#1TOMRA Investor Presentation TOMRA 1 TOMRA SEB Investment Grade Corporate Seminar 11.11.2020#2TOMRA AT A GLANCE#34500+ EMPLOYEES GLOBALLY Publicly listed on Oslo Stock Exchange (OSEBX: TOM) TOMRA TOMRA SORTING SOLUTIONS AIN 9.3 BILLION NOK REVENUES IN 2019 TOMRA COLLECTION SOLUTIONS REVERSE VENDING MATERIAL RECOVERY FOOD RECYCLING MINING 5 3#4Creating value through two strong business areas TOMRA TOMRA 2019 Revenue 100% TOMRA 2019 EBITA 100% TOMRA High growth 80% SORTING SOLUTIONS 50% High margins Medium cyclicality 80% 45% 60% 40% Technology leadership - sustainable business 60% 40 % Stable 50% TOMRA 55% High margins 20% COLLECTION SOLUTIONS • Low cyclicality 20% 0% Collection Sorting 0% Collection Sorting 4#5The TOMRA transformation journey 2005 2004 TOMRA SORTING SOLUTIONS TOMRA scquires TITECH, the world's leading provider of optical recognition and sorting technology for the waste industri and TOMRA'S transformation journey starts. TOMRA acquires Orwak Group, a leading provider of compaction for a variety of materials. TOMRA COLLECTION SOLUTIONS 2008 TOMRA SORTING SOLUTIONS TOMRA acquires Ultrasort specialists in sensor-based mining technology. 2011 TOMRA COLLECTION SOLUTIONS Sale of Californian material handling business. With the divestment the US operation became less exposed to movements in commodity prices. 2012 TOMRA SORTING SOLUTIONS TOMRA acquires BEST, leading food sorting machine producer. With the acquisition of BEST, TOMRA has by far the widest reach within the food sorting universe. 2016 Through its transformation journey TOMRA has moved from a business of many brands to one brand with many areas of expertise. We are one TOMRA. 2006 TOMRA acquires Commodas - a leading supplier within the field of sensor-based products for mining and metal recycling. TOMRA SORTING SOLUTIONS 2011 TOMRA SORTING SOLUTIONS TOMRA acquires Odenberg, rounding out the offering to include food optimization. 2014 TOMRA 2016 COLLECTION SOLUTIONS Divestment of Orwak. Further portfolio focus on sensor-based technology. TOMRA SORTING SOLUTIONS TOMRA expands into lane sorting, acquiring New Zealand based Compac, confirming TOMRA's position as the leading provider of sorting technology into the food industry. 2018 TOMRA SORTING SOLUTIONS TOMRA compliments its food sorting portfolio with the acquisition of BBC Technologies, a leading provider of precision grading systems for blueberries and BBC other small fruits. TECHNOLOGIES FROM: 2000 2004 2008 2012 5% TOMRA 100% 18% 95% 82% 40% 2019 TO: 50% 50% 60% 1 Helping the world ■ Collection recycle ■Collection ■ Collection ■ Collection ■Collection ■Sorting LEADING THE RESOURCE REVOLUTION ■Sorting ■Sorting ■Sorting TOMRA 5#6TOMRA's two business areas TOMRA SORTING SOLUTIONS FOOD Share of '19 sales ~32% Employees 1,445 Customers Food growers, packers and processors Market share Bulk: ~25% Lane: ~25% RECYCLING TOMRA COLLECTION SOLUTIONS REVERSE VENDING ~39% 1,905 Grocery retailers Over 70% MATERIAL RECOVERY Share of '19 sales ~16% ~11% Employees 260 590 Customers Market share Material recovery facilities, scrap dealers, metal shredder operators ~55-60% Grocery retailers and beverage manufacturers ~60% in USA (markets served) MINING Share of '19 sales ~2% Employees 80 Customers Market share Mining companies ~40-50% TOMRA SORTING GROUP FUNCTIONS & SHARED STAFF Employees 250 TOMRA WASTE INTO WEALTH 6#7TE JAK TOMRA COLLECTION SOLUTIONS mo#8Elements of a modern reverse vending system TOMRA #40=-= User communication Sorting & processing OTTINGER TOMRA TR TOMRA FLOW TECHNOLOGY" Recognition system Data administration 8#9An overview of current deposit markets TOMRA Yukon (1992) British Columbia (1970) Oregon (1972) California (1987) Northwest Territories (2005) Quebec (1984) Newfoundland Ontario (2007) (1997) Norway (1999) Iceland (1989) Denmark (2002) Sweden (1984) Finland (1996) Estonia (2005) Lithuania (2016) Prince Edwardian Island (2008) Netherlands (2005) Alberta (1972) Nova Scotia (1996) Saskatchewan (1988) Manitoba (2008) New Brunswick (1992) Vermont (1973) Iowa (1979) New York (1983/2010) Michigan (1978) Maine (1978) Massachusetts (1983) Connecticut (1980/2010) Germany (2006) Northern Territory (2013) Croatia (2006/2015) Queensland (Nov 2018) Western Australia (Oct 2020) South Australia (1977) New South Wales (Dec 2017) Hawaii (2005) * In addition, some markets have refillable deposit systems such as: Austria, Belgium, Chile, Czech Republic, France, Hungary, Poland and South Korea 9#10# of installed RVMs >80,000 10,000- 80,000 Undisputed market leader within reverse vending technology DIGITAL INNOVATION 5,000- 10,000 Jielaff 500- trautwein 5,000 sbtechnik <500 1-10 11-20 Diebold Nixdorf B envipco RVM 21-30 31-40 >40 Number of RVM markets TECHNOLOGY PROVEN UNBEATABLE SERVICE Annual revenue from RVM sales The smarter TOMRA system. Source: TOMRA estimates and analysis#11Increasing public pressure to reduce waste and littering Stop Set lobal und Or Future! CE CE IT'S GETTING IN HOTHERE STOP BUR! ALL THERE IS M WEALTH ON A RESPECT YOUR ET MOTE THIS PLAN HATUTUNE Car & for our THE EU PLASTICS STRATEGY EveryBottleBack.org Keurig The Coca-Cola Company *DrPepper PEPSICO AMERICAN BEVERAGE ASSOCIATION Consumer demand for responsible plastic use options Legislative push for new plastic waste strategies Market pull from large brand owners and beverage companies 11#12EU enforcing its leadership role on environment Targeting the most littered plastic items Some products to be banned, others less used 10 most common plastic objects found on European beaches Separate measures for plastic drinks bottles Cigarette butts Collection target for plastic bottles: - 77% by 2025 90% by 2029 Recycled content in product design: - 25% by 2025 in PET bottles 30% by 2030 in all plastic bottles TOMRA Balloons and balloon sticks #Plastics Strategy Food containers Cups & Lids Bags Drink bottles Crisp packets/ sweet wrappers Single-use plastic items represent 50% of marine litter Cutle straws & stirrers Cotton buds Extended producer responsibility Sanitary applications Collaboration across plastics value chain European Commission Source: Based on JRC report 12#13A proven solution to achieve high return rates • Return rate and deposit value* for various container deposit schemes Return rate Deposit value in EUR 98% 95% 92% 92% 92% 92% 0,25 0,25 0,21- 0.31 0,1- 0.4 0,09 0,1 0,05 Germany Netherlands Norway Finland Michigan (US) *Deposit values converted to EUR for comparison purpose TOMRA Lithuania Massachusetts (US) 66% UK No deposit No deposit 43% France ~40% 92% Return rates in Lithuania 34% Prior to container deposit scheme End of 74% year 1 End of year 2 Source: Reloop, The Guardian, Le Parisien, USAD 13#14Deposit legislation update Update on new deposit markets¹) The Netherlands - July 2021 (expansion) - - In April this year, the DRS expansion law was approved to include a 0.15 € deposit on small plastic bottles (large bottles have 0.25 €) and set a return target of 90% by January 2022. On October 9th, the Dutch cabinet reaffirmed the intention²) to add deposit on cans starting from 2022, should the business community fail to meet a collection target of 70% by 2021. Latvia - February 2022 - On August 11th, the Latvian Cabinet of Ministers approved the regulatory framework for the deposit system³). - Commencement date is 1 February 2022, includes glass, plastic and metal and the deposit value is set to 10 cents per unit, the same as in Estonia and Lithuania. Scotland - July 2022 - - On May 13th, the Scottish Parliament approved "The Deposit and Return Scheme for Scotland Regulations 2020 No. 154" and transposed it into a Scottish Statutory Instrument (SSI). The commencement date of July 1st, 2022 was passed into law. TOMRA 1) Legislative updates according to official government statements 2) https://www.rijksoverheid.nl/documenten/rapporten/2020/10/09/bijlage-01-ontwerpbesluit-metalen-drankverpakkingen 3) https://likumi.lv/ta/id/316731-depozita-sistemas-darbibas-noteikumi 14#15Location Other Business models and stakeholders Retail Sales & Service model