Slides
Page 1
H1 2026 Presentation For January – June 2026 27 August 2026
Page 2
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, of ficers, 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 2026 Half Year Results Presentation2 Disclaimer
Page 3
Agenda 1. Overview and highlights 2. Operational review and market outlook 3. Financial review 4. Summary 5. Appendix 2026 Half Year Results Presentation3
Page 4
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 2026 Half Year Results Presentation
Page 5
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 2026 Half Year Results Presentation Providing exposure across the recycling value chain 1 2 3 4 5 6 GreenDot capabilities arcLABS platform capabilities 1 EPR is a sy stem 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 5
Page 6
• Increased ownership in GreenDot to 50.1% in April ‒ GreenDot consolidated 100% in financial results from 20 April ‒ GreenDot growing with three acquisitions in last 9 months • Agilyx portfolio and balance sheet completely restructured ‒ Reorganization of Cyclyx, exiting all US joint ventures ‒ Full redemption of USD 50m senior secured bonds ‒ Convertible Bond Issue expanded to EUR 50m (from EUR 24m) ‒ EBITDA includes EUR 1.4m of one-time costs ‒ Reduction in operating expenses and entry intopartnership with ABB to advance IP portfolio • Market and outlook ‒ Regulatory tailwinds on track - PPWR and plastic waste export ban coming into force in H2 2026 ‒ GreenDot 2026 EBITDA expected at ~EUR 19 million ‒ Agilyx fully funded at least to late 2027 2026 Half Year Results Presentation6 H1 2026 highlights Revenue 85.1 € million EBITDA -1.9 € million Net Profit 9.7 € million
Page 7
7 Operational review and market outlook 2026 Half Year Results Presentation H1 2026 Results
Page 8
• Extended Producer Responsibility Business in Germany ‒ EUR 325 million annual turnover ‒ 400 employees, 30+ years of operating history • 6 mechanical recycling facilities in 5 countries ‒ Three acquisitions completed since Q4’25, all self-funded with GreenDot cash flow ‒ Integrating and consolidating operations a key focus in 2026 • Outlook and strategy going forward ‒ Leveraging EPR stability and cash flow ‒ Improving quality of MR capabilities targeting PPWR driven markets ‒ Maintaining chemical recycling capabilities for end-of-decade ramp-up 2026 Half Year Results Presentation8 GreenDot operations Germany • EPR scheme (220,000 tpa) • 2 MR plants (80,000 tpa) Austria (J/V) • Sorting (100,000 tpa) • CR feedstock (20,000 tpa) Italy • 1 MR plant (30,000 tpa) • CR feedstock (38,000 tpa) France • 2 MR plants (30,000 tpa) Spain • 1 MR plant (35,000 tpa) SERVING THE LARGEST EUROPEAN MARKETS
Page 9
47 68 50 48 36 44 44 47 49 2020 2021* 2022 2023 2024* 2025 2026F 2027F 2028F ST ABLE CASH FLOW FROM EPR CONTRACTS… …FUNDS A LEADING POSITION IN MECHANICAL RECYCLING 9 GreenDot builds on EPR stability to consolidate and grow GreenDot EPR segment gross profit, EUR m * 2021: Price increase due to Covid, 2024: Decreased demand due to inflation in Germany More than 90,000 customers! Capacity at initial Agilyx investment (Aug ’25) Forplast Nov ‘25 RG Group Feb ‘26 Anviplas Jun ‘26 Capacity today Expanding existing assets 70k tons 175k tons35k tons 30k tons 30k tons 10k tons Mechanical recycling acquisitions last 12 months +2.5x 2026 Half Year Results Presentation2026 Half Year Results Presentation
Page 10
Regulatory highlights (PPWR formally came into force 12/08/26) 2026 Half Year Results Presentation10 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
Page 11
Recycled plastic required to meet EU packaging targets 1 (mill. tons) 11 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 2030e 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 2026 Half Year Results Presentation
Page 12
Segment Revenue (EURm) EBITDA (EURm) Comments 2025 A 2026 F 2028 F 2025 A 2026 F 2028 F Extended Producer Responsibility 351 325 360 21 21 25 • Stable volumes • Mix uplift Mechanical Recycling 31 93 150 -2 4.5 21 • Driven by high-grading of capacity • Volume growth accelerated via completed M&A Chemical Recycling 1 2 25 -6 -5.5 5 • Delayed restart in Italy following fire, ramping H2 2026 Other/overheads 11 - - -2 -1 -1 • In line with plans Total GreenDot 394 420 535 11 19 50 66% CAGR in EBITDA 2025 to 2028 12 GreenDot set for a profitable 2026 with significant near-term upside 2026 Half Year Results Presentation
Page 13
Pivots GreenDot into AI-powered software margins Breaks the link between scale and physical product. Value direct to bottom line, no capex, rapid scale-up. First one-stop-shop EPR platform under PPWR One solution across all 27 EU member states with over 150,000 potential mid-market and enterprise customers. 2026 Half Year Results Presentation13 Strategic partnership with Unicorn-status SaaS, backed by BlackRock and T emasek's Decarbonization Partners (USD 100m Series C, Jan 2026), and Goldman Sachs Alternatives Creating the industry’s first AI powered recycling compliance platform ABOUT OSAPIENS
