TOMRA Systems: Initiation of Coverage- Is The Growth In The Recycling Here To Stay? 

Tomra Systems ASA has reported its first-quarter results for 2025, showing a performance that aligns closely with expectations both in revenue and profit terms. The company, which operates mainly in the Collection, Recycling, and Food sectors, delivered a total revenue of EUR 306 million for the quarter, a 5% increase compared to the previous year. The Food sector was particularly strong, benefiting from a successful turnaround that led to record EBITA and double-digit growth in both revenues and order intake. Revenues in the Food division grew by 16%, and the positive momentum suggests a healthy demand for food sorting technology, driven primarily by new plantations ready for harvest. However, there is a noted risk of investment delays due to ongoing trade tensions and macroeconomic uncertainties.