TOMRA 2 Retailer purchases and takes the ownership of the RVM and TOMRA provides services Ο Upfront revenue Profitable service concept Proven track record Low risk Financing retumeam 1 @ 8 0 Throughput model High recurring Revenue GREN HELAM TOURS REFUND = Swift roll-out return 969 TOMRA owns and operates the RVM and receives a fee per container handled by the RVM CO- Aligned interests Utilize financial strength 15#16Main differences between the two business models Illustrative cash flow profiles per machine Cash flow Year O TOMRA Upfront CAPEX Higher initial sales Higher recurring revenue Sales & Service Throughput ☐ Typically fewer machines per capita in throughput markets Higher CAPEX needs in a throughput model but normally also higher NPV Time Uncertainties around timing and design of each new container deposit scheme can have significant impact on the cash flow profile 16#17MNOK Collection solutions - segment financials Revenues Gross contribution and margin MNOK 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 * 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 EBITA and margin 900 800 700 600 500 400 300 || 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* TOMRA MNOK 2 000 1 800 1 600 1 400 1 200 1 000 800 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 TOMRA machines installed in the German market 9000 22% 20% 8000 18% 16% 14% 12% 10% 8% 6% 4 % 2% 0% TOMRA MACHINES INSTALLED IN THE GERMAN MARKET 7000 6000 5000 4000 3000 2000 1000 * Rolling 12 months per 3Q20 H 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 2700 3700 MACHINES PER YEAR 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018. 17#18Collection Solutions financials 3rd Quarter YTD 9 months Amounts in NOK million 2020 2019 2019 Adj* 2020 2019 Revenues 1,287 1,238 1,302 3,510 3,368 2019 Adj* 3,637 Northern Europe 176 153 555 458 Europe (ex Northern) 481 449 1,315 1,210 North America 485 502 1,183 1,290 Rest of the world 145 134 457 410 Gross contribution 574 534 558 1,444 1,422 1,527 in % 45% 43% 43% 41% 42% 42% Operating expenses 258 264 275 859 830 892 EBITA in % 316 270 284 585 592 635 25% 22% 22% 17% 18% 18% Revenues Gross Margin EBITA 1287 1238 1250 1110 1079 1135 50% 42 % 42% 42% 42% 43% 43% 43 % 45% 350 1024 40% 39% 300 40 % 316 261 270 247 236 244 1000 250 721 720 695 626 750 30% 200 152 160 147 128 150 500 20% 100 250 10% 50 0 0% 0 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3019 3Q20 3Q11 3Q12 3Q13 3Q14 3Q15 3016 3017 3018 3Q19 3Q20 3Q11 3Q12 3013 3014 3015 3016 3Q17 3018 3019 3020 TOMRA *2019 actual restated at 2020 exchange rates, estimated 18#19TOMRA SORTING SOLUTIONS 19#20Strong revenue growth since inception in 1996 Revenue development and key milestones MNOK Real Vision Systems acquired TITECH Visionsort AS established 4 BBC acquired Compac acquired 4,713 Odenberg acquired BEST acquired Ultrasort acquired CommoDas acquired TITECH acquired by TOMRA 114 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 TOMRA • Total revenue growth (organic plus inorganic) CAGR of ~28% per year from 2004-2019 - Average annual organic growth for the same period was ~16% • Technology base and segment/application knowledge expanded both through acquisitions and in-house ventures 20#21How does sensor-based separation work? Feeding of unsorted material + High-tech sensors to identify objects + Product specific equipment design often including multiple technologies to maximize sorting efficiency High-speed processing of information (material, shape, size, color, defect, damage and location of objects) TOMRA Precise ejection by ultra fast air jets 21#22A common sensor-based technology portfolio LASER TOMRA EM LED IRT VIS XRT LIBS XRF COLOR IR RECYCLING MINING FOOD ELECTROMAGNETIC SENSOR (EM) Electro-magnetic properties like conductivity and permeability X X X LED SPECTOMETRY (LED) Color and spectral properties based on multiple LED light X X X sources in very high optical resolution NEAR-INFRARED SPECTROSCOPY (NIR) Specific and unique spectral properties of reflected X X X NIR