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Investing.com -- Tomra Systems (OL:TOM), the Norwegian recycling and food solutions company, saw its shares drop more than 12% Friday after reporting third-quarter 2025 results below expectations.
Group revenue for the quarter was €306 million, down 6% from €326 million in Q3 2024 and 6% below consensus of €326 million.
Gross margin rose slightly to 44% from 43% a year earlier. EBITA margin declined to 10%, compared with 13% in Q3 2024, driven by negative performance in the Recycling division.
Collection recorded a 16% EBITA margin, Food a 10% margin, and Recycling a negative 8% margin.
Revenue in the Collection segment reached €179 million, down 5% from €189 million in Q3 2024 and below the €201 million expected by analysts.
The decline reflected slow commercial activity in newly launched and upcoming deposit markets.
Recycling revenue fell to €40 million, a 32% drop from €59 million in Q3 2024 and slightly below the €43 million consensus.
Sales declined across most regions, particularly in Europe and North America. Food revenue totaled €76 million, down 2% from €78 million in Q3 2024 but above the €75 million consensus.
Order intake mirrored the revenue trends. Recycling bookings were €42 million, up 2% sequentially from €41 million in Q2 2025 but down 31% from €61 million in Q3 2024.
Food order intake was €77 million, down 27% sequentially from a record €106 million in Q2 2025 but up 5% year-over-year from €73 million in Q3 2024.
Tomra also announced its first publicly disclosed large order in Poland. Dino Polska, a major retail chain, ordered 3,000 reverse vending machines, with installations set to begin in the coming weeks and continue into the first half of 2026.
Based on an estimated unit price of €20,000-25,000, the order could generate €60-75 million in revenue, primarily in fiscal 2026.
The total Polish market is estimated at roughly 15,000 machines, giving Tomra approximately 20% of the market at this stage.
The company’s medium-term guidance remains unchanged. Tomra projects a 15% compound annual growth rate in revenue from 2023 to 2030, an EBITA margin of 18% by 2030, a return on capital employed above 18% by 2030, and a dividend payout of 40-60% of earnings per share.