
calculated by dividing the total number of headcounts during
2025 by 12 (months). The calculation of voluntary turnover
followed the same methodology as the overall turnover
calculation, with an additional filter applied to include only
terminations where the employment relationship was ended
by the employee.
Table 8 shows workforce headcount at the end of the
reporting period. The numbers have not been validated by
an external body.
Number of employees
Gender
2025 2024
Male
4,429 4,039
Female
1,360 1,263
Other (self-reported)
2 1
Not reported
0 0
Total employees
5,791 5,303
Country 2025 2024
Germany
1,142 1,022
USA
984 885
Norway
569 528
Slovakia
509 490
Australia
396 390
China
298 294
Belgium
205 193
Netherlands
157 155
New Zealand
142 144
Canada
114 122
Romania
133 116
Ireland
76 76
Denmark
76 70
Sweden
68 63
Chile
73 58
Poland
109 58
Austria
69 57
Japan
61 52
Spain
59 50
Italy
56 44
France
50 42
Other
1
445 394
Total
5,791 5,303
1 All countries with a headcount under 50.
SEARCHBROWSESTARTPAGE 94
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Table 9
2025 2024
Headcount by contract type and gender
Female Male Other
Not
disclosed Total Female Male Other
Not
disclosed Total
Number of employees
1,360 4,429 2 0
5,791
1,263 4,039 1 0
5,303
Number of permanent employees
1,318 4,327 1 0
5,646
1,219 3,937 1 0
5,157
Number of temporary employees
11 48 0 0
59
19 47 0 0
66
Number of non-guaranteed hours employees
31 54 1 0
86
25 55 0 0
80
Number of full-time employees
1,181 4,230 0 0
5,421
1
1,093 3,853 0 0
4,946
1
Number of part-time employees 148 145 1 0
294
1
139 121 1 0
261
1
2025 2024
Headcount by contract type and region
Americas APAC
2
Asia EMEA
3
Total Americas APAC
2
Asia EMEA
3
Total
Number of employees
1,203 547 392 3,649 5,791 1,110 538 376 3,279 5,303
Number of permanent employees
1,195 450 389 3,612 5,646 1,107 437 373 3,240 5,157
Number of temporary employees
8 11 3 37 59 3 21 3 39 66
Number of non-guaranteed hours employees
0 86 0 0 86 0 80 0 0 80
Number of full-time employees
1,118 414 392 3,497
5,421
1
1,052 396 375 3,123
4,946
1
Number of part-time employees
85 47 0 162
294
1
58 48 0 155
261
1
1 Casual employees (non-guaranteed hours employees) are neither full-time or part-time and therefore not part of the last two rows.
2 APAC stands for Asia-Pacific.
3 EMEA stands for Europe, Middle East, and Africa.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
ESRS S1-7 Characteristics of non-employee workers
in the undertaking’s own workforce
We exercise the right, as per the ESRS phase-in option, to
begin reporting on this disclosure in the subsequent year.
ESRS S1-9 Diversity metrics
Our employee data is stored in our Human Resources
Information System called TOMRA People. This system is
populated and updated by the People & Organization teams
of each division. The scope of our current employees includes
active employees and those who are currently on leave, while
employees who left, retired or never started their position
are excluded. In 2025, age information for 110 employees is
unavailable. Consequently, these employees were excluded
from table 10. For the calculation of top management, we
counted all managers one and two levels below the CEO.
We then counted the female managers and calculated the
percentage of women in this group of all managers. The
numbers have not been validated by an external body.
ESRS S1-13 Training and skills development metrics
The average number of hours per employee in 2025 are
6.46 hours, while the average for females was 6.09 hours
and 6.57 hours for males. The number is based on the time
spent per employee on our eLearning system and does
not include in-person education or individual attendance of
workshops.
Baseline year is 2025. The numbers have not been validated
by an external body.
For S1-13 83(a) “Employees that participated in regular
performance and career development reviews,” we exercise
the right, as per the ESRS phase-in option, to begin reporting
on this disclosure in the subsequent year.
ESRS S1-14 Health and Safety metrics
These metrics are collected and validated internally.
The recordable incident frequency rate is normalized
by calculating the injury rate per million hours worked.
This calculation is the number of recordable injuries (78)
multiplied by 1,000,000 hours and divided by the actual
number of hours worked. The numbers have not been
validated by an external body.
Table 10
2025 2024
Diversity Metrics Proportion Number Proportion Number
Women in top management
1
34% 17 43% 15
Employees under 30 years old
14% 769 14% 713
Employees between 30-50 years old
61% 3,485 61% 3,188
Employees over 50 years old
25% 1,427 25% 1,294
1 Top management is defined as one and two levels below the CEO.
Table 11
Training and skills development Female Male Other
Not
disclosed Total
Average number of training hours per employee
6.09 6.57 2.79 0 6.46
Table 12
Health and safety metrics 2025 2024
Percentage of people in TOMRA covered by our health and management systems
100% 100%
Number of fatalities because of work-related injuries and work-related ill health
0 0
Number of recordable work-related accidents
78 115
Rate of recordable work-related accidents (Total Recordable Incident Frequency Rate)
6.7 9.66
We exercise the right, as per the ESRS phase-in option, to
begin reporting on the following disclosure in the subsequent
year:
• Cases of work-related ill health and on number of days lost
to injuries, accidents, fatalities and work-related ill health.
• Reporting on non-employees.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
ESRS S1-16 Compensation metrics (pay gap and total
compensation)
Our employee data is stored in our Human Resources
Information System called TOMRA People. This system is
populated and updated by the People & Organization teams
of each division. The scope of our current employees includes
active employees and those who are currently on leave, while
employees who left, retired or never started their position are
excluded. To calculate the gender wage gap, we converted all
salaries from their local currency into euros. Due to inaccurate
salary information, 102 employees were excluded from the
gender wage gap calculation. Excluding these employees
was considered the best approach to ensure an accurate
representation of the overall situation, as they constitute
only 1.7% of our workforce and their omission is unlikely to
materially affect the results.
In 2025 TOMRA had an average gender wage gap of -1.1%
(2024: -0.7%) across our global workforce. This figure was
derived by dividing employees’ yearly salary by their annual
number of working hours, followed by dividing the average
female hourly compensation by the average male hourly
compensation in euros. In the European region, which accounts
for 53% of our workforce, the wage gap is -3.1% (2024: -5.7%),
reflecting a favorable position for our female employees.
Similarly, in North America, where 26% of our employees are
based, the wage gap is -2.9% (2024: -1.6%). This means that
for approximately 80% of our employees, the wage gap is in
favor of our female employees. However, we acknowledge
that there are challenges in certain regions, where the wage
gap ranges from 6% to 27%. These disparities are partly due to
the underrepresentation of women in senior roles in specific
geographical areas.
To further align the regions where women are still
disadvantaged, we have implemented several initiatives
aimed at promoting pay equity and fostering an inclusive work
environment. We regularly benchmark and set pay ranges
based on relevant market data, considering factors such as an
employee’s role, experience, and performance. Additionally,
we conduct regular reviews of our compensation practices to
ensure fairness and equity across our workforce.
Furthermore, we are committed to talent development and
growing the next generation of leaders. Our Include (Inclusive
Individual Development) program offers employees from
underrepresented groups the opportunity to enhance their
professional growth and leadership potential.
TOMRA’s annual total remuneration ratio is 10.3:1 (2024:
10.2:1). The annual total remuneration ratio compares the
annual base salary of the highest-paid individual to the
median annual base salary for all active and on-leave
employees, excluding the highest-paid individual. See
renumeration report.
The numbers have not been validated by an external body.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
S2
Workers in the value chain
ESRS2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
As an industrial manufacturing company, we depend on our
supply chain to produce components for our final goods and
services to our customers. The global supply chains servicing
the industry are geographically diverse with economic and
cultural differences including labor relations, level of human
development and worldview. Our customers expect to receive
goods that have been produced in fair and humane conditions.
We take our responsibility to identify, prevent and address the
mistreatment of workers in our value chain seriously.
The materiality assessment, outlined in ESRS 2 IRO-1, page
50, identified the following material impacts, risks and
opportunities related to value chain workers:
IRO 20: Adequate wages
PI
Potential negative impact: Wage disparities and low
wages are concerns in several industries represented
in TOMRA's value chain, including (but not limited to)
the electronics and electrical industries and especially
for workers in lower tier roles who typically receive low
compensation and work long hours. Employees may, to
some extent, accept longer working hours as this is an
industry norm, especially during critical project phases. As
direct documentation in TOMRA's value chain is challenging,
the impact is considered to be a potential impact, based
on given occurrences in similar businesses, industries and
operational geographies.
IRO 21: Labor relations
PI
Potential negative impact: Related to industry challenges
regarding social dialogue, the right to collective bargaining,
and formation of trade unions. Manufacturing industries face
systemic challenges in enforcing working time regulations,
leading to widespread instances of overwork. Also, many
countries and companies violate the right to collective
bargaining and the right to establish and form trade
unions. As direct documentation in TOMRA's value chain
is challenging, the impact is considered to be a potential
impact, based on given occurrences in similar businesses,
industries and operational geographies.
IRO 22: Health and safety
AI
Actual negative impact: Related to industry challenges
with health and safety risks such as occupational hazards,
accidents, and exposure to dust or chemicals among
TOMRA’s suppliers and sub-suppliers. Due to lack of
transparency in the extended value chain, assumptions
are made based on industry knowledge of the sectors
and geographies represented in TOMRA’s value chain,
including (but not limited to) mining, refining, processing and
manufacturing operations in the steel, aluminum, and copper
industries. Furthermore, negative health and safety impacts
can occur in our downstream value chain when customers
are operating TOMRA equipment.
IRO 23: Diversity, equality and inclusion
PI
Potential negative impact: Manufacturing and
labor-intensive industries tend to have homogeneous
workforces. This tendency links to the inherent nature of
labor requirements and prevailing traditional hiring methods
and employment opportunities, which may pose constraints
on achieving workforce diversity. Additionally, women in
manufacturing and manual labor industries frequently face
wage gaps compared to their male counterparts, even when
performing similar roles. While TOMRA suppliers examined as
part of the DMA clearly value a diverse workforce, the absence
of data makes it challenging to verify this commitment in
practice. As direct documentation in TOMRA's value chain is
challenging, the impact is considered a potential impact.
IRO 24: Violence and harassment
PI
Potential negative impact: Production and manufacturing
industries are typically male dominated, which can lead
to difficult and unsafe work environments for female
employees, including gender-based harassment and
discrimination. Hostile or unwelcoming workplace cultures
can discourage women from entering or staying in these
industries, and create an environment that is less inclusive,
hindering collaboration and overall workplace satisfaction. As
direct documentation in TOMRA's value chain is challenging,
we assess this as a potential impact.
IRO 25: Child/forced labor
PI
Potential negative impact: Related to industry risk of
child/ forced labor in the extraction of raw material in regions
with weak regulatory oversight. Migrant workers and
workers from communities with limited resources are often
more vulnerable to exploitation, including the risk of child
labor due to economic challenges and lack of access to
education. Child labor is not particularly common in the steel
and manufacturing industries. As direct documentation in
TOMRA's value chain is challenging, we assess this to be a
potential impact, given occurrences in similar businesses and
industries.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS S2-1 Policies related to workers in the value chain
The success of our business relies on strong relationships
with suppliers who adhere to the same ethical principles
as those held by TOMRA. We set our expectations of
our suppliers and partners in our Business Principles for
Suppliers & Partners, described in G1-1, page 106.
The Business Principles address potential risks related
to labor practices, human rights, health and safety, the
environment, and compliance matters including bribery and
corruption in the supply chain. Suppliers must comply with
international human and labor rights standards and national
laws regarding risks such as child and forced labor, working
hours, wages and benefits, and non-discrimination. The
principles explicitly include worker safety and workers’ rights.
Combined with the TOMRA Human and Labor Rights
Policy, described in G1-1, page 106, suppliers are explained
in detail on TOMRA’s expectations to suppliers and their
supply chains on specific human and labor rights including
forced labor, trafficking, and child labor. The standards in
the Business Principles and the Policy are in line with the
applicable ILO standards as well as the United Nations (UN)
Guiding Principles on Business and Human Rights. The policy
is publicly available on TOMRA.com.
Compliance with the principles, as well as the Code of
Conduct, described in G1-1, page 106, is integrated into the
standard terms and conditions set forth by TOMRA to its
suppliers. All the above-mentioned policies and principles
relate to all the impacts, risks, and opportunities presented
in this topical standard. TOMRA strives to ensure that these
terms and conditions are included in as many purchasing
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
contracts and agreements as possible. As such it covers
a large part of the value chain workers although not fully.
The policy is available at TOMRA.com and is shared with
the relevant suppliers and partners through the terms and
conditions. Where TOMRA’s standard terms and conditions
are not followed, suppliers and partners are urged to sign
the policy during the onboarding process or supply TOMRA
with their own policy covering the rights of the workers in the
value chain.
TOMRA also commits to providing a safe place for our
customers with our Health, Safety & Environment Policy,
described in S1-1, page 88, through our eight Health, Safety
and Environment principles.
No cases of non-respect of the UN Guiding Principles on
Business and Human Rights, ILO Declaration on Fundamental
Principles and Rights at Work or OECD Guidelines for
Multinational Enterprises that involve value chain workers
have been reported at TOMRA or to the company from its
upstream or downstream value chain in 2024. As no cases
have been reported, no remedy measures have been taken.
In the case of any actual adverse impact TOMRA would
follow its Human and Labor Rights Policy.
ESRS S2-2 Processes for engaging with value chain workers
about impacts
All stakeholders, including value chain workers, can raise
concerns through our Notification Portal: Speak Up, detailed
in G1-1, page 106 The notification channel is open for all value
chain workers at TOMRA Notification Portal: Speak Up.
Our communication to suppliers includes global terms and
conditions based on our Code of Conduct and Business
Principles which highlight that suppliers must respect human
and labor rights. We also maintain processes to engage
with our suppliers about value chain workers' conditions
and rights (although direct value chain worker engagement
or through any proxies, is not currently implemented).
Topics that have been discussed include gender balance,
compensation and any potential challenges for workers
moving from other regions. This responsibility is managed
by each division's operations department and its Head of
Operations:
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Self-assessment form: The form requires suppliers to
answer, explain, and document relevant policies and
procedures for both the company and its suppliers. Relevant
suppliers must also confirm the existence of certain metals
and minerals, known as challenging to human rights, in their
products and production chains. Self-assessment forms
are typically performed yearly. The majority of TOMRA’s
strategic suppliers completed the self-assessment form
during 2025 and all existing contracted suppliers are
reminded of the condition of compliance with the TOMRA
Code of Conduct and Business Principles. Deviations from
TOMRA expectations are followed up in the next sections of
interaction. The Collection business division has in addition
promoted awareness of human and labor rights principles
with specific communications and forms.
• Interviews and discussion: The TOMRA business
divisions also engage suppliers in regular interviews and
discussions concerning their production, procurement,
and supply chains, related to human and labor rights. Such
supplier engagements and interactions occur frequently
across supply chain locations including Germany, the
Netherlands, Norway, Estonia, Slovakia, Poland, and China.
• Supplier audit: Strategic suppliers are subject to physical
audits from TOMRA including senior management
interviews, documentation requests, and factory inspections.
Health and safety, labor conditions, discrimination, and
sub-suppliers are part of the audit plan under the due
diligence framework. During 2025, TOMRA conducted
supplier audits of 58 (2024: 60) strategic suppliers globally
in Germany, Slovakia, Czechia, Estonia, and China.
• Documentation review: Documentation received from the
above interactions is carefully reviewed and confirmed
where human and labor rights issues are under discussion.
Examples include ensuring that health and safety
training is completed at these sites, relevant policies and
procedures are shared and explained, and information
regarding sub-suppliers is shared and analyzed.
• Third-party information check: TOMRA screens and
verifies the integrity of new suppliers through a third-
party service before entering a business relationship, and
existing suppliers are monitored through the same service.
The screening and monitoring process includes results
on sanctions, penalties and fines, and negative media
reports covering human and labor rights abuses. This is an
ongoing process that is tested by Group Compliance and
is followed up by the Board committee ASC and Executive
Leadership Team on a quarterly basis.
With regards to our customers, we engage in a variety
of ways to ensure safe operation of our machines. This
includes:
• Ensuring manuals and user instructions are shared with
our customers during the installation and commissioning
stage.
• Collecting customer feedback to integrate this into the
development of new product and service offerings to best
address customers’ needs.
• Conducting site validations, where R&D engineers work
with regional engineering and service personnel to test
a new offering on a customer site in normal customer
operations. This is not only important to refine the product
before a wider release but also a critical step in training
regional personnel. This process is repeated on a smaller
scale for upgrades.
• Providing specific training for our customers, tailored to the
different roles at the customer site, who may interact with
our solutions (e.g. operator, control room, maintenance).
These training courses are conducted in a TOMRA facility
by qualified technical trainers.
• Providing the opportunity for our customers to contact
our customer service personnel to request support or
information concerning the functioning of their machines.
This may occur on an ad-hoc basis or as part of a TOMRA
service contract, known as TOMRA Care.
ESRS S2-3 Processes to remediate negative impacts and
channels for value chain workers to raise concerns
TOMRA recognizes its responsibilities to the communities
affected by its operations and business. This includes all
relevant human and labor rights. TOMRA has invested in
a notification portal (detailed in G1-1, page 106) on which
interested parties, external and internal, can notify the
company of concerns and complaints. The notification
channel is open to all value chain workers as concerns can
be raised with only an internet connection and an email for
further communication. Moreover, the TOMRA Human and
Labor Rights Policy (detailed in G1-1, page 106) specifically
lays out our commitment and process toward the voicing
of grievances and initiating remedial actions. No adverse
human rights impacts have been reported to TOMRA in
2025, thus no measures have been taken.
Suppliers are specifically informed of the portal and
encouraged to speak up on human and labor rights risks in
their supply chains. Group Compliance, as an independent
party, will investigate any concern or complaint reported
and where appropriate recommend remediation, including
compensation. The number of reported concerns and their
nature are reported internally through the compliance KPIs to
the Executive Leadership Team and the Audit & Sustainability
Committee. The company assesses awareness of the
notification portal through the type of concerns reported
and whether they are from internal or external parties. The
company works to ensure awareness of the channel as best
as possible, believing that greater awareness contributes
to increased effectiveness. The concerns reported are then
used to assess the awareness level of the workers in the
value chain.
Concerns and complaints about human labor rights may also
lead to needed changes in TOMRA’s supply chain procedures
and management. This means that procurement will be
involved in the investigation and informed of such reports
where needed to prevent or reduce the risk of future incidents.
Senior management supplies advice and guidance on such
investigations and is informed of the findings and outcomes.
Where significant harm is found TOMRA will cooperate
with the relevant stakeholders, according to international
standards and laws. Such actions’ effectiveness will be
monitored and reported internally.
Non-conformity cases may also be raised from customers
notifying TOMRA through our customer-facing organizations
(via sales representatives, customer service, project
managers, and field service engineers). The divisional head
of quality is responsible for the reporting and tracking of non-
conformities. Safety and compliance issues are escalated
through line management to Group health and safety. A
cross-functional task force is then assembled as necessary to
investigate root causes and recommend a solution.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
ESRS S2-4 Taking action on material impacts
TOMRA engages suppliers on health and safety, labor
conditions, and human rights protection in its normal course
of business. These engagements include key actions such as
supplier onboarding assessments and visits, quality control,
supplier audits at site, and management discussions to flag
risks and where applicable explicitly ask about incidents and
events and their remediation. We plan to continue to use
such interactions as our main actions in the future as well.
When actual events or significant risks are found, action
is taken with the supplier to correct and mitigate future
negative events as well as to consider and provide
remediation where deemed appropriate. As each case
is expected to be unique, each case needs a separate
consideration and process for remediation. Actual events, as
well as risks discovered that could potentially lead to actual
events that occurred in 2025 and further in the past include
the following situations:
• Lack of policies and procedures: TOMRA verifies through
onboarding and annual self-assessment forms if suppliers
have the necessary policies and procedures in place to
protect human rights and labor conditions. When these are
missing, TOMRA will ask for such policies and procedures
to be implemented. This is then tested and confirmed at
following interactions, including physical audits.
• Labor conditions and health and safety risks: TOMRA
visits the factory floors of key suppliers and performs
walk-throughs to see the operational workflow, cleanliness,
and adherence to health and safety guidelines. Found
issues, hazards etc. are communicated in writing, including
expectations for improvements. Typical observations
may include lack of safety equipment and medical
supplies, proper marking of safety lanes, and general
clutter in the working environment. TOMRA will document
any shortcomings and share them in writing with the
relevant suppliers, including any recommendations and
expectations to improve.
• Human rights awareness: TOMRA inquiries on procedures
to protect human rights, such as discrimination, forced
labor of undocumented workers, and community rights
to suppliers. TOMRA requests that such procedures are
implemented when needed. The results are verified at the
next checkpoint.
• Supplier risk oversight and controls: TOMRA explicitly
states in the Business Principles for Suppliers and Partners
that suppliers must manage the risk in their supply chains
to ensure that the situation for TOMRA’s sub-suppliers
is understood and managed. TOMRA questionnaires,
discussions and audits include communication on this
to understand supply chain risks. Where suppliers do
not have the appropriate level of oversight and control,
TOMRA clarifies commitment to the Business Principles
and suggests relevant standards and procedures.
These actions are implemented to avoid causing or
contributing to our material impacts on value chain workers.
The actions relate to the objectives set out in TOMRA
Business Principles for Suppliers & Partners, described in
G1-1, page 106.
TOMRA expects reported risks, events and issues to
be closed during the next period or supplier visit and
communicates this through, for instance, supplier audit
reports. This is applicable for each of the four items above.
The supplier feedback on the remediation plan is carefully
considered by TOMRA, particularly during supplier audits, as
sufficient or not. If not deemed sufficient, TOMRA will request
additional action.
Overall TOMRA actively engages with its suppliers and
supply chain to prevent incidents and mitigate the risk
for negative impact on human and labor rights. Since the
implementation of the Transparency Act, TOMRA has
increased its efforts to help suppliers implement the needed
changes for such prevention and mitigation and has shared
documentation on policies and procedures, supplier audit
forms, health and safety training, and education on human
and labor rights. In cases where a supplier will not follow
international laws and standards, even after improvements
are suggested and assisted by TOMRA, TOMRA will sever
its relationship with the supplier pursuant with our policy of
not supporting actors who do not respect human and labor
rights. TOMRA’s own internal processes in procurement,
sales, and data usage consider human and labor rights risks
with the objective of reducing or limiting such risks.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Product safety risks are managed through product
development processes and compliance with relevant
European directives. Our product development model
includes risk assessment and mitigation strategies, ensuring
that projects align with business objectives and safety
standards. This documentation is produced for each product
and is updated also throughout a product’s lifecycle should
new information or risks be identified.
No severe human rights issues and incidents connected to
customers have been reported in 2025. In the case of any
actual incidents the remediation efforts would be led by the
company’s Compliance function and include the relevant
procurement and sustainability team members from the
business area.
METRICS AND TARGETS
ESRS S2-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunities
At TOMRA we are continuously working to improve our
supply chain-related risk management through supplier
interaction and our own considerations. This includes how to
advance positive impacts. Setting direct targets is not yet a
concluded process. We expect any targets to be concluded
and communicated by the time TOMRA has implemented the
Corporate Sustainability Due Diligence Directive according
to the final guidance issued by our local regulator. Until
the process is concluded we track the effectiveness of the
related policies and actions through the usage of the Speak-
Up process and the supply chain-related developments.
There are no targets set specifically for safe use of our
products; however, to track the effectiveness of our
policies and actions through our compliance with relevant
EU directives and our product development process that
includes both risk assessments and mitigating strategies.
SEARCHBROWSESTARTPAGE 102
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial Materiality (Outside-in)
Impact Materiality (Inside-out)
Score:
Score:
0 2,5 3 4 5
5
4,5
4
3,5
3
2,5
3,5 4,5
Governance IROs
23
24 25
26
27
Non-material topics
Governance
Impacts, risks and opportunities (IROs)
The materiality assessment outlined in ESRS 2 IRO-1, page 50 identified the following material
governance related impacts, risks and opportunities.
The IROs are explained in more detail in connection with the disclosures.
SEARCHBROWSESTARTPAGE 103
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
G1  BUSINESS CONDUCT
Sub-topic IRO description IROs and Time
horizon
Corporate culture and
transparency
IRO 23: Corporate culture and transparency in own operations
- related to an ethical corporate culture, and compliance with
external and internal standards.
