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Company Presentation September 2026
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This presentation (the "Presentation") has been prepared by Agilyx ASA ("Agilyx" or the "Company", and together with its subsidiaries, the "Group"), solely for information purposes. The contents of this P resentation have not been reviewed by or registered with any regulatory authority or stock exchange and does not constitute a prospectus. The Presentation is for information purposes only and does not in itself constitute an offer, invitation or recommendation to sell or issue or a solicitation of an offer to buy or acquire any securities in the Compa ny in any jurisdiction or any inducement to enter into investment activity. This Presentation should not be deemed to constitute investment advice by the Company or any of its directors, officers, agen ts, employees or advisers. By reading this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company, and that you must make your own independent assessment of the information contained in the Presentation after making such investigations and taking such advice as you deem necessary. In particular, any estimates, projections, opinions or other forward -looking statements contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should make its own verifications in relation to such matters. Each recipient should consult its own legal, business, investment and tax advisers to legal, business, investment, accounting, regulatory and tax advice. Please review the risk factors summarized in the appendix attached to this presentation. This Presentation contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the involved Group’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the for ward-looking statements. These statements are only predictions. Actual events or results may differ materially. In evaluating these statements, prospective investors should specifically consider various factors. Th ese factors may cause the actual results to differ materially from any forward -looking statement. Although the Company believes that the expectations reflected in the forward -looking statements are reasonable, it ca nnot guarantee future results, levels of activity, performance or achievement. The information contained in this Presentation has not been independently verified and no representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained in this Presentation. Accordingly, neither the Company nor any of its directors, officers, agents, employees or advisers accept any liability whatsoever arising directly or indirectly from the use of this Presentation, including any reproduction or redistribution. Each recipient of this Presentati on should carefully read and consider the risk factors included in this Presentation. The information and opinions contained in this Presentation are provided as at the date of this Presentation and may be subject t o change without notice. The Company does not intend to, and do not assume any obligation to update the Presentation, or to review or confirm, or to release publicly or otherwise to investors or any other person, any revisions to the information contained in this Presentation to reflect events that occur or circumstances that arise after the date hereof. The Company has not taken any actions to allow the distribution of this Presentation in any jurisdiction where action would b e required for such purposes. The distribution of this Presentation may be restricted by law in certain jurisdictions, and persons into whose possession this Presentation comes should inform themselves about, and obser ve, any such restriction. Any failure to comply with such restrictions may constitute a violation of the applicable securities laws of any such jurisdiction. Neither the Company nor any of its directors, officers, ag ents, employees or advisers shall not have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presenta tion. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the excl usive jurisdiction of Norwegian courts, with Oslo District Court Investor Presentation September 20262 Disclaimer
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Executive summary Investor Presentation September 20263 1 Agilyx was listed on Merkur Market (now EuroNext Growth) in 2020 and on the main list of the Oslo Stock Exchange in 2022 Agilyx is a European recycling group Scale and exposure across the recycling value chain in a fragmented European market Agilyx was founded in 2004 to address the emerging plastic waste crisis1 Agilyx acquired a 46% stake in GreenDot Global, an established European recycling group, in 2025, increasing its ownership to 50.1% in 2026 Positioned to capitalize on expected demand for recycled plastic driven by EU regulation
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COMPLEMENTARY BUSINESS UNITS DELIVERING INTEGRATED CIRCULAR PLASTICS SOLUTIONS 4 Agilyx is a scaled European recycler turning plastic waste into value GreenDot (50.1% ownership) Core operating platform arcLABS (100% ownership) Analytics services IP Rich 22 chemical recycling patents Mixed plastic, polystyrene, plexiglass recycling plants for licensing Commercializing R&D Available to industry, third parties and internal to leverage R&D capabilities Operating Scale Tripled plastic recycling capacity over the last 12 months, building meaningful share of a highly fragmented market Earnings visibility Multi-year revenue consistency underpins forecasted EBITDA more than doubling by FY2028 Agilyx is strategically positioned to capture the accelerating demand for recycled plastic driven by EU Regulation Investor Presentation September 2026
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Peter Norris Chairman of the Board Carolyn Clarke Chair, Audit Committee Steen Jakobsen Chair, Compensation Committee Catherine C. Keenan Chair, ESG Committee Investor Presentation September 20265 Dedicated Board of Directors Mr. Norris has served on the Agilyx Board of Directors since 2014. He is Chairman of Virgin Group, a long-term investor in Agilyx, and brings over 45 years of experience in investment banking and business leadership. Ms. Clarke joined the Agilyx Board of Directors in 2021. A chartered accountant, she brings over 20 years of experience in audit, risk management and corporate governance. Mr. Jakobsen joined the Agilyx Board of Directors in 2022. An investor and professional board member, he brings over 25 years of experience in finance, strategy and senior leadership. Ms. Keenan joined the Agilyx Board of Directors in 2020. She brings over 35 years of experience in the plastics and chemical recycling industries, working across sustainability and public affairs.
