We expect TOMRA to deliver Q4 (due 13 February) revenues of EUR 399m and EBITA of EUR 65m, in line with consensus. On Q4, besides the reported figures, key focus points will be i) comments on the development in Poland, Portugal, Singapore and Spain, ii) comments regarding cost optimization in Recycling, and iii) the development in backlog conversion. We are 5/8% ahead of Bloomberg consensus 2026/27e EBITA adj. (+7/11% excl. Horizon) and believe the upside to estimates lies in greater confidence ....