FO
MT
Political influence and
lobbying activities
IRO 24: Political Influence and lobbying activities in own operations
- related to political engagement and advocacy within the public
sphere.
PI
MT
Supplier relationship
management
IRO 25: Supplier relationship management in own operations -
related to communication with and screening of suppliers as well
as managing expectations related to environment, social and
governance issues.
FO
MT
Corruption and
bribery prevention
training
IRO 26: Corruption and bribery prevention training in own
operations - related to training of employees to prevent corruption
and bribery.
FR
MT
Whistleblowers IRO 27: Whistleblowers in own operations - related to
communication channels for and protection of whistleblowers, and
proper incident management.
FR
MT
Read more on page 105
23 2524 26 27
IROs / Time horizon:
AI
Actual Negative Impact
PI
Potential Negative Impact
FR
Financial Risk
AI
Actual Positive Impact
PI
Potential Positive Impact
FO
Financial Opportunity
ES
Entity Specific /
RP
Reporting Period
MT
Medium-Term <5y
LT
Long-Term >5y
SEARCHBROWSESTARTPAGE 104
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
G1
Business conduct
ESRS 2 SBM-3 Impacts, risks and opportunities and their
interaction with strategy and business model
TOMRA is committed to conducting our business with
integrity and ensuring compliance according to applicable
laws and regulations as well as our Code of Conduct. We
work to ensure a strong compliance culture through regular
training and awareness raising. The materiality assessment
outlined in ESRS 2 IRO-1, page 50 identified the following
material business conduct-related impacts, risks and
opportunities (IROs), described below. The IROs originate
from the company’s strategy and business model as we
work to lead the resource revolution through our values
including taking responsibility for making a difference for
our customers, people, and planet. We are involved with
the IROs mainly through our activities and value chain,
including creating awareness of our business and solutions,
procurement, production, sales, and service. The IROs affect
strategy and decision making through their integration into
our operational processes, ensuring alignment with our
commitment to integrity.
IRO 23: Corporate culture and transparency
FO
Financial opportunity: Fostering a positive corporate
culture with transparent values, reporting, and business
integrity provides financial opportunities through brand
reputation, attracting sustainability-oriented talent, customers
and investors.
IRO 24: Political influence and lobbying activities
PI
Potential positive impact: TOMRA exerts a positive
influence by constructively contributing to the development
of environmentally responsible and economically efficient
public policy, advocating for sustainable business and
consumer habits. Positive impact is potentially substantial as
political engagement can lead to significant social impact,
influencing legislation, inspiring public interest and action
towards a more sustainable future.
IRO 25: Supplier relationship management
FO
Financial opportunity: Establishing robust supplier
engagement frameworks present financial opportunities in
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
the sense that this can lead to increased operational
efficiency, innovation, reduced supply chain disruptions and
risks, and lowered procurement costs.
IRO 26: Corruption and bribery prevention training
FR
Financial risk: Financial risks may arise from not
proactively preventing and detecting corruption or
bribery cases, and such occurrences can negatively affect
stakeholder trust and brand reputation.
IRO 27: Whistleblowers
FR
Financial risk: Financial risks may arise from inadequate
handling and protection of whistleblowers, insufficient
policies and/or inadequate whistleblowing mechanisms.
Failure to provide effective whistleblower mechanisms could
have legal consequences and cause reputational damage
and operational disruptions. If individuals are not adequately
protected, there is a risk of legal liabilities and a decline in
employee morale.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
ESRS G1-1 Business conduct policies and corporate culture
Our approach to business conduct is anchored in our
Governance Framework which sets the standard for how we
conduct business and outlines our expectations for suppliers
and business partners. The framework incorporates anti-
bribery and anti-corruption policies which are consistent
with the United Nations Convention against Corruption.
Our flagship document is our Code of Conduct, which is
published in more than 20 languages, representing the
main languages of all the locations TOMRA has a significant
presence. All language versions of the TOMRA Code of
Conduct are available on TOMRA.com.
CODE OF CONDUCT
The TOMRA Code of Conduct presents all TOMRA
employees and relevant partners with guiding principles
and commitments to the responsibilities that TOMRA takes
in conducting its business activities with integrity and
respect for all people. It sets out ethical guidelines for how
we conduct our business. It affirms our commitment to
upholding human rights, promoting diversity, and our zero
tolerance for bribery and corruption in addition to other
relevant topics. The Code also includes our responsibility to
conduct business transparently, to comply with anti-money
laundering laws, and to protect personal and company data.
It also reflects our dedication to environmental care and
our role in supporting community and economic growth,
and relates to the following IROs: Corporate culture and
transparency, corruption and bribery prevention training and
whistleblowers.
The key content and objectives of the Code are to
communicate:
• The expectations as to how we conduct business at the
company.
• The responsibilities and expectations of affected parties.
• The commitment to said parties’ rights and work
environment.
• The importance of information security.
• The importance of managing third parties.
Scope of the policy is all TOMRA Group Companies and
employees, as well as anyone acting on behalf of TOMRA.
TOMRA also encourages suppliers and business partners
to follow similar principles in their own operations. The
Code relates to all our material compliance policies and
risk management and is approved by the TOMRA Board of
Directors.
The Vice President, Head of Governance, Risk, and
Compliance is responsible for the implementation and
supporting guidelines and policies. The Code is subject
to annual reviews by the TOMRA Executive Leadership
Team (ELT), who is accountable for the policy. The policy
is approved by the Board of Directors and made available
for stakeholders through our internal policy library and at
TOMRA.com.
Through the Code, TOMRA commits to respecting the
United Nations Universal Declaration of Human Rights
and the OECD Guidelines for Multinational Enterprises on
Responsible Business Conduct. The Code is written with
these principles in mind to ensure as best as possible that
relevant interested parties are included.
TOMRA HUMAN AND LABOR RIGHTS POLICY
The TOMRA Human and Labor Rights Policy presents all
TOMRA companies, employees and consultants as well
as suppliers and partners with guiding principles and
commitments to the responsibilities that TOMRA takes in
conducting its business activities in respect of human and
labor rights. The policy relates to all IROs presented in this
topical standard.
The key content and objectives of the policy are to
communicate:
• The commitment to respecting human and labor rights
• The principles and scope of the policy defining the
relevant rights
• The commitment to provide remedy and grievance as
deemed necessary
Scope of the policy is all TOMRA companies, employees
and consultants as well as all suppliers and their supply
chains. The policy was adopted by the TOMRA Board of
Directors. The Vice President, Head of Governance, Risk,
and Compliance is accountable for the implementation and
supporting guidelines. The policy is monitored regularly and
subject to annual reviews by the Board of Directors. The
policy is made available for stakeholders and interested
parties through our internal policy library and at TOMRA.com.
Through the policy, TOMRA commits to respecting Universal
Declaration of Human Rights, the two international covenants
on civil and political rights and economic, social, and cultural
rights, and the core conventions of the International Labor
Organization (ILO). The associated work on supply chain due
diligence is guided by the Norwegian Transparency Act of
2021 and the OECD (Organization for Economic Cooperation
and Development) Due Diligence Guidance.
The policy is written with these principles in mind to ensure
as best as possible that relevant interested parties are
included.
TOMRA BUSINESS PRINCIPLES FOR SUPPLIERS & PARTNERS
The TOMRA Business Principles for Suppliers & Partners
presents all suppliers and relevant partners with guiding
principles and commitments to the responsibilities that
TOMRA requires suppliers and partners to take in conducting
their business activities. The policy relates to the IRO 25,
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
supplier relationship management. The key content and
objectives of the policy are to instruct on:
• The commitment to sustainability.
• The commitment to human and labor rights.
• The commitment to health, safety, and the environment.
• The commitment to compliance.
• Reporting requirements and reporting of integrity concerns.
The scope of the policy is all TOMRA Group suppliers and
business partners. The policy relates to our compliance
policies and risk management and was adopted by the
Executive Leadership Team.
The Vice President, Head of Governance, Risk, and
Compliance is accountable for the implementation and
supporting guidelines and policies. The policy is monitored
regularly by the TOMRA ELT and subject to annual reviews by
the ELT. The policy is made available to stakeholders through
our internal policy library and at TOMRA.com.
Through the policy, TOMRA commits to working with
responsible suppliers and partners that integrate the above
into their own policies, procedures, and processes including
respecting the United Nations Universal Declaration of
Human Rights and the OECD Guidelines for Multinational
Enterprises on Responsible Business Conduct. The policy
is written with these principles in mind to ensure as best as
possible that relevant interested parties are included.
TOMRA ENVIRONMENTAL POLICY
TOMRA’s Environmental Policy, described in E1-2, page
64 relates to IRO 24, the impact political influence and
lobbying activities. In the section “Public Policy” TOMRA
commits to constructively contribute to the development of
environmentally responsible and economically efficient public
policy.
We achieve this by:
• Engaging with a broad range of stakeholders, including
policymakers, industry groups, local communities, and
non-governmental organizations (NGOs) to develop and
implement effective environmental regulations.
• Working with partnerships or initiatives that will enhance
environmental awareness and protection.
• Sharing our practical experience and expertise on solutions
that exist today to reduce waste, increase recycling, and
promote circular practices.
• Ensuring that all our public policy engagements are
conducted ethically and transparently, adhering to the
highest standards of integrity and accountability.
PROMOTING A CULTURE OF INTEGRITY
TOMRA recognizes that embedding a strong ethical culture
means setting the tone from the top.
The ELT is responsible for promoting the program and to
clearly communicate the program’s importance to our way of
working and any non-negotiable principles. It is responsible
for the implementation of the Code of Conduct and driving a
culture of integrity. Compliance status, including KPI results,
is addressed in quarterly meetings between the compliance
department and ELT members to monitor progress made by
each division and Group functions with respect to compliance
initiatives.
BUSINESS CONDUCT TRAINING INCLUDING ANTIBRIBERY
AND CORRUPTION
All staff receive mandatory compliance training online and
must confirm at the end of the training that the relevant
policies and procedures are read and understood. The online
training follows a three-year cycle for the compliance-related
courses.
The assigned trainings include the Code of Conduct, anti-
bribery and corruption, competition law, protection of assets
and intellectual property, and trade compliance. See G1-3,
page 108 for additional details on the assignment of training.
All staff at TOMRA are assigned at least one course related to
compliance, including corruption and bribery.
Business conduct expectations, policy, and guidance are
also provided through interactive training events including
classroom and online workshops and discussions. Such
events are typically catered for top-, middle-, and lower-level
management and specialist roles such as sales, purchasing,
quality, and shipping.
SEARCHBROWSESTARTPAGE 107
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
WHISTLEBLOWING AND PROTECTING WHISTLEBLOWERS
We have in place a whistleblower system which can be
used by employees, customers, suppliers and any other
business associates to raise concerns about breaches of the
Code of Conduct or any other matters of financial and legal
impropriety: our TOMRA Notification Portal: Speak Up. The
system is administered on an encrypted external platform by
the Compliance department only, and all cases are handled
confidentially. The platform can be accessed online directly
or via a link from our internet or intranet sites. Cases can
be reported anonymously, and all cases are investigated
regardless of whether they are reported anonymously
or not. The Compliance department is recognized as an
independent party and conducts all investigations leveraging
external and internal resources when found permissible and
without interfering with the case or the objectivity of the
case handling. Reported concerns are logged and reported
by risk level, rated based on the severity of the concern and
findings, and whether they were substantiated or not.
Whistleblowers are protected from retaliation or discriminatory
or disciplinary action from submitting a concern in line with EU
law. This principle is repeated throughout our key documents and
communication including our Code of Conduct, training material,
and internal and external websites. Staff members receiving
relevant reports are additionally reminded of this principle.
In 2025, all the concerns raised through the whistleblower
system were investigated and all have been closed during
the period and communicated to the relevant parties.
ESRS G1-2 Management of relationship with suppliers
TOMRA regards suppliers as critical stakeholders and
has stakeholder engagement and dialogue with strategic
suppliers. Our process for supplier engagement is described
in detail in S2 Workers in the Value Chain page 98.
Our business divisions have defined procurement processes
taking social criteria into account when selecting new
suppliers. All potential suppliers must fill out an Integrity Due
Diligence (IDD) form. If there is a negative IDD check result,
the supplier is not selected for further evaluation. We do not
have a similar common TOMRA Group screening routine for
environmental criteria.
ESRS G1-3 Prevention and detection of corruption and
bribery
We take a zero-tolerance approach to bribery and corruption.
This is outlined in our Code of Conduct, which is explained in
G1-1, page 106, and underlying policies and guidance.
We ask all employees, contractors and suppliers to raise
any concerns regarding bribery or corruption through a
dedicated channel within our independent whistleblowing
system, described in G1-1, page 106. Concerns submitted
through the system are assessed by the Compliance team,
as an independent function, to determine the investigation
approach to each case according to the Code of Conduct.
The results are reported to the relevant management level
and aggregated numbers are reported on a quarterly basis
to the TOMRA Executive Leadership Team.
All relevant policies are reviewed and approved by the
Executive Leadership Team on an annual basis and changes
are reported to the Board of Directors. The Board’s Audit &
Sustainability Committee receives quarterly reports on cases
raised through the whistleblowing system. The relevant
policies are available on the company’s intranet and policy
changes are also reported there. Staff receive mandatory
compliance training online and must confirm at the end of the
training that the relevant policies and procedures are read
and understood. The assigned training material depends
on the staff members’ role with more training for at-risk
roles, ranging from three courses on the topic up to a more
advanced level. All employees spend 45 minutes on average
on the basic Anti-Bribery and Corruption course, while
higher risk roles spend another 50 minutes on average in
the additional advanced Anti-Bribery and Corruption course.
Roles related to sales and procurement are viewed as a
higher risk of corruption and bribery and as such receive the
maximum amount of training. All staff at TOMRA, including
employees in administrative, management and supervisory
bodies as defined in ESRS 2 GOV-1, page 41, are assigned
at least one course related to corruption and bribery. By the
end of 2025, 92.7% of the higher risk roles had taken the
advanced Anti-bribery and Corruption course within their
current compliance period (2024: 86.2%). The higher risk
roles need to complete their advanced course every three
years to be compliant.
Suppliers are, as a rule of thumb, required to sign off on
the TOMRA Code of Conduct and Business Principles for
Suppliers & Partners, explained in G1-1, page 106, which
covers all pertinent details on the topic of corruption and
bribery. Additionally, we carry out numerous in-person
and workshop-based bribery and corruption discussions,
including situational dilemmas, each year for staff across our
geographical footprint.
METRICS AND TARGETS ESRS
G1-4 Incidents of Corruption and Bribery
During the reporting period, TOMRA has not confirmed
any cases of corruption and bribery, nor has there been
confirmed any cases of convictions (same as in 2024).
G1-5 Political influence and advocacy efforts
Through our advocacy efforts, headed by the Senior Vice
President of Group Public Affairs, we aim to share our
practical experience and expertise on solutions that exist
today to reduce waste, increase recycling, and promote
circular practices. We support the adoption of ambitious
provisions that foster innovation, create jobs, and protect
the environment by promoting increased circularity. This
includes for example promoting the deployment of deposit
return systems, an enabling environment for reuse business
models, or further requirements on collection and sorting,
which ultimately enable the reuse/recycling of valuable
materials.
Beyond TOMRA’s material impacts, these topics are of
particular relevance from a financial risk and opportunity
perspective. As a technology provider for the collection
and sorting of waste for reuse and recycling, legislation
that promotes circularity can positively affect our revenue
streams.
At the global level, TOMRA is engaging in the UN’s
negotiations for a global legally binding instrument on plastic
pollution. In 2025, we engaged directly with negotiators
from UN members states and through organizations like The
Business Coalition for a Global Plastic Treaty, AEPW and
CEFLEX, at the Intergovernmental Negotiation Committee
(INC) meeting on 5-15 August in Geneva, Switzerland, and
various intersessional events.
SEARCHBROWSESTARTPAGE 108
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
In the United States and Canada, TOMRA’s 2025 lobbying
activities prioritized public policy proposals to establish
extended producer responsibility (EPR) program legislation
and regulations on packaging; public policy proposals
to amend existing, and enact new, deposit return system
(DRS) laws and regulations; and regulatory compliance
with existing DRS statutes in states and provinces in which
TOMRA conducts business today.
In the context of lobbying, TOMRA engaged with state
legislators and regulators through consultations and
meetings, registering and reporting such activities as
required by each jurisdiction. We also engaged with
customers and stakeholders of such policies and TOMRA’s
own commercial systems; and are members of various
trade associations. TOMRA North America, Inc. contributed
to relevant U.S. state political election campaign funds for
political parties and specific candidates in the amount of
$9,250 (2024: $13,250). All such support has been reported
to state regulators as required.
We made no other indirect, or in-kind contribution in 2025.
In 2025, our engagement across Asia accelerated progress
on EPR and circularity. In Malaysia, we supported national
EPR policy development, while in the Philippines, a
detailed DRS feasibility study received strong government
support. Vietnam’s feasibility work laid the groundwork
for implementation, and in India, collaboration with state
governments advanced readiness for DRS adoption. Across
South and East Asia - including Hong Kong and China -
policy engagement intensified, deepening partnerships and
shaping regional momentum toward circular solutions.
In Europe, our advocacy efforts in 2025 have primarily
focused on supporting the implementation of deposit
return systems for single-use beverage containers in the
UK, Poland, and Portugal, with additional emphasis on
Greece and Moldova. We have also been actively engaged
in advancing reuse solutions for takeaway food and drink
packaging, as well as beverage containers, in Portugal,
Scotland, Wales, and France. These efforts have included
engagement with policymakers and stakeholders across
the entire value chain through consultations, meetings, and
participation in key events and pilot projects.
At the EU level, our advocacy efforts in 2025 have focused
on the implementation of the newly adopted Packaging
and Packaging Waste Regulation and the preparation of
the upcoming Circular Economy Act. We engaged with
the European Commission, Parliament, and other EU
institutions via various channels, including providing input
to consultations, attending meetings and events, joining
industry associations and networks.
No appointed members of TOMRA’s administrative,
management or supervisory bodies in 2025 have held
comparable positions in public administration in the last two
years. The company is registered in the EU Transparency
Register, (TOMRA Systems ASA), with registration number
828715012462-94.
Asker, 19 March 2026
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Erik Osmundsen
Board member
Hege Skryseth
Board member
Tove Andersen
President & CEO
Pauline Bergan
Employee elected
Kjell Korneliussen
Employee elected
Edward Palm
Employee elected
SEARCHBROWSESTARTPAGE 109
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Independent Sustainability Auditor’s Limited
Assurance Report
PricewaterhouseCoopers AS, org.no.: 987 009 713 MVA, Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
Advokatfirmaet PricewaterhouseCoopers AS, Org.no.: 988 371 084 MVA, Medlemmer av Advokatforeningen. advokatfirmaet@pwc.com
PwC Tax Services AS, Org.no.: 962 066 321 MVA, Autorisert regnskapsførerselskap, Medlem av Regnskap Norge
Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo, T: 02316 (+47 952 60 000) www.pwc.no
To the General Meeting of Tomra Systems ASA
Independent Sustainability Auditor’s Limited Assurance Report
Limited Assurance Conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement of Tomra Systems
ASA (the «Company») included in Sustainability Statement of the Board of Directors’ report (the «Sustainability
Statement»), as at 31 December 2025 and for the year then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that
causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the
Norwegian Accounting Act section 2-3, including:
• compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out
by the Company to identify the information reported in the Sustainability Statement (the «Process») is in
accordance with the description set out in "ESRS 2 IRO-1 Description of the processes to identify and assess
material impacts, risks and opportunities"
within the General information; and
• compliance of the disclosures in the "Taxonomy report" of the Sustainability Statement with Article 8 of EU
Regulation 2020/852 (the «Taxonomy Regulation»).
Basis for Conclusion
We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements
(ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information («ISAE
3000 (Revised)»), issued by the International Auditing and Assurance Standards Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our
responsibilities under this standard are further described in the Sustainability Auditor’s Responsibilities section of our
report.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements as required by relevant laws and regulations in
Norway and the International Code of Ethics for Professional Accountants (including International Independence
Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), which is founded on
fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional
behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and
operate a system of quality management including policies or procedures regarding compliance with ethical
requirements, professional standards and applicable legal and regulatory requirements.
Responsibilities for the Sustainability Statement
The Board of Directors and the Managing Director (Management) are responsible for designing and implementing a
process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for
disclosing this Process in "ESRS 2 IRO-1 Description of the processes to identify and assess material impacts, risks and
opportunities" within the General information of the Sustainability Statement. This responsibility includes:
• understanding the context in which the Group's activities and business relationships take place and developing
an understanding of its affected stakeholders;
2 / 4
• the identification of the actual and potential impacts (both negative and positive) related to sustainability matters,
as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial
position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-
term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to sustainability
matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance with the Norwegian
Accounting Act section 2-3, including:
• compliance with the ESRS;
• preparing the disclosures in the "Taxonomy report" of the Sustainability Statement, in compliance with the
Taxonomy Regulation;
• designing, implementing and maintaining such internal control that Management determines is necessary to
enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to
fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making assumptions and
estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, Management is required to prepare the forward-
looking information on the basis of disclosed assumptions about events that may occur in the future and possible future
actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as
expected.
Sustainability Auditor’s Responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the
Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited
assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of
the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement
and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the
effectiveness of the Process, including the outcome of the Process;
• Considering whether the information identified addresses the applicable disclosure requirements of the ESRS;
and
• Designing and performing procedures to evaluate whether the Process is consistent with the Company’s
description of its Process set out in "ESRS 2 IRO-1 Description of the processes to identify and assess material
impacts, risks and opportunities"
within the General information.
Our other responsibilities in respect of the Sustainability Statement include:
• Identifying where material misstatements are likely to arise, whether due to fraud or error; and
• Designing and performing procedures responsive to where material misstatements are likely to arise in the
Sustainability Statement. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
SEARCHBROWSESTARTPAGE 110
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
3 / 4
Summary of the Work Performed
A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement.
The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been
performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the identification of
disclosures where material misstatements are likely to arise in the Sustainability Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
• Obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by management (e.g.,
stakeholder engagement, business plans and strategy documents); and
o reviewing the Company’s internal documentation of its Process; and
• Evaluated whether the evidence obtained from our procedures with respect to the Process implemented by the
Company was consistent with the description of the Process set out in "ESRS 2 IRO-1 Description of the
processes to identify and assess material impacts, risks and opportunities" within the General information.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting processes relevant to the preparation of its Sustainability
Statement by:
o Obtaining an understanding of the Group’s control environment, processes, control activities and
information system relevant to the preparation of the Sustainability Statement, but not for the purpose of
providing a conclusion on the effectiveness of the Group’s internal control; and
o Obtaining an understanding of the Group’s risk assessment process;
• Evaluated whether the information identified by the Process is included in the Sustainability Statement;
• Evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the
ESRS;
• Performed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability
Statement;
• Performed substantive assurance procedures on selected information in the Sustainability Statement;
• Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in
the financial statements and other sections of the Board of Directors’ report;
• Evaluated the methods, assumptions and data for developing estimates and forward-looking information;
• Obtained an understanding of the Company’s process to identify taxonomy-eligible and taxonomy-aligned
economic activities and the corresponding disclosures in the Sustainability Statement;
• Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned economic activities
is included in the Sustainability Statement; and
• Performed inquiries of relevant personnel and substantive procedures on selected taxonomy disclosures
included in the Sustainability Statement.