Page 14
14 Financial review 2026 Half Year Results Presentation H1 2026 Results
Page 15
• 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 ‒ Anviplas acquisition create small drag on FY2026 EBITDA but increases Net Profit 2026 Half Year Results Presentation15 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 AGIL YX CONSOLIDATED GREENDOT 100% BASIS
Page 16
• Stable volumes and margin in the EPR business of GreenDot • Increase in mechanical recycling activities following acquisitions ‒ RG Group with strong performance, offsetting delayed ramp-up of bottle-to-bottle business in Forplast ‒ Mixed performance in the German plants, partly owing to a fire at Eisfeld • Chemical recycling feedstock production affected by fire at Corsico sorting facility ‒ Facility shut down c. 7 months but restarted in May • Anviplas acquisition not included in the numbers as operations began at the end of the quarter 2026 Half Year Results Presentation16 1 – Unaudited results 2025 H1 segment reporting Revenues (EUR m) H1 20251 H1 2026 Extended Producer Responsibility (EPR) 196 189 Mechanical Recycling (MR) 17 40 Other 6 0 GreenDot 100% 219 229 Agilyx 0.4 0.1 EBITDA (EUR m) H1 20251 H1 2026 EPR 13.2 12.4 MR (0.9) 1.9 Chemical Recycling (CR) (1.9) (3.2) Overheads (1.9) (2.2) GreenDot 100% 8.5 8.9 Agilyx (4.6) (4.6)
Page 17
• Net financials include EUR 30.2 million in gains from: ‒ EUR 11.4 million non-cash gain on remeasurement to fair value of our previously held 46% equity interest in GreenDot ‒ EUR 12.0 million gain on Cyclyx March reorganization, under which the Group took full ownership of the remaining net assets for no consideration ‒ EUR 6.8 million non-cash bargain purchase gain on the acquisition of Anviplas through a court-supervised distressed sale • Agilyx shareholders share of net profit EUR 6 million ‒ EUR 3.6 million attributable to the non-controlling interests in GreenDot 2026 Half Year Results Presentation17 Net profit reconciliation EUR million H1 2026 Operating loss (5.3) Gain on change of control of GreenDot 11.4 Gain on change of control of Cyclyx 12.0 Gain on bargain purchase of Anviplas 6.8 T otal one-off gains 30.2 Other net financial items (15.2) Profit before and after tax 9.7 Non-controlling interest (3.6) Attributable to Agilyx shareholders 6.0
Page 18
• Consolidating GreenDot takes total assets from EUR 84.1 million to EUR 468.1 million • The purchase price allocation recognizes EUR 136.9 million of goodwill and EUR 113.7 million of customer relationships and trade names • The EUR 41.4 million equity -accounted investment in GreenDot at December 2025 is replaced by consolidation of the underlying assets and liabilities • Non-controlling interest of EUR 64.7 million represents the 49.9% of GreenDot held by our partner • The net current liability position is structural to the EPR cycle: licensing is billed annually up front, and the associated recycling costs are provided for and settled through the year. 2026 Half Year Results Presentation18 Balance sheet changes EUR million 31 Dec 2025 30 Jun 2026 Non-current assets 44.6 321.9 Current assets 34.7 91.7 Cash and cash equivalents 4.8 54.5 T otal assets 84.1 468.1 Equity attributable to shareholders 19.2 27.9 Non-controlling interest - 64.7 T otal equity 19.2 92.6 Interest-bearing debt 63.3 142.6 Other liabilities 1.6 232.9 Equity and liabilities 84.1 468.1
Page 19
• Senior secured bond fully redeemed in March, removing the associated covenants and releasing EUR 34.1 million of restricted cash • EUR 26 million par of convertible bonds issued in the period. No cash interest is payable and the bonds mature in June 2028 • GreenDot’s main senior debt facility of EUR 80.6 million matures in June 2028. • Refinancing of the GreenDot facilities is targeted for early 2027 • GreenDot was funded by a EUR 9.3 million share issue in June subscribed pro rata by Agilyx and by the non-controlling shareholder → No near-term funding requirement at Agilyx or GreenDot Net debt and funding EUR million 31 Dec 2025 30 Jun 2026 Senior secured bond 40.0 - Subordinated convertible bonds 23.3 48.1 GreenDot senior facilities and other debt - 94.5 Interest-bearing debt 63.3 142.6 Cash and cash equivalents (4.8) (54.5) Net interest-bearing debt 58.5 88.1
Page 20
20 Summary 2026 Half Year Results Presentation H1 2026 Results
Page 21
2026 Half Year Results Presentation21 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. 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. EU Regulation is catalyzing a wave of demand and Agilyx well positioned to capitalize.
Page 22
22 Appendix 2026 Half Year Results Presentation
Page 23
2026 Half Year Results Presentation23 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 Unaudited. December 2025 comparatives restated to euro following the change in functional and presentation currency.
Page 24
agilyx.com