light in the near-infrared spectrum VISIBLE LIGHT SPECTROMETRY (VIS) Specific and unique spectral properties of reflected light in the visible spectrum X X X X-RAY TRANSMISSION (XRT) X X X Atomic density irrespective of surface properties and thickness LASER INDUCED BREAKDOWN SPECTROSCOPY (LIBS) Elemental composition X X-RAY FLUORESCENCE (XRF) X X Elemental composition INFRARED TRANSMISSION (IRT) Density and shape properties by light absorption IR CAMERA (IR) Heat conductivity and heat dissipation COLOR CAMERA (COLOR) Color properties measured in very high optical resolution LASER REFLECTION/FLUORESCENCE (LASER) X X X X X X X Structural, elemental and biological properties by reflection, absorption and fluorescence of laser light 22#23TOMRA has established the broadest footprint within food sorting TOMRA Free fall 田 TOMRA SORTING SOLUTIONS FOOD Belt SK Rice, Seeds & Kernels NDF PFV Fresh Nuts & Dried Fruit Processed Fruits, Veg & Potatoes Fruit, Vegetables & Potatoes TOMRA TOMRA CHANNEL CHUTE TOMBA BULK SORTING TOMRA BELT AIR Lane BBC TECHNOLOGIES Ở compac LANE/MULTI-DROP SINGULATED SORTING spectrim inspectra² *Approximately 5% of annual global sorter sales revenue comes from other segments, like confectionary 23#241400+ TOMRA FOOD TEAM 32 GLOBAL OFFICES 4 PRODUCTION FACILITIES TOMRA Food Locations B WHERE ARE WE LOCATED PRESENCE TOMRA Food Compac BBC Technologies 80 countries 24#25Food competitive landscape Freefall TOMRA # of installed machines >3,000 MEYER TAIHO 泰禾 1,000- 3,000 CIMBRIA insort 0-1,000 DAEWON GSI SATAKE KEY Technology BUHLER SORTEX Belt TOMRA competitive positioning • Size (revenues) • Widest range of applications (150+) MaF RODA • Broadest technology base GREEFA OPTIMUM SORTING NEWTEC Ser.mad9Pgraders REEMOONROA UNIEC Wework for your results ellips NEXT LEVEL GRADING AWETA 10-25 markets Revenue from sensor- based sorting and related peripherals 25-50 markets Geographic presence . >50 markets Lane Geographic reach (~80 countries) Source: TOMRA estimates and analysis 25#26Top Food Categories Potatoes Nuts & Dried Fruit Vegetables Apples Citrus Berries TOMRA Cherries Fresh Cut Avocados Kiwifruit Grains & Seeds 26#27New sensor technologies will unlock new opportunities... 2 FULL COLOUR IMAGING TOMRA MONOCHROME IMAGING SPECTROSCOPY 3 TOMOGRAPHY 4 D to measuring Internal defects Taste Shelf life / Freshness Food hazards 27#28Our food sorting customers O compac BBC PEPSICO KINGS RIVER SUN ORCHARD BLUE DIAMOND ALMONDS TOMRA SORTING SOLUTIONS FOOD Tyson BAKKAVOUR ConAgra Foods McCain SUN-MAID Bonduelle Paramount Farms Pistachios & Almonds utz APPLES SCHOONBEE TECHNOLOGIES LANDGOED Wonderful citrusTM unparalleled quality naturipe BERRY GROWERS, INC. SINCE 1917 costa GROUP United fresh is our passion Austral Fruit exports ☐ UNIVEG Cycle of Freshness FAMILY OWNED Easterday SINCE 195 EN AND PAC D WITH PR halos Calavo Del Monte Quality Trevelyan's where growers come first generation FARMS- Nestle SUNSWEET SPC ARDMONA CRASBORN Heinz Del Monte Baxters Simplot Quality FOOD GROUP BRANSTON TOMRA Pom Alliance ardo EastPack WORLD CLASS ORCHARD TO MAKET WASHINGTON Driscoll's FRUIT & PRODUCE CO. Primavera Only the Finest Berries AGRICOM Mr APPLE NEW ZEALAND LYD ECO-FARMS FRUIT CERTIFIED ORGANIC TITAN FARMS 天天果园 Zespri Kiacifruit TotalBerry Sunkist NEW ZEALAND WEST PAK Gourmet. AVOCADO, INC. Zirkle FRUIT COMPANY FowlerPacking 28#29RESOURCES ARE FINITE Today: we are paying to get rid of our waste through landfill fees and incineration We are wasting perfectly good materials that can be reused Tomorrow: The Circular Economy is a driver for change Creating value out of waste That is what the Circular Economy is all about TOMRA SORTING SOLUTIONS RECYCLING 29#30Automation with TOMRA Sorting units. TOMRA Focus on the PET stream Packaging NIR for packaging waste Baler PP Mixed Paper cleaning PE Colored PE Natural ONP Cleaning PET Ballistics (removing films) ONP Double Deck Screen Y Manual sorting for oversize materials Input Sorting of Municipal Solid Waste, Cyprus 30#31Recycling: competitive