Following a steep share price decline on Friday, we reiterate our Buy recommendation on TOMRA. While Q4 EBITA came in significantly above consensus, weak Recycling and Food order intake together with soft Q1 guidance dominated the market reaction. In addition, with EUR ~100m in Collection backlog to be delivered in 2026e, TOMRA needs to sell ~5,800 RVMs in new markets to meet consensus 2026e Collection estimates. With a delayed rollout in Greece and Spain still awaiting the appointment of a sche ....