4 / 4
Oslo, 19 March 2026
PricewaterhouseCoopers AS
Eivind Nilsen
State Authorised Public Accountant – Sustainability Auditor
SEARCHBROWSESTARTPAGE 111
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial statements TOMRA Group
Income Statement Other comprehensive income
(Amounts in EUR million) Note 2025 2024
Operating revenues 1, 2
1 318.3 1 347.6
Raw materials and consumables related to
goods sold 3 484.9 543.4
Employee benefit expenses 4
462.4 432.9
Depreciation, amortization and impairment 7, 8, 9
114.4 99.6
Other operating expenses 4
108.6 115.2
Total operating expenses
1 170.3 1 191.1
Operating profit
148.0 156.5
Financial income 5
112.1 83.5
Financial expenses 5
128.3 110.9
Increase/(decrease) in fair value of derivatives 5
(2.4) 0.3
Net financial items 5
(18.6) (27.1)
Profit from associates 10
0.5 1.7
Profit before taxes
129.9 131.1
Taxes 6
31.5 31.7
Profit for the period
98.4 99.4
Attributable to:
Shareholders of the parent
93.0 93.8
Non-controlling interest
5.4 5.6
Profit for the period
98.4 99.4
Earnings per share, basic (EUR) 14
0.31 0.32
Earnings per share, diluted (EUR) 14
0.31 0.32
(Amounts in EUR million) 2025 2024
Profit for the period
98.4 99.4
Other comprehensive income that may be
reclassified to profit or loss
Gain/(loss) on hedge of a net investment
(4.4) (7.9)
Tax on gain/(loss) on hedge of a net investment
1.0 1.7
Foreign exchange translation differences
(39.9) 22.5
Gain/(loss) on cash flow hedges
0.9 (1.9)
Tax on gain/(loss) on cash flow hedges
(0.2) 0.4
Change in costs of hedging
(1.2) (2.4)
Tax on change in costs of hedging
0.3 0.5
Other comprehensive income that will not be
reclassified to profit or loss
Foreign exchange translation differences for the
parent entity
(0.4) (8.7)
Remeasurement gain/(loss) on defined benefit plans
(0.0) (0.3)
Tax on remeasurement gain/(loss) on defined
benefit plans 0.0 0.1
Total other comprehensive income for the
period, net of tax (43.9) 4.0
Comprehensive income for the period
54.5 103.4
Attributable to:
Shareholders of the parent company
51.6 97.1
Non-controlling interest
2.9 6.3
Total comprehensive income for the period
54.5 103.4
SEARCHBROWSESTARTPAGE 112
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 112
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Assets
(Amounts in EUR million) Note 2025 2024
Deferred tax assets 6
62.0 56.7
Goodwill 7
369.0 342.3
Development costs 7
59.4 44.5
Other intangible assets 7
39.8 31.3
Software 7
23.3 25.2
Total intangible non-current assets
491.5 443.3
Property, plant and equipment 8
176.3 143.9
Leasing equipment 8
68.7 56.3
Right of Use assets 9
147.0 154.2
Total tangible non-current assets
392.0 354.4
Investment in associates 10
10.9 11.2
Other investments
13.2 9.4
Non-current receivables 11
49.5 43.4
Total financial non-current assets
73.6 64.0
Total non-current assets
1 019.1 918.4
Inventory 3
254.6 225.5
Contract assets 2
16.5 19.6
Trade receivables 12
287.6 288.8
Other current receivables
113.0 84.9
Total receivables
400.6 373.7
Derivatives 16
0.0 0.9
Cash and cash equivalents 13
87.4 123.0
Total current assets
759.1 742.7
Total assets
1 778.2 1 661.1
Liabilities and Equity
(Amounts in EUR million) Note 2025 2024
Share capital
25.8 25.8
Treasury shares
0.0
(0.1)
Share premium
174.0 174.0
Paid-in capital
199.8 199.8
Other reserves 16
(41.5) (0.6)
Retained earnings
425.5 404.2
Non-controlling interest
36.1 33.0
Total equity 14
619.8 636.4
Deferred tax liabilities 6
10.8 13.1
Pension liabilities 17
21.1 22.6
Interest-bearing liabilities 18
510.6 309.9
Lease liabilities 9, 18
111.5 123.2
Other non-current liabilities 19
42.4 30.2
Total non-current liabilities
696.4 499.0
Contract liabilities 2
83.2 89.4
Derivatives 16
21.6 22.2
Interest-bearing liabilities 18
6.7 47.5
Lease liabilities 9, 18
44.8 41.0
Trade payables
75.0 61.4
Income tax payable 6
10.8 20.3
Provisions 20
35.1 37.9
Other current liabilities 21
184.8 206.0
Total current liabilities
462.0 525.7
Total liabilities
1 158.4 1 024.7
Total liabilities and equity
1 778.2 1 661.1
Balance sheet as of 31 December
Asker, 19 March 2026
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Hege Skryseth
Board member
Erik Osmundsen
Board member
Kjell Korneliussen
Employee elected
Edward Palm
Employee elected
Pauline Bergan
Employee elected
Tove Andersen
President & CEO
SEARCHBROWSESTARTPAGE 113
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 113
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
(Amounts in EUR million) Paid-in capital Translation reserve
3
Hedge reserve
3
Retained
earnings
Total equity attributable to
the owners of the company
Non-controlling
Interest Total Equity
Balance per 1 January 2025
199.8 2.8 (3.4) 404.2 603.4 33.0 636.4
Profit for the period
93.0 93.0 5.4 98.4
Foreign exchange translation differences
(37.4) (37.4) (2.5) (39.9)
Foreign exchange translation differences for the parent entity
(0.4) (0.4) (0.4)
Net gain/(loss) on hedge of a net investment
(3.4) (3.4) (3.4)
Net gain/(loss) on cash flow hedges
0.7 0.7 0.7
Net change in costs of hedging
(0.9) (0.9) (0.9)
Remeasurement gain/(loss) on defined benefit plans
0.0 0.0 0.0
Total comprehensive income for the period
0.0 (40.8) (0.2) 92.6 51.6 2.9 54.5
Transactions with shareholders
Dividend to shareholders
1
(54.8) (54.8) (54.8)
Dividend non-controlling interest
(0.6) (0.6) (4.3) (4.9)
Purchase of own shares
0.0 (7.5) (7.6) (7.6)
Own shares sold to employees
0.0 3.2 3.2 3.2
Change in estimate of put/call option
(10.7) (10.7) (10.7)
Capital increase in non-controlling interest
0.0 4.7 4.7
Other changes in non-controlling interest
(0.8) (0.8) (0.2) (1.0)
Total transactions with shareholders
0.0 0.0 0.0 (71.3) (71.3) 0.2 (71.1)
Balance per 31 December 2025
199.8 (38.0) (3.5) 425.5 583.7 36.1 619.8
Balance per 1 January 2024
199.8 (12.8) 0.0 403.6 590.5 23.7 614.2
Profit for the period
93.8 93.8 5.6 99.4
Foreign exchange translation differences
2
21.8 21.8 0.7 22.5
Foreign exchange translation differences for the parent company
(8.7) (8.7) (8.7)
Net gain/(loss) on hedge of a net investment
(6.2) (6.2) (6.2)
Net gain/(loss) on cash flow hedges
(1.5) (1.5) (1.5)
Net change in costs of hedging
(1.9) (1.9) (1.9)
Remeasurement gain/(loss) on defined benefit plans
(0.2) (0.2) (0.2)
Total comprehensive income for the period
0.0 15.6 (3.4) 84.8 97.1 6.3 103.4
Transactions with shareholders
Dividend to shareholders
(49.8) (49.8) (49.8)
Dividend non-controlling interest
(3.5) (3.5) (4.1) (7.6)
Own shares sold to employees
0.0 3.1 3.1 3.1
Change in estimate of put/call option
(30.8) (30.8) (30.8)
Capital increase in non-controlling interest
0.0 8.3 8.3
Other changes in non-controlling interest
(3.2) (3.2) (1.2) (4.4)
Total transactions with shareholders
0.0 0.0 0.0 (84.2) (84.2) 3.0 (81.2)
Balance per 31 December 2024
199.8 2.8 (3.4) 404.2 603.4 33.0 636.4
1 Dividend payment was NOK 2.15 per share in 2025, as proposed in the 2024 financial statements.
2 Foreign exchange translation differences for the parent company of EUR 8.7 million in 2024 have been reclassified to retained earnings.
3 Other reserves in the balance sheet consists of the Translation reserve and Hedge reserve.
Statement of changes in equity
SEARCHBROWSESTARTPAGE 114
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 114
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
(Amounts in EUR million) Note 2025 2024
Cash flow from operating activities
Profit before taxes
129.9 131.1
Income taxes paid
(49.2) (34.7)
(Gains)/losses from sales of fixed assets
(7.8) 1.1
Depreciation / Amortization 7, 8
73.2 62.5
Depreciation / Amortization lease contracts 9
41.2 36.5
Impairment non-current assets 7, 8, 9
0.6
Net change in inventory
(33.9) 13.7
Net change in receivables
(18.0) (17.6)
Net change in payables
14.1 10.8
Difference between pension expense and
0.8 (1.3)
pension contribution paid
Foreign exchange rate effects
(5.6) (0.3)
Profit before tax from associated companies 10
(0.5) (1.7)
Changes in other balance sheet items
5.4 14.3
Lease interest expense 9
7.0 6.5
Interest expense/(income) 18
14.3 14.0
Net cash flow from operating activities
170.9 235.5
Cash flow from investing activities
Investments in non-current assets
(131.5) (118.3)
Proceeds from sales of non-current assets
6.9 0.9
Dividend from associated companies 10
0.8 1.3
Acquisition of associates / capital infusion 10
(0.7) (1.0)
Acquisition of subsidiary, net of cash acquired
1
(44.3) (55.1)
Proceeds from sale of subsidiary
(0.4) -
Acquisition of other shares
(3.8) -
Net cash flow from investing activities
(173.0) (172.2)
Cash Flow Statement
(Amounts in EUR million) Note 2025 2024
Cash flow from financing activities
Proceeds from issuance of non-current debt 18
158.8 171.3
Net proceeds revolving credit facility 18
46.4 (30.2)
Repayment of borrowings and settlement of
derivatives 18 (54.1) (61.0)
Installments on lease liabilities 9
(38.9) (36.1)
Exercised put/call options and acquisition of non-
controlling interest
1
(54.9) (25.5)
Dividend non-controlling interest
(4.9) (7.6)
Sale of treasury shares 4
3.2 3.1
Purchase of treasury shares 14
(7.6) -
Capital increase in non-controlling interest
4.7 8.3
Lease interest paid 9
(7.0) (6.5)
Interest received under cross currency interest
rate swaps 16 4.5 1.8
Interest paid 18
(17.1) (15.8)
Dividend paid 14
(54.8) (49.8)
Net cash flow from financing activities 18
(21.7) (48.0)
Currency effect on cash
(11.8) 3.8
Net change in cash and cash equivalents
(35.6) 19.1
Cash and cash equivalents per 1 January 13
123.0 103.9
Cash and cash equivalents per 31 December 13
87.4 123.0
1 2024: Exercised put/call options and acquisition of non-controlling interest has been reclassified from investing cash flow
(acquisition of subsidiary) to financing cash flow and consist of:
Exercised put/call options for Tomra Holding OÜ (Baltics) and Tomra Collection Holding OÜ (Latvia)
21.8
Acquisition of remaining 49% of the shares in Tomra Recycling Technology (Xiamen) Co. Ltd (China)
3.7
Total
25.5
2025: Exercised put/call options and acquisition of non-controlling interest consist of:
Exercised put/call options for Tomra Collection Australia Pty Ltd (Australia), and Tomra Collection France SAS (France)
53.9
Acquisition of remaining 40% of the shares in Bottlecycler Australia Pty Ltd (Australia)
1.0
Total
54.9
SEARCHBROWSESTARTPAGE 115
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 115
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Consolidation and accounting principles TOMRA Group - IFRS
GENERAL
Business concept and customers
TOMRA Systems ASA (the “Company”) is a public company domiciled
in Norway. The registered office is Drengsrudhagen 2, Asker.
TOMRA’s mission is to transform how we all obtain, use and reuse
the planet’s resources to enable a world without waste. We create
lasting social and environmental value through our products and
services, driving increased resource productivity in all sectors that
we serve.
The company creates and delivers sensor-based solutions
that contribute to optimal resource productivity, and that make
sustainable resource use financially profitable in the business areas
of packaging, collection, compaction, recycling, ore sorting and food
production.
TOMRA’s customers are located in all continents.
General
The consolidated financial statements of the Company for the
year ended 31 December 2025 comprise the Company and its
subsidiaries and joint ventures (together referred to as the “Group”)
and the Group’s interest in associates. The financial statements
consist of the income statement, other comprehensive income,
balance sheet, cash flow statement, statement of changes in equity
and notes to the accounts.
The financial statements were authorized for issue by the Directors
on 19 March 2026 and will be presented for final approval at the
general meeting on 23 April 2026. Until the final approval by the
general meeting, the board can authorize changes to the financial
statements.
Statement of compliance
The consolidated financial statements have been prepared in
accordance with IFRS® Accounting Standards as adopted by the EU
(IFRS), and the additional disclosure requirements of the Norwegian
Accounting Act as at 31 December 2025.
Change in presentation currency
TOMRA Systems ASA changed its presentation currency for the Group
financial statements from NOK to EUR in 2024. EUR reporting aligns
better with the underlying EUR exposure of TOMRA’s business activities.
Basis of preparation
The financial statements are presented in millions of EUR, rounded
to the nearest one hundred thousand. TOMRA Systems ASA
uses EUR as the presentation currency for the Group’s financial
statements to better reflect the Group’s underlying exposure to EUR
in its business activities.
The financial statements are prepared based on historical cost,
except for the following material items:
• Derivative financial instruments recognized at fair value through
profit and loss.
• Defined benefit obligations related to pension plans recognized
as the net total of the plan assets and the present value of the
defined benefit obligation.
• The carrying values of recognized interest bearing liabilities that
are the hedged items in fair value hedge relationships, which
are otherwise carried at amortized cost, are adjusted to record
changes in the fair values attributable to the risks that are being
hedged.
• Financial liabilities recognized due to anticipated acquisitions at
the present value of the expected redemption amount.
• Financial liabilities related to earn-out consideration, which are
measured at fair value and remeasured at each reporting date
through profit or loss, in accordance with IFRS 3 and IFRS 9.
The financial statements are prepared on a going concern basis.
The accounting policies have been applied consistently to all periods
presented in these consolidated financial statements.
The accounting policies have been applied consistently by each
Group entity.
Estimates
The preparation of financial statements in accordance with
IFRS requires management to make judgements, estimates and
assumptions that affect the application of policies and reported
amounts of assets and liabilities, income and expense. The estimates
and associated assumptions are based on historical experience
and other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of determining
carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognized in
the period in which the estimate is revised if the revision affects only
that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
The area that is most influenced by estimates and management
judgement is the annual impairment test of goodwill. Reference is
made to note 7 for additional information.
New standards and interpretations not yet adopted
A number of new standards, amendments to standards and
interpretations were not effective for the year ended 31 December
2025 and have not been applied in preparing these consolidated
financial statements. Those that may be relevant to the Group are
set out below. The Group does not plan to adopt these standards
early but in the period that they become mandatory unless otherwise
indicated.
IFRS 18 Presentation and Disclosure in Financial Statements will
replace IAS 1 - Presentation of Financial Statements and applies for
annual reporting periods beginning on or after 1 January 2027. The
group will apply the new standard from its mandatory effective date
of 1 January 2027. Retrospective application is required, and so the
comparative information for the financial year ending 31 December
2026 will be restated in accordance with IFRS 18. The Group is in
the process of assessing the impact of the new standard, particularly
with respect to the structure of the Group's statement of profit or
loss, the statement of cash flows and the additional disclosures
required for alternative performance measures.
Consolidated companies
The consolidated accounts include the parent company TOMRA
Systems ASA and companies in which the parent company has
control. Refer to note 22 Composition of the Group.
TOMRA owns 80% of c-trace GmbH (Germany) and 51% of AKR
Alpha Kunststoffrecycling GmbH (DE). TOMRA holds the right to
buy their shares (call options) and for c-trace the minority owners
also hold rights to sell their shares to TOMRA (put options). The
option for c-trace GmbH can be exercised as from two years after
the acquisition date with settlement after adoption of the financial
statements for 2026. The option for AKR can be exercised
SEARCHBROWSESTARTPAGE 116
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 116
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
after adoption of the financial statements for 2028. The price for
the shares is determined based upon the performance of the
companies.
The anticipated acquisition method is used in presenting these
subsidiaries and the respective obligation, even though still legally
being non-controlling interests (NCI). Under this method, the interest
subject to the option is deemed to have been acquired at the date of
acquisition. Accordingly, the financial liability arising from the option
is included in the consideration transferred. Under the anticipated
acquisition method, the interests of the non-controlling shareholders
that hold the options are derecognized when the financial liability
is recognized. The financial liability is recognized at the present
value of the expected redemption amount. Changes in the carrying
amount of the liability are recognized within equity. If the option
expires unexercised, then the liability is derecognized and NCI are
recognized, consistent with a decrease in ownership interests in a
subsidiary while retaining control.
Climate Risk
In preparing the financial statements, the Directors have considered
the impact of climate change. There has been no material impact
identified on the going concern assessment and viability of the
Group and the financial reporting judgements and estimates. Whilst
there is currently no medium-term impact expected from climate
change, the Directors are aware of the ever-changing risks attached
to climate change and will regularly assess these risks against
judgements and estimates made in preparation of the Group’s
financial statements.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 117
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Business combinations
CURRENT YEAR ACQUISITIONS
CLYNK
On 30 September 2025 TOMRA acquired all of the assets of C&C Consolidated Holdings LLC, which is
a leading provider of "bag drop" solutions for collection and processing of beverage containers in the
United States, operating under the CLYNK brand.
Bag drop is a convenient collection method whereby consumers can drop off entire bags of empty
beverage containers at collection points and have their deposit refunded. It is a well-established and
popular complement to reverse vending machines and redemption centers in North America with strong
growth potential. CLYNK employs 152 people and generates all of its sales in the United States. The
Group has determined that the acquired inputs and processes constitute a business.
For the three months ended 31 December 2025, CLYNK contributed revenues of EUR 5.4 million, EBITA
of EUR -1.5 million and profit before tax of EUR -2.2 million to the Group's results. If the acquisition had
occurred on 1 January 2025, management estimates that consolidated revenue would have been EUR
24.4 million, EBITA EUR -0.5 million and consolidated profit before tax for the year would have been
EUR -3.6 million. This is under the assumption that the fair value adjustments that arose on the date of
acquisition would have been the same if the acquisition had occurred on 1 January 2025.
Consideration transferred
The fair value of the consideration transferred at the acquisition date is as follows:
Cash consideration paid39.6 Earn out consideration at fair value9.6 Total consideration49.2
Earn out consideration will be contingent on performance milestones up until the end of 2027.
Acquisition related costs
The Group incurred acquisition related costs of EUR 2.4 million on legal fees, insurance and due diligence
costs. These costs have been included in operating expenses.
Identifiable assets acquired and liabilities assumed
The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the
date of acquisition.
(Amounts in EUR million) Fair valueOther intangible assets14.7Right of Use assets4.1Tangible non-current assets1.8Inventories1.9Receivables21.9Cash and cash equivalents1.8Leasing liabilities(4.2)Non-interest bearing liabilities(20.3)Total identifiable net assets acquired21.7
Measurement of fair values
Intangible assets consist mainly of Technology and Customer relationships. The valuation techniques
used for measuring the fair value of intangible assets was Relief-from-royalty, Multi-period excess earnings
method and Distributor method. The Relief-from-royalty method considers the discounted estimated
royalty payments that are expected to be avoided in lieu of ownership of the asset. The Multi-period
excess earnings method considers the present value of net cash flows expected to be generated by the
asset, by excluding any cash flows related to contributory assets. The Distributor method is a variation of
the Multi-period excess earnings method that uses market-based inputs to value an asset.
If new information obtained within one year of the date of acquisition about facts and circumstances
that existed at the date of acquisition identifies adjustments to the above amounts, or any additional
provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised.
Goodwill
Goodwill arising from the acquisition on a 100% share basis has been recognized as follows:Total consideration 49.2 Fair value of identifiable net assets(21.7)Goodwill27.5
The goodwill is attributable mainly to the growth and synergy potentials after integration of CLYNK's bag
drop technology with TOMRA's existing infrastructure.
Cash flow effect
The cash flow effect from the acquisition of CLYNK is as follows:Cash consideration paid39.6Earn out paid to escrow account4.3Cash acquired(1.8)Acquisition of a subsidiary, net of cash acquired42.1
Notes TOMRA Group
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 118
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTART
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 118
Alpha Kunststoffrecycling GmbH
In July 2025 TOMRA acquired a 51% ownership stake in Alpha Kunststoffrecycling GmbH (AKR), a plastics
sorting facility near Munich, Germany. Through the acquisition, TOMRA Feedstock adds capabilities
in treating and preparing plastic waste for recycling, strengthening its ability to deliver to recyclers’
requirements. Total consideration amounted to EUR 4.9 million and EUR 6.1 million goodwill was
recognized in relation to the acquisition. Part of the consideration is related to a call option where TOMRA
holds the right to buy the remaining shares after adoption of the financial statements for 2028. The price
for the shares is determined based upon the performance of the company. The cash flow effect for the
acquisition of a subsidiary, net of cash acquired was EUR 0 million.
Smartsquare GmbH
In November 2025 TOMRA acquired 100% of the shares in Smartsquare GmbH, a software provider
specializing in mechanical engineering and digital business models. This acquisition strengthens TOMRA
Digital Waste Management (c-trace) by adding significant software engineering expertise, enhancing
its ability to deliver robust digital solutions to customers. Purchase consideration paid was 3.4 million
and EUR 2.2 million goodwill is recognized in relation to the acquisition. The cash flow effect for the
acquisition of a subsidiary, net of cash acquired was EUR 2.2 million.
PRIOR YEAR ACQUISITIONS
c-trace
On 24 October 2024 TOMRA Systems ASA acquired 80% of the shares and voting interests in c-trace
GmbH. c-trace, founded in 2005, offers advanced solutions that combine software and hardware modules
to digitize and improve the process for waste management operations. As municipalities and industries
increasingly seek to reduce inefficiencies and comply with stricter environmental regulations, demand for
these solutions is rising. Through its innovative solutions and strong customer base, c-trace has a leading
position in Germany, which is the largest market in Europe. Its strong focus on new AI driven capabilities
has generated market interest and is opening new market opportunities in the segment. c-trace employs
120 people and generates 80% of its sales in Germany. The Group has determined that the acquired
inputs and processes constitute a business.
For the two months ended 31 December 2024, c-trace contributed revenues of EUR 6.3 million, EBITA
of EUR 1.3 million and profit before tax of EUR 0.5 million to the Group's results. If the acquisition had
occurred on 1 January 2024, management estimates that consolidated revenue would have been EUR
21.5 million, EBITA EUR 3.8 million and consolidated profit before tax for the year would have been
EUR -0.1 million. This is under the assumption that the fair value adjustments that arose on the date of
acquisition would have been the same if the acquisition had occurred on 1 January 2024.
Consideration transferred
The fair value of the consideration transferred at the acquisition date is as follows:
Cash consideration paid58.9Put/call option at expected redemption amount21.5Total consideration80.4
Two years from the acquisition date the minority owners in c-trace hold rights to sell their shares to
TOMRA (put options) and TOMRA holds the right to buy their shares (call options). The anticipated
acquisition method is used in presenting these subsidiaries and the respective obligation, even though
still legally being non-controlling interests. The financial liability is recognized at the present value of the
expected redemption amount and is dependent on the company performance.
Acquisition related costs
The Group incurred acquisition related costs of EUR 0.7 million on legal fees, insurance and due diligence
costs. These costs have been included in operating expenses.
Identifiable assets acquired and liabilities assumed
The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the
date of acquisition.
(Amounts in EUR million) Fair valueOther intangible assets27.5Right of Use assets4.3Tangible non-current assets0.9Inventories2.2Receivables3.2Cash and cash equivalents3.8Deferred tax liabilities(8.3)Leasing liabilities(4.3)Non-interest bearing liabilities(3.4)Total identifiable net assets acquired25.9
Measurement of fair values
Intangible assets consist mainly of Technology and Customer relationships. The valuation techniques
used for measuring the fair value of intangible assets was Relief-from-royalty and Multi-period excess
earnings method. The Relief-from-royalty method considers the discounted estimated royalty payments
that are expected to be avoided as a result of the technology being owned. The Multi-period excess
earnings method considers the present value of net cash flows expected to be generated by the
customer relationships, by excluding any cash flows related to contributory assets.
If new information obtained within one year of the date of acquisition about facts and circumstances
that existed at the date of acquisition identifies adjustments to the above amounts, or any additional
provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised.
Goodwill
Goodwill arising from the acquisition on a 100% share basis has been recognized as follows:Total consideration80.4Fair value of identifiable net assets(25.9)Goodwill54.5
The goodwill is attributable mainly to the growth and synergy potentials as well as to the skills and
technical talent of c-trace workforce.
Cash flow effect
The cash flow effect from the acquisition of c-trace GmbH is as follows:
Cash consideration paid58.9Cash acquired(3.8)Acquisition of a subsidiary, net of cash acquired55.1
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 119
Note 1 Segment information
TOMRA has four operating segments; TOMRA Collection, TOMRA Recycling, TOMRA Food and TOMRA
Horizon reporting to the chief operating decision maker which is the CEO.