landscape TOMRA # of installed machines >3,000 1,000- 3,000 0-1,000 MSS Revenue from sensor- based sorting sesotec PELLENC SARY BINDER BTWINANG MATCH - PROZESSSTELERUNG - INWETTER-HIK པ • STEINERT 10-25 markets 25-50 markets >50 markets Geographic presence TOMRA competitive positioning • Largest installed base . Highest revenues • Broadest technology platform on WR • Highest number of applications and markets served Leading brand . Market share: 55-60% Source: TOMRA estimates and analysis 31#32Recycling: applications and sensor technology TOMRA MUNICIPAL SOLID WASTE Hard plastics, plastic film, mixed paper, RDF, metals, organics/biomass NIR, VIS, XRT, LASER POST-SHREDDER PACKAGING Plastics, plastic film, cardboard, mixed paper, deinking paper, metal NIR, VIS, EM UPGRADING PLASTICS PET, PE, PP, flakes NIR, VIS, EM ELECTRONIC SCRAP PAPER NF metal, stainless steel, copper cables, copper, brass, aluminum NIR, VIS, XRT, XRF, EM, COLOR Printed circuit boards, non-ferrous metal concentrates, cables, copper, brass, stainless steel XRT, XRF, EM, NIR, COLOR Deinking, cardboard, carton NIR, VIS, EM 32#33The circular economy drives a legislative push... Continued ambitious EU regulations and recycling targets: Attract capital and drives investments • From Green Fence to National Sword: Short-term demand for recycling solutions in waste exporting countries European Commission CIRCULAR ECONOMY Closing the loop AN AMBITIOUS EU CIRCULAR ECONOMY PACKAGE CIRCULAR ECONOMY ·),, "A common EU target for recycling 70% of packaging waste by 2030" The Strategy also highlights the need for specific measures, possibly a legislative instrument, to reduce the impact of single-use plastics, particularly in our seas and oceans 洋垃圾 • Limits the import of contaminated recyclable commodities and increases inspections of recyclable commodity imports Purity level set to 99.5% TOMRA Source: European Commission, RecyclingToday 34#34...and a market pull 100% reusable, recyclable or compostable plastic packaging by 2025 NEW Follow their lead PLASTICS ECONOMY ecover evian Walmart Unilever M&S L'ORÉAL EST. 1884 PEPSICO WERNER & MERTZ amcor MARS incorporated The Coca-Cola Company Large companies committing to use recycled raw materials = increased demand for recycled offtake TOMRA Source: Ellen McArthur Foundation @ World Economic Forum 35#35MNOK Sorting solutions - segment financials MNOK Revenues 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 MNOK Gross contribution and margin 2 500 2 000 1 500 1 000 500 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 EBITA and margin 500 TH 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Order Intake 24% 5 000 4 500 20% 4 000 3 500 16% 3 000 700 600 500 400 12% 300 8% 200 100 0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 TOMRA * Rolling 12 months per 3Q20 MNOK 2 500 2 000 1 500 1 000 4% 500 0 * 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 60% 50% 40% 30% 20% 10% 0% 36#36Sorting Solutions financials 3rd Quarter YTD 9 months Amounts in NOK million 2020 2019 2019 Adj* 2020 2019 2019 Adj* Revenues 1,291 1,140 1,206 3,689 3,409 3,712 Europe 504 459 1,475 1,344 America 441 398 1,251 1,185 Asia 160 118 439 411 Rest of the world 186 165 524 469 Gross contribution 603 528 556 1,701 1,555 1,694 in % 47% 46% 46% 46% 46% 46% Operating expenses 382 360 382 1,160 1,102 1,195 EBITA in % 221 168 174 541 453 499 17% 15% 14% 15% 13% 13% Revenues Gross Margin EBITA 1291 1112 1140 70 % 250 221 1200 1000 60 % 53% 225 49% 831 50 % 44% 44% 45% 45% 46% 46% 47% 200 184 168 43% 175 800 638 636 150 40 % 600 434 470 493 125 87 86 30 % 83 100 70 62 66 54 400 258 20 % 75 50 200 10 % 25 0 0% 0 3011 3012 3013 3014 3Q15 3016 3017 3018 3019 3020 3011 3012 3013 3Q14 3015 3016 3Q17 3018 3019 3Q20 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3017 3018 3019 3Q20 TOMRA *2019 actual restated at 2020 exchange rates, estimated 37#37MNOK Development in order intake and order backlog Order intake 2000 1800 1600 1400 Order backlog 2000 -15% 1800 1600 1400 +0% 1200 1200 MNOK 1000 