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Ranjeet Bhatia CEO of Agilyx Bertrand Laroche CFO of Agilyx Chris Faulkner CTO of Agilyx Laurent Auguste CEO of GreenDot Group Investor Presentation September 20266 Management with deep recycling technology expertise Mr. Bhatia became CEO of Agilyx in 2024, having been a board member since 2009. Prior to joining Agilyx, Mr. Bhatia was the managing director of Saffron Hill Ventures. He serves on the board of several companies, including GreenDot. Mr. Laroche became CFO of Agilyx in 2024. Prior to joining Agilyx, Mr. Laroche served as CFO of a sustainable building materials venture and as a VP at BNP Paribas’s Principal Investment Group. Mr. Faulkner became CTO of Agilyx in 2016. A PhD in chemical engineering with 20 years of experience across the renewable energy sector, he has successfully brought several innovative technologies to market. Mr. Auguste became CEO of the GreenDot Group in 2020, following more than 30 years of leadership experience. A pioneer of the circular economy industry, he brings extensive experience in global environmental business management.
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Extended Producer Responsibility (EPR)1 Mechanical recycling Feedstock for chemical recycling AI-driven EPR compliance SaaS R&D laboratory services Chemical recycling technology ▪ GreenDot: Contracted supplier of packaging and waste handling in Germany ▪ GreenDot: Significant producer of recycled plastic with recycling facilities across five European countries ▪ GreenDot: Supplier of chemical recycling feedstock to an industry expected to grow ▪ Strategic partnership with oSapiens: Cloud-based compliance solution for country-specific EU reporting requirements ▪ arcLABS: US-based R&D centre supporting feedstock qualification for plastic recycling ▪ arcLABS: 22 patents with the potential to convert hard-to-recycle-plastic into virgin equivalent feedstock Six integrated capabilities unmatched by peers Investor Presentation September 20267 Providing exposure across the recycling value chain 1 2 3 4 5 6 GreenDot capabilities arcLABS platform capabilities 1 EPR is a system in which companies pay a fee based on how much packaging or waste their goods create. GreenDot pioneered the EPR disposal system in 1990 and currently holds a 16.5% market share in Germany
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- Challenging economics for recyclers have caused low utilization rates and a decrease in EU capacity - 1.5 Mt of plastic waste exported shrinking supply, and 1.6 Mt of low-priced circular imports decreases demand - Cheap virgin resins and energy prices up ~50% since 2020 compounded the difficulty Investor Presentation September 20268 EUROPEAN PLASTIC RECYCLING MARKET (MILL. TONS P.A.) Europe´s plastic recyclers have faced structural headwinds 5.1 7.1 2.3 3.4 13.2 12.2 2020 2021 2022 2023 2024 2025 Sources: Plastics Europe 2026; Plastics Recyclers Europe 2025; European Commission (capacity); Eurostat (exports). Reported years are 2020, 2022 and 2024; 2021, 2023 and 2025 volumes interpolated, and 2024 capacity assumed at 12.9 Mt. Installed recycling capacity Volumes not recycled in the EU EU-produced circular plastics58% 86%
