Analyst Adela Dashian of Jefferies maintained a Hold rating on Tomra Systems ASA, retaining the price target of NOK155.00.
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Adela Dashian’s rating is based on Tomra Systems ASA’s mixed performance in the second quarter of 2025. The company’s net sales fell short of expectations by 5%, although the adjusted EBITA slightly exceeded forecasts by 2%. This mixed result reflects a 2% year-over-year decline in revenues, primarily due to a significant drop in the Collection segment, particularly in European markets outside Northern Europe, where new market volumes were lower.
Despite the challenges in the Collection and Recycling segments, Tomra demonstrated resilience in managing its margins. The Food segment showed strong growth, with revenues rising by 15% and EBITA more than doubling, aided by cost-saving restructuring efforts. However, the decline in the Recycling order backlog and the weak sentiment in European plastics pose challenges. These factors combined underscore the need for effective execution in new deposit return scheme markets and careful navigation of macroeconomic conditions, leading to the Hold rating.