MNOK 1000 800 800 600 600 400 400 200 200 0 0 3Q16 3Q17 3018 3Q19 3Q20 3Q16 3Q17 3Q18 3019 3Q20 Revenues 2000 1800 1600 1400 1200 1000 800 600 400 200 0 3Q16 3Q17 3018 3019 TOMRA +7% Organic Inorganic Currency effect 1Q20 • TOMRA Sorting Solutions: • - Revenues of 1,291 MNOK, up from 1,140 MNOK last year, up 7% currency adjusted Order intake of 1,102 MNOK in the quarter, compared to 1,224 MNOK same quarter last year, down 15% currency adjusted Order backlog of 1,557 MNOK at the end of 3Q20, up from 1,430 MNOK at the end of 3Q19 - unchanged currency adjusted Estimated backlog conversion ratio in 4Q20: 80-85%* 3Q20 * Based upon current production and delivery plans, the revenues in 4Q20 are estimated to be approximately 80-85% of order backlog at the end of 3Q20 38#38GROUP FINANCIALS AND TARGETS#39MNOK MNOK Revenues Group financials development - solid track record 10 000 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 * 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 MNOK Gross contribution and margin 4 500 4 000 3 500 3 000 50% 45% 40% 35% 30% 2 500 2 000 1 500 1 000 500 25% - 20% 15% 0 H 10% 5% 0% * 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 EBITA and margin Earnings per share 6,00 1 600 20% 18% 1 400 1 200 1 000 800 600 5,00 16% 14% 12% 10% 8% NOK per share 4,00 3,00 2,00 6% 400 4% 1,00 200 2% 0 0% 0,00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 TOMRA Rolling 12 months per 3Q19 Does not include discontinued operations (California divested 2011 and Orwak divested 2014), except for EPS 40#40Financial highlights | P&L statement 3rd Quarter YTD 9 months Amounts in NOK million 2020 2019 2019 Adj* 2020 2019 2019 Adj* Revenues 2,578 2,378 2,508 7,199 6,777 7,349 Collection Solutions 1,287 1,238 1,302 3,510 3,368 3,637 Sorting Solutions 1,291 1,140 1,206 3,689 3,409 3,712 Gross contribution 1,177 1,062 1,114 3,145 2,977 3,221 in % 46% 45% 44% 44% 44% 44% Operating expenses 676 648 680 2,128 2,004 2,161 EBITA 501 414 434 1,017 973 1,060 in % 19% 17% 17% 14% 14% 14% Revenues Gross Margin EBITA 2578 2378 2247 2500 50 % 44% 45% 43% 43% 41% 43% 43% 44% 45% 46% 501 550 500 1855 408 414 2000 1748 1715 40 % 450 400 324 331 303 1500 1190 1188 30 % 350 979 1061 300 202 216 193 206 250 1000 20% 200 150 500 10 % 100 50 0 0% 0 3011 3Q12 3013 3Q14 3Q15 3016 3Q17 3018 3Q19 3Q20 3011 3Q12 3013 3Q14 3Q15 3016 3017 3018 3019 3Q20 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3018 3Q19 3Q20 TOMRA *2019 actual restated at 2020 exchange rates, estimated 41#41TOMRA has a solid financial position Debt maturity profile 900 800 700 600 500 400 300 200 100 Current funding sources • • Weighted average debt maturity of 1.9 years All interest-bearing is swapped to EUR and is exposed to EUR/NOK exchange rate fluctuations. We are currently renegotiating our credit facilities with the intention of entering a new 150 MEUR 3+1+1 years facility, replacing the existing 120MEUR facilities that are due in second/fourth quarter 2021. The renewal is expected to be finalized during fourth quarter 2020. • • TOMRA has a satisfactory liquidity situation with available unused credit lines of approx. 1 064 MNOK A senior unsecured bonds (no financial covenants) of 1 000 MNOK (swapped to EUR) is listed on Oslo Stock Exchange The financial covenant related to the bank debt is minimum equity ratio of 30% 0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2022 2023 2024 Drawn Undrawn Not including 300MNOK cash-pool overdraft facility TOMRA Bank loans 28% Bonds 41% Unused credit facilities 31% *Overdraft subject to annual renewal 42#4212,264 11,284 10,868 Intangible non-current assets 4,121 3,800 3,788 Tangible non-current assets 2,398 2,409 2,330 Financial non-current assets 420 367 406 Financial highlights | Balance sheet - solidity and debt. 31 Dec 30 September 2020 2019 2019 Amounts in NOK million ASSETS MNOK 1600 1400 1200 1000 800 600 Mitth 1,6 1,4 1,2 1,0 0,8 *0.73 ex 0,6 IFRS 16 400 0,4 200 0,2 0 0,0 2014 2015 2016 2017 2018 2019 Sep 2020 Inventory 1,819 1,663 1,596 NIBD Leverage