Tomra revenue rises 20% to €366 million in third quarter of 2026
Key Facts
Tomra said group revenue reached €366 million in the third quarter of 2026, up 20% from €306 million in the same period of 2025. Chief Executive Tove Andersen said the company delivered "strong operational performance" during the quarter, with group revenue up 20%, earnings before interest, taxes, depreciation and amortisation up 55%, and cash flow from operations up 75%. Adjusted earnings per share rose to €0.08 from €0.05 a year earlier, while cash flow from operations increased to €112 million from €64 million. The company’s announcement does not establish that revenue exceeded analyst expectations, although an estimate published before the results put revenue at €354.21 million and earnings per share at €0.07. The figures put revenue growth, earnings and liquidity at the forefront of the quarter’s results, alongside mixed performance in margins and orders across the company’s businesses.
Most revenue came from the Collection segment, where sales rose 21% to €217 million, compared with €179 million in the third quarter of 2025. The company said established markets grew 19%, with Germany, North America and Australia contributing to the performance. New markets added €24 million to segment revenue, supported by the deployment of deposit return systems in Poland, Singapore and Romania. The company’s breakdown reflects a combination of growth in established markets and contributions from markets where these systems are expanding. The first installations began in the United Kingdom ahead of the main rollout expected in 2027, Tomra said.
The Recycling segment recorded faster growth than the other businesses, with revenue rising 34% to €54 million in the quarter, while revenue in the Food segment increased 13% to €86 million. But higher sales did not translate into the same performance in the group margin: gross margin was 43.0%, compared with 44.1% a year earlier, and the company attributed the decline to the business mix in Collection. By contrast, Recycling’s gross margin improved to 47.7% from 43.9% in the same period. The comparison shows that segment margins moved in different directions, with the group margin declining as the Recycling margin improved.
Adjusted operating expenses rose to €110 million in the third quarter from €104 million a year earlier, an increase of 5%. Tomra attributed the rise to expansion in the United Kingdom and Poland, the effects of foreign currencies and inflation, as well as the inclusion of CleanK. Meanwhile, the earnings-before-interest, taxes, depreciation and amortisation margin was 12.9%, up from 10.0% in the third quarter of 2025. Alongside higher adjusted earnings per share, operating cash flow rose 75% year on year, from €64 million to €112 million. These indicators present a picture of rising expenses alongside an improved operating margin and cash flow, while pressure from the business mix remained visible in the group’s gross margin.
Orders in Recycling rose to €73 million from €42 million in the third quarter of 2025, an increase of 73%, according to the company. Tomra said the orders included €26 million in exceptional large mining orders, showing their effect on total order growth during the period. By contrast, orders in the Food segment were €75 million, down 2% from €77 million a year earlier. The contrast between the two businesses shows that the increase in Recycling orders included exceptional mining orders, while Food orders edged down year on year. These figures alone do not provide a basis for describing the trajectory of orders in either segment after the quarter.
Tomra reported revenue of €405 million in the second quarter of 2026, compared with expectations at the time of €376 million, and its shares rose more than 15% in early trading after those results were announced on July 17. The third-quarter announcement available here presents the company’s operating and financial data without assessing the share performance after its release. The investor relations calendar sets November 24, 2026, as the date for a Capital Markets Day. The company has also set February 12, 2027, as the date for its fourth-quarter report. Before then, the company is preparing for the main rollout in the United Kingdom during 2027, following the start of initial installations there.