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Regulatory highlights (PPWR formally came into force 12/08/26) Investor Presentation September 20269 EU legislation is set to transform the European recycling industry Recycling industry expected to benefit from demand tailwind Ban on plastic waste exports to non-OECD countries All packaging in the EU must be recyclable by 2030 EU recycling targets set to increase considerably from 2030 to 20401 Ban in effect from November 21, 20263 Only A, B, C grade2 packaging allowed by 2030 1 Packaging and Packaging Waste Regulation (EU) 2025/40 2 Grade A: 95% packaging efficiency. Grade B: 80% recycling efficiency. Grade C: 70% recycling efficiency 3 Waste Shipments Regulation (EU) 2024/1157. Ban applies until at least May 21, 2029 Non-OECD countries currently account for at least 47% of plastic waste exports from the EU
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Recycled plastic required to meet EU packaging targets1 (mill. tons) 10 Demand for European recycled plastic expected to double near-term 1 Plastics Europe Circularity Report, 2026 p. 62, p. 50, ICIS Study on EU Plastics Regulation, 2026 2.5 5.4 11.5 2024 2023e 2040e • Current European recycled plastic output is 8Mt ‒ Only 2.5Mt is used for packaging • PPWR to drive huge demand growth ‒ More than 2x to 2030 ‒ More than 5x to 2040 • This is on top of the 5Mt of recycled plastic used for other purposes • Demand for recycled plastic will outstrip current capacities and pave the way for chemical recycling beyond 2030 Investor Presentation September 2026
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Aug 2026 PPWR1 applies EU-wide ACQUISITIONS TO EXPAND PLATFORM Investor Presentation September 202611 Agilyx has been preparing… POLICY DRIVEN GROWTH Oct 2025 Agilyx acquires 46% of GreenDot Nov 2025 GreenDot acquires Forplast Feb 2026 GreenDot acquires RG Group Apr 2026 Agilyx stake in GreenDot increased to 50.1% Jun 2026 GreenDot acquires Anviplas Nov 2026 Ban on plastic waste exports to non-OECD Jan 2030 10-35% targets enforced2 Jan 2040 Targets jump to 65% …ahead of expected demand shift Feb 2027 Non-compliance penalties set 1 Packaging and Packaging Waste Regulation (EU) 2025/40 2 Minimum recycled content target depending on polymer i.e. PET, HDPE, LDPE
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MORE THAN 90,000 CUSTOMERS GENERATE STABLE CASH FLOW FROM EPR CONTRACTS Investor Presentation September 202612 * 2021: Price increase due to Covid, 2024: Decreased demand due to inflation in Germany GreenDot´s EPR handles waste collection, sorting and recycling 47 68 50 48 36 44 44 47 49 2020 2021* 2022 2023 2024* 2025 2026F 2027F 2028F GreenDot EPR segment gross profit, EUR m
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Investor Presentation September 202613 GreenDot recent acquisitions building mechanical recycling capacity 30k tons 30k tons 35k tons 70k tons 175k tons GreenDot at initial Agilyx investment Forplast acquired Nov 2025 RG Group acquired Feb 2026 Anviplas acquired Jun 2026 GreenDot present output capacity Establishing a leading position in mechanical recycling through self-funded M&A Capacity 2.5x Capacity expansion of existing assets 10k tons
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14 Mechanical recycling expansion expected to drive EBITDA growth Agilyx and GreenDot’s recent acquisitions increase exposure to higher margin segment GreenDot forecast EBITDA in mechanical recycling segment, EUR m Investor Presentation September 2026 4.5 21 2026F 2028F +4.7X