ratio* Receivables 2,868 2,677 2,288 70% Cash and cash equivalents 638 368 460 60% 50% LIABILITIES AND EQUITY 12,264 11,284 10,868 40% Equity 6,176 5,147 5,247 30% Lease liabilities 1,105 1,115 1,102 20% 10% Interest-bearing liabilities 1,910 2,008 1,880 0% 2014 2015 2016 2017 2018 2019 Non interest-bearing liabilities 3,073 Sep 2020 3,014 2,639 Equity ratio Equity covenant TOMRA *Leverage ratio (NIBD/EBITDA) is calculated based on rolling 12 months figures ex IFRS 16. Leverage ratio incl IFRS is 1.16 as of end 3Q20 43 33#43Financial highlights | Cash flow and capital expenditure Amounts in NOK million Rolling 12m 3Q20 2019 2018* Operating cash flow 1 200 Profit before tax 988 1130 1033 -Min (2009-2019) excluding IFRS 16 -Max (2009-2019) excluding IFRS 16 1000 2019 excluding IFRS 16 Changes in working capital -109 -338 -223 2019 including IFRS 16 800 -2020 including IFRS 16 Other operating changes 541 521 215 600 400 CASH FLOW FROM OPERATIONS 1420 1313 1025 200 Purchase/sales of subsidiaries 0 0 -363 Other cash flow from -554 -595 -714 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec investments CASH FLOW FROM INVESTMENTS 1 200 -554 -595 -1077 800 Sales/repurchase of treasury 854 701 641 one 759 -54 -50 32 shares 400 640 474 366 Dividend paid 0 -665 -347 0 Interest paid -30 -27 -29 -400 Other cash flow from financing -497 87 196 -800 -1 200 CASH FLOW FROM FINANCING -581 -655 -148 2013 2014 2015 2016 2017 2018 2019 2020 Expansion capex* I Divestures/ (Acquisitions) Cash flow from operations TOMRA Excluding IFRS 16 Replacement capex* Free cash flow before expansion capex The split between replacement capex and expansion capex are estimated figures 44#44Group financial targets 2018-2023 - our ambitions affirmed TOMRA Revenue growth EBITA- margin >10% CAGR on average Dividend payout Capital Structure ROCE 40-60% new projects of EPS Towards >18% Maintain investment grade profile >20% 45#45Currency risk and hedging policy Measured against NOK 128 *Average 3Q20 vs 3Q19 124 120 116 112 108 104 10% change in NOK towards other currencies will impact: Revenues Expenses EBITA EUR* 4.5% 4.0% 7.0% +8.3%* USD 3.5% 2.5% 8.0% OTHER** 2.0% 3.0% -4.0% +3.0%* ALL 10.0% 9.5% 11.0% 100 96 3Q19 4Q19 EUR USD 1Q20 2Q20 3Q20 Revenues and expenses per currency: EUR¹ USD NOK OTHER² TOTAL Revenues 45 % 35% 0% 20% 100% Expenses 40% 25% 5% 30% 100% Assets and liabilities per currency: EUR¹ USD NOK OTHER² TOTAL Assets 50% 15% 15% 20% Liabilities 60% 10% 20% 10% 100% 100% 1 EUR includes DKK ² Most important: AUD, NZD, RMB, CAD, SEK, GBP and JPY NOTE: Estimated and rounded figures TOMRA HEDGING POLICY CASHFLOW AND P/L B/S TOMRA can hedge up to one year of future predicted cash flows. Gains and losses on these hedges are recorded at the finance line, not influencing EBITA TOMRA only hedges B/S items where exchange rate fluctuations could have P/L impact. Gains and losses on B/S hedging are recorded in accordance with IAS 21 and will normally not have P/L impact 46#46TOMRA TOMRA is well-positioned towards megatrends 2 Leading market position - fit for growth 1 Solutions for optimal resource productivity Circular Economy Future of Food 肉肉 3 Pioneer in sensor-based and digital technologies 4 Collection Solutions Recycling Sorting Mining #1 Food Sorting #1 Sorting #1 #1 Revenues MNOK 10 000 8.000 6 000 4 000 2 000 0 Strong financial performance, people & culture 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Great Place To Work® 47#47Key credit highlights 1 Strong market position in all segments Undisputed market leader within reverse vending technology High market share and leading brand within Sorting Solutions Global geographical outreach and technology leadership 2 Presence on all continents and installed bases in more than 80 markets Widest range of applications and broadest base of sensor technology 3 4 5 Proven and dynamic business model scaled for growth Well positioned towards megatrends Long track record of successfully entering new deposit markets Strong growth while maintaining a conservative