TOMRA Collection:
Reverse Vending is a provider of Reverse Vending Machines (RVMs) and related data management
systems.
Material Recovery is a provider of pick-up, transportation and processing services of empty beverage
containers on behalf of beverage producers/fillers on the US East Coast and in Canada. In addition the
segment generates commodity revenues from the sale of collected materials.
Reverse vending and Material recovery are separate activities within the operating segment TOMRA
Collection. The reporting to the chief operating decision maker is at the level of TOMRA Collection.
TOMRA Recycling is a provider of advanced optical sorting systems to the Recycling industry.
TOMRA Food is a provider of advanced optical sorting systems to the Food industry.
TOMRA Horizon explores adjacent business opportunities and consist currently of Feedstock, Reuse and
Digital waste management.
Group Functions consists of corporate functions at TOMRA Group.
Segment information 2025
Group (Amounts in EUR million) Collection Recycling Food HorizonFunctions TotalNorthern Europe 107.4 3.1 5.0 6.7 122.21Rest of Europe320.3 132.7 94.4 25.5 (0.2) 572.72North America208.3 20.9 108.8 (0.4) 337.6South America0.1 7.7 39.9 47.7Asia8.4 40.4 40.5 89.3Oceania95.8 5.2 24.2 125.2Africa0.2 8.2 15.2 23.63Operating revenues740.5 218.2 328.0 32.2 (0.6) 1,318.3Depreciation and impairment 61.1 9.2 13.0 4.1 1.1 88.54Other operating expenses553.4 186.8 267.7 32.8 15.2 1,055.9EBITA126.0 22.2 47.3 (4.7) (16.9) 173.9- in %17% 10% 14% -15% 13%Amortizations10.2 4.0 7.2 4.5 25.9EBIT (operating profit)115.8 18.2 40.1 (9.2) (16.9) 148.0- in %16% 8% 12% -29% 11%5Assets752.5 348.0 327.3 199.9 150.5 1,778.2Liabilities332.3 70.5 139.3 54.4 561.9 1,158.4Investments in jointventures and associates 8.8 2.1 10.9Share of profit of jointventures and associates 0.6 -0.1 0.5Investments78.1 11.2 15.9 25.4 130.61 Includes revenues from Germany of EUR 192 million in 2025 (EUR 181 million in 2024). The Group has no customers which individually contribute 10% or more of the Group’s revenues.2 Includes revenues from USA of EUR 295 million in 2025 (EUR 317 million in 2024)3 Segment revenues from transactions between the business areas are eliminated in Group functions4 There are no significant non-cash expenses.5 EUR 241 million of the assets was located in Norway in 2025 (EUR 239 million in 2024). Assets and liabilities are distributed to the different reporting segments. Cash, tax positions, and interest-bearing debt (not including IFRS 16 lease liabilities) are allocated to Group Functions.
SEARCHBROWSESTARTPAGE 120
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 120
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 2 Revenues
ACCOUNTING PRINCIPLE
Revenue is measured based on the consideration specified in the contract with a customer. TOMRA
Group recognizes revenue when it transfers control over a product or service to a customer.
The Group comprises four revenue streams and operates on all continents. Payment terms differ both
between and within the business streams as well as geographically, and include prepayments, progress
payments and credit payments (normally not longer than 90 days).
TOMRA Collection principally generates revenue from the sale or lease of Reverse Vending Machines
(RVMs) including installation and sale of service on the RVMs. RVMs and service may be sold separately
or in bundled packages.
TOMRA Recycling and TOMRA Food principally generate revenue from sale and installation of sorters and
sale of service on the sorters.
TOMRA Horizon generates revenues from the sale of hardware and software, trade of commodities and
sale of services.
SALES AND INSTALLATION OF RVMS AND SORTERS
Sale of the machine and service may be sold separately or in bundled packages. If the sale of the
machine, freight, installation, and service are sold as one contract, the transaction price is allocated to
the performance obligations: 1) sale of the machine, incl freight and installation and 2) sale of the service
contract. The consideration is allocated based on their standalone selling prices. Any discounts are
allocated between the different performance obligations if they are not specified in the contract.
For the sale and installation of RVMs and Sorters, revenue is recognized when the customer obtains
control over the machine. TOMRA’s assessment is that the customer obtains control over the RVM/Sorter
when it is delivered, and revenue is recognized at that point in time.
For some Recycling and Food projects machines are built to a specific customer order or built only for one
specific customer to use. These machines have no alternative use for TOMRA and there is an enforceable
right to payment (incl. mark-up) for performance completed to date. The revenue is recognized over time
as the performance obligation is satisfied. TOMRA uses an input method by measuring the value to the
customer transferred to date. The progress is assessed by reference to work performed and cost incurred
relative to expected total production costs.
Contract expenses are recognized as incurred unless they create an asset related to future contract
activity. An expected loss on a contract is recognized immediately in profit or loss.
SERVICE REVENUES
TOMRA sells both ad-hoc service and service contracts. For ad-hoc service, revenue is recognized at
a point in time when the service is performed. For service contracts, revenue is recognized over the
contract period, since it is considered a performance obligation satisfied over time where the customer
simultaneously receives and consumes the benefits.
Segment information 2024
Group (Amounts in EUR million) Collection Recycling Food HorizonFunctions TotalNorthern Europe98.0 4.7 3.8 0.6 107.11Rest of Europe373.6 151.1 93.3 6.8 (9.6) 615.22North America201.5 51.2 117.4 370.1South America0.1 4.6 22.6 27.3Asia12.5 37.2 38.1 87.8Oceania87.4 6.6 24.9 118.9Africa10.4 10.8 21.23Operating revenues773.1 265.8 310.9 7.4 (9.6) 1,347.6Depreciation and impairment 56.3 9.2 12.9 1.0 0.9 80.34Other operating expenses586.3 196.4 282.6 13.7 12.6 1,091.6EBITA130.4 60.3 15.5 (7.4) (23.1) 175.7- in %17% 23% 5% -100% 13%Amortizations8.5 3.5 5.8 0.9 18.7Impairment of intangible assets 0.3 0.3 0.6EBIT (operating profit)122.0 56.5 9.4 (8.3) (23.1) 156.5- in %16% 21% 3% -111% 12%5Assets629.9 360.8 322.1 167.6 180.6 1,661.1Liabilities326.4 88.4 147.5 27.3 435.1 1,024.7Investments in jointventures and associates 10.0 1.3 11.2Share of profit of jointventures and associates 1.7 1.7Investments58.1 10.9 12.3 37.0 118.3
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
THROUGHPUT REVENUES AND LEASE OF RVMS / SORTERS
Leases where TOMRA Group is a lessor are classified as either finance or operating lease.
Lease contracts where TOMRA Group does not transfer substantially all the risks and rewards of the asset
are classified as operating leases. Rental income is recognized as revenue on a straight-line basis over
the lease term or another systematic basis in the Income statement. For throughput leases, revenue is
recognized based on actual throughput every month.
Lease contracts where substantially all the risks and rewards are transferred are classified as finance
leases. Revenue is recognized at a point in time when the customer obtains control over the machine
along with the accompanying receivable. The cost of the RVM/Sorter is derecognized from inventory and
recognized as Costs of goods sold.
MATERIAL RECOVERY
Revenue from material recovery consists of pick-up, transportation and processing of empty beverage
containers on the East Coast of the United States and in Canada. Revenue recognized from processing
and handling is based on the number of containers collected and processed.
Commodity revenues consist of the sale of collected materials including alumina, plastic, and glass.
Commodity revenues are recognized when the materials are sold, and the customer obtains control over
the goods.
FINANCING COMPONENT
Very few contracts are sold with payments terms exceeding one year, and the finance component of
these contracts is considered immaterial.
TOMRA has no other material obligations for returns, refunds or similar.
Disaggregated revenues 2025
In the following table, revenue is disaggregated by category.
Group(Amounts in EUR million) Collection Recycling Food Horizonfunctions TotalSale of equipment287.3 160.6 226.4 22.2 (0.4) 696.1Software and servicerevenues 165.5 55.6 97.1 1.4 (0.2) 319.4Lease of equipment164.9 2.0 4.5 171.4Material Recovery122.8 8.6 131.4Operating revenues740.5 218.2 328.0 32.2 (0.6) 1,318.3
Disaggregated revenues 2024
Group(Amounts in EUR million) Collection Recycling Food Horizonfunctions TotalSale of equipment346.9 208.2 209.3 3.1 (9.6) 758.0Software and servicerevenues 149.4 56.4 97.0 4.3 (0.1) 307.0Lease of equipment157.9 1.2 4.6 163.7Material Recovery118.9 118.9Operating revenues773.1 265.8 328.0 7.4 (9.6) 1,347.6
Contract balances
(Amounts in EUR million) 2025 2024Receivables from sales/contracts, included in receivables261.9 259.1Contract assets16.5 19.6Contract liabilities83.2 89.4
Contract assets are limited and refer mainly to sorting equipment developed and manufactured to order
with revenue recognition over time in accordance with the percentage of completion method. The
balance shows the Group’s right to consideration for work completed but not invoiced at the reporting
date. The opening balance is normally transferred to receivables during the year and contract assets are
increased by new contracts.
The contract liabilities primarily relate to the advance consideration received from customers for service
contracts and sale of sorters where up front payments are common practice. The opening balance is
normally transferred to revenues during the year and contract liabilities are increased by new advances
from customers.
TRANSACTION PRICE ALLOCATED TO THE REMAINING PERFORMANCE OBLIGATIONS
(Amounts in EUR million) 2026 2027 2028 TotalRevenues from sale of Sorters218.6 9.6 1.8 230.0
The Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information
about remaining performance obligations that have original expected durations of one year or less.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 3 Inventory/raw materials and consumables used
ACCOUNTING PRINCIPLE
The cost of inventories is based on the weighted average cost principle and includes expenditure
incurred in acquiring the inventories and bringing them to their existing location and condition. In the case
of manufactured inventories and work in progress, cost includes an appropriate share of overhead based
on normal operating capacity.
Raw materials and consumables related to goods sold
(Amounts in EUR million) 2025 2024Raw materials and consumables purchased514.0 531.5Change in inventory(29.1) 11.9Raw materials and consumables related to goods sold484.9 543.4
Change in inventory includes an adjustment for obsolescence of EUR -2.1 million (2024: EUR 1.8 million).
Inventory
(Amounts in EUR million) 2025 2024Raw materials72.3 72.4Commodities0.2 1.4Work in progress 11.5 14.1Finished goods94.6 64.2Spare parts76.0 73.4Total inventory254.6 225.5
Inventories are not subject to retention of title clauses.
Note 4 Employee benefit expenses / remuneration of executive
leadership and the board / auditors’ remuneration
ACCOUNTING PRINCIPLE
Salaries and other personnel expenses represent expenses associated with the remuneration of
personnel employed by the Group.
Employee benefit expenses(Amounts in EUR million) 2025 2024Salaries361,7 342,7Social security tax53,4 48,9Pension - Defined benefit plan1,2 1,5Pension - Defined contribution plan11,7 12,1Payroll expenses428,0 405,21Other labor costs34,4 27,8Total employee benefit expenses462,4 432,9Number of FTE5,394 5,1441 Other labor costs mainly consist of social expenses, meetings, training, recruiting and similar.
The Norwegian companies within the TOMRA Group use bank guarantees instead of restricted bank
accounts for employee tax deductions.
Executive Leadership remuneration and Board of Directors' compensation
Other members of theExecutive Leadership CEOTeam Total(Amounts in EUR thousands) 2025 2024 2025 2024 2025 2024Salary503 488 2,057 1,804 2,560 2,292Variable salary 347 585 1,176 1,881 1,523 2,467Pension Premiums100 97 319 312 419 409Other benefits51 44 357 281 407 326Total1,000 1,214 3,909 4,279 4,909 5,493
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 123
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTART
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 123
Executive Leadership remuneration and Board of Directors’ compensation cont.
(Amounts in EUR thousands) 2025 2024Fees to Board of Directors494 429
Further information on Remuneration to Executive Leadership and Board members is provided in the
Remuneration report 2025, available on TOMRA's website (Annual General Meeting documentation).
Share Purchase Program
In 2008 TOMRA established a share purchase program for permanent employees. In this program,
TOMRA invites employees to buy shares in TOMRA at market price and receive one bonus share per five
shares invested, provided the shares are kept for at least one year and the employee is still employed
by TOMRA. The employee can buy shares up to a maximum of 30 percent of his/her gross salary. The
share purchase program uses treasury shares acquired by TOMRA as authorized by the Annual General
Meeting. The shares are purchased on the Oslo Stock Exchange.
2025 2024Number of shares purchased by employees215,038 220,442Share price (closing market share price, the day 146.10/ 120.30 NOK 135.30 NOKbefore the allotment date)Number of bonus shares, distributed one year after investment41,811 42,206Total expenses recognized0.4 million EUR 0.5 million EUR
The Share Sale Program was executed on 26 May 2025, comprising the sale of 197,410 shares and
41,811 bonus shares at a price of NOK 146.10 per share. The second execution of the program took
place on 6 November 2025, and additional 17,628 shares were sold at a price of NOK 120.30 per share.
Following these transactions, TOMRA holds 644,318 shares at an average purchase price of
NOK 136.18 per share.
Auditors’ remuneration
(Amounts in EUR million) 2025 2024Audit of financial statements2.1 2.0Attestation of sustainability statements0.2 0.1Other attestation services0.0 0.1Tax consulting1.3 1.1Other services1.2 1.1Total 4.8 4.3
In 2025 TOMRA paid PwC EUR 1.4 million in audit fees, EUR 0.2 million in sustainability fees and
EUR 0.1 million in tax consulting (2024: EUR 1.3 million in audit fees, EUR 0.1 million in sustainability
attestation fees, EUR 0.1 million in tax consulting and EUR 0.1 million for other services).
Note 5 Financial items
ACCOUNTING PRINCIPLE
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate
method, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and
gains and losses on hedging instruments that are recognized in the income statement.
Net financial items
(Amounts in EUR million) 2025 2024Interest income6.9 2.3Foreign exchange gain105.2 81.2Total financial income112.1 83.5Interest expense21.5 15.7Lease interest expense7.0 6.5Other financial expenses3.4 3.4Foreign exchange loss96.4 85.3Total financial expenses128.3 110.9Increase/(decrease) in fair value of derivatives (2.4) 0.3Net financial items (18.6) (27.1)
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Deferred tax assets and liabilities
Other Intangible Tangible Other current Tax losses current non-current non-current liabilities and carried (Amounts in EUR million) Inventoryassetsassetsassetsprovisionsforward Other TotalBalance at 1 January 202518.2 11.7 (10.9) (1.6) 18.9 8.2 (0.8) 43.6Changes in deferred tax (0.4) 0.2 5.1 1.8 (2.5) 4.1 1.0 9.3Effect of business combinations 0.0 0.0Foreign exchange translation differences (0.3) (0.8) 0.4 0.5 (0.6) (0.6) (0.3) (1.7)Balance at 31 December 2025 17.5 11.1 (5.5) 0.7 15.8 11.7 (0.1) 51.2Balance at 1 January 2024 17.9 8.7 (2.9) (4.4) 12.6 1.7 3.4 43.4Changes in deferred tax 1.0 2.8 0.6 3.1 6.6 0.5 (4.3) 10.2Effect of business combinations (8.3) (8.3)Foreign exchange translation differences (0.7) 0.2 (0.3) (0.3) (0.3) (0.4) 0.1 (1.7)Balance at 31 December 2024 18.2 11.7 (10.9) (1.6) 18.9 8.2 (0.8) 43.6
Of which presented as deferred tax assets 31 December 2025. 62.0
Of which presented as deferred tax liability 31 December 2025.
10.8
Of which presented as deferred tax assets 31 December 2024.
56.7
Of which presented as deferred tax liability 31 December 2024.
13.1
Note 6 Taxes
Tax expense
(Amounts in EUR million) 2025 2024Taxes payable39.7 39.1 Net change in deferred taxes(9.3) (10.2)Total tax expense for the period30.5 28.9 Tax effect of OCI items1.0 2.8 Related to profit or loss31.5 31.7 Effective tax rateTaxes based upon Norwegian tax rates28.6 22.0% 28.8 22.0%Tax effect from deviation between local and Norwegian tax rates 1.1 0.9% 1.4 1.1%Change in unrecognized deferred tax assets2.0 1.5% 1.4 1.1%Other(0.2) -0.2% 0.0 0.0%Actual tax expense31.5 24.2% 31.7 24.2%
PILLAR TWO
The Group has performed an assessment of the potential exposure to Pillar Two income taxes for 2025.
Based on the assessment, the Pillar Two effective tax rates in most of the jurisdictions in which TOMRA
operates are above 16%. However, there are a limited number of jurisdictions where the transitional safe
harbor relief does not apply, and the Pillar Two effective tax rate is below 16%. The Group estimates no
Pillar Two income taxes in these jurisdictions in 2025.
DEFERRED TAXES
Deferred tax assets and liabilities are offset when there is a legal right to offset and the timing differences
reverse, or are expected to reverse, in the same period. Deferred taxes are calculated on the net amount
of such temporary differences and tax loss carryforwards. Deferred tax assets are recognized to the
extent that it is probable that future taxable profits will be available against which the asset can be
utilized.
Unrecognized deferred tax assets as of 31 December 2025 amount to 5.0 MEUR (2024: 2.6 MEUR).
Deferred tax assets and liabilities are presented using the tax rate of the applicable jurisdiction applied
to amounts representing future tax deductions or taxes payable and consist of the following as of 31
December.
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CONTENT
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Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 125
Note 7 Intangible assets
ACCOUNTING PRINCIPLE
Intangible assets are stated at cost less accumulated amortization and impairment losses.
Goodwill
Goodwill is an intangible indefinite lived asset that represents the future economic benefits arising from
assets that are not capable of being individually identified and separately recognized from a business
combination.
Development costs
Development costs are largely attributable to engineering personnel expenses and materials utilized
in development activities focused on developing new sorter technologies and reverse vending
machines. Such costs are capitalized when they meet the recognition criteria under IFRS, including the
demonstration of technical feasibility, the intention and ability to complete the project for use or sale, and
when it is probable that the project will generate future economic benefits. Costs that do not meet these
criteria are expensed as incurred.
Other intangibles
Other intangibles comprise patents, customer relationships, trade names and technology based assets
from business combinations.
Software
Software consists of investments in ERP and CRM systems.
Intangible assets
Develop-12(Amounts in EUR million) Goodwillment costsOtherSoftware TotalCostBalance at 1 January 2025361.1 127.7 96.7 89.4 674.9Acquisitions through business combinations 35.7 14.7 50.5Other acquisitions / internally developed 27.4 0.1 5.7 33.2Disposals(0.2) (3.4) (11.9) (15.5)Foreign exchange translation differences (11.8) (0.6) (3.3) (2.1) (17.8)Balance at 31 December 2025385.0 154.2 104.9 81.1 725.2Balance at 1 January 2024309.6 111.0 69.5 85.0 575.1Acquisitions through business combinations 54.5 0.8 26.9 0.2 82.4Other acquisitions / internally developed 20.3 0.2 7.0 27.5
Develop-12(Amounts in EUR million) Goodwillment costsOtherSoftware TotalDisposals(0.7) (0.6) (1.2) (2.5)Foreign exchange translation differences (3.1) (3.7) 0.7 (1.6) (7.7)Balance at 31 December 2024361.1 127.7 96.7 89.4 674.8Amortization and impairment lossesBalance at 1 January 202518.8 83.2 65.4 64.2 231.6Amortization charge for the year12.3 6.4 7.2 25.9Disposals(0.1) (3.4) (11.6) (15.1)Foreign exchange translation differences (2.8) (0.5) (3.4) (2.0) (8.7)Balance at 31 December 202516.0 94.9 65.0 57.8 233.7Balance at 1 January 202418.4 76.7 62.9 58.7 216.7Acquisitions through business combinations 0.1 0.2 0.3Amortization charge for the year9.4 2.2 7.1 18.7Impairment losses0.3 0.3 0.6Disposals(0.7) (0.4) (1.2) (2.3)Foreign exchange translation differences 0.4 (2.5) 0.6 (0.9) (2.4)Balance at 31 December 202418.8 83.2 65.4 64.2 231.6Useful lifeIndefinite 5-7 yrs 3-10 yrs 3-10 yrsCarrying amounts31 December 2025369.0 59.4 39.8 23.3 491.531 December 2024342.3 44.5 31.3 25.2 443.31 The carrying amount at 31 December 2025 was EUR 7.4 million for TOMRA Recycling, EUR 19.4 million for TOMRA Food, EUR 27.9 million for TOMRA Collection and EUR 4.7 million for TOMRA Horizon (2024: EUR 5.8 million for TOMRA Recycling, EUR 11.8 million for TOMRA Food, EUR 24.5 million for TOMRA Collection and EUR 2.3 million for TOMRA Horizon).2 EUR 22.6 million of the net book value relates to trade names, technology and customer relationships acquired as part of the acquisition of c-trace and is being amortized over a period of 5 to 10 years. EUR 14.0 million of the net book value relates to trade names, technology and customer relationships acquired as part of the acquisition of Clynk and is being amortized over 3 to 7 years.
RESEARCH AND DEVELOPMENT EXPENSE
Research and development costs of EUR 36.8 million have been recognized as an expense (2024: EUR
34.3 million) and EUR 27.4 million have been capitalized (2024: EUR 20.3 million).
The research and development costs consist of time and material consumed on R&D projects in addition
to an estimated overhead.
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CONTENT
Key Figures
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Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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Key Figures
CEO Review
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Timeline of events 2025
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Board of Directors
Directors’ Report
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Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
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Measures
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Key Figures
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Executive Leadership Team
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Directors’ Report
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Independent Sustainability
Auditor’s Limited Assurance
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Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
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Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 126
IMPAIRMENT TESTS FOR CASH GENERATING UNITS WITH ALLOCATED GOODWILL
The following units have significant carrying amounts of goodwill (each area may comprise several CGUs,
impairment tests are performed at CGU level):
(Amounts in EUR million) 2025 2024TOMRA Collection1- Tomra of North America Inc.45.3 20.3- Reverse vending other countries18.0 18.5TOMRA Recycling154.6 155.3TOMRA Food88.3 93.7TOMRA Horizon62.8 54.5Total369.0 342.31 2024 adjusted for comparitive purposes
TOMRA tests goodwill and other intangible assets with indefinite useful life annually or more frequently
if there are impairment indicators. As of 31 December 2025, the Group had no intangible assets with
indefinite useful life, other than goodwill. The recoverable amount of the cash-generating units (CGUs)
is based on value in use calculations. These calculations use cash flow projections based on actual
operating results (EBITA) and a five-year business plan including a residual value. The exchange rates
used reflect the actual exchange rate at the balance sheet date.
Significant assumptions
Based on an overall assessment, TOMRA has identified the following assumptions as most sensitive to
the value in use calculations.
Growth rate
TOMRA has experienced significant growth for several years, Food, Recycling and the Collection segment
have grown revenues organically by on average 7 percent per year over the last five years, excluding
acquisitions. In prediction of cash flows, management has utilized a conservative approach whereby the
growth used in the impairment tests is significantly lower than those experienced historically and those
that have been utilized in the strategic plan. The growth in the terminal year is set to be between 1.0 and
2.0 percent in the analysis.
Operating profit (EBITA)
The future operating profit is dependent on a number of factors, but primarily volumes/market growth and
operating expenses/production costs. In the impairment tests, TOMRA has estimated EBITA based on manage-
ment’s experience, expectations of future market development and implemented cost saving initiatives.
Discount rates
The discount rates are based on the Weighted Average Cost of Capital (WACC) formula derived from the
CAPM model. The WACC has been calculated individually for each CGU and rates of 7.1 percent to 8.1
percent after tax have been applied for the different CGUs.
Capital expenditure and capital employed
Capital employed is generally assumed to develop in line with revenues, and sales prices are in general
assumed to be stable, following inflation. Capital expenditure is generally equal to depreciation in the
calculation of terminal value as it is assumed depreciation equals capital expenditure in the long run.
Below is a description of the different cash generating units and considerations around the impairment tests.
TOMRA COLLECTION
TOMRA of North America Inc.
The CGU comprises the pick-up, transportation and processing of empty beverage containers on behalf
of beverage producers/fillers as well as sales and service of reverse vending machines and related
data management systems. The activity in the business area mirrors the drinking consumption in the US
deposit states, which is usually stable year over year. TOMRA is the market leader in this business area in
regions where it is present, and has been so for over 20 years. Terminal growth rate is assumed to be 1.0
percent, and a WACC of 7.3 percent has been utilized.