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• Agilyx financials only partly reflect underlying performance ‒ GreenDot 100% consolidated from 20 April (~40% of the period) • Agilyx EBITDA with positive contribution from GreenDot ‒ EUR 2.7 million from GreenDot (of EUR 8.9 million total for H1) ‒ EUR 4.6 million loss from Agilyx, including EUR 1.4 million in one-off costs • GreenDot H1 2026 broadly in line with plan ‒ Unbudgeted M&A create some drag on EBITDA but increases Net Profit Investor Presentation September 202615 Key financials 1 – First half 2025 in brackets 2 - December 31, 2025 in brackets Revenue EUR 85.1m (EUR 0.4m)1 EBITDA EUR -1.9m (EUR -4.6m)1 Cash EUR 54.5m (EUR 4.8m)2 Revenue EUR 229.0m (EUR 219.2m)1 EBITDA EUR 8.9m (EUR 8.5m)1 Cash EUR 44.9m (EUR 31.4m)2 AGILYX CONSOLIDATED GREENDOT 100% BASIS
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Investor Presentation September 202616 GreenDot - Illustrative path to ~EUR 50m EBITDA by 2028 11 19 50 6.5 1.5 4 16.5 10.5 2025 EBITDA MR uplift CR / Overheads 2026 F EBITDA EPR uplift MR uplift CR ramp-up 2028 F EBITDA Acquisitions completed in 2025-26 Efficiency gains Full-year impact, high-grading, volume growth Mix uplift Turning from loss to profit
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Segment Revenue (EURm) EBITDA (EURm) Comments 2025 A 2026 F 2028 F 2025 A 2026 F 2028 F EPR 351 325 360 21 21 25 • Stable volumes • Mix uplift MR 31 93 150 -2 4.5 21 • Driven by high-grading of capacity • Volume growth accelerated via completed M&A CR 1 2 25 -6 -5.5 5 • Delayed restart in Italy following fire, ramping H2 2026 Overheads 11 - - -2 -1 -1 Total 394 420 535 11 19 50 66% CAGR in EBITDA 2025 to 2028 Investor Presentation September 202617 GreenDot - set for a profitable 2026 with significant near-term upside Indicative segment forecasts for 2026 includes acquisitions of Forplast (Q4’25), RG Group (Q1’26) and Anviplas (Q2´26) Indicative targets for 2028 as illustrated in the graph on page 16
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EUR 50m convertible bond placed Nov´25 to May ´26 fully funds Agilyx through late 2027 with no cash interest burden Various options to extend runway including sales of IP licenses, GreenDot dividends, growth in arcLABS GreenDot fully-funded by a EUR 9.3m share issue in June´26 Operating cash flow funds growth and maintenance, including Forplast, RG Group, and Anviplas integrations Refinancing optionality GreenDot Germany debt facility refinancing targeted for early ’27 Investor Presentation September 202618 Agilyx - no near-term capital needs. Self funded growth.
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Investor Presentation September 202619 Summary Producers Consumers Collection Sorting Mechanical recycling Chemical recycling feedstock Chemical recycling PyOil GreenDot Closing the loop on plastic waste GreenDot anchors the platform — sourcing, sorting and processing waste plastic into feedstock at scale. EU Regulation is catalyzing a wave of demand and Agilyx well positioned to capitalize. GreenDot moving up the value chain by producing higher value mechanical recycling output and acquiring to improve platform capabilities. GreenDot feedstock volumes and Agilyx conversion technology provides optionality to close the loop as the market matures. Well funded to meet our objectives.
