TOMRA’s Q3 report showed that the ramp-up in Poland has been modest. However, with the recently announced contract with Dino Polska, we expect volumes to increase towards H1/26e. The Recycling segment continues to face headwinds from a weak European plastics recycling market, trade tensions, and broader macroeconomic uncertainty. As a result, we lower our Recycling sales estimates by 12/5% in 2026/27e as we struggle to identify short-term catalysts that will accelerate growth in the segment. Whi ....