Reverse Vending other countries
The CGU comprises the development, production, sales and service of reverse vending machines and
related data management systems in deposit markets mainly in Europa and Australia. The main customer
group is food retail chains. With a high market share and significant service business, the business
segment represents a steady recurring cashflow, with limited risk, as TOMRA has been the global market
leader in this segment for more than 50 years. CGUs are identified on a country-by-country basis.
Terminal growth rate is assumed to be 1.5 percent, and a WACC of 7.1 percent has been utilized.
TOMRA FOOD
In the food segment, the customers are the fresh and processed food industries. TOMRA is the global
market leader in sorting mid-sized objects. With main customers being food producing companies, the
overall cyclicality in the segment is limited, due to the global dependency on a steady stream of food.
Recurring revenues are about 30% of total revenues. The medium to long term outlook remains positive
as access to labor, higher labor costs and increased quality and safety requirements are driving the need
to automate food processing. TOMRA Food consists of one CGU. A terminal growth of 2.0 percent and a
WACC of 8.1 percent has been used for TOMRA Food.
TOMRA RECYCLING
The business segment comprises the development, production, sale and service of sorting and
processing technology for customers in the recycling and ore sorting industry. In the recycling business,
the customers are waste management companies or plant builders operating on behalf of them, where
TOMRA provides sorting systems for waste and metal material streams. TOMRA is the global market
leader in the segment and has been so for more than 10 years. The demand for circular solutions, driven
by consumer expectations, regulatory requirements, and sustainability commitments from the industry, will
continue to create mid to long-term opportunities. The business segment experiences some cyclicality
due to fluctuations in material prices. In the ore sorting business, the customers are mining companies,
where TOMRA provides sensors for ore sorting. Current penetration in the mining industry is more limited,
but with solid potential, as the acceptance of optical sorting solutions is increasing within the industry.
TOMRA Recycling consists of one CGU. A terminal growth of 2.0 percent and a WACC of 7.6 percent has
been applied for TOMRA Recycling.
Sensitivity analysis
In connection with the impairment testing of CGU’s with allocated goodwill, a sensitivity analysis has
been performed. A reasonably possible change in key assumptions on which management has based
its determination of the unit’s recoverable amount would not cause the unit’s carrying amount to exceed
its recoverable amount. Neither an interest rate increase of 2 percentage points, nor a reduction in
forecasted cashflow of 10 percent would trigger a write-down of goodwill.
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Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
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Financial Statements TOMRA
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Independent Auditor’s Report
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Notes TOMRA Group
Directors’ Responsibility
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Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 127
Note 8 Property, plant and equipment
ACCOUNTING PRINCIPLE
Items of property, plant and equipment are measured at cost, less accumulated depreciation and accumulated impairment losses.
Property, plant and equipment
1(Amounts in EUR million) Land & BuildingsMachinery & Fixtures Vehicles Leasing Equipment Assets in Progress TotalCostBalance at 1 January 202561.1 169.1 30.1 177.9 52.5 490.7Acquisitions through business combinations0.0 6.8 0.3 0.8 0.0 7.9Other acquisitions1.4 16.3 5.8 39.9 34.0 97.43Disposals(0.9) (7.8) (2.1) (10.4) (0.4) (21.6)Reclassifications8.1 37.7 1.0 0.5(47.2)0.0Foreign exchange translation differences(1.5) (7.9) (2.8) (10.6) (0.5) (23.5)Balance at 31 December 202568.2 214.2 32.3 198.1 38.4 551.2Balance at 1 January 202459.8 150.4 28.1 154.7 22.5 415.5Acquisitions through business combinations1.6 0.5 2.1Other acquisitions1.8 24.7 1.8 26.4 36.0 90.73Disposals(0.7) (9.2) (1.6) (10.1) (0.5) (22.1)Reclassifications5.1 (5.1) 0.0Foreign exchange translation differences0.2 1.6 1.3 1.8 (0.4) 4.5Balance at 31 December 202461.1 169.1 30.1 177.9 52.5 490.7Depreciation and impairment lossesBalance at 1 January 202537.1 109.6 22.2 121.6 290.5Acquisitions through business combinations0.0 0.4 0.0 0.0 0.42Depreciation charge for the year3.4 18.5 3.1 22.3 47.33Disposals(0.3) (7.8) (1.2) (7.1) (16.4)Foreign exchange translation differences(0.7) (5.3) (2.2) (7.4) (15.6)Balance at 31 December 202539.5 115.4 21.9 129.4 306.2Balance at 1 January 202433.7 98.4 19.5 105.8 257.5Acquisitions through business combinations1.3 0.2 1.52Depreciation charge for the year3.9 16.2 2.8 20.9 43.83Disposals(0.7) (7.6) (1.4) (6.9) (16.6)Foreign exchange translation differences0.2 1.3 1.1 1.7 4.3Balance at 31 December 202437.1 109.6 22.2 121.6 290.5
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PAGE 128
1(Amounts in EUR million) Land & BuildingsMachinery & Fixtures Vehicles Leasing Equipment Assets in Progress TotalUseful life25-50 yrs 3-10 yrs 3-7 yrs 5-10 yrsCarrying amounts31 December 202528.7 98.8 10.4 68.7 38.4 245.031 December 202424.0 59.5 7.9 56.3 52.5 200.21 Including land of EUR 3.5 million as of 31 December 2025.2 All depreciation plans are linear.3 Disposals include machines either sold, scrapped or transferred to inventory.
LEASING EQUIPMENT
The companies within TOMRA Group had 6,749 reverse vending machines and 155 sorters leased to
customers at the end of 2025. The table below shows the minimum leasing income from today's lease
portfolio. In addition to this income, TOMRA will receive income from material handling, service
contracts etc.
Minimum lease income from operating leasing equipment
(Amounts in EUR million) 2025 2024Less than 1 year22.7 16.31-2 years18.1 13.32-3 years14.2 10.23-4 years10.6 6.64-5 years8.2 3.9Over 5 years18.8 2.4
Income from thoughput revenues in Australia, Estonia, Latvia and Lithuania is not included, as payments
are variable.
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PAGE 129
Note 9 Leasing
ACCOUNTING PRINCIPLE
Short-term leases and leases of low-value assets
TOMRA Group has elected not to recognize right-of-use assets and lease liabilities for short-term leases
that have a lease term of 12 months or less and leases of low-value assets. Low-value asset leases include
a.o. the lease of coffee machines, laptops and office furniture. TOMRA Group recognizes the lease
payments associated with these leases as an expense on a straight-line basis over the lease term.
The TOMRA Group mainly leases properties, land and cars. Rental contracts are typically made for fixed
periods of 1 to 15 years but may have extension options. Lease terms are negotiated on an individual basis
and contain a wide range of different terms and conditions. For the lease of vehicles TOMRA has adopted
the practical expedient to not separate non-lease components like service of the vehicles from lease
components.
The lease discounting rates are based on currency swap rates at year end for 3, 5, 7 and 10 years for all
currencies.
Right of Use assets
Land & Machinery & (Amounts in EUR million)Buildings Vehiclesfixtures TotalCostBalance at 1 January 2025199.6 68.3 0.1 268.0Acquisitions through business combinations 4.1 4.1Additions during the year24.1 15.1 39.1Lease contracts terminated(15.0) (9.4) (24.3)Foreign exchange translation differences(7.1) (3.7) (0.0) (10.8)Balance 31 December 2025205.7 70.3 0.1 276.1Balance at 1 January 2024163.9 52.6 0.1 216.6Acquisitions through business combinations 3.9 0.4 4.3Additions during the year38.1 21.4 0.1 59.5Lease contracts terminated(4.4) (7.4) (0.1) (11.9)Foreign exchange translation differences(1.8) 1.3 (0.5)Balance 31 December 2024199.6 68.3 0.1 268.0Depreciation and impairment lossesBalance at 1 January 202587.1 26.6 0.0 113.7Depreciation charge for the year25.2 16.0 0.0 41.2Lease contracts terminated(10.6) (9.4) (20.0)Foreign exchange translation differences(4.4) (1.5) 0.0 (5.9)Balance 31 December 202597.3 31.7 0.1 129.1
Land & Machinery & (Amounts in EUR million)Buildings Vehiclesfixtures TotalBalance at 1 January 202469.4 19.3 0.0 88.8Depreciation charge for the year21.7 14.8 36.5Lease contracts terminated(3.2) (7.9) (11.2)Foreign exchange translation differences(0.8) 0.5 (0.4)Balance 31 December 202487.1 26.6 0.0 113.7Carrying amountsBalance 31 December 2025108.4 38.6 0.0 147.0Balance 31 December 2024112.5 41.7 0.1 154.2Lease liability(Amounts in EUR million) 2025 2024Balance at 1 January164.2 139.5Acquisitions through business combinations 4.2 4.3New lease contracts38.3 57.9Lease contracts terminated(5.7) (0.7)Lease payments(45.9) (42.6)Interest expenses6.8 6.2Foreign exchange translation differences(5.5) (0.4)Balance at 31 December156.3 164.2Maturity analysis of discounted values(Amounts in EUR million) 2025 2024Less than 6 months20.9 21.66-12 months 23.9 19.31-2 years 32.2 35.12-3 years22.7 25.13-4 years15.6 16.74-5 years10.7 12.0Over 5 years30.3 34.4Total lease liabilities at 31 December156.3 164.2
See note 16 for maturity analysis of undiscounted values of lease liability.
The Group has no material lease contracts not yet commenced.
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Lease restoration liabilities
(Amounts in EUR million) 2025 2024Balance at 1 January4.9 3.9New lease contracts0.8 1.6Lease contracts terminated(0.7) (0.8)Interest expenses0.2 0.2Foreign exchange translation differences(0.2) -1Balance 31 December5.0 4.91 Lease restoration liabilities due more than one year after the balance sheet date is classified as other non-current liability in the balance sheet statement. The short term part is included in note 21 other current liabilities, in the line other non-interest bearing debt.
Amounts recognized in the Income Statement
(Amounts in EUR million) 2025 2024Lease expensesExpenses relating to short-term leases0.9 0.9Expenses relating to leases of low-value assets0.1 0.2Depreciation of right-of-use assets41.2 36.5Interest expenses on lease liabilities and lease restoration provision7.0 6.4
GROUP AS LESSOR
See note 8 for more information about machines where TOMRA is a lessor.
Note 10 Investments in joint ventures and associates
ACCOUNTING PRINCIPLE
Investments in joint ventures and associates are accounted for in the Group financial statements using
the equity method.
Investments in joint ventures and associates
TOMRA TOMRA Cleanaway Cleanaway TOMRA (Amounts in EUR million)Pty Ltd.(VIC) Pty Ltd.Japan Ltd. Other Total2025Balance 1 January 4.3 1.5 3.5 2.0 11.2Share of profit for the year(0.3) (0.1) 0.8 0.1 0.5 Acquisition0.9 0.9Capital infusion(0.8) 0.6 (0.2)Dividend(0.4) (0.4) (0.8)Foreign exchange translation (0.2) (0.1) (0.4) (0.1) (0.8)differencesBalance 31 December 3.0 1.3 3.5 3.1 10.92024Balance 1 January 3.6 1.2 3.9 1.4 10.1Share of profit for the year0.8 0.3 0.4 0.1 1.7Acquisition0.1 0.1Capital infusion0.9 0.9Dividend(0.7) (0.6) (1.3)Foreign exchange translation (0.1) (0.2) (0.3)differencesBalance 31 December 4.3 1.5 3.5 2.0 11.2Equity at date of acquisition0.0 0.0 0.0CountryAustralia Australia JapanYear of acquisition2017 2023 2008Vote and share ownership50% 50% 50%
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Summary financial information for associates on 100% basis
TOMRA TOMRA Cleanaway Cleanaway TOMRA (Amounts in EUR million)Pty Ltd.(VIC) Pty Ltd.Japan Ltd. Other Total2025Assets22.5 10.2 18.1 7.7 58.5Liabilities16.5 7.7 11.1 2.7 38.0Equity6.0 2.6 7.0 5.0 20.6Revenues160.3 44.6 17.2 12.9 235.0Profit/(loss)-0.6 -0.3 1.6 1.3 2.0 2024Assets21.8 9.5 18.5 4.6 54.4Liabilities13.3 6.6 11.5 0.6 32.0Equity8.5 3.0 7.0 4.0 22.4Revenues156.6 40.7 15.7 6.5 219.5Profit/(loss)1.6 0.7 0.9 0.5 3.6
Note 11 Non-current receivables
ACCOUNTING PRINCIPLE
Receivables with due dates more than one year after the balance date are reported as non-current assets.
Non-current receivables
(Amounts in EUR million) 2025 2024Deposits6.7 1.81Financial lease receivables18.4 17.1Loans to associated companies 3.1 2.0 Loans to employees - 0.1 2Investment related to SERP16.3 16.9Other non-current receivables 5.0 5.5 Total non-current receivables 49.5 43.4 1 Finance lease receivables relate to machines leased to customers on finance lease contracts (mainly RVMs in USA and Canada). 2 See note 17 for more information about SERP (Supplemental executive retirement plan).
Note 12 Trade receivables
Trade receivables
(Amounts in EUR million) 2025 2024Trade receivables from sales contracts, gross272.6 269.7Other trade receivables25.7 29.7Provision for bad debt(10.7) (10.6)Total trade receivables287.6 288.8Provision for bad debt per 1 January10.6 10.3 Provisions made during the year3.9 3.3 Provisions used during the year(1.7) (3.1)Provisions reversed during the year(1.6) -Foreign exchange translation differences(0.5) 0.1Provision for bad debt per 31 December10.7 10.6
Bad debt written-off and changes in provision for bad debt are reported as other operating expenses.
Trade receivables fall due:
2025Gross Carrying Loss Net Carrying (Amounts in EUR million) Allowance in %AmountAllowanceAmountNot due yet1% 238.3 1.7 236.6 1 - 30 days1% 25.2 0.2 25.031- 60 days11% 13.4 1.5 11.961 - 90 days26% 6.1 1.6 4.5Older than 90 days37% 15.3 5.7 9.6Total trade receivables4% 298.3 10.7 287.62024Gross Carrying Loss Net Carrying (Amounts in EUR million) Allowance in %AmountAllowanceAmountNot due yet0% 231.8 0.5 231.3 1 - 30 days1% 30.7 0.4 30.331- 60 days8% 10.9 0.9 10.061 - 90 days23% 4.5 1.0 3.5Older than 90 days37% 21.5 7.8 13.7Total trade receivables4% 299.4 10.6 288.8
TOMRA Group uses an allowance matrix taking into consideration historical provision, current and
forward-looking estimates that reflect current and forecast credit conditions. For further information about
credit risk, see note 16.
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Note 13 Cash and cash equivalents
ACCOUNTING PRINCIPLE
Cash and cash equivalents include cash in hand, bank deposits, money market funds, and other
short-term investments with original maturity of three months or less.
Cash and cash equivalents(Amounts in EUR million) 2025 20241Bank deposits87.4 123.0Total cash and cash equivalents 87.4 123.0
1 Includes restricted bank deposits totaling 4.3 million (2024: 5.8 million) for the Group.
TOMRA Systems ASA and its fully owned subsidiaries participate in an international multi-currency
cash-pool, and zero-balancing cash pools for AUD, CAD, EUR, NZD, SGD and USD. Subsidiaries deposit
and withdraw funds through the cash pool agreements as an intra-group receivable/payable against
TOMRA Systems ASA, and the transactions are classified as such in the financial statements.
Note 14 Equity/earnings per share
Earnings per share
2025 2024Average number of shares296,040,156 296,040,156Average number of shares, adjusted for own shares295,623,766 295,671,314Average number of shares, adjusted for own shares, fully diluted295,623,766 295,671,314Majority equity 31 December (MEUR)583.7 603.4Equity per share (EUR)1.98 2.04Net profit attributable to the shareholders of the parent (MEUR)93.0 93.8Earnings per share (EUR)0.31 0.32Earnings per share, fully diluted (EUR)0.31 0.32
PURCHASE OF OWN SHARES
In both 2024 and 2025, TOMRA was granted authorization at the annual general meeting to acquire
treasury shares, limited to a total of 1,000,000 shares. Shares purchased will be used in connection with
TOMRA's share purchase program for employees (note 4).
The first buyback program, comprising 250,000 shares, was initiated on 14 January 2025 and completed
on 20 January 2025, at an average price of NOK 147.73 per share. The second buyback program,
comprising 400,000 shares, was initiated on 21 October 2025 and completed on 24 October 2025, at an
average price of NOK 129.05 per share.
The total transaction value of the two buyback programs amounted to EUR 7.6 million. As of 31 December
2025, TOMRA held 644,318 treasury shares, representing 0.22% of the company’s share capital.
TOMRA did not acquire treasury shares in 2024, and owned a total of 251,167 own shares 31 December
2024, representing 0.08% of TOMRA’s share capital.
Dividends
Dividends are declared in NOK. After the balance sheet date the following dividends were proposed by
the directors:
(Amounts in EUR million) 2025 2024NOK 2.15 in ordinary dividend per qualifying share (2024: NOK 2.15 in ordinary dividend) 53.6 54.8
The dividend has not yet been provided for and there are no income tax consequences. The amount for
2024 is translated to EUR against the fx rate on the date when the dividend was paid, 20 May 2025.
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 133
Note 15 Shareholders
The amounts shown are based upon information from Verdipapirsentralen (VPS) and IPREO.
On nominee accounts, information regarding beneficial ownership has been collected and
presented where possible.
Largest shareholders registered at 31 December 2025
Number of shares Ownership Country1 Investment AB Latour (publ)62,400,000 21.08%Sweden2 Folketrygdfondet17,777,289 6.01%Norway3 APG Asset Management N.V.15,929,022 5.38%Netherlands4 Inter Long Term Capital S.A.15,414,803 5.21%Luxembourg5 DNB Asset Management AS14,435,484 4.88%Norway6 Nordea Funds Oy11,546,417 3.90%Finland7 KIRKBI Invest A/S11,299,183 3.82%Denmark8 PGGM Vermogensbeheer B.V.10,173,745 3.44%Netherlands9 The Vanguard Group, Inc.10,008,512 3.38%United States10 Swedbank Robur Fonder AB7,748,722 2.62%Sweden11 Alecta pensionsförsäkring, ömsesidigt5,100,000 1.72%Sweden12 KLP Kapitalforvaltning AS5,086,928 1.72%Norway13 BlackRock Institutional Trust Company, N.A.5,085,385 1.72%United States14 Cliens Asset Management AB4,670,900 1.58%Sweden15 M&G Investment Management Ltd.3,392,495 1.15%United Kingdom16 Eika Kapitalforvaltning AS3,131,864 1.06%Norway17 ODIN Forvaltning AS3,077,901 1.04%Norway18 Deutsche WertpapierService Bank AG3,004,131 1.01%Germany19 BlackRock Investment Management (UK) Ltd.2,428,231 0.82%United Kingdom20 State Street Investment Management (US)1,865,078 0.63%United StatesTotal 20 largest shareholders213,576,090 72.14%Other shareholders82,464,066 27.86%Total296,040,156 100.00%Shares owned by Norwegian residents55,178,957 18.64%Shares owned by others240,861,199 81.36%Total296,040,156 100.00%
Note 16 Financial instruments
Financial risk
TOMRA Group operates globally and is exposed to financial risks such as foreign currency risk, interest
rate risk, credit risk, and liquidity risk. Responsibility for managing financial risk in TOMRA Group is split
between the business divisions which manage risk related to business processes, and Group Treasury
which manage risk related to funding, cash management and financial risk management.
Capital management
TOMRA's capital management policy is to maximize value creation over time, while maintaining a strong
financial position, an investment grade credit rating, and strong liquidity.
Overview of financial assets and liabilities - carrying and fair values:
For amortized cost assets and liabilities carrying value are assumed to be a reasonable approximation to
fair value. Fair value of the derivative financial instruments are based on level 2 inputs according to the
fair value hierarchy in IFRS 13.
Financial assets
2025 2024Carrying Carrying (Amounts in EUR million)amount Fair valueamount Fair valueMeasured at amortized cost:Non-current receivables49.5 49.5 43.4 43.4Trade receivables287.6 287.6 288.8 288.8Cash and cash equivalents87.4 87.4 123.0 123.0Measured at Fair Value through Profit and Loss:Forward exchange contracts0.0 0.0 0.9 0.9Total424.6 424.6 456.1 456.1
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Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
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Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 134
Financial liabilities2025 2024Carrying Carrying (Amounts in EUR million)amount Fair valueamount Fair valueMeasured at amortized costTrade payables75.0 75.0 61.4 61.4Other current non-interest bearing debt3.2 3.2 46.4 46.4Lease liabilities156.3 156.3 164.1 164.1Other non-current liabilities42.4 42.4 30.2 30.2Senior unsecured bonds355.0 355.0 250.0 250.0Other loans33.8 33.8 29.8 29.8Unsecured bank facilities128.5 128.5 77.6 77.6Measured at Fair Value through Profit and Loss:Forward exchange contracts1.6 1.6 0.2 0.2Measured at Fair Value through OCI:CCIRS designated as net investment hedge10.5 10.5 12.5 12.5CCIRS designated as cash flow hedge and net investment hedge 3.4 3.4 3.8 3.8CCIRS designated as fair value hedge and net investment hedge 6.1 6.1 5.6 5.6Total815.7 815.7 681.7 681.7
FOREIGN CURRENCY RISK
Transaction risk and translation risk from monetary items
TOMRA Systems ASA's functional currency is NOK. Foreign currency risk arises from transactions
denominated in foreign currencies and net investments in foreign operations. The risk is defined as the
risk for fluctuation in spot exchange rates between the functional currency of the net investment and
TOMRA Systems ASA's functional currency. This will cause the amount of the net investment to vary, and
such risk may have a significant impact on TOMRA Group's financial statements. This translation risk does
not give rise to a cash flow exposure. Its impact arises only from the translation of the net investment
(EUR) into TOMRA Systems ASA's functional currency (NOK).
In accordance with the financial strategy, TOMRA Group can hedge balance sheet items and expected
future net cash flow up to 12 months. In addition to derivatives that are designated and qualify for hedge
accounting, the Group also holds certain derivatives as economic hedges. TOMRA primarily uses forward
contracts as economic hedges to hedge future cash flow and balance sheet items. Some entities also
have derivatives that are held for the purpose of hedging future sales and purchase transactions, but the
volume of these derivatives is limited.
Net foreign exchange gains and losses in the financial statements are most sensitive to changes in the
EUR/USD exchange rate, where a strengthening of EUR of 5% at the balance sheet date would only have
immaterial effects on profit after tax.
Fair value of the forward exchange contracts are disclosed in the table above, and information about net
recognized foreign exchange gains and losses is disclosed in note 5.
Derivative instruments designated as hedging
TOMRA has entered into a placement of a NOK 1,000 million bond with fixed interest that is held until
maturity and measured at amortized costs (duration: 10Y). TOMRA has entered into a cross-currency
interest rate swap (CCIRS) to swap the fixed interest to floating in line with the variable interest rate
strategy for long-term borrowings. The swap is designated in its entirety as a hedge of the fair value
interest rate risk on the NOK 1,000 million denominated debt (fair value hedge) and a hedge of the
foreign currency risk of subsidiaries (net investment hedge).
In order to measure hedge effectiveness for the fair value hedge and the net investment hedge, TOMRA
notionally splits the derivative into the following:
• Receive fixed rate and pay floating 3 month NIBOR on NOK 1,000 million (notional derivative 1)
designated in a fair value hedge,
• Receive NIBOR on NOK 1,000 million and EURIBOR on EUR 84.8 million (notional derivative 2)
designated in a net investment hedge.
The sum of the fair values of the two derivatives equals the fair value of the actual derivative.
The critical terms of the hedged item and the hedging instrument are matched to coincide exactly. Critical
terms are defined as currencies, amounts and maturity. TOMRA applies the cost of hedging model which
means that the foreign currency basis spread is excluded from the designated hedging instrument.
TOMRA has entered into a placement of a NOK 750 million bond and a NOK 250 million bond, both with
floating interest that is held until maturity and measured at amortized costs (duration: 5Y and 7Y). TOMRA
has entered into cross-currency interest rate swaps (CCIRS) to swap the floating interest to fixed to limit
the effect of future changes in the interest due to the uncertain geopolitical environment. The swaps are
designated in its entirety as a hedge of the cash flow interest rate risk on the NOK 750 million and NOK
250 million denominated debt (cash flow hedge) and a hedge of the foreign currency risk of subsidiaries
(net investment hedge).