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20 Investor Presentation September 2026 Appendix
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Investor Presentation September 202621 GreenDot – closing the loop and moving into higher-margin products Brands/ Retailers Consumers Collection Sorting Incineration, RDF, Landfill Plastic waste feedstock Glass, paper, metals Mechanical recycling Chemical Recycling feedstock Chemical recycling Food grade packaging Synthetic fuels Pipes/ Rigid plastics Granules/pellets/flakes Pyrolysis oil Non-food packaging Extended Producer Responsibility (EPR) scope Licensing income € Trade income € Collection, sorting and disposal costs Recycling Selectively moving into high margin recycled end-products Recycled Waste / Plastic Circularity IP
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Investor Presentation September 202622 arcLABS: R&D and chemical recycling patents oSapiens: AI-powered EPR compliance SaaS First integrated EPR1 reporting platform under PPWR2 • Strategic partnership between GreenDot and oSapiens • First cloud-based solution across EU-27 to comply with EU reporting requirements introduced under the PPWR • No capex implied for GreenDot, rapid scale-up expected • oSapiens backed by BlackRock and Temasek’s Decarbonization Partners (USD 100m Series C, 2026) and Goldman Sachs Alternatives (USD 120m Series B, 2024) US-based R&D and laboratory services • R&D hub focused on plastic recycling technologies • 22 patents in chemical recycling with the potential to convert hard-to-recycle plastic into virgin equivalent feedstock • ABB partnership, offtake agreement with ExxonMobil • Qualifies new chemical recycling feedstocks and certifies customers specifications before commercial runs
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GreenDot produces feedstock fit for chemical recycling EU regulation has improved the outlook for chemical recycling Investor Presentation September 202623 GreenDot with potential new income stream from chemical recycling 20 38 GreenDot current contracted supply of feedstock for chemical recycling, kt GreenDot overall capacity to supply feedstock for chemical recycling, kt EU formally recognizes chemical recycling as a viable pathway Announced chemical recycling plants will require feedstock Potential synergies with arcLABS conversion technology1
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Investor Presentation September 202624 Latest condensed financial statements Profit and loss (unaudited) EUR '000 HY 2025 HY 2026 Revenue 356 85,060 Operating expenses (4,939) (86,931) EBITDA (4,583) (1,870) Depreciation and amortisation (197) (3,465) Operating loss (4,780) (5,335) Net interest expense (2,674) (11,462) Other financial items (3,167) 26,469 Net financial items (5,841) 15,007 Profit (loss) before tax (10,621) 9,672 Income tax expense - - Profit (loss) for the period (10,621) 9,672 attributable to shareholders (10,515) 6,029 attributable to non-controlling interest (105) 3,643 Earnings (loss) per share, EUR (0.10) 0.05 Balance sheet (unaudited) EUR '000 FY 2025 HY 2026 Non-current assets 44,650 321,913 Current assets 34,692 91,739 Cash and cash equivalents 4,787 54,469 Total assets 84,129 468,121 Equity 19,184 92,598 Interest-bearing debt 63,307 142,616 Other liabilities 1,638 232,907 Total equity and liabilities 84,129 468,121 Cash flow (unaudited) EUR '000 HY 2025 HY 2026 Cash flow from operations (5,263) (734) Cash flow from investments (755) 41,373 Cash flow from financing (2,249) 9,044 Net change in cash (8,267) 49,682
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Agilyx’s operations expose the group to diverse risks with potential implications for strategic execution and financial performance. Through proactive identification, evaluation, and mitigation, the Company’s risk management framework builds resilience and supports long-term value creation. Disciplined innovation and growth require balancing financial and non-financial risks. Within Board-defined boundaries, leadership empowers employees to pursue strategic opportunities while maintaining appropriate risk controls. Recycling technologies operate in an evolving industry landscape, bringing inherent deployment and scaling challenges. Management actively addresses these operational risks, though certain factors may materially influence Group performance and financial outcomes despite mitigation efforts. The primary categories of risk are as follows: Health and safety Storing, processing, and handling hazardous materials—including volatile solvents and chemicals – creates potential for serious injury, illness, or fatality. Employees, contractors, and surrounding communities face exposure risks. Incidents could also disrupt operations and damage corporate reputation. Financial Access to capital could limit strategic investments in feedstock infrastructure and technology development. Market volatility, shifting investor sentiment, foreign exchange exposure (notably €/USD), and interest rate fluctuations add funding complexity. Technology Proprietary technologies and processes underpin competitive positioning. Unauthorized replication threatens market advantage and triggers costly legal responses. Scaling to new environments introduces uncertainties. Unforeseen challenges during deployment risk project delays, reputational harm, and financial setbacks. Regulation Complex regulatory frameworks spanning corporate tax, trade policy, and environmental law shape operational parameters. With the focus on Europe, Agilyx is particularly exposed to EU Regulations related to circular economy in their scope, as well as timing. Further information on these risks and the Company’s mitigation efforts can be found in the Risk Management section of the 2025 Annual Report. Investor Presentation September 202625 Summary of risk factors
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