balance sheet Solid revenue growth and stable margins Modest leverage and high equity ratio Experienced management team Long and solid track record with unique industry experience Repeated success of acquisiton integration 48#48TOMRA Appendices 49#49Collection solutions - segment financials 5.000 4 500 Revenue (NOKm), geographical split 2009-2019 CAGR 6% 4 065 Rest of World 4 000 3 871 3 803 North America Europe (ex. Northern) 3 500 ■Northern Europe 3.000 2 637 2 590 2 483 2 500 2 386 2 359 2.000 1 500 1000 500 2 823 4 265 4 775 4 633 1 800 1 600 1 400 1 189 1 092 1 088 1 113 1 200 981 1 002 1 000 800 600 400 200 2000 Gross contribution (NOKm) and margin development (%) 1928 1950 50% 1751 1 664 45% 1 601 1510 40% 35% 30% 25% 20% 15% 10% 5% 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* TOMRA EBITA (NOKm) and margin development (%) 900 800 700 561 600 509 514 526 456 500 388 400 300 200 100 843 761 808 801 726 706 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* 25% 20% 15% 10% མིི ིི་སྒོ ཚོ ཚོ ཚོ * Rolling 12 months per 3Q20 50#50Sorting solutions - segment financials 5.000 Revenue (NOKm), geographical split 4 500 4 000 3 500 3.000 2 500 Africa Oceania ■Asia South America North America ■Europe 2.000 2008-2018 CAGR 27% 1926 1 784 2 340 2 545 3 561 4 331 Gross contribution (NOKm) and margin development (%) 4 993 2 303 2 400 70% 2 157 4 713 2 200 1931 60% 2 000 1 800 1 540 50% 1 600 1 400 40% 1 150 1 200 1 053 1 000 861 30% 798 720 800 496 20% 600 302 400 220 10% 200 0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* EBITA (NOKm) and margin development (%) 800 700 1 424 1 500 757 30% 669 607 25% 600 20% 500 426 926 1 000 400 15% 328 290 300 243 500 518 355 199 204 10% 171 200 115 5% 100 39 0 0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020* TOMRA * Rolling 12 months per 3Q20 51#51Copyright The material in this Document (which may be a presentation, video, brochure or other material), hereafter called Document, including copy, photographs, drawings and other images, remains the property of TOMRA Systems ASA or third party contributors where appropriate. No part of this Document may be reproduced or used in any form without express written prior permission from TOMRA Systems ASA and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction Disclaimer This Document (which may be a presentation, video, brochure or other material), hereafter called Document, may include and be based on, inter alia, forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. The content of this Document may be based on current expectations, estimates and projections about global economic conditions, including the economic conditions of the regions and industries that are major markets for TOMRA Systems ASA and its subsidiaries and affiliates. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions, if not part of what could be clearly characterized as a demonstration case. Important factors that could cause actual results to differ materially from those expectations include, among others, changes in economic and market conditions in the geographic areas and industries that are or will be major markets for TOMRA Systems ASA. Although TOMRA Systems ASA believes that its expectations and the Document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the Document. TOMRA Systems ASA does not guarantee the accuracy, reliability or completeness of the Document, and TOMRA Systems ASA (including its directors, officers and employees) accepts no liability whatsoever for any direct or consequential loss arising from the use of this Document or its contents. TOMRA Systems ASA consists of many legally independent entities, constituting their own separate identities. TOMRA is used as the common brand or trade mark for most of these entities. In this Document we may sometimes use "TOMRA", "TOMRA Systems", "we" or "us" when we refer to TOMRA Systems ASA companies in general or where no useful purpose is served by identifying any particular TOMRA Company I AM A RESOURCE REVOLUTIONA 52 52