In order to measure hedge effectiveness for the cash flow hedge and the net investment hedge, TOMRA
notionally splits the derivative into the following:
• Receive floating rate and pay fixed 3 month NIBOR on NOK 1,000 million (notional derivative 1)
designated in a cash flow hedge,
• Receive NIBOR on NOK 1,000 million and EURIBOR on EUR 86.5 million (notional derivative 2)
designated in a net investment hedge.
The sum of the fair values of the two derivatives equals the fair value of the actual derivative.
The critical terms of the hedged item and the hedging instrument are matched to coincide exactly. Critical
terms are defined as currencies, amounts and maturity. TOMRA applies the cost of hedging model which
means that the foreign currency basis spread is excluded from the designated hedging instrument.
TOMRA has entered into a placement of one NOK 500 million bond, one NOK 1,000 million bond and one
NOK 375 million bonds with floating interest that is held until maturity and measured at amortized costs
(duration: 5Y, 5Y and 7Y). TOMRA has entered into cross-currency interest rate swaps (CCIRS) to swap from
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Key Figures
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Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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CONTENT
Key Figures
CEO Review
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Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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Key Figures
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Timeline of events 2025
Executive Leadership Team
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Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 135
NIBOR to EURIBOR interest in line with the strategy to reduce currency volatility. The swaps are designated in
its entirety as a hedge of the foreign currency risk of subsidiaries (net investment hedge).
In order to measure hedge effectiveness for net investment hedge, TOMRA receive NIBOR on NOK 1,000
million and EURIBOR on EUR 97.3 million designated in a net investment hedge.
The critical terms of the hedged item and the hedging instrument are matched to coincide exactly. Critical
terms are defined as currencies, amounts and maturity. TOMRA applies the cost of hedging model which
means that the foreign currency basis spread is excluded from the designated hedging instrument.
Outstanding cross currency interest rate swaps
2025Notional Amount forward (sold) / bought (in millions)amount EUR Exchange rate Due dateEUR/NOK(48.7) 10.267 2027EUR/NOK(32.3) 11.628 2028EUR/NOK(43.2) 11.567 2029EUR/NOK(21.6) 11.561 2029EUR/NOK(43.6) 11.468 2030EUR/NOK(43.6) 11.474 2030EUR/NOK(21.6) 11.561 2031EUR/NOK(32.2) 11.642 2032EUR/NOK(84.8) 11.788 2034
2024Notional Amount forward (sold) / bought (in millions)amount EUR Exchange rate Due dateEUR/NOK(48.6) 10.293 2025EUR/NOK(48.7) 10.267 2027EUR/NOK(43.2) 11.567 2029EUR/NOK(21.6) 11.561 2029EUR/NOK(21.6) 11.561 2031EUR/NOK(84.8) 11.788 2034
TOMRA received NOK in interest equaling EUR 15.8 million (2024: EUR 12.6 million) from cross currency
interest rate swaps, and paid an interest of EUR 11.3 million (2024: EUR 10.8 million).
The table below shows the movements in the Group’s hedge reserve:
Movement in the Group's hedge reserve2025Fair value Hedging (Amounts in EUR million)derivative Deferred taxreserveOpening balance 2025(4.3) 0.9 (3.4)Change in fair value effective portion of cash flow hedge0.9 (0.2) 0.7 Change in deferred costs of hedging(1.2) 0.3 (0.9)Closing balance 2025(4.6) 1.0 (3.5)2024Fair value Hedging (Amounts in EUR million)derivative Deferred taxreserveOpening balance 2024 - - - Change in fair value effective portion of cash flow hedge(1.9) 0.4 (1.5)Change in deferred costs of hedging(2.4) 0.5 (1.9)Closing balance 2024(4.3) 0.9 (3.4)
The table below shows the movements in the Group's translation reserve for changes in the fair value of
the net investment hedge
Movement in the Group's translation reserve
2025Fair value Translation (Amounts in EUR million)derivative Deferred taxreserveOpening balance 2025(18.2) 4.0 (14.2)Change in fair value effective portion of net investment hedge (4.4) 1.0 (3.4)Closing balance 2025(22.6) 5.0 (17.6)2024Fair value Translation (Amounts in EUR million)derivative Deferred taxreserveOpening balance 2024(10.3) 2.3 (8.0)Change in fair value effective portion of net investment hedge (7.9) 1.7 (6.2)Closing balance 2024(18.2) 4.0 (14.2)
There were no reclassifications from the Translation reserve or the Hedge reserve to profit or loss during
2025 and 2024.
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Financial Statements TOMRA
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Notes TOMRA Group
Directors’ Responsibility
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Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
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Measures
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Financial Statements TOMRA
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Notes TOMRA Group
Directors’ Responsibility
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Independent Auditor’s Report
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Notes TOMRA Group
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Financial Statements TOMRA
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Notes TOMRA Systems ASA
Independent Auditor’s Report
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PAGE 136
INTEREST RATE RISK
TOMRA Group’s main interest rate risk arises from long-term borrowings with part variable rates and part
fixed rates, which expose the Group to cash flow interest rate risk. The Group policy is to primarily follow a
floating interest strategy but there is an opening in the strategy to hedge interest rates with fixed interest
rate loans or interest rate swaps in order to stabilize interest cash flows. During 2024 and 2025, the
Group’s borrowings at variable and fixed rate were mainly denominated in NOK and some in EUR.
The reference rate for the bond loans is three months NIBOR. As of 31 December 2025 NOK 3,250 million
was issued with three months NIBOR as reference rate and NOK 1,000 was issued at a fixed interest rate.
The reference rate for the revolving credit facility depends on which currencies and durations are utilized
(optional currencies are NOK, EUR, USD and GBP) and a margin. The margin is dependent on TOMRA's
NIBD/EBITDA ratio and the agreement is conditional upon an equity covenant of at least 30 percent of
total assets, measured at the end of each quarter. As of 31 December 2025 a EUR equivalent of 121,22
million was drawn of which 79 million in EUR and 500 million in NOK.
The reference rate for Eksportfinansiering facility is payable at CIRR (Commercial Interest Reference Rate)
and a margin. The margin is dependent on TOMRA's NIBD/EBITDA ratio and the agreement is conditional
upon an equity covenant of at least 30 percent of total assets, measured at the end of each quarter. As of
31 December 2025 an amount of EUR 33.7 million was drawn.
A change in the interest rate of 100 basis points, calculated on the loan amount as per 31 December 2025,
increases annual financial costs by EUR 4.0 million or decreases annual financial costs by EUR 4.0 million.
CREDIT RISK
TOMRA Group has limited exposure to credit risk relating to accounts receivable balances. Bad debt
written off for 2025 amounts to EUR 0.0 million (EUR 2.7 million in 2024). TOMRA Group’s customers
include the largest retail chains in the world, as well as large scrap material processors and food
producers, where outstanding receivables globally can be significant. In a situation where one of these
systems collapses, TOMRA Group could be exposed. Credit risk also arises from derivative financial
instruments and deposits with banks and financial institutions. However, counterparts are limited to
financial institutions with high creditworthiness. The maximum exposure to credit risk at year-end equaled
total receivables on the balance sheet plus any unrealized gain or loss on financial contracts. Reference is
made to note 12 for loss allowance on accounts receivable.
LIQUIDITY RISK
Liquidity risk is the risk that TOMRA is not able to meet its payment obligations. This risk is managed
centrally, but in close cooperation with affected subsidiaries. TOMRA initiates measures necessary to
maintain a strong liquidity, and cash flow from operations is managed operationally at TOMRA Group level.
The liquidity reserve, consisting of unused credit lines was at EUR 54.1 million as of 31 December 2025.
The debt profile as per 31 December 2025 is presented below (nominal values).
Debt profile
2025Carrying (Amounts in EUR million)amount 2026 2027 2028 2029 2030+Unsecured bank facilities128.5 0.6 0.6 121.8 0.6 4.9Senior unsecured bonds 355.0 42.2 31.7 63.3 217.8Other loans33.8 6.7 6.6 8.9 8.6 3.01Lease liabilities156.3 45.6 34.6 24.9 17.9 54.5Other current non-interest bearing 3.2 3.2debtTrade payables75.0 75.0Total751.8 131.1 84.0 187.3 90.4 280.2Interest payments bonds and loans23.1 21.8 19.5 11.2 25.5Total including interest payments751.8 154.2 105.8 206.8 101.6 305.7Forward exchange contracts1.0 1.0- Inflow(0.8)- Outflow0.7Cross Currency Interest Rate Swaps20.6 0.0 6.5 0.6 1.5 4.2- Inflow(17.6) (16.5) (14.4) (10.9) (25.5)- Outflow12.1 12.4 11.3 9.1 22.9Total including derivative financial instruments 773.3 149.6 108.2 204.3 101.3 307.32024Carrying (Amounts in EUR million)amount 2025 2026 2027 2028 2029+Unsecured bank facilities77.6 2.2 75.4Senior unsecured bonds 250.0 42.4 42.4 165.2Other loans29.8 5.1 5.1 5.1 7.4 7.11Lease liabilities164.1 41.9 37.3 27.3 19.1 62.0Other current non-interest bearing 46.4 46.4debtTrade payables61.5 61.5Total629.4 199.5 42.4 150.2 26.5 234.4Interest payments bonds and loans17.3 14.0 13.5 8.5 25.0Total including interest payments629.4 216.8 56.5 163.6 34.9 259.4Forward exchange contracts0.2 0.2- Inflow(0.0)- Outflow0.0Cross Currency Interest Rate Swaps21.9 6.2 6.3 1.7- Inflow(13.3) (10.5) (10.1) (7.9) (24.8)- Outflow8.1 6.2 6.2 5.0 19.2Total including derivative financial instruments 651.5 218.0 52.2 166.1 32.0 255.5
1 Carrying amount at discounted value, and future amount at undiscounted values for lease liability.
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Financial Statements TOMRA
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Notes TOMRA Group
Directors’ Responsibility
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Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
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Financial Statements TOMRA
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Directors’ Responsibility
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Financial Statements TOMRA
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PAGE 137
Note 17 Pension and pension obligations
ACCOUNTING PRINCIPLE
Defined contribution plans
Obligations for contributions to defined contribution plans are recognized as employee benefits expenses
in profit and loss as the related service is provided.
Defined benefit plans
The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by
estimating the amount of future benefit that employees have earned in the current and prior periods,
discounting that amount and deducting the fair value of any plan assets.
The calculation of defined benefit obligation is performed annually by a qualified actuary using the projected
unit credit method. When the calculation results in a benefit to the Group, the recognized asset is limited
to the present value of economic benefits available in the form of any future refunds from the plan or
reductions in future contributions to the plan.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that
relates to past service or the gain or loss on curtailment is recognized immediately in profit and loss. TOMRA
Group recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs.
Total Pension costs and pension liability for TOMRA Group
(Amounts in EUR million) 2025 2024Employee benefit expenses defined benefit plan1.2 1.5Employee benefit expenses defined contribution plan11.7 12.1Total employee benefit expenses12.9 13.6Norwegian plans(0.0) (0.2)Belgium plans0.0 (0.1)Taxes0.0 0.1Remeasurement gain/(loss) on defined benefit plans(0.0) (0.2)Norwegian plans0.6 1.6US plans19.8 20.3Belgium plans0.7 0.7Total Pension liability 21.1 22.6
THE METRO PLAN
Tomra North America participates in a multi-employer pension plan, the “Metro-plan”. The plan is a
Defined Benefit plan (DB) under IAS 19. As there was limited financial information available for the plan,
TOMRA applied Defined Contribution plan (DC) accounting for the plan up until 31 December 2012. In
2013 the Metro-plan was restructured, and the fund provided TOMRA with information about TOMRA’s
net liabilities under the plan. TOMRA entered into an agreement with the fund to settle the underfunding
in the plan through annual payments of USD 0.2 million per year over 25 years period. Consequently,
a net pension liability of USD 3.5 million (net present value) was recognized in other comprehensive
income as a change in estimate in 2013. The agreement with the fund also included a re-entry into the
restructured DB-plan based on direct attribution, where TOMRA is responsible for funding of liabilities
directly attributable to TOMRA employees only. The Metro plan comprises 42 TOMRA employees, and the
premium paid under this plan was EUR 0.2 million (2024: EUR 0.2 million).
In December 2021, TOMRA entered into a similar direct attribution plan in Massachussets. The plan
comprises 11 TOMRA employees and the premium paid was EUR 0.1 million (2024: EUR 0.1 million).
SERP
Tomra North America Inc offers in addition to a regular 401 (k) plan, a non-qualified, defined contribution,
Supplemental Executive Retirement Plan (SERP) for selected executives only. The company contribution to
this Plan is contingent on the eligible executive also making a minimum elective contribution to the Plan,
and is limited up to certain thresholds. The SERP is fully financed with corporate-owned life insurance and
comprises 16 executives. The plan is reflected gross in the balance sheet, with EUR 16.3 million recorded
as non-current receivables (note 11), and EUR 15.3 million under pension liabilities.
NORWAY
TOMRA Systems ASA has one defined benefit plan which is structured as a retirement net agreement
in that it guarantees a supplement to the State benefits. There have not been any agreements for
compensation of reductions in State benefits. The plan gives a right to defined future benefits (defined
benefit plan). The benefit is mainly dependent upon years within the plan, salary at date of retirement and
compensation from the State. The obligations are covered through Storebrand insurance company. The
plan should ensure that the employees would get a pension of about 65 percent of salary, if they had full
contribution time, limited upwards to 12G. The plan was closed in 2007, and all new employees after that
have been included in the defined contribution plan. The plan included 50 employees and 64 retirees at
year-end 2025. TOMRA’s best estimate of contributions expected to be paid into the plan for 2026 is EUR
1.4 million.
SEARCHBROWSESTARTPAGE 138
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 138
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTART
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 138
Note 18 Interest-bearing liabilities
Accounting principle
Interest-bearing borrowings are recognized initially at fair value less attributable transaction costs.
Subsequent to initial recognition, interest-bearing borrowings are stated at amortized cost with any
difference between cost and redemption value being recognized in the profit and loss over the period
of the borrowings on an effective interest basis. Interest bearing liabilities where fair value hedging is
applied are stated at fair value.
Interest-bearing liabilities
(Amounts in EUR million) 2025 2024Non-current liabilitiesBonds non-current355.0 207.6Unsecured bank loans128.5 77.6Other non-current loans27.1 24.7Total non-current interest-bearing liabilities510.6 309.9Current liabilitiesBonds current- 42.4Other current loans6.7 5.1Total current interest-bearing liabilities6.7 47.5
Bonds
An overview of outstanding Bonds is provided below. In 2025, TOMRA updated its Green Financing
Framework, which received a Dark Green second-party opinion from S&P Global Ratings, the highest
possible shading, underscoring TOMRA’s strong environmental ambitions and transparent green financing
practices. TOMRA issues an annual Green Financing Report, providing transparency on how proceeds
from Green Finance Instruments have been allocated to Green Projects in accordance with the criteria set
out in the 2025 Green Financing Framework.
Outstanding Green bonds as of 31 December 2025
Notional amount Coupon rate DueNOK 500 million 3 months NIBOR + 1.67% 2027NOK 375 million 3 months NIBOR + 0.48% 2028NOK 750 million 3 months NIBOR + 0.9% 2029NOK 1000 million 3 months NIBOR + 0.72% 2030NOK 250 million 3 months NIBOR + 1.05% 2031NOK 375 million 3 months NIBOR + 0.78% 2032NOK 1000 million fixed coupon of 4.446% 2034
Outstanding Green bonds as of 31 December 2024Notional amount Coupon rate DueNOK 500 million 3 months NIBOR + 1.42% 2025NOK 500 million 3 months NIBOR + 1.67% 2027NOK 750 million 3 months NIBOR + 0.9% 2029NOK 250 million 3 months NIBOR + 1.05% 2031NOK 1000 million fixed coupon of 4.446% 2034
UNSECURED BANK LOANS
TOMRA Systems ASA has an EUR 150 million sustainable revolving credit facility established in December
2024 with tenor 3+1+1 years. EUR 121.1 million was drawn on as of 31 December 2025. Optional Currencies
are NOK, EUR, USD and GBP. Interest is payable at a rate of IBOR and a margin. The margin is dependent
on TOMRA's NIBD/EBITDA ratio. The loan agreement is conditional upon an equity covenant of at least 30
percent of total assets, measured at the end of each quarter. TOMRA is in compliance with the covenants
as of 31 December 2025.
OTHER NON-CURRENT LOANS
TOMRA Systems ASA established in November 2023 a credit line of MEUR 40 funded by
Eksportfinansiering Norge. The credit line is guaranteed jointly by Eksportfinansiering Norge and DNB.
The financing proposed is offered as a committed credit line, which comes into effect on the basis of
signed export contracts. Availability of drawings under the credit Line is two years from signing. Tenor is
proposed up to 6 years for each loan tranche with first repayment to take place no later than 6 months
after the starting point of credit. EUR 33.7 million was drawn on as of 31 December 2025. Interest is
payable at CIRR (Commercial Interest Reference Rate) and a margin. The margin is dependent on
TOMRA's NIBD/EBITDA ratio. The loan agreement is conditional upon an equity covenant of at least 30
percent of total assets, measured at the end of each quarter. TOMRA is in compliance with the covenants
as of 31 December 2025.
For further information about interest bearing liabilities related to leases, see note 9.
SEARCHBROWSESTARTPAGE 139
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 139
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTART
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 139
Reconciliation of changes in liabilities arising from financing activities
Interest-bearing Lease (Amounts in EUR million)liabilitiesliabilitiesLiabilities 31 December 2024357.4 164.2Net proceeds of Revolving Credit Facility46.4Proceeds from issuance of non-current debt158.8Repayment of borrowings(48.7)Installments on lease liabilities(39.1)Lease interest(6.8)Interest received under cross currency interest rate swaps4.5Interest paid(17.1)Transactions with cash effect144.0 (45.9)Foreign exchange translation differences(3.2) (5.5)New lease contracts38.3Lease contracts terminated(5.7)Lease interest expenses6.8Effect of business combinations 6.2 4.2Fair value hedge accounting0.4Interest expenses14.3Change in interest accrued(1.7)Transactions without cash effect15.9 38.0Liabilities 31 December 2025517.3 156.3Total liabilities consist of:Interest-bearing liabilities non-current510.6Interest-bearing liabilities current6.7Lease liabilities non-current111.5Lease liabilities current44.8Total liabilities 31 December 2025517.3 156.3
Interest-bearing Lease (Amounts in EUR million)liabilitiesliabilitiesLiabilities 31 December 2023283.5 139.5Net proceeds of Revolving Credit Facility(30.2)Proceeds from issuance of non-current debt171.3Repayment of borrowings(51.9)Installments on lease liabilities(36.3)Lease interest paid(6.2)Interest received under cross currency interest rate swaps1.8 Interest paid(15.8)Transactions with cash effect75.3 (42.6)Foreign exchange translation differences(11.3) (0.4)New lease contracts57.9Lease contracts terminated(0.7)Lease interest expenses6.2Effect of business combinations 0.2 4.3Fair value hedge accounting(4.3)Interest expenses13.4Change in interest accrued0.6Transactions without cash effect(1.4) 67.3Liabilities 31 December 2024357.4 164.2Total liabilities consist of:Interest-bearing liabilities non-current309.9Interest-bearing liabilities current47.5Lease liabilities non-current123.2Lease liabilities current41.0Total liabilities 31 December 2024357.4 164.2
SEARCHBROWSESTARTPAGE 140
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 140
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTART
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 140
Note 19 Other non-current liabilities
Other non-current liabilities
(Amounts in EUR million) 2025 2024Put/call options and earn out consideration36.0 22.11Lease restoration liabilities4.6 4.5 2Other1.8 3.6Total other non-current liabilities42.4 30.21 For further information about lease restoration liabilities, see note 9.2 Other is mainly employee related
Guarantees
There are no direct guarantees made by TOMRA to third parties. Guarantee institutions have issued
financial guarantees toward TOMRA's business relations like customers and landlords for proper
fulfillment of TOMRA's obligations for an amount of EUR 40.9 million (2024: EUR 50.6 million).
Note 20 Provisions
ACCOUNTING PRINCIPLE
Warranty
RVMs and Sorters are normally sold with a warranty period between 12 and 24 months. Warranty is
recognized as an expense and the liability is accrued for. A general provision has been recognized for
future warranty costs based on previous year’s turnover in all Group companies.
Provisions
(Amounts in EUR million) Warranty Other TotalBalance at 1 January 202533.5 4.4 37.9Provisions made during the year 16.0 1.0 17.0Provisions used during the year (4.6) (0.1) (4.7)Provisions reversed during the year(14.3) (0.4) (14.8)Foreign exchange translation differences(0.3) (0.1) (0.4)Balance at 31 December 202530.3 4.8 35.1
Other provisions comprise mainly of WEEE (Waste of Electrical and Electronic Equipment) provisions.
Claims and litigations
The Group has normally some claims and litigations ongoing - as might be expected in a corporation
of TOMRA’s size and complexity. Most of the cases against TOMRA are assumed to be without merit or
covered by insurance, and none of them are assumed to be material.
Note 21 Other current liabilities
ACCOUNTING PRINCIPLE
Liabilities with due date within one year from the balance date are classified as current liabilities.
Other current liabilities
(Amounts in EUR million) 2025 2024Salary, bonus, tax deductions, soc.sec tax67.8 70.9Goods received, not invoiced19.0 19.3Accrued commissions8.9 12.8VAT & sales tax15.0 8.3Accrued expenses70.9 48.3Other non-interest bearing debt3.2 46.4Total other current liabilities184.8 206.0
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 141
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTART
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 141
Note 22 Composition of the group
The Group’s consolidated amounts comprise the following units:
Europe
Tomra Production AS (NO)
Tomra Europe AS (NO)
Tomra Butikksystemer AS (NO)
Tomra Systems AB (SE)
OY Tomra AB (FI)
Tomra Systems AS (DK)
Tomra Holding OÜ (EE)
Tomra Systems UAB (LT)
Tomra Service OÜ (EE)
Tomra Collection Ltd. (UK)
Tomra Collection Ireland Ltd (IE)
Tomra Collection Latvia SIA (LV)
Tomra Systems GmbH (DE)
Retail Services GmbH (DE)
Tomra Leergutsysteme GmbH (AT)
Tomra Collection Slovakia s.r.o. (SK)
Tomra Collection Romania s.r.l. (RO)
Tomra Collection France SAS (FR)
Tomra Collection Turkey Makine Tekn.San.Tic. A.Ş. (TR)
Tomra Collection Poland Sp.zo.o (PL)
Tomra Collection Hungary Kft. (HU)
Tomra Collection Bulgaria EOOD (BG)
Tomra Collection d.o.o. Beograd (RS)
Tomra Collection Czech Republic s.r.o. (CZ)
Tomra Systems BV (NL)
Tomra Systems NV (BE)
Tomra Collection Portugal, Unipessoal LDA (PT)
Tomra Collection Greece Single Member S.A. (GR)
TOMRA Collection Italy Srl (IT)
TOMRA Collection Business Spain S.L. (ES)
TOMRA Horizon AS (NO)
c-trace GmbH (DE)
c-trace S&L GmbH (DE)
c-trace B.V. (NL)
c-trace Ltd. (UK)
c-trace Sp z o.o. (PL)
Smartsquare GmbH (DE)
Tomra Sorting AS (NO)
Tomra Sorting GmbH (DE)
Tomra Sorting S.L. (ES)
Tomra Sorting Ltd. (UK)
Tomra Sorting Sp. Z.o.o. (PL)
Tomra Sorting S.a.r.l. (FR)
Tomra Feedstock GmbH (DE)
AKR Alpha Kunststoffrecycling GmbH (DE)
Tomra Food (Valencia) SL (ES)
TOMRA Recycling s.r.o. (SK)
TOMRA Recycling Turkey Ayıklama Ltd.Şti. (TR)
Tomra Sorting Ltd (IE)
Tomra Sorting SRO (SK)
Tomra Sorting SRL (IT)
TOMRA Food (Belgium) NV (BE)
Tomra Sorting BV (NL)
Tomra Sorting Turkey Makine San. Tic. A.S. (TR)
Tomra Sorting Greece Single Member IKE (GR)
TOMRA Food France S.a.r.l (FR)
TOMRA Food Italy Srl. (IT)
TOMRA Food Germany GmbH (DE)
TOMRA Food (United Kingdom) Limited (UK)
North-America
Tomra Canada Inc. (CA)
Tomra of North America Inc. (US - CT)
Tomra of North America Finance Company LLC (US - DE)
Tomra Metro LLC (US - CT)
Returnable Services LLC (US - DE)
Tomra Commercial Software Solutions LLC (US - DE)
Clean Loop Recycling LLC (US - DE)
Tomra Sorting Inc. (CA)
TOMRA Recycling Inc. (US - NC)
Tomra Recycling Canada Inc (CA)
Tomra Sorting Inc. (US - CA)
Compac Sorting Eq. Inc. (US - CA)
BBC Technologies LLC (US - CO))
Rest of the world
Tomra Sorting Technology (Xiamen) Co. Ltd. (CN)
Tomra (Xiamen) Imp. & Exp. Co. Ltd. (CN)
TOMRA Recycling (Xiamen) Co. Ltd. (CN)
Bottlecycler Australia Pty Ltd. (AU)
Tomra Collection Pty Ltd (AU)
Tomra Recycling Technology (Xiamen) Co. Ltd (CN)
Tomra Singapore PTE. Ltd. (SG)
TOMRA Collection Malaysia Sdn Bhd (MY)
Tomra Systems Ltd. (SA)
TOMRA GENERAL TRADING L.L.C-S.P.C (AE)
Tomra Sorting Co, Ltd. (KR)
Tomra Sorting (Pty) Ltd. (ZA)
Tomra Sorting (Pty) Ltd. (AU)
Tomra Brasil Solucoes EM segregacao LTDA (BR)
Tomra Sorting FZCO (AE)
Tomra Sorting India Private Limited (IN)
Tomra Sorting Chile SpA (CL)
Tomra Sorting Sdn Bhd (MY)
Tomra Sorting Japan KK (JP)
Best Hong Kong Int. Ltd. (HK)
TOMRA Food South Africa Pty Ltd (ZA)
TOMRA Food (Japan) Limited (JP)
TOMRA Holdings (NZ) Limited (NZ)
TOMRA Food (ANZ) Limited (NZ)
Compac Sorting Equipment (Kunshan) Co. Ltd. (CN)
Compac International Trade (Kunshan) Co. Ltd. (CN)
BBC Technologies Agricola SPA (CL)
Tomra Peru SAC (PE))
Non-wholly owned subsidiaries
Tomra Collection Solutions Taiwan (51%) (TW)
Tomra Systems D.O.O (HR) (70%)
Western New York Beverage Industry Collection and Sorting LP (74%)
(US - NY)
Western NY Bottle & Can Retrieval Center LLC (74%) (US - NY)
Tomra New York Recycling LLC (74%) (US - NY)
Upstate NY Bottle & Can Retrieval Center LLC (74%) (US - NY)
Farmington Redemption LLC (74%) (US - NY)
Upstate Tomra LLC (54%) (US - NY)
Tomra Mass. LLC (55%) (US - MA)
UBCR LLC (51%) (US - MI)
Synergistics LLC (51%) (US - MI)
OMRÅ AS (65%) (NO)
Joint ventures and associated companies
Tomra Japan Ltd. (50%) (JP)
Tomra Cleanaway Pty Ltd (50%) (AU)
Tomra Cleanaway (VIC) Pty Ltd (50%) (AU)
Tomra Cleanaway (Tasmania) Pty. Ltd. (50%) (AU)
Tomra s.r.o (40%) (CZ)
Incom Tomra Recycling Technology (Beijing) Co. Ltd (49%) (CN)
TOMRA Collection Hong Kong Limited (49%) (HK)
Recycling Lottery International AS (33%) (NO)
PolyPerception BV (51%) (BE)
(The list continues on the next page).
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 142
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTART
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 142
TOMRA Recycling (Xiamen) Co. Ltd. (CN), Tomra Cleanaway
(Tasmania) Pty. Ltd. (AU) 50% JV, Tomra Collection Czech Republic
s.r.o. (CZ), TOMRA Collection Business Spain S.L. (ES), TOMRA
Collection Malaysia Sdn Bhd (MY), TOMRA GENERAL TRADING
L.L.C-S.P.C (AE), TOMRA Recycling Canada Inc. (CA), TOMRA Food
France S.a.r.l (FR), TOMRA Food Italy Srl. (IT), TOMRA Food Germany
GmbH (DE), TOMRA Food South Africa (Pty) Ltd (ZA), and TOMRA
Food (Japan) Limited (JP) were founded in 2025.
Shares in AKR Alpha Kunststoffrecycling GmbH (DE), Smartsquare
GmbH (DE) were acquired in 2025. TOMRA acquired additional
shares in Polyperception BV (BE) in 2025.
Tomra Sorting LLC (RU) and BBC Technologies BV (NL) were
liquidated in 2025.
In October 2025 shares in TOMRA Collection Hong Kong Limited
(HK) were sold to Incom Tomra Recycling Technology (Beijing) Co. Ltd
(CN) of which TOMRA owns 49% of the shares.
TOMRA acquired 20% of the shares in Tomra Collection Pty Ltd. In
August 2025, 40% of the shares in Bottlecycler Australia Pty Ltd. in
November 2025 and 30% of the shares in TOMRA Collection France
SAS in January 2025 and owns now 100% of the shares in these
entities.
Tomra Collection Holding OÜ (EE) was merged into Tomra Holding
OÜ (EE) in 2025.
BBC Technologies Ltd. (NZ), BBC Technologies (USA) Ltd. (NZ) and
Compac Technologies Ltd. (NZ) were merged into TOMRA Food
(ANZ) Limited (NZ) in 2025.
SEARCHBROWSESTARTPAGE 143
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTARTPAGE 143
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
SEARCHBROWSESTART
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
PAGE 143
Directors’ Responsibility Statement
Today, the Chief Executive Officer and the Board of Directors reviewed and approved the
Board of Directors’ Report and the consolidated and separate annual financial statements for
TOMRA Systems ASA as of 31 December 2025 (annual report 2025).
To the best of our knowledge:
• the consolidated financial statements are prepared in accordance with IFRS® Accounting
Standards and IFRIC as adopted by the EU and additional Norwegian disclosure
requirements in the Norwegian Accounting act, that were effective as of 31 December 2025.
• the separate financial statements are prepared in accordance with the Norwegian
Accounting Act and Norwegian accounting standards as of 31 December 2025.
• the consolidated and separate annual financial statements give a true and fair view of the
assets, liabilities, financial position and results for the period as a whole as of 31 December
2025 for the Group and the Parent Company.
• the Board of Directors’ Report for the Group and the Parent Company is in accordance with
the requirements of the Norwegian Accounting Act and Norwegian accounting standard
no.16, as of 31 December 2025 and includes a true and fair view of;
• the development and performance of the business and the financial position of the
Group and the Parent Company.
• the principal risks and uncertainties the Group and the Parent Company face.
• the 2025 sustainability statements and sustainability notes have been prepared in
accordance with and meets the information requirements of the Norwegian Accounting
Act, European Sustainability Reporting Standards (ESRS) and EU taxonomy (Article 8 of
EURegulation 2020/852).
Asker, 19 March 2026
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Erik Osmundsen
Board member
Hege Skryseth
Board member
Pauline Bergan
Employee elected
Edward Palm
Employee elected
Kjell Korneliussen
Employee elected
Tove Andersen
President & CEO
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CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Financial statements TOMRA Systems ASA
Income Statement
(Amounts in NOK million) Note 2025 2024
Operating revenues 1
3,546.3 3,109.8
Cost of goods sold 2
1,918.5 1,689.5
Employee benefit expenses 3
604.2 590.6
Depreciation and amortization 6, 7
46.0 49.7
Other operating expenses 3
522.8 641.2
Total operating expenses
3,091.5 2,971.0
Operating profit
454.8 138.8
Dividend from subsidiaries
206.9 940.6
Financial income
861.3 1,193.4
Financial expenses
836.8 1,063.0
Increase/(decrease) in fair value of derivatives
(83.1) (200.7)
Net financial items 4
148.3 870.3
Profit before taxes
603.1 1,009.0
Taxes 5
92.7 45.7
Profit for the period
510.4 963.3
Allocated as follows: 11
Dividend
635.1 635.9
Other equity
(124.7) 327.4
Total allocated
510.4 963.3
SEARCHBROWSESTARTPAGE 145
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Balance sheet as of 31 December
Assets
(Amounts in NOK million) Note 2025 2024
Deferred tax assets 5
154.3 158.7
Software and patents 6
51.7 50.7
Total intangible non-current assets
51.7 50.7
Property, plant and equipment 7
60.7 69.5
Total tangible non-current assets
60.7 69.5
Investment in subsidiaries 8
4,919.6 4,099.2
Loans to subsidiaries 16
4,597.8 2,782.0
Investment in associates 8
17.6 15.6
Other investments 8
155.4 110.4
Non-current receivables
28.4 38.1
Total financial non-current assets
9,718.8 7,045.3
Total non-current assets
9,985.5 7,324.2
Inventory 2
87.7 38.0
Trade receivables 9
8.7 11.1
Intra-group receivables 16
1,854.0 2,206.6
Other current receivables
157.1 220.4
Total receivables
2,019.8 2,438.1
Derivatives 13
0.5 11.2
Cash and cash equivalents 10
317.9 638.5
Total current assets
2,425.9 3,125.8
Total assets
12,411.4 10,450.0
Liabilities and Equity
(Amounts in NOK million) Note 2025 2024
Share capital
148.0 148.0
Treasury shares
(0.3) (0.1)
Share premium reserve
918.3 918.3
Paid-in capital
1,066.0 1,066.2
Retained earnings
678.0 853.5
Total equity 11
1,744.0 1,919.7
Pension liabilities 12
7.2 18.4
Interest-bearing liabilities 13
6,006.5 3,681.1
Loans from subsidiaries 16
201.6 738.0
Total non-current liabilities
6,215.3 4,437.5
Derivatives 13
255.4 261.5
Interest-bearing liabilities 13
78.2 560.2
Trade payables
162.4 67.2
Intra-group payables 16
2,982.2 2,125.1
Income tax payable 5
25.5 90.5
Provisions 14
19.5 19.0
Other current liabilities 15
928.9 969.3
Total current liabilities
4,452.1 4,092.9
Total liabilities
10,667.4 8,530.3
Total liabilities and equity
12,411.4 10,450.0
Asker, 19 March 2026
Johan Hjertonsson
Chair of the Board
Pierre Couderc
Board member
Bodil Sonesson
Board member
Hege Skryseth
Board member
Erik Osmundsen
Board member
Pauline Bergan
Employee elected
Edward Palm
Employee elected
Kjell Korneliussen
Board member
Tove Andersen
President & CEO
SEARCHBROWSESTARTPAGE 146
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
(Amounts in NOK million) Note 2025 2024
Cash flow from operating activities
Profit before taxes
603.1 1,009.0
Income taxes paid
(98.7) (44.8)
(Gains)/losses from sales of fixed assets
0.2 -
Depreciation / Amortization 6, 7
46.0 49.7
Net change in inventory
(49.7) 16.5
Net change in receivables
438.8 (567.0)
Net change in payables
704.3 808.2
Difference between pension expense and
pension contribution paid
(11.4) (12.9)
Changes in other balance sheet items
22.3 264.6
Net cash flow from operating activities
1,655.0 1,523.4
Cash flow from investing activities
Proceeds from sales of non-current assets
0.2 -
Acquisition of subsidiary / capital infusion 8
(627.1) (730.5)
Acquisition of associates / capital infusion 8
(2.0) -
Acquisition of other investments 8
(45.0) -
Investment in non-current assets 6, 7
(38.6) (45.7)
Net cash flow from investing activities
(712.5) (776.2)
Cash flow from financing activities
Loan payments (to)/from subsidiaries
(2,352.2) (1,036.8)
Proceeds from issuance of long term debt 13
1,856.6 2,000.0
Net proceeds revolving credit facility 13
529.5 (312.1)
Repayment of borrowings and settlement of derivatives 13
(610.1) (708.1)
Purchase of treasury shares 11
(88.5) -
Sale of treasury shares 11
37.1 35.5
Dividend paid 11
(635.4) (576.3)
Net cash flow from financing activities
(1,263.0) (597.8)
Net change in cash and cash equivalents
(320.6) 149.3
Cash and cash equivalents per 1 January 10
638.5 489.2
Cash and cash equivalents per 31 December 10
317.9 638.5
Cash Flow Statement
SEARCHBROWSESTARTPAGE 147
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Accounting principles TOMRA Systems ASA - NGAAP
GENERAL
Basic principles
TOMRA Systems ASA is the ultimate parent company of TOMRA Group.
The financial statements, which have been presented in compliance with the Norwegian Companies Act,
the Norwegian Accounting Act and Norwegian generally accepted accounting principles, consist of the
income statement, balance sheet, cash flow statement and notes to the accounts.
Estimates and assumptions that may affect the reported amounts of assets and liabilities and the reported
amounts of revenues and expenses during the period, are prepared by management based upon their
best knowledge at reporting date. Actual results may differ from those estimates.
Basis of preparation
The financial statements are presented in million NOK, rounded to the nearest one hundred thousand.
The financial statements are prepared based on historical cost, except for the following material items:
• Derivative financial instruments recognized at fair value through profit and loss
• Defined benefit obligation related to pension plans recognized as the net total of the plan assets and the
present value of the defined benefit obligation.
Transactions, receivables and liabilities in foreign currencies
Receivables and liabilities are booked at the exchange rate at the date of the balance sheet. Transactions
in profit and loss are booked at daily exchange rates.
SEARCHBROWSESTARTPAGE 148
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Notes TOMRA Systems ASA
Note 1 Revenues
ACCOUNTING PRINCIPLE
Revenues for sales of machines and parts are recognized when risks are transferred to the customer.
Other service revenues are recognized when services are provided.
Revenues mainly consists of sales of RVMs, spare parts and service manuals/support to subsidiaries.
Geographical split of revenues
(Amounts in NOK million) 2025 2024
Northern Europe
460.3 413.8
Rest of Europe
2,797.5 2,208.1
America
222.7 247.8
Asia
12.2 30.4
Oceania
53.6 209.7
Operating revenues
3,546.3 3,109.8
For an overview of intercompany sales refer to note 16.
Note 2 Inventory/raw materials and consumables used
ACCOUNTING PRINCIPLE
Inventories of raw materials are valued at the lower of cost of acquisition and fair value. Work in
progress and finished products are valued at the lower of cost to manufacture or net realizable value.
Netrealizable value is the estimated selling price in the ordinary course of business, less the estimated
costs of completion and selling expenses. Spare parts and parts held by service agents are valued at
cost. Adeduction is made for obsolescence where necessary.
The cost of inventories is based on the weighted average cost principle and includes expenditure
incurred in acquiring the inventories and bringing them to their existing location and condition. In the
case of manufactured inventories and work in progress, cost includes an appropriate share of overheads
based on normal operating capacity.
Raw materials and consumables related to goods sold
(Amounts in NOK million) 2025 2024
Raw materials and consumables purchased
1,968.2 1,669.8
Change in inventory
(49.7) 19.7
Raw materials and consumables related to goods sold
1,918.5 1,689.5
Change in inventory include an adjustment for obsolescence of NOK -11.1 million (2024: NOK -2.0 million).
Inventory
(Amounts in NOK million) 2025 2024
Raw materials
10.3 0.1
Finished goods
68.2 30.2
Spare parts
9.2 7.7
Total inventory
87.7 38.0
Inventories are not subject to retention of title clauses.
SEARCHBROWSESTARTPAGE 149
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 3 Employee benefit expenses / auditor’s remuneration
ACCOUNTING PRINCIPLE
Salaries and other personnel expenses represent expenses associated with the remuneration of
personnel employed by TOMRA Systems ASA.
Employee benefit expenses
(Amounts in NOK million) 2025 2024
Salaries
477.0 450.8
Social security tax
73.5 75.4
Pension - Defined benefit plan
5.2 8.8
Pension - Defined contribution plan
28.1 34.8
Other labor costs
1
20.4 20.9
Total employee benefit expenses
604.2 590.6
Number of man-years
399 359
1 Other labor costs mainly consist of social expenses, meetings, training, recruiting and similar.
TOMRA Systems ASA uses a bank guarantee instead of restricted bank accounts for employee tax
deductions.
With regard to salary and remuneration to the executive leadership team members employed by
TOMRASystem ASA and remuneration to Board members, reference is made to note 4 in the
consolidated financial statements and the “Remuneration report 2025”.
Auditor’s remuneration
(Amounts in NOK million) 2025 2024
Audit of financial statements
4.6 4.6
Attestation of sustainability statements
2.1 0.9
Other attestation services
0.1 0.7
Tax consulting
0.2 0.8
Other services
0.1 0.2
Total
7.1 7.3
Note 4 Financial items
ACCOUNTING PRINCIPLE
Net financing costs comprise interest payable on borrowings calculated using the effective interest rate
method, interest receivable on funds invested, dividend income, foreign exchange gains and losses, and
changes in fair value of derivatives.
Interest income is recognized in the income statement as it accrues, using the effective interest method.
Dividend income is recognized in the income statement when the entity’s right to receive payment is
established.
Net financial items
(Amounts in NOK million) 2025 2024
Dividend from subsidiaries
206.9 940.6
Dividend from subsidiaries
206.9 940.6
Interest income
1
227.7 124.6
Other financial income
2
4.3 248.8
Foreign exchange gains
629.3 851.4
Total financial income
861.3 1,224.8
Interest expenses
3
289.6 213.4
Other financial expenses
23.3 54.7
Foreign exchange loss
523.9 826.4
Total financial expenses
836.8 1,094.4
Increase/(decrease) in fair value of derivatives
(83.1) (200.7)
Net financial items
148.3 870.3
1 Interest income include interest from subsidiaries of NOK 202.2 million (2024: NOK 119.6 million). Net interest from cash-pools was
NOK-17.6 million (2024: NOK 5.1 million).
2 Other financial income includes group contribution for an amount of 236.5 MNOK in 2024.
3 Net interest expense on bonds was NOK 127.2 million (2024: NOK 125.9 million) after subtraction of NOK 54.7 million
(2024:NOK20.7million) through Cross Currency Interest Rate Swaps which converted the NOK bond loans to EUR loans. In addition
interest on other loans was NOK 55.4 million (2024: NOK 60.5 million) mainly related to the revolving credit facility and Eksfin loan.
Interest expense include interest to subsidiaries of NOK 57.1 million (2024: NOK 31.4 million)
SEARCHBROWSESTARTPAGE 150
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 5 Taxes
ACCOUNTING PRINCIPLE
The tax charge in the profit and loss account includes both taxes payable for the period and the change in
deferred taxes. The change in deferred taxes reflects future taxes payable/deductible resulting from this
year’s activities.
Deferred taxes are determined based on the accumulated result, which falls due for payment in future
periods. Deferred taxes are calculated on net positive timing differences between accounting and tax
balance sheet values, after offsetting negative and positive timing differences which reverse or may
reverse in the same period.
Taxes
(Amounts in NOK million) 2025 2024
Tax basis
Profit before taxes
603.1 1,009.0
Dividend from subsidiaries
(211.2) (940.6)
Permanent differences
6.4 (6.7)
Change in temporary differences
(20.1) 206.4
Change in temporary differences related to prior years
0.0 1.8
Basis for taxes payable
378.2 269.9
Tax expense / (income)
Income taxes payable/(receivable)
83.2 59.4
Tax effect of equity transactions
(0.0) 0.6
Net change in deferred taxes
4.5 (45.4)
Tax expenses related to previous years
5.0 31.1
Tax expense
92.7 45.7
Taxes payable in the balance sheet
Income taxes payable
83.2
Effect of group contribution granted on tax payable
(54.5)
Withholding tax receivable
(3.2)
Taxes payable in the balance sheet
25.5
(Amounts in NOK million) 2025 2024
Deferred tax assets
Other current assets
59.3 55.4
Intangible non-current assets
79.8 73.2
Tangible non-current assets
1.1 0.8
Financial non-current assets
- 3.5
Provisions
4.3 4.2
Other current liabilities
8.2 17.6
Pension reserves
1.6 4.0
Total deferred tax assets
154.3 158.7
Deferred tax assets are presented using applicable tax rate applied to amounts representing future tax
deductions or taxes payable.
SEARCHBROWSESTARTPAGE 151
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 6 Intangible assets
ACCOUNTING PRINCIPLE
Intangible assets are stated at cost less accumulated amortization and impairment losses. If the fair value
of a fixed asset is lower than book value, and the decline in value is not temporary, the fixed asset will be
written down to fair value.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in
the specific asset to which it relates. All other expenditure is expensed as incurred.
Straight-line amortization is applied over the economic life of the asset.
Intangible assets
(Amounts in NOK million) Software Patents Total
Cost
Balance at 1 January 2025
322.0 5.1 327.1
Other acquisitions / internally developed
26.4 0.1 26.5
Balance at 31 December 2025
348.4 5.2 353.6
Balance at 1 January 2024
311.0 5.1 316.1
Other acquisitions / internally developed
11.0 11.0
Balance at 31 December 2024
322.0 5.1 327.1
Amortization and impairment losses
Balance at 1 January 2025
271.7 4.7 276.4
Amortization charge for the year
25.4 0.1 25.5
Balance at 31 December 2025
297.1 4.8 301.9
Balance at 1 January 2024
241.3 4.6 245.9
Amortization charge for the year
30.4 0.1 30.5
Balance at 31 December 2024
271.7 4.7 276.4
Useful life
3-5 yrs 5 yrs
Carrying amounts
31 December 2025
51.3 0.4 51.7
31 December 2024
50.3 0.4 50.7
Note 7 Property, plant and equipment
ACCOUNTING PRINCIPLE
Fixed assets are stated at cost less accumulated amortization and impairment losses. If the fair value
of a fixed asset is lower than book value, and the decline in value is not temporary, the fixed asset will be
written down to fair value.
Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in
the specific asset to which it relates. All other expenditure is expensed as incurred.
Straight-line depreciation is applied over the economic life of the asset.
Property, plant and equipment
(Amounts in NOK million)
Machinery &
Fixtures Vehicles Total
Cost
Balance at 1 January 2025
185.7 2.2 187.9
Acquisitions
11.6 0.5 12.1
Disposals
0.0 (0.7) (0.7)
Balance at 31 December 2025
197.3 2.0 199.3
Balance at 1 January 2024
151.1 2.5 153.6
Acquisitions
34.7 34.7
Disposals
(0.1) (0.3) (0.4)
Balance at 31 December 2024
185.7 2.2 187.9
Depreciation and impairment losses
Balance at 1 January 2025
117.5 1.0 118.4
Depreciation charge for the year
20.1 0.3 20.5
Disposals
0.0 (0.3) (0.3)
Balance at 31 December 2025
137.6 1.0 138.6
Balance at 1 January 2024
98.6 0.9 99.5
Depreciation charge for the year
18.9 0.3 19.2
Disposals
(0.3) (0.3)
Balance at 31 December 2024
117.5 1.0 118.4
Useful life
3-10 yrs 3-7 yrs
Carrying amounts
31 December 2025
59.7 1.0 60.7
31 December 2024
68.2 1.3 69.5
SEARCHBROWSESTARTPAGE 152
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 8 Shares and investments
ACCOUNTING PRINCIPLE
Shares intended for long-term ownership are recorded in the balance sheet under long-term investments.
These are valued at acquisition cost unless circumstances, which cannot be regarded as of a temporary
nature, exist which necessitate a lower valuation.
(Amounts in NOK million) Country
Year of
acquisition
Vote and
owner share
Result for
the year
Equity at
31.12
Book
value
Tomra North America Inc USA
1992 100.0% 163.4 2,452.5 1,166.2
Tomra Europe AS Norway
1998 100.0% 337.6 664.2 85.6
Tomra Production AS Norway
1998 100.0% 41.1 215.5 15.0
Tomra Canada Inc Canada
2000 100.0% 13.9 194.9 79.8
Tomra Sorting Japan KK Japan
2000 100.0% 9.7 32.8 7.0
Tomra Sorting AS Norway
2004 100.0% 400.4 2,491.4 1,871.5
Tomra Sorting Technology
(Xiamen) Co. Ltd.
China
2010 100.0% 25.7 164.1 81.4
Tomra Collection Pty Ltd.
Australia
2017 100.0% 36.9 369.2 818.8
TOMRA Horizon AS Norway
2023 100.0% (15.6) 108.4 98.8
c-trace GmbH Germany
2024 80.0% 41.0 101.8 695.5
Total shares in subsidiaries
4,919.6
Tomra Japan Ltd. Japan
2008 50.0% 18.6 82.8 9.6
Recycling Lottery
International AS Norway 2019 33.3% (3.3) 1.1 8.0
Total shares in associates
17.6
Kezzler AS Norway
2023 14% 155.4
Total shares in other investments
155.4
Note 9 Trade receivables
ACCOUNTING PRINCIPLE
Receivables with due date within one year from the balance date is classified as current assets.
Trade receivables
(Amounts in NOK million) 2025 2024
Trade receivables from sales contracts, gross
9.2 12.5
Provision for bad debt
(0.5) (1.4)
Total trade receivables
8.7 11.1
Provision for bad debt per 1 January
1.4 2.8
Provisions made during the year
0.4 0.6
Provisions reversed during the year
(1.3) (2.0)
Provision for bad debt per 31 December
0.5 1.4
Bad debt written-off and changes in provision for bad debt are reported as other operating expenses.
Note 10 Cash and cash equivalents
ACCOUNTING PRINCIPLE
Cash and cash equivalents include cash in hand, bank deposits, money market funds, and other
short-term investments with original maturity of three months or less.
Cash and equivalents
(Amounts in NOK million) 2025 2024
Bank deposits
1
317.9 638.5
Total cash and cash equivalents
317.9 638.5
1 Includes restricted bank deposits totaling NOK 0.5 million.
TOMRA Systems ASA and its subsidiaries participate in an international multi-currency cash-pool, and
zero-balancing cash pools for AUD, CAD, EUR, NZD, SGD, and USD. Subsidiaries deposit and withdraw
funds through the cash pool agreements as an intra-group receivable/payable against TOMRA Systems
ASA, and the transactions are classified as such in the financial statements.
SEARCHBROWSESTARTPAGE 153
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 11 Equity
(Amounts in NOK million)
Share
capital
Treasury
shares
Share
premium
Paid-in
capital
Retained
earnings
Total
equity
Number of
shares
Balance per 1 January 2025
148.0 (0.1) 918.3 1,066.2 853.5 1,919.7 296,040,156
Profit for the period
510.4 510.4
Pensions
(0.2) (0.2)
Purchase of own shares
(0.3) (0.3) (88.2) (88.5)
Own shares sold to employees
0.1 0.1 36.9 37.1
Dividend to shareholders
(634.4) (634.4)
Balance per 31 December 2025
148.0 (0.3) 918.3 1,066.0 678.0 1,744.0 296,040,156
Balance per 1 January 2024
148.0 (0.3) 918.3 1,066.1 492.7 1,558.8 296,040,156
Profit for the period
963.3 963.3
Pensions
(2.0) (2.0)
Own shares sold to employees
0.1 0.1 35.4 35.5
Dividend to shareholders
(635.9) (635.9)
Balance per 31 December 2024
148.0 (0.1) 918.3 1,066.2 853.5 1,919.7 296,040,156
TREASURY SHARES
Total shareholding of treasury shares was 644,318 as of year end 2025, representing 0,22% of TOMRA Systems ASA's share capital. For
information on purchase of own shares reference is made to note 14 of the consolidated financial statements
DIVIDENDS
After the balance sheet date the following dividends were proposed by the directors:
(Amounts in NOK million) 2025 2024
NOK 2.15 in ordinary dividend per qualifying share (2024: NOK 2.15 in ordinary dividend)
635.1 635.9
SHAREHOLDER INFORMATION
A list of the largest shareholders in TOMRA Systems ASA is presented in note 15 of the consolidated financial statements.
SHARE PURCHASE PROGRAM
Reference is made to note 4 of the consolidated financial statements.
SEARCHBROWSESTARTPAGE 154
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 12 Pension and pension obligations
ACCOUNTING PRINCIPLE
Defined contribution plans
Obligations for contributions to defined contribution plans are recognized as employee benefit expenses
in profit and loss as the related service is provided.
Defined benefit plans
The defined benefit pension plan has been treated for accounting purposes in accordance with IAS 19.
TOMRA Systems ASA’s net obligation in respect of defined benefit plans is calculated separately for each
plan by estimating the amount of future benefit that employees have earned in the current and prior
periods, discounting that amount and deducting the fair value of any plan assets.
The calculation of defined benefit obligation is performed annually by a qualified actuary using the
projected unit credit method. When the calculation results in a benefit to TOMRA Systems ASA, the
recognized asset is limited to the present value of economic benefits available in the form of any future
refunds from the plan or reductions in future contributions to the plan.
Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, the
return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are
recognized immediately in Equity. TOMRA Systems ASA determines the net interest expense (income) on
the net defined benefit liability (asset) for the period by applying the discount rate used to measure the
defined benefit obligation at the beginning of the annual period to the net defined benefit liability (asset),
taking into account any changes in the net defined benefit liability (asset) during the period as a result of
contributions and benefit payments. Net interest expense and other expenses related to defined benefit
plans are recognized in profit and loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that
relates to past service or the gain or loss on curtailment is recognized immediately in profit and loss.
TOMRA Systems ASA recognizes gains and losses on the settlement of a defined benefit plan when the
settlement occurs.
TOMRA Systems ASA is obliged to have a pension plan for its employees in compliance with Norway’s
Mandatory Occupational Pensions Act (Lov om obligatorisk tjenestepensjon), and its pension plan meets
this requirement.
OTHER INFORMATION ON TOMRA’S PENSION PLANS
Defined benefit plan
TOMRA has one defined benefit plan which is structured as a retirement net agreement in that it
guarantees a supplement to the State benefits. There have not been any agreements for compensation
of reductions in State benefits. The plan gives a right to defined future benefits (defined benefit plan). The
benefit is mainly dependent upon years within the plan, salary at date of retirement and compensation
from the State. The obligations are covered through Storebrand insurance company. The plan should
ensure that the employees would get a pension of about 65 percent of salary, if they had full contribution
time, limited upwards to 12G. The plan was closed in 2007, and all new employees after that are included
in the defined contribution plan.
The defined benefit plan, which also covers employees in Tomra Butikksystemer AS, Tomra Production AS
and Tomra Sorting AS, includes 50 employees and 64 retirees at year-end 2025.
The discount rate is in accordance with guidelines from Norsk Regnskapsstiftelse at 30 September 2025,
which was the best estimate of the rate at the time the basis for the calculation was set in October 2025.
Actual return on plan assets was NOK 12.5 million in 2025 (NOK 4.3 million in 2024).
TOMRA’s best estimate of contributions expected to be paid into the plan for 2026 is NOK 16.4 million.
Sensitivity analysis
Sensitivity analysis has been performed on actuarial assumptions, holding other assumptions constant,
and the calculations show no material changes in calculated amounts. Performed sensitivity calculations
include discount rate (+/- 0.5%), wage increase (+/- 0.5%) and pension regulation (+0.5%).
Defined contribution plans
Under the defined contribution plan TOMRA contributes 6% of salary between 0 and 7.1G and 16% of
salary between 7.1 and 12G. In addition TOMRA has a separate pension plan for benefits over 12G, with
the same coverage as the plan up to 12G.
SEARCHBROWSESTARTPAGE 155
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
(Amounts in NOK million) 2025 2024
Expense recognized in the income statement
Current service cost
6.6 6.8
Interest cost (income)
0.5 0.9
Social security tax included in pension cost
(1.4) 1.1
Net pension costs in Income Statement
5.8 8.8
The expense is recognized in the following line item in the Income
Statement
Employee benefit expenses defined benefit plan
5.2 8.8
Employee benefit expenses defined contribution plan
28.1 34.8
Total employee benefit expenses
1
33.3 43.6
Expense recognized directly in equity
Actuarial loss/(gain) - change in discount rate
(24.2) 16.4
Actuarial loss/(gain) - change in other financial assumptions
24.5 (16.9)
Actuarial loss/(gain) - experience DBO
(7.3) 2.1
Loss/(gain) - experience Assets
1.9 (2.3)
Investment management cost
3.0 3.1
Asset ceiling - asset adjustment
2.3 (0.2)
Social security tax included in pension cost
0.0 0.3
Remeasurement loss/(gain) recognized in Equity
0.2 2.6
(Amounts in NOK million) 2025 2024
Financial status as of 31 December
Present value of funded pension obligations
258.4 258.1
Fair value of plan assets
(254.7) (240.1)
Unrecognized actuarial gains & losses
3.5 0.4
Pension liability
7.2 18.4
Basis for calculation
Discount rate
4.00% 3.30%
Expected wage increase
4.00% 3.50%
Expected increase of base amount
3.75% 3.25%
Expected return on plan assets 31 December
4.00% 3.30%
Average remaining service period
6.12 yrs 7.25 yrs
Movements in net liability for defined benefit obligations as
recognized in the balance sheet
Net liability at 1 January
18.4 28.7
Contributions received
(17.2) (21.7)
Remeasurement loss/(gain) recognized in Equity
0.2 2.6
Expense recognized in the Income Statement
5.8 8.8
Net liability at 31 December
7.2 18.4
1 NOK 5.2 million of total employee benefits expenses for TOMRA Systems ASA was charged to subsidiaries in 2025
(2024: NOK 8.8 million). Interest of NOK 0.5 million is classified as financial expenses.
SEARCHBROWSESTARTPAGE 156
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 13 Interest-bearing liabilities
ACCOUNTING PRINCIPLE
Liabilities with due date more than one year after the balance date is classified as non-current liabilities.
The bond loans are in NOK, and a cross currency interest rate swaps (CCIRS) has been used to swap
these to EUR. The changes in fair value of the CCIRS are recorded in profit and loss.
Interest bearing liabilities
(Amounts in NOK million) 2025 2024
Non-current liabilities
Bonds
4,250.0 2,500.0
Unsecured bank loans
1,435.6 906.1
Other long term loans
320.9 275.0
Total non-current interest-bearing liabilities
6,006.5 3,681.1
Current liabilities
Current portion of Bonds
- 500.0
Current portion of other long term loans
78.2 60.2
Total current interest-bearing liabilities
78.2 560.2
BONDS
An overview of outstanding Bonds is provided below. The Green bonds meet the requirements set by
Nordic Trustee and are listed on the Oslo Stock Exchange.
Outstanding Green bonds as of 31 December 2025
Notional amount Coupon rate Due
NOK 500 million 3 months NIBOR + 1.67% 2027
NOK 375 million 3 months NIBOR + 0.48% 2028
NOK 750 million 3 months NIBOR + 0.9% 2029
NOK 1000 million 3 months NIBOR + 0.72% 2030
NOK 250 million 3 months NIBOR + 1.05% 2031
NOK 375 million 3 months NIBOR + 0.78% 2032
NOK 1000 million fixed coupon of 4.446% 2034
Outstanding Green Bonds as of 31 December 2024
Notional amount Coupon rate Due
NOK 500 million 3 months NIBOR + 1.42% 2025
NOK 500 million 3 months NIBOR + 1.67% 2027
NOK 750 million 3 months NIBOR + 0.9% 2029
NOK 250 million 3 months NIBOR + 1.05% 2031
NOK 1000 million fixed coupon of 4.446% 2034
UNSECURED BANK LOANS
TOMRA Systems ASA has an EUR 150 million sustainable revolving credit facility established in December
2024 with tenor 3+1+1 years. NOK 1,436 million was drawn as of 31 December 2025. Optional Currencies
are NOK, EUR, USD and GBP. Interest is payable at a rate of IBOR and a margin. The margin is dependent
on TOMRA's NIBD/EBITDA ratio. The loan agreement is conditional upon an equity covenant of at least 30
percent of total assets, measured at the end of each quarter. TOMRA is in compliance with the covenants
as of 31 December 2025.
OTHER NON CURRENT LOANS
TOMRA Systems ASA established in November 2023 a credit line of MEUR 40 funded by
Eksportfinansiering Norge. The credit line is guaranteed jointly by Eksportfinansiering Norge and DNB.
The financing proposed is offered as a committed credit line, which comes into effect on the basis of
signed export contracts. Availability of drawings under the credit Line is two years from signing. Tenor is
proposed up to 6 years for each loan tranche with first repayment to take place no later than 6 months
after the starting point of credit. NOK 399 million was drawn as of 31 December 2025. Interest is payable
at CIRR (Commercial Interest Reference Rate) and a margin. The margin is dependent on TOMRA's NIBD/
EBITDA ratio. The loan agreement is conditional upon an equity covenant of at least 30 percent of
total assets, measured at the end of each quarter. TOMRA is in compliance with the covenants as of 31
December 2025.
For disclosures on Risk management and Derivative financial instruments reference is made to note 16 of
the consolidated financial statements.
SEARCHBROWSESTARTPAGE 157
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Note 14 Provisions
ACCOUNTING PRINCIPLE
A provision is recognized in the balance sheet when the company has a present legal or constructive
obligation as a result of a past event, and it is probable that an outflow of economic benefits will be
required to settle the obligation.
Provisions
(Amounts in NOK million) Warranty
Balance at 1 January 2025
19.0
Provisions made during the year
7.4
Provisions used during the year
(0.9)
Provisions reversed during the year
(6.0)
Balance at 31 December 2025
19.5
Warranty provisions relate to accruals for service expenses on sold machines assumed to occur during
the period covered by warranties given to the customer. RVMs are normally sold with a warranty period
between 12 and 24 months.
Note 15 Other current liabilities
ACCOUNTING PRINCIPLE
Liabilities with due date within one year from the balance date are classified as current liabilities.
Other current liabilities
(Amounts in NOK million) 2025 2024
Salary, bonus, tax deductions, sos.sec tax
154.0 176.5
Goods received, not invoiced
0.7 8.8
Accrued expenses
139.1 148.1
Dividend accruals
635.1 635.9
Total other current liabilities
928.9 969.3
GUARANTEES
There are no direct guarantees made by TOMRA to third parties. Guarantee institutions have issued
financial guarantees toward TOMRA's business relations like customers and landlords for proper
fulfillment of TOMRA's obligations for an amount of NOK 241.7 million (2024: NOK 261.5 million).
Note 16 Related parties
TRANSACTIONS WITH RELATED PARTIES
TOMRA Systems ASA has several transactions with related parties. All transactions are performed as part
of ordinary business and executed at arm’s length principles.
The significant transactions are as follows:
Sales of RVMs, spare parts and service manuals/support of NOK 3,176 million in 2025
(2024: NOK 2,774 million) to:
Tomra Butikksystemer AS Tomra Collection Pty Ltd
Tomra Systems AB Tomra Collection Ltd
Tomra Systems AS Tomra Collection Latvia SIA
OY Tomra AB Tomra Collection Slovakia s.r.o.
Tomra Systems GmbH Tomra Collection Romania S.R.L
Tomra Systems BV Tomra Collection d.o.o. Beograd
Tomra Sorting Technology (Xiamen) Co. Ltd. Tomra Collection Bulgaria EOOD
Tomra Leergutsysteme GmbH Tomra Collection Poland Sp.zo.o
Tomra of North America Inc. Tomra Collection Hungary Kft.
Tomra Canada Inc Tomra Collection Italy Srl
Tomra Service OÜ Tomra Collection France SAS
Tomra Systems NV Tomra Collection Portugal, Unipessoal LDA
Tomra Systems UAB TOMRA Collection Ireland Ltd
Tomra Systems d.o.o Tomra Collection Greece Single Member Societe Anonyme
Purchase of RVMs and spare parts from Tomra Production AS of NOK 686.5 million in 2025
(2024: NOK 800.0 million).
Management fee of NOK 51.5 million in 2025 (2024: NOK 48.3 million).
For intra Group loans,including interest income and expense; reference is made to note 4.
Intercompany receivables and payables
(Amounts in NOK million) 2025 2024
Loans to subsidiaries
4,597.8 2,782.0
Intra-group receivables
1,854.0 2,206.6
Loan from subsidiaries
(201.6) (738.0)
Intra-group debt
(2,982.2) (2,125.1)
Total
3,268.0 2,125.5
SEARCHBROWSESTARTPAGE 158
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Independent Auditor’s report
PricewaterhouseCoopers AS, org.no.: 987 009 713 MVA, Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
Advokatfirmaet PricewaterhouseCoopers AS, Org.no.: 988 371 084 MVA, Medlemmer av Advokatforeningen. advokatfirmaet@pwc.com
PwC Tax Services AS, Org.no.: 962 066 321 MVA, Autorisert regnskapsførerselskap, Medlem av Regnskap Norge
Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo, T: 02316 (+47 952 60 000) www.pwc.no
To the General Meeting of Tomra Systems ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Tomra Systems ASA, which comprise:
• the financial statements of the parent company Tomra Systems ASA (the Company), which comprise the
balance sheet as of 31 December 2025, the income statement and cash flow statement for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies, and
• the consolidated financial statements of Tomra Systems ASA and its subsidiaries (the Group), which comprise
the balance sheet as of 31 December 2025, the income statement, other comprehensive income, statement of
changes in equity and cash flow statement for the year then ended, and notes to the financial statements,
including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31 December
2025, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian
Accounting Act and accounting standards and practices generally accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group as at 31
December 2025, and its financial performance and its cash flows for the year then ended in accordance with
IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those
standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code) as applicable to audits of financial statements of public
interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014)
Article 5.1 have been provided.
We have been the auditor of Tomra Systems ASA for 6 years from the election by the general meeting of the
shareholders on 4 May 2020 for the accounting year 2020.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
The Group's business activities are largely unchanged compared to last year. There have not been any significant
regulatory changes, transactions, or events with material impact on the financial statements for 2025. Furthermore,
Valuation of Goodwill, has the same characteristics and risks as in prior years, and therefore continuous to be an area of
focus this year.
2 / 4
Key Audit Matters
How our audit addressed the Key Audit Matter
Valuation of Goodwill
At the balance sheet date, the book value of goodwill was
EUR 3
69.0 million distributed between several different
cash generating units (CGUs). The values involved are
significant and constitute a major part of the Group's total
assets in the balance sheet.
We focused on valuation of goodwill because of the
inherent uncertainty of whether future cash flows will
support its carrying value. The presumption that future
cash flows will support the valuation of goodwill rests on
several assumptions that are judg
emental in nature,
specifically the
future growth rates impacting the size and
timing of cash flows, and the different elements of the
discount rate.
Management concluded that
the goodwill was not
impair
ed as of the balance sheet date.
Refer to note 7 to the consolidated financial statements
for further information on management's impairment
assessment, including the applied assumptions.
We evaluated the appropriateness of management’s
allocation of goodwill and intangible assets to CGUs, and
management's controls over the impairment assessment.
Our procedures included challenging management on the
suitability of the impairment model and the
reasonableness of the assumptions, as well as a test of
the mathematical accuracy of the model.
We assessed the reliability of management’s cash flow
forecasts through a comparison of actual performance in
previous years to previous year’s forecasts.
We compared estimates on future cash flows to
long-term
budgets
approved by the Board of Directors. Further, we
challenged management’s expectations on future growth
by comparing the expectations to historic results for the
different CGUs. We also compared the growth
assumptions to relevant external sources.
We assessed the discount rates by comparing the key
components used to external market data where possible.
We considered the appropriateness of the information
described
in the disclosures, including the sensitivities for
the discount rate and growth
rates, and found it to be
appropriate.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the Board of
Directors’ report and the other information accompanying the financial statements. The other information comprises
information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our
opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other
information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the
other information accompanying the financial statements. The purpose is to consider if there is material inconsistency
between the Board of Directors’ report and the other information accompanying the financial statements and the financial
statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appears to be materially misstated. We are required to report if there is
a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements.
We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate Governance.
Our opinion on whether the Board of Directors’ report contains the information required by applicable statutory
requirements, does not cover the Sustainability Statement, on which a separate assurance report is issued.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and fair view in
accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway,
and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance
with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as
SEARCHBROWSESTARTPAGE 159
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
3 / 4
management determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements of the
Company use the going concern basis of accounting insofar as it is not likely that the enterprise will cease operations.
The consolidated financial statements of the Group use the going concern basis of accounting unless management either
intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error.
We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company's and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in
the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves a
true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are responsible for
the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Board of Directors, we determine those matters that were of most significance
in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely
rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
4 / 4
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Tomra Systems ASA, we have performed an assurance engagement to
obtain reasonable assurance about whether the financial statements included in the annual report, with the file name
TOMRA_Annual_Report_2025_ESEF, have been prepared, in all material respects, in compliance with the requirements
of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation)
and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to
the preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in
compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This
responsibility comprises an adequate process and such internal control as management determines is necessary.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF reporting, see:
https://revisorforeningen.no/revisjonsberetninger
Oslo, 19 March 2026
PricewaterhouseCoopers AS
Eivind Nilsen
State Authorised Public Accountant
SEARCHBROWSESTARTPAGE 160
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
Alternative performance measures
Alternative performance measures used in this report are defined in the following way:
1 EBITDA = 148.0 + 114.4 = 262.4
2 EBITA = 148.0 + 25.9 = 173.9
3 Net interest-bearing debt = 510.6 + 6.7 + 111.5 + 44.8 +21.6 - 87.4 = 607.8
4 Gearing ratio = 607.8 / 262.4 = 2.32
5 Return on capital employed =173.9 / ((1069.2 + 1037.5 + 1104.3 + 1183.6 + 1241.9) / 5) = 15.4%
6 Return on equity = (98.4 - 5.4) / ((636.4 - 33.0 + 619.8 - 36.1) / 2) = 15.7%
7 Return on total assets before tax = (148.0 + 6.9 + 0.5) / ((1778.2 + 1661.1) / 2) = 9.0%
• EBITDA is the calculated profit (loss) for the period before (i) income tax expenses, (ii)
finance income and expenses, (iii) amortizations and (iv) depreciations.
1
• EBITA is the calculated profit (loss) for the period before (i) income tax expenses, (ii) finance
income and expenses and (iii) amortizations.
2
• EBITA, adjusted is the calculated profit (loss) for the period before (i) income tax expenses,
(ii) finance income and expenses and (iii) amortizations, and (iv) special items.
• Special items are result elements that are considered to be of one-off nature which does
not reflect the performance in the underlying business.
• EBIT is the calculated profit (loss) for the period before (i) income tax expenses and (ii)
finance income and expenses.
• Depreciations is the allocated cost of tangible assets over its useful life + write downs
related to the same assets.
• Amortizations is the allocated cost of intangible assets over its useful life + impairment
losses related to the same assets.
• Net interest-bearing debt is calculated as the difference between interest-bearing debt
and cash. Interest-bearing debt includes loans from financial institutions (current and non-
current loans) and lease liabilities (current and non-current). Cash includes cash equivalents
as short-term deposits, cash funds and bank accounts.
3
• Currency adjusted revenues/gross contribution/operating expenses/EBITA is the revised
revenues/gross contribution/operating expenses/EBITA after adjusting for estimated
currency effect.
• Order backlog is defined as the value of firm orders received within TOMRA Recycling and
TOMRA Food that has not yet been delivered (and consequently not yet taken to P/L).
• Order intake is defined as Order backlog at the end of a period minus Order backlog at the
beginning of a period plus revenues for the relevant period.
• Cost of goods sold refers to the direct costs attributable to the production of the goods sold.
• Gross contribution is defined as Revenues minus Cost of goods sold.
• Gross margin is defined as Gross contribution divided by Revenues in percent.
• Operating expenses is defined as Revenues minus Gross contribution minus EBITA.
• EBITA margin is defined as EBITA divided by Revenues in percent.
• Gearing ratio is Net interest-bearing debt / EBITDA.
4
• Return on capital employed is EBITA divided by the average equity and long-term interest-
bearing liabilities over a twelve month period.
5
• Return on equity is Profit for the period divided by the average of opening and closing
balance majority equity.
6
• Return on total assets before tax is Profit before tax and interest expenses divided by the
average of opening and closing balance total assets.
7
• EPS is net profit after minority interest divided by number of shares issued less treasury
shares held.
• EPS, adjusted is net profit after minority interest before special items after tax, divided by
number of shares issued less treasury shares held.
• Payout ratio is the declared dividend per share divided by EPS converted to NOK using the
average exchange rate for the period.
SEARCHBROWSESTARTPAGE 161
CONTENT
Key Figures
CEO Review
Business Overview
Timeline of events 2025
Executive Leadership Team
Board of Directors
Directors’ Report
Sustainability Statement
Independent Sustainability
Auditor’s Limited Assurance
Report
Financial Statements TOMRA
Group
Notes TOMRA Group
Directors’ Responsibility
Statement
Financial Statements TOMRA
Systems ASA
Notes TOMRA Systems ASA
Independent Auditor’s Report
Alternative Performance
Measures
TOMRA